MIRA
INFORM REPORT
|
Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KEDAWUNG SETIA INDUSTRIAL TBK. |
|
|
|
|
Registered Office : |
Jalan Mastrip No. 862, Warugunung - Karang Pilang, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
9 January 1973 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Enamel Cookware and Plastic Household Products Investment Holding |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
Correct Name of
company
P.T. KEDAWUNG SETIA INDUSTRIAL TBK.
Address
Head Office
Jalan Mastrip No. 862
Warugunung - Karang Pilang
Phones - (031)
7661983, 7661971 (Hunting)
Fax - (031)
7661981, 7663256, 7662481
E-mail - kdsi_ind@rad.net.id
Land Area - 33.0 hectares
Office Space - 11.8 hectares
Region - Industrial
Zone
Status - Owned
Branches
a. Jalan Panggung III/17
East
Phones - (031) 3522961, 3526158 - 59
Fax - 3532779
b. Jalan Orpa no. 54
Phone - (021) 6900034
Fax - (021) 6900054
Showroom
World Trade Centre 3rd floor, kav. 65-67
Jalan Pemuda 27 - 31
Phones - (031) 5319310
Fax - (031) 5319301
Date of Incorporation
a. 9 January 1973 as P.T. KEDAUNG SETIA
INDUSTRIAL Ltd.
b. 20 November 1974 as P.T.
KEDAWUNG SETIA INDUSTRIAL Ltd.
c. 08 May 1996 as P.T. KEDAWUNG
SETIA INDUSTRIAL Ltd. Tbk.
d. 28 June 2001 as P.T. KEDAWUNG
SETIA INDUSTRIAL Tbk.
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-08581.HT.01.04.TH.2001
Dated 18
September 2001
Company Status
National Private Company
Permit by the
Government Department
The Capital Investment Coordinating Board
a. No. 689/Sekr/Sp.PMDN/73
Dated 21 April 1973
b. No. 235/II/PMDN/88
Dated 27 December 1988
c. No. 80/IIA/PMDN/90
Dated 24 February 1990
d. No. 45/II/PMDN/94
Dated 14 February 1994
Related Companies
The KEDAWUNG
SETIA Group or the KITA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp
300,000,000,000.-
Issued Capital -
Rp 150,500,000,000.-
Paid up Capital -
Rp 150,500,000,000.-
Shareholders
a. P.T. KITA SUBUR UTAMA - Rp
99,495,000,000.-
b. Publics - Rp 51,005,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
a. Enamel
Cookware and Plastic Household Products
b. Investment Holding
Production Capacity
Enamel Cookware
Products - 15,200 tons p.a.
Total Investment
a. Owned Capital - Rp. 150.5
billion
b. Loan Capital
- Rp. 50.0 billion
c. Total Investment - Rp. 200.5
billion
Started Operation
1974
Brand Name
KEDAWUNG
Technical Assistance
None
Number of Employee
2,640 persons
Marketing Area
Domestic
(Local) - 60%
Export
(Overseas) - 40%
Main Customers
- Supermarkets,
Traditional markets, Shops, etc.
- Export to
- Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. KEDAUNG
INDAH
b. P.T. MASPION
c. P.T. TIMUR
KENCANA
d. P.T. GANDA
SERIBU UTAMA
e. Etc.
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T.
Bank
b. P.T.
Bank Rakyat
c.
CITIBANK N.A.
d. DEUTSCHE Bank
Auditor :
Prasetio, Utomo and Co.
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2004 – Rp. 512.0
billion
2005 – Rp. 631.1
billion
2006 – Rp. 454.0
billion (as per 30 September 2006)
Net Loss :
2004 – Rp. 5.8 billion
2005 – Rp. 7.4 billion
2006 – Rp. 4.0 billion
Payment Manner :
Average
Financial Comments :
Fairly Strong
KEY EXECUTIVES
Board of
Management :
President Director - Mr.
Ali Sugiarto Wibisono AKA Tan Ming Hing
Director
- a. Mr. Harianto Wibisono AKA Tan Ming Kiong
b. Mr. Anton Baroto Budi Susatyo
Board of
Commissioner :
President Commissioner -
Mr. H.M. Ysuf Bambang Sujanto AKA Tan Bing Gwan
Commissioner - a. Mr. Heru Wibisono AKA
Tan Ming Tjhing
b.
Mr. Vincent Makmur Widjaja
c.
