|
Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HAIR STAR INDONESIA |
|
|
|
|
Formerly Known As : |
P.T. HANSHIN HAIRPIECES INDONESIA |
|
|
|
|
Registered Office : |
Jalan Raya Sedati No. 37 Desa Wedi, Kec. Gedangan Sidoarjo, 61254 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
22.07.1989 |
|
|
|
|
Com. Reg. No.: |
No. AHU-59015.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Hairpiece and Wig Manufacturing |
|
|
|
|
No. of Employees : |
1,785 persons |
RATING & COMMENTS
|
MIRAs 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$ 802,600 |
|
Status : |
Satisfactory |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. HAIR
STAR INDONESIA
Head Office & Factory
Jalan Raya Sedati
No. 37
Desa Wedi, Kec.
Gedangan
Sidoarjo, 61254
East Java
Indonesia
Phones -
(62-31) 8910504, 8910505, 8910511
Fax - (62-31) 8911109
Land Area - 10,600 sq.
meters
Office Space - 8,500 sq.
meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
a. 22 July 1989 as P.T. HANSHIN HAIRPIECES
INDONESIA
b. 18 January 1993 as P.T. HAIR STAR INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-13563 HT.01.04.TH.2002
Dated 22 July 2002
- No. AHU-59015.AH.01.02.TH.2008
Dated 4 September 2008
Company Status
:
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.068.030.4-641.000
The Department of Industry
No.
661/T/Industri/1994
Dated 22 August
1994
The Capital Investment Coordinating Board
- No. 02/V/PMDN/1993
Dated 12 January 1993
- No. 178/III/PMDN/1993
Dated 27 April 1993
- No. 33/II/PMDN/2000
Dated 13 April 2000
Related
Company :
A Member Company
of the GUDANG GARAM Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
20,000,000,000.-
Issued Capital : Rp.
13,700,000,000.-
Paid up Capital : Rp.
13,700,000,000.-
Shareholders/Owners
:
a. P.T. SURYA MULTI FLORA - Rp. 6,850,000,000.-
Address :
Jl. Raya Sedati No. 37
Gedangan, Sidoarjo
East Java
Indonesia
b. Mrs. Meylinda Setyo - Rp.
6,850,000,000.-
Address : Jl. Raya Sedati No.
37
Gedangan,
Sidoarjo
East Java
Indonesia
Lines of
Business :
Hairpiece and Wig
Manufacturing
Production
Capacity :
a. Human Hairpiece - 1,500,000 sets p.a.
b. Synthetic Hairpiece - 2,500,000 sets p.a.
c. Hair Eyes -
1,250,000 sets p.a.
Total
Investment :
a. Equity Capital - Rp. 13.7 billion
b. Loan Capital - Rp.
8.1 billion
c. Total Investment - Rp. 21.8 billion
Started
Operation :
1990
Brand Name :
Hair Star
Indonesia
Technical
Assistance :
None
Number of
Employee :
1,785 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Europe
Union, the USA and Asia
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASTIKA
SAMBO HAIR INTERNATIONAL
b. P.T. CITRA KREASI MEGAH
c. P.T. INDOKORES SAHABAT
d. P.T. SUN STARINDO WIRAHUSADA
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank MANDIRI
Tbk
Jalan Jend. A. Yani No. 40 D
Sidoarjo, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 Rp. 57.0
billion
2010 Rp. 59.0
billion
2011 Rp. 62.0
billion
Net Profit
(estimated) :
2009 Rp. 5.1
billion
2010 Rp. 5.3
billion
2011 Rp. 6.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Drs. Didik Sartono
Director -
Mrs. Dra. Linda Nitisantoso
Board of Commissioners :
Commissioner -
Mrs. Meylinda Setyo
Signatories :
President Director (Mr.
Drs. Didik Sartono) or the Director (Mrs. Dra. Linda Nitisastro) 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
Maximum Credit Limit :
US$ 802,600 on 90
days D/A
Originally named
P.T. HANSHIN HAIRPIECES INDONESIA was established in Sidoardjo, East Java on 22
July 1989 with an authorized capital of Rp. 3,200,000,000 wholly issued and
paid up. The founding shareholders of the company are Mr. Drs. Didik Sartono
and his wife Mrs. Dra. Linda Nitisastro, both are Indonesian business family of
Chinese descents. The company notary deed has been changed a couple of times.
In January 1993 the company was changed to P.T. HAIR STAR INDONESIA (P.T. HSI).
According to the latest revision of notary documents of Mr. Wachid Hasyim, SH.,
No. 51 dated 14 August 2008 the authorized capital was raised to Rp.
20,000,000,000 issued capital to Rp. 13,700,000,000 entirely paid up. With this
development the composition of its shareholders has been changed to become P.T.
SURYA MULTI FLORA (50%) and Mrs. Dra. Meylinda Setyo (50%). The latest revision
of notary deed was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-59015.AH.01.02.TH.2008 dated September 4, 2008.
We observe the
minority shareholder namely Mrs. Meylinda Setyo is a wife Mr. Susilo Wonodjojo,
a top figure of the GUDANG GARAM Group, a big size business group engaged in
clove cigarette manufacturing, packaging, etc.
P.T. HSI is a
private national company dealing with hairpieces and wig manufacturing by
manages a plant located at Jalan Raya Sedati No. 37, Sidoarjo, East Kalimantan
standing on 10,600 sq. meters land. The plant has been commercial operating
since 1990 by produces of human hairpieces of 1,500,000 sets; synthetic
hairpieces of 2,500,000 sets and hair eyes of 1,250,000 respectively per annum.
The whole basic materials import from South Korea and other countries. Mr. Drs.
