MIRA INFORM REPORT

 

 

Report Date :           

06.07.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

TOKO BESI ASIA JAYA

 

 

Registered Office :

Jalan Pekojan No. 41, Jakarta Barat, 11240

 

 

Country :

Indonesia

 

 

Year of Establishment :

1986

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trading and Distribution of Locks

 

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$ 92,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Name of Concern

 

Toko Besi ASIA JAYA

 

 

concern Address

 

Head Office & Showroom

Jalan Pekojan No. 41

Jakarta Barat, 11240

Indonesia

Phones             - (62-21) 6913850, 6913975, 6914279

Fax                   - (62-21) 6911368

Building Area     - 1 storey

Office Space      - 120 sq. meters

Region              - Commercial Building

Status               - Rent

 

 

Date of Incorporation

 

1986’s

 

                                   

Legal Form

 

Sole Proprietary Company

 

 

Concern Reg. No.

 

The Ministry of Law and Human Rights

Not Required

 

 

Concern Status

 

Private National Company

 

Permit by the Government Department

 

The Department of Finance

Not Available

 

 

Related Concern

 

C.V. INTERNATIOANL HARDWARE SERVICES (Trading and Distribution of Iron Mongery Hardware)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital                                 : Rp. 200 million

 

Owners :

Mr. Kevin Kosgoron

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading and Distribution of Locks

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

1986’s

 

Brand Name :

Asia Jaya

 

Technical Assistance :

None

 

Number of Employee :

7 persons                                       

 

Marketing Area :

Local    - 100%

 

Main Customer :

Building Material Trader and Shops

 

Market Situation :

Very Competitive

 

Main Competitors :

a. ANEKA KUNCI

b. DUNIA KUNCI

c. PD. GUNA SEMANGAT

d. PD. KUNCI MAS

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank CENTRAL ASIA Tbk

Jalan Bandengan Utara 1 A

Pekojan, Tambora

Jakarta Barat

Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 6.0 billion

2009 – Rp. 6.5 billion

2010 – Rp. 7.0 billion

 

Net Profit (estimated) :

2008 – Rp. 360 million

2009 – Rp. 390 million

2010 – Rp. 420 million

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Kevin Kosgoron

                                                                                                           

Board of Commissioners :

None

                                                                                                           

Signatories :

Director (Mr. Kevin Kosgoron) is only the authorized person to sign the loan on behalf of the company.

 

 

CAPABILITIES

 

Management Capability :

Satisfactory

 

Business Morality :

Satisfactory

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

Proposed Credit Limit :

Small amount – periodical review

 

Maximum Credit Limit :

US$ 92,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

The correct name of the Subject is Toko Besi ASIA JAYA not ASIA JAYA as stated in your order Ref. No. 147115 dated 29 June 2011.

 

Toko Besi ASIA JAYA (Toko AJ) was incorporated in Jakarta in 1986’s with the status of Sole Proprietary Company. Founders and owners of the concern is Mr. Kevin Kosgoron, an Indonesian businessman of Chinese origin. Being as Sole Proprietary Company, the amount of its authorized capital was not mentioned at the time of its establishment. We estimate, Toko ASIA JAYA has own capital of about Rp. 200 million and it will be rising in line with the progress of its business operation.

We observe that Mr. Kevin Kosgoron is also founder and business stakes owner of C.V. INTERNATIONAL HARDWARE SERVICES engaged in the field of trading and distribution of iron mongery hardware.

 

Toko Besi ASIA JAYA started to be operating since 1986’s to deal with trading and distribution of various locks. The whole products obtained from sister concern C.V. INTERNATIONAL HARDWARE SERVICES which engaged in import and trader of iron mongery hardware with HIS brand. The whole merchandise good products are lever handle, hotel lock, door closer and emergency exit hardware. Mr. Kevin Kosgoron, the director and owner, said that OLIVARI, SALICO VALCO, FRASHO, DOMUS iron mongery hardwares are imported  from  Italy, SFF, KAFLI, KIMA, NORMBAU from Germany, TESA from Spain, NEWMAN TANKS,  STEDEN from  the UK, and BOUFET from France through sister concern C.V. INTERNATIONAL HARDWARE SERVICES. The above products are sold to several contracting companies in Jakarta, Bekasi, Karawang, Tangerang, Bogor as well as to end consumers. We observe that Toko Besi ASIA JAYA is classified a small sized concern of its kinds in the country of which operation has been growing slowly in the last three years.

 

Generally outlook we find the demand for lock and hardware has been rising by about 8% to 10% per year within the last five years. It is in line with the rapid growth of development sectors including hotel, apartment, office building, condominium, shopping centre, real-estate and other high-rise building. It is estimated the rate of demand will be higher by at least 7% per year within the coming five years. In the meantime competition is very tight due to large number of companies are trading similar products. Business position of Toko Besi ASIA JAYA is sufficiently good for it has already controlled a wide marketing chain at home.

 

Until this time Toko Besi ASIA JAYA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the concern is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the concern in 2008 amounted to Rp. 6.0 billion rose to Rp. 6.5 billion in 2009 increased to Rp. 7.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 420 million and the concern has an estimated total networth of at least Rp. 0.8 billion. So far, we did not heard that the concern having been black listed by the Central Bank (Bank Indonesia). The concern usually pays its debts punctually to suppliers.  

 

The management of Toko Besi ASIA JAYA is led by Mr. Kevin Kosgoron (60) a businessman with experience in trading, and distribution of locks. 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 concern 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. Toko Besi ASIA JAYA is sufficiently fairly good for business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.50

UK Pound

1

Rs.71.25

Euro

1

Rs.64.40

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.