|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HARTONO
ISTANA TEKNOLOGI |
|
|
|
|
Registered Office : |
Jl. KHR Asnawi No. 310, Kaliwungu – Kudus 59332, Jawa Tengah |
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|
Country : |
Indonesia |
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|
|
|
Date of Incorporation : |
31.10.1992 |
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|
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Com. Reg. No.: |
AHU-AH.01.10-18891 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Subject operates household electronic products like television,
radio tape recorder, video campact disc, air conditioner and refrigerator |
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|
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No of Employees : |
6012 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
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. HARTONO ISTANA TEKNOLOGI
Head Office &
Factory 1
Jl. KHR Asnawi No. 310
Kaliwungu – Kudus 59332
Jawa Tengah
Indonesia
Phones -
(62-291) 433255, 433266
Fax. - (62-291) 431001, 431030
Email - hrdkudus@polytron-indonesia.com
Website - http://www.polytron.co.id
Land Area - 20.0 hectares
Building Space - 9.5 hectares
Region - Industrial
Zone
Status - Owned
Factory 2
Jl. Raya Semarang Demak Km. 9
Sayung – Semarang 59563
Central Java
Indonesia
Phones -
(62-291) 6592220 (hunting)
Fax. - (62-291) 6592225
Land Area - 16.5 hectares
Building Space - 4.2 hectares
Region - Industrial
Zone
Status - Owned
Branches
a. Jakarta Office
Jl. Aipda
KS Tubun II/15
Jakarta
11410
Indonesia
Phones - (62-21) 5322663, 5330987
Fax. - (62-21) 530225
b. Thailand Office
(Polytron Thailand Co. Ltd.)
514/17 SOI Ramkamhaeng 39
(Tapelila), Ramkamhaeng Road, Kwaeng
Wangthonglang, Khet
Wanghonglang
Bangkok 10310, Thailand
Phones - (66-2) 1582696
Fax. - (66-2) 1582697
31 October 1992
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-92955.AH.01.02.Tahun 2008
Dated 03 December
2008
b. No. AHU-AH.01.10-18891
Dated 20 June 2011
National Private Company
a. The Department of Finance
NPWP No. 01.462.713.7-092.000
b. The Department of Industry and Trade
TDP No. 11.25.1.32.00081
Dated 18 February 2008
P.T. KUMPARAN KENCANA ELECTRINDO, a company member of the DJARUM Group
Capital Structure
:
Authorized Capital - Rp.
500,000,000,000.-
Issued Capital - Rp.
325,000,000,000.-
Paid up Capital - Rp.
325,000,000,000.-
Shareholders/Owners
:
a. PT. Kumparan Kencana Electrindo - Rp. 259,966,000,000.- (80.00%)
Address: Jl. Kyai Haji Raden Asnawi
PO Box 125, Kudus
Indonesia
b. Mr. Robert Budi Hartono - Rp. 33,167,000,000.- (10.20%)
Address: Jl. Tanjung No. 53
Kudus, Central Java
Indonesia
c. Mr. Michael Bambang Hartono - Rp. 31,867,000,000.- (09.80%)
Address: Jl. Tanjung No. 53
Kudus, Central Java
Indonesia
Lines of Business
:
Electronic Household Appliance Industry
Production
Capacity :
Factory 1
a. Color/LCD TV Sets -
400,000 units p.a.
b. Black & White TV Sets - 50,000 units p.a.
c. Computer Monitors - 20,000 units p.a.
d. TVRO/Satellite Receivers - 10,000 units p.a.
e. Music Center (Audio) -
350,000 units p.a.
f. Radio Cassettes - 200,000 units p.a.
g. Radios -
100,000 units p.a.
Factory 2
a. Refrigerators -
150,000 units p.a.
b. Air Conditioners -
100,000 units p.a.
c. Smart Phones -
360,000 units p.a.
Total Investment :
Owned Capital - Rp. 325.0 billion
Started Operation
:
1993
Brand Name :
POLYTRON
Technical
Assistance :
None
Number of Employee
:
6,012 persons
Marketing Area :
Domestic - 85%
Export - 15%
Main Customers :
a. P.T. SARANA KENCANA MULYA (as Sole Distributor)
b. Dealers in Banjarmasin, Palu, Makassar, Sorong, Kendari, Ambon, Padang
and Manado
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Sharp Indonesia
b. PT. Panasonic Gobel Manufacturing
c. PT. Sanyo Indonesia
d. PT. Sony Indonesia
e. PT. Samsung Indonesia, etc
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jl. Jend. Sudirman No. 128
Kudus, Central Java
Indonesia
b. P.T. Bank Negara
Indonesia
Jl. Jend.
