MIRA INFORM REPORT
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Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. KULITMURNI ASIATENGGARA |
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Registered Office : |
Jalan Kopo Maja
Desa Gabus No. 77 Km. 2,5, Cikande, Serang 42178, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
17.11.1993 |
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Com. Reg. No.: |
No.
AHU-96113.AH.01.02.TH.2008 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Leather Tanning
Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
US$ 671,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. KULITMURNI
ASIATENGGARA
company Address
Head Office &
Factory
Jalan Kopo Maja Desa Gabus No. 77 Km. 2,5
Cikande, Serang
42178
Banten Province
Indonesia
Phones -
(62-254) 400 789, 400 889
Fax -
(62-254) 400 689, 400 260
E-mail - senjaya@kmat.co.id
Land Area - 6,000 sq.
meters
Office Space - 5,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
17 November 1993
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C2-3.385.HT.01.01.TH.95
Dated 13 March 1995
- No. AHU-96113.AH.01.02.TH.2008
Dated 12 December 2008
Company Status
Private National
Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
01.502.046.4-415.000
Related Company
P.T. JAYA MITRA SEJATI (Trading, Import and Distribution of Chemical for Leather Tanning and Machinery, Component and Parts)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
10,000,000,000.-
Issued Capital : Rp. 7,800,000,000.-
Paid up Capital : Rp. 7,800,000,000.-
Shareholders/Owners
:
a. Mr. Senjaya
Herlina -
Rp. 2,600,000,000.-
Address : Jl. Taman Golf No. 210
Lippo Karawaci RT. 03/003, Tangerang
Banten, Indonesia
b. Mr. Karyadi Herlina -
Rp. 2,600,000,000.-
Address : Green Garden Block D-2/31
RT. 002/009, Jakarta Barat
Indonesia
c. Mr. Arifin
Herlina -
Rp. 2,600,000,000.-
Address : Jl. Taman Golf No.
206, Lippo Karawaci
RT. 03/003,
Tangerang
Banten,
Indonesia
BUSINESS ACTIVITIES
Lines of Business
:
Leather Tanning
Manufacturing
Production
Capacity :
a. Wet-Blue - 6,000,000
sq. foot p.a.
b. Finished
Leathers -
6,000,000 sq. foot p.a.
Total
Investment :
a. Equity Capital - Rp. 7.8 billion
b. Loan Capital - Rp. 2.2 billion
c. Total Investment - Rp. 10.0 billion
Started
Operation :
1994
Brand Name :
Kulitmurni
Technical
Assistance :
None
Number of
Employee :
237 persons
Marketing Area
:
Export - 80%
Local - 20%
Main Customer
:
Buyers in Italy,
Thailand, India, China
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AFA SAMWO
INDONESIA
b. P.T. ECCO
TANNERY INDONESIA
c. P.T. ELCO INDONESIA SEJAHTERA
d. P.T. DAEHWA
LEATHER LESTARI
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker s :
a. P.T. Bank
CENTRAL ASIA Tbk
Lippo
Karawaci Main Branch
Tangerang,
Banten
Indonesia
b. P.T. Bank
MANDIRI Tbk
Lippo
Karawaci Main Branch
Tangerang, Banten
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 47.0
billion
2009 – Rp. 49.0
billion
2010 – Rp. 51.0
billion
Net Profit
(estimated) :
2008 – Rp. 4.2
billion
2009 – Rp. 4.4
billion
2010 – Rp. 4.6
billion
Payment Manner
:
Average
Financial Comments
:
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Senjaya Herlina
Manager -
Mr. Sinung Pramukantoro
Board of Commissioners :
President Commissioner -
Mr. Karyadi Herlina
Commissioner -
Mr. Arifin Herlina
Signatories :
Director (Mr. Senjaya
Herlina) which must be approved by 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$ 671,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. KULITMURNI ASIATENGGARA (P.T. KMAT) was established in Serang, Banten Province on November 11, 1993 with an authorized capital of Rp. 1,000,000,000 issued capital of Rp. 200,000,000 fully and paid up. The founding and shareholders of the company are Mr. Senjaya Herlina, his young brothers Mr. Karyadi Herlina and Mr. Arifin Herlina. They are Indonesian business family of Chinese origins. The company notary deed has been changed and in November 2008 the authorized capital was raised to Rp. 10,000,000,000 issued capital to Rp. 7,800,000,000 entirely paid up.
