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MIRA
INFORM REPORT
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Report No. : |
504796 |
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Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. PHILIPS |
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Registered Office : |
Gedung Philips Lantai 1 & 2, Jl. Buncit
Raya Kav. 99-100, Kelurahan Pejaten Barat, Kecamatan Pasar Minggu, |
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Country : |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
05.03.2013 |
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Com. Reg. No.: |
AHU-AH.01.03-0025700 |
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Legal Form : |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Line of Business : |
Manufacture of computer, electronic and optical products Manufacture of consumer electronics |
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No. of Employees : |
Per 2017 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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Source
: CIA |
COMPANY IDENTIFICATION |
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Company Name |
PT. PHILIPS |
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Address |
Gedung Philips
Lantai 1 & 2, Jl. Buncit Raya Kav. 99-100 |
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Telephone |
+622129651326 |
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Fax |
+62217940030 |
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Mobile Phone |
N.A. |
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Email |
roey.subagio@philips.com |
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Web |
www.philips.co.id |
PROFILE |
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Address |
Gedung Philips Lantai 1 & 2, Jl.
Buncit Raya Kav. 99-100 |
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Date of Establishment |
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Start Operation |
April 2014 |
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Legal Status |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization (historical) |
No. AHU-12287.AH.01.01.TH.2013 |
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Government Permit (s) |
Badan Koordinasi Penanaman Modal (BKPM) |
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Significant change |
PT. Philips On January 27, 2016, the Company’s authorized capital was increased to
IDR 43,578 million --entirely issued and fully paid up. Meanwhile, its
shareholders remain the same. On January 17, 2017, the Company published a notarial act, yet
without changing its capitalization and shareholder structure. Up to the completion of this report, the structure of the Company's
capitalization and shareholders remain unchanged. |
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Capitalization |
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SHAREHOLDERS & MANAGEMENT |
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Shareholders |
Total No. of Shareholders: 2 |
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Name of Shareholders |
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Management Board |
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Name |
Mr. Suryo Suwignjo |
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Position |
President Director |
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Nationality |
Indonesian |
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Name |
Mr. Yongky Sentosa |
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Position |
Director |
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Nationality |
Indonesian |
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Name |
Ms. Sylvia Lazuarni |
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Position |
Director |
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Nationality |
Indonesian |
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Name |
Mr. Srikanth Velliyur Nott |
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Position |
Director |
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Nationality |
Indian |
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Name |
Mr. Irwin Sjafril |
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Position |
Director |
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Nationality |
Indonesian |
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Supervisory Board |
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Name |
Mr. Ong Chiew Leng Wilfred |
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Position |
President Commissioner |
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Nationality |
Singaporean |
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Name |
Mr. Djiteng Marsudi |
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Position |
Commissioner |
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Nationality |
Indonesian |
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Management Assessment |
The management is deemed to have sufficient experience and industry
expertise to manage subject properly. |
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Authorized Signatories |
Mr. Suryo Suwignjo as a President Director and Mr. Yongky Sentosa, Ms.
Sylvia Lazuarni, Mr. Srikanth Velliyur Nott, Mr. Irwin Sjafril as Directors
which must be approved by shareholders meeting. |
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Affiliate (s) / Associate (s) |
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KEY DATA ON OPERATIONS |
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Registered Activities |
SIC Code 26 : Manufacture of computer, electronic and optical products |
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Employee |
Per 2017 |
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Business Category |
SIC Code 26.4 : Manufacture of consumer electronics |
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Line of Business |
SIC Code 26.40 : Manufacture of consumer electronics |
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Product & Capacity |
N.A. |
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Status of Investment |
Foreign-invested Company |
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Sales Territory |
Local |
70% |
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International |
30% |
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Main Items Imported |
Electrical Equipments |
USA |
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Main Items Exported |
Electronic Products |
Asia Pacific |
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Major Customers |
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Major Supplier |
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Terms of Payment |
Purchase Payment |
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Activity Comment |
PT. Philips Meanwhile, the Company’s factory is located at Industrial Estate
Berbek, Jl. Brebek Industri Kav. 5-19, Kelurahan Berbek, Kecamatan Waru, Kab.
