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Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDO TEHNIK INDUSTRI |
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Registered Office : |
Plaza Segi 8 Block D No. 875 Jalan Raya Darmo Permai II Surabaya, 60226 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1998 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the field of engineering and construction services. It provides services in engineering, construction, erection/installation, piping, civil works. |
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No. of Employees |
28 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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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 |
P.T. INDO TEHNIK
INDUSTRI
Head Office
Plaza Segi 8 Block D No. 875
Jalan Raya Darmo Permai II
Surabaya, 60226
East Java
Indonesia
Phones - (62-31) 732 7280, 732 7281
Fax - (62-31) 732 7278
E-mail - iti@iti.co.id
Website - http://www.iti.co.id
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Branch Office
Komplek Wijaya Grand Centre 3rd Floor, Room 10 Block F No. 14
Jalan Wijaya II
Jakarta Selatan, 12160
Indonesia
Phones - (62-21) 7269045, 7201674
Fax - (62-21) 7201862
E-mail - yekim@centrin.net.id
Building Area - 2 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
14 February 1997
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. C2-2867 HT.01.01.TH.98
Dated 22 December 1998
- No. AHU-45240.AH.01.02.TH.2009
Dated 14 September 2009
- No. AHU-AH.01.10-18539
Dated 15 May 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.072.004.3-055.000
The President
Republic of Indonesia
No. B-25/Pres/I/1997
Dated 13 January 1997
The Capital
Investment Coordinating Board
- No. 54/I/PMA/1997
Dated 21 January 1997
- No. 1411/III/PMA/1997
Dated 8 October 1997
- No. 65/II/PMA/2000
Dated 27 March 2000
- No. 535/III/PMA/2000
Dated 19 April 2000
- No. 155/III/PMA/2001
Dated 20 February 2001
- No.1718/III/PMA/2006
Dated 28 December 2006
The Department of
Trade
No. 109/T/Perdagangan/2001
Dated 12 March 2001
Related Company :
None
Capital Structure :
Authorized Capital : US$ 500,000.-
Issued Capital : US$ 500,000.-
Paid up Capital : US$ 500,000.-
Shareholders/Owners :
a. Mr. Soo Yong Kim -
US$ 460,000.-
Address : Jl. Imperial Golf AB-1/26
Pakuwon, Surabaya
East Java, Indonesia
b. Mr. Kim Chung
Sok -
US$ 25,000.-
Address : Plaza Segi 8 Block D/875,
Surabaya
East Java, Indonesia
c. Mr. Yohanes
Endra Sulistyo -
US$ 15,000.-
Address : Jl. Harun Tihir 11-A/01
Gresik, Surabaya
East Java, Indonesia
Lines of Business :
Engineering and Construction Services
Production Capacity :
None
Total Investment :
None
Started Operation :
1998
Brand Name :
Indo Tehnik Industri
Technical Assistance :
None
Number of Employee :
a. 28 persons (permanent staff)
b. 1,172 person (outsourcing contract)
Marketing Area :
Local - 100%
Main Customer :
Industrial Manufacturing
Market Situation :
Very Competitive
Main Competitors :
a. P.T. JAYA KENCANA
b. P.T. LEIGHTON CONTRACTORS INDONESIA
c. P.T. MEGA PERSADA INDONESIA
d. P.T. SAPTA PUSAKA NUSANTARA
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Veteran No. 42-44
Surabaya, East Java
Indonesia
b. P.T. Bank MEGA Tbk
Jalan Yos Sudarso No. 17
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Revenue (estimated) :
2011 – Rp. 62.0 billion
2012 – Rp. 65.0 billion
2013 – Rp. 67.0 billion
Net Profit (estimated) :
2011 – Rp. 5.0 billion
2012 – Rp. 5.5 billion
2013 – Rp. 6.1 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Soo Yong Kim
Board of
Commissioners :
President
Commissioner - Mr. Kim Chung
Sok
Commissioner - Mr. Yohanes Endra Sulistyo
Signatories
:
Director
(Mr. Soo Yong Kim) 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
P.T. INDO TEHNIK INDUSTRI (P.T. ITI) was established in Surabaya, East Java on 14 February 1997 with the authorized capital of US$ 500,000 wholly issued and paid up. The company was founded by Mr. Soo Yong Kim and Mr. Kim Chung Sok, both are businessmen of South Korea. Its article of association has frequently been revised and in March 2009 the company board of director and the board of commissioner had been changed to lead and runs of the company’s operation. Later based on notary deed Mrs. Hajjah Eva Fitri Sagitarina, SH., no. 16 dated 9 February 2013 Mr. Yohanes Endra Sulisto of Indonesia entered into the company as new shareholders. With this time the composition of its shareholders has been changed to become Mr. Soo Yong Kim (92%), Mr. Kim Chung Sok (5%) and Mr. Yohanes Endra Sulistyo (3%). However the capitalization structure of the company remained the same. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-18539 dated May 15, 2013.
