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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. KARYA YASANTARA CAKTI |
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Formerly Known As : |
P.T. KRAMA YUDHA COMMONWEALTH |
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Registered Office : |
Kawasan Industri Kota Bukit Indah Blok A II No. 4, Purwakarta 41181 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
05.03.1980 |
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Com. Reg. No.: |
No. AHU-AH.01.10-38856 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Electric Welding Rod manufacturing |
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No. of Employees : |
320 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 : |
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) |
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Indonesia |
B1 |
B1 |
|
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 |
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. KARYA
YASANTARA CAKTI
Head Office &
Factory
Kawasan Industri Kota Bukit Indah
Blok
A II No. 4, Purwakarta 41181
West Java
Indonesia
Phones - (62-264) 351178 (Hunting)
Fax -
(62-264) 351179
Email - surjawan.asmoro@esabasia.com
H.P. -
0628158859544 (Mr. Surjawan Asmoro)
Land Area - 20,800 sq.
meters
Building Space - 9,500 sq. meters
Region - Industrial
Estate
Status - Rent
Singapore Office
38 – Joo Koon Circle, Jurong
Singapore 629063
Singapore
Phones - (65) 6861 4322
Fax -
(65) 6861 3195
Email - sales@esabasia.com
Date of
Incorporation :
5 March 1980 as P.T.
KRAMA YUDHA COMMONWEALTH, changed its name to P.T. KARYA YASANTARA CAKTI on May
22, 1985
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
AHU-04915.AH.01.02.Tahun 2009
Dated 19 February 2009
b. No.
AHU-AH.01.10-39269
Dated 06 December 2011
c. No.
AHU-AH.01.10-38856
Dated 31 October 2012
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
a. The
Department of Finance
NPWP
No. 1.002.224.2-409
b.
The President of the Republic of Indonesia
No.
B-1/Pres/I/1980
Dated 12 January 1980
c. The Capital Investment Coordinating Board
- No.
04/I/PMA/1980
Dated 11 February 1980
- No. 53/II/PMA/1991
Dated 16 May 1991
-
No. 179/II/PMA/1996
Dated 9 September 1996
-
No. 82/II/PMA/1998
Dated 3 July 1998
-
No. 159/II/PMA/2000
Dated 17 July 2000
Holding Company :
EXELVIA INTERNATIONAL HOLDINGS B.V., of the Netherlands
Affiliated/Associated
Companies :
a. EXELVIA HOLDINGS B.V. of the Netherlands (Investment Holding)
b. P.T. ESABINDO PRATAMA (Trading and Distribution of Welding and
Cutting Machine)
Capital Structure :
Authorized Capital
- US$. 10,000,000
Issued Capital - US$. 10,000,000
Paid up Capital - US$. 10,000,000
Shareholders/Owners :
a. EXELVIA
INTERNATIONAL HOLDINGS B.V. - US$
9,754,000 (97.54%)
b. EXELVIA
HOLDINGS B.V. -
US$ 246,000 ( 2.46%)
Lines of Business
:
Electric Welding Rod manufacturing
Production
Capacity :
a. Electric
Welding Rods - 12,672
tons p.a.
b. Agglomerated
Welding Flux - 5,000 tons p.a.
c. Submerged Are
Wire - 6,000 tons p.a.
Total Investment :
a. Equity Capital -
US$. 12.0 billion
b. Loan Capital - US$. 5.5 billion
c. Total Investment -
US$. 17.5 billion
Started Operation :
1982
Brand Name :
ESAB
Technical Assistance :
ESAB A.B., of Sweden
Number of Employee :
320 persons
Marketing Area :
a. Domestic -
30%
b. Export - 70%
Main Customers :
a. PT. Asabindo
Pratama (as authorized distributor)
b. Overseas buyer
in Singapore, Malaysia, China, Japan, South Africa, USA, Saudi Arabia and
European countries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Avesta
Welding
b. PT. Lincoln
Electric Indonesia
c. PT. Intan
Pertiwi Industri
d. PT. Super
Indoweld Gemilng
e. PT. Matalina
Tunggal
f. PT. Teknokraftindo Asia
Business Trend :
Growing
B a n k e r s :
a. Standard Chartered Bank
Jl. Jend. Sudirman Kav. 33
Jakarta Selatan
Indonesia
b. P.T. Bank MANDIRI Tbk
Purwakarta Main Branch
West Java
Indonesia
Auditor :
Independent Auditor
Litigation :
No litigation record in our database and local courts
Annual Sales (estimated) :
2009 – Rp. 380.0
billion
2010 – Rp. 420.0
billion
2011 – Rp. 476.0
billion
2012 – Rp. 535.0
billion
Net Profit
(estimated) :
2009 – Rp. 22.8 billion
2010 – Rp. 25.0 billion
2011 – Rp. 28.3 billion
2012 – Rp. 31.8 billion
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Harald Paul Georg
Hespe
Directors - a. Mr. Andrew James Parris
b. Mr. Peck Shih Ong (Wang Bishi)
Procurement Manager - Mr. Surjawan Asmoro
Board of Commissioners :
Member -
Mr. Kanaka Puradiredja
Signatories :
The President Director (Mr. Harald Paul
Georg Hespe) or one of Directors (Mr. Andrew James Parris and Mr. Peck Shih
Ong) which must be approved by the Board of Commissioner (Mr. Drs. Kanaka
Puradiredja)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Previously
named P.T. KRAMA YUDHA COMMONWEALTH, the company was established in March 1980 with
an authorized capital of US$ 600,000.- entirely issued and paid up. The original founding shareholders are P.T.
