MIRA INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. HEBEL INDONESIA |
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Registered Office : |
Pusat Perdagangan Bahan Bangunan & Interior, Jl. Mangga Dua Raya Blok F-1No. 26, Jakarta 10370 |
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Country : |
Indonesia |
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Date of Incorporation : |
03.01.1995 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-02995 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Light Weight Concrete Manufacturing
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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$ 2,300,000 |
|
Status : |
Satisfactory |
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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 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T.
HEBEL INDONESIA
company Address
Head
Office
Formerly
address
Jl. Kramat Chandra No. 11
Jakarta Pusat
Indonesia
New
address
Pusat Perdagangan Bahan Bangunan &
Interior
Jl. Mangga Dua Raya Blok F-1 No. 26
Jakarta 10370
Indonesia
Phone - (62-21) 6230 3340, 6230 3342
Fax. -
(62-21) 6257 340
Email - finance@hebel.co.id
Website - http://www.hebel.co.id
Building Area - 3 storey
Office Space - 270 sq. meters
Region - Commercial
Status - Owned
Marketing
Office
PT. REKSA
PRABAWA
Pusat
Perdagangan Bahan Bangunan & Interior
Jl. Mangga
Dua Raya Blok F-1 No. 1
Jakarta
10370
Indonesia
Phone - (62-21) 600 9939 (hunting)
Fax. -
(62-21) 624 5576, 6125 426
Email - marketing@hebel.co.id
Building Area - 3 storey
Office Space - 270 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Raya Kosambi Curug Km. 4
Desa Cimahi, Klari, Karawang
Timur 41371, West Java
Indonesia
Phone - (62-21) 433 700 (hunting)
Fax. -
(62-21) 433 704
Email - factory@hebel.co.id
Land Area - 5.0 hectares
Building Space - 1.2 hectares
Region - Commercial
Status - Owned
Date of Incorporation
03 January 1995
Legal Form
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg.No.
The Ministry of
Laws and Human Rights
No. AHU-AH.01.10-02995
Dated 02 April 2009
Company Status
Foreign Investment
Company (PMA)
Permit by the Government
Department
The Department of
Finance
NPWP No.
1.070.995.4-052
The President of
the Republic of Indonesia
No.
B-378/Pres/11/1994
Dated 22 November
1994
The Investment
Coordinating Board
- No. 390/I/PMA/1994
Dated 19 December 1994
- No.
955/III/PMA/1997
Dated 18 July 1997
- No.
805/III/PMA/2004
Dated 18 August 2004
Holding Companies
a. P.T. HOKIBEL INTERNUSA (Investment Holding)
c. ULTRA LEAD ASSOCIATES Ltd. (Investment Holding)
b. GEBEL INTERNTIONAL GMBH & CO. (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - US$. 16,852,000
Issued Capital - US$. 16,852,000
Paid up Capital - US$. 16,852,000
Shareholders/Owners
:
a.
P.T. HOKIBEL INTERNUSA of Indonesia -
US$ 10,530,000 (62.49%)
Address : Jl.
Kramat Raya No. 7-9
Kramat Center
Blok A/11
Jakarta
Pusat, Indonesia
b.
ULTRA LEAD ASSOCIATES LIMITED -
US$ 5,152,000 (30.57%)
Address : Road Town, Tortola,
British Virgin
Islands
British
Virgin
c.
HEBEL INTERNATIONAL GmbH & Co. -
US$ 1,170,000 ( 6.94%)
Address :
Johann-G-gutenber-Strasse 20
D 82140
Olching,
Germany
BUSINESS ACTIVITIES
Lines of Business :
Light Weight Concrete Manufacturing
Production Capacity :
Light Weight
Concretes - 300,000 M3 per annum
Total Investment :
a. Equity Capital - US$. 16.85 billion
b. Loan Capital - US$. 23.10 billion
c. Total Investment -
US$. 49.95 billion
Started
Operation :
May 1998
Brand
Name :
HEBEL
Technical
Assistance :
HEBEL INTERNATIONAL GmbH & Co. of Germany
Number
of Employee :
220 persons
Marketing
Area :
Domestic
- 80%
Export -
20%
Main
Customers :
a. CV. ABADI RAYA
b. CV. ARIO
SAKTI
c. PT. GRAHA
MULIA EKAJAYA
d. Others
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. ADIMIX PRECAST INDONESIA
b. PT. BETONJAYA
MANUNGGAL Tbk.
c. PT.
