|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KARUNIA ALAM SEGAR |
|
|
|
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Registered Office : |
Jl. Kemlaten (Melaten)
No. 28, Kebraon – Karang Pilang, Surabaya 60222, East Java |
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Country : |
Indonesia |
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|
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Date of Incorporation : |
11.12.1996 |
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|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-03100 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Soft Drink,
Fruit Juice Drink and Instant Noodle Processing Industry |
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No. of Employees : |
3,260 |
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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Payment Behaviour : |
Usually Correct |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 ALAM SEGAR
Head Office &
Factory I
Jl. Kemlaten
(Melaten) No. 28
Kebraon – Karang
Pilang
Surabaya 60222,
East Java
Indonesia
Phones -
(62-31) 7661911, 7661143
Fax - (62-31) 7661032
Land Area - 5,000 sq.
meters
Building Space - 3,800 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jl. Raya
Sukomulyo Km. 24
Manyar, Gresik
Surabaya, East
Java
Indonesia
Phones -
(62-31) 3957781, 3957782, 3958581
Fax - (62-31) 3958582
Land Area - 100,000 sq.
meters
Building Space - 22,500 sq. meters
Region - Industrial
Zone
Status - Owned
Marketing Office
Wings Group
Ekonomi Builing
Jalan Embong Malang No 61-65
Surabaya 60261
East Java, Indonesai
Phones -
(62-31) 532 0680 (hunting)
Fax - (62-31) 532 5845
11 December 1996
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-03222.AH.01.02.Tahun 2008
Dated 23 January 2008
b. No.
AHU-AH.01.10-03100
Dated 31 January 2011
Domestic
Investment Company (PMDN)
a. The
Department of Finance
NPWP No. 01.771.763.8-609.000
b. The Capital Investment Coordinating Board
-No. 120/I/PMDN/1997
Dated 19 March 1997
-No. 28/II/PMDN/2000
Dated 3 April 2000
-No. 24/III/PMDN/2001
Dated 26 February 2001
-No. 112/II/PMDN/2005
Dated 2 December 2005
c. The
Department of Industry and Trade
No. 631/T/INDUSTRY/1999
Dated 30 September 1999
A member of the
WINGS Group (see attachment)
Capital
Structure :
Authorized Capital - Rp. 100,000,000,000.-
Issued Capital - Rp. 87,000,000,000.-
Paid up Capital - Rp. 87,000,000,000.-
Shareholders/Owners
:
a. P.T.
MITRAJAYA EKAPRANA - Rp.
86,814,000,000.- (99.786%)
Address: Wisma Metropolitan I,
8th Floor
Jl. Jend.
Sudirman Kav. 31
Jakarta Selatan
b. Mrs.
Djuwita Abadi -
Rp. 93,000,000.-
( 0.107%)
Address: Jl. Dharmahusada Indah I/61-63
Surabaya,
East Java
c. Mr. Hanny
Sutanto -
Rp. 93,000,000.-
( 0.107%)
Address: Jl. Cempaka Putih Tengah VI/59
Jakarta Pusat
Lines of
Business :
Soft Drink, Fruit
Juice Drink and Instant Noodle Processing Industry
Production Capacity
:
a. Powder Soft Drink - 3,000 tons p.a.
b. Peanut Fried Crips - 6,000 tons p.a.
c. Snacks - 1,000 tons p.a.
d. Extract Coffee - 6,000 tons p.a.
e. Milk Drinks - 1,000 tons
p.a.
f.
Instant Noodles - 90,000
tons p.a.
g. Health Drinks - 3,000 tons
p.a.
h. Soft Drinks (Milkjus) -
7,500 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 87.0 billion
b. Loan Capital - Rp. 170.0 billion
c. Total Investment - Rp. 257.0 billion
Started
Operation :
1999
Brand Name :
JAS JUS (for Soft
Drink) and MIE SEDAAP (for Instant Noodles)
Number of
Employee :
3,260 persons
Marketing Area
:
Local -
85%
Export - 15%
Main Customers
:
a. Hypermarkets,
Supermarkets, Traditional Markets, etc.
b. Overseas
markets in Asian countries
Market Situation
:
Very Competitive
Main
Competitors :
a. PT. Indofood
Sukses Makmur Tbk
b. PT. Centrafood
Indonusa Corporation
c. PT. Sentraboga
Inti Selera
d. PT. Millenia
Pangan Makmur
e. PT. Tsun Food
Indonesia
Business Trend
:
Growing
Bankers :
a. P.T. Bank
NEGARA INDONESIA Tbk
Jl. Rajawali No. 10
Surabaya, East Java
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jl. Slompretan No. 43
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No detrimental
filling was recorded at the local court
Annual Sales
(estimated) :
2008 – Rp. 860.0 billion
2009 – Rp. 920.0 billion
2010 – Rp.
