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MIRA INFORM REPORT
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Report No. : |
492507 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. HILON INDONESIA |
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Formerly Known As : |
P.T. HILON INDUSTRI P.T. HILONINDO DINAMIKA |
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Registered Office : |
Kawasan Industri Pasar Kemis, Jalan Putra Utama No. 9,
Kelurahan Pasar Kemis, Kecamatan Pasar Kemis, Tangerang, 15560, Banten
Province |
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Country : |
Indonesia |
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Date of Incorporation : |
09.06.1989 |
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Com. Reg. No.: |
AHU-AH.01.03-0032628 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Non-Woven Textile
Industry |
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No. of Employees : |
820 |
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 : |
Foreign Investment Company |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Indonesia |
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 |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 33% today. While Fitch and Moody's Investors
upgraded Indonesia's credit rating to investment grade in December 2011,
Standard & Poor’s has yet to raise Indonesia’s rating to this status amid
several constraints to foreign direct investment in the country, such as a high
level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
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 has not yet materialized.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
HILON INDONESIA
Address
:
Head Office & Factory 1
Kawasan
Industri Pasar Kemis
Jalan
Putra Utama No. 9
Kelurahan
Pasar Kemis, Kecamatan Pasar Kemis
Tangerang,
15560
Banten
Province
Indonesia
Phones -
(62-21) 590 3307 (Hunting)
Fax - (62-21) 590 3310
E-mail - hello@hiloninside.com
Website - http://www.hiloninside.com
Land Area - 45,000 sq.
meters
Building Space - 36,000 sq. meters
Region - Industrial
Estate
Status - Owned
Makassar Factory (Hilon Makassar)
Jalan
Homebase Armed No. 46
Kelurahan
Nirannuang, Kecamatan Bontomarannu
Gowa,
92171
South
Sulawesi
Indonesia
Phones -
(62-411) 420707, 450704
Mobile Phone - 0812 1769 9907
(Mr. Erwin Mark Topayung)
E-mail - hilonmakassar@yahoo.com
Website - http://www.hiloninside.com
Land Area - 8,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Owned
Denpasar, Bali Factory (Hilon
Denpasar)
Jalan
Cokroaminoto No. 468
Kelurahan
Ubung Kaja, Kecamatan Denpasar Utara
Denpasar,
80116
Bali
Province
Indonesia
Phones -
(62-361) 412398 (Hunting)
Fax - (62-361) 426045
E-mail - hrd.hilon@gmail.com
Website - http://www.hiloninside.com
Land Area - 4,000 sq.
meters
Building Space - 1,800 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 9 June 1989 as P.T. HILON INDUSTRI
b. 1 September 1989 as P.T. HILONINDO DINAMIKA
c. 26 January 1991 as P.T. HILON INDONESIA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-1545.HT.01.01.TH.90
Dated 22 March 1990
- No.
AHU-53495.AH.01.02.TH.2008
Dated 21 August 2008
- No.
AHU-AH.01.03-0981921
Dated 20 November 2015
- No.
AHU-AH.01.03-0032628
Dated 23 January 2018
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.061.865.0-057.000
The President of the Republic
Indonesia
No.
B-150/Pres/7/1989
Dated
12 July 1989
The Capital Investment Coordinating
Board
- No. 134/I/PMA/1989
Dated 24 July 1989
- No.
362/III/PMA/1989
Dated 20 September 1989
- No. 98/II/PMA/1990
Dated 4 June 1990
- No. 119/II/PMA/1991
Dated 12 November 1991
- No. 22/II/PMA/1992
Dated 21 March 1992
- No.
269/T/INDUSTRI/1992
Dated 7 October 1992
- No. 80/II/PMA/1993
Dated 9 August 1993
- No. 1/II/PMA/1995
Dated 2 January 1995
- No. 54/II/PMA/1995
Dated 9 March 1995
- No. 01/II/PMA/1998
Dated 2 January 1998
- No.
509/III/PMA/1999
Dated 4 May 1999
- No. 217/II/PMA/2000
Dated 23 August 2000
- No. 273/II/PMA/2000
Dated 6 October 2000
- No. 379/II/PMA/2000
Dated 29 December 2000
- No.
1275/III/PMA/2001
Dated 20 September 2001
- No. 1467/III/PMA/2001
Dated 2 November 2001
- No.
1337/III/PMA/2002
Dated 29 November 2002
- No. 88/III/PMA/2003
Dated 27 January 2003
- No.
