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Report No. : |
351214 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDOKORES SAHABAT |
|
|
|
|
Registered Office : |
Jalan Buni No. 61, RT. 03 RW. 05, Kelurahan Cilangkap, Kecamatan
Cipayung, Jakarta Timur, 13870 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
16.11.1989 |
|
|
|
|
Com. Reg. No.: |
AHU-59907.AH.01.02.TH.2012 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing
of Hairpiece and Wig |
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|
|
|
No. of Employees : |
2,100 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
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 has seen a slowdown in growth since 2012, mostly due
to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially increased
electric power capacity, since taking office. Fuel subsidies were almost
completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
Name
of Company :
P.T. INDOKORES SAHABAT
A
d d r e s s :
Head Office
Jalan Buni No. 61, RT. 03 RW. 05
Kelurahan Cilangkap, Kecamatan Cipayung
Jakarta Timur, 13870
Indonesia
Phones -
(62-21) 8448858 (Hunting)
Fax - (62-21) 8448846
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Jalan
Jend. A. Yani No. 4, RT. 003 RW. 04
Kandang
Gempang, Purbalingga 53312
Central
Java
Indonesia
Phones -
(62-281) 892777, 893359, 894630
Fax - (62-281) 891463
E-mail - indokores@yahoo.com
Website - http://www.indokores.com
Land Area - 10,000 sq. meters
Office Space - 8,200 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
16
November 1989
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-474 HT.01.01.TH.91
Dated 14 February 1991
- No. AHU-60173.AH.01.02.TH.2008
Dated 8 September 2008
- No. AHU-04567.AH.01.02.TH.2010
Dated 28 January 2010
- No. AHU-59907.AH.01.02.TH.2012
Dated 26 November 2012
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.336.963.2-052.000
The Department of Industry and Trade
- No. 0046.1/11/3/I/91
Dated 14 January 1991
- SIUP No. 979/P/09-03/PB/VII/91
Dated 18 July 1991
- TDP No. 09.04.1.18.29130
Dated 31 October 2005
The Capital Investment Coordinating
Board
- No. 160/V/PMA/1999
Dated 2 October 1999
- No. 230/II/PMA/2001
Dated 10 September 2001
- No. 1462/III/PMA/2001
Dated 2 November 2001
- No. 235/II/PMA/2002
Dated 1 November 2002
Related
Company :
None
Capital
Structure :
Authorized
Capital : US$
5,550,000.-
Issued
Capital :
US$ 5,550,000.-
Paid
up Capital :
US$ 5,550,000.-
Shareholders/Owners
:
a. Mrs. Jang Hwa Sook - US$
5,350,000.-
Address : Seoul
South Korea
b. Mr. Hong Jong Sun -
US$ 200,000.-
Address :
Jl. Buni No. 61, RT. 03 RW. 05
Kelurahan Cilangkap, Kecamatan Cipayung
Jakarta Timur
Indonesia
Lines
of Business :
Hairpiece
and Wig Manufacturing
Production
Capacity :
Hairpieces
and Wig - 500,000
pieces p.a.
Total
Investment :
a.
Equity Capital -
US$ 5.5 million
b.
Loan Capital -
US$ 4.3 million
c.
Total Investment -
US$ 9.8 million
Started
Operation :
1990
Brand
Name :
Indokores
Sahabat
Technical
Assistance :
None
Number
of Employee :
2,100
persons
Marketing
Area :
Export - 100%
Main
Customer :
Buyers
in South Korea, Europe Union and the USA
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. CITRA KREASI MEGAH
b. P.T. HASTA PUSAKA SENTOSA
c.
P.T. HANMI HAIR INTERNATIONAL
d.
P.T. SUN CHANG INDONESIA
e. P.T. SUN STARINDO WIRAHUSADA
f. Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
KEB INDONESIA
Wisma GKBI 20th
Floor
Jalan Jend. Sudirman No. 28
Jakarta Pusat
Indonesia
b. P.T. Bank WOORI SAUDARA INDONESIA Tbk
Indonesia Stock Exchange Building Tower 1
Jalan Jend.
