MIRA
INFORM REPORT
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Report Date : |
31.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. KASAKATA KIMIA |
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Registered Office : |
Jalan Raya Surabaya Sidoarjo Km. 19, Desa Wadungasih, Buduran, Sidoarjo 61200, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
24 December 1987 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Paint |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$
400,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
Name of Company
P.T. KASAKATA KIMIA
Address
Head Office
Jalan Raya Surabaya Sidoarjo Km. 19
Desa Wadungasih, Buduran
Sidoarjo 61200
East Java
Indonesia
Phone - (62-31) 892 4888 (Hunting)
Fax. - (62-31) 892 4889
Building Area - 1 storey
Office Space - 1,600 sq. meters
Region - Industrial Zone
Status - Owned
Branch
Jalan Sunter Paradise
Rukan Nirwana Sunter Asri Tahap III Block J I No. 20
Jakarta Utara
Indonesia
Phone - (62-21) 6522 727, 6522 929
Fax. - (62-21) 6500 038
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
24 December 1987
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-05553.HT.01.04.TH.2005
Dated 03 March 2005
Company Status
Private Company
Permit by the Government Department
The Department of Finance
NPWP No. 01.438.741.9-617
Related Company
a. P.T.
AVIAN AVIAN (Paint Manufacturing)
b. P.T.
MITRA MULIA MAKMUR (Can Container and Plasticware Manufacturing)
c. UD.
TEXINDO (Trading and Distribution of Paint)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 5,000,000,000.-
Issued Capital : Rp. 3,900,000,000.-
Paid up Capital : Rp. 3,900,000,000.-
Shareholders/Owners :
a. Mr. Hermanto Tanoko - Rp. 975,000,000.-
Address
: Jl. Walikota Mustajab No. 59
Kel. Ketabang, Kec.
Genteng,
Surabaya, East Java
Indonesia
b. Mr. Wijono Tanoko - Rp. 975,000,000.-
Address
: Jl. Walikota Mustajab No. 59
Kel. Ketabang, Kec.
Genteng,
Surabaya, East Java
Indonesia
c. Mr. Soetikno Tanoko - Rp. 780,000,000.-
Address
: Jl. Walikota Mustajab No. 59
Kel. Ketabang, Kec.
Genteng,
Surabaya, East Java
Indonesia
d. Mrs. Lilyanin Tanoko - Rp. 390,000,000.-
Address
: Jl. Walikota Mustajab No. 59
Kel. Ketabang, Kec.
Genteng,
Surabaya, East Java
Indonesia
e. Mrs. Kristien Tanoko - Rp. 390,000,000.-
Address
: Jl. Walikota Mustajab No. 59
Kel. Ketabang, Kec.
Genteng,
Surabaya, East Java
Indonesia
f. Mrs. Muliawati Tanoko - Rp. 390,000,000.-
Address
: Jl. Walikota Mustajab No. 59
Kel. Ketabang, Kec.
Genteng,
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines
of Business:
Trading and Distribution of Paint
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 3.9 billion
b. Loan Capital - Rp. None
c. Total Investment - Rp. 3.9 billion
Started Operation
1988
Brand Name
AVIAN
Technical Assistance
None
Number of Employee
23 persons
Marketing Area
Domestic - 100%
Main Customer
Property contracting company, painting contracting, building material shops, And P.T. CATUR SENTOSA
ADIPRANA
Market Situation
Very Competitive
Main Competitors
a. P.T. SATRIAKARYA ADIYUDHA
b. P.T. SUMBER SELATAN NUSA
c. P.T. WARNA AGUNG
d. P.T. MASADJAJA INDOMAKMUR
e. P.T. PERDANA SEJAHTERA ABADI
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan A. Yani No. 39-A
Surabaya, East Java
Indonesia
b. P.T.
Bank PANIN Tbk
Jalan Raya Darmo No. 57
Surabaya, East Java
Indonesia
c. P.T.
Bank PERMATA Tbk
Jalan Tunjungan No. 52
Surabaya, East Java
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 28.0 billion
2005 – Rp. 30.0 billion
2006 – Rp. 32.0 billion
Net Profit (Loss) :
2004 – Rp. 1.7 billion
2005 – Rp. 1.8 billion
2006 – Rp. 1.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr.
Hermanto Tanoko
Director -
Mrs. Sanderawati Joesoef
Board of Commissioners :
President Commissioner - Mr. Wijono Tanoko
Commissioners -
Mrs. Muliawati Tanoko
Signatories :
President Director (Mr. Hermanto Tanoko) or the
Director (Mrs. Sanderawati Joesoef) 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$
400,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. KASAKATA KIMIA (P.T. KK) was established in December 1987 with the authorized capital of Rp. 500,000,000 of which Rp. 200,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Wijono Tanoko, Mr. Tun Dwi Putra, Mr. Hermanto Tanoko, Mrs. Kristien Tanoko, Mrs. Muliawati Tanoko and Mrs. Liliana Tanoko. The articles of association of the company have frequently been revised. In October 1996, Mr. Tun Dwi Putra withdrew and into the company entered Mr. Soetikno Tanoko as a new shareholder. In June 2004, the authorized capital was raised to Rp. 3,900,000,000 entirely issued and paid up. The deed of amendment was made by Mrs. Happy Herawati Chandra, SH., a public notary in Sidoarjo, under Company Registration Number C-05553 HT.01.04.TH.2005, dated March 3, 2005. The Tanoko family is also the founder and the majority business stake owner of P.T. AVIA AVIAN in paint industry, P.T. PUTRA MULIA MAKMUR in can container and plastic goods industry and U.D. TEXINDO in trading and distribution of paints.
P.T. KK has been in operation since 1988 dealing with trading and distribution of paint products. Mr. Ani, a staff of the company, said that his company is a distributor of its sister company P.T. AVIA AVIAN producing various kinds of paint products such as wood, iron, wall, roof tile paints, etc and synthetic materials like thinners, varnishes, epoxy, melamine resins, etc. The merchandise products are sold in a wholesale to various property contracting companies and building material shops in Surabaya and surroundings. Besides, the company is also sold in retail to the publics in Surabaya. To support its operation, the company opens a branch office in Jakarta. Besides selling paint products of its sister company, the branch office in Jakarta also sells various kinds of paint products such as wall, car paints and others being bought from P.T. CATUR SENTOSA ADIPRANA. P.T. KK is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for paint has kept on increasing by 8% to 10% per annum in the last five years having close relation with the activity growth of various industrial sectors such as property sector, office building, apartments, shopping centers, and automotive sector. The demand is estimated to be rising by at least 7% per annum in the coming five years. The competition is very tight on account of lots of similar company operating in the country. The business position of P.T. KK is favorable for having established regular customers and wide marketing networks especially in Surabaya (East Java), Jakarta and surrounding.
Until this time P.T. KK 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 2004 amounted to Rp.
28.0 billion increased to Rp. 30.0 billion in 2005 and to Rp. 32.0 billion in
2006. The operation in 2006 yielded an estimated net profit at least Rp. 1.9
billion and the company has an estimated total net worth at least Rp. 11.0 billion.
It is projected that total sales turnover of the company will increase at least
8% in 2007. We observe that P.T. KK 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). The company usually pays its debts
punctually to suppliers.
The management of P.T. KK is led by Mr. Hermanto Tanoko (45) with 16 years of experience in industry and trading of paint products. He is also as president director of its parent company P.T. AVIAN AVIAN. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business 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. PT. KASAKATA KIMIA 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
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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