MIRA INFORM REPORT

 

 

Report Date :

08.11.2014

 

IDENTIFICATION DETAILS

 

Name :

P.T. HANIL INDONESIA

 

 

Registered Office :

Graha Surveyor Indonesia 18th Floor Suite 1801, Jalan Jend. Gatot Subroto Kav. 56, Jakarta Selatan, 12950

 

 

Country :

Indonesia

 

 

Date of Incorporation :

05.12.2000

 

 

Com. Reg. No.:

AHU-AH.01.10-01238

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in Textile (Spinning) Industry

 

 

No of Employees :

2,800

 

 

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

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Indonesia

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

BASIC SEARCH

 

Name of Company :

P.T. HANIL INDONESIA

 

Address :

Head Office & Marketing

Graha Surveyor Indonesia 18th Floor Suite 1801

Jalan Jend. Gatot Subroto Kav. 56

Jakarta Selatan, 12950

Indonesia

Phones             - (62-21) 526 5230 (Hunting)

Fax                   - (62-21) 526 5231

E-mail               - sales@hanilsf.co.id

Building Area    - 18 storey

Office Space    - 100 sq. meters

Region              - Commercial

Status               - Rent

 

Head Office

Desa Nepen, Kecamatan Teras

Boyolali, 57351

Central Java

Indonesia

Phones             - (62-276) 321252, 321360

Fax                   - (62-276) 321378

Land Area         - 28,000 sq. meters

Building Space  - 20,000 sq. meters

Region              - Industrial Zone

Status               - Owned

 

Date of Incorporation :

a.   12 November 1990 as P.T. HANIL ADETEX

b.   5 December 2000 as P.T. HANIL INDONESIA

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

- No. C-00453.HT.01.04.TH.2001

   Dated 1 May 2001

- No. AHU-82413.AH.01.02.TH.2008

   Dated 5 November 2008

 

- No. AHU-AH.01.10-01238

   Dated 12 January 2012

 

Company Status :

Foreign Investment (PMA) Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.069.311.7-527.001

 

The Department of Industry

- No. 297/T/INDUSTRI/1997

  Dated 2 July 1997

 

The President of the Republic of Indonesia

No. B-311/Pres/9/1990

Dated 24 September 1990

 

The Capital Investment Coordinating Board

- No. 314/I/PMA/1990

  Dated 10 October 1990

- No. 250/III/PMA/1991

  Dated 29 April 1991

- No. 491/III/PMA/1992

  Dated 6 July 1992

- No. 513/III/PMA/1992

  Dated 14 July 1992

- No. 579/III/PMA/1992

  Dated 12 August 1992

- No. 668/III/PMA/1993

  Dated 9 November 1993

- No. 106/II/PMA/1995

  Dated 8 May 1995

- No. 599/III/PMA/1995

  Dated 14 December 1995

- No. 707/III/PMA/2000

  Dated 5 June 2000

- No. 979/III/PMA/2000

  Dated 21 July 2000

- No. 1899/III/PMA/2000

  Dated 21 December 2000

- No. 103/III/PMA/2001

  Dated 7 August 2001

 

Related Company :

A Member Company of the HANIL Group, South Korea

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                           : US$ 18,000,000.-

Issued Capital                                 : US$ 11,552,000.-

Paid up Capital                               : US$ 11,552,000.-

 

Shareholders/Owners :

a. TONGYANG/HANIL SYNTHETIC FIBER                         - US$ 11,551,000.-

    Address : 46-5, Gur-Dong, Guro-Ku

                    Seoul, South Korea

b. Mr. Seong Chang Kil                                                    - US$          1,000.-

    Address : 102 – 501, Cheolsan Hanshin Apartment

                    Cheolsan Dong, South Korea

 

BUSINESS ACTIVITIES

 

Lines of Business :

Textile (Spinning) Industry

 

Production Capacity :

a.   Acrylic Worsted Yarns               - 17,000 tons p.a.

b.   Acrylic Dyed Yarns                    - 11,500 tons p.a.

