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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. HAIR STAR
INDONESIA |
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Formerly Known As : |
a. 22 July 1989 as P.T.
HANSHIN HAIRPIECES INDONESIA b. 18 January 1993 as
P.T. HAIR STAR INDONESIA |
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Registered Office : |
Jalan Raya Sedati No. 37 Desa Wedi, Kec. Gedangan Sidoarjo, 61254,
East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
22.07.1989 |
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Com. Reg. No.: |
AHU-AH.01.10-27779 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Hairpiece and Wig Manufacturing |
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No. of Employees |
1,785 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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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, 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 :
P.T. HAIR STAR INDONESIA
A d d r e s s :
Head Office &
Factory
Jalan Raya Sedati No. 37
Desa Wedi, Kec. Gedangan
Sidoarjo, 61254
East Java
Indonesia
Phones -
(62-31) 8910504, 8910505, 8910511
Fax - (62-31) 8911109
Land Area - 10,600 sq.
meters
Office Space - 8,500 sq. meters
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
a. 22 July 1989 as P.T.
HANSHIN HAIRPIECES INDONESIA
b. 18 January 1993 as P.T.
HAIR STAR INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. C-13563
HT.01.04.TH.2002
Dated 22 July 2002
- No. AHU-59015.AH.01.02.TH.2008
Dated 4 September 2008
- No. AHU-AH.01.10-27779
Dated 1 November 2010
Company Status :
National Private and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.068.030.4-641.000
The Department of
Industry
No. 661/T/Industri/1994
Dated 22 August 1994
The Capital
Investment Coordinating Board
- No. 02/V/PMDN/1993
Dated 12 January 1993
- No. 178/III/PMDN/1993
Dated 27 April 1993
- No. 33/II/PMDN/2000
Dated 13 April 2000
Related Company :
A Member Company of the GUDANG GARAM Group (see attachment)
Capital Structure :
Authorized Capital : Rp.
20,000,000,000.-
Issued Capital : Rp. 13,700,000,000.-
Paid up Capital : Rp. 13,700,000,000.-
Shareholders/Owners :
a. P.T. SURYA MULTI FLORA -
Rp. 6,850,000,000.-
Address : Jl. Raya Sedati No. 37
Gedangan, Sidoarjo
East Java
Indonesia
b. Mrs. Meylinda Setyo -
Rp. 6,850,000,000.-
Address : Jl. Raya Sedati No. 37
Gedangan, Sidoarjo
East Java
Indonesia
Lines of Business :
Hairpiece and Wig Manufacturing
Production Capacity :
a. Human Hairpiece - 1,500,000 sets p.a.
b. Synthetic Hairpiece - 2,500,000 sets p.a.
c. Hair Eyes -
1,250,000 sets p.a.
Total Investment :
a. Equity Capital -
Rp. 13.7 billion
b. Loan Capital -
Rp. 8.1 billion
c. Total Investment - Rp. 21.8 billion
Started Operation :
1990
Brand Name :
Hair Star Indonesia
Technical Assistance :
None
Number of Employee :
1,785 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Europe Union, the USA and Asia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASTIKA SAMBO HAIR INTERNATIONAL
b. P.T. CITRA KREASI MEGAH
c. P.T. INDOKORES SAHABAT
d. P.T. SUN STARINDO WIRAHUSADA
e. Etc.
Business Trend :
Growing
B a n k e r :
P.T. Bank MANDIRI Tbk
Jalan Jend. A. Yani No. 40 D
Sidoarjo, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 62.0 billion
2012 – Rp. 65.0 billion
2013 – Rp. 67.8 billion
Net Profit (estimated) :
2011 – Rp. 6.0 billion
2012 – Rp. 5.2 billion
2013 – Rp. 5.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mrs. Dra. Linda Nitisantoso
Vice President Director - Mrs. Lianawati Setyo
Directors - a. Mr.
