MIRA INFORM REPORT

 

 

Report Date :

01.07.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. KARYA MEKAR DEWATAMALI

 

 

Registered Office :

Jalan Soekarno Hatta 174-174 A Jombang, 61413 East Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

16.02.2000

 

 

Com. Reg. No.:

No. C-7442.HT.01.01.TH.2001

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Sport Shoes Manufacturing

 

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

 

Maximum Credit Limit :

US$ 320,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

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

 

 

Registration data

 

Date of Incorporation :

16 February 2000

                                  

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

                                                       

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. C-7442.HT.01.01.TH.2001

    Dated 15 May 2001

 

b. No. AHU-10708.AH.01.02.Tahun 2010

    Dated 01 March 2010

 

Company Status :

Private National Company

           

Permit by the Government Department :

The Department of Finance 

NPWP No. 01.848.198.6-602.000

 

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.    500,000,000.-

 

Shareholders/Owners :

a. Mr. John Pangalela Hiantoro                       - Rp.   425,000,000.- (85%)

   Address : Jl. Darmo Permai Selatan 1/15

                   Rt. 002/Rw. 006, Dukuh Pakis

                   Surabaya, East Java

                   Indonesia                      

b. Mrs. Arimbi Hiantoro                                   - Rp.     75,000,000.- (15%)

   Address : Jl. Darmo Permai Selatan 1/15

                   Rt. 002/Rw. 006, Dukuh Pakis

                   Surabaya, 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 :

355 persons                                     

 

Marketing Area :

Domestic   - 20%

Export        - 80%

 

Main Customers :

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

 

B a n k e r s :

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

 

c. P.T. Bank EKONOMI

    Surabaya Branch

    East Java - Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2007 – Rp. 15.5 billion

2008 – Rp. 17.2 billion

2009 – Rp. 20.0 billion

2010 – Rp. 22.8 billion

Net Profit (estimated) :

2007 – Rp. 0.9 billion

2008 – Rp. 1.0 billion

2009 – Rp. 1.2 billion

2010 – Rp. 1.4 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                     - Mr. John Pangalela Hiantoro

                                                 

Board of Commissioner :

Commissioner                           - Mrs. Arimbi Hiantoro

                                                           

Signatories :

Director (Mr. John Pangalela Hiantoro) 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$ 320,000.- on the 90 days of payments

 

 

 

 

 

OVERALL PERFORMANCE

 

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 (51%), Ms Arimbi Hiantoro (15%), his older brother Mr. John Pangalela Hiantoro (19%) and Mr. Anton Brotosuseno Hiantoro (15%), they are Indonesian businessmen of Chinese origins.  The articles of association (notary deed) of the company were made by Aris Hendrawan Halim, SH., a notary in Jakarta. The notary deed has obtained registration number from the Department of Law and Human Rights under No. C-7442.HT.01.01.TH.2001, dated May 15, 2001. The articles of association of the company have been changed.  On September 9, 2009 Mrs. Fransica Lupi Purwatiningsih and Mr. Anton Brotosuseno Hiantoro pulled out and since that time the shareholders of the company are Mr. John Pangalela Hiantoro (85%) and Mrs. Arimbi Hiantoro (15%). Concurrently, the paid up capital was raised to Rp. 500,000,000.- The amendment notary deed has obtained registration number from the Department of Law and Human Rights under No. AHU-10708.AH.01.02.Tahun 2010, dated March 01, 2010.

 

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 80% 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 20% 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.  Some 80% of its products are exported to Asia, Europe and the USA while the rest of 20% is locally marketed at prices ranging from Rp. 150 thousand to Rp. 250 thousand per pairs.  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 five years.

 

Generally, demand for sport shoes has been increasing by 8% to 10% in the last five years in which it had drastically been decreasing as the impact of the economic crisis in the country in 1997. However, the competition is very tight on account of lots of similar companies dealing with sport shoes manufacturing such as P.T. KARYA MITRA BUDI SANTOSO, P.T. KARYA MUDA SHOES, P.T. UNIVERSAL WISESA INDUSTRY, P.T. SIANTAR MADJU, P.T. MEKAR ABADI and others. Beside in domestic markets, the sport shoes of the company are also exported to Asia, Europe and the USA.   The business position of P.T. KMD is favorable for having established wide marketing networks within and outside the country.

 

      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 2008 amounted to Rp. 17.2 billion increased to Rp. 20.0 billion in 2009 and rose again  to Rp. 22.8 billion in 2010  with a net profit of Rp. 1.4 billion.   The company has an estimated total net worth at least Rp. 10.0 billion. It is projected that total sales turnover of the company will increase at least 10% until 2011.  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 (38), a businessman with more than 9 years of experience in sport shoes manufacturing.  In daily activities he is assisted by his younger sister Mrs. Arimbi Hiantoro (34). 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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.71.95

Euro

1

Rs. 64.79

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.