MIRA INFORM REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
P.T. INDUSTRI KARET DELI |
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Formerly Known As : |
P.T. DELI RUBBER & PLASTIC
WORKS Corp. LTD |
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Registered Office : |
Jalan K.L. Yos Sudarso
Km. 8,3, Tanjung Mulia, |
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Country : |
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Date of Incorporation : |
01.02.1956 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-06430 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Tire and Tube Manufacturing |
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No. of Employees
: |
1,250 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 17.4
million |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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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 |
P.T. INDUSTRI KARET DELI
Head Office & Factory
Jalan K.L. Yos
Sudarso Km. 8,3
Tanjung Mulia,
Medan 20241
North Sumatra
Indonesia
Phones -
(62-61) 661 2611 (hunting)
Fax - (62-61) 661 3309
E-mail - delitire@indosat.net.id
Land Area - 7.5 hectares
Building Area - 2.6 hectares
Region - Industrial
Zone
Status - Owned
01 February 1956
as P.T. DELI RUBBER & PLASTIC WORKS Corp. Ltd., changed its name to P.T.
INDUSTRI KARET DELI on September 1, 1956
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
C2-25766.HT.01.04.TH.98
Dated 19 November 1998
b. No.
AHU-61015.AH.01.02.TH.2011
Dated 12 December 2011
c. No.
AHU-AH.01.10-06430
Dated 23 February 2012
Domestic
Investment Company (PMDN)
a. The Department of Finance
NPWP No. 01.100.028.8-123.000
b. The Investment Coordinating Board
- No. 35/II/PMDN/1978
Dated 27 April 1978
- No. 73/II/PMDN/1985
Dated 8 October 1985
- No. 211/II/PMDN/1991
Dated 6 November 1991
A member of the
DUTA DYNASTI Group or the DARMEX Group Members
Capital
Structure :
Authorized Capital - Rp. 528,000,000,000.-
Issued Capital - Rp. 132,000,000,000.-
Paid up Capital - Rp. 132,000,000,000.-
Shareholders/Owners
:
a. Mr. Darwin Tiohardi -
Rp. 39,300,000,000.-
b. Mr. Darvitiat Tjangnaka -
Rp. 9,625,000,000.-
c. Mr. Darviza Tjangnaka -
Rp. 9,625,000,000.-
d. Mr. Sulung Matio -
Rp. 6,400,000,000.-
e. Mr. Irwan Teohardie -
Rp. 7,400,000,000.-
f. Mrs. Tjoa Kim Lioe Nio - Rp. 10,610,000,000.-
g. Mr. Luti Cuaca - Rp. 5,305,000,000.-
h. Mrs. Darlina Tjangnaka -
Rp. 6,050,000,000.-
i. Mrs. Darvita Tjangnaka - Rp. 6,050,000,000.-
j. Mrs. Pao Lian Yin - Rp. 5,305,000,000.-
k. Mr. Ridwan Chuacha -
Rp. 5,305,000,000.-
l. Mr. Philip Tjangnaka - Rp. 4,125,000,000.-
m. Mrs. Dewiwaty Martio Tjangnaka -
Rp. 2,750,000,000.-
n. Mr. Yusni Tjangnaka -
Rp. 2,750,000,000.-
o. Mr. Sugentio Tjangnaka -
Rp. 3,350,000,000.-
p. Mr. Darnazal Tjangnaka - Rp. 1,175,000,000.-
q. Mrs. Djuwita Tjangnaka - Rp. 395,000,000.-
r. Mrs. Ratina Tjangnaka - Rp.
390,000,000.-
s. Mrs. Elita Tjangnaka - Rp. 390,000,000.-
t. Mr. Rizal Soerantio - Rp. 5,700,000,000.-
Lines of
Business :
a. Tire and Tube
Manufacturing
b. Rubber Compound and Others Rubber Good Industry
Production
Capacity :
a. Initial Units
- Bicycle Tires - 600,000 pcs. p.a.
- Bicycle Tubes - 511,200 pcs. p.a.
-
Motorbike/Scooter Tires -
600,000 pcs. p.a.
- Motorbike/Scooter
Tubes - 600,000 pcs. p.a.
- Rubber Compounds - 120,000 pcs. p.a.
- Rubber Goods - 180,000 kgs. p.a.
- Car and Light
Truck Tires - 100,000 pcs. p.a.
- Car and Light
Truck Tubes - 100,000 pcs. p.a.
b. Initial Units
-
Motorbike/Scooter Tires -
150,000 pcs. p.a.
-
Motorbike/Scooter Tubes - 150,000
pcs. p.a.
- Car and Light
Truck Tires - 250,000 pcs. p.a.
Total
Investment :
a. Equity Capital - Rp. 132.0 billion
b. Loan Capital - Rp. 50.0 billion
c. Total Investment - Rp. 182.0 billion
Started
Operation :
1958
Brand Name :
Swallow
Technical
Assistance :
None
Number of
Employee :
1,250 persons
Marketing Area
:
a. Local -
65%
b. Export - 35%
Main Customers
:
a. Tire Distributor and Dealers in the country
b. Overseas buyer in Singapore, Malaysia, Vietnam, Cambodia, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Goodyear Indonesia
b. PT. Bridgestone Tire Indonesia
c. PT. Gajah Tunggal Tbk
d. PT. Multistrada Arah
Sarana Tbk.
Business Trend
:
Growing
Bankers :
a. ABN AMRO BANK N.A.
Jl. Imam
Bonjol No. 26-a
Medan,
North Sumatra
Indonesia
b. P.T.
Bank NEGARA INDONESIA Tbk
Jl. Brigjen Katamso No. 24
H-I
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp.
1,005.8 billion
2010 – Rp.