DELCOPRIMA PACIFIC
d. PT.
DUTA SARANA PERKASA
e. PT. HOLCIM BETON
f. PT.
HUME SAKTI INDONESIA
g. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers
:
a. P.T. Bank MANDIRI
Tbk
Plaza Mandiri
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Asemka No. 19-21
Jakarta
Barat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No litigation record
in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2008 – Rp. 132.0 billion
2009 – Rp. 148.0 billion
2010 – Rp. 165.0 billion
Net Profit (Loss) :
2008 – Rp.
5.9 billion
2009 – Rp.
6.6 billion
2010 – Rp.
7.4 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mrs. Yuliana Sanger
Board of Commissioners :
Commissioner -
Mr. Waldi
Signatories :
The Director (Mrs. Yuliana Sanger)
which must be approved by Board of Commissioner (Mr. Waldi)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 2,300,000.- on the 90 days of payments
OVERALL PERFORMANCE
P.T. HEBEL INDONESIA (P.T. HI) was established in January 1995 with an
authorized capital of US$ 9,900,000.- entirely issued and paid up. The founding
shareholders of the company are P.T. HOKIBEL INTERNUSA (private company) and
HEBEL INTERNATIONAL GmbH of Germany. The articles of association of the company
have frequently been revised. In July 1997, the authorized capital was raised
to US$ 11,700,000 entirely issued and paid up. In August 2004, the authorized
capital was increased again to US$ 16,852,000 entirely issued and paid up and
concurrently ULTRA LEAD ASSOCIATED LIMITED of British Virgin Island entered
into the company as a new shareholder.
Since that time the shareholders of the company are P.T. HOKIBEL
INTERNUSA (62.49%), ULTA LEAD ASSOCIATED Ltd., of BVI (30.57%) and HEBEL
INTERNTIONAL GmbH & Co., of Germany (6.94%). The amendment Articles of Association was
made by Mrs. Titiek Febriyanti Utami Marwan, SH., a public notary in Jakarta
under Company Registration Number AHU-AH.01.10-02995, dated 26 February 2009.
No changes have been effected in term of its shareholding composition and
capital structures to date.
P.T. HI has been operating since 1998 in light weight concrete industry.
Its plant is located at Desa Cimahi, Karawang, West Java, on a land of some 5.0
hectares. The construction of the plant absorbed an investment of US$ 33.0
million coming from owns capital of Rp. 9.9 million and the rest from loans.
The products being produced by the company are in the form of light concrete
for the types of blocks like U Blocks, Jumbo Blocks, Wall Panels, Floor Panels,
Roof Panels and ladder rungs being marketed using HEBEL brand. The basic
materials being used are sand, lime, cement and others. The main distributor of
the company for marketing the products in the country is P.T. REKSA PRABAWA
having branches in Bandung, West Java and Surabaya, East Java. P.T. HI also has
other distributors namely C.V. ABADI RAYA for Bandung, C.V. ARIO SAKTI for
Palembang and surroundings, P.T. GRAHA MULIA EKAJAYA for Semarang and
surrounding.
The products of the company are also marketed in Taiwan by G. NICHE
INTERNATIONAL CORPORATION and in Singapore by SIEM SENG HING & CO PTE LTD.
While other export to Malaysia, New Zealand and others are directly handled by P.T.
HI. The products of P.T. HI are at present used by its customers to build
office buildings, housing, plants, hospitals, shopping centers and others. The
buildings using products of P.T. HI include TRANS TV Station, MUTIARA IBU
Hospital, Bintaro Plaza, Kota Wisata Housing Complex, P.T. SARI ENESIS INDAH,
the BONECOM Group, Da Vinci Building Sudirman, Balai Samudra Kelapa Gading,
Pasar Glodok, RAMAYANA Department Store Klender, HARCO Pasar Baru, Gedung
PERHUTANI II Jawa Timur and others. The operation of P.T. HI has been running
smoothly in the last five years in line with the business growth and
development of property projects in the country in the last five years. We
believed that P.T. HI is classified as a large sized company of its kind in the
country.
