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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KARUNIA
MAKMUR SELARAS |
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|
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Registered Office : |
Kav. Polri Jelambar D-XIII/1151, Jelambar
Sub-district, Grogol Petamburan District Jakarta Barat 113460 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.07.2006 |
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Reg. No.: |
No. AHU-AH.01.10-30697 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Pharmaceutical Raw Materials |
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No. of Employees : |
12 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. KARUNIA MAKMUR SELARAS
Head Office
Kav. Polri Jelambar D-XIII/1151
Jelambar Sub-district, Grogol Petamburan District
Jakarta Barat 113460
Indonesia
Phones -
(62-21) 5697 6227
Fax - (62-21) 5696 4842
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
06 July 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-24462 HT.01.01.TH.2006
Dated 23
August 2006
b. No.
AHU-02941.AH.01.04.Tahun 2007
Dated 12 November
2007
c. No. AHU-AH.01.10-30697
Dated 27
September 2011
Company Status :
National Private Company
Permit by the Government Department :
a. The Department of
Finance
NPWP No.
02.415.681.2-036.000
b. The Department of
Health
No.
YF.05.DJ.I.PBBBF.658, dated 13 August 2007
Related Company :
P.T. POMALA ADI UTAMA (Trading and Distribution of Basic Chemical for
Pharmaceutical)
Capital Structure :
Authorized Capital - Rp.
800,000,000.-
Issued Capital - Rp.
550,000,000.-
Paid up Capital - Rp. 550,000,000.-
Shareholders/Owners :
a. Dr. Ronny Massie - Rp. 440,000,000.- (80%)
Address : Kav. Polri Blok D-XI/1115
Jelambar, Grogol
Petamburan
West Jakarta
Indonesia
b. Mrs. Ingrid
Fransisca Massie - Rp.
110,000,000.- (20%)
Address : Kav. Polri Blok D-XI/1115
Jelambar, Grogol
Petamburan
West Jakarta
Indonesia
Lines of Business :
Trading, Import and Distribution of Pharmaceutical Raw Materials
Production Capacity :
None
Total Investment :
Owned Capital - Rp. 550 million
Started Operation :
August 2007
Brand Name :
KMS
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Local - 100%
Main Customers:
Pharmaceutical Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Enseval Putera Megatrading
b. PT. Ekacitta Dian Persada
c. PT. Megasetia Agung
Kimia
d. PT. Providen Mitratara
e. PT. Roche Indonesia
Business Trend :
Growing
Banker :
P.T. Bank CENTRAL ASIA Tbk
Jelambar Branch
Kavling Polri, Jl. Hadiah Blok B-7 No. 706
West Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 9.7 billion
2010 – Rp. 11.0 billion
2011 – Rp. 12.6 billion
2012 – Rp. 7.1 billion (January
– June)
Net Profit (estimated) :
2009 – Rp. 508 million
2010 – Rp. 576 million
2011 – Rp. 660 million
2012 – Rp. 372 million (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mrs. Ingrid Fransisca Massie
Board of Commissioners :
Commissioner - Dr. Ronny Massie
Signatories :
Director (Mrs. Ingrid Fransisca Massie)
which must be approved by Board of Commissioner (Dr. Ronny Massie)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. KARUNIA MAKMUR SELARAS (P.T. KMS) was established on July 6, 2006
with the authorized capital of Rp. 800,000,000.- of which Rp. 200,000,000.- was
issued and fully paid up. The founding
shareholders of the company are Dr. Ronny Massie (80%) and his daughter Ms.
Ingrid Fransisca Massie (20%), both are indigenous business persons. The Articles of association has been approved
by the Minister of Law and Human Rights through Decision Letter No. C-24462
HT.01.01.TH.2006 dated August 23, 2006.
The Company’s article of association has been amended for several times,
most recently by notarial deed of Meissie Pholuan, SH., No. 15 dated September
20, 2011 the issued capital was raised to Rp. 550,000,000.- and fully paid
up. However, no changes have been effected in term of its shareholding composition
and capital structures to date. The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-20697 dated September 27, 2011.
Pursuant to the company’s notary deed, P.T. KMS engaged to operate in trading and industry. The Company’s registered office located at Kav. Polri Blok DXIII No. 1151, Jelambar Sub-district, Grogol Petamburan District, West Jakarta and the company can open branch offices or representative offices at home and abroad.
We observed that P.T. KMS has been operating since August 2007 in
trading, import and distribution of pharmaceutical raw materials and basic
chemicals for pharmaceutical industries.
Mr. Ronny Massie, a commissioner of P.T. KMS said that the company sells
various imported products such as super refined oil, cold emulsifler and
surfactants, Vaseline, omega 3, povidone iodine, active pharmaceutical
ingredient flavor, polisorbate 20 and others.
Besides, the company also sells laboratory reagents comprising HPLC
Grade, Analytical Reagent (AR), Laboratory Reagent (LR), Electric Purified Grade
(EP) and others. The whole pharmaceutical raw materials and basic chemicals
imported from Spain, Japan, China, India and Taiwan. P.T. KMS is classified as
a small sized company of its kind in the country of which the operation has
been growing slowly in the last three years.
Generally, demand for pharmaceutical raw materials, laboratory and
medical equipment and various pharmaceutical products had been growing in the
last five years up to the end 2011 as pictured in sales value of national
pharmaceutical products, import value and export value issued by the Food and
Drug Controlling Board (BPOM). The national pharmaceutical sales, export and
import value of products are estimated to be rising by 6% to 8% in the next
year. The market competition is very tight due to a large number of similar
companies operating in the country. We
consider P.T. KMS to be in a quite favorable position for having already got
hold of a steady clientele in the country.
According the BPOM that national pharmaceutical sales as shown are as
the following table.
National Market
Trend of Drugs, 2001-2011 (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21,142 23,506 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 |
Source: Food and
Drug Controlling Board (BPOM) *) Estimated
Until this time P.T. KMS has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. KMS is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2009 amounted to Rp. 9.7 billion increased to Rp.11.0 billion in
2010 rose again to Rp. 12.6 billion in 2011 and projected to go on rising by at
least 8% in 2012. The operation in 2011 yielded an estimated net profit of at
least Rp. 660 million and the company has an estimated total net worth of at
least Rp. 1.2 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. KMS is led by Mrs. Ingrid Fransisca Massie (35)
as Director, a businesswoman with more than 5 years experience in trading and
distribution of pharmaceutical raw materials and medical equipments. But, the
prime-mover of the Company is Dr. Ronny Massie (63) as Commissioner who
experienced for more than 28 years in the field of trading, import and
distribution of pharmaceutical raw material and basic chemical for
pharmaceutical industries. In daily
activities, they are assisted by a number of expert staffs in the above
business. The Company’s management has 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. KMS is sufficiently fairly good for business transaction. But owing
to economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
|
|
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.