MIRA INFORM REPORT
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Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. KING TRADING |
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Registered Office : |
Jalan Raya Kerobokan No. IX Kelurahan Banjar Semer Kerobokan, Kecamatan
Kuta Utara Badung, 80361, Bali |
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Country : |
Indonesia |
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Date of Incorporation : |
20.01.1998 |
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Com. Reg. No.: |
No. AHU-31549.AH.01.02.TH.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Garment Manufacturing (Tailored) |
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No. of Employees : |
11 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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Indonesia |
B1 |
B1 |
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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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source
: CIA |
Name of Company :
P.T. KING TRADING
Address :
Head Office &
Workshop
Jalan Raya Kerobokan No. IX
Kelurahan Banjar Semer Kerobokan, Kecamatan Kuta Utara
Badung, 80361
Bali
Indonesia
Phone -
(62-361) 8475577
Fax - (62-361) 8475577
Land Area - 800 sq. meters
Building Space - 300 sq. meters
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
20 January 1998
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. C-184
HT.01.01.TH.2000
Dated 5 January 2000
- No.
AHU-31549.AH.01.02.TH.2011
Dated 23 June 2011
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.835.276.5-906.000
Related Company :
None
Capital Structure :
Authorized Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 400,000,000.-
Paid up Capital : Rp. 400,000,000.-
Shareholders/Owners :
a. Mr. Stephen Martin Clark -
Rp. 300,000,000.-
Address : Jl.
Canggu Permai Block A No. 5
Desa Canggu, Kecamatan Kuta Utara
Badung, Bali
Indonesia
b. Mrs. Ruth Maria Rentina
Simamora -
Rp. 50,000,000.-
Address : Jl. Kembang III/72, RT. 009 RW. 001
Kelurahan Kwitang, Kecamatan Senen
Jakarta Pusat
Indonesia
c. Mrs. Yosiati -
Rp. 50,000,000.-
Address : Jl. Gunung Soputan/ Puskesmas 19
Dusun Abian Timbul,
Kecamatan Denpasar
Denpasar, Bali
Indonesia
Lines of Business :
Garment Manufacturing (Tailored)
Production Capacity :
None
Total Investment :
None
Started Operation :
1998
Brand Name :
FIRGROUND
Technical Assistance :
None
Number of Employee :
11 persons
Marketing Area :
Export - 80%
Local - 20%
Main Customer :
Buyers in Australia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. LAXMI UTAMA
b. P.T. MODA GARMINDO MAS
c. THE BEAUTY TAILOR
d. C.V. WHIDI JAYA
e. Etc.
Business Trend :
Declining
Banker :
P.T. Bank ANZ INDONESIA
Jalan Teuku Umar No. 10
Badung, Bali
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 5.0 billion
2011 – Rp. 4.2 billion
2012 – Rp. 3.5 billion
Net Profit (estimated) :
2010 – Rp. 0.4 billion
2011 – Rp. 0.3 billion
2012 – Rp. 0.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Stephen Martin Clark
Director - Mrs. Yosiati
Board of Commissioners :
Commissioner - Mrs. Ruth Maria Rentina Simamora
Signatories :
President Director (Mr. Stephen Martin
Clark) or the Director (Mrs. Yosiati) which must be approved by Board of
Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Based on investigation the correct name of the Subjects is P.T. KING
TRADING not KING TRADING as stated in your order Ref. No. 227159 dated 26 June
2013.
P.T. KING TRADING (P.T. KT) was established in Badung, Bali on 20
January 1998 with the authorized capital of Rp. 1,000,000,000 issued capital of
Rp. 400,000,000 fully and paid up. The founding and shareholders of the company
are Mr. Stephen Martin Clark of the United Kingdom (75%), Mrs. Yosiati (12.5%)
and Mrs. Ruth Maria Rentina Simamora (12.5%), both are indigenous
businesswoman. The company notary deed has been changed a couple of times. Then
according to the latest revision of notary documents of Mrs. Martalena, SH.,
No. 06 dated 18 April 2011 the company board of director and the board of
commissioner reappointed to lead and runs of the company’s operation.
The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-31549.AH.01.02.TH.2011 dated June 23,
2011.
P.T. KT has been operating since 1998 engaged in the field of garment
manufacturing/tailored such as uniform, design & manufacture jumpsuits,
dresses, knitwear, tops, bottoms etc. The company manages a workshop located at
Jalan Raya Kerobokan No. IX, BR. Kerobokan, Kuta Utara,
Badung, Bali standing on 800 sq. meters. The company produces various of woman wears
with various types based on job orders from buyers in Australia. Most of the
raw material is obtained from P.T. WARGA JAYA TEXTILE in Bali and the rest is
also imported from United Kingdom, and India. Previously they has 15 person of
seamstress (tailor), however since the early of 2009 the company manages 8
persons of seamstress (tailor) because the job orders was dropped drastically.
Mrs. Amelia Hutagalung explained some 80% of the company products exported of
the products to Australia and the rest 20% marketed locally through boutiques,
traders of garments in Bali and surroundings. Mrs. Amelia also added the whole
products using FIRGROUND brand. We observe the operation of P.T. KT has been
declining in the last five years.
The textile and textile product (TTP) industry is one of the industries
that has contrived to with stand the protracted global economic crisis. At a
time when the average national industrial utilization rate fell to under 20% in
2008, TTP plants on the other hand were operating at an utilization rate of
above 81.6%. This was attributable to the ability of textile and garment
producers to maintain the utilization rate of plants at a high level by
aggressively stepping up exports. According to the Central Bureau of Statistics
(BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$
3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons
(US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to
399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9
million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to
393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0
million) in 2010 rose to 450.9 ton (7,801.5 million) in 2011 decline to 450,200
tons (US$ (7,304.8 million) in 2012.
The Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in
2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0
million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to
1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8
million) in 2010 decreased to 1,493.3 tons (5,563.3 million) in 2011 increase
to 1,508.5 tons (US$ 5,278.1 million) in 2012.
The domestic textile producers are pessimism the textile export in 2009
could match the export numbers in 2008. The blow of the global economic crisis
is resulted in the reduced of demand from the export destination countries like
the United States (U.S.), Japan, and European Union region. While this year’s
the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian
Textile Association (API), Mr. Benny Soetrisno said that the decline in global
purchasing power caused of the demand in the Indonesian textile products could
not be able to grow as tight as 2008. The export volume and value of the
national TPT products in 2002 to 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
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|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 350.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 |
Source: Central Bureau of Statistic
Until this time P.T. KT has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of the company 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. 5.0 billion declined to Rp. 4.2 billion in
2011 dropt to Rp. 3.5 billion in 2012 and projected to go on rising by at least
3% in 2013. The operation in 2012 yielded an estimated net profit of at least
Rp. 0.2 billion and the company has an estimated total networth of at least Rp.
1.0 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 of P.T. KT is led by Mr. Stephen Martin Clark (54) a
businessman and professional manager with garment manufacturing and tailored.
Daily activity he is assisted by Mrs. Yosiati (42) 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. Considering P.T. KING TRADING operation declining in
the last five years, it is necessary to observe caution in pledging loan for
the company without sufficient collateral.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.15 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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<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.