MIRA INFORM REPORT
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Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. KOMOTECH INDONESIA |
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Registered Office : |
Jalan Raya KIG
Barat Kav. G No. 7, Kawasan Industri Gresik, Gresik 61121, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
04.04.2002 |
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Com. Reg. No.: |
No. AHU-77673.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of
Wear Resistant Overlay Plate & Flux cored Welding Wire and EPC Contractor |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,076,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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
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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 |
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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. KOMOTECH
INDONESIA
company Address
Head Office
& Workshop
Jalan Raya KIG
Barat Kav. G No. 7
Kawasan Industri
Gresik
Gresik 61121,
East Java
Indonesia
Phones - (62-31) 3986818 (hunting)
Fax -
(62-31) 3986814
E-mail -
komotech@rad.net.id
Land Area - 10,000 sq. meters
Building Area - 7,685
sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
04 April 2002
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
a. No. C-19075 HT.01.01.TH.2003
Dated 13 August
2003
b. No.
AHU-77673.AH.01.02.Tahun 2008
Dated 24 October 2008
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
The Department
of Finance
NPWP No. 02.115.679.9-612.001
The Capital
Investment Coordinating Board
- No. 15/35/I/PMA/2002
Dated 26 March 2002
- No. 38/35/PMA/2003
Dated 28 May 2003
- No. 1481/III/PMA/2005
Dated 20 December
2005
Affiliated/Associated Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital -
US$. 300,000.-
Issued Capital -
US$. 210,000.-
Paid up Capital -
US$. 210,000.-
Shareholders/Owners :
a. Mr. Lee Won Keun of South Korea - US$. 120,000.- (57.13%)
b. Mr. Lee Kwang Bok of South
Korea - US$. 30,000.- (14.29%)
c. Mr. Kwoun Ki Chang of South
Korea - US$. 30,000.- (14.29%)
d. Mr. Kim Yang Ho of South Korea - US$. 30,000.- (14.29%)
BUSINESS ACTIVITIES
Lines of Business :
Manufacturer of Wear Resistant Overlay Plate & Flux
cored Welding Wire and EPC Contractor
Production Capacity :
a. Plat Hard Facing (Liner, Raw, Coal,
Cement Mill,
Crusher, etc.,) - 72 tons p.a.
b. Recondition of Hard Facing - 180 tons p.a.
Total Investment :
a.
Equity Capital - US$
210,000.-
b.
Loan Capital - US$
150,000.-
c.
Total Investment - US$
360,000.-
Started Operation :
June 2002
Brand Name :
None
Technical Assistance :
Technology of South Korea
Number of Employee :
168 persons (46 permanent and 122 contract exployee)
Marketing Area :
Local -
90%
Export - 10%
Main Customers :
a. PT. Semen
Gresik (Persero) Tbk.
b. PT. Semen
Padang
c. PT. Semen
Tonasa
d. PT. Indocement
Tunggal Prakasa Tbk.
e. PT. Holcom Indonesia Tbk.
f. PT. Semen Baturaja
Market Situation :
Very Competitive
Main Competitors :
a. PT. Artawa Indonesia
b. PT. Wiratama
Mitra Abadi
c. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
MEGA Tbk
Jalan Raya Gresik
Gresik, East Java
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan Jend. Basuki Rachmat 128
Surabaya, East Java
Indonesia
c. P.T. Bank PERMATA Tbk
Jalan Raya Gresik
Gresik, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 96.0
billion
2009 – Rp. 112.8 billion
2010 – Rp. 126.5 billion
2011 – Rp. 70.8
billion (January-June)
Net Profit (estimated) :
2008 – Rp. 5.5 billion
2009 – Rp. 6.2 billion
2010 – Rp. 7.0 billion
2011 – Rp. 3.9 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Lee Won Keun
Director - Mr.
