MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. YQ TEK INDONESIA |
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Registered Office : |
Jalan Industri Utama Block RR No. 5 H, Jababeka Industrial
Estate, Cikarang, Bekasi 17550, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
July 2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Supply of Electronic
Component |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 197,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Correct Name of
Company
P.T. YQ TEK INDONESIA
Address
Head Office & Factory
Jalan Industri
Utama Block RR No. 5 H
Jababeka
Industrial Estate
Cikarang, Bekasi 17550
West Java
Indonesia
Phone - (62-21)
89832834-35(Hunting)
Fax. - (62-21) 89834842
Land Area - 2,500 sq.
meters
Factory Space - 1,600 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation
July 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-20306
HT.01.01.TH.2004
Dated 12 August
2004
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Capital Investment Coordinating Board
No. 432/I/PMA/2004
Dated 2 July 2004
The Department of Finance
NPWP No. 01.869.621.1-055
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$
500,000.-
Issued Capital : US$
125,000.-
Paid up Capital : US$
125,000.-
Shareholders/Owners :
a. Mr. Back Young Cheol - US$ 112,500.-
Address : Doosan Apartment 205
Sonjeng, Dong Gumi
Korea City, South Korea
b. Mr. Koo Han Hoo -
US$ 12,500.-
Address : Jl. Turi No. 4
Jakarta, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Import and Supply of Electronic
Component
Production Capacity
a. RCA Jack -
120 million units p.a.
b. Phone Jack -
120 million units p.a.
c. Push Terminal Boards - 12 million units p.a.
d. Joint Boards - 12 million units p.a.
e. RGB Jack - 12 million units p.a.
f. D.C. Power - 24 million units p.a.
g. Din Jack - 60 million units p.a.
h. AC Adaptor - 60 million units p.a.
Total Investment
a. Equity Capital - US$ 125,000.-
b. Loan Capital - US$
375,000.-
c. Total
Investment - US$ 500,000.-
Started Operation
2005
Brand Name
None
Technical Assistance
None
Number of Employee
80 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. LG
ELECTRONIC INDONESIA
b. P.T. PANASONIC
ELECTRONIC INDONESIA
c. P.T. HARTONO
ISTANA TEKNOLOGI
Market Situation
Very Competitive
Main Competitors
a. P.T. YU PRO
INDONESIA
b. P.T. SAMYEUNG
INDONESIA
c. P.T. HANSUNG
INDONESIA
d. P.T. YOUNG JIN
INDONESIA
e. P.T. SANBE
FARMA
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. KOREA EXCHANGE BANK DANAMON
Wisma GKBI
Jalan Jend. Sudirman No. 28
Jakarta Pusat, 10220
Indonesia
b. P.T. Bank WOORI INDONESIA
Jakarta Exchange Stock
Building
Jalan Jend. Sudirman No.
52-53
Jakarta Selatan, 12190
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 13.5
billion
2006 – Rp. 15.0
billion
Net Profit (Loss)
:
2005 – Rp. 1.0 billion
2006 – Rp. 1.2 billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Back Young Cheol
General Manager - Mr. Tak Kye Hoon
Board of Commissioners :
Commissioner - Mr. Koo Han Hoo
Signatories :
Director (Mr. Back Young Cheol) which
must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 197,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. YQ TEK INDONESIA (P.T. YQTI), the company was established in July 2004 in Bekasi, West Java with an authorized capital of US$ 500,000.- issued capital of US$ 125,000.- entirely paid up. The original founding shareholders are ZHEJIANG YUQIU ELECTRONICS Co. Ltd., of China, Mr. Yie Sung Jun of China and Mr. Back Young Cheol of South Korea. The notarial act has been revised. In February 2006, ZHEJIANG YUQIU ELECTRONICS Co. Ltd., of China and Mr. Yie Sung Jun of China pulled out and replaced by Mr. Koo Han Hoo of South Korea as new shareholder. The deed of amendment was made by Mr. Fawzia Azhari, SH., a public notary in Bekasi under Company Registration Number C-20306 HT.01.01.TH.2004, dated August 12, 2004.
P.T. YQTI operates under Foreign Investment (PMA) facilities in trading, import and supplying of electronic components and parts. Its plant is located at Jalan Industri Utama Block RR No. 5 H, Jababeka Industrial Estate, Cikarang, Bekasi, West Java on a land of 2,500 sq. meters. The plant has been in operating since 2005. The whole electronic component and parts is imported from ZHEJIANG YUQIU ELECTRONICS Co. Ltd., of the People Republic of China. Then, the whole product is supply to electronic and household appliances manufacturing such as P.T. LG ELECTRONIC INDONESIA (LG), P.T. PANASONIC ELECTRONIC MANUFACTURING INDONESIA (Panasonic) and P.T. HARTONO ISTANA TEKNOLOGI (Politron). It is estimated that construction of the plant absorbed an investment of US$ 500,000.- originating from own capital of US$ 125,000.- while the rest is loan. Sharp Rupiah depreciation against the US $, Yen, EUR and other hard foreign currencies has also affected bad impact to P.T. YQTI's operation due to sharp rise in production cost and whole electronic component and parts is still imported payable in US dollar. In the long run, P.T. YQTI's business prospect is fairly good due to sharp rise in export demand.
According to the Indonesian Electronic Goods Producers Association (GABEL) the demand growth for Indonesian electronic goods products both from the local and export market has been rising drastically. The export market of Indonesian electronic goods has according to Electronics Marketer Club (EMC) and the Department of Industry and Trade (Deperindag) is estimated to have reached the amount of US$ 10.1 billion by the end of 2005. P.T. YQTI's business position is still quite good because it has succeeded to develop extensive marketing network in the country. For further details about the above figures as shown on the table below :
Development of Electronics Export & Import
(billion US$)
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Year |
Export |
Import |
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1997 |
3.8 |
1.7 |
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1998 |
3.7 |
3.6 |
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1999 |
3.6 |
3.5 |
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2000 |
6.5 |
1.3 |
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2001 |
7.2 |
1.4 |
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2002 |
7.9 |
1.7 |
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2003 |
8.5 |
1.9 |
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2004 |
9.2 |
2.2 |
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2005 |
10.1 |
2.6 |
Ř
Source : Electronic Affiliated
Until this time P.T. YQTI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2005 amounted to Rp. 13.5 billion increased to Rp. 15.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 1.2 billion and the company has an estimated total net worth of at least Rp. 7.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. YQTI is supported by financially fairly strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. YQTI is led by Mr. Back Young Cheol (48) with 11 years of experience in trading, import and supply of electronic component and parts. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. PT. YQ TEK INDONESIA is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)