MIRA
INFORM REPORT
|
Report Date : |
3rd
November 2006 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. KAMARINDO GRANITO |
|
|
|
|
Registered Office : |
Komplek Ruko Bahan Bangunan Block F2/9 Jalan Raya Mangga Dua Jakarta Utara Indonesia |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
2005 |
|
|
|
|
Date of Incorporation : |
12 April 1993 |
|
|
|
|
Com. Reg. No.: |
C2-7143.HT.01.01.TH.94 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in trading and distribution of
textile products, and building materials |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. KAMARINDO GRANITO
A d d r e s s
Head
Office (Textile Product)
Komplek Ruko Bahan Bangunan Block F2/9
Jalan Raya Mangga Dua
Jakarta Utara
Indonesia
Phone - (62-21) 6010888
Fax. - (62-21) 6010889
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial Building
Status - Rent
Branches
& Showrooms (Marble & Granite Product)
a. Jalan Agung Timur IX Block O1/6
Jakarta Utara, 14350
Indonesia
Phone - (62-21) 6502665
Fax. - (62-21) 6508323
E-mail - bherwani@cbn.net.id
Building Area - 2 storey
Office Space - 600 sq. meters
Region - Commercial Building
Status - Rent
b. Jalan Gunung Putri Raya
Gunung Putri, Bogor
West Java, Indonesia
Phone - (62-21) 867-2839
Fax. - (62-21) 867-2839
Building Area - 1 storey
Office Space - 500 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
12 April 1993
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C2-7143.HT.01.01.TH.94
Dated 4 May 1994
Company Status :
Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.620.441.4.4-022
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 100,000,000.-
Issued Capital : Rp. 40,000,000.-
Paid up Capital : Rp. 40,000,000.-
Shareholders/Owners :
a.
Mr. Kamlesh Motiram -
Rp. 20,000,000.-
b.
Mr. Derag Kamlesh Motiram - Rp. 18,000,000.-
c.
Mr. Njoto Harsono Anton -
Rp. 2,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Textile Products, and Building Materials
Production Capacity :
None
Total Investment :
None
Started Operation :
1994
Brand Name :
None
Technical Assistance :
None
Number of Employee :
27 person
Marketing Area :
Local - 100%
Main Customer :
End Users
Market Situation :
Very Competitive
Main Competitors :
a. INDAH BUSANA (Trading of Textile Products)
b. NIRMALA COLLECTION (Trading of Textile Products)
c. P.T. GOLDEN MARMER (Trading of Marble Products)
d. P.T. ALAM SURYA (Trading of Granite Products)
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
P.T. Bank
CENTRAL ASIA Tbk
Jalan
Mangga Dua Raya
Jakarta
Utara
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 9.5 billion
2004 – Rp. 10.5 billion
2005 – Rp. 11.5 billion
Net Profit (Loss) :
2003 – Rp. 0.6 billion
2004 – Rp. 0.7 billion
2005 – Rp. 0.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr.
Kamlesh Motiram
Board of Commissioners :
Commissioner - Mr. Derag
Kamlesh Motiram
Signatories :
Director (Mr. Kamlesh Motiram) which must be
approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small
amount – periodical review
Maximum Credit Limit :
US$
151,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. P.T. KAMARINDO GRANITO (P.T. KG) was established in April 1993 with an authorized capital of Rp. 100,000,000.-, issued and paid up capital of Rp. 40,000,000.- The founding shareholders are Mr. Kamlesh Motiram, Mr. Derag Kamlesh Motiram, they are Indian-Indonesian businessmen, and Mr. Njoto Harsono Anton an indigenous businessman. The majority shares of the company is controlled by Mr. Kamlesh Motiram. The deed of amendment was made by Mr. H.Z. Simon, SH., a public notary in Jakarta under Company Registration Number C2-7143 HT.01.01.TH. 1994, dated May 4, 1994.
