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Report Date : |
10.07.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. SK NETWORKS INDONESIA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
2006 |
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Com. Reg. No.: |
No. AHU-AH.01.10-04710 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Trading,
Export, Import Services |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
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. SK
NETWORKS INDONESIA
A d d r e s s
:
Head Office
Equity Tower
Building, 26th Floor
Jalan Jend.
Sudirman Kav. 52-53
Sudirman Central
Business District
Jakarta Selatan,
12190
Indonesia
Phones -
(62-21) 515 5688 (Hunting)
Fax - (62-21) 515 5689
Building Area - 52 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2006
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. AHU-85413.AH.01.02.TH.2008
Dated 13 November 2008
- No. AHU-AH.01.10-04710
Dated 10 February 2012
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.718.228-6-059.000
Related
Companies :
a. P.T. KARYA BUMI BARATAMA (Coal Mining)
b. P.T. SK NETWORKS INNI JOA PLANTATION (Rubber,
Palm and Jatropha Plantation)
Capital
Structure :
Authorized
Capital : US$
3,000,000.-
Issued Capital : US$
3,000,000.-
Paid up Capital : US$
3,000,000.-
Shareholders/Owners
:
a. SK NETWORKS COMPANY LIMITED - US$ 2,970,000.-
Address :
199 – 15 Eulji – RO 2-GA
Joong Goo,
Seoul
South Korea
b. SK NETWORKS MIDDLE EAST FZE - US$ 30,000.-
Address : 199 – 15 Eulji – RO
2-GA
Joong Goo,
Seoul
South Korea
Lines of
Business :
Trading, Export
Import Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2006
Brand Name :
SK Networks
Indonesia
Technical
Assistance :
SK Networks
Company Limited, South Korea
Number of
Employee :
17 persons
Marketing Area
:
Local - 100%
Main Customer
:
Buyers in Europe
Union and the USA
Market Situation
:
Very Competitive
Main
Competitors :
a. P.T. ITOCHU
INDONESIA
b. P.T. KANEMATSU
TRADING INDONESIA
c. P.T. MARUBENI
INDONESIA
d. P.T. MITSUI
INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank WOORI INDONESIA
Jakarta Stock Exchange Building 16th
Floor
Jalan Jend. Sudirman Kav. 52-53
Jakarta
Selatan
Indonesia
b. P.T. Bank KEB INDONESIA
Wisma GKBI 12th Floor Suite
1201
Jalan Jend. Sudirman No. 28
Jakarta Pusat
Indonesia
c. P.T. Bank DANAMON INDONESIA Tbk
Wisma Bank Danamon
Jalan
Jend.Sudirman No. 45
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 75.0 billion
2010 – Rp. 81.0
billion
2011 – Rp. 88.0
billion
Net Profit
(estimated) :
2009 – Rp. 4.5
billion
2010 – Rp. 4.8
billion
2011 – Rp. 5.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Chun In Sung
Board of Commissioners :
Commissioner -
Mr. Park Jong Su
Signatories :
Director (Mr. Chun In
Sung) which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. SK NETWORKS
INDONESIA (P.T. SKNI) was incorporated in Jakarta in 2006’s by SK NETWORKS
COMPANY LIMITED and SK NETWORK MIDDLE EAST FZE, both are private company of
South Korea. According to the latest revision of notary documents of Mr.
Rusman, SH., No. 42 dated 24 January 2012 the company authorized capital was amounted
at US$ 3,000,000 wholly issued and paid up. With this time the composition of
its shareholders are SK NETWORKS COMPANY LIMITED (99%) and SK NETWORKS MIDLLE
EAST FZE (1%). The latest revision of notary documents was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-04710
dated February 10, 2012.
PT. SKNI started
to be operating since 2006 to deal with trading, supply, export import
services.
P.T. SKN is a vast land rich in natural resources was the firm intention
to develop natural resources (primarily coal) and explore the business of
alternative energy sources as bio diesel and ethanol. In its operation the
company focused in trader and supplier of steel products, chemical which
imported from South Korea and other countries. Besides, P.T. SKNI is also
engaged in trader and exporter of coal which obtained from various coal mining
in South Kalimantan and East Kalimantan. Then the company is also handled the
marketing of coal from sister company P.T. KARYA BUMI BARATAMA which currently carrying out to the
development exploration stage and construction in block of potential areas
PKP2B. The temporary result of the exploration activity that is in the form of
3 (three) layers of coal with a thickness between 7 – 10 meters, which is
geologically included in Muara Enim formation and coal seam is spreading from
North West – South East with a slope of average ± 5°.
To support of
its services the company exported of Indonesian commodities among others crude
palm oil, bio diesel, ethanol, coal others chemical products. Besides that,
P.T. SKNI also imported capital goods likes steel products, chemical and
others. Meanwhile some of product in the form of steel products, chemical and
other products imported from South Korea and other countries and thus supplied
to industrial sectors in Indonesia. Business operation of P.T. SKNI supported
by SK NETWORK Group members which has worldwide operational networks. We
observed that P.T. SKNI’s business operation ran well and grown rapidly in the
last three years.
The domestic
demand for various types of chemical products had been rising by 8% to 10% on
the average per annum in the last five years in line with the rapid growth of
various industrial sectors including paint industry, plastic, ink, textile,
rubber, printing and others in the above period of times as the consumers. But,
later dwindled as the global economic slowdown since October 2008, followed by
tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also
heated by political issue in the country. The demand growth started to awake in
June 2009 in line with the amelioration of economic condition in the country. Market competition is very tough on account
of large number of other similar companies operating in the country. P.T. SKNI
business position in this case is not too badly because it has built regular
customers and extensive marketing network all across the country.
Imports of Raw Materials and Auxiliary Goods, 2004-2010
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
|
|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
|
|
2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
|
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
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|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
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|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
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2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
Source: Central Bureau of Statistic (BPS)
Until this time
P.T. SKNI has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The
management of P.T. SKNI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover
of the company in 2009 amounted to Rp. 75.0 billion rose to Rp. 81.0 billion in
2010 increased to Rp. 88.0 billion in 2011 and projected to go on rising by at
least 5% in 2012. The operation in 2011 yielded an estimated net profit of at
least Rp. 5.3 billion and the company has an estimated total networth of at
least Rp. 28.0 billion. We observe that P.T. SKNI 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. SKNI is led by Mr. Chun In Sung (48) a professional manager of South
Korea with experience in trading, export import services. 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. SK NETWORKS
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.68.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
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 |
|
<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.