944/III/PMA/2003
Dated 15 August 2003
Related
Companies :
a. P.T. HILON FELT (Non Woven Hard
Padding/Geotextile, Needle Punch Felt Manufacturing)
b. P.T. HILON FOAM INDONESIA (Polyurethane Foams
Manufacturing)
c. P.T. HILON SUMATERA (Padding and Quilting
Manufacturing)
d. P.T. HILON SURABAYA (Non Woven Textile
Manufacturing)
e. PRUDENTIA TRADING LIMITED, Hong Kong (Investment
Holding)
f. P.T. SAMBROS INVESCO INTERNATIONAL
(Investment Holding)
g. P.T. SAMUDERA INDUSTRI (Non Woven Textile
Manufacturing)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
600,000,000,000.-
Issued
Capital :
Rp. 202,000,000,000.-
Paid
up Capital :
Rp. 202,000,000,000.-
Shareholders/Owners
:
a. P.T. SAMBROS INVESCO INTERNATIONAL - Rp. 176,213,423,500.-
Address : Kawasan Industri Pasar Kemis
Jl. Putra Utama No. 10
Kelurahan Pasar Kemis, Kecamatan Pasar
Kemis, Tangerang, 15560, Banten Province
Indonesia
b. PRUDENTIA TRADING LIMITED - Rp. 26,433,513,600.-
Address :
Unit 706, 7/F, South Seas Centre Tower 2
75 Mody Road, Tsimhatsui, Kowloon
Hong Kong, China
c. Mr. Jaehyuk Choi -
Rp. 10,000,000.-
Address :
Apartment Bukit Golf Unit PH 04B
Jl. Metro Kencana IV, Pondok Indah
Kelurahan Pondok Pinang, Kecamatan Kebayoran
Lama, Jakarta Selatan, 12310, Indonesia
BUSINESS
ACTIVITIES
|
Lines of Business :
Non-Woven Textile
Industry
Production Capacity :
Tangerang Factory
a.
Padding
Goods - 56,370,000
yards p.a.
b.Quilting Goods - 23,900,000 yards
p.a.
c.
Needle
Punching -
19,140,000 yards p.a.
d.Carded Fibers - 2,400 tons p.a.
e.
Polyester
Staple Fiber - 6,000 tons p.a.
f.
Blankets - 360,000 pieces p.a.
g.Bedding Goods - 200,000 pieces p.a.
Makassar Factory
a.
Padding
Goods - 18,000,000
yards p.a.
b.Bedding Goods - 500,000 pieces p.a.
Denpasar Factory
a.
Padding
Goods - 10,000,000
yards p.a.
b.Bedding Goods - 200,000 pieces p.a.
Total Investment :
a. Equity Capital - Rp. 202.0 billion
b. Loan Capital -
Rp. 104.0 billion
c. Total Investment - Rp. 306.0 billion
Started Operation :
January 1992
Brand Name :
Hilon Indonesia
Technical Assistance
:
None
Number of Employee :
820 persons
Marketing Area :
Export - 80%
Local - 20%
Main Customer :
Automotive
industries, garment industries, insulating industries, infrastructure
industries, mining industries, soft furnishing industries, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYNIC TEXTILE
PRESTIGE
b. P.T. KURALON INDAH
SEJAHTERA
c. P.T. MEGAH SEMBADA
INDUSTRIES
d. P.T. MULTI
SPUNINDO JAYA
e. .T. TERANG CAHAYA
ABADI SEJATI
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s:
a. P.T. Bank KEB HANA INDONESIA
Wisma Mulia Suite
5201
Jalan Jend. Gatot
Subroto No. 42
Jakarta
Selatan – Indonesia
b. P.T. Bank WOORI SAUDARA INDONESIA 1906 Tbk
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
d.
P.T. Bank MANDIRI Tbk
Jalan M.H.
Thamrin No. 5
Jakarta Pusat,
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2015
– Rp. 737.0 billion
2016
– Rp. 788.6 billion
2017
– Rp. 843.8 billion
Net
Profit (estimated) :
2015
– Rp. 59.0 billion
2016
– Rp. 63.0 billion
2017
– Rp. 67.0 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Jae Hyuk Choi
Directors -
a. Mr. Byoung Wook Koh
b. Mr. Jong Hee Kim
c. Mr. Lee Yong Hwa
d. Mr. Park Seong Hoon
e. Mr. Seung Koo Yang
f. Mr. Victor Seng Hyeok Choi
g. Mr. Won Hyuk Choi
h. Mr. Yoon Chong Hyun
General Manager Makassar - Mr. Erwin Mark Topayung
Board of Commissioners :
Commissioner - Mr. Jung Hyo Choi
Signatories :
President
Director (Mr. Jae Hyuk Choi) or one of the Directors (Mr. Byoung Wook Koh, Mr.
