|
Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PONGS |
|
|
|
|
Registered Office : |
Menara Pongs
Center, Jalan Raya Barat Boulevard Block XC No. 6, Kelurahan
Pegangsaan Dua, Kecamatan Kelapa Gading, Jakarta Utara, 14240 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.01.2011 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-30546 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
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|
|
|
Line of Business : |
Retailer of Home Improvement Products
|
|
|
|
|
No. of Employees : |
185 employees |
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 |
|||
|
Status : |
Satisfactory |
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|||
|
Payment Behaviour : |
No Complaints |
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|||
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Litigation : |
Clear |
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|||
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in
2010 and 2011, respectively. The government made economic advances under the first
administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, and historically low rates of inflation. Fitch and Moody's
upgraded Indonesia's credit rating to investment grade in December 2011.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among regions. The government in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. PONGS INDONESIA
Head &
Corporate Office
Menara Pongs
Center
Jalan Raya Barat Boulevard Block XC No. 6
Kelurahan Pegangsaan Dua, Kecamatan Kelapa Gading
Jakarta Utara,
14240
Indonesia
Phones -
(62-21) 2938 2688 (Hunting)
Fax - (62-21) 2938 2689
E-mail - pongs-hrd@pongsindonesia.com
Website - http://www.pongsindonesia.com
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Warehouse
Jalan Agung
Tengah IV Block I 7 No. 6 C
Sunter Podomoro, Tanjung Priok
Jakarta Utara, 14350
Indonesia
Phones -
(62-21) 650 5588 (Hunting)
Fax - (62-21) 650 9191
E-mail - pongs-hrd@pongsindonesia.com
Website - http://www.pongsindonesia.com
Land Area - 3,000 sq.
meters
Building Space - 2,200 sq. meters
Region - Industrial Zone
Status - Rent
11 January 2011
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. AHU-09939.AH.01.01.TH.2011
Dated 25 February 2011
- No. AHU-AH.01.10-30546
Dated 26 September 2011
Private National
Company
The Department of
Finance
Not Available
None
Capital
Structure :
Authorized
Capital : Rp.
20,000,000,000.-
Issued Capital : Rp. 5,000,000,000.-
Paid up Capital : Rp. 5,000,000,000.-
Shareholders/Owners
:
a. Mr. Paulus
Ong -
Rp. 2,550,000,000.-
Address : Jl. Sutera Riviera III
No. 8, RT. 001 RW. 001
Kelurahan
Lengkong Karya, Kecamatan
Serpong Utara,
Tangerang Selatan
Banten Province
Indonesia
b. Mrs. dr.
Cissie Nugraha Mars -
Rp. 1,950,000,000.-
Address : Jl. Agung Permai IV
Block C5 No. 49
Kelurahan
Sunter Agung, Kecamatan Tanjung
Priok, Jakarta
Utara
Indonesia
c. Mr. Dedi
Eni Waroko -
Rp. 500,000,000.-
Address : : Jl. Agung Permai IV
Block C5 No. 49
Kelurahan Sunter Agung, Kecamatan Tanjung
Priok, Jakarta
Utara
Indonesia
Lines of
Business :
Retailer of Home Improvement Products
Production
Capacity :
Pongs Home Center -
97 outlets
Total
Investment :
Owned Capital - Rp. 20.0
billion
Started
Operation :
July 2011
Brand Name :
Pongs Home Center
Technical
Assistance :
None
Number of
Employee :
185 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial Manufacturing, end users, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ACE
HARDWARE INDONESIA Tbk
b. P.T. CATUR MITRA SEJATI SENTOSA
c. P.T. CATUR SENTOSA ADIPRADANA Tbk
d. P.T. HOME
CENTER INDONESIA
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Ruko Taman Sunter Indah
Jalan Taman
Sunter Indah Block K1-1 No. 15
Jakarta Utara
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Agung Utara Raya Block A 360
D No. 50-51
Sunter Agung,
Tanjung Priok
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 15.0
billion (July – December)
2012 – Rp. 18.0
billion (January – June)
Net Profit
(estimated) :
2011 – None
2012 – Rp. 1.1
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Paulus Wong
Directors -
a. Mr. Lili Soenamidjaja
b.
