MIRA
INFORM REPORT
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Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. KOIN PRATAMA |
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Registered Office : |
Plaza Kebon Jeruk Block D No. 7 & 8, Jalan Raya Pejuangan, Jakarta Barat, 11530 |
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Country : |
Indonesia |
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Date of Incorporation : |
21.05.2001 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-21157 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engineering,
Procurement and Construction Services |
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No. of Employees : |
32 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
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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 |
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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 6.2% and 6.5% 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 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.
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Source : CIA |
Name of Company
P.T. KOIN PRATAMA
Company Address
Head Office
Plaza Kebon Jeruk
Block D No. 7 & 8
Jalan Raya
Pejuangan
Jakarta Barat,
11530
Indonesia
Phones -
(62-21) 5332315 (Hunting)
Fax - (62-21) 5306275
E-mail - ptkoin@ptkoin.com
Website - http://www.ptkoin.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
21 May 2001
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C-03758 HT.01.01.TH.2001
Dated 25 July 2001
- No. AHU-AH.01.10-21157
Dated 18 August 2010
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
02.064.679.0-059.000
The Department of
Trade and Industry
TDP No.
300315203674
Dated 11 April
2002
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,750,000,000.-
Issued Capital : Rp.
1,750,000,000.-
Paid up Capital : Rp.
1,750,000,000.-
Shareholders/Owners
:
a. Mr. Kim Won
Mo -
Rp. 997,500,000.-
Address : Jl. Transperium Raya
Taman Kedoya
Permai Block A 9 No. 19
Kelurahan Kebon
Jeruk, Kecamatan Kebon
Jeruk, Jakarta
Barat
Indonesia
b. Mr. Kim
Jong Chul -
Rp. 682,500,000.-
Address : Apartment Brawijaya
Unit 10602
Jl. Brawijaya
XII No. 1
Kelurahan Pulo, Kecamatan Kebayoran
Baru, Jakarta Selatan
Indonesia
c. Mr. Ir.
Sulaiman Syamsuddin -
Rp. 35,000,000.-
Address : Jl. Jeruk Manis III, RT.
007 RW. 010
Kelurahan Kebon
Jeruk, Kecamatan Kebon
Jeruk, Jakarta
Barat
Indonesia
d. Mrs. Ira
Herawaty -
Rp. 35,000,000.-
Address : Plaza Kebon Jeruk
Block E No. 19, RT. 001
RW. 007,
Kelurahan Kebon Jeruk, Kecamatan
Kebon Jeruk,
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Engineering,
Procurement and Construction Services
Production
Capacity :
None
Total
Investment :
None
Started Operation
:
2001
Brand Name :
Koin Pratama
Technical
Assistance :
None
Number of
Employee :
32 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Manufacturing
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ACERGY
INDONESIA
b. P.T. CITRA WAHYU DINAMIKA
c. P.T. INTI KARYA PERSADA TEKNIK
d. P.T. MC ENGINEERING INDONESIA
e. P.T. PRATIWI PUTRI SULUNG
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
KEB INDONESIA
Wisma
GKBI
Jalan Jend. Sudirman
Kav. 28
Jakarta Pusat
Indonesia
b. P.T. Bank WOORI INDONESIA
Indonesia Stock Exchange
Jalan Jend. Sudirman
Kav. 52-53
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Total Revenue
(estimated) :
2010 – Rp. 75.0
billion
2011 – Rp. 81.0
billion
2012 – Rp. 88.0
billion
Net Profit
(estimated) :
2010 – Rp. 5.2
billion
2011 – Rp. 6.0
billion
2012 – Rp. 6.9
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Kim Won Mo
Directors -
a. Mr. Ir. Sulaiman Syamsuddin
b. Mrs. Ira Herawaty
Board of Commissioners :
Commissioner -
Mr. Kim Jong Chul
Signatories :
President Director (Mr.
Kim Won Mo) or one of the Directors (Mr. Ir. Sulaiman Syamsuddin or Mrs. Ira
Herawaty) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
P.T. KOIN PRATAMA (P.T. KP) was established in Tangerang, Banten Province on 21 May 2001 with the authorized capital of Rp. 400,000,000 issued capital of Rp. 100,000,000 entirely paid up. The company was founded by Mr. Mursalim HS, Mr. Fahrurrozi, ST and Mr. Marlan Akip, all indigenous businessmen as original shareholders. The company notary deed had been changed a couple of times. In December 2002 Mr. Mursalim, Mr. Fahrurrozi, ST and Mr. Marlan Akip withdrew and the whole shares had been controlled by Mr. Kim Won Mo, Mr. Kim Jong Chul both are of South Korea, Mr. Ir. Sulaiman Syamsuddin and Mrs. Ira Herawaty both are indigenous businessmen as new shareholders. Later according to the latest revision of notary documents of Mrs. Sri Irmiati, SH., No. 7 dated 23 June 2010 the company authorized capital was increased to Rp. 1,750,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become Mr. Kim Won Mo (57%), Mr. Kim Jong Chul (39%), Mr. Ir. Sulaiman Syamsuddin (2%) and Mrs. Ira Herawaty (2%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-21157 dated August 18, 2010.