P.T. KG
had been operating since 1994 in the trading and distribution of textile
products and building materials. Mr. Kamlesh Motiram, the director of P.T. KG
said the product is imported from many countries like Italy, Spain, India, etc.
Meanwhile the products like marble with KARARA, EROSO ALICANTE and MARFELL
brands are imported from Italy, XANXY Black from China and others from India
and Turkey. The other products like granite with Nero Suluto brand is imported
from India, and China. The whole merchandise goods likes textile products are
marketed through various textile shops, small-scale garment manufacturers and
other individuals in Jakarta, Bandung, Surabaya and its surroundings. The whole
building materials are sold to building material shop & dealer and to end
users (individuals) in Jakarta, Gunung Putri and surroundings. The operation of
P.T. KG has been running and growing well in the last three years.
In
overall views we find the demand for textile products in the country had been
rising within the last five years in line with the growth of population. It is
estimated the demand will be higher by 6% to % within the coming three years.
Besides, the demand for building materials has been
increasing by 8% to 10% per annum in the last five years having close relation
with the growth of various industrial sectors including property sectors,
office buildings, apartments, shopping centers and automotive sectors. The
demand for paints is estimated to be rising by at least 6% per annum in the
coming five years. The competition is very tight on account of lots of similar
company operating in Indonesia.
Meanwhile, the growth of general trading and retain business has
rapidly been growing in the last five years as evidence from the development of
shopping centers in big cities like Jakarta, Surabaya, Bandung, Semarang,
Medan, Makasar and others. The economic growth has started increasing from
4.37% in 2002 to 4.87% in 2003 to 5.13% in 205 and to 5.78% in 2005. The
several Indonesian Economic indicators in detail is pictured on following
table:
The Growth of Indonesian Several Economic Indicators 2001-2005
|
No. |
Indicator |
2001 |
2002 |
2003 |
2004 |
2005 |
|
1. |
Economic Growth (%) |
3.83 |
4.37 |
4.87 |
5.13 |
5.78 |
|
2. |
Inflation (%) |
12.55 |
10.03 |
5.06 |
6.40 |
17.17 |
|
3. |
Gross growth based on constant price 1993
(billion Rp) |
1,442,984.5 |
1,506,124.4 |
1,579,558.9 |
1,660,578.8 |
1,753,903.0 |
|
4. |
Foreign Trade Balance (million US$) |
25,248.5 |
23,104.6 |
24,142.3 |
25,614.6 |
27.202.7 |
|
5. |
Export (million US$) |
56,321 |
57,159 |
61,058 |
71,585 |
83,314 |
|
6. |
Import (million US$) |
30,289 |
31,289 |
32,551 |
46,525 |
58,329 |
Source : Central Bureau of Statistic
Until
this time P.T. KG has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. We observed
that total sales turnover of the company in 2003 amounted to Rp. 9.5 billion
increased to Rp. 10.5 billion 2004 to Rp. 11.5 billion in 2005. The operation
in 2005 yielded an estimated net profit at least Rp. 0.8 billion and the
company has an estimated total networth at least Rp. 1.0 billion. It is
projected hat total sales turnover of the company will increase at least 8% in
2006. We observe that KG is supported by financially fairly strong behind it.
So far, we have never heard of the company having been black listed by the
Central Bank (Bank Indonesia). Mr. Kamlesh Motiram, the company’s director and
owner of the company disclosed that the company usually pays its debts
punctually to suppliers.
The
company is led out by Mr. Kamlesh Motiram, a businessman who experienced for
more than 14 years in the field of trading and distribution of textile products
and building materials. The company has had wide relation in the realm of the
private businessmen inside and outside the country. Their relation with the
government is fairly good. So far, we have never heard that the company’s
management involved in a dirty business practice or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. P.T. KAMARINDO GRANITO is
fairly good for business transaction. However, in view of the unstable economic
condition in the country we recommend to treat prudently in extending a loan to
the company.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|