1,062.0 billion
2011 – Rp.
1,190.0 billion
2012 – Rp.
1,280.0 billion
Net Profit
(estimated) :
2008 – Rp. 55.0
billion
2009 – Rp. 62.0
billion
2010 – Rp. 71.5
billion
2011 – Rp. 80.0
billion
2012 – Rp. 86.0
billion
Payment Manner
:
Fairly good
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Eddy William Katuari
Vice President Director -
Mr. John Michael Sutanto
Directors -
a. Mr. Andrew Katuari
b. Mr. Alex Ivan Tanoyo
c. Mr. Ronald Suciawan
Board of Commissioners :
President Commissioner -
Mr. Harjo Sutanto
Commissioner -
Mr. Finney Henry Katuari
Signatories :
President Director (Mr.
Ir. Eddy William Katuari) or Vice President Director (Mr. John Michael Sutanto)
or one of the Directors (Mr. Andrew
Katuari, Mr. Alex Ivan Tanoyo and Mr. Ronald Suciawan) which must be approved by Board of
Commissioners (Mr. Harjo Sutanto and Mr. finney Henry Katuari)
Management Capability :
Good
Business Morality :
Good
The correct name of the company is P.T. KARUNIA ALAM SEGAR (P.T. KAS) was established in Surabaya (East Java) on December 11, 1996 with authorized capital of Rp. 3,000,000,000.- issued and paid up capital of Rp. 1,500,000,000.- the founding shareholders are P.T. MITRAJAYA EKAPRANA, a private company and two Indonesian businessmen of Chinese extraction the late Mr. Drs. Freddy Ignatius Katuari AKA Oen Tay Sen and Mr. Hanny Sutanto AKA Tan Tjhew Han. The company’s Article of Association has been changed frequently. On January 2000 the authorized capital was raised to Rp. 15,000,000,000.- entirely issued and paid up. On February 2001 the authorized capital was raised again to Rp. 26,000,000,000.- entirely was issued and paid up. On May 2003, the authorized capital was raised again to Rp. 100,000,000,000.- of which Rp. 50,000,000,000.- was issued and fully paid up. The latest on January 2008, the issued and paid up capital was raised to Rp. 87,000,000,000.- This Articles of Association amendment was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-03222.AH.01.02.Tahun 2008 dated 23 January 2008, with tax registration number (NPWP) from the Department of Finance under No. 02.771.763.8-609.000.
On March 19, 2010, Mr. Drs. Freddy Ignatius Katuari passed away and his stakes in the company is replaced by his wife Mrs. Djuwita Abadi. This Articles of Association amendment has been approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-AH.01.10-03100 dated 31 January 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
We observed that the majority shareholder namely P.T. MITRAJAYA EKAPRANA is a private company and the majority business stakes is controlled by the late Mr. Johannes Ferdinand Katuari AKA Oen Jong Khing and Mr. Harjo Sutanto AKA Tan Siek Miauw, both are the founders and majority business stakes owners of the WINGS Group, a large business group specializing in detergent product industry in the country. Mr. Drs. Freddy Ignatius Katuary and Mr. Hanny Sutanto are the second generation of Katuary family and Sutanto family.
P.T. KAS is a Domestic Investment Company (PMDN) dealing with soft drink and fruit juice drink processing industry by managing a plant located at Jl. Kemlaten (Melaten) No. 28, Kebraon, Karang Pilang, Surabaya, East Java on land of some 5,000 sq. meters operating since 1999. In 2000 P.T. KAS got an expansion permit to produce of instant noodles, health drinks, milk drinks, peanut fried crips and snack food. The expansion plant is located at Jl. Raya Sukomulyo Km. 24, Manyar, Gresik, East Java on a land of some 100,000 sq. meters, operating since 2001. The above plant absorbed an investment of Rp. 97.0 billion coming from company’s capital of Rp. 23.5 billion and the rest from loan.
Then in December 2005, P.T. KAS got an expansion permit to increase production capacity in instant noodles and soft drink (milk jus). The expansion plant is located at Jl. Raya Sukomulya Km. 24, Manyar, Gresik, East Java with an investment of Rp. 160.0 billion originally come from loan capital. The expansion plant has been operating in 2007. The product of soft drink and soft drink powder is entirely marketed locally through distributors, hypermarkets, supermarkets, traditional markets and retailing stores using trademark JAS JUS. While some 85% of instant noodle product is marketed locally under popular trademark MIE SEDAAP and the rest 15% is exported to Asian countries. P.T. KAS is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
The Department of Industry and Trade indicated the realization
production capacity of soft drink and fruit juice drink has been fluctuating
within the last five years. But, production of instant noodles in Indonesia had
been rising within the last six years; it links closely with the booming of
instant noodles industry by the existence of new producers like PT. Sentrafood
Indonusa Corporation, PT. Sentraboga Inti Selera, PT. Millenia Pangan Makmur
and PT. Tsun food Indonesia. Competition
is very tight due to a large number of similar company’s operation in the country
with popular brands INDOMIE, SUPERMIE, SARIMIE produced by P.T. INDOFOOD SUKSES
MAKMUR Tbk., and others. The product of
P.T. KAS (JAS JUS Soft Drink and MIE SEDAAP Instant Noodle) has been widely
known in the country and it is supported by a wide marketing network at home
and overseas.
