|
Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PT. SUNG HYUN INDONESIA |
|
|
|
|
Registered Office : |
Dusun Pajejeran, Desa Gununggangsir, Beji, Pasuruan, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
25.08.2008 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-37440 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Shoes |
|
|
|
|
No. of Employees : |
6,146 |
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 |
|
Payment Behaviour : |
No complaints |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
Name of Company :
PT. SUNG HYUN
INDONESIA
A d d r e s s :
Head Office and
Factory
Dusun Pajejeran
Desa Gununggangsir
Beji, Pasuruan
East Java
Indonesia
Phones - (62-343) 659 901-903
F a x - (62-343) 659 905
Land Area - 8.0 hectares
Building Area - 2.5 hectares
Region - Industrial Zone
Status - Owned
Date of
Incorporation :
25 August 2008
Legal Form :
PT. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Right
a. No.
AHU-85721.AH.01.01.Tahun.2008
Dated 13 November 2008
b. No.
AHU-AH.01.10-23515
Dated 28 December 2009
c. No.
AHU-AH.01.10-10294
Dated 29 April 2010
d. No. AHU-AH.01.10-02608
Dated 25 January 2011
e. No. AHU-AH.01.10-37440
Dated 09 September 2013
Company Status :
Foreign Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 02.843.833.1-624.000
Related/affiliated
Company :
SUNG HYUN & MANUFACTURE CO. LTD (Investment Holding)
Capital Structure
:
Authorized Capital - US$
3,400,000.-
Issued Capital - US$
3,400,000.-
Paid up Capital - US$
3,400,000.-
Shareholders/Owners
:
a. SUNG HYUN &
MANUFACTURE CO. LTD - US$
2,856,000.- (84%)
Address
: South Korea
b. Mr. Lee Young Man - US$ 272,000.-
(8%)
Address
: Room 303 Dongsan
Apt.
1106 Youngsun-Dong 46A Busan
South
Korea
c. Ms. Yeo Jum Sig - US$ 272,000.-
(8%)
Address
: 101-506 Gaya
Bandobora
Vil, Gaya 2 Dong
Busan-Jin
South
Korea
Lines of Business
:
Shoes Manufacturing
Production
Capacity :
Kids Shoes -
On the Order Basis
Total Investment :
Owned Capital -
US$ 14.2 million
Started Operation
:
2008
Brand Name :
GEOX
Technical
Assistance :
SUNG HYUN & MANUFACTURE CO. LTD of South Korea
Number of Employee
:
6,146 Persons
Marketing Area :
Export - 100%
Main Customers :
Overseas Buyer in USA
Market Situation :
Competitive
Main Competitors :
a. PT. HARDAYA ANEKA SHOES INDUSTRY
b. PT. NAGASAKTI PARAMASHOES INDUSTRY
c. PT. SPOTEC INDONESIA, etc.
Business Trend :
Growing
B a n k e r s :
a. PT. BANK CENTRAL ASIA Tbk
Jalan Perwira 200
Pasuruan,
East Java
Indonesia
b CITIBANK N.A.
Jalan Basuki Rahmat No. 86
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – US$ 43.0 million
2012 – US$ 49.0 million
2013 – US$ 56.0 million
Net Profit
(estimated) :
2011 – US$ 2.0 million
2012 – US$ 2.3 million
2013 – US$ 2.6 million
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
Director - Mr. Jung Kwang Mo
Board of Commissioner :
President Commissioner - Mr. Lee Young Man
Commissioner - Ms. Yeo Jum Sig
Signatories :
The Director (Mr. Jung Kwang Mo) which
must be approved by the Board of President Commissioner (Mr. Lee Young Man)
Management Capability :
G o o d
Business Morality :
G o o d
P.T. SUNG HYUN INDONESIA (P.T. SHI) was established in Pasuruan (East
Java) based on Notarial Deed No. 07
dated August 25, 2008 made by Notary Ribka Avie Alreta, SH., M.Kn with an
authorized capital of US$ 2,200,000.- entirely was issued and fully paid up.
The founding shareholders of the company are SUNG HYUN & MANUFACTURE CO.
LTD (84%), Mr. Lee Young Man (8%) and Ms. Yeo Jum Sig (8%). The Deed of
establishment has been approved by the Minister of Justice and Human Rights of
the Republic of Indonesia through its Decision Letter No.
AHU-85721.AH.01.01.Tahun.2008 dated November 13, 2008.
The articles of association of the company have frequently been changed,
most recently by notarial Deed No. 32 dated May 14, 2013 made by Notary Ribka
Avie Alreta, SH., M.Kn the authorized capital was raised to US$ 3,400,000.-
entirely was issued and fully paid up. The latest shareholders of the company
are SUNG HYUN & MANUFACTURE CO. LTD (84%), Mr. Lee Young Man (8%) and Ms.
Yeo Jum Sig (8%). The amendment to Deed has been approved by the Minister of
Law and Human Rights through its Decision Letter No. AHU-AH.01.10-37440 dated
September 09, 2013. No changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. SHI engaged in the manufacturing of shoes. Its plant located on
Dusun Pajejeran, Desa Gununggangsir – Beji, Pasuruan, East Java on a land area
of 8.0 hectares. The plant had been operating since 2008. The company’s
products are kid shoes with trade-mark “Geox” brand. According to Mrs. Natalie,
a marketing staff of the company said to our inquiry that the whole products
(100%) are exported to USA. We observed
that P.T. SHI is classified as a medium sized company of its kind in the country
of which the operation has been growing in the last three years.
We note that generally the demand for kids shoes has been rising by
about 6% - 8% per year in the last five years. The demand of kids shoe is
projected to go on rising each year in the next three years. However, the
competition is very tight on account of lots of similar companies dealing with
shoe safety manufacturing such as P.T. HARDAYA ANEKA SHOES INDUSTRY, P.T.
NAGASAKTI PARAMASHOES INDUSTRY, P.T. SPOTEC INDONESIA, PT. SEPATU BATA Tbk.,
etc. The business position of P.T. SHI
is favorable for having established wide marketing networks outside the country
especially the USA.
The company is neither public listed nor bond issued company. Therefore,
the company has no obligation to publish financial statement publicly. The management is very reclusive and
unlikely to expose its financial condition to outsider. We estimate that
sales turnover of the company in 2011 amounted to US$ 43.0 million increased to
US$ 49.0 million in 2012 and rose again
to US$ 56.0 million in 2013. The operation
of the company in 2013 yielded a net profit at least US$ 2.6 million and the
company has a total net worth of US$ 25.2 million. It is projected that total sales turnover of
the company will increase at least 8% in 2014. So far we did not hear that P.T.
SHI has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court. The company usually
pays its debts punctually to suppliers.
The management of P.T. SHI is led by Mr. Jung
Kwang Mo (53) as director, a Korean businessman with experience for some 15
years in shoe manufacturing and trading.
In his daily activities, he is assisted by Mr. Lee Young Man (58) as President Commissioner and Ms. Yeo Jum Sig (46) as Commissioner. The management has
maintained a wide relation with private businessmen at home and abroad as well
as with government authorities. So far, we did not hear that the company's
management having been involved in the business malpractices.
P.T. SHI is appraised to be good for business transaction. However, in view of the economic condition in
the country is still unstable, we recommend to treat prudently in extending any
new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.07 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NNA |
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.