The deed of amendment was made by Mr. Drajat Darmadji SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-96113.AH.01.02.TH.2008, dated December 12, 2008.
Meanwhile, Mr. Senjaya Herlina is the Chairman of Indonesian Association of Leather Tanning (APKI) and also business stakes owner of P.T. JAYA MITRA SEJATI engaged in the field of chemical raw materials and machinery for tanning industry.
P.T. KMAT has been operating since 1994 dealing with leather tanning manufacturing. The plant is located at Jalan Kopo Maja, Desa Gabus No. 77 Km. 2.5, Cikande, Serang, Banten Province on a land of 6,000 sq. meters. The plant produces of wet-blue of 6 million sq. foot and finished leather of 6 million sq. foot per annum. The construction of the plant has absorbed an investment of Rp. 10.0 billion come from owned capital of Rp. 7.8 billion and the balance from loans. Mr. Sinung Pramukantoro, HRD Manager of the company explained, some 80% of the products is exported to Italy, United Kingdom, Thailand, South Korea, India, China and other countries. Meanwhile the rest 20% marketed locally to various industries such as shoe industries, furniture industries, bag industries and others. Some of the raw materials like wet salted Java cow hide, wet salted Brahman cow hide is collected from Greater Jakarta, Central Java, wet salted Bali cow hide from Bali. Besides, P.T. KMAT is also imported raw material like Brine cured Australian cow hide from Australia.
In the period between 1970 and 1995, the leather tannery industry underwent a rapid shift to technologies that convert raw hide and wet blue into finished leather, which in turn is used in leather products such as shoes, bags, gloves, garments etc. Economic benefits accrue to downstream actors as value added from hide and skin processing is high. This has been proven by constant annual growth in exports of leather and leather products. In the wake of the 1997/1998 economic crisis, the tannery industry experienced a difficult period as seen in decreased production and manpower. Many tannery companies were even forced to close. The tannery industry has suffered further because post-crisis government policy failed to support the sector and in such a situation companies preferred to export wet blue leather. To guarantee domestic supply the government needs to encourage the leather tannery industry to improve quality in line with standards set by domestic consumers and increase production capacity and volume. It also needs to draw up a primary and secondary industry development strategy through synergy and the cluster approach and review various regulations on leather importation which have been hindering the secondary sector industry. We observe the operation of P.T. KMAT has been growing slowly in the last five years.
In overall we find the demand for leather sheets had been fluctuating
within the last five years in line with the growth of local and international
market demand. It is estimated that it will remains fluctuate within the coming
two-three years. Leather production is a complex task, encompassing 23 distinct
steps, starting with the flaying of raw hides or skins and finishing with
embossing, which presses a chosen grain into the surface of the finished hide.
During the past five years, domestic production of finished leather has
significantly varied. For example, from 2004 to 2006, leather production for
footwear increased 49% from 45 million square feet in 2002 to 67 million in
2004. However, in the past two years, production levels have decreased by 15%, from
67 million in 2004 to 57 million square feet in 2006. The level of domestic
leather produced has not been enough to satisfy consumption.
In 2006, domestic finished leather for footwear consumption was
estimated to be 69 million square feet, while domestic leather production was
only 57 million square feet. Of the 57 million square feet produced, 12 million
was exported to foreign-owned footwear manufacturers, creating a deficit of 24
million square feet. This deficit was addressed through the import of finished
leather, primarily from firms in India, Italy, Bangladesh and China.
Until this time P.T. KMAT has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. KMAT is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2008 amounted to Rp. 47.0 billion
rose to Rp. 49.0 billion in 2009 increased to Rp. 51.0 billion in 2010 and projected
to go on rising by at least 4% in 2011. The operation in 2010 yielded an
estimated net profit of at least Rp. 4.6 billion and the company has an
estimated total networth of at least Rp. 12.0 billion. So far, we did not heard
that the company having been black listed by the Central Bank (Bank Indonesia).
The payment habit of the company has been running smoothly ranging from 1 to 3
months.
The management of P.T. KMAT is led by Mr. Senjaya Herlina (53) a
businessman and professional manager with experience in leather tanning
manufacturing. The management is handled by experienced staff in this business,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sectors. So far, we
did not hear that the management of the company being filed to the district
court for detrimental cases or involved in any business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. KULITMURNI ASIATENGGARA is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
RATING EXPLANATIONS
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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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.