1,120.0 billion
2011 – Rp.
1,280.0 billion
Net Profit
(estimated) :
2009 – Rp. 82.5 million
2010 – Rp. 91.8 million
2011 – Rp. 105.0
million
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Darwin Tiohardi
Directors -
a. Mr. Darvitiat Tjangnaka
b. Mr. Darviza tjangnaka
c. Mr. Ferry Yonawan
Board of Commissioners :
President Commissioner -
Mr. Sulung Matio
Commissioners -
a. Mrs. Tjoa Kim Lioe Nio
b. Mr. Sugentio Tjangnaka
Signatories :
President Director (Mr. Darwin
Tiohardi) or one of the Directors (Mr. Darvitiat Tjangnaka, Mr. Darviza
Tjangnaka and Mr. Ferry Yonawan)) which must be approved by Board of
Commissioners
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$ 17.4 million
on 90 days D/A
Initially named P.T. DELI RUBBER & PLASTIC WORKS CORPORATION LTD., which was established in Medan, North Sumatra, in February 1956 with an authorized capital of Rp 3,000,000.-, issued and paid up capital fo Rp 600,000.- The original founding shareholders are Mr. Tio Toen Tjioe, Mr. Tio Tjoie Goan, Mr. Lie Huat Kim, Mr. Tjong Thjoeng Tjen, all Chinese-Indonesian businessmen. In September 1956 the company was renamed P.T. INDUSTRI KARET DELI (P.T. IKD). The company's notarial act has frequently been revised. In 1990 the authorized capital was raised to Rp 26,400,000,000.-, issued and paid up capital to Rp 5,280,000,000.- The latest in August 1998 the authorized capital was again raised to Rp 100,000,000,000.-, issued and paid up capital to Rp 26,4000,000,000.-.
Latest based on notary deed of Mr. Jhon Langsung, SH., No. 119 dated 22 November 2011, the authorized capital was raised again to Rp. 528,000,000,000.- of which Rp. 132,000,000,000.- was issued and paid up. Since then, the shareholders of the company as quoted in page 3 of this report. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-61015.AH.01.02.Tahun 2011, dated December 12, 2011 and No. AHU-AH.01.10-06430 dated February 23, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. IKD is a member of the DARMEX Group or the DUTA DYNASTI Group, a national private business group with main activities in rigid PVC pipe and PVC compound and PVC fitting, tyre and tube manufacturing industries, etc.
P.T. IKD is a Domestic Capital Investment Company (PMDN) dealing with rubber products manufacturing industry, such as bicycle and motorcycle tire and tube. Its plant is located at Jalan K.L. Yos Sudarso Km.8, Tanjung Mulia, Medan, North Sumatra, on a land of some 7.5 hectares and had been operating since 1958. P.T. IKD is the first tire industry in Sumatra. The plant has frequently been expanded and now it has a production capacity as quoted in page 4 of this report. Some 35% of the products had been exported to Singapore, Malaysia, Vietnam, Cambodia, the USA, European countries, etc., and the rest is marketed locally by using a well-known brand SWALLOW to tire distributor and dealers in the country. P.T. IKD belongs to a large company in North Sumatra and the operation had been growing stable within the last five years.
We note that the demand for automotive and motorcycle components and parts, including tires and tubes has kept on rising by at least 10% per year in the last five years in line with the growth and development of the automotive and motorcycle industry in the country. According to the Indonesia Car Manufacturers Association (GAIKINDO) explained that the total of car sales in 2006 amounted to 318,904 units increased to 433,341 units in 2007 and rose again to 603,774 in 2008. But the total of car sales in 2009 dropped to 483,548 units rose again to 764,710 units in 2010 and as of 30 February 2011 amounted to 143,355 units. The growth of car and motorcycle sales in Indonesia in 2000 to 2011 is pictured on the following table:
|
Year |
Motorcar (units) |
Motorcycle (units) |
|
2000 |
298,665 |
979,422 |
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2001 |
300,569 |
1,650,770 |
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2002 |
317,749 |
2,179,016 |
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2003 |
354,331 |
2,823,702 |
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2004 |
483,148 |
3,900,598 |
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2005 |
533,917 |
5,089,426 |
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2006 |
318,904 |
4,470,722 |
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2007 |
433,341 |
4,713,895 |
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2008 |
603,774 |
6,280,799 |
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2009 |
483,548 |
5,882,000 |
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2010 |
745,390 |
7,481,815 |
|
2011 |
888,335 |
8,043,535 |
Source:
GAIKINDO and the Indonesian Motorcycle Manufacturer Association (AISMI)
The company is neither public listed nor bond issued company. Therefore,
the company has no obligation to publish financial statement publicly. P.T.
IKD’s management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover in 2009 amounted
to Rp. 1,005.8 billion increased to Rp. 1,120.0 billion in 2010 rose again to
Rp. 1,280.0 billion in 2011 and estimated it will be higher by at least 10% in
2012. The operation in 2011 yielded a net profit at least Rp. 105.0 billion and
the company has a total net worth of Rp. 650.0 billion. P.T. IKD is likely to
be supported by a financially strong and healthy businessman. So far, we have
never heard of the company having been black listed by the Central Bank (Bank
Indonesia). Besides, the company usually pays its
debts punctually to suppliers.
The management is headed by Mr. Darwin Tiohardi (67), a businessman with experience for more than 38 years in car and motorcycle tire/tube industry and trade. Daily, he is assisted by Mr. Darvitiat Tjangnaka (66), Mr. Darviza Tjangnaka (62) and Mr. Ferry Yonawan (61) as director respectively. The management is also supported by a team of professional managers, 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. INDUSTRI KARET DELI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
UK Pound |
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 |
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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 |
|
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 |
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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.