A. Yani No. 55
Kudus, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 2,018.0 billion
2010 – Rp. 2,460.0 billion
2011 – Rp. 2,540.0 billion
2012 – Rp. 2,910.0 billion
2013 – Rp. 3,320.0 billion
Net Profit
(estimated) :
2009 – Rp. 165.0 billion
2010 – Rp. 202.0 billion
2011 – Rp. 208.5 billion
2012 – Rp. 239.0 billion
2013 – Rp. 273.0 billion
Payment Manner :
Good
Financial Comments
:
Satisfactory
Board of Management :
President Director -
Mr. Hariono
Director s -
a. Mr. Khosasih Adisusanto
b. Mr. Djunedhi Listyono
c. Mr. Robin Wijaya
d. Mr. Tekno Wibowo
Board of Commissioners :
President Commissioner - Mr. Robert Budi Hartono
Commissioners - a. Mr. Michael Bambang Hartono
b. Mr. Dwi Djaja Setiabudi
Signatories :
President Director (Mr. Hariono) or one
of the Directors (Mr. Khosasih Adisusanto, Mr. Djunedhi Listyono , Mr. Robin
Wijaya or Mr. Tekno Wibowo) which must be approved by Board of Commissioners
(Mr. Robert Budi Hartono and Mr. Michael Bambang Hartono).
Management Capability :
Good
Business Morality :
Good
P.T. HARTONO ISTANA TEKNOLOGI (P.T. HIT) was established on October 31, 1992 in Kudus (Central Java) with an authorized capital of Rp. 500,000,000.- issued capital of Rp. 150,000,000.- wholly paid-up. Founders and original shareholders are Mr. Michael Bambang Hartono AKA Oei Hwie Siang and his younger brother Mr. Robert Budi Hartono AKA Oei Hwie Tjhong Chinese origin Indonesian businessmen. In March 1993, the authorized capital was increased to Rp. 25,000,000,000.- issued capital of Rp 5,000,000,000.- wholly paid-up. On the same occasion, the company had been joined by new shareholder P.T. KUMPARAN KENCANA ELECTRINDO (a private company). Based on the notarial act of September 2000, the authorized capital was increased to Rp. 500,000,000,000.- issued capital to Rp 325,000,000,000.- wholly paid-up. Concurrently, shareholding composition and capital structures are P.T. KUMPARAN KENCANA ELECTRINDO (80.00%), Mr. Robert Budi Hartono (10.20%) and Mr. Michael Bambang Hartono (9.80%). This latest Articles of Association amendment was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-AH.01.10-18891 dated June 20, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
We observed that P.T. KUMPARAN KENCANA ELECTRINDO is a national private company whose shares is entirely controlled by Mr. Michael Bambang Hartono AKA Oei Hwie Siang, his younger brother Mr. Robert Budi Hartono AKA Oei Hwie Tjhong and his family members. The Hartono family is owner of the majority business stakes and prime mover of the DJARUM Group, the third largest business group in clove cigarette manufacturing and distribution in Indonesia.
P.T. HIT has been in operation since 1993 in household electronic products like television, radio tape recorder, video campact disc, air conditioner and refrigerator and now is ready to release its new water pump product. Its plant is located at Jalan K.H.R. Asnawi, Kudus, Central Java and Jalan Raya Semarang Demak, Km. 9, Semarang, Central Java. Its Kudus plant is located on more than 20.0 hectares land with an estimated investment at least Rp 325.0 billion coming from own capital. Some 65% to 70% of workers are women mostly coming from surrounding area. In the location is found production unit, office, parking area, sport facilities, go down and house of worship. Previously its sister company's plant P.T. HARTONO ISTANA ELECTRONICS (P.T. HIE) also engaged in electronic industry was also in the same location.
P.T. HIE had been operating since 1976 in electronic household appliance assembling industry like TV, radio, tape recorder, amplifier, sound system, antenna, and parabola. It gets technical cooperation from SALORA OY of Finland and PHILIPS of the Netherlands. But, on September 30, 2000 P.T. HIE had been merged into P.T. HARTONO ISTANA TEKNOLOGI. Since then the whole activities and assets like factory, branch offices, liabilities of P.T. HIE had been taken over by P.T. HARTONO ISTANA TEKNOLOGI, and since then P.T. HIE had no more business activities. According to the Indonesian Bank Restructuring Agency (IBRA), until the end 2001 P.T. HIE had bad-credit of Rp. 207.1 billion.
Firstly the company only produced tape
recorder and television, all components are imported from Singapore and Belgium. At that time P.T HIT was in cooperation with
PHILIP MBLE of Belgium in technology transfer but it was discontinued. After transfer of technology with PHILIP MBLE
was discontinued, now P.T. HIT is in transfer of technology cooperation with
SOLORA of Finland, a leading television producer in this country.
Beside to import component from Singapore
and Belgium, the company is also importing from Hong Kong and other countries
(40%) and the rest 60% is obtained locally.
The whole products of P.T. HIT are marketed by using POLYTRON and
DIGITEC brands. The brands of POLYTRON and DIGITEC both have been registered at
Directorate Patent both of home and abroad. The television produced by P.T. HIT
is consisting of 30 types, sizing from 24 inch to 32 inch. It is the less
electric energy using television (absorbing 20 watt electric power). The newest
television products are equipped with video compact disc and CD player which is
deemed as the first domestic product. For audio products is consisting of tape
recorder and video compact disc produced in 22 types.
