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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. FLAMBOO INDONESIA |
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Registered Office : |
Jalan Panjang No. 5E Kebon Jeruk Jakarta Barat 11530 |
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Country : |
Indonesia |
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Date of Incorporation : |
12.01.1999 |
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Com. Reg. No.: |
No. AHU-15701.AH.01.02.Tahun 2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporting of Carpets and Rugs. |
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No. of Employees : |
60 persons |
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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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
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.
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Source : CIA |
P.T. FLAMBOO
INDONESIA
Head Office &
Showroom
Jalan Panjang No. 5E
Kebon Jeruk
Jakarta Barat 11530
Indonesia
Phones - (62-21) 5367 8290 (hunting)
Fax - (62-21) 5367 0993
Email - goldendragon@flamboo.com
Website - http://www.carpetindonesia.com
Building Area - 3 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
12 January 1999
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-1238 HT.01.01.TH.2000
Dated 03
February 2000
b. No.
AHU-15701.AH.01.02.Tahun 2010
Dated 26 March
2010
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The Department of
Finance
NPWP No.
01.869.968.6-059.000
b. The
Capital Investment Coordinating Board
No. 657/I/PMA/1998
Dated 02 November 1998
Affiliated/Associated
Companies :
a. P.T. FLAMINDO CARPETAMA (Carpet and Rug Manufacturing)
b. FLAMBVOO ENTERPRISES Co. Ltd. of Hong Kong
c. SHANGHAI GOLDEN-DRAGON DECORATION Co. Ltd., of China
d. TIANJIN FLAMBOO CARPET DECORATION Co. Ltd., of China
e. BEIJING FLAMBOO CARPET DECORATION Co. Ltd., of China
f. GUANGDONG NANHAI YI HUA CARPET
Factory of China
Capital Structure
:
Authorized Capital - US$.
100,000 (Rp. 752,500,000)
Issued Capital - US$. 40,000 (Rp. 301,000,000)
Paid up Capital - US$. 40,000 (Rp. 301,000,000)
Shareholders/Owners
:
a. Mrs. Chan Yau
Fung Paula - US$ 20,000 (50%)
Address: 13/F Century House
3-4
Hanoi Road –
Hong Kong
b. Mr. Tai Shui
Chay - US$ 20,000 (50%)
Address: 13/F Century House
3-4
Hanoi Road –
Hong Kong
Lines of Business
:
Trading and Exporting of Carpets and Rugs.
Production
Capacity :
None
Total Investment :
None
Started Operation
:
2000
Brand Name :
GOLDEN DRAGON
Technical
Assistance :
None
Number of Employee
:
60 persons
Marketing Area :
a. Domestic (Local) - 80%
b. Export - 20%
Main Customers :
a. Corporate (PT. Hasko, Metro TV, etc)
b. Function Room (MPR/DPR/NAD)
c. Showroom (Nico Boco and Plaza Cryustal)
d. Apartments (Kedoya Elok, Puri Imperium, Airlangga, Syailendra, Gading
Mediterania, etc)
e. Hotels (H. Papandayaan, H. Sheraton, H. Holiday Inn, H. Hyatt
Regency, Golden Crown Hotel)
f. Workshop Place and Public
Figure
Market Situation :
Very Competitive
Main Competitors :
a. PT. Classic Prima Carpet Industries
b. PT. Nobel Industries
c. PT. Indonesia Carpet Manufacturer
d. PT. Rainbow Indah Carpet
e. PT. Tadmansori Karpet Indah
f. PT. Universal Carpet &
Rugs
g. Etc.
Business Trend :
Growing
Bankers :
The Hong Kong and Shanghai Bank Corp.
Wisma AKR, Ground Floor
Jl. Panjang No. 5
Kebon Jeruk, West Jakarta
Indonesia
P.T. Bank MANDIRI Tbk
Kebon Jeruk Branch
Jalan Perjuangan No. 9-B
West Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp 110.0 billion
2010 – Rp 125.0 billion
2011 – Rp 142.0 billion
2012 – Rp 160.0 billion
Net Profit
(estimated) :
2009 – Rp 7.1 billion
2010 – Rp 8.0 billion
2011 – Rp 9.2 billion
2012 – Rp 10.3 billion
Payment Manner :
Almost Promplty
Financial Comments
:
Fairly good
Board of Management :
President Director - Mrs. Chan Yau Fung Paula
Board of Commissioner :
President Commissioner - Mr. Tai Shui Chay
Commissioner - Mr. Taufan Hadi, SH
Signatories :
President Director (Mrs. Chan Yau Fung
Paula) which must be approved by the Board of Commissioners (Mr. Tai Shui Chay
or Mr. Taufan Hadi, SH)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit
Limit :
Moderate amount
P.T. FLAMBOO INDONESIA (P.T. FI) was established on January 12, 1999
with an authorized capital of US$ 100,000 (Rp. 752,500,000) of which US$ 40,000 (Rp. 301,000,000) was issued and paid up.
