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Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. OSHA ASIA |
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Registered Office : |
Jl. Kyai Maja No. 2 Kebayoran Baru Jakarta 12120 |
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Country : |
Indonesia |
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Date of Incorporation : |
27.11.2000 |
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Com. Reg. No.: |
No. AHU-AH.01.10-24545 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Safety Shoes Industry |
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No. of Employees : |
365 persons |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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. OSHA ASIA
Address :
Head Office
Jl. Kyai Maja No. 2
Kebayoran Baru
Jakarta 12120
Indonesia
Phones - (62-21) 739 5555 (hunting)
Fax. - (62-21)
725 3111
Email - osha@drosha.com
Website - http://www.drosha.com
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Karanggan Raya No. 7, RT.01, RW.06
Desa Karangan, Gunung Putri
Bogor 29452,
West Java
Indonesia
Phones - (62-21) 875 5383, 875
5346, 875 8073
Fax. - (62-21)
8790 9977
Land Area - 22,800 sq.
meters
Building Space - 13,600 sq. meters
Region - Industrial Zone
Status - Owned
Date of
Incorporation :
27 November 2000
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-97384.AH.01.02.Tahun
2008
Dated 17 December
2008
b. No. AHU-04608.AH.01.02.Tahun 2011
Dated 27
January 2011
c. No. AHU-AH.01.10-24545
Dated 05
July 2012
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.995.736.4-403.000
Related/Affiliated
Company :
P.T. HEBINUSA PERKASA (Oilfield and Offshore system and equipment)
Capital Structure
:
Authorized Capital - Rp.
25,100,000,000.-
Issued Capital - Rp. 25,100,000,000.-
Paid up Capital - Rp. 25,100,000,000.-
Shareholders/Owners
a. Mr. Kohar
Sutomo - Rp. 10,040,000,000.- (40,0%)
Address : Jl. Simprug Garden V-A/7
Kel. Grogol Selatan
Jakarta Selatan – Indonesia
b. Mrs Lilyanti
Tjitra - Rp. 7,530,000,000.- (30.0%)
Address : Jl. Simprug Garden V-A/7
Kel. Grogol Selatan
Jakarta Selatan – Indonesia
c. Mr. Jonathan
Tjitra Sutomo - Rp. 7,530,000,000.- (30.0%)
Address : Jl. Simprug Garden V-A/7
Kel. Grogol Selatan
Jakarta Selatan – Indonesia
Lines of Business
:
Safety Shoes Industry
Production
Capacity :
Safety Shoes - 1,500,000 pair p.a.
Total Investment :
a. Owned Capital - Rp. 25.1 billion
b. Loan Capital -
Rp. 0 billion
c. Total Investment - Rp. 25.1 billion
Started Operation
:
January 2001
Brand Name :
Dr. OSHA Safety Shoes
Technical
Assistance :
None
Number of Employee
:
365 persons
Marketing Area :
Domestic (Local) - 100%
Main Customers :
a. PT. Krakatau Steel
b. PT. Pertamina
c. PT. Kaltim Prima Coal
d. PT. PLN, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. FORTA LARESE
b. P.T. HENGTRACO PROTECSINDO
c. P.T. MITRA GABATA
DINAMIKA
d. P.T. KING’S SAFETYWEAR
e. P.T. BUANA PANDU CAHAYA
f. C.V. GRAND SHOE INDUSTRY
Business Trend :
Growing
Bankers :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma Kota BNI 46
Jl. Jend. Sudirman Kav. 1
Jakarta
Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma Kota BNI 46
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 370.0 billion
2010 – Rp. 420.0 billion
2011 – Rp. 456.0 billion
2012 – Rp. 492.0 billion
Net Profit (Loss)
:
2009 – Rp. 21.5 billion
2010 – Rp. 24.3 billion
2011 – Rp. 26.0 billion
2012 – Rp. 28.5 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Kohar Sutomo
Director - Mrs. Tin Saktini Surya
Board of Commissioner :
Commissioner - Mrs. Lilyanti Tjitra
Signatories :
President Director (Mr. Kohar Sutomo)
or Director (Mrs. Tin Saktini Surya) which must be approved by board of
commissioner (Mrs. Lilyanti Tjitra)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit
Limit :
Moderate amount
P.T. OSHA ASIA (P.T. OA) was established in November 2000 with the
authorized capital of Rp.
