MIRA INFORM REPORT

 

 

Report Date :           

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. HANSUNG FIBER

 

 

Registered Office :

Kampung (Kp) Teureup, Jl. Raya Pasar Kemis RT.008/RW.02, Desa (Ds) Sukaharaja, Kec. Sindangjaya, Tangerang 15566,  Banten Province

 

 

Country :

Indonesia

 

 

Date of Incorporation :

16.12.2005

 

 

Com. Reg. No.:

No. AHU-AH.01.10-10884

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Polyester Staple Fiber (PSF) Industry

 

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$  1,960,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Name of Company

 

P.T. HANSUNG FIBER

 

 

Company Address

 

Head Office & Factory

Kampung (Kp) Teureup

Jl. Raya Pasar Kemis RT.008/RW.02

Desa (Ds) Sukaharaja, Kec. Sindangjaya

Tangerang 15566,

Banten Province

Indonesia

Phone               - (62-21) 5900383, 5900384

Fax                   - (62-21) 5900385

Email                - hansungfiber.id@gmail.com

Land Area         - 15,370 sq. meters

Office Space      -   9,200 sq. meters

Region              - Industrial Zone

Status               - Rent

 

 

Date of Incorporation

 

16 December 2005

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

- No. AHU-37040.AH.01.02.Tahun 2010

  Dated 26 July 2010

- No. AHU-AH.01.10-10884

  Dated 11 April 2011

 

 

Company Status

 

Foreign Investment Company (PMA)

 

           

Permit by the Government Department

 

The Department of Finance

NPWP No. 02.026.760.5-052.000

 

The Investment Coordinating Board

- No. 1350/I/PMA/2005

  Dated 06 December 2005

- No. 413/II/PMA/2006

  Dated 26 December 2006

 

 

Affiliated/Associated Companies

 

a. HANSUNG FIBER Co. Ltd., of South Korea (Investment Holding)

b. TECHNO FILM Co. Ltd., of South Korea (Investment Holding)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            - US$. 2,500,000.-

Issued Capital                                  - US$. 2,500,000.-

Paid up Capital                                - US$. 2,500,000.-

 

Shareholders/Owners :

a. Mr. Ahn Kyo Seok                      - US$ 1,062,500 (42.50%)

    Address : 101-401, Taewang Yusung Hi

                    #614-3 Boemeu-Dong, Suseung-gu

                    Daegu City, Korea

                    South Korea

 

b. TECHNO FILM Co. Ltd.               - US$    250,000 (10.00%)

    Address : Room 814, Shinwon Libertel 338

                    Chang 5 Dong, Dobong-Gu,

                    Seoul, Republic of Korea

                    South Korea

 

c. HANSUNG FIBER Co. Ltd.          - US$    304,687 (12.19%)

    Address : 988-3, Geumsan-Ri, Hwawon-Eup,

                    Daelseung-gu, Gyeongsangbuk-Do

                    Republic of Korea

                    South Korea

 

d. Mr. Do Woul Hwan                     - US$    304,688 (12.19%)

    Address : 102-901, Apartement Ubung Song Hyun

                    906 Songhyun 2-Dong, dalseo-Gu

                    Daegu-City, Korea

                    South Korea

 

e. Mr. Son Yi  Bae                          - US$    328,125 (13.12%)

    Address : 707-3 Seybg Sab-Ri

                    Hwawon-eup, Dalseunggun

                    Daegu-City, Korea

                    South Korea

 

f. Mr. Yoo Kwang Ik                       - US$    250,000 (10.00%)

    Address : Apartemen Amartapura Tower B 50 E

                    Lippo Karawaci, Tangerang

                    Banten Province

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Polyester Staple Fiber (PSF) Industry

 

Production Capacity :

Polyester Staple Fibers                    - 7,000 tons p.a.

 

Total Investment :                         

a. Owned Capital           - US$. 2,000,000

b. Loan Capital              - US$. 1,000,000

c. Total Investment         - US$. 3,000,000

 

Started Operation :

July 2006

 

Technical Assistance :                  

HANSUNG FIBER co. Ltd., of South Korea

 

Number of Employee :

83 persons                                     

 

Marketing Area :                           

Local       - 40%

Export      - 60%

 

Main Customer :

b. Overseas buyer in South Korea

b. Textile Industry in Jakarta, West Java, Central Java and others

 

Market Situation :                         

Very Competitive

 

Main Competitors :                       

a. PT. Indorama Synthetics Tbk.

b. PT. SK Fiber Indonesia

c. PT. Indonesia toray Synthetics

d. PT. Teijin Fiber Corporation Tbk.

e. PT. Kumafiber

f.  Etc.