P.T. KP was established in the frame work of Foreign Investment (PMA) company facility to deal with engineering, procurement and construction services. The company has been operation since 2001 by provides a wide range of services for projects execution including procurement, engineering and construction as the following; civil architecture construction, mechanical construction, piping construction, various types of storage tank construction, electrical & instrumentation construction, HVAC construction etc. P.T. KP has continued to execute a lot of significant projects such as High Quality Base Lube Oil Project ordered by SK E&C, Aspex Sludge Incineration Project and an EPC contract for LPG Gas Extraction Project in Gresik in the name of PT. KOIN PRATAMA. And the company are now working for the 660 MW Cirebon Coal Fired Power Plant in the field of Civil Works for Turbine Block Foundation, Mechanical works for all area, Boiler erection and Tank Procurement & Construction.
P.T. KP are recognized as one of the most reliable General Contractor in Indonesia, and are highly paid attention for their reliability and sincerity of the service being proved through Projects they have been assigned so far. One of the company strong point is ideal combination of well experienced Korean Managements and high skilled Indonesian manpower. With these two factors, P.T. KP could have managed complicated Project’s needs in Quality, Schedule and Budget as well.
P.T. KP’s service has uses by various industries such as petrochemical plant, oil & gas projects, power plant and environmental projects.
The company has completed the construction of various projects such as P.T. POWERTECH INDONESIA; P.T. KOSTRA MAS JAYA; P.T. KORINDO HEAVY INDUSTRIES; P.T. MEDIA KARYA SENTOSA; P.T. DOOSAN HEAVY INDUSTRIES INDONESIA; CNOOC SES BV.; P.T. PERTAMINA, Dumai, Sumatera; P.T. ASPEK KUMBONG; P.T. FAJAR SURYA WISESA Tbk; P.T. DONGJIN INDONESIA; P.T. DUA KUDA INDONESIA; P.T. SAEHAN TEXTILE; P.T. DAESUNG PROJECT SERVICE INDONESIA; P.T. KS-POSCO INTEGRATED STEEL MILLS and others. We observe the operation of P.T. KP has been growing and developing well in the last three years.
Starting in the second semester 2008, many markets in various parts of the world experienced adverse economic condition. This condition was triggered by, amongst others, the housing and mortgage loans crisis in the United States of America (US) that spread to securities, structures products and commodity markets. The volatility in the US markets coupled with the sharp appreciation in the US Dollars and a series of corporate bankruptcies and takeovers enabled the crisis to spread to other parts of the world. The impact of the global economic crisis has also been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease, commodity prices decreased, securities market declines, interest rate increased, followed by decreases, tightened liquidity conditions, and increased credit risks. Up to this time, the Company has not significantly suffered from the economic crisis. In response to these economic events, during 2010 the Company has plans as follows: Negotiation with main customer regarding increasing selling price. Cost reduction in business trip, pantry needs, Improvement of internal production, increasing cycle time and increasing machine running time. In spite of the adverse economic conditions, management believes that the Company will be able to continue operating as going concern for the foreseeable future.
Until this time P.T. KP has not been registered with Indonesian Stock Exchange, so that they shall 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 revenue of the company in 2010 amounted to Rp. 75.0 billion rose to Rp. 81.0 billion in 2011 increased to Rp. 88.0 billion in 2012 and projected to go on rising by at least 6% in 2012. The operation in 2012 yielded an estimated net profit of at least Rp. 6.9 billion and the company has an estimated total networth of at least Rp. 11.0 billion. We observe that P.T. KP 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. KP is led by Mr. Kim Won Mo (55) a businessman and professional manager of South Korea with experience in engineering, procurement and construction services. In its operation he is assisted by Mr. Ir. Sulaiman Syamsuddin (45) and Mrs. Ira Herawaty (38) as Directors. 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. KOIN PRATAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.49 |
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UK Pound |
1 |
Rs.86.01 |
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Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.