P.T. ITI was established in
the frame work of foreign investment company (PMA) to be engaged in the field
of engineering and construction services. The company has been operating since
1998 provides services in engineering, construction, erection/installation,
piping, civil works. P.T. ITI is one of the engineering and construction
company specialized in mechanical erection, piping fabrication/installation,
steel structure fabrication, installation plumbing, H.V.A.C., fire fighting,
sanitary works etc. Utilizing the unique experience of all the company
management and member in Indonesia for more than 17 years, P.T. ITI has been
rapidly growing since its establishment and enjoying good reputation on their
diversified service executed. The company has been completed engineering and construction
of civil works (dredging, piping and access road) P.T. INDOCEMENT TUNGGAL
PRAKARSA Tbk in Tarjun, South Kalimantan; piping field fabrication and
installation 660 MW coal fired power plant P.T. DOOSAN HEAVY INDUSTRIES
INDONESIA in Cirebon; Cibinong Phase III
Extension Project owned by P.T. HOLCIM INDONESIA Tbk; Paiton Power Plant Unit
owned by HYUNDAI ENGINEERING & CONSTRUCTION, P.T. PLN (Persero); FCFC Aroma II, ISBL Chemical
Plant; Thermal
Incineration unit for PA NO. 3 Plant owned by P.T. PETRO WIDADA; Furnace Steel work basic
Chemical Complex owned by Stone & Webster UK in Tuba,
East Java; Khurais
Central Processing Facilities Project; Refinery
and Fermentation Plant for P. Project owned by P.T. CHEIL JEDANG
INDONESIA; UAE
S2 IWPP 330MW X 2 Units; Cirebon
CFPP 660 MW x 1 Unit owned by P.T. CIREBON ELECTRIC POWER: 6 X 143 MW Muara Tawar GTPP
Project owned by Samsung Engineering & Construction/P.T. PLN
(Persero); Al-Ezzel Power Plant (HRSG
4 Unit); Bulk Loading Conveyor owned by
P.T. INDOCEMENT TUNGGAL PRAKARSA Tbk; OBI & Revamping For SK
L owned by SK ENGINEERING & CONSTRUCTION CO., LTD., in Dumai, Sumatra
Project and others. We observe that P.T. ITI operation has been
growing and developing well in the last three years.
Global economic downturn and the necessity for stabilizing national economy have affected Indonesia’s economic growth. Domestic economy in 2013 was estimated to grow 5.7%, slower when compared to 2012 growth of 6.2%. In 2014, national economic growth is expected to be better, close to the lower limit of the range of 5.8%-6.2% in line with the improvement of global economy. Inflation in 2013 rose to 8.38% from 4.30% in 2012, or above the inflation target of 4.5±1%, caused by the turmoil of domestic food prices and the increase of subsidized fuel prices at the end of June 2013. Then, the increase in subsidized fuel prices has pushed the increase in prices. However, the inflation gradually returned to normal since September 2013. Looking ahead, Bank of Indonesia believes that inflation will remain under control in the range of 4.5±1% in 2014 and 4.0±1% in 2015 (Source: Bank Indonesia/Tinjauan Kebijakan Moneter Januari 2014).
Until this time P.T. ITI has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. ITI is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that total revenue of the company in 2011 amounted to Rp. 62.0 billion rose to Rp. 65.0 billion in 2012 increased to Rp. 67.0 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. 6.1 billion and the company has an estimated total networth of at least Rp. 9.0 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. ITI is led by Mr. Soo Yong Kim (62) a businessman of South Korea with experience in engineering and construction services. 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. INDO TEHNIK INDUSTRI 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
UK Pound |
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
|
|
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.