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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
P.T. QUIKSILVER INDONESIA |
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Registered Office : |
Jalan Raya Legian No. 362, Kuta, Badung, Denpasar, 80361, Bali
Province |
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Country : |
Indonesia |
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Date of Incorporation : |
17.04.2003 |
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Com. Reg. No.: |
AHU-AH.01.10-40832 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Retail and Distribution of Collections, Clothing, Accessories,
Surf, Snow, and others |
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No of Employees : |
76 |
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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. QUIKSILVER INDONESIA
Address :
Head Office
Jalan Raya Legian No. 362
Kuta, Badung
Denpasar, 80361
Bali Province
Indonesia
Phones -
(62-361) 751 214 (Hunting)
Fax - (62-361) 754 988
E-mail - info@quiksilver.co.id
Website - http://www.quiksilver.co.id
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Branch
Jalan Sultan Iskandar Muda No. 7
Melawai, Kebayoran Baru
Jakarta Selatan, 12240
Indonesia
Phones -
(62-21) 725 5155, 725 4767
Fax - (62-21) 725 5528
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
17 April 2003
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C-17147.HT.01.01.TH.2003
Dated 23 July 2003
- No.
AHU-34971.AH.01.02.TH.2010
Dated 12 July 2010
- No. AHU-AH.01.10-40832
Dated 3 October 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.116.057.7-056.000
The Department of Industry and Trade
TDP No. 220815303287
Dated 18 October 2004
The Capital Investment Coordinating Board
No. 183/I/PMA/2003
Dated 28 March 2003
Related Companies :
a. UG MANUFACTURING CO.,
PTY., LTD., Australia (Investment Holding)
b. QUIKSILVER AUSTRALIA
PTY. LTD., Australia (Investment Holding)
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Authorized Capital : US$
1,000,000.-
Issued Capital : US$ 250,000.-
Paid up Capital : US$ 250,000.-
Shareholders/Owners :
a. UG MANUFACTURING CO., PTY. LTD. - US$
247,500.-
Address : 27 Baines Crescent
Torquay, 3228
Australia
b. QUIKSILVER ASUTRALIA PTEY., LTD. - US$ 2,500.-
Address : 681 Barrenjoey Road
New South Wales 2107
Australia
BUSINESS
ACTIVITIES
|
Lines of Business :
Trading, Retail and Distribution of Collections, Clothing, Accessories,
Surf, Snow, and others
Production Capacity :
Outlets - 31 units
Total Investment :
None
Started Operation :
June 2003
Brand Name :
DC Shoes, Quiksilver and Roxy
Technical Assistance :
None
Number of Employee :
76 persons
Marketing Area :
Local - 100%
Main Customer :
Individuals, local and foreign tourist
Market Situation :
Very Competitive
Main Competitors :
a. P.T. PLANET SELANCAR MANDIRI
b. P.T. BALI MARINE INTERNATIONAL
c. P.T. FITNESINDO JAYA LESTARI
d. P.T. SUP WAVE HUNTER BALI
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Banker :
P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Kuta 121
Account No. 1461303400
Kuta, Bali Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales (estimated) :
2011 – Rp. 66.8 billion
2012 – Rp. 72.1 billion
2013 – Rp. 77.5 billion
2014 – Rp. 40.0 billion (January – June)
Net Profit (estimated) :
2011 – Rp. 5.3 billion
2012 – Rp. 5.8 billion
2013 – Rp. 6.2 billion
2014 – Rp. 3.2 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of
Management :
Director - Mr. Paul Kevin Hutson
Board of
Commissioners :
Commissioner - Mr. Gregory William Healy
Signatories :
Director (Mr. Paul Kevin Hutson) which
must be approved by Board of Commissioner
CAPABILITIES
|
Management
Capability :
Good
Business
Morality :
Good
OVERALL
PERFORMANCE
|
P.T. QUIKSILVER INDONESIA (P.T. QSI) was established in Denpasar, Bali
based on notary deed Mrs. Eliwaty Tjitra, SH., no. 95 dated 17 April 2003 with an
authorized capital of US$ 1,000,000 issued capital of US$ 250,000 entirely paid
up. The company was founded by UG MANUFACTURING CO., PTY., LTD., (99%) and
QUIKSILVER AUSTRALIA PTY., LTD., (1%) both are private company of Australia.