Norman Sartono, MA
b. Mr. Drs. Heroik Jakub
c. Mr. Tjandra Hartono, SE
Board of Commissioners :
President Commissioner - Mrs. Meylinda Setyo
Commissioner - Mr. Yamin Sastradipura
Signatories :
President Director (Mrs. Dra. Linda
Nitisantoso) or Vice President Director (Mrs. Lianawati Setyo) or one of the
Director (Mr. Norman Sartono, Mr. Drs. Heroik Jakub or Mr. Tjandra Hartono, SE)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Originally named P.T. HANSHIN HAIRPIECES INDONESIA was established in
Sidoardjo, East Java on 22 July 1989 with an authorized capital of Rp.
3,200,000,000 wholly issued and paid up. The founding shareholders of the
company are Mr. Drs. Didik Sartono and his wife Mrs. Dra. Linda Nitisastro,
both are Indonesian business family of Chinese descents. The company notary
deed has been changed a couple of times. In January 1993 the company was
changed to P.T. HAIR STAR INDONESIA (P.T. HSI). According to the revision of
notary documents of Mr. Wachid Hasyim, SH., No. 51 dated 14 August 2008 the
authorized capital was raised to Rp. 20,000,000,000 issued capital to Rp.
13,700,000,000 entirely paid up. With this development the composition of its
shareholders has been changed to become P.T. SURYA MULTI FLORA (50%) and Mrs.
Dra. Meylinda Setyo (50%). The latest according to the revision of notary deed
Mrs. Olivia Sherline Wiratno, SH., no. 11 dated 18 October 2010 the company
board of director and the board of commissioner had been changed 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-AH.01.10-27779
dated November 1, 2010.
We observe the shareholder namely Mrs. Meylinda Setyo is a wife Mr.
Susilo Wonodjojo, a top figure of the GUDANG GARAM Group, a big size business
group engaged in clove cigarette manufacturing, packaging, etc.
P.T. HSI is a private national company dealing with hairpieces and wig
manufacturing by manages a plant located at Jalan Raya Sedati No. 37, Sidoarjo,
East Kalimantan standing on 10,600 sq. meters land. The plant has been
commercial operating since 1990 by produces of human hairpieces of 1,500,000
sets; synthetic hairpieces of 2,500,000 sets and hair eyes of 1,250,000
respectively per annum. The whole basic materials import from South Korea and
other countries. Mr. Drs. Heroik Jakub Director of P.T. HSI explained the whole
products exported to Europe countries, the USA, South Korea and other Asian
countries. However on 14 January 2012 the explosion happened at P.T. HSI plants
in Gedang, Sidoarjo, East Java presumably due to pump diesel engine stalled.
The resulting explosion killed one worker and two burns. We observe P.T. HSI
operation has been growing and developing well in the last three years.
In general, we note that the demand for hairpieces and wigs continue to
rise in the last five years in line with the increasing demand of international
market. It is estimated demand for the hairpieces and wigs will still increase
by about 5% to 7% in three years to come. Meanwhile competition in this
business is very tight because a lot of similar companies operating within the
country. Besides production costs also rose due to rising imported raw material
prices, rising electricity tariffs and other resources. Business position of
P.T. HSI still considered good enough because all of its production for the
export market.
Until this time P.T. HSI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. HSI is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimate that total sales turnover of the
company in 2011 amounted to Rp. 62.0 billion rose to Rp. 65.0 billion in 2012
increased to Rp. 67.8 billion in 2013 and projected to go on rising by at least
5% in 2014. The operation in 2013 yielded an estimated net profit of at least
Rp. 5.4 billion and the company has an estimated total net worth of at least
Rp. 18.5 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. HSI is led by Mrs. Dra. Linda Nitisantoso (64) a
professional manager with experienced in human hairpieces and wig manufacturing
and trading. 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. HAIR STAR INDONESIA
is sufficiently fairly good for business transaction. However in view of the
unstable political condition in the country we recommend to treat prudently in
extending a loan to the company.