Jong Hee Kim, Mr. Lee Yong Hwa, Mr. Park Seong Hoon, Mr. Seung Koo Yang, Mr.
Victor Seng Hyeok Choi, Mr. Won Hyuk Choi or Mr. Yoon Chong Hyun) which must be
approved by Board of Commissioner.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Based on search and investigation the correct name of
Subject is P.T. HILON INDONESIA not HOME BASE ARMED, Bontomarannu, Kab. Gowa,
Sul Sel as stated in your order ref. no. 492507 dated 15 February 2018.
Originally named P.T. HILON INDUSTRI, it was established
in Jakarta on 9 June 1989 with the authorized capital US$ 700.000 wholly issued
of which US$ 100,000 was paid-up. Founder and original shareholders are
INTERITZ Co., Ltd., (Ex. Daeyang Industrial Co. Ltd.,) of South Korea and Mr.
Thong Chong Kin, a Chinese origin Indonesian businessman. The articles of
association have frequently been revised. In September 1989, the company
renamed to P.T. HILON INDODINAMIKA and then of 26 January 1991 it renamed again
to P.T. HILON INDONESIA (P.T. HI). On the same occasion, its authorized capital
was increased to US$ 900,000 entirely issued and paid-up. In November 2001, the
authorized capital was increased again to US$ 5,000,000 wholly issued and
paid-up. At the same time, the company’s shareholders are KOREA CO. LTD., (Ex.
Daeyang Global Co. Ltd., of South Korea) and Mr. Thong Chong Kin. Later based
on revision notary deed was converted into Indonesian Rupiah (IDR) with the
authorized capital of Rp. 31,932,000,000 wholly issued and paid up. On the same
occasion KOREA CO. LTD., of South Korea, Mr. Thong Chong Kin withdrew and into
the company entered by HILON KOREA CO. LTD., INTERITZ CO. LTD., and Mr. Jae
Hyuk Choi of South Korea as new shareholders.
Later in May 2013 the company authorized capital was
HILON KOREA CO. LTD., and INTERITZ CO. LTD., both are of South Korea withdrew
and into the company entered by P.T. SAMBROS INVESCO INTERNATIONAL and PRUDENTIA
TRADING LTD., of South Korea as new shareholders. Concurrently the company
authorized capital was increased to Rp. 600,000,000,000 issued capital to Rp.
202,656,937,100 entirely paid up. With this development the composition of its
shareholders has been changed to become P.T. SAMBROS INVESCO INTERNATIONAL
(86.95%), PRUDENTIA TRADING LTD., South Korea (13.04%) and Mr. Jae Hyuk Choi of
South Korea (0.01%). Lastly according to revision notary deed Mr. Yohanes Irson
Purba, SH., no. 13 dated 18 January 2018 the shareholders approved changed the
board of director and commissioner of the Company. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0032628 dated January 23, 2018
P.T. HI or Hilon is a Foreign Investment (PMA) company
facility having obtained license from Capital Investment Coordinating Board
(BKPM) dealing with non woven textile industry. The company manages three (3)
plants located at Kawasan Industri Pasar Kemis, Jalan Putra Utama No. 9, Pasar
Kemis, Tangerang, Banten Province standing on a land of 45,000 sq. meters.
The plant has been operates in January 1992 by produce
padding goods, quilting goods, needle punching, carded fibre, polyester staple
fibre, blankets and bedding goods. Its plant has been expanded frequently to
increasing production capacity. Later the company expanded its business by
developed its plants in Gowa, Makassar, South Sulawesi on 8,000 sq. meters and
Denpasar, Bali Province on 4,000 sq. meters landsite. Hilon provides quality products for industrial use. Some of our products
are polyester fiber, geo textile, dacron, non woven, bedding goods, felt,
pillow and quilting.
The company’s modern facilities
scattered throughout Indonesia use the best machines in the world from DILO
(Germany), Asseline (France), and Fehrer (Austria), to provide unmatched
production capacity. And when the product is ready to be distributed, Hilon's
impeccable delivery network will ensure delivery time is minimized and
deadlines are always met.
Nonwoven products can be
found at various important industry points in Indonesia. From mining,
construction, agriculture, manufacturing, to infrastructure, they are also
proud to participate in handling Government projects and partner companies, to
help build Indonesia's future. Hilon
Indonesia’s Non woven products are also known for their excellence in the
insulation industry. Not surprisingly, its Non Woven products in Indonesia can
be found in all kinds of high quality jackets, gloves, shoes and sleeping bags.
