MIRA
INFORM REPORT
|
Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
KINAS GLOBAL INDONUSA |
|
|
|
|
Registered Office : |
Kawasan Pergudangan Lio Baru Asri Block
AA3 – AA5, Jalan Bouraq
Lio Baru No. 33, Batusari, Batu Ceper, Tangerang, 15122, Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
25.01.2007 |
|
|
|
|
Com. Reg. No.: |
No. AHU-16984.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Distribution and Supply of Chemical Raw Material
for Pharmaceutical and Food |
|
|
|
|
No. of Employees : |
17 Persons |
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$ 126,300 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BASIC SEARCH
Name of Company:
P.T.
KINAS GLOBAL INDONUSA
Address:
Head
Office
Kawasan Pergudangan Lio Baru Asri Block
AA3 – AA5, Jalan Bouraq Lio Baru No. 33, Batusari,
Batu Ceper, Tangerang, 15122, Banten Province Indonesia
Phones -
(62-21) 5581642, 5581644
Fax - (62-21) 5581666
E-mail - hendysetiawan@kinasglobal.com
Building Area - 2
storey
Office Space - 120
sq. meters
Region -
Commercial
Status -
Rent
Registration Data
Date
of Incorporation: 25 January 2007
Legal Form : P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.:
The Ministry of Law and Human Rights
- No. W7-02824
HT.01.01.TH.2007
Dated 20
March 2007
- No.
AHU-16984.AH.01.02.TH.2010
Dated 5
April 2010
Company Status:
Private National Company
Permit by the Government Department:
The Department of Finance
NPWP No. 02.589.781.0-034.000
Related Company:
P.T. KARYA GEMILANG INDONUSA (Security Seal Manufacturing
and Trading)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 1,000,000,000.-
Issued Capital :
Rp. 250,000,000.-
Paid up Capital :
Rp. 250,000,000.-
Shareholders/Owners:
a. Mr. Andy Setiawan - Rp.
247,500,000.-
Address : Jl.
Kenaiban Taman Merdeka, RT. 002,
RW. 002, Kel. Pabuaran,
Kec. Karawaci
Tangerang, Banten Province
Indonesia
b. Mr. Hendry Widjaja -
Rp. 2,500,000.-
Address : Jl. Keamanan RT. 009 RW. 006
Kel. Keagungan, Kec. Taman Sari
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Trading, Distribution and Supply of Chemical Raw Material
for Pharmaceutical and Food
Production Capacity :
None
Total Investment :
None
Started Operation :
2007
Brand Name :
Kinas Global Indonusa
Technical Assistance :
None
Number of Employee :
17 persons
Marketing Area :
Local - 100%
Main Customer :
Pharmaceutical Industries and Food Processing
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALLCHEM ANUGERAH PERKASA
b. P.T. GANDA UTAMA TRIJAYA
c. P.T. LIGNO SPECIALTY CHEMICAL
d. P.T. SEHATI LESTARI
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank PANIN Tbk
Ruko Mutiara Taman Palem Block C 1 No. 19
Jalan
Kamal Raya Outer Ring Road
Cengkareng,
Jakarta Barat
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Ruko Taman Palem Lestari Block C 5 Unit 52
Jalan
Kamal Raya Outer Ring Road
Cengkareng,
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 7.5 billion
2009 – Rp. 8.8 billion
2010 – Rp. 9.6 billion
2011 – Rp. 5.0 billion (January – June)
Net Profit (estimated) :
2008 – Rp. 450 million
2009 – Rp. 528 million
2010 – Rp. 595 million
2011 – Rp. 325 million (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Andy Setiawan
Operation Manager - Mr. Hendy Setiawan
Board of Commissioners :
Commissioner - Mr. Hendry Widjaja
Signatories
:
Director (Mr. Andy
Setiawan) 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$ 126,300 on 90 days D/A
OVERALL PERFORMANCE
P.T. KINAS GLOBAL INDONUSA (P.T. KGI) was established in
Jakarta based on notary deed of Mrs. Tan Susy, SH., No. 60 dated 25 January
2007 with an authorized capital of Rp. 1,000,000,000 issued capital of Rp.