 

Total Investment :

a.   Equity Capital                           - US$ 11,552,000.-

b.   Loan Capital                              - US$ 61,293,000.-

c.   Total Investment                        - US$ 72,845,000.-

 

Started Operation :

1992

 

Brand Name :

Hanilon

 

Technical Assistance :

Tongyang/Hanil Synthetic Fiver of South Korea

 

Number of Employee :

2,800 persons

 

Marketing Area :

Export    - 70%

Local       - 30%

 

Main Customer :

Buyers in Asian countries, Europe Union

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ASIA COTTON SPINNING

b. P.T. NATATEX PRIMA

c. P.T. POLYFIN CANGGIH

d. P.T. SIPATEX PUTRI LESTARI

e. Etc.

 

Business Trend :

Growing

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a.   P.T. Bank KEB INDONESIA

      Jalan Jend. Sudirman No. 28

      Jakarta 10220 - Indonesia

b.   P.T. Bank WOORI INDONESIA

      Jakarta Stock Exchange Building 16th Floor

      Jalan Jend. Sudirman Kav. 52

      Jakarta 12190 – Indonesia

c.   P.T. Bank CENTRAL ASIA Tbk

      Wisma Barclays

      Jalan Jend. Sudirman Kav. 22-23

      Jakarta Selatan

      Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2011 – Rp. 347.0 billion

2012 – Rp. 358.0 billion

2013 – Rp. 386.0 billion

2014 – Rp. 199.0 billion (January – June)

 

Net Profit (estimated) :

2011 – Rp. 27.7 billion

2012 – Rp. 28.6 billion

2013 – Rp. 30.1 billion

2014 – Rp. 15.9 billion (January – June)

 

Payment Manner :

Average

Financial Comments :

Satisfactory

 

KEY EXECUTIVES

 

Board of Management :

President Director                           - Mr. Kim Byung Hyo

Director                                          - Mr. Seong Chang Kil

 

Board of Commissioners :

Commissioner                                 - Mr. Lee Jae Seung

 

Signatories :

President Director (Mr. Kim Byung Hyo) or the Director (Mr. Seong Chang Kil) which must be approved by Board of Commissioner

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

 

OVERALL PERFORMANCE

 

Originally named P.T. HANIL ADETEX was established in Boyolali, Central Java on 12 November 1990 with an authorized capital of US$ 3,000,000 issued and paid up capital of US$ 2,000,000. The founding shareholders are TONGYANG/HANIL SYNTHETIC FIBER INDUSTRY CO.LTD., of South Korea and local partner P.T. ADETEX.  It’s article of association had been changed a couple of times. In November 1993 the authorized capital was raised to US$ 18,000,000 issued and paid up capital to US$ 11,552,000. Then on 5 December 2000 it was renamed P.T. HANIL INDONESIA (P.T. HI). By the same the local partner P.T. ADETEX has sold its all shares to TONGYANG/HANIL SYNTHETIC FIBER INDUSTRY CO., LTD.

 

With this time the composition of its shareholders has been changed to become TONGYANG/HANIL SYNTHETIC FIBER of South Korea (99.991%) and Mr. Seong Chang Kil (0.009%). The latest according to the revision of notary deed Mrs. Elliza Asmawel, SH., no. 01 dated 4 January 2012 the 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.01.10-01238 dated January 12, 2012.

 

P.T. HI is a Foreign Capital Investment Company (PMA) in dealing with textile industry with its plant located at Desa Nepen Kecamatan Teras, Boyolali, Central Java. The plant had been operating since 1992 and has expanded frequently to increasing production capacity. The plant has an installed production capacity of 17,000 tons worsted yarns and 11,500 tons of dyeing yarns all per year. P.T. HI produces white yarn and dyed yarn after treating the raw material (acrylic fiber) through the production processes of spinning, dyeing, processing, and manufacturing. Of the total production output, 40% is brought into headquarters for domestic consumption and local use, and 30% is exported to a 3rd country as transit trade by headquarters, and the remaining 30% is sold in the domestic market in the form of direct export, sales to sweater-selling firms and fabric companies, etc. P.T. Hanil Indonesia is the second largest firm in terms of production volume of all acrylic fiber spinning companies in the local area, and its quality is among the best in the industry. P.T. Hanil Indonesia mainly produces and sells general-purpose acrylic yarn, and is ceaselessly working to differentiate its products through R&D of special yarn and expanded production of blended yarn.