 

Business Trend :

Growing with but only slowly

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

PT. Korea Exchange Bank Danamon

Suite 1201, 12th Floor, Wisma GKBI

Jl. Jend. Sudirman No. 28

Jakarta Selatan

Indonesia


Auditor :

Internal Auditor

           

Litigation :                                    

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :            

2008 – Rp. 110.0 billion

2009 – Rp. 126.0 billion

2010 – Rp. 138.0 billion

 

Net Profit (estimated) :                  

2008 – Rp. 6.0 billion

2009 – Rp. 6.9 billion

2010 – Rp. 7.5 billion

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

KEY EXECUTIVES

 

Board of Management :                

President Director                            - Mr. Yoo Kwang Ik

Directors                                         - a. Mr. Kim Mu Yul

                                                        b. Mr. Son Yi Bae

                                                        c. Mr. Cho Jeong Yong

                                                        d. Mr. Do Woul Hwan

 

Board of Commissioner :              

Commissioner                                 - Mr. Ahn Kyo Seok

 

Signatories :                                 

President Director (Mr. Yoo Kwang Ik) or one of the Directors (Mr. Kim Mu Yul, Mr. Son Yi Bae, Mr. cho Jeong Yong and Mr. Dowoul Hwan) which must be approved by Board of Commissioner (Mr. Ahn Kyo Seok)

 

 

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$  1,960,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. HANSUNG FIBER was established on December 16, 2005 with the authorized capital of  US$. 2,000,000 entirely was issued and fully paid up.   The founding shareholders of the company are Hansung Fiber Co. Ltd., of South Korea (7.5%), Interitz Co. Ltd., of South Korea (25.0%), Mr. Ahn Kyo Seok (42.5%), Mr. Yoo Kwang Ik (10%) and Techno Film Co. Ltd., of South Korea (15%). The Article of Association was made by Yonsah Minanda, SH, a public notary in Jakarta under Company Registration Number C-01253 HT.01.01.TH.2006, dated 17 January 2006. On July 2008, the authorized capital was increased to US$. 2,500,000 entirely was issued and fully paid up.  Since March 2011, the shareholders of the company are Mr. Ahn Kyo Seok (42.50%), Techno Film Co. Ltd. (10.00%), Hansung Fiber Co. Ltd. (12.19%), Mr. Do Woul Hwan (12.19%), Mr.Son Yi Bae (13.12%) and Mr. Yoo Kwang Ik (10%). The latest Article of Association amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-1084 dated 11 April 2011. No changes have been effected in term of its shareholding composition and capital structures to date.

 

P.T. HANSUNG FIBER obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with polyester staple fiber manufacturing. Its plant is located at Kp Teureup, Jl. Raya Pasar Kemis RT.008, RW.02, Ds Sukaharaja, Kec. Sindangjaya, Tangerang, Banten Province on a land of 15,370 sq. meters.  According to its license, the plant has annual production capacity of 7,000 tons of polyester staple fiber (PSF)respectively per annum. The plant has absorbed an investment of US$ 3.0 million come from owned capital of US$ 2.0 million and the rest is loans. Miss Titin, an administrative staff of the company explained that the plant has been in operation since July 2006 producing PSF. Some 40% of the products is marketed locally to textile industries and the rest of some 60% is exported to South Korea, through holding company Hansung Fiber co. Ltd. P.T. HANSUNG FIBER is classified as a small sized company of its kind in the country of which the operation has been growing in the last three years.

 

The demand for polyester staple fiber, textile chemicals and auxiliaries tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in the country. Generally, demand for textile and textile products, including  polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials has been fluctuating in the last five years. 

           

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 to 417,600 tons (US$ 6,092.2 million) in 2008 and 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 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 and rose again to 1,369,600 tons (US$ 3,602.8 million) in 2009. 

 

      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)

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. HANSUNG FIBER has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 110.0 billion rose to Rp. 126.0 billion in 2009 increased to Rp. 138.0 billion in 2010 and projected to go on rising by at least 6% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 7.5 billion and the company has an estimated total networth of at least Rp. 26.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).

 

The management of the company is headed by Mr. Yoo Kwang Ik (55) as President Director, with more than 20 years of experience in polyester staple fiber industry. In daily activities, he is assisted by four directors namely Mr. Kim Mu Yul (55), Mr. Son Yi Bae (65), Mr. Cho Jeong Yong (69) and Mr. Do woul Hwan (66). Beside that the management is also handled by experienced professional managers having wide relation with private businessmen of home and overseas as well as with the government sectors.  So far, we did not hear that P.T. HANSUNG FIBER has been involved in business malpractices or detrimental cased being settled in local district court.

 

Of our whole observation, we may conclude that P.T. HANSUNG FIBER is appraised to be good for normal business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

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.