MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. HASIL FASTINDO |
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Formerly Known As : |
TOKO HASIL |
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Registered Office : |
Jalan Margomulyo Indah 1 /1, Surabaya 60186, East
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
C-02450 HT.01.04.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Retail and Distribution of Bolt and Nuts |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 526,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. HASIL
FASTINDO
A d d r e s s
Head Office
Jalan Margomulyo
Indah 1 /1
Surabaya 60186
East Java
Indonesia
Phones - (62-31) 748
1019, 748 1017, 749 1757, 749 1814
Fax - (62-31) 749 3165
E-mail - marketing@tokohasil.co
Website - http://www.tokohasil.com
Building Area - 2 storey
Office Space - 250 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
a. 1974 as Toko
HASIL
b. 16 February
1989 as P.T. KELINCIMAS
c. 9 March 1999
as P.T. HASIL FASTINDO
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-02450
HT.01.04.TH.2007
Dated 7 November
2007
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.480.044.5-604.001
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
4,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mr. Ongkotikdojo -
Rp. 500,000,000.-
Address :
Jl. Gading Pantai V No. 1
Surabaya, East
Java
Indonesia
b. Mr. Widodo Gunawan - Rp. 500,000,000.-
Address : Jl. Dharmahusada
Indah Tengah IV/27
Block C-124,
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Retail and
Distribution of Bolt and Nuts
Production
Capacity :
Bolt and Nuts
Retails (Toko HASIL) - 7 outlets
Total
Investment :
Owned Capital - Rp. 4.0
billion
Started
Operation :
1974
Brand Name :
YFS, Unbrako,
V-Coil, Sanko, Hafas United, Hafas Screw
Technical
Assistance :
None
Number of
Employee :
200 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Manufacturing and Contracting, Heavy Equipment, Shipping etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. GARUDA
METALUTAMA
b. P.T. GARUDA
METALINDO
c. P.T. SINAR
LAUT ABADI
d. P.T. FASTINDO
WIRATAMA
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Raya Darmo
No. 23
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 35.0
billion
2006 – Rp. 38.0
billion
2007 – Rp. 40.0
billion
Net Profit
(estimated) :
2005 – Rp. 3.2
billion
2006 – Rp. 3.4
billion
2007 – Rp. 3.6
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Ongkotikdojo
General Manager -
Mr. Kartono Wang
Board of Commissioners :
Commissioner -
Mr. Widodo Gunawan
Signatories :
Director (Mr.
Ongkotikdojo) which must be approved by Board of Commissioner.
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$ 526,000 on 90
days D/A
OVERALL PERFOMANCE
Originally the company named Toko HASIL was established in 1974 with the
status of Sole Proprietary Company. The founding of the company are Mr.
Ongkotikdojo and Mr. Widodo Gunawan both are Indonesian businessmen of Chinese
extraction. In February 1989, the company status was changed to P.T. (Perseroan
Terbatas) or Limited Liability Company and renamed to P.T. KELINCIMAS and
concurrently the authorized capital of Rp. 300,000,000 of which Rp. 100,000,000
was issued and fully paid up. The company shareholders are Mr. Ongkotikdojo and
Mr. Widodo Gunawan. The company notary deed has been changed and in March 1999,
the company was changed to P.T. HASIL FASTINDO (P.T. HF). On the same occasion
the authorized captal was raised to Rp. 1,000,000,000 issued capital to Rp.
250,000,000 entirely paid up. The latest in July 2007 the authorized capital
increased again to Rp. 4,000,000,000 issued capital to Rp. 1,000,000,000 fully
and paid up. The company’s latest shareholders are Mr. Ongkotikdojo (50%) and
Mr. Widodo Gunawan (50%). The deed of amendment was made by Mr. Tosin, SH., was
approved by the Ministry of Law and Human Right in its Decision Letter No.
C-02450 HT.01.04.TH.2007, dated November 07, 2007.
P.T. HF has been operating since 1974 in trading, retail and distribution of bolts
and nuts products by taking over the activity of Toko HASIL. The
company manages Toko HASIL retailer with one shopping for all bolts and nuts
needs concept and provides an array of high quality industrial fasteners and
represented in whole nation by its own distribution organizations. Toko HASIL
retailer and shops has operating of 7 outlets in Surabaya, Malang, Kediri,
Bandung, Semarang, Jakarta (Mangga Dua) and Lindeteves Trade Center (Jakarta).
The products including Hook bolt, U bolt, Stud bolt, all kinds of coil springs,
all kinds of bolt and nuts, mild steel, brass, nylon/plastic cooper, alloy
steel, stainless steel 304 – 316, carbon steel grade and other bolt and nuts.
The company has always run business by its professional idea and developed its
market place. The company carried more than 30,000 different items in stock,
mostly standardized, fasteners permanently available from stock constitute a
unique assortment, ranging from Mteric, UNC, UNF, with worth to BSF threads and
comprising the following materials stainless steel, aluminum, brass, copper,
titanium, nylon/plastic. Some of the products are which sell by P.T. HF
imported from the Japan, Singapore and the rest from local made. The whole
product is also supplied to automotive assembling, aerospace, shipping,
furniture, heavy equipment, military, electrical, mining contracting and other
industries. We observe that the operation of P.T. HF has been growing in the
last three years.
The demand for technical equipment including bolt and nuts and other
technical goods has kept on rising by 8% to 10% per annum in the last five
years. Such condition was in line with the growth of general mining industry
sectors like oil and gas, industrial refineries, fertilizer industry,
electricity, office building, chemical industry, pharmaceutical industry, food
and beverage companies, pulp and paper, cement and other sectors requiring the
above products. It is projected that the demand growth will be rising within
the next five years. Market competition is very tough on account of many other
similar companies operating in Indonesia. P.T. HF’s business position in this
case is not too badly because it has established regular customers and
extensive marketing network.
Until this time P.T. HF 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.
35.0 billion incresed to Rp. 38.0 billion in 2006 rose again to Rp. 40.0
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. 3.6 billion
and the company has an estimated total networth of at least Rp. 8.5 billion. We observe that P.T. HF is supported by
businessmen with has financially fairly 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 management of P.T. HF is led by Mr. Ongkotikdojo (57) a businessman
and professional manager with experience in trading, retailer and distribution
of bolts and nuts. The management is handled by experienced staff in this
business, having maintained a wide business relation with private businessmen
at home and abroad as well as with government sectors. 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. HASIL FASTINDO 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.26 |
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UK Pound |
1 |
Rs.79.00 |
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Euro |
1 |
Rs.63.53 |
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. |
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%)