Sudirman Kav. 52-53
Jakarta
Selatan, 12190
Indonesia
c. P.T. Bank MANDIRI Tbk
Purbalingga Main Branch
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 93.0 billion
2013
– Rp. 102.0 billion
2014
– Rp. 114.0 billion
Net
Profit (estimated) :
2012
– Rp. 7.4 billion
2013
– Rp. 8.6 billion
2014
– Rp. 9.7 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jong Sun Hong
Director -
Mr. Kim Hyun Don
Board of Commissioners :
Commissioner - Mrs. Jang Hwa Sook
Signatories :
President
Director (Mr. Jong Sun Hong) or the Director (Mr. Kim Hyun Don) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. INDOKORES SAHABAT (P.T. IKS) was established in
Jakarta with the authorized capital of Rp. 100,000,000 wholly issued and paid
up. The company was founded by Mr. Laurens Budihardja and Mr. Basuki, both are
indigenous businessmen. The company notary deed has been changed a couple of
times. In December 1999, Mr. Laurens Budihardja and Mr. Basuki pulled out and
the whole shares sold to Mr. Jong Sun Hong and his wife Mrs. Jang Hwa Sook,
both are of South Korea. On the same occasion the company status was converted
into Foreign Investment (PMA) facility and the authorized capital was also
converted into US$ 400,000 entirely paid up. Then in July 2009 the authorized
capital was increased to US$ 3,450,000 wholly issued and paid up. With this
development the composition of its shareholders has been changed to become Mrs.
Jang Hwa Sook (94.20%) and her husband Mr. Jong Sun Hong (5.80%). The latest
according to revision of notary deed Mr. H. Rizul Sudarmadi, SH., no. 23 dated
6 August 2012 the company authorized capital was raised to US$ 5,550,000
entirely issued and paid up. With this development the composition of its
shareholders has been changed to become Mrs. Jang Hwa Sook (96.40%) and her
husband Mr. Jong Sun Hong (3.60%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-59907.AH.01.02.TH.2012 dated August 6, 2012.
P.T. IKS obtained a Foreign Capital Investment (PMA)
facility issued by the Capital Investment Coordinating Board (BKPM) to deal
with hairpiece and wig manufacturing. The plants located at Jalan Jend. A. Yani
No. 4, Kandang Gempang, Purbalingga, Central Java on a land of 10,000 sq.
meters.
The plant has been operating since 1990 and has expanding
frequently to increasing production capacity. The company produces of
hairpieces and wigs of 490,000 pieces per annum with an investment of US$ 9.8
million come from owned capital of US$ 5.5 million and the rest from loans. The
whole basic materials to produces of hairpieces and wigs imported from China,
India and other countries. P.T. IKS types of products are Custom Toupee; Ready
Made Toupee, All kinds of hair net for Toupee, Human Hair (Raw and dived),
Human Hair Wig/hand made and machine made, Synthetic wig, Braids and weaving,
hair pieces, Eye lash and Special braid and whiskers. P.T. IKS production
capacity are 3,000 pieces of Custom Toupee; 2,000 pieces of press styled
stocked toupee; 15,000 pieces of Human hair wigs and hand made and 15,000
pieces hair pieces. The whole products likes hairpieces and wigs is exported to
Singapore, Hongkong, Taiwan, China, South Korea, Europe Union, the USA and
other countries. We observe the operation of P.T. IKS has been growing and
developing well in the last three years.
In general, we note that the demand for hairpieces and
wigs continue to rise in the last five years in line with the increasing demand
of international market. It is estimated demand for the hairpieces and wigs
will still increase by about 5% to 7% in three years to come. Meanwhile
competition in this business is very tight because a lot of similar companies
operating within the country. Besides production costs also rose due to rising
imported raw material prices, rising electricity tariffs and other resources.
Business position of P.T. IKS still considered good enough because all of its
production for the export market.
Until this time P.T. IKS has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. IKS is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total sales turnover of the company in 2012 amounted to Rp. 93.0 billion
increased to Rp. 102.0 billion in 2013 rose to Rp. 114.0 billion in 2014 and projected
to go on rising by at least 4% in 2015. The operation in 2014 yielded an
estimated net profit of at least Rp. 9.7 billion and the company has an
estimated total net worth of at least Rp. 60.0 billion. We observe that P.T.
IKS 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. IKS is led by Mr. Jong Sun Hong
(63) a businessman and professional manager of South Korea with experience in
hairpieces and wigs manufacturing. Daily activity he is assisted by Mr. Kim
Hyun Don (52) a professional manager 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. INDOKORES SAHABAT is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
Rupiah |
1 |
Rs.0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NIT |
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.