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Report Date : |
30.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PT. PRESTASI
IDEJAYA |
|
|
|
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Registered Office : |
Jl. Raya Industri No. 17, Desa Betro, Kecamatan Sedati, Sidoarjo 61253, East Java |
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|
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Country : |
Indonesia |
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Date of Incorporation : |
10.07.1990 |
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|
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Com. Reg. No.: |
No. AHU-AH.01.10-10235 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
producer
of Sport Shoes, Sandals, Injection Shoes, Eva Sandals, Casual Shoes, Ladies,
Shoes, Men Shoes and Canvas Shoes. |
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No of Employees : |
1,120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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|
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 |
PT. PRESTASI IDEJAYA
Head Office and
Factory
Jl. Raya Industri No. 17
Desa Betro, Kecamatan Sedati
Sidoarjo 61253, East Java
Indonesia
Phones -
(62-31) 891 0135, 891 4152, 891 5829
F a x -
(62-31) 891 1787, 801 2345
Land Area - 2.8 hectares
Building Area - 2.2 hectares
Region - Industrial Zone
Status - Owned
10 July 1990
PT. (Perseroan Terbatas) or Limited
Liability Company
The Ministry of
Law and Human Right
a. No.
C2-7300.HT.01.01.TH.92
Dated
03 September 1972
b. No. C2-6719.HT.01.04.TH.93
Dated
28 July 1993
c. No.
AHU-67920.AH.01.02.Tahun 2008
Dated
23 September 2008
d. No.
AHU-AH.01.10-10235
Dated
20 March 2013
Foreign Private Company
The Department of
Finance
NPWP No. 01.510.519.0-617.000
Related/affiliated
Company :
Not available
Capital Structure
:
Authorized Capital - Rp. 50,000,000,000.-
Issued Capital - Rp. 26,000,000,000.-
Paid up Capital - Rp. 26,000,000,000.-
Shareholders/Owners
:
a. Mr. Andy Widjanarko - Rp. 25,995,000,000.- (99.98%)
Address : Jl.
Raya Industri No. 17
Sidoarjo, East Java
Indonesia
b. Mr. Tok Antonio Widjanarko, SE. - Rp 5,000,000.- ( 0.02%)
Address : Jl.
Januar V Blok F-29
West Jakarta
Indonesia
Lines of Business
:
Sport Shoe and Sandal Manufacturing
Production
Capacity :
Sport Shoes and Sandals - On the
Order Basis
Total Investment :
Owned Capital - Rp. 50.0 billion
Started Operation
:
1992
Brand Name :
RICCIONE, EZRA, EDRA, SEW
Technical
Assistance :
None
Number of Employee
:
1,120 Persons
Marketing Area :
b. Local -
10%
a. Export -
90%
Main Customers :
Overseas Buyer in USA, Germany, Netherlands,
France, New Zealand, Australia, Sri Lanka, Bangladesh, etc
Market Situation :
Competitive
Main Competitors :
a. PT. HARDAYA ANEKA SHOES INDUSTRY
b. PT. NAGASAKTI PARAMASHOES INDUSTRY
c. PT. SPOTEC INDONESIA
d. P.T. PANARUB DWIKARYA
e. P.T. PANARUB INDUSTRY
f.
Etc.
Business Trend :
Growing
Bankers :
a. PT. BANK CENTRAL ASIA Tbk
Japex
Building
Jl.
Raya Juanda, Sedati
East Java, Indonesia
b P.T. BANK MANDIRI Tbk.
Jl. Tropodo
No. 24-26
Sedati,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – Rp. 225.0 billion
2012 – Rp. 256.0 billion
2013 – Rp. 280.0 billion
Net Profit
(estimated) :
2011 – Rp. 12.3 billion
2012 – Rp. 14.0 billion
2013 – Rp. 15.4 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of
Management :
Director - Mr. Andy
Widjanarko
Board of Commissioner :
Commissioner - Mr. Tok Antonio Widjanarko,
SE
Signatories
:
The
Director (Mr. Andy Widjanarko) which must be approved by the Board of President
Commissioner (Mr. Tok Antonio Widjanarko, SE)
Management
Capability :
Good
Business Morality
:
Good
P.T. PRESTASI IDEJAYA (P.T. PIJ) was established in Surabaya (East Java) based on Notarial Deed No. 15 dated July 10, 1990 made by Notary Eugenie Gandaredja, SH., with an authorized capital of Rp 250,000,000.- entirely was issued and fully paid up. The founding shareholders of the company are Mr. Winyoto Gunawan (25%), Mr. Sanjaya (25%), Mr. sukanto Tjakra (25%) and Mr. Eddy Widjanarko Kho (25%). They are Indonesian businessmen of Chinese extraction. The Deed of establishment has been approved by the Minister of Justice of the Republic of Indonesia through its Decision Letter No. C2-7300.HT.01.01.Tahun 92 dated September 3, 1992.
The articles of association of the company have frequently been changed, most recently by notarial Deed No. 05 dated January 18, 2013 made by Notary Indah Kartikawati Meganingsih, SH., the authorized capital was raised to Rp 50,000,000,000.- of which Rp 26,000,000,000.- was issued and fully paid up. The latest shareholders of the company are Mr. Andy Widjanarko (99.98%) and Mr. Toko Antonio Widjanarko, SE (0.02%). The amendment to Deed has been approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-AH.01.10-10235 dated March 20, 2013. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. PIJ started with operation in 2002 in sport shoe and sandal manufacturing with its plant located on Jalan Raya Industri No. 17, Desa Betro, Sedati district, East Java on a land of 2.8 hectares. The company produces sport shoes, sandals, injection shoes, eva sandals, casual shoes, ladies, shoes, men shoes and canvas shoes. Mr. Zainal Arifin, a marketing staff of the company explained that 90% of the company’s products are exported to USA (Elan Polo), Germany (Karstad, Woolworth, Deissman), The Netherlands (George Asda, Tesco, Scapino, Eigim, Interconti, Rucanor Europe), Australia (D’arte, Target), Sri Lanka (Ogel) and Bangladesh (Aramit). Some 10% of the products are marketed locally to shoes and sandals dealers such as PT. Mitra Adi Perkasa, PT. Sinar Pratama Agung, and shoes and sandals shops (Spectra, Ripprs, Happy Holy Kids, Dan’s, Kasogi, Uno Shoes, etc). We observed that P.T. PIJ 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 sport shoes and sandals 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. PIJ is favorable for having established wide marketing networks outside the country especially the USA, Germany, the Netherlands, Australia and Bangladesh.
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 Rp 225.0 billion increased to Rp 256.0 billion in 2012 and rose again to Rp 280.0 billion in 2013. The operation of the company in 2013 yielded a net profit at least Rp 15.4 billion and the company has a total net worth of Rp 120.0 billion. It is projected that total sales turnover of the company will increase at least 6% in 2014. So far we did not hear that P.T. PIJ 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. PIJ is led by Mr. Andi Widjanarko (44) as director and CEO of the company, with experience for some 10 years in shoe and sandal manufacturing and trading. In his daily activities, he is assisted by Mr. Tok Antonio Widjanarko (48) as Commissioner and a number of professional managers and expert in the business. 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. PRESTASI IDEJAYA 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.60.52 |
|
UK Pound |
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
-- |
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.