P.T. HI works together with the biggest brands in the fashion world. GAP,
Esprit, Adidas, The North Face, Reebok, O'Neill, Columbia, Armani Jeans,
Replay, Zara, and Boss are some of them.
P.T. HI or Hilon
products are also widely used for automotive applications. Almost all car
brands famous for using Hilon products advantage is strong power absorbers to
dampen the sound vibration of the machine with perfect, comfortable ride among
others are TOYOTA, NISSAN, DAUHATSU, HONDA, SUZUKI, MITSUBISHI and may more.
Meanwhile the geo textile products also marketed locally through building
contracting, general contracting, geo textile contracting and many more.
Besides, geo textile product distributes through distributors among others are
P.T. HARAPAN NUSA PRATAMA, P.T. TEKNINDO GEOSISTEM UNGGUL, P.T. DIRATZ
INDONESIA and C.V. RIAU GEOTECH INDONESIA. Some 80% of the products marketed
locally while the rest exported to Bangladesh, Sri Lanka, South Korea, India,
Australia and others. We observe P.T. HI operation has been growing and running
smoothly in the last three years.
The textile and apparel product (TTP) industry is one of
the industries that has contrived to with stand the protracted global economic
crisis. Different from the economic situation throughout 2016, the world’s
economic climate in 2017 is estimated to improve. Based on data from IMF,
global economic growth is projected to remain at 3.4% in 2017 or grew higher
than in 2014 and 2015. In line with this positive development, the World Bank
also forecasts a global price hike of several commodities in 2017, one of which
is crude oil, which is estimated to significantly increase after the signing of
agreement between OPEC countries to cut down oil production volume per January
2017. In addition, Indonesia’s economy is also predicted to remain bright in
2017. Several institutions such as the World Bank and Bank Indonesia predict
that Indonesia’s economy will grow by 5.3-5.4%. This estimated figure is higher
than the target set by the government at 5.1% in 2017 State Budget or the
growth rate in 2016 at 5.02%. Indonesia’s textile industry is estimated to grow
robust in 2017. The Indonesian Textile Association (API) believes that textile
industry growth in 2017 will improve compared to the previous year at a range
of 1.6-1.8%. This prediction is supported by several considerations, such as
the EU Comprehensive Economic Partnership Agreement (EUCEPAN) and 2017
investment growth projection, especially for textile industry. Another factor
that accounts for this positive outlook is the 30% reduction of electricity
bill, which is estimated to significantly minimize costs incurred by textile
upstream industry up to 28%.
In addition, the Government has conducted diplomatic
approach to the US government, as one of the largest markets of national
textile industry, to implement customs exemption for textile products exported
from Indonesia. Until recently, referring to the data from the Ministry of
Industry, the textile products from Indonesia that enter the US market are
charged with customs of 12.5%. The implementation of customs exemption for
textile products from Indonesia has high possibility to be realized as the
textile products Vietnam have been granted such exemption. We believe that
Indonesia’s textile products can be better marketed in the US if such exemption
can be implemented. The export volume and value of the national TPT products in
2010 to 2016 are pictured on the following table.
Export Volume and Value of Textile and Apparel Indonesia,
2010 – 2016*
|
Year |
Spun Yarns |
Textile Products (Apparel) |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2010 |
521.0 |
1,600.3 |
374.8 |
5,558.4 |
|
2011 |
475.5 |
1,775.9 |
373.4 |
6,565.2 |
|
2012 |
554.8 |
1,733.0 |
366.3 |
6,106.4 |
|
2013 |
691.4 |
1,948.6 |
363.7 |
6,216.9 |
|
2014 |
733.8 |
2,041.6 |
375.5 |
6,256.0 |
|
2015 |
776.5 |
1,927.6 |
378.6 |
6,410.9 |
|
2016* |
709.0 |
1,695.4 |
337.4 |
5,627.4 |
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 observed that
total sales turnover of the company in 2015 amounted to Rp. 737.0 billion
increased to Rp. 788.6 billion in 2016 rose to Rp. 843.8 billion in 2017 and
projected to go on rising by at least 5% in 2018. The operation in 2017 yielded
an estimated net profit of at least Rp. 67.0 billion and the company has an
estimated total networth of at least Rp. 378.0 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. Jae Hyuk Choi
(50) a businessman and professional manager of South Korea with experience in
non woven textile industry. 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. HILON
INDONESIA is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
|
IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.