Tape recorder of POLYTRON brand in July 2002
acquired the Indonesian Best Brand Award (IBBA) as the most popular brand in
the country, kicked out other popular brands like SONY, SHARP, AIWA, and
SAMSUNG etc. The award has been given based on market survey taken by leading
research company in the country MARS jointly with SWASEMBADA magazine. The
other product namely refrigerator had been produced in 2000 consisting of 4
types. The whole products use refrigerant of environmental-friendly hydrocarbon
of isobutane type. While air conditioner products (AC) is containing of 2 types
split and window. It has superiority than other product namely AC split using
auto swing and remote control system which is not owned by other AC split.
In January 2008, P.T. HIT launched POLYTRON
Water Dispenser. These products have three types of temperatures namely hot,
normal and cold. Besides, the dispenser products are also equipped with child
lock system. The products are marketed at Rp. 1.2 million per unit and the
company would also launch dispenser products equipped with coffee makers. The
dispenser products of P.T. HIT won a Gold Award of Indonesian Good Design
Selection 2007. P.T. HIT intensified in
promotion campaign for its products through various mass media. Some 10% to 15% of the products is exported
to Pakistan, Bangladesh, Vietnam, Myanmar, Central East, Latin America and some
other to European countries through its branch office in the Philippines and
Thailand, and the rest is locally
distributed by its sister company P.T. SARANA KENCANA MULYA in Jakarta as sole
distributor. In the country, P.T. HIT is supported by 6 authorized dealers, 11
distributors and more than 55 service centers in 48 province cities in the country. POLYTRON is Indonesia’s biggest electronics
brand with products ranging from LCD televisions, refrigerators, gadgets and
more.
In November 2012, P.T. HIT launched POLYTRON
Smart phone type W3430 Wizard Crystal and Smart Phone type W2400 with use IPS
Technology (In-Plane Switching) and also launched Smart Phone type W2500, a new
Android phone by POLYTRON in December 2012, with a monthly production capacity
of 30,000 units. PT. HIT plans to increase the local content of Cellular Phone from 30% to 55% in 2014. The Company aims to produce 100,000 feature phones
and 100,000 smart phones each month in the long run. In addition the
company also continues to add to its cellular phone outlets from 48 outlets in 2012 to 55
stores at this
time. We observed that P.T. HIT is classified as a large sized company of its
kind in the country of which the operation has been growing in the last three
years.
Generally, the demand for electronic
products such as televisions, air conditioners, refrigerators and washing
machines has been fluctuating in the country in the last five years. The
fluctuating demand is also influenced by the fluctuating rupiah exchanges
against foreign currencies. Besides, the
electronic markets in the country are also influenced by the lustrous
distribution of imported electronic products of China with cheaper prices. It is estimated that the local demand for
electronic products will be growing at least up to next year. But, the tax of luxurious goods for
electronic products of 20% seems to be very high. To anticipate the declining
demand, the Indonesian Electronic Association (GABEL) has recommended the
government to reduce PPn-BM to 10%. However, the business position of P.T. HIT
is favorable in line with its growing marketing networks and their product has
been widely known among consumers in the country.
The company is neither public listed nor bond issued company. Therefore, the
company has no obligation to publish financial statement publicly. The
management of P.T. HIT is very reclusive towards outsiders and rejected to
disclose its financial condition but we estimated that sales turnover of the
company in 2010 amounted to Rp. 2,460.0 billion increased to Rp. 2,540.0
billion in 2011 to Rp. 2,910.0 billion in 2012 and estimated to rose again to
Rp. 3,320.0 billion in 2013 and projected to go on rising by at least 10% in
2014. It is estimated that P.T. HIT’s
operation has in 2013 yielded a total net profit of Rp 273.0 billion with a
total networth of Rp 1,240.0 billion.
The payment habit of the company has been running smoothly ranging from
1 to 3 months. We did not hear that the company having been black listed by
Bank Indonesia (Central Bank) and registered in the court for detrimental
cases.
According to the latest amendment to Deed of
the company, the management of P.T. HIT is headed by Mr. Hariono (61) as the
president director. In his daily activities, he is assisted by Mr. Djunaedi
Listyono (62), Mr. Khosasih Adi Susanto (59), Mr. Robin Wijaya (51) and Mr.
Tekno Wibowo (44), respectively as director.
But, we believe that the prime mover is Mr. Robert Budi Hartono (73) and
his older brother Mr. Michael Bambang Hartono (75), both are founder and owner
of the DJARUM Group. He along with other family members are known as majority
business stakes owners of P.T. DJARUM, a big sized national private company in
Indonesia in cigarettes industry. Mr.
Michael Bambang Hartono and Mr. Robert Rudi Hartono are two of Indonesia’s
richest individuals according to Forbes.
In 2012, their (both)assets were valued at US$13.0 increased to US$ 15.0
billion in 2013, respectively through their ownership in PT DJARUM and as the
biggest shareholder in Bank BCA, the third-largest Indonesian lender and the
largest by market value. They have wide
relation with home and overseas private businessmen. So far, we did not hear that the company’s
management involved in business malpractices or detrimental cases that settled
in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia.
P.T. HARTONO ISTANA TEKNOLOGI 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.59.73 |
|
UK Pound |
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
<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.