Its article of association has frequently been revised and according to the
latest revision of notary deed Mrs. Mala Mukti, SH., no. 122 dated 25 September
2013 the company board of director and the board of commissioner had been
changed. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-40832 dated October 3, 2013.
P.T. QSI is a Foreign Investment (PMA) company facility has been
operating since June 2003 engaged in the field of trading, import, retail and
distribution of collections, clothing, accessories, surf, snow and others. The
company manages a retail shop more than 31 outlets located in Bali, Jakarta,
Bekasi, Bandung, Semarang, Yogyakarta, and Balikpapan. The company sells of
various surfing equipments among others are Latest, Board shorts, Wetsuits,
Jackets, Snow, Pants, Tees, Fleece, Accessories, Footwear, and other for men’s,
boys, kits and youth. Founded in April 2003, P.T. QI quickly grew to become a
leader in performance skateboarding shoes and a renowned action sports brand.
Today P.T. QI stands as a global brand whose product line has expanded to
include men’s, women’s and kids’ skateboarding and lifestyle shoes, apparel,
snowboards, snowboard boots, outerwear, and accessories. As one of the cornerstones
of its marketing strategy, P.T. QSI has built a world-class team of
professional skateboarding, snowboarding, and motocross athletes that exemplify
and enhance DC’s brand, develop its signature products, and support its
promotional efforts. DC is a subsidiary of Quiksilver, Inc. The whole products
marketed with DC, DCSHOECAUSA, QUIKSILVER and ROXY brands which imported from
the USA, Australia and other countries. The whole products marketed in the
country to local and foreign tourist in Bali, Jakarta, Bandung, Semarang,
Yogyakarta, Balikpapan and other cities. We observe P.T. QSI’s operation has
been growing and developing well in the last three years.
The demand for surfing equipments has kept on increasing by at least 5%
to 7% in the last five years in line with the growth and development of tourism
industries in the country as customers. The number of foreign
tourists visiting Indonesia to
continues to grow. Just look at the Central Statistics Bureau (BPS)
recorded a rise in the number of foreign tourist arrivals by 7.24 percent to reach 826.8 thousand
in August 2014 compared
to the same period last year amounted to 771
thousand visits. Similarly,
when compared to July 2014,
the number of foreign tourist arrivals in August 2014 rose by 6.38 percent. Central Statistic
Bureau (BPS) said, the number of foreign tourists
visiting Bali through Ngurah Rai airport in August
2014 rose 8.92 percent compared to August
2013 from 309.1 thousand visits became
336.6 thousand visits.
Meanwhile, when compared to July 2014, the number of
foreign tourist arrivals through
Ngurah Rai Airport, Bali fell by 6.21 percent. The total number of foreign tourist
arrivals reached 6.16 million
visits, up 9.08 percent
compared to tourist arrivals in the same period
the previous year amounted to 5.64 million
visits. BPS also
noted, room occupancy rate (TPK)
star in 27 provinces in August 2014 reached
an average of 52.02 percent,
up 1.83 points compared
to the ROR August 2013 it stood
at 50.19 percent. The increase in room occupancy rate was also followed for
an average length of stay.
BPS noted the average length of stay of foreign and Indonesian star hotels in 27
provinces during August 2014
was recorded at 2.01 days, an increase of 0.07
points, compared to the state
in August 2013.
Until this time P.T. QSI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. QSI 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. 66.8 billion rose to Rp. 72.1 billion in 2012
increased to Rp. 77.5 billion in 2013. As from January to June 2014 the sales
turnover has reached at least Rp. 40.0 billion with a net profit of at least
Rp. 3.2 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. 11.0
billion. We observe that P.T. QSI 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. QSI is led by Mr. Paul Kevin Hutson (46) a
professional manager with of Australia with experience in trading, import,
retail and distribution of collections, clothing, accessories, surf, snow and
others. 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. QUIKSILVER INDONESIA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
SMN |
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 |
|
<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.