MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. KEMAS INDAH MAJU |
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Registered Office : |
Pulogadung Industrial Estate, Jalan Rawaterate II No. 16, |
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Country : |
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Date of Incorporation : |
1 June 1981 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Plastic Packaging Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 840,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. KEMAS INDAH MAJU
Address
Head Office &
Factory
Pulogadung Industrial Estate
Jalan Rawaterate II No. 16
Phones - (021) 4608847, 4608848
Fax -
(021) 4603720
Email - kemas@kemas.co.id
Website - http://www.kemas.co.id
Land Area -
650 sq. meters
Building Space -
480 sq. meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation
1 June 1981
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-21309
HT.01.04.TH.2003
Dated 8 September
2003
Company Status
National Private Company
Permit by the
Government Department
The Department
of Industry
No.
256/DJAI/IUT-D.IV/Non PMA-PMDN/VIII/89
Dated 12 July
1989
Related Company
None
CAPITAL AND
OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 500,000,000.-
Issued Capital : Rp.
300,000,000.-
Paid up Capital : Rp.
300,000,000.-
Shareholders/Owners :
a. Mr. Ladjuar Dinata - Rp. 285,000,000.-
Address : Jl. Sanur Indah No. 18, RT.012/007
Kel. Kelapa Gading Barat
b. Mr. Urip Tjendera - Rp. 15,000,000.-
Address : Jl. Puri Kencana Kav. 4/23
Kel. Kembangan Selatan
BUSINESS ACTIVITIES
Lines of Business:
Plastic Packaging Manufacturing
Production Capacity
Cosmetic Plastic Packaging – 650
tons p.a.
Total Investment
a. Owned Capital -
Rp 10.0
billion
b. Loan Capital -
Rp 5.0
billion
c. Total Investment -
Rp 15.0
billion
Started Operation
1982
Brand Name
KEMAS or KIM
Technical
Assistance
None
Number of Employee
360 persons
Marketing Area
Export - 40%
Local - 60%
Main Customer
- Avon Product Co.,
Ltd., of
- Hoshi
Corporation of
- Cosmetique,
Inc., of the
- Glamour Look
Ltd., of
- Caressa Khan
of
- Modapack Srl
of
- Claymont Bond
Pty Ltd., of
- Kosmetik
Alwan Sdn Bhd of
- PT. Araya
Distriversa of
- PT. Avon
Market Situation
Very Competitive
Main Competitors
a. P.T. Kemasindo
Indah TRiutama
b. P.T. Dynaplast
Tbk.
c. P.T. Prima
Kalplas
d. P.T. Grahaexcel
Plastindo
e. P.T. Hasil Raya
Industries
f. P.T. Inter Foamindosentra
g. Etc.
Business Trend
Growing
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T. Bank
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
b. P.T. Bank DANAMON
Jalan Prapatan No. 50
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 46.0
billion
2005 – Rp. 55.0
billion
2006 – Rp. 62.0
billion
Net Profit
(estimated) :
2004 – Rp. 3.2 billion
2005 – Rp. 4.4 billion
2006 – Rp. 5.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Urip Tjendera
Director - Mr. Gunawan Sutanudjaya
Board of Commissioners :
Commissioner - Mr. Ladjuar Dinata
Signatories :
President Director (Mr. Urip Tjendera)
or Director (Mr. Gunawan Sutanudjaya) which must be approved by Board of
Commissioner (Mr. Ladjuar Dinata)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 840,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. KEMAS INDAH MAJU (P.T. KIM) was established in June 1981
with an authorized capital of Rp. 30,000,000.- issued capital of Rp.
6,000,000.- of which Rp. 500,000.- was paid-up.
The company was founded by Mr. Ladjuar Dinata and Mr. Rudy Susanto (both
Indonesian businessmen of Chinese extraction) as the original shareholders. In
July 1981 Mr. Rudy Susanto pulled-out and was replaced by Mr. Tan Ing Tjong and
Mr. Randy Sudjana, both also Indonesian businessmen of Chinese extraction. On
this occasion, the authorized capital was increased to Rp. 50,000,000.- of
which Rp. 10,000,000.- was paid-up. The latest in May 2003, the authorized
capital was raised again to Rp. 500,000,000.- issued capital of Rp.
300,000,000.- was paid-up. On the same occasion, the whole shares had been
controlled by Mr. Ladjuar Dinata (95%) and his son Mr. Urip Tjendera (5%). The
deed of amendment was made by Mrs. Neltje T. Pattinama, SH, a public notary in
P.T. KIM has been in operation since 1982 dealing with plastic
container manufacturing. The plant is
located in Pulogadung Industrial Area, Jalan Rawa Terate II No. 6,
Demand for plastic packaging has been fluctuating in the last five years in line with the development of consumer industries namely cosmetic industries, food processing industries such as instant noodle, peppermint, candy, chocolate, snack, powdered coffee and pharmaceutical & cosmetic and some other consumer products. The competition is very tight on account of many similar companies operating in the country. The business position of P.T. KIM is fairly good because it has already had customers and wide marketing networks among cosmetic and pharmaceutical industries in the country.
Until this time P.T. MML 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. 46.0 billion increased to Rp. 55.0 billion in 2005 and rose
again to Rp. 62.0 billion in 2006. It is
projected that total sales turnover of the company will be higher by at least
12% in 2007. We estimated the company has an estimated total net profit at
least Rp. 5.3 billion and the company has an estimated total networth at least
Rp. 22.0 billion. The financial condition of the
company is backed up by financially strong and sound businessmen behind it. So
far, we did not hear that the company having been black listed by the Central
Bank (Bank
The management of P.T. KIM is headed by Mr. Urip Tjendera (38)
with four years of experience in trading and plastic container manufacturing.
However, the company’s prime mover is his father Mr. Ladjuar Dinata (61) with
30 years of experience in the above business. The management of the company is
handled by professional managers in the trading and plastic container
manufacturing having maintained wide relation with overseas and national
businessmen and with the government sectors as well. So far, we have never heard of the management
of the company having been involved in business malpractices 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
P.T. KEMAS INDAH MAJU 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%)