MIRA INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ECOFIBER |
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Registered Office : |
Desa Pasir Gadung
RT. 03 RW. 03, Cikupa, Tangerang, Banten Province |
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Country : |
Turkey |
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Date of Incorporation : |
09.12.2009 |
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Com. Reg. No.: |
No. AHU-AH.01.10-24151 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Polyester
Staple Fiber Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
---- |
NB |
New Business |
---- |
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Maximum Credit Limit : |
US$ 526,000 |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. ECOFIBER
company Address
Head Office & Factory
Desa Pasir Gadung
RT. 03 RW. 03
Cikupa, Tangerang
Banten Province
Indonesia
Phones -
(62-21) 59405188 (Hunting)
Fax - (62-21) 59404939
Land Area - 12,000 sq.
meters
Building Space - 9,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
9 December 2009
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
- No. AHU-08113.AH.01.01.TH.2010
Dated 15 February 2010
- No. AHU-AH.01.10-24151
Dated 24 September 2010
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department
of Finance
Not Available
The Capital
Investment Coordinating Board
No.
1438/I/PMA/2009
Dated 18 November
2009
Related Companies
a. P.T. HANSUNG
FIBER (Polyester Staple Fiber Manufacturing)
b. LAGAM SA,
Switzerland (Investment Holding)
c. MARTIN BUNZL
INTERNATIONAL LIMITED, England (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$ 3,500,000.-
Issued Capital : US$
2,700,000.-
Paid up Capital : US$
2,700,000.-
Shareholders/Owners
:
a. LAGAM SA -
US$ 650,000.-
Address : Euro Business Center 1,
Blegistrasse
1 XH-6343
Rotkreuz
Switzerland
b. MARTIN
BUNZL INTERNATIONAL LIMITED - US$
650,000.-
Address : 27 London Road,
Bromley, Kent BR11 DF
England
United Kingdom
c. Mr. Yoo
Kwangik -
US$ 500,000.-
Address : Apartment Amartapura
Tower B 50 E
Lippo Karawaci,
Tangerang, Banten
Indonesia
d. Mr. Kong
Tae Hee -
US$ 500,000.-
Address : 200-5, Nowon-3ga,
Bulk-Gu,
Daegu – City,
South Korea
e. Mr. Michael
Peter Simms -
US$ 200,000.-
Address : 36 Malmains Way, Park
Langley
Beckenham, Kent
BR3 6SB
Irlandia
f. Mr. Ahn Kyo
Seok -
US$ 200,000.-
Address : 101-4-1 Taewang
Yusung Hi
Beomeu-Dong,
Daegu City
South Korea
BUSINESS ACTIVITIES
Lines of
Business :
Polyester Staple
Fiber Manufacturing
Production
Capacity :
Polyester Staple
Fiber - 7,200 tons
p.a.
Total
Investment :
a. Equity Capital - US$ 2.7 million
b. Loan Capital -
US$ 1.0 million
c. Total Investment - US$ 3.7 million
Started
Operation :
February 2011
Brand Name :
Ecofiber
Technical
Assistance :
Lagam SA,
Switzerland
Number of
Employee :
55 persons
Marketing Area
:
Export - 80%
Local - 20%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CENTURY
TEXTILE INDUSTRY Tbk
b. P.T. GLOBAL
FIBERINDO
c. P.T. POLYFIN
CANGGIH
d. P.T. POLYSINDO
EKA PERKASA Tbk
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
KEB INDONESIA
Wisma GKBI 12th Floor
Jalan Jend. Sudirman No. 28
Jakarta Pusat
Indonesia
b. P.T. Bank WOORI INDONESIA
Indonesia Stock Exchange Building 16th
Floor
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2011 – Rp. 40.0
billion (February – June)
Net Profit
(estimated) :
2011 – Rp. 3.0
billion (February – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Yoo Kwangik
Directors -
a. Mr. John Martin Francis David Bunzl
b. Mr. Matthias Max Gehring
c. Mr. Kong Tae Hee
d. Mr. Michael Peter Simms
e. Mr. Ahn Kyo Seok
f. Mr. Kim Dal Kyu
Board of Commissioners :
Commissioner -
Mr. Lee Sung Sil
Signatories :
President Director (Mr.
Yoo Kwangik) or one of the Directors (Mr. John Martin Francis David Bunzl, Mr.
Matthias Max Gehring, Mr. Kong Tae Hee, Mr. Michael Peter Simms, Mr. Ahn Kyo
Seok or Mr. Kim Dal Kyu) 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 PERFORMANCE
Based on our investigation by contacted to telephone number which you provided us, all of the telephone number is error. Based on our investigation results the correct address and telephone number is (62-21) 59405188 (Hunting) and fax no (62-21) 59404939.
