MIRA
INFORM REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SEHO MAKMUR INDUSTRIES |
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Registered Office : |
Ruko Kebun Jeruk
Baru Block A – 18 Jalan
Arjuna Selatan Jakarta Barat, 1153 |
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Country : |
Indonesia |
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Date of Incorporation : |
16.03.2004 |
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Com. Reg. No.: |
No. AHU-40390.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Safety Shoe |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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) |
|
Indonesia |
B1 |
B1 |
|
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. SEHO
MAKMUR INDUSTRIES
Address
Head Office
Ruko Kebun Jeruk Baru Block A – 18
Jalan Arjuna Selatan
Jakarta Barat, 11530
Indonesia
Phones -
(62-21) 5349737, 53654072, 71326900
Fax - (62-21) 5349738
E-mail - seho@cbn.net.id
Website - http://www.sehomakmur.com
Building Area - 2 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya
Rancaekek Km. 24.5
Kawasan Industri
P.T. DWIPAPURI ABADI Kav. M-1
Cimanggung,
Sumedang
West Java
Indonesia
Phones -
(62-21) 779 6496, 778 3007 VSAT
Fax - (62-21) 778 0039
E-mail - bprima@elga.net.id
Land Area - 2,600 sq.
meters
Building Space - 2,000 sq. meters
Region - Industrial
Status - Owned
Registration data
Date of Incorporation :
16 March 2004
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No. AHU-40390.AH.01.02.TH.2009
Dated 20 August
2009
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 02.192.939.3-057.000
b. The Capital Investment Coordinating Board
No. 118/I/PMA/2004
Dated
5 March 2004
Related
Company :
P.T. BROWN PRIMA
INDONESIA (Leather Shoe and Sandal Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
500,000.-
Issued Capital : US$
150,000.-
Paid up Capital : US$ 150,000.-
Shareholders/Owners
:
a. SEHO CO., LTD. -
US$ 50,000.-
Address :
401 E Hwa Plaza B/D 126 G
Sa-Ha-Dong, Seoul
South Korea
b. Mr. Poh Thong Chiew - US$ 50,000.-
Address : Jl. Tan Sri Sim Kheng Hong
Kuching
Malaysia
c. Mr. Henry Kurniawan - US$ 50,000.-
Address : Jl. Jeruk Purut Kav. 7
Cilandak, Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Safety Shoe
Manufacturing
Production
Capacity :
Safety Shoe - 360,000
pairs p.a.
Total
Investment :
a. Equity Capital - US$ 150,000.-
b. Loan
Capital -
US$ 175,000.-
c. Total
Investment - US$
325,000.-
Started Operation
:
2005
Brand Name :
BRIX
Technical
Assistance :
SEHO Co. Ltd. of
South Korea
Number of
Employee :
260 persons
Marketing Area
:
Export - 80%
Local - 20%
Main Customer
:
Buyers in
Singapore, Malaysia, Taiwan, Japan, and Southeast Asia
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIAKARYA
DUNTANUNIA
b. P.T. ASIA
SAFETY INDONESIA
c. P.T. BERKAT NIAGA DUNIA
d. P.T. HENGTRACO PROTECSINDO
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Raya
Pejuangan
Kebun Jeruk
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 30.0
billion
2009 – Rp. 32.0 billion
2010 – Rp. 34.0
billion
Net Profit
(estimated) :
2008 – Rp. 2.4
billion
2009 – Rp. 2.6
billion
2010 – Rp. 2.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Henry Kurniawan
Director -
Mr. Poh Thong Chiew
Board of Commissioners :
President Commissioner -
Mr. Won Sang Man
Commissioner -
Mr. Dharma Ali Lubis
Signatories :
President Director (Mr.
Henry Kurniawan) or the Director (Mr. Poh Thong Chiew) which must be approved
by Board of Commissioner
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$ 500,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. SEHO MAKMUR
INDUSTRIES (P.T. SMI) was established in Jakarta on March 16, 2004 with an
authorized capital of US$ 500,000 issued capital of US$ 150,000 entirely paid
up. The founding shareholders of the company are SEHO CO., LTD., of South
Korea, Mr. Poh Thong Chiew of Malaysia and Mr. Henry Kurniawan of Indonesia.
The company notary deed has been changed and in July 2009 the composition of
its management has been changed (see profile). The deed of amendment was made
by Mr. Rusnaldy, SH., was approved by the Ministry of Law and Human Right in
its Decision Letter No. AHU-40390.AH.01.02.TH.2009, dated August 20, 2009. We
observe that Mr. Poh Tong Chiew of Malaysia is the owner and top executive of
P.T. BROWN PRIMA INDONESIA dealing with leather shoe and sandal manufacturing.
P.T. SMI
operates under Foreign Investment (PMA) facilities in the safety shoe and
sandals industry, managing a plant located on a 2,600 sq. meters land plot at
Jalan Raya Rancaekek Km. 24.5, Sumedang, West Java. The company equipped with
modern machinery like cutting machines from Taiwan, stiching machines from
South Korea and lasting machines from Italy. The plant has been operating since
2005 by produces various type of safety shoes and sandals by using BRIX brand.
The basic/auxiliary material in the form of leather is for the larger part
imported and for a small part supplied from local production. About 80% of the
plant's production is exported by way of job orders like the BRIX brand to the
Philippines, Singapore, South Korea, Taiwan, Japan, Australia, New Zealand,
Vietnam, Middle East, United Kingdom and Germany. Besides, about 20% of its
production of the company is also marketed in the country to various industries
oil and natural
gas contracting companies, coal mining, steel industry, tyre industry and other
manufacturing industries. We observe the operation of P.T. SMI had been growing
within the last three years. The global economic has adversely
affected the company for having very highly pushed up the prices of basic
material and production cost.
In general, we
observed that before the economic crisis striking Indonesia, the existing shoe manufacturing
companies in Indonesia already encountered many problems like an over
investment and low knowledge skill in the industry which caused many shoes
manufacturing companies to stop operation before the economic crisis striking
Indonesia. Besides that, Indonesian shoes producers also got strong competition
from Vietnam, the new comer which may appear as the quite heavy competitor
apart from the People's Republic of China. If Indonesian shoes export value in
2005 reached US$ 1,428 million, rose to US$ 1,599 million in 2006 and rose
again to US$ 1,637 million in 2007 to US$ 1,885 million in 2008 and dropped to
US$ 1,734 million in 2009. It’s projected the Indonesian shoes export value
will be increase in the next two years. P.T. SMI is doing quite well in the above
business, because whole of its production has been exported. The national shoes
production and export value, as shown on the table below:
National Shoes
Production and Exports
Value, 2005-2009
|
Year |
Production (Million
Pairs) |
Million US$ |
|
2005 |
820,870 |
1,428 |
|
2006 |
822,624 |
1,599 |
|
2007 |
797,945 |
1,637 |
|
2008 |
771,144 |
1,885 |
|
2009 |
759,577 |
1,734 |
Source: Central Bureau of Statistic, processed
P.T. SMI 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 2008 amounted to Rp. 30.0 billion rose to Rp. 32.0 billion in
2009 increased to Rp. 34.0 billion in 2010 and projected to go on rising by at
least 4% in 2011. It’s projected the company has yielded a net profit of Rp.
2.8 billion in 2010 and the company has an estimated total networth of at least
Rp. 5.0 billion. We observe that P.T. SMI 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. SMI is led by Mr. Henry Kurniawan (68) a businessman and professional
manager with experience in safety shoe and sandal manufacturing and trading.
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. P.T. SEHO MAKMUR INDUSTRI
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.