The founding shareholders of the Company are Mrs. Chan Yau Fung Paula
(50%) and Mr. Tai Shui Chay (50%), both are businesswoman and businessman from
Hong Kong. The deed of establishment was
made by Tien Normal Lubis, SH., a notary in Bandunng and it has been approved
by the Minister of Justice through Decision Letter No. C-1238 HT.01.01.TH.2000
dated February 3, 2000. The Company’s
article of association has been amended for several times, most recently by
notarial deed of Azhar, SH., No. 1 dated March 01, 2010 concerning changes of
the whole article of association of the Company’s to conform with Law No. 40
Year 2007 concerning Limited Liability Company. The notarial Deed has been approved by the Minister of Law and Human Rights
of the Republic of Indonesia through Decree No. AHU-15701.AH.01.02.Tahun 2010
dated March 26, 2010. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. FI obtained a foreign investment company
(PMA) facility issued by Investment Coordinating Board (BKPM) in 1998 for
dealing with export trading services. The company’s office and showroom located at Jalan Panjang No. 5E, Kebon
Jeruk, West Jakarta. Mr.
Riandi, a marketing staff of the company explained that P.T. FI as sole
distributor of its affiliated P.T. FLAMINDO CARPETAMA is engaged in carpet and
rug manufacturing with trade mark “GOLDEN DRAGON”. It plant located at Jl. Raya Purwakarta –
Subang Km. 15, Purwakarta, West Java. The company’s
production is largely (80%) marketed in the country, with the rest (20%)
exported to several countries, including Japan, Malaysia, Thailand, Australia,
Europe, Middle East, Canada and others.
In Indonesia, GOLDEN DRAGON has already been commonly used by a number
hotels such as Hotel Papandayaan, Hotel Sheraton, Hotel Holiday Inn, Hotel
Hyatt Regency, Golden Crown Hotel and apartments such as Kedoya Elok Apartment,
Puri Imperium Apartment, Airlangga Apartment, Syailendra Apartment, Gading
Mediterania Apartment, Taman Anggrek Apartment and others like function room,
workshop place, corporate, showroom and public figure. We appraise that P.T. FI is classified as a
medium-sized company of its kind in the county of which the operation has been
growing in the last five years.
Generally we find the local demand for carpet had been rising by 6% to 7% per year within the last five years in line with the rapid growth of hotels, luxury houses, office buildings, apartments and other sectors in that period. But since the global economic crisis and tight money policy being imposed by Bank Indonesia in October 2008 the demand had been fluctuating. However since the early 2009 the demand has been increasing due to the amelioration economic condition in the country. It is estimated the demand will rise again in line with a slight amelioration of economic condition, stability of political and security in the country. Competition is very tight due to a large number of similar companies operating in the country, such as, P.T. NOBEL INDUSTRIES, P.T. INDONESIA CARPET MANUFCTURING, P.T. HERCULON CARPET, P.T. RAINBOW INDAH CARPETS, P.T. CLASSIC PRIMA CARPET, etc. Business position of P.T. FI is not so critical for it has maintained a wide business at home and overseas.
Until this time P.T. FI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. FI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2010 amounted to Rp. 125.0 billion increased to Rp. 142.0 billion in
2011 rose again to Rp. 160.0 billion in 2012 and projected to go on rising by
at least 8% in 2012. The operation in 2012 yielded an estimated net profit of
at least Rp. 10.3 billion and the company has an estimated total networth of at
least Rp. 60.0 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 is headed by Mrs. Chan Yau Fung Paula AKA Paula Chan
(39), a businesswoman from Hong Kong with experience for more than 13 years in
carpet trading and exporting. We observed that management’s reputation in said
business is fairly good. The management is also supported by a team of
professional managers having maintained a wide business relation among private
businessmen at home and abroad as well as among government sectors. So far, we
did not hear that the management of the company being filed to the district
court for detrimental cases. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. FLAMBOO INDONESIA is considered to be
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.