Lee Kwang Bok
Board of Commissioners :
President Commissioner - Mr. Kwoun Ki chang
Commissioner - Mr. Kim Yang
Ho
Signatories :
President Director (Mr. Lee Won Keun) or Director (Mr. Lee
Kwang Bok) which must be approved by Board of Commissioners
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$ 1,076,000 on 90 days D/A
OVERALL PERFORMANCE
P.T. KOMOTECH INDONESIA (P.T. KI) was established in Gresik, East Java, on April 4, 2002 with the authorized capital of US$ 300,000 entirely issued and paid up. The founding shareholders of the company are Mr. Lee Won Keun and his wife Mrs. Kim Hye Jin of South Korea. The company notary deed has been changed and in June 2003 the issued capital was decreased to US$ 150,000 of which paid up. The deed of company was made by Mr. Soehartono, SH., a public notary of Surabaya and it was approved by the Ministry of Law and Human Right in its Decision Letter No. C-19075 HT.01.01.TH.2003, dated August 13, 2003.
In June 2008, the issued capital was raised to US$ 210,000.- entirely paid up. Concurrently, Mrs. Kim Hye Jin pulled out and the whole shares are sold to Mr. Lee Kwang Bok, Mr. Kwoun Ki Chang and Mr. Kim Yang Ho, they are also from South Korea. The deed of amendment was made by Mr. Sitaresmi Puspadewi, SH., a public notary of Surabaya and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-77673.AH.01.02.Tahun 2008, dated October 24, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. KI was established in the frame works of Foreign Investment (PMA) facility to deal with manufacture of wear resistant overlay plate & flux cored welding wire and EPC contractor. The office and workshop of company is located at Jalan Raya KIG Barat Kav. G No. 7, Kawasan Industri Gresik, Gresik, East Java on a land of some 10,000 sq. meters. The company has been in operation since June 2002 by produces of plat hard facing of 72 tons and recondition of hard facing of 180 tons per annum respectively. At present, the construction of the plant has absorbed an investment of US$ 360,000 come from owned capital of US$ 210,000 and the rest from loans. Mrs. Yuniartha Diah, the marketing manager of the company explained some 90% of the products such as hard-faced wear plat and hard-facing application & construction are marketed locally to various industrial such as cement industries, coal mining, sugar refinery, power plant, tin mining and processing and the rest 10% re-exporting to Malaysia, Thailand and Korea.
Mrs. Yuniartha also explained that the local main customers of the company are cement industries such as PT. Semen Gresik (Persero) Tbk., PT. Semen Padang, PT. Semen Tonasa, PT. Indocement Tunggal Prakarsa Tbk., PT. Holcim Indonesia Tbk., PT. Semen Baturaja and also PLTU Ombilin (Power Plant). We observed that P.T. KI is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
Generally outlook we find the demand for wear resistant overlay plate & flux cored welding wire and EPC contracting services has been rising by 6% to 8% per year in the last five years, in line with the growth of industrial sectors like cement industry, coal mining, sugar refinery, power plant, tin mining, chemical industry and others. It estimated the demand for the above product will be rising by 6% in the next one-two years. The products are largely imported and the prices increased sharply while the purchasing power dropped down. Competition is very tight due to a lot of similar imported products are offered in the market. Business position of P.T. KI remains quite good for it has already controlled wide marketing chains in many major cities in the country.
Until this time P.T. KI 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. 96.0 billion increased to Rp. 112.8 billion in 2009 and rose again to Rp. 126.5 billion in 2010 with a net profit of Rp. 7.0 billion. We estimated the sales turnover as from January to June 2011 amounted to Rp. 70.8 billion with a net profit of Rp. 3.9 billion. The total sales turnover its projected to go on rising by at least 10% in 2011. The company has an estimated total networth of at least Rp. 30.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. KI is led by Mr. Lee Won Keun (50) a businessman and professional manager of South Korea with more than 8 years experienced in manufacturer of wear resistant overlay plate & flux cored welding wire and EPC contracting services. Beside, the management is also handled by experienced staff in this business, having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. So far, we did not hear that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. KOMOTECH INDONESIA is appraised a good enough for business transaction. But owing to economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.93 |
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UK Pound |
1 |
Rs.76.52 |
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Euro |
1 |
Rs.66.65 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.