Generally, the demand on construction materials grew by 8% to 10% annually in line with the lustrous development of various construction projects like housing, office buildings, shopping centers, apartments, hotels and others in the country. It is projected that demand will be increasing by at least 7% to 8% next year.
Several factors support brisker economic growth in 2010. First, the global economic conditions are expected to be better in 2010 than in 2009. This is evident in the global economic recover that is expected to continue well into 2010. The US economy, for example, is expected to grow by 2.5 percent in 2010 compared to a contraction of 2.4 percent in 2009. Meanwhile, the Japanese economy is predicted to grow by around 1.2 percent in 2010 in contrast to an expected contraction of around 5.7 percent in 2009. As for Europe, it is expected to grow by 1.1 percent in 2010 compared to an expected contraction of around 3.8 percent in 2009. Against this backdrop, Indonesian exports are expected to grow by 12.9 percent 2010.
Indonesia’s economic growth in
2008, 2009 and forecast for 2010
|
No. |
Sector |
2008 |
2009 |
2010 |
|
1. |
Agriculture |
4.8 |
3.6 |
3.3 |
|
2. |
Mining and
Quarrying |
0.5 |
3.7 |
3.7 |
|
3. |
Manufacturing |
3.7 |
2.2 |
2.2 |
|
4. |
Electricity, Gas,
and Clean Water |
10.9 |
13.4 |
13.4 |
|
5. |
Construction |
7.3 |
7.1 |
7.0 |
|
6. |
Trade, Hotel, and
Restaurant |
7.2 |
1.2 |
5.8 |
|
7. |
Transportation and
Communication |
16.7 |
17.4 |
16.7 |
|
8. |
Finance, Leasing and
Business Services |
8.2 |
5.5 |
6.3 |
|
9. |
Services |
6.4 |
6.7 |
6.9 |
|
Gross
Domestic Product (GDP) |
6.1 |
4.7 |
6.0 |
|
Source: Indonesia Economic
Almanac 2010 by Bisnis Indonesia
The management of
P.T. HI is very reclusive towards outsiders and rejected to disclose its
financial condition. We estimated the
company’s total sales turnover in 2008 at Rp 132.0 billion increased to Rp
148.0 billion in 2009 and rose gain to Rp 165.0 billion in 2011. The operation of the company in 2010 is
estimated to have gained net profit of Rp 7.4 billion with total assets of Rp
140.0 billion. Payment condition
for domestic suppliers is good with the credit payment system of 1 month to 3
months. So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
Originally, based on company articles of association, the management is headed by Mr. Soehono Koenarto (56). However, according to its latest Articles of Association of the company, the director of the company has been Mrs. Yuliana Sanger (37). However, we believed that the prime mover of the company is Mr. Hokiarto (78). He is the founder and majority shareholder of PT. HOKIBEL INDONESIA. He is also the majority business stake owner and the prime mover of the HOBROS Group or the HOKINDO Group, a medium-sized Indonesian business group which is now suffering from financial difficulties due to its affiliated P.T. Bank HOKINDO was closed since April 1998.
Mr. Hokiarto became a suspect of corruption case of Bulog-Goro exchange over which inflicted financial loss of Rp. 48.7 billion upon the state. At that time, the National Logistic Board (BULOG) was led by Mr. Beddu Amang. Finally, Mr. Hokiarto was arrested by the South Jakarta Court but he was released due to attorney’s less strong evidence of accusation. Up to July 2003, Mr. Hokiarto along with his son Mr. Hokianto was registered as bad debtors in the Indonesian Bank Restructuring Agency or IBRA (now P.T. PERUSAHAAN PENGELOLA ASET) with liability of Rp. 297 billion.
We believed that P.T. HI is good for business transaction. However, in view of less favorable of its local partner’s background and the unstable economic condition in the country, we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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 |
|
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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.