P.T. KAS is neither public listed nor bond issued company. Therefore,
the company has no obligation to publish financial statements publicly. The management is very reclusive and rejected
to disclose its financial condition. But we estimate the total sales turnover
of P.T. NI in 2010 amounted to Rp 1,062.0 billion increased to Rp. 1,190.0
billion in 2011 and rose again to Rp. 1,280.0 billion in 2012. The operation
has yielded a net profit of Rp. 86.0 billion in 2012 and the company has a
total networth of about Rp 480.0 billion.
Its payment to suppliers is running punctually. We did not hear that the
company has been black listed by Bank Indonesia Central Bank.
Since January 2011, P.T. KAS’s management is headed by Mr. Ir. Eddy
William Katuari (62) replaced his old brother the late Mr. Freddy Ignatius
Katuari as president director. In his
daily activities, he is assisted by Mr. John Michael Sutanto (43) as vice
president director and Mr. Andrew Katuari (34), Mr. Alex Ivan Tanoyo (61) and
Mr. Ronald Suciawan (31) respectively as directors. The management handled by professional
managers having wire relation with overseas and national private businessmen as
well as with the government sectors. As
far as business is concerned the management of P.T. KAS has never involved in
any fraudulent dealings being settled in the court.
We appraise P.T. KURNIA ALAM SEGAR to be very good for normal business
transaction.
Attachment:
List of the WINGS Group Members
1.
ADYABUANA PERSADA, P.T. (Ceramic Floor Tile Manufacturing)
2.
AKTIF INDONESIA INDAH, P.T. (Industrial Chemicals
Processing)
3.
ASPIRASI LUHUR, P.T. (Investment Holding)
4.
BIMA MAS SEJATI JAYA, P.T. (General Trading)
5.
BIMA NUSA RAJAWALI,
P.T. (General Trading)
6.
CIPTA SEGAR HARUM, P.T. (Cosmetic Manufacturing)
7.
DIAN LESTARI PERDANA, P.T. (Office Block Rental Management)
8.
EKA TATA MAKMUR, P.T. (Real Estate and Housing Development)
9.
EKATAMA RAYAINDAH, P.T. (Housing Development)
10.
EKONOMI RAHARJA, P.T.
Bank (Banking)
11.
FOSFINDO, P.T. (Investment Holding)
12.
FINDECO JAYA, P.T. (Alkyl Benzene Sulfonate Processing)
13.
KARUNIA ALAM SEGAR, P.T. (Soft Drink and Instant Noodle
Manufacturing)
14.
LIONINDOJAYA, P.T. (Cosmetic, Detergent, Toothpaste and
Sanitary Napkin Manufacturing)
15.
MITRAJAYA EKAPRANA, P.T. (Investment Holding)
16.
MULTI INDOMANDIRI, P.T. (Glass Tablewares Manufacturing)
17.
MULTINUSA LESTARI, P.T. (Housing Development)
18.
MULTIPACK UNGGUL, P.T. (Corrugated Box, Printing and Soft
Packaging Manufacturing)
19.
PETRO CENTRAL, P.T. (Industrial Chemical Processing)
20.
PONDOK PALEMINDAH, P.T. (Housing Development)
21.
PONDOK PALEM INDAH PERMAI, P.T. (Housing Development)
22.
PONDOK PALEM INDAH RAYA, P.T. (Housing Development)
23.
SAYAP MAS UTAMA, P.T. (Detergent, Soap and Cosmetic
Industry)
24.
SADHANAGRAHA ADHIKA, P.T. (Investment Holding)
25.
SARANAGRIYA LESTARI KERAMIK, P.T. (Ceramic Industry)
26.
SATYAWADA MITRAUSAHA (Investment Holding)
27.
SIAM-INDO GYPSUM INDUSTRY, P.T. (Gypsum Plasters and
Compound Manufacturing)
28.
UNGGUL INDAH CORPORATION, (Industrial Chemical Processing)
29.
VARIA INDOWIN PERKASA, P.T. (Integrated Shrimp Culture)
30.
WINGS SURYA, P.T. (Soap, Detergent, Waterglass and Plastic
Packaging Industry)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.