Mr. Danang Tri Mustikyantoro
c. Mr. Tan Gamali El Soesetio
Board of Commissioners :
President Commissioner -
Mrs. dr. Cissie Nugraha Mars
Commissioner -
Mr. Dede Eni Waroko
Signatories :
President Director (Mr.
Paulus Wong) or one of the Directors (Mr. Lili Soenamidjaja, Mr. Danang Tri
Mustikyantoro or Mr. Tan Gamali El Soesetio) which must be approved by Board of
Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. PONGS INDONESIA or also known with trading style Do It Best Pongs Home Centers was established in Jakarta based on notary deed of Mrs. Wani, SH., in January 2011 with the authorized capital of Rp. 20,000,000,000 issued capital of Rp. 5,000,000,000 entirely paid up. The founding shareholders of the company are Mr. Paulus Ong, Mrs. dr. Cissie Nugraha Mars and Mr. Dede Eni Waroko, they are Indonesian businessmen of Chinese descents. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-09939.AH.01.01.TH.2011 dated February 25, 2011. The company notary deed has been changed and according to the latest revision of notary documents of Mrs. Wani, SH., No. 03 dated 12 September 2011 the board of directors and the board of commissioners has been changed (see profile of this report). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-30546 dated September 26, 2011.
P.T. PONGS INDONESIA or Do It Best Pongs Home Center has been operating since July 2011 engaged in the field of retailer of home improvement products including hardware, hand/power tools, electrical, plumbing, lawn and garden, cleaning/paint, automotive parts, building equipment, lock, house wares, pressure equipment, actuators, flanges, tools, etc. Do it Best Pong Home Center is a One Stop Solution home improvement retail company with More brand and More choice in one store , affiliated with Do it Best Corp, USA as an exclusive partner in Indonesia segmenting its market on middle upper class. Since 1945, Do it Best Corp, USA is a member-owned hardware and building material distributor. Do it Best Corp, USA has become one of the biggest and the only full service co-op in USA included in 50 states and 46 countries around the world. Supported by approximately 5,000 vendors with more than 65,000 hardware & building material items, Do it Best Corp, USA currently operates eight distribution centers in the United States which located in Missouri, Illinois, South California, Ohio, Nevada, New York, Texas and Oregon. In addition to hardware and building material items, Do it Best stores are also completed with automotive accessories, bicycles, outbound equipments, home furnishings and Office Supplies.
Do it Best pong Home Center with Convenience Store concept is equipped with approximately 60,000 products and 1,000 brands of products that adorn every shop targeting middle and upper class markets by promoting a different touch in terms of the wide range of products and brands, according to his needs and is equipped with access excellent service quality. Do it Best Pong Home Center spend Best Reward member facility that allows customers to get discounts, and also points at the same time and the opportunity to enjoy a wide selection of discount programs and special facilities that are only available to holders of Best Reward membership, has been prepared specifically for loyal customers Do It Best Pongs Home Center.
The company sells of house ware, home linen & home décor, pet supplies, home appliances, luggage, tools, lawn & garden, outdoor living, furniture, paint, electrical, plumbing & sanitary, toys, lighting, hardware and sporting goods with various famous brands. Do It Best Pongs Home Center operates 9 units of outlets located in Mall Kelapa Gading; Mall Taman Anggrek; Jalan Fatmawati; Block M; Summarecon Mall Serpong; Kelapa Gading Sport and Pondok Indah, wholly in Jakarta. We observe that the operation of P.T. PI or Do It Best Pongs Home Center has been growing in the last two years.
The demand for technical equipment including hardware, pressure equipment, piping systems, fittings, flanges, actuators, gas compressors, generator and other has kept on rising by 8% to 10% per annum in the last five years. Such condition was in line with the growth of industrial manufacturing, general mining industry sectors like oil and gas, industrial refineries, fertilizer industry, electricity, office building, chemical industry, pharmaceutical industry, food and beverage companies, pulp and paper, cement and other sectors requiring the above products. It is projected that the demand growth will be rising within the next five years. Market competition is very tough on account of many other similar companies operating in Indonesia. P.T. PI or Do It Best Pongs Home Center’s business position in this case is not too badly because it has established regular customers and extensive marketing network.
