MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. KARYAWIYOSA ABADI |
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Registered Office : |
Jalan Palem II Block TD 08, Pondok Chandra Indah, Surabaya, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
05 August 1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Textile Chemical and Leather Chemicals |
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$ 92,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. KARYAWIYOSA ABADI
Address
Head Office
Jalan Palem II Block TD 08
Pondok Chandra Indah
Surabaya
East Java
Indonesia
Phone - (62-31) 8666016, 8666017
Fax - (62-31) 8672981
E-mail - karyawiyosa@telkom.net.id
Building Area - 2 storey
Office Space - 420 sq. meters
Region - Commercial Building
Status - Owned
Date of Incorporation
05 August 1992
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Department of Law and Human Rights
No. C-22608.HT.01.04.TH.2000
Dated 17 October 2000
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.592.454.1-603
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 400,000,000.-
Issued Capital : Rp. 100,000,000.-
Paid up Capital : Rp. 100,000,000.-
Shareholders/Owners :
a. Mr. Otong Mulyadi - Rp. 40,000,000.-
Address : Jl. Raya Rungkut Mapan FD-03
Surabaya, East Java
Indonesia
b. Mrs. Rosy Mariati - Rp. 50,000,000.-
Address : Jl. Raya Rungkut Mapan FD-03
Surabaya, East Java
Indonesia
c. Mrs. Yuliawati
Surjadi - Rp. 10,000,000.-
Address : Jl. Batik Rucita No. 11
Bandung, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Textile Chemical and Leather Chemicals
Production Capacity
None
Total Investment
None
Started Operation
1992
Brand Name
PULCRA Chemical
Technical Assistance
None
Number of Employee
13 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. LAUNTANAMA (Textile Industry)
b. P.T. SUNGLINDO JAYA MAKMUR(Textile Industry)
c. P.T. MAYERTEX (Textile Industry)
d. P.T. MULTI SPUNINDO JAYA (Textile Industry)
e. P.T. RAJAWALI GLOVE CORPORATION (Hand Glove Industry)
f. P.T. HARMONIS (Leather )
g. P.T. SILSURYA MEGAH (Leather)
h. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. ABADI KIMIA
b. P.T. VERONA CHEMICAL
c. C.V. FAJAR KIMIA
d. SARI KIMIA
e. C.V. BANGKIT JAYA
f. P.T. BINAMAS UNGGULTAMA
g. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
P.T. Bank CENTRAL ASIA Tbk
Jalan Darmo No. 5
Surabaya
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2004 – Rp. 6.0 billion
2005 – Rp. 6.5 billion
2006 – Rp. 7.0 billion
2007 – Rp. 8.2 billion
Net Profit (Loss) :
2004 – Rp. 300 million
2005 – Rp. 325 million
2006 – Rp. 350 million
2007 – Rp. 420 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President
Director - Mr. Otong
Mulyadi
Director - Mr. Wiyadi Sucipto
Board
of Commissioner :
Commissioner - Mrs. Rosy Mariati
Signatories
:
President
Director (Mr. Otong Mulyadi) or Director (Mr. Wiyadi Sucipto) which must be
approved by the Board of Commissioner (Mrs. Rosy Mariati)
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$ 92,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. KARYAWIYOSA ABADI (P.T. KWA) was established in Surabaya in August 1992 with an authorized capital of Rp. 50,000,000,- with issued capital of Rp. 10,000,000.- fully paid up. The initially founding shareholders of the company are Mr. Wiyadi Sucipto and Mrs. Rosy Mariati, both are Indonesian businessman and businesswoman of Chinese extraction. The company's notary deed has frequently been revised. Lastly in September 1999 the authorized capital was raised to Rp. 400,000,000.- with issued capital of Rp. 100,000,000.- fully paid up. By the same time the shareholders had changed and Mr. Wouado Sucipto pulled out and the whole shares sold to Mr. Otong Mulyadi and Mrs. Yuliawati Surjadi, both are Indonesian businessman and businesswoman of Chinese extraction. The deed of amendment was made by Mrs. Juilia Seloadji, SH., a public notary in Surabaya under Company Registration Number C-22608.HT.01.04.TH.2000, dated October 17, 2000.
P.T. KWA had been in operation since 1992 in trading, and distribution of textile chemicals and leather chemicals. The company imported textile chemical such as dyestuff, coloring matter, sizing agent and leather chemicals from PULCRA SPECIALTY CHEMICAL SHANGHAI CO. Ltd., of China; PULCRA CHEMICAL INDIA PVT of India; PULCRA CHEMICAL ITALY Srl of Italy, and PULCRA CHEMICAL of Spain. Besides, the company also bought the products from P.T. PULCRA CHEMICAL INDONESIA (PULCRA Chemical Agent) in Jakarta. The whole products are supplied to several textile industries operating in East Java and Central Java likes P.T. MAYERTEX, P.T. LAUNTANAMA, P.T. MULTI SPUNINDO JAYA and P.T. DUNIA TEXTILE. Besides, the leather chemical are supplied to leather industries operating in East Java and Central Java such as P.T. RAJAWALI GLOVES CORPORATION, P.T. HARMONIS, P.T. ADI SATRIA ABADI, P.T. BUDIMAKMUR JAYA, P.T. HARGO DUMADI KENCANA LEATHER, P.T. FILSURYA MEGAH, P.T. INDOGLOVES JAYA, P.T. WANGSA BRATA, Fa. ABADI, P.T. SURAWANGI PRIMA and others. We observe the operation of P.T. KWA has been running well and growing in the last three years.
In overall views we find the demand for textile chemical and other industrial chemical has been rising by at least 8% to 10% per years within the last five years. It links closely with the rapid growth of textile industries and leather industries at home. It estimated will be higher by at least 6% within the coming five years. While competition is very tight due to a large number of similar companies operating in the country at presents. We consider P.T. KWA to be in a quite favorable position for having already got hold of a steady clientele in East Java and Central Java.
Volume and Import Value of Chemicals, 2002-2006
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Year |
Chemicals Raw
Materials |
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Thousand Metric Tons |
Million US$ |
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2002 |
8,492.4 |
5,276.4 |
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2003 |
7,673.1 |
5,316.3 |
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2004 |
9,218.8 |
7,613.4 |
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2005 |
8,931.9 |
8,075.5 |
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2006 |
9,641.5 |
8,724.5 |
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Source : Central Bureau of Statistic
Until this time P.T. KWA 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. 6.0 billion, increased to Rp. 6.5 billion in 2005 to Rp. 7.0 billion in 2006. We estimated the total sales turnover in 2007 amounted to Rp. 8.2 billion with a net profit of Rp. 420 million. It is estimated the company has an estimated total networth at least Rp. 1.5 billion. It is projected that total sales turnover of the company will be higher by at least 8% in 2008. We observe that P.T. KWA is supported by financially 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. KWA is led by Mr. Otong Mulyadi (46) as director, a businessman with 15 years of experience in trading and distribution of textile and leather chemicals. Daily operation, he is assisted by Mr. Wiyadi Sucipto (47) as director of the company. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad 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. KARYAWIYOSA ABADI is sufficiently 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%)