 

P.T. Hanil Indonesia (Indonesia Factory)

 

ž  Major Fiber Products: white yarn, dyed yarn, 100% Acrylic spun yarn

ž  Production facilities: 64,800 spindles for worsted yarn, 21 dyeing machines

ž  Production Capacity: 17,000 tons of worsted yarn/year, 11,500 tons of dyeing/ year

ž  Number of Employees: approximately 2,800

 

A senior staff of the company said that some 70% of the products are exported to South Korea, Hong Kong, Japan, India and European countries, while the other 30% for local market. The occurring of the global economic crisis and sharp Rupiah depreciation against the US$ Dollar, Japanese Yen, EUR, followed by fast rising local bank interest rates has also had a negative impact on the company's finances for having resulted in a swelling of the company’s debts out of control. Meanwhile, the local TPT (Textile and Textile Products) industries and other factors causing the declining competitive ability of the national TPT products are the increasing production costs, high interest rates, expensive customs office costs, illegal retributions, textile and garment machinery restructuring costs and the rising prices of production components (oil fuel prices and electric base tariffs).

 

The textile and textile product (TTP) industry is one of the industries that has contrived to with stand the protracted global economic crisis. At a time when the average national industrial utilization rate fell to under 20% in 2008, TTP plants on the other hand were operating at an utilization rate of above 81.6%. This was attributable to the ability of textile and garment producers to maintain the utilization rate of plants at a high level by aggressively stepping up exports.

 

According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327,300 tons (US$ 4,351.9 million) in 2004 to 369,500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010 rose to 450,900 ton (US$ 7,801.5 million) in 2011 decline to 450,200 tons (US$ (7,304.8 million) in 2012 and increased to 470,200 tons (7,501.0 million) in 2013.

 

The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010 decreased to 1,493.3 tons (US$ 5,563.3 million) in 2011 increase to 1,508.5 tons (US$ 5,278.1 million) in 2012 increased to 1,633.1 tons (US$ 5,293.6 million) in 2013. The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. While this year’s the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 2013 are pictured on the following table.

 

      Year

Garment

Textile Products

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

450.9

450.2

470.2

3,887.2

4,037.9

4,351.9

4,967.0

5,608.1

5,712.9

6,092.2

5,735.6

6,598.0

7,801.5

7,304.8

7,501.0

1,425.9

1,307.5

1,300.4

1,427.3

1,477.8

1,473.6

1,312.2

1,369.6

1,525.9

1,493.3

1,508.5

1,633.1

3,075.9

3,064.6

3,354.6

3,704.0

3,908.6

4,178.0

4,127.9

3,602.8

4,721.8

5,563.3

5,278.1

5,293.6

 

Until this time P.T. HI has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. HI is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that total sales turnover of the company in 2011 amounted to Rp. 347.0 billion rose to Rp. 358.0 billion in 2012 increased to Rp. 386.0 billion in 2013. As from January to June 2014 the sales turnover has reached at least Rp. 199.0 billion with a net profit of at least Rp. 15.9 billion. It is projected the sales turnover will be higher by at least 6% in 2015. The company has an estimated total networth of at least Rp. 202.0 billion. We observe that P.T. HI 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. HI is led by Mr. Kim Byung Hyo (53) a professional manager of South Korea with experience in spinning mills. In his daily activity he is assisted by Mr. Seong Chang Kil (43) a professional manage of South Korea 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. HANIL INDONESIA is sufficiently fairly good for business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.52

UK Pound

1

Rs.97.39

Euro

1

Rs76.15

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

TPT

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.