The Indonesian economy has weathered the storm and is currently accelerating. As for the global economy, it is also in a recovery phase and this recovery is expected to continue in 2010. Overall, the prospects for the Indonesian economy in 2010 are brighter than in 2009. The global economic recession has exerted significant downward pressures on the Indonesia economy. In the first quarter of 2009 the economy grew by 4.4 percent, or significantly lower than in the fourth quarter of 2008 when the economy grew by 5.2 percent and lower than in the third quarter of 2008 when the economy grew by 6.4 percent.
Eventually, the impact of the fiscal and monetary stimuli on the economy could be seen. This was reflected in the brisker pace of growth in Indonesia despite the global economic recession. In the second quarter of 2009 the Indonesian economy grew by 4.0 percent, and in the third quarter of the year it grew by 4.2 percent. The economic is expected to accelerate further in the fourth quarter of 2009. Ant for the whole of 2009 the Indonesian economy is expected tot grow by 4.7 percent and 6.0 percent in 2010. Several factors support brisker economic growth in 2010. First, the global economic conditions are expected to be better in 2010 than in 2009. This is evident in the global economic recover that is expected to continue well into 2010.
The US economy, for example, is expected to grow by 2.5 percent in 2010 compared to a contraction of 2.4 percent in 2009. Meanwhile, the Japanese economy is predicted to grow by around 1.2 percent in 2010 in contrast to an expected contraction of around 5.7 percent in 2009. As for Europe, it is expected to grow by 1.1 percent in 2010 compared to an expected contraction of around 3.8 percent in 2009. It is estimated that demand for analysis and testing services will keep on increasing in five years to come. The competition is very tight on account of many similar companies operating in the country. Against this backdrop, Indonesian exports are expected to grow by 12.9 percent 2010. In the third quarter of 2011 Indonesia’s economy grew at 6.5%, and in the fourth quarter of the year the figure is expected to stay at the same level. Thus, in 2011 the country’s economy grew at 6.5%, higher than 6.1% in 2010. The good news is that the manufacturing sector showed better growth.
Indonesia’s economic growth in 2009, 2010 and forecast for 2011 (Q 3)
|
No. |
Sector |
2009 |
2010 |
2011 (Q 3) |
|
1. |
Agriculture |
3.6 |
3.3 |
2.7 |
|
2. |
Mining and Quarrying |
3.7 |
3.7 |
0.3 |
|
3. |
Manufacturing |
2.2 |
2.2 |
6.6 |
|
4. |
Electricity, Gas, and Clean Water |
13.4 |
13.4 |
5.2 |
|
5. |
Construction |
7.1 |
7.0 |
6.4 |
|
6. |
Trade, Hotel, and Restaurant |
1.2 |
5.8 |
10.1 |
|
7. |
Transportation and Communication |
17.4 |
16.7 |
9.5 |
|
8. |
Finance, Leasing and Business Services |
5.5 |
6.3 |
7.0 |
|
9. |
Services |
6.7 |
6.9 |
7.8 |
|
Gross Domestic Product (GDP) |
4.7 |
6.0 |
6.5 |
|
Source: Indonesia Economic Almanac
2012 by Bisnis Indonesia
Until this time P.T. PI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. PI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first year operation July to December 2011 amounted to Rp. 15.0 billion. As from January to June 2012 the sales turnover has reached at least Rp. 18.0 billion with a net profit of Rp. 1.1 billion and the sales it’s projected to go on rising by at least 6% in 2013. 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. PI is led by Mr. Paulus Ong (43) a businessman and professional manager with experience in retailer of home improvement products. Mr. Paulus Ong is quite a veteran in retail industry, having spent six years with Metro Department Store Jakarta between 1998 and 1998 prior to joining the company in 2001 as General Manager. Since 2005, Mr. Paulus, has been the company's Operational Director, in charge of sales and distribution as well as the expansion. Mr. Pauluss other current title includes Director, Home Center lndonesia Ltd, 2003 to 2010. 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. PONGS INDONESIA or Do It Best Pongs Home Center is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
UK Pound |
1 |
Rs.88.38 |
|
Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.