MIRA INFORM REPORT
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Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. KOIN PRATAMA
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Registered Office : |
Plaza Kebon Jeruk Block D No. 7 & 8, Jalan Raya Pejuangan,
Jakarta Barat, 11530 |
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Country : |
Indonesia |
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Date of Incorporation : |
21.05.2001 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-02037 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Subject provides
a wide range of services for projects execution including procurement,
engineering and construction including civil architecture construction,
mechanical construction, piping construction, various types of storage tank
construction, electrical & instrumentation construction as well as HVAC
construction. |
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No of Employees : |
32 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source : CIA |
Name
of Company
P.T. KOIN PRATAMA
company
Address
Head Office
Plaza
Kebon Jeruk Block D No. 7 & 8
Jalan
Raya Pejuangan
Jakarta
Barat, 11530
Indonesia
Phones -
(62-21) 5332315 (Hunting)
Fax -
(62-21) 5306275
E-mail - ptkoin@ptkoin.com
Website - http://www.ptkoin.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Date
of Incorporation
21 May 2001
Legal
Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No.
The Ministry of
Law and Human Rights
- No. C-03758 HT.01.01.TH.2001
Dated 25 July 2001
- No. AHU-AH.01.10-21157
Dated 18 August 2010
-
No. AHU-00094.AH.01.02.TH.2014
Dated 2 January 2014
-
No. AHU-AH.01.10-02037
Dated 17 January 2014
Company
Status
Foreign
Investment (PMA) Company
Permit
by the Government Department
The Department of
Finance
NPWP
No. 02.064.679.0-059.000
The Department of
Trade and Industry
TDP
No. 300315203674
Dated
11 April 2002
Related Company
None
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
3,500,000,000.-
Issued
Capital :
Rp. 1,750,000,000.-
Paid
up Capital :
Rp. 1,750,000,000.-
Shareholders/Owners
:
a.
Mr. Kim Won Mo -
Rp. 717,500,000.-
Address : Jl.
Transperium Raya
Taman Kedoya Permai Block A 9 No. 19
Kelurahan Kebon Jeruk, Kecamatan Kebon
Jeruk, Jakarta Barat, Indonesia
b.
Mr. Kim Jong Chul -
Rp. 455,000,000.-
Address :
Apartment Brawijaya Unit 10602
Jl. Brawijaya XII No. 1
Kelurahan Pulo, Kecamatan
Kebayoran
Baru, Jakarta Selatan
Indonesia
c.
Mr. Ir. Sulaiman Syamsuddin -
Rp. 315,000,000.-
Address : Jl. Jeruk
Manis III, RT. 007 RW. 010
Kelurahan Kebon Jeruk, Kecamatan Kebon
Jeruk, Jakarta Barat
Indonesia
d.
Mrs. Ira Herawaty -
Rp. 262,500,000.-
Address :
Jl. Raya Kedoya Garden Kav. 1 A21-22, RT. 001
RW. 007, Kelurahan Kebon Jeruk, Kecamatan
Kebon Jeruk, Jakarta Barat
Indonesia
BUSINESS
ACTIVITIES
Lines
of Business :
Subject provides a
wide range of services for projects execution including procurement,
engineering and construction including civil architecture construction, mechanical
construction, piping construction, various types of storage tank construction,
electrical & instrumentation construction as well as HVAC construction.
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2001
Brand
Name :
Koin
Pratama
Technical
Assistance :
None
Number
of Employee :
32
persons
Marketing
Area :
Local - 100%
Main
Customer :
Industrial
Manufacturing
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ACERGY INDONESIA
b. P.T. CITRA WAHYU DINAMIKA
c. P.T. INTI KARYA PERSADA TEKNIK
d. P.T. MC ENGINEERING INDONESIA
e. P.T. PRATIWI PUTRI SULUNG
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers:
a. P.T. Bank
KEB INDONESIA
Wisma GKBI
Jalan Jend.
Sudirman Kav. 28
Jakarta Pusat
Indonesia
b. P.T. Bank WOORI INDONESIA
Indonesia Stock Exchange
Jalan Jend. Sudirman Kav. 52-53
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Total
Revenue (estimated) :
2011
– Rp. 81.0 billion
2012
– Rp. 88.0 billion
2013
– Rp. 91.0 billion
Net
Profit (estimated) :
2011
– Rp. 6.0 billion
2012
– Rp. 6.9 billion
2013
– Rp. 7.3 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Kim Won Mo
Directors -
a. Mr. Ir. Sulaiman Syamsuddin
b. Mrs. Ira Herawaty
Board of Commissioners :
Commissioner - Mr. Kim Jong Chul
Signatories :
President
Director (Mr. Kim Won Mo) or one of the Directors (Mr. Ir. Sulaiman Syamsuddin
or Mrs. Ira Herawaty) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
P.T. KOIN PRATAMA (P.T. KP) was established in Tangerang,
Banten Province on 21 May 2001 with the authorized capital of Rp. 400,000,000
issued capital of Rp. 100,000,000 entirely paid up. The company was founded by
Mr. Mursalim HS, Mr. Fahrurrozi, ST and Mr. Marlan Akip, all indigenous
businessmen as original shareholders. The company notary deed had been changed
a couple of times. In December 2002 Mr. Mursalim, Mr. Fahrurrozi, ST and Mr.
