MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. KARYA MEKAR
DEWATAMALI |
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Registered Office : |
Jalan Soekarno
Hatta 174-174 A, Jombang, 61413, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
16 February 2000 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Sport Shoes Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 157,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name of Company
P.T. KARYA MEKAR DEWATAMALI
Address
Head Office &
Factory
Jalan Soekarno
Hatta 174-174 A
Jombang, 61413
East Java
Indonesia
Phone - (62-21) 851 434
(Hunting)
Fax - (62-21)
861009, 863079
Land Area - 8,000 sq.
meters
Factory Space - 6,500 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
16 February 2000
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-7442.HT.01.01.TH.2001
Dated 15 May 2001
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.848.198.6-602
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
2,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 225,000,000.-
Shareholders/Owners :
a. Mrs. Fransisca Lupi Purwatiningsih - Rp. 127,500,000.-
Address : Jl. Soekarno Hatta174-174 A
Desa Mojongapit, Jombang
East Java, Indonesia
b. Mr. John Pangalela Hiantoro -
Rp. 47,000,000.-
Address : Jl. Darmo Permai Selatan 1/15
Rt. 002/Rw. 006, Dukuh Pakis
Surabaya, East Java
Indonesia
c. Ms Arimbi Hiantoro - Rp. 37,500,000.-
Address : Jl. Darmo Permai Selatan 1/15
Rt. 002/Rw. 006, Dukuh
Pakis
Surabaya, East Java
Indonesia
d. Mr. Anton Brotosuseno Hiantoro - Rp.
37,500,000.-
Address : Jl. Merdeka No. 76, Rt. 01/Rw. 02
Desa Candimulyo, Jombang
East Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Sport Shoes Manufacturing
Production Capacity
Sport Shoes -
350,000 pairs p.a.
Total Investment
a. Owned Capital - Rp. 0.5 billion
b. Loan Capital - Rp. 1.0
billion
c. Total
Investment - Rp. 1.5 billion
Started Operation
2001
Brand Name
LOGO, WOTSTAR,
LOTTO, SPEED
Technical Assistance
None
Number of Employee
320 persons
Marketing Area
Domestic - 30%
Export - 70%
Main Customer
After markets and
buyers in Taiwan, Hong Kong
Market Situation
Very Competitive
Main Competitors
a. P.T. KARYA
MITRA BUDI SANTOSO
b. P.T. KARYA MUDA
SHOES
c. P.T. UNIVERSAL
WISESA INDUSTRY
d. P.T. SIANTAR
MADJU
e. P.T. MEKAR
ABADI
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank DANAMON INDONESIA Tbk
Jalan Soekarno Hatta
Jombang, East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Soekarno Hatta
Jombang, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 10.5
billion
2005 – Rp. 11.3
billion
2006 – Rp. 12.0
billion
2007 – Rp. 6.5 billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 0.6 billion
2005 – Rp. 0.7 billion
2006 – Rp. 0.8
billion
2007 – Rp. 0.4
billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr. John Pangalela Hiantoro
Board of Commissioner :
Commissioner - Mrs. Fransisca Lupi Purwatiningsih
Signatories :
Director (Mr. Fransisca Lupi
Purwatiningsih) which must be approved by the Board of Commissioner.
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$ 157,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. KARYA MEKAR DEWATAMALI (P.T. KMD) was established in Jombang, East Java on16 February 2000 with the authorized capital of Rp. 2,000,000,000 issued capital of Rp. 500,000,000 of which Rp. 225,000,000 was paid up. The founding shareholders of the company are Mrs. Fransisca Lupi Purwatiningsih, Ms Arimbi Hiantoro, his older brother Mr. John Pangalela Hiantoro and Mr. Anton Brotosuseno Hiantoro, they are Indonesian businessmen of Chinese origins. We have since never heard of any changes having occurred in the articles of association of the company to date. The deed of amendment was made by Mr. Aris Hendrawan Halim, SH, a public notary in Jakarta under Company Registration Number C-7442 HT.01.01.TH. 2001, dated May 15, 2001.
P.T. KMD has been operating since 2001 in the sport shoes industry, managing a plant located on a 8,000 sq.m. land plot at Jalan Soekarno Hatta 174-174 A, Jombang, East Java. The land was rent since 2001. The plant producing sport shoes of 350,000 pairs per annum. About 70% of the plant's production is exported by way of job orders like the LOTTO brand to Taiwan and Hong Kong and other countries. Besides, about 30% of its production of the LOGO, WOTSTAR and SPEED brands is also marketed in the country. The basic/auxiliary material in the form of leather is for the larger part imported and for a small part supplied from local production. The steep rupiah depreciation to the US$ and other strong foreign currencies has positively affected P.T. KMD's business, because some 70% of its production has been exported bringing in increased sales revenues in Rupiah. On the other hand, the protracted economic crisis also has adversely affected the company for having very highly pushed up the prices of basic material and production cost. P.T. KMD is classified as a medium sized company in the country dealing with sport shoes manufacturing of which the operation had been running slowly in the last four years.
In general, we observed that before the economic crisis striking Indonesia, the existing shoe manufacturing companies in Indonesia already encountered many problems like an over investment and low knowledge skill in the industry which caused many shoes manufacturing companies to stop operation before the economic crisis striking Indonesia. Besides that, Indonesian shoes producers also got strong competition from Vietnam, the new comer which may appear as the quite heavy competitor apart from the People's Republic of China.
The Realization Export of
Indonesia Shoes and Components, 2001-2005
|
Years |
Value (US$ ) |
Growth (%) |
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2000 2001 2002 2003 2004 2005 |
1,672,110,41 1,505,580,76 1,148,052,59 1,182,185,62 1,325,550,00 1,500,000,000 |
- 4,39% 9,96% 23,75% 2,97% 12,13% |
Source : Central
Bureau of Statistic
Until this time P.T. KMD 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. 10.5 billion increased to Rp. 11.3 billion in 2005, to Rp. 12.0 billion in 2006. As from January-June 2007 the sales turnover is amounted to Rp. 6.5 billion and the company has an estimated total net worth at least Rp. 1.7 billion. It is projected that total sales turnover of the company will increase at least 8% until 2007.
We observe that P.T. KMD is supported by financially fairly strong behind it. So far, we did not hear 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. KMD is headed by Mr. John Pangalela Hiantoro (34), a businessman with more than 5 years of experience in sport shoes manufacturing. 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 did not hear 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. KARYA MEKAR DEWATAMALI 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. |
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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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%)