Attachment:
List of the GUDANG
GARAM Group
ADHIGUNA MULTI PLANEXTRAK, P.T. (Chemical Products
Processing)
ADILAKSA MANUNGGAL, P.T. (Trading
and Investment Holding)
AGUNG GUMELAR INTERNATIONAL, P.T. (Investment Holding)
ANTANG CAHAYA BARU, P.T. (Sawmilling and Woodbased Industry)
BHAKTI SURYAWANGSA, P.T. (Investment Holding)
CENGKEH ZANZIBAR, P.T. (Clove
Distribution)
ENSO SURYA PTE. LTD. of Singapore (Property Development)
G ANDUM, P.T. (Clove Cigaratte Manufacturing)
GUDANG GARAM TBK., P.T. (Clove
Cigarette Manufacturing & Investment Holding)
HAIR STAR INDONESIA, P.T. (Hairpiece and Wig Manufacturing)
HALIM WONOWIDJOJO, P.T. (White
Cigarette Manufacturing)
HARI MAHARDIKA USAHA, P.T. (Investment Holding)
ICBC INDONESIA, P.T. Bank (Banking)
INDOALUM INTIKARSA, P.T. (Aluminum Sheet and Foil Manufacturing)
INTISURYA CORPORA, P.T. (Trading
and Investment Holding)
JATIPURNA ARTINDO DESIGN, P.T. (Woodworking Industry)
KARYADIBYA MAHARDHIKA, P.T. (Clove Cigarette Manufacturing)
KARYA MULIA INDAH, P.T. (Cigarette Manufacturing)
KARYA NIAGA BERSAMA, P.T. (Clove Cigarette Manufacturing)
LAKTA UTAMA, P.T. (Investment Holding)
LIDJEN, P.T. Perkebunan (Clove Plantation)
LOTTE INDONESIA, P.T. (Chewing
Gum Manufacturing)
MADISTRINDO PRIMA, P.T. (Chewing Gum Trading and Distribution)
MATAHARI KATTURIPAN INDONESIA, P.T. (Real Estate & Property
Management)
MENARA KARTIKA BUANA, P.T. (Property Development)
PAMENANG PANCADHATU, P.T. (Cement Building Materials Industry)
PANDIA PRATAMA NUSANTARA, P.T. (Real Estate & Property
Management)
PANDYA PERKASA, P.T. (Paper
Trading and Distribution)
PANGLIMA PAMENANG, P.T. (Mineral Water Trading and Distribution)
PANVERTA CAKRAKENCANA, P.T.
(Plastic Sheet, Rotogravure Printing)
PARASIDHA INTI JAYA, P.T. (General Trading)
PERFECTINDO PRATAMA PLASTIC,
P.T. (Plastic Products Industry)
PRINTCOLOR INDONESIA, P.T. (Printing Ink Industry)
SELOWARSIH, P.T. (Ice Making and Cold Storage Manufacturing)
SURYA BHAKTI UTAMA, P.T. (Cigarette Distribution)
SURYA INWESTINDO PERKASA, P.T.
(General Trading, Supplier and Investment Holding)
SURYA JAYA BHAKTI, P.T. (Cigarette Distribution)
SURYA KERTA BHAKTI, P.T. (Cigarette Distribution)
SURYA PAMENANG, P.T. (Cultural
and Industrial Paper Manufacturing)
SURYA RAYA INDAH, P.T. (Hotelry)
SURYA WISATA, P.T. (Recreation
Centre Management)
SURYA ZIG ZAG, P.T. (Cigarette
Paper Making)
SURYADUTA INVESTAMA, P.T.
(Investment Holding)
TAMAN SRIWEDARI, P.T. (Clove
Cigarette Manufacturing)
TAMAN MALIBU INDAH, P.T. (Property Development)
TIRTAMAS MEGAH, P.T. (Mineral Water Processing Industry)
TRIAS SENTOSA, P.T. (OPP Film
Manufacturing)
WIRA DEDANA, P.T. (Trading)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.34 |
|
UK Pound |
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
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.