Mr. Kaszief Kaslan
d. Mr. Tjiptohadi Sawaqrjuwono
Signatories
:
President Director (Mr. Ali Sugiarto Wibisono) or one of the
Directors (Mr. Harianto Wibisono and Mr. Anton Baroto Budi Susatyo) which must
be approved by the shareholder meeting
CAPABILITIES
Management
Capability :
Fairly Good
Business Morality
Fairly Good
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under guarantee
Proposed Credit
Limit
C.O.D. To small
amount
Maximum Credit Limit
Not qualified for credit assessment
OVERALL PERFOMANCE
Initially named P.T. KEDAUNG SETIA INDUSTRIAL LTD., the company was established in Surabaya, East Java, in January 1973 with an authorized capital of Rp 200,000,000.-, issued and paid up capital of Rp 80,000,000.- The previous founding shareholders are the late Mr. Noto Suhardjo Wibisono, his wife Mrs. Hartini Wibisono, his two sons Mr. Haji Muhamad Yusuf Bambang Sujanto AKA Tan Bing Gwan and Mr. Heru Wibisono AKA Tan Ming Tjhing, and Mr. Eddy Chandra and Mr. Agus Nursalim AKA Liem Djoe Koeng, all Chinese-Indonesian entrepreneurs. In November 1974 the company was renamed P.T. KEDAWUNG SETIA INDUSTRIAL Ltd., and in May 1996 changed again to P.T. KEDAWUNG SETIA INDUSTRIAL Ltd. Tbk. (P.T. KSIT). By the same time the authorized capital was raised to Rp 150,000,000,000.-, issued and paid up capital to Rp 50,250,000,000.- In July 1996 it became a publicly listed company by selling its 33.0% shares to public through the Jakarta Stock Exchange (BEJ) and Surabaya Stock Exchange (BES). The latest in June 1998 the authorized capital was raised again to Rp 300,000,000,000.- issued and paid up capital to Rp 150,500,000,000.-
P.T. KSILT is a member of the KITA Group, a medium-sized
national private business group based in
P.T. KSIT established under Domestic Investment (PMDN) facility
is engaged in enamel cookwares manufacturing.
It plant located in Karang Pilang,
P.T. KSIT is the big sized company in enamel cookwares manufacturing operating smoothly in the last five years until 2003. The operation of the company ended with loss in the last four years from 2000 up to 2003.
In overall we find that enamel household product industry including enamel cookwares declined in the period mid-1997 to the end 1999 in line with lack of local demand due to economic crisis occurred in the country since mid-1997. But since the early 2000 this industry rose again. Competition is very tight due to a large number of similar producers operating in the country, among others, P.T. KEDAUNG INDAH CAN Tbk., P.T. MASPION, P.T. TIMUR KENCANA, P.T. GANDA SARIBU UTAMA, etc.
Competition is very tight on account of lots of similar companies operating in the country. Business position of the company is not favorable because it suffered from loss in the last four years as told above.
Based on financial report audited by accountant public, its total sales turnover in 1998 reached Rp 200.8 billion with a net profit after tax of Rp 1.3 billion rose to Rp 239.9 billion with a net profit after tax of Rp 7.7 billion in 1999 to Rp 432.1 billion with a net loss of Rp 14.5 billion in 2000 to Rp 436.5 billion with a net loss of Rp 17.7 billion in 2001 to Rp 513.0 billion with a net loss of Rp 3.2 billion in 2002 dropped to Rp 498.5 billion with a net loss of Rp 19.1 billion in 2003.
P.T. KSIT assets as of 31 December 2003 reached Rp 372.0 billion with a total liabilities of Rp 267.2 billion comprising of current liabilities of Rp 213.6 billion and the rest Rp 53.6 billion is non-current liabilities. Financial report of 31 December 2000, 2001, 2002 and 2003 are attached on this report.
Bad debts of P.T. KSIT that have been restructurized are as follows.
a. On 25
February 2000, the debt to P.T. BANK RAKYAT
(Loan capital of Rp. 11,500,000,000 and export credit of Rp. 12,825,000,000) has been agreed to be paid
within 10 installments (in every 6 months) starting on 21 May 2001 until 30 November 2004
b. On
20 November 2000, the syndicated debts arranged by BNP PARIBAS, Singapore
Branch and The SANWA Bank Ltd., Singapore Branch worth US$ 15,000,000
(principal) have been restructurized to be paid as follows.
· Year 2000 -
US$
500,000.-
· Year 2001 -
US$
1,250,000.-
· Year 2002 -
US$
1,250,000.-
· Year 2003 -
US$
2,000,000.-
· Year 2004 - US$ 10,000,000.-
The management is headed by Mr. Ali Sugiharto Wibisono AKA Tan
Ming Hing (37), a young, creative and dynamic businessman with a lot of
experience in this business. He is a Master of Economic graduate of
So far, we have never yet come across reports on involvement of P.T. KSIT’s management in any fraudulent dealings.
Based on information we collected, we concluded that P.T. KSIT is a big sized company in the country dealing with enamel cookwares manufacturing operating smoothly in the last five years up to 2003. The company operation in the last four years ended with loss from 2000 to 2003. Unstable economic condition in the country has bad impact to the company performance in coming years. However for long term, its business prospect is good once unstable economic condition starts recovery. The company is financially strong but not sound.
The management is handled by experienced professional managers having wide relation with private businessmen of home and overseas as well as with government sectors. Considering vacillating economic condition in the country and negative factors told above we recommend to treat prudently in extending 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 |
|
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%)