MIRA INFORM REPORT
|
Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDOKORES SAHABAT |
|
|
|
|
Registered Office : |
Jalan Buni No. 61, RT. 03 RW. 05, Kelurahan Cilangkap,
Kecamatan Cipayung Jakarta Timur, 13870 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
16.11.1989 |
|
|
|
|
Com. Reg. No.: |
No. AHU-04567.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Hairpiece and Wig Manufacturing |
|
|
|
|
No. of Employees
: |
1,800 |
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$ 868,200 |
|
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 – September 30th, 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. INDOKORES SAHABAT
Head Office
Jalan Buni No. 61, RT. 03 RW. 05
Kelurahan Cilangkap, Kecamatan Cipayung
Jakarta Timur, 13870
Indonesia
Phones -
(62-21) 8448858 (Hunting)
Fax - (62-21) 8448846
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Jalan Jend. A.
Yani No. 4, RT. 003 RW. 04
Kandang Gempang,
Purbalingga 53312
Central Java
Indonesia
Phones -
(62-281) 892777, 893359, 894630
Fax - (62-281) 891463
E-mail - indokores@yahoo.com
Land Area - 10,000 sq.
meters
Office Space - 8,200 sq.
meters
Region - Industrial
Zone
Status - Owned
16 November 1989
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-474 HT.01.01.TH.91
Dated 14 February 1991
- No. AHU-60173.AH.01.02.TH.2008
Dated 8 September 2008
- No. AHU-04567.AH.01.02.TH.2010
Dated 28 January 2010
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP No.
01.336.963.2-052.000
The Department of
Industry and Trade
- No. 0046.1/11/3/I/91
Dated 14 January 1991
- SIUP No. 979/P/09-03/PB/VII/91
Dated 18 July 1991
- TDP No. 09.04.1.18.29130
Dated 31 October 2005
The Capital
Investment Coordinating Board
- No. 160/V/PMA/1999
Dated 2 October 1999
- No. 230/II/PMA/2001
Dated 10 September 2001
- No. 1462/III/PMA/2001
Dated 2 November 2001
- No. 235/II/PMA/2002
Dated 1 November 2002
Related
Company :
None
Capital
Structure :
Authorized
Capital : US$
3,450,000.-
Issued Capital : US$
3,450,000.-
Paid up Capital : US$
3,450,000.-
Shareholders/Owners
:
a. Mrs. Jang
Hwa Sook -
US$ 3,250,000.-
Address : Seoul
South Korea
b. Mr. Hong
Jung Sun -
US$ 200,000.-
Address : Jl. Buni No. 61, RT.
03 RW. 05
Kelurahan
Cilangkap, Kecamatan Cipayung
Jakarta Timur
Indonesia
Lines of
Business :
Hairpiece and Wig
Manufacturing
Production
Capacity :
Hairpieces and
Wig - 490,000
pieces p.a.
Total
Investment :
a. Equity Capital - US$ 3.4 million
b. Loan Capital - US$ 4.3
million
c. Total
Investment - US$
7.7 million
Started
Operation :
1990
Brand Name :
Indokores Sahabat
Technical
Assistance :
None
Number of
Employee :
1,800 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in South
Korea, Europe Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CITRA
KREASI MEGAH
b. P.T. HASTA PUSAKA SENTOSA
c. P.T. HANMI
HAIR INTERNATIONAL
d. P.T. SUN CHANG
INDONESIA
e. P.T. SUN STARINDO WIRAHUSADA
f. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank
KEB INDONESIA
Wisma GKBI 20th Floor
Jalan Jend. Sudirman No. 28
Jakarta Pusat
Indonesia
b. P.T. Bank WOORI INDONESIA
Indonesia Stock Exchange Building Tower 1
Jalan Jend. Sudirman Kav. 52-53
Jakarta
Selatan, 12190
Indonesia
c. P.T. Bank MANDIRI Tbk
Purbalingga Main Branch
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 60.0
billion
2010 – Rp. 63.0
billion
2011 – Rp. 66.0
billion
Net Profit
(estimated) :
2009 – Rp. 5.4
billion
2010 – Rp. 5.6
billion
2011 – Rp. 6.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jong Sun Hong
Director -
Mr. Kim Hyun Don
Board of Commissioners :
Commissioner -
Mrs. Jang Hwa Sook
Signatories :
President Director (Mr.
Jong Sun Hong) or the Director (Mr. Kim Hyun Don) 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$ 868,200 on 90
days D/A
P.T. INDOKORES SAHABAT (P.T. IKS) was established in Jakarta with the authorized capital of Rp. 100,000,000 wholly issued and paid up. The company was founded by Mr. Laurens Budihardja and Mr. Basuki, both are indigenous businessmen. The company notary deed has been changed a couple of times. In December 1999, Mr. Laurens Budihardja and Mr. Basuki pulled out and the whole shares sold to Mr. Jong Sun Hong and his wife Mrs. Jang Hwa Sook, both are of South Korea. On the same occasion the company status was converted into Foreign Investment (PMA) facility and the authorized capital was also converted into US$ 400,000 entirely paid up. The latest in July 2009 the authorized capital was increased to US$ 3,450,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become Mrs. Jang Hwa Sook (94.20%) and her husband Mr. Jong Sun Hong 5.80%). The deed of amendment was made by Mr. Haji Rizul Sudarmadi, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-04567.AH.01.02.TH.2010, dated January 28, 2010.
P.T. IKS obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with hairpiece and wig manufacturing. The plants located at Jalan Jend. A. Yani No. 4, Kandang Gempang, Purbalingga, Central Java on a land of 10,000 sq. meters. The plant has been operating since 1990 and has expanding frequently to increasing production capacity. The company produces of hairpieces and wigs of 490,000 pcs per annum with an investment of US$ 7.7 million come from owned capital of US$ 3.4 million and the rest from loans. The whole basic materials to produces of hairpieces and wigs imported from China, India and other countries. P.T. IKS types of products are Custom Toupee; Ready Made Toupee, All kinds of hair net for Toupee, Human Hair (Raw and dived), Human Hair Wig/hand made and machine made, Synthetic wig, Braids and weaving, hair pieces, Eye lash and Special braid and whiskers. P.T. IKS production capacity are 3,000 pieces of Custom Toupee; 2,000 pieces of press styled stocked toupee; 15,000 pieces of Human hair wigs and hand made and 15,000 pieces hair pieces. The whole products likes hairpieces and wigs is exported to Singapore, Hongkong, Taiwan, China, South Korea, Europe Union, the USA and other countries. We observe the operation of P.T. IKS 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. IKS still considered good enough because all of its production for the export market.
Until this time P.T. IKS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. IKS 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. 60.0 billion rose to Rp. 63.0 billion in 2010 increased to Rp. 66.0 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. 6.5 billion and the company has an estimated total net worth of at least Rp. 38.0 billion. We observe that P.T. IKS 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. IKS is led by Mr. Jong Sun Hong (60) a
businessman and professional manager of South Korea with experience in
hairpieces and wigs manufacturing. Daily activity he is assisted by Mr. Kim
Hyun Don (49) a professional manager of South Korea as director. 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. INDOKORES
SAHABAT is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.85 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.62 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.