Marlan Akip withdrew and the whole shares had been controlled by Mr. Kim Won
Mo, Mr. Kim Jong Chul both are of South Korea, Mr. Ir. Sulaiman Syamsuddin and
Mrs. Ira Herawaty both are indigenous businessmen as new shareholders. Later
according to the revision of notary documents of Mrs. Sri Irmiati, SH., No. 7
dated 23 June 2010 the company authorized capital was increased to Rp.
1,750,000,000 wholly issued and paid up. With this development the composition
of its shareholders has been changed to become Mr. Kim Won Mo (57%), Mr. Kim
Jong Chul (39%), Mr. Ir. Sulaiman Syamsuddin (2%) and Mrs. Ira Herawaty (2%).
The latest according to the revision of notary deed Mrs. Sri Irmiati, SH., no.
1 dated 10 December 2013 the company authorized capital was increased to Rp.
3,500,000,000 issued capital of Rp. 1,750,000,000 of which paid up. With this
time the composition of its shareholders has been changed to become Mr. Kim Won
Mo (41%), Mr. Kim Jong Chul (26%), Mr. Ir. Sulaiman Syamsuddin (18%) and Mrs.
Ira Herawaty (15%). The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-02037 dated January
17, 2014.
P.T. KP was established in the frame work of Foreign
Investment (PMA) company facility to deal with engineering, procurement and
construction services. The company has been operation since 2001 by provides a
wide range of services for projects execution including procurement,
engineering and construction as the following; civil architecture construction,
mechanical construction, piping construction, various types of storage tank
construction, electrical & instrumentation construction as well as HVAC
construction. P.T. KP has continued to execute a lot of significant projects
such as High Quality Base Lube Oil Project ordered by SK E&C, Aspex Sludge
Incineration Project and an EPC contract for LPG Gas Extraction Project in
Gresik in the name of PT. KOIN PRATAMA. And the company are now working for the
660 MW Cirebon Coal Fired Power Plant in the field of Civil Works for Turbine
Block Foundation, Mechanical works for all area, Boiler erection and Tank
Procurement & Construction.
P.T. KP are recognized as one of the most reliable
General Contractor in Indonesia, and are highly paid attention for their
reliability and sincerity of the service being proved through Projects they
have been assigned so far. One of the company strong point is ideal combination
of well experienced Korean Managements and high skilled Indonesian manpower.
With these two factors, P.T. KP could have managed complicated Project’s needs
in Quality, Schedule and Budget as well.
P.T. KP’s service has uses by various industries such as
petrochemical plant, oil & gas projects, power plant and environmental
projects. The company has completed the construction of various projects such
as P.T. POWERTECH INDONESIA; P.T. KOSTRA MAS JAYA; P.T. KORINDO HEAVY
INDUSTRIES; P.T. MEDIA KARYA SENTOSA; P.T. DOOSAN HEAVY INDUSTRIES INDONESIA;
CNOOC SES BV.; P.T. PERTAMINA, Dumai, Sumatera; P.T. ASPEK KUMBONG; P.T. FAJAR
SURYA WISESA Tbk; P.T. DONGJIN INDONESIA; P.T. DUA KUDA INDONESIA; P.T. SAEHAN
TEXTILE; P.T. DAESUNG PROJECT SERVICE INDONESIA; P.T. KS-POSCO INTEGRATED STEEL
MILLS and others. We observe the operation of P.T. KP 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. KP has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of the company 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. 81.0 billion rose to Rp. 88.0 billion in 2012 increased to Rp. 91.0 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. 7.3 billion and the company has an estimated total networth of at least Rp. 11.0 billion. We observe that P.T. KP is supported by foreign partner with has financially strong and sound behind it. 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. KP is led by Mr. Kim Won Mo (56) a
businessman and professional manager of South Korea with experience in
engineering, procurement and construction services. In its operation he is
assisted by Mr. Ir. Sulaiman Syamsuddin (46) and Mrs. Ira Herawaty (39) as
Directors. 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. KOIN PRATAMA 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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
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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 : |
MNL |
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 |
|
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.