MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. ARTAKREASI DANEKATAMA |
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Registered Office : |
Intercon Plaza Blok D No. 4, Kebon Jeruk, Jakarta Barat 11620 |
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Country : |
Indonesia |
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Date of Incorporation : |
12.11.1993 |
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Com. Reg. No.: |
AHU-46340.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Clothes Hanger |
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$ 206,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T.
ARTAKREASI DANEKATAMA
A d d r e s s
Head Office
Intercon Plaza
Blok D No. 4
Kebon Jeruk,
Jakarta Barat
11620
Indonesia
Phone - (62-21) 5852003,
5853319, 5852008
Fax - (62-21) 5853325, 5845529
Building Area - 6 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Karawaci Km. 5
Tangerang, Banten
Indonesia
Phone - (62-21) 5852003,
5853319, 5852008
Fax - (62-21) 5853325, 5845529
Land Area - 2,400 sq.
meters
Building Area - 1,050 sq.
meters
Region - Industrial
Zone
Status - Own
Date of Incorporation
12 November 1993
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-46340.AH.01.02.Tahun 2008
Dated 31 July
2008
Company Status
National Private
Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.601.101.7-038.000
Related Company
P.T. WINAKARAWACI
UTAMA (Plastic Product Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
100,000,000.-
Issued Capital : Rp. 25,000,000.-
Paid up Capital : Rp. 25,000,000.-
Shareholders/Owners
:
a. Mr. Hadisaputra Sugianto - Rp. 15,000,000.- (60%)
Address :
Jl. Akasia VI Blok B 8/6
West Jakarta
Indonesia
b. Mrs. Vinilia Soegianto - Rp. 10,000,000.- (40%)
Address : Jl. TSS II No. 29
West Jakarta
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Plastic Clothes
Hanger Manufacturing
Production
Capacity :
Based on orders
Total
Investment :
Owned
Capital - Rp. 1,600,000,000.-
Started
Operation :
1994
Technical
Assistance :
None
Number of
Employee :
70 persons
Marketing Area
:
a. Export - 80%
b. Local - 20%
Main Customer
:
Buyers in Singapore,
Malaysia, Vietnam, India, Australia and USA.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ULTRA
PRIMA PLAST
b. P.T.
MARGACIPTA WIRASENTOSA
c. P.T. DINITO
JAYA SAKTI
d. P.T. INTIDUTA
LESTARI PLASINDO
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. LIPPO BANK
Tbk
Jl. Tomang Raya
Blok E/11
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 12.0
billion
2006 – Rp. 13.6
billion
2007 – Rp. 15.2
billion
2008 – Rp. 8.5 billion (January – June)
Net Profit
(estimated) :
2005 – Rp. 580
million
2006 – Rp. 650
million
2007 – Rp. 720
million
2008 – Rp. 405
million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Hadisaputra Sugianto
Board of Commissioners :
Commissioner -
Mrs. Vinilia Soegianto
Signatories :
Director (Mr.
Hadisaputra Sugianto) which must be
approved by Board of Commissioner (Mrs. Vinilia Soegianto)
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 206,000 on 90
days D/A
OVERALL PERFOMANCE
P.T. ARTAKREASI DANEKATAMA (P.T. AD) was established in Jakarta on
November 1993 with the authorized
capital of Rp. 100,000,000.- which
issued capital of Rp. 20,000,000 entirely paid up. The founding and originally
shareholders of the company are Mr.
Hadisaputro Sugianto and Mr. Sung Dji Mou, both Indonesian businessmen of
Chinese extraction. The company's
notary deed has frequently been revised.
Lastly on June 2008 the authorized capital of Rp. 100,000,000.- but issued and paid up capital was increased to
Rp. 25,000,000. By the same time the shareholders had changed and Mr. Sung Dji
Mou pulled out and the whole shares sold to Mrs. Vinilia Soegianto, an
Indonesian businesswoman of Chinese extraction. The deed of amendment was made by Mrs. Sjarmeini Sofjan Chandra, SH.,
a public notary in Jakarta under Company Registration Number
AHU-46340.AH.01.02.Tahun 2008, dated July 31, 2008.
P.T. AD has been in operation since 1994 in plastic products
manufacturing with its plant located at Jalan Karawaci Km. 5, Tangerang, Banten
Province, Indonesia. P.T. AD produces
plastic clothes hangers, entirely on the basis of orders from buyers in
Singapore, Malaysia, Vietnam, India, Australia and USA. Mr. Irwan of the company’s marketing staff
said the company’s production is marketed entirely under the A & E
Brand. In addition the company also
receives job orders from garment manufacturing companies in Jakarta and
Bandung. We see that P.T. AD has been
operating properly and developing well in the last five years.
We note that the demand for plastic clothes hangers has been ringing by
about 7% to 8% per year in the last five years in close correlation with the
growth of the garment industry as consumer.
The demand is projected to continue to increase by at least 6% per year
in the next three years. On the other
hand, the plastic clothes changers trade and industry is highly competitive on
the account of the many companies operation in this industry with their
orientation also to the export market.
P.T. AD is in a fairly favorable
position for having already secured an overseas clientele in the garment
manufacturing sector.
Until this time P.T. AD has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement.
The management is very closed to outsider about the company’s finances.
We estimated the company’s sales turnover in 2005 at Rp 12.0 billion, increased
to Rp. 13.6 billion in 2006 and rose again to Rp. 15.2 billion in 2007 with a
net profit of Rp. 720 million. The
company has an estimated total networth at least Rp. 8.0 billion. Its projected that the total sales turnover
of the company will increase at least 10% in 2008. 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. AD is led by Mr. Hadisaputra Sugianto (43) a
businessman with 15 years of experience in plastic clothes hanger
manufacturing. 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. ARTAKREASI DANEKATAMA 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)