Didik Sartono, Director of P.T. HSI explained the whole products exported to
Europe countries, the USA, South Korea and other Asian countries. However on 14
January 2012 the explosion happened at P.T. HSI plants in Gedang, Sidoarjo,
East Java presumably due to pump diesel engine stalled. The resulting explosion
killed one worker and two burns. We observe P.T. HSI operation has been growing
and developing well in the last three years.
In general, we
note that the demand for hairpieces and wigs continue to rise in the last five
years in line with the increasing demand of international market. It is
estimated demand for the hairpieces and wigs will still increase by about 5% to
7% in three years to come. Meanwhile competition in this business is very tight
because a lot of similar companies operating within the country. Besides
production costs also rose due to rising imported raw material prices, rising
electricity tariffs and other resources. Business position of P.T. HSI still
considered good enough because all of its production for the export market.
Until this time
P.T. HSI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
HSI 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. 57.0 billion rose to Rp. 59.1 billion in 2010 increased to Rp.
61.0 billion in 2011 and projected to go on rising by at least 4% in 2012. The
operation in 2011 yielded an estimated net profit of at least Rp. 6.0 billion
and the company has an estimated total net worth of at least Rp. 18.5 billion.
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. HSI is led by Mr. Drs. Didik Sartono (63) a professional manager with experience
in human hairpieces and wig 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
companys litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. HAIR STAR INDONESIA is sufficiently fairly good
for business transaction.
Attachment:
List
of the GUDANG GARAM Group
1.
ADHIGUNA MULTI PLANEXTRAK, P.T. (Chemical Products
Processing)
2.
ADILAKSA MANUNGGAL,
P.T. (Trading and Investment Holding)
3.
AGUNG GUMELAR INTERNATIONAL, P.T. (Investment Holding)
4.
ANTANG CAHAYA BARU, P.T. (Sawmilling and Woodbased Industry)
5.
BHAKTI SURYAWANGSA, P.T. (Investment Holding)
6.
CENGKEH ZANZIBAR,
P.T. (Clove Distribution)
7.
ENSO SURYA PTE. LTD. of Singapore (Property Development)
8.
G ANDUM, P.T. (Clove Cigaratte Manufacturing)
9.
GUDANG GARAM TBK.,
P.T. (Clove Cigarette Manufacturing & Investment Holding)
10. HAIR STAR INDONESIA, P.T.
(Hairpiece and Wig Manufacturing)
11. HALIM WONOWIDJOJO, P.T. (White Cigarette
Manufacturing)
12. HARI MAHARDIKA
USAHA, P.T. (Investment Holding)
13. ICBC INDONESIA, P.T. Bank
(Banking)
14. INDOALUM INTIKARSA, P.T. (Aluminum Sheet and Foil Manufacturing)
15. INTISURYA CORPORA, P.T. (Trading and Investment
Holding)
16. JATIPURNA ARTINDO DESIGN,
P.T. (Woodworking Industry)
17. KARYADIBYA MAHARDHIKA, P.T.
(Clove Cigarette Manufacturing)
18. KARYA MULIA INDAH, P.T.
(Cigarette Manufacturing)
19. KARYA NIAGA BERSAMA, P.T.
(Clove Cigarette Manufacturing)
20. LAKTA UTAMA, P.T.
(Investment Holding)
21. LIDJEN, P.T. Perkebunan
(Clove Plantation)
22. LOTTE INDONESIA, P.T. (Chewing Gum Manufacturing)
23. MADISTRINDO PRIMA, P.T.
(Chewing Gum Trading and Distribution)
24. MATAHARI KATTURIPAN
INDONESIA, P.T. (Real Estate & Property Management)
25. MENARA KARTIKA BUANA, P.T.
(Property Development)
26. PAMENANG PANCADHATU, P.T.
(Cement Building Materials Industry)
27. PANDIA PRATAMA
NUSANTARA, P.T. (Real Estate & Property Management)
28. PANDYA PERKASA, P.T. (Paper Trading and
Distribution)
29. PANGLIMA PAMENANG, P.T.
(Mineral Water Trading and Distribution)
30. PANVERTA CAKRAKENCANA, P.T. (Plastic Sheet, Rotogravure
Printing)
31. PARASIDHA INTI
JAYA, P.T. (General Trading)
32. PERFECTINDO PRATAMA
PLASTIC, P.T. (Plastic Products
Industry)
33. PRINTCOLOR INDONESIA, P.T.
(Printing Ink Industry)
34. SELOWARSIH, P.T. (Ice Making
and Cold Storage Manufacturing)
35. SURYA BHAKTI
UTAMA, P.T. (Cigarette Distribution)
36. SURYA INWESTINDO PERKASA, P.T. (General Trading,
Supplier and Investment Holding)
37. SURYA JAYA
BHAKTI, P.T. (Cigarette Distribution)
38. SURYA KERTA
BHAKTI, P.T. (Cigarette Distribution)
39. SURYA PAMENANG, P.T. (Cultural and Industrial Paper
Manufacturing)
40. SURYA RAYA
INDAH, P.T. (Hotelry)
41. SURYA WISATA, P.T. (Recreation Centre Management)
42. SURYA ZIG ZAG, P.T. (Cigarette Paper Making)
43. SURYADUTA INVESTAMA, P.T. (Investment Holding)
44. TAMAN SRIWEDARI, P.T. (Clove Cigarette
Manufacturing)
45. TAMAN MALIBU INDAH, P.T.
(Property Development)
46. TIRTAMAS MEGAH, P.T.
(Mineral Water Processing Industry)
47. TRIAS SENTOSA, P.T. (OPP Film Manufacturing)
48. WIRA DEDANA, P.T. (Trading)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.84 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.61 |
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 SCs 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.