P.T. ECOFIBER was incorporated in Tangerang, Banten Province on December 9, 2009 with the authorized capital of US$ 3,500,000 issued capital of US$ 2,500,000 fully and paid up. The founding and shareholders of the company are LAGAM SA of Switzerland, MARTIN BUNZL INTERNATIONAL LIMITED of the United Kingdom, Mr. Yoo Kwangik, Mr. Kong Tae Hee both are of South Korea and Mr. Michael Peter Simms of North Irlandia. The company notary act was made by Mrs. Nilda, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-08113.AH.01.01.TH.2010, dated February 15, 2010. The company notary deed has been changed and in August 2010 the issued capital was increased to US$ 2,700,000 entirely paid up. Concurrently, Mr. Ahn Kyo Seok of South Korea entered into the company as new shareholders. With this development the composition of its shareholders has been changed to become LAGAM SA (24.07%), MARTIN BUNZL INTERNATIONAL LIMITED (24.07%), Mr. Yoo Kwangik (18.52%), Mr. Kong Tae Hee (18.52%), Mr. Michael Peter Simms (7.41%) and Mr. Ahn Kyo Seok (7.41%). The deed of amendment was made by Mrs. Euis Hartati, SH., a public notary in Tangerang and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-24151 dated September 24, 2010.
We observe that Mr. Yoo Kwangik is also business stakes owner 10% share of P.T. HANSUNG FIBER, a private national company dealing with polyester staple fiber manufacturing.
P.T. ECOFIBER operates under the frame works of Foreign Investment
(PMA) facility to deal with polyester staple fiber manufacturing whose plant
located at Desa Pasir Gadung RT. 03 RW. 03, Cikupa, Tangerang, Banten Province,
standing on a land of 12,000 square meter. According to the license the company
will be produce of polyester staple fiber of 7,200 tons per annum. The
construction of the plant has been begun since the early 2010 and had been
operating in February 2011. The plant has absorbed a total investment of US$
3.5 million, come from own capital of US$ 2.5 million while the rest is loans.
Around 80% of its products including polyester staple fiber will be exported to
the USA, Europe Union (Germany, Spain, France, Belgium, United Kingdom),
Singapore, South Korea, India, Srilanka and Japan. The rest 20% will be
marketed domestically particularly to non woven textile like P.T. IL JIN SUN
GARMENT INDONESIA, P.T. ETERNAL GELORA PUTRA, P.T. FALMACO INDONESIA, P.T.
GREENLON INDONESIA, various export oriented garment and jacket manufacturing
companies, stuffed toys industry, furniture/spring bed industry, mattress, as
well as canvas shoes making industries. Whole polyester staple fibers are produced based on
grades and specs requested by its buyers. The basic materials such as PET will
be gained from P.T. INDORAMA SYNTHETICS Tbk, P.T. PANASIA INDOSYNTEX Tbk, P.T.
GT PETROCHEM Tbk; polyester filament yarn from P.T. SK KERIS and P.T. TEIJIN
FIBER CORPORATION Tbk. Whereas, the supporting basic material such as chemicals
are imported from overseas.
The country’s garment industry is facing serious marketing problem not only in the country but also abroad. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 and to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009. The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 and to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009.
The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. The Export Textiles and the Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent compared to the last year. In the year 2008 the export value reached 10.8 billion US dollars. While this year’s the exports expected fall into US$ 9.7 billion.
The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 2009 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of Statistic
Until this time P.T. ECOFIBER has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of P.T. ECOFOBER is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in the first year
operation in February to June 2011 amounted to Rp. 40.0 billion and projected
to go on rising by at least 6% in 2011. The operation in February – June 2011
yielded an estimated net profit of at least Rp. 3.0 billion and the company has
an estimated total networth of at least Rp. 25.0 billion. We observe that P.T.
ECOFIBER is supported by foreign partner 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 usually pays its debts
punctually to suppliers.
The management of P.T. ECOFIBER is led by Mr. Yoo Kwangik (55) a businessman and professional manager of South Korea. He also President Director of P.T. HANSUNG FIBER engaged in polyester staple fiber manufacturing.
Daily activity he is assisted by Mr. John Martin Francis David Bunzl (54), Mr. Matthias Max Gehring (46), Mr. Kong Tae Hee(55), Mr. Michael Peter Simms (42), Mr. Ahn Kyo Seok (53) and Mr. Kim Dal Kyu (52) as directors. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. We are convinced that P.T. ECOFIBER is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
|
UK Pound |
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
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 |
|
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 |
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 |
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---- |
NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.