3,000,000,000,- and issued capital of Rp. 750,000,000,- fully paid up. The
founding shareholders of the company are Mr. Kohar Sutomo (50%), his wife Mrs.
Lilyanti Tjitra (49.996%) and Mrs. Tin Saktini Surja (0.004%), they are
Indonesian entrepreneurs of Chinese extraction. The Company’s article of
association has been amended for several times. In January 2007, its authorized
capital was increased to Rp. 25,100,000,000,- entirely issued and paid up. The deed of amendment was made by Mrs. Karlina
Rubianti, SH., a notary in Jakarta and has been approved by the Minister of Law
and Human Rights through Decision Letter No. AHU-97384.AH.01.02.Tahun 2008
dated December 17, 2008.
Most recently by notarial Deed No.25 dated 22 June 2012 of Karlita
Rubianti, SH., a notary in Jakarta, Mrs. Tin Saktini Surya pulled out and the
whole share are sold to Mr. Jonathan Tjitra Sutomo, a son of Mr. Kohar
Sutomo. The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-24545 dated 5 July 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. OA has been in operation since 2001 dealing with safety shoes
manufacturing and trading, one of well known safety shoes brands in
Indonesia. Its factory is located in Jl.
Karanggan Raya No. 7, Gunung Putri, Bogor, West Java and equipped with Desma
modern machine, made in Germany. The
company’s products have gained certificate of ISO 9001 Quality Management
System, EN ISO 20345 and American ANSI Z41 including Indonesia SNI standards
and codes. Ms. Verawati, an
administration staff of P.T. OA disclosed that the entire products of her
company are marketed locally by appointing P.T. METRO SAFETY SHOES and P.T.
IBUMAKMUR NUSA INDAH as its distributors. Furthermore she said that her safety
shoes products have been used by a number of companies in the country such as
P.T. KRAKATAU STEEL, P.T. PERTAMINA, P.T. KALTIM PRIMA COAL, P.T. PLN and
others. We observe that the operation of
the company has been running smoothly and growing in the last three years.
Generally, demand for safety shoes has been increasing by 5% to 6% in
the last five years in which it had drastically been decreasing as the impact
of the economic crisis in the country in 1997. However, the competition is very
tight on account of lots of similar companies dealing with shoe safety
manufacturing such as P.T. FORTA LARESE, P.T. HENGTRACO PROTECSINDO, P.T. MITRA
GABATA DINAMIKA, C.V. GRAND SHOE INDUSTRY, P.T. KINGS SAFETY SHOES and others.
Beside in domestic markets, the safety shoes of the company are also exported
to Asia, Europe and the USA. The
business position of P.T. OA is favorable for having established wide marketing
networks within and outside the country.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to
publish financial statements publicly.
The management strongly rejected to disclose its financial condition,
but we estimated that total sales turnover of P.T. OA in 2010 amounted to Rp.
420.0 billion increased to Rp. 456.0 billion in 2011 rose again to Rp. 492.0
billion in 2012 and projected to be rising by at least 6% in 2013. The
operation of the company in 2011 is estimated to have gained a net profit of
Rp. 28.5 billion with total assets of Rp. 140.0 billion. So far we did not hear that P.T. OA has been
black listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court. Payment condition for domestic and overseas
suppliers is good with the credit payment system of 1 month to 3 months.
The management of P.T. OA is led by Mr. Kohar Sutomo (60) as president
director, a businessman with more than 15 years experience in safety shoes
trading. In his daily activities, he is
assisted by Mrs. Tin Saktini Surya (56) as director, his wife Mrs. Lilyanti
Tjitra (56) as commissioner and some professional managers in above business. We observe that Mrs. Lilyanti TJirta is
older sister of Mrs. Della Aristya Tjitra (54), is the owner of P.T. FORTA
LARESE (Cheetah Safety Shoe Manufacturing).
The reputation of the company’s management in above business is good and
they have wide relation with private businessmen of home and overseas as well as
with government sector. So far, we did
not hear that the company’s management has involved in business malpractice or
having detrimental cases being settled at court.
We believe that P.T. OSHA ASIA is appraised to be good for normal
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
|
1 |
Rs.86.81 |
|
Euro |
1 |
Rs.73.68 |
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.