MIRA
INFORM REPORT
|
Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PT NK JEWELRY |
|
|
|
|
Registered Office : |
Jalan Danau
Sunter Selatan , Ruko Royal Sunter Block F Kav. 18-19, Jakarta Utara, 14350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Com. Reg. No.: |
No. W8-01921
HT.01.01.TH.2007 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Metal and Silver Jewelry |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 381,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Correct Name of
Company
P.T. NK JEWELRY
Address
Head Office & Workshop
Jalan Danau
Sunter Selatan
Ruko Royal Sunter
Block F Kav. 18-19
Jakarta Utara,
14350
Indonesia
Phones - (62-21) 6522
737, 6522 738, 6522 739
Fax - (62-21) 6522 740
Land Area - 1,830 sq.
meters
Building Area - 1,500 sq.
meters
Region - Commercial
Building
Status - Rent
Date of
Incorporation
2002
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry
of Law and Human Rights
No. W8-01921
HT.01.01.TH.2007
Dated 10 July
2007
Company Status
Foreign
Investment (PMA) Company
Permit by the
Government Department
The Department of Finance
NPWP No.
02.683.605.6-042.000
The Capital Investment Coordinating Board
No.
464/I/PMA/2007
Dated 18 April
2007
Related Companies
a. DUET PACIFIC INVESTMENTS Pte. Ltd., Singapore (Investment Holding)
b. R.K. INTERNATIONAL of India (Investment Holding)
CAPITAL AND
OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
250,000.-
Issued Capital : US$
250,000.-
Paid up Capital : US$ 250,000.-
Shareholders/Owners
:
a. Mr. Navin
Kumar Akar -
US$ 95,000.-
Address : Jl. Sunter Nirwana Asri Thp III
Block C/46 RT. 002 RW. 013
Kelurahan Papanggo, Tanjung
Priok
Jakarta Utara
Indonesia
b. DUET
PACIFIC INVESTMENTS Pte. Ltd. -
US$ 35,000.-
Address : c/o. 80 Holland Road, Duet #
05-03
Republic of Singapore
758825
Singapore
c. Mr. Kamal
Akar -
US$ 87,500.-
Address : C-31A, Piyush Marg, Bapu Nagar
Jaipur, Republic of India
India
d. Mr. Reshu
Akar -
US$ 7,500.-
Address : C-31A, Piyush Marg, Bapu Nagar
Jaipur, Republic of India
India
e. R.K.
INTERNATIONAL -
US$ 25,000.-
Address : 66 Kishan Pole Bazar
Jaipur, Republic of India
India
BUSINESS ACTIVITIES
Lines of
Business:
Metal and Silver
Jewelry Manufacturing
Production
Capacity
Jewels (Earing,
Necklaces,
Bracelet, Ring) - 20,000 pcs
p.a.
Total Investment
a. Owned Capital - US$ 0.3 million
b. Loan Capital - US$ 2.3 million
c. Total
Investment - US$
2.6 million
Started Operation
2002
Brand Name
NK JEWELRY
Technical
Assistance
None
Number of Employee
303 persons
Marketing Area
Export - 100%
Main Customer
Buyers in
Singapore, Japan, Australia, Europe Union, the USA, Middle East etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. SUMBER
KREASI CIPTA LOGAM
b. P.T. CENTRAL
MEGA KENCANA
c. P.T. BINTANG
SAUDARA JAKARTA
d. P.T. DUTA
BINTANG PERMATA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Sunter Paradise
Jakarta Utara
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan Sunter Agung Podomoro
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 25.0
billion
2006 – Rp. 27.0
billion
2007 – Rp. 29.0
billion
Net Profit
(Loss) :
2005 – Rp. 2.0
billion
2006 – Rp. 2.2
billion
2007 – Rp. 2.3
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Navin Kumar Akar
Director -
Mr. Akar Kamal
Board of
Commissioner :
Commissioner -
Mr. Sri Sedono
Signatories :
President Director (Mr. Navin Kumar
Akar) or the Director (Mr. Akar Kamal) which must be approved by Board of
Commissioners.
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$ 381,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. NK JEWELRY (P.T. NKJ) was established in Jakarta in 2002 with the
authorized capital of US$ 250,000 entirely issued and paid up. The founding
shareholders of the company are DUET PACIFIC INVESTMENTS Pte. Ltd., R.K.
INTERNATIONAL, Mr. Kamal Akar and Mr. Reshu Akar all of India as foreign
partner and Mr. Navin Kumar Akar of Indonesia as local partner. The company
notary deed has been changed a couple of times. The deed of amended was made by
Mrs. Erning Tri Irjayanti, SH, MKn, a public notary in Jakarta, under Company
Registration Number W8-01921.HT.01.04.2007, dated July 10, 2007.
P.T. NKJ obtained a Foreign Capital Investment (PMA)
facility issued by the Capital Investment Coordinating Board (BKPM) to deal
with metal jewelry manufacturing. The workshop is located at Jalan Danau Sunter
Selatan, Komplek Ruko Royal Sunter Block F Kav. 18-19, Sunter, Jakarta Utara on
a land of 1,830 sq. meters. The plant has been operating since 2002 by produce
metal and silver jewels including earing, necklaces, bracelets and rings of
20,000 pieces per annum. The workshop has absorbed an investment of US$ 2.6
million come from owned capital of US$ 0.3 million and the rest is loans. The whole of the products is exported to
Singapore, Japan, Hong Kong, Europe Union and the USA. We observe the operation
of P.T. NKJ has been growing within the last three years.
In overall views we find the demand for jewelry has kept on rising 6% to
8% per annum in the last five years. The sharp growth of the demand was in line
with the progress achieved in jewelry in locals and international markets. The
demand growth is estimated to continually rising by 6% over the next five
years. Market competition is very sharp considering many other similar
companies operating in the country. P.T. NKJ in this case is in a sufficiently
good business position in view of the whole products is exported. We are
convinced that the company has strong ability to further expand its business in
the years to come.
Until this time P.T. NKJ 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.
25.0 billion rose to Rp. 27.0 billion in 2006 increased to Rp. 29.0 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 2.3 billion and the
company has an estimated total networth of at least Rp. 17.5 billion. We
observe that P.T. NKJ is supported by foreign partners of India with has
financially strong and sound behind it. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia).
The company is led by Mr. Navin Kumar Akar (36), a businessman and
professional manager with has experienced for more than 5 years in the field of
metal jewels manufacturing and trade. 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 sufficiently fairly good. The
company has had wide relation in the realm of the private businessmen within
and outside the country. So far, we did not hear 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.
P.T. NK JEWELRY is sufficiently 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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)