250,000,000 fully and paid up. The founding and shareholders of the company are
Mr. Andy Setiawan (99%) and Mr. Hendry Widjaja (1%) both of are Indonesian
businessmen of Chinese origins. The company notary deed was approved by the
Ministry of Law and Human Rights in its decision letter No. W7-02824
HT.01.01.TH.2007 dated March 20, 2007. The company notary deed has been changed
and based on notary document of Mrs. Siti Rohman Caryana, SH., No. 27 dated 11
March 2010 the board of director and commissioner reappointed to lead and runs
of the company’s operation (see profile of this report). The latest revision of
notary documents was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-16984.AH.01.02.TH.2010 dated April 5, 2010.
We observe that majority share is controlled by Mr. Andy
Setiawan. He is also founder and business stakes owner of P.T. KARYA GEMILANG INDONUSA
a private national company engaged in security seal manufacturing and trading.
P.T. KGI has been operating since 2007engaged in the field
of trading, import, distribution and supplies of chemical raw materials for pharmaceutical
and food industries. Mr. Hendy Setiawan, Operation Manager of P.T. KGI said the
whole chemical raw materials such as specialty chemical, food additives, food
ingredients and others imported from China and India with various types. He
also explained the company also imports of food chemical and additives from
Germany. However the demand of chemical raw material for pharmaceutical and
food industries largely wants and ordered by clients mostly from India and
China. Meanwhile European products is expensive than Indian or Chinese
products. Mr. Hendy Setiawan added the whole products supplied to almost
pharmaceutical industries and food industries among others are P.T. INDOFOOD
SUKSES MAKMUR Tbk, P.T. INDOFOOOD CBP SUKSES MAKMUR Tbk, P.T. KALBE FARMA Tbk,
P.T. MERCK Tbk, P.T. SCHERING INDONESIA Tbk, P.T. SANBE FARMA, P.T. ABC
PRESIDENT ENTERPRISE, P.T. HEINZ ABC INDONESIA, P.T. ULTRA PRIMA ABADI, P.T.
ARNOTTS INDONESIA, P.T. MONDE BISCUIT INDONESIA, P.T. KHONG GUAN, P.T. MAYORA
INDAH Tbk, C.V. JAYA ABADI, and others. We observe the operation of P.T. KGI
has been growing and developing well in the last three years.
The domestic demand for various types of chemical products
had been rising by 8% to 10% on the average per annum in the last five years in
line with the rapid growth of various industrial sectors including paint
industry, plastic, ink, textile, rubber, printing and others in the above
period of times as the consumers. But, later dwindled as the global economic
slowdown since October 2008, followed by tight money policy imposed by
Indonesian Central Bank (Bank Indonesia) and also heated by political issue in
the country. The demand growth started to awake in June 2009 in line with the
amelioration of economic condition in the country. Market competition is very tough on account
of large number of other similar companies operating in the country. P.T. KGI
business position in this case is not too badly because it has built regular
customers and extensive marketing network all across the country.
Imports of Raw Materials and Auxiliary Goods, 2004-2010
|
Year |
Food and Beverages Mainly for Industry (Million US$) |
Raw
Materials for Industry (Million
US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
|
|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
|
|
2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
|
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
Source: Central Bureau of
Statistic (BPS)
Until this time P.T. KGI has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of P.T. KGI 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. 7.5 billion rose to Rp. 8.8
billion in 2009 increased to Rp. 9.6 billion in 2010. As from January to June
2011 the sales turnover has reached at least of Rp. 5.0 billion with a net
profit at least of Rp. 325 million and projected to go on rising by at least 6%
in 2012. The company has an estimated total networth of at least Rp. 1.8
billion. So far, we did not heard 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. KGI is led by Mr. Andy Setiawan (39)
a businessman and professional manager with experience in trading, import and
distribution of chemical raw material for pharmaceutical and food industries.
The company's management is handled by professional staff in the above
business. They have wide relations with private businessmen within and outside
the country. 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. KINAS GLOBAL INDONUSA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.10 |
|
|
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.