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Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. KIREN INDO SAKTI INTERNATIONAL |
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Registered Office : |
Jalan Bisma Raya Block D 1 No. 30 – 31, Kelurahan Sunter Agung, Kecamatan Tanjung Priok, Jakarta Utara, 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
04.04.1996 |
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Com. Reg. No.: |
No. AHU-24892.AH.01.02.TH.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporter of Readymade Garments |
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No. of Employees : |
8 |
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 : |
Slow but correct |
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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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
Name of Company :
P.T. KIREN INDO SAKTI INTERNATIONAL
A d d r e s s :
Head Office
Jalan Bisma Raya Block D 1 No. 30 – 31
Kelurahan Sunter Agung, Kecamatan Tanjung Priok
Jakarta Utara, 14350
Indonesia
Phone -
(62-21) 6514271
Fax - (62-21) 6514140
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
4 April 1996
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-10916.HT.01.01.TH.96
Dated 10 December 1996
- No. AHU-24892.AH.01.02.TH.2012
Dated 9 May 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.071.528.2-059.000
The President of the Republic of Indonesia
No. B-161/Pres/3/1996
Dated 4 March 1996
The Capital Investment Coordinating Board
No. 253/I/PMA/1996
Dated 26 March 1996
Related Company :
None
Capital Structure :
Authorized Capital : US$
250,000.-
Issued Capital : US$ 250,000.-
Paid up Capital : US$ 250,000.-
Shareholders/Owners :
a. Mr. Khisore Gursahani -
US$ 225,000.-
Address : Sunter Indah II Block KC I/18, RT. 004 RW. 012
Kelurahan Sunter Jaya,
Kecamatan Tanjung
Priok, Jakarta Utara
Indonesia
b. Mr. Nitin Gursahani -
US$ 25,000.-
Address : 70/11 Collin Street Wic,
Melborn, Sydney
Australia
Lines of Business :
Trading and Exporter of Readymade Garments
Production Capacity :
None
Total Investment :
None
Started Operation :
1997
Brand Name :
Kiren Indo Sakti International
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Australia, Europe
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DAYANI GARMENT INDONESIA
b. P.T. MAHESA NIAGA JAYA
c. P.T. NAV SHANTI INDONESIA
d. P.T. SEJI GARMENT INDONESIA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR
& LITIGATION
B a n k e r s :
P.T. Bank OF INDIA INDONESIA Tbk
Jalan Haji Samanhudi No. 37
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 3.0 billion
2012 – Rp. 3.5 billion
2013 – Rp. 4.0 billion
Net Profit (estimated) :
2011 – Rp. 150 million
2012 – Rp. 200 million
2013 – Rp. 260 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Khisore Gursahani
Director - Mr. Dhiraj Bijlani
Board of Commissioners :
Commissioner - Mr. Nitin Gursahani
Signatories :
President Director (Mr. Khisore
Gursahani) or the Director (Mr. Dhiraj Bijlani) which must be approved by Board
of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
P.T. KIREN INDO SAKTI INTERNATIONAL (P.T. KISI) was established in
Jakarta on 4 April 1996 with the authorized capital of US$ 250,000 wholly
issued and paid up. The company was founded by Mr. Khisore Gursahani of
Indonesia (90%) and Mr. Niti Gursahani of Australia (10%). The company notary
deed has been changed a couple of times and according to the latest revision of
notary deed Mr. Ilyas Zaini, SH., no. 17 dated 22 March 2012 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-24892.AH.01.02.TH.2012
dated May 9, 2012.
P.T. KISI is a foreign investment company dealing with trading and
exporter of readymade garment products. The merchandise goods products are
T-shirts, jeans, girl shorts, kids designer wear, boys shorts, woolen garments,
fancy readymade garments, cotton garments, readymade shirts, readymade garments
and others. The whole product is obtained from Bandung, Solo, Karawang, Jakarta
and others. Then the above product is exported to Middle East, Africa, Morocco,
Australia, Europe and other countries. Besides, P.T. KISI is also imports of
garments from India and the whole products marketed in the country. P.T. KISI
is a small sized company of its kinds in the country with operation has been
growing with slowly in the last three years.
Business prospects in the domestic garment industry bright enough let alone demand,
especially from abroad continues to rise,
pushing banks actively
lending to the sector.
Active bank lending
to the sector, because of the
great opportunities and this will increase
state revenue, said
Chairman Indonesian Textile Association (API), Benny Soetrisno. According
to him, Indonesia's garment exports
to foreign countries this year is estimated to reach
US$ 10.4 billion increase from last year
about US$ 9.6 billion. Export mainly to the
United States (US.) and Europe.
Regarding the concern that Indonesia is currently
on garment exports from China that continues
flood both domestic market and abroad. Heavy competition for garment exports came
from China and India.
Until this time P.T. KISI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. KISI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 3.0 billion rose to Rp. 3.5 billion in 2012
increased to Rp. 4.0 billion in 2013 and projected to go on rising by at least
4% in 2014. The operation in 2013 yielded an estimated net profit of at least
Rp. 260 million and the company has an estimated total networth of at least
Rp.1.0 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. KISI is led by Mr. Khisore Gursahani (55) a
businessman with experience in trading, and export of garments. Daily activity
he is assisted by Mr. Dhiraj Bijlani (39) as director. 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. KIREN INDO SAKTI INTERNATIONAL is sufficiently
fairly good for business cooperation. 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 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
Report Prepared
by : |
NNA |
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 |
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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 |
|
-- |
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.