Sidoarjo 61256, Jawa Timur - Indonesia. The Company also owns a sales office,
which is located at Jl. Rungkut Industri III, Kelurahan Kutisari, Kecamatan
Tenggilis Mejoyo, Kota Surabaya 60291, Jawa Timur- Indonesia. The Company is a member of Phillips Group, which produces electronic
products. Currently, the group has a number of divisions, such as: Philips Consumer
Electronics, Philips Semiconductors, Philips Lighting, Philips Medical
Systems and Philips Domestic Appliances and Personal Care. This group is
operating in Indonesia, USA, Netherlands, Singapore, Europe, and others. According to our source, the Company is engaged in the manufacture
household appliance and also medical equipment products. Some of the
Company's products are iron, blender, juicer, mixer, rice cooker, DVD, home
theater, micro system, breast pump, baby monitor, food warmer, shaver, epilator,
hairdryer, hair clipper, ecotonic lamps, electrical devices, ignition
devices, capacitors, lamps, healthcare electric products, etc. The Company’s
products are labeled with trade brand: ‘PHILIPS’. In the past, according to our source, those products were manufactured
by PT. Philips Indonesia. In present time, however, in line with the
establishment of the Company, production of household appliance and hospital
equipment has been taken over by the Company; and now PT. Philips Indonesia
only focuses on production of lamps. To support its production activity, the Company uses supplies of raw
materials from local and overseas suppliers, such as PT. Adyawinsa
Telecommunication & Electrical, PT. Tigaraksa Satria Tbk, and imports
from America, Netherlands, China, etc. There are also from Koninklijke
Philips N.V. of Netherlands, and from some other suppliers. In distribute the products, the Company uses distributors. Currently,
70% of the Company’s products are supplied into the local market throughout
Indonesia. Distributors of the Company’s products are PT. Commeta Niaga Raya,
PT. Oscar Tunastama, PT. Wira Eka Persadatama, etc. Meanwhile, the other 30%
of products are exported to ASEAN countries. For distributing medical equipment products, the Company takes
cooperation with a national medical equipment distributor namely PT.
Enseval Putera Megatrading Tbk. Based on financial statement of PT. Enseval
Putera Megatrading Tbk, per December 31, 2017 the Company had payables of IDR
31,207,475,161 to Enseval. Besides distributing through the distributor, the
Company also sells the medical equipment products through the government’s
e-catalog. Based on our source, demand for the Company’s products in 2015
until 2016 was decreasing significantly. This is particularly for the
demand for the Company’s home electronic products that dropped by 30%, due to
the weakening condition of national economy and performance of electronic
industry in general. In 2017, the Company's performance was much better than the previous
year. The sales of healthcare products increased from 2016 to 2017.
Meanwhile, in 2018 the Company targets to increase sales by 50% by the end of
this year. In terms of financial, the Company did not experience payment problems
either from customers or to suppliers. In present time, the Company is supported by some 250 employees,
consisting of 180 employees at the head office and some 70 employees at the
factory. |
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Litigation |
At the time this report is written, this Company has not been involved
in any criminal or civil cases. This statement is based on a result of search
for cases conducted at the State Court in the area where the Company was
established and operates today. |
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Factory Address |
Industrial Estate Berbek, Jl. Brebek
Industri Kav. 5-19 |
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Sales Address |
Jl. Rungkut Industri III |
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BANKING INFORMATION |
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Banker (s) |
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Insurance |
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BUSINESS PROSPECTS |
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Business Prospects |
Standard Chartered Bank (BSC) Indonesia estimates inflation in 2018 to
be at 4%. This figure is much higher than the inflation forecast in 2017 at
3.8%. With this condition, it is expected to increase public purchasing
power. On the other side, the Ministry of Industry (Kemenperin) targets the
growth of the electronics industry by 10% in 2018 and creates a conducive
business climate in the form of tariff incentives and taxation as well as
securing domestic market. Electronic sector growth is also contributed by the rapid development
of the digital world and the internet today. Indonesia has a chance to grow very fast and big. The greatest need
now is the support of the government so that the Indonesian digital industry
can overcome the backwardness by other countries. Internet penetration should
be upgraded quickly. Not only focused on Java, but also spread in other areas
in Indonesia. The government should also pave the way and provide incentives
for the digital industry to grow and gain access to funding. Compared to Singapore, Indonesia has an advantage with a population
that can be a very big market. But progressive step has been done, so
Singapore is now transformed into a center of startup ecosystem in Asia.
Singapore can enter major Asian markets, such as China, India, Indonesia,
Malaysia, Philippines, and Thailand. One of Singapore's advantages is an
access to enormous funding. Based on the data above, we still believe that the Company still has a
good prospect. |
FINANCIAL STATEMENT |
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Sales Turn Over |
2015 - IDR 141,351,028,000 (Estimated) |
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Total Assets |
As the Company is not a publicly listed company, we are unable to give
a detailed picture of the financial condition of the Company. |
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Other Financial Data |
As the Company is not a publicly listed company, we are unable to
provide details on the financial condition of the Company. |
CREDITWORTHINESS |
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Management Capability |
Adequate |
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Business Morality |
Adequate |
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Payment Manner |
Slow but correct |
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Financial Condition |
Satisfactory |
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Operating Trend |
Fluctuated |
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Conclusive remarks |
Based on data shown above, we learned that the Company is engaged in
the manufacture of electronic products and medical equipment products. The
Company has just been in operation since April 2014. Although it is
relatively newly operating, but the Company has experiences in the business.
It is because the Company is continuing the operation of PT. Philips
Indonesia, which is now focusing on lamp production. The Company's performance over the past 3 years has fluctuated, but
there has been an increase in 2017. Meanwhile, from the credit risk aspect,
we believe that the Company is still able to manage it properly. However, by looking at the fluctuating condition, for now we conclude
the credit risk of the Company at 'Medium to High Risk'. For security reason, then, we advise those wishing to cooperate with
or grant loans to this company to keep asking for adequate collateral from its
shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.70 |
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1 |
INR 93.14 |
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Euro |
1 |
INR 81.43 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.