KRAMA YUDHA, a national private company, and COMMONWEALTH GASES LTD., of
Australia. In May 1985, the company was
renamed to P.T. KARYA YASANTARA CAKTI (P.T. KYC). In January 1989 its original
founders and shareholders pulled-out and replaced by P.T. WISHNU KUSUMA KARYA
(a national private company), Mr. Abdulrani Junus (an indigenous businessman)
and ESAB A.B., of Sweden. In January
1998, Mr. Abdulrani Junus pulled-out and his entire shares went over into ESAB
A.B. of Sweden. In January 1999 ESAB
A.B., of Sweden withdrew as shareholder and its whole shares were taken over by
EXELVIA INTERNATIONAL HOLDINGS B.V., of the Netherlands. In May 1999 its local partner P.T. WISHNU
KUSUMA KARYA pulled out and its entire shares were taken over by EXELVIA
HOLDINGS B.V., of the Netherlands.
On
November 2008, the authorized capital was raised to US$ 10,000,000.- entirely
was issued and fully paid up. The
shareholders of the company are EXELVIA INTERNATIONAL HOLDINGS B.V., (97.54%)
and it sister company EXELVIA HOLDINGS B.V., (2.46%), both are of the
Netherlands. Later according to the
latest revision of notary documents of Mr. Mala Mukti, SH., No. 66 dated 14
September 2012 the company board of director had been changed. The latest amendment to Articles of
Association was approved by the Minister of Law and Human Rights of the
Republic of Indonesia by virtue of Decision Letter No.
AHU-AH.01.10-38856 dated 31 October 2012.
P.T.
KYC obtained a Foreign Investment (PMA) license issued by BKPM (Investment
Coordinating Board) for dealing with electric welding rod manufacturing by
managing a plant originally located at Jalan Pulogadung No. 45, Kawasan Industri
Pulogadung, East Jakarta operating as from 1982 and expanded in 1993 for
increasing its production capacity. P.T. KYC produces electric welding rod and
agglomerated welding flux with trade mark ASAB under license and technology
from ASAB A.B., of Sweden. In June
1999, P.T. KYC operated a new plant located in Kawasan Industri Bukit Indah,
Purwakarta, West Java standing on 20,800 sq. meters land. As from that time on, its entire old
production machinery was relocated to new location. Its old plant location was hired from its
former local partner P.T. WISHNU KUSUMA KARYA and later sold to P.T. ESABINDO
PRATAMA is also sister company of P.T. KYC.
At
present, P.T. KYC' produces is electric welding rod, agglomerated welding flux
and submerged arc wire. Some 70% of the
products are exported to Singapore, Malaysia, China, Japan, South Africa, the
USA, Saudi Arabia and European countries.
The marketing of exported products of the company is handled by its
marketing office based in Singapore while the marketing of local products is
handled by P.T. ESABINDO PRATAMA.
In overall we
find the demand for electric welding rod, agglomerated welding flux and
submerged arc wire had been rising by the average 6% to 8% per year within the
last five years in line with the growth of infrastructure sector in the country
such as toll road, bridge, office building, apartments and others. But, as from
October 2008, the demand growth for food products has kept on dwindling as an
impact of global economic crisis as told above. The demand was increasing in the early 2009
due to economic condition was gradually recovery in the country. The growth
rate is now estimated at 5% to 7% per year. Market competition is very tight
due to a large number of similar companies operating in the country.
We observed that P.T. KYC's business
position is quite good because some 70% of its products is exported and
strongly backed by its parent company having established extensive marketing
network throughout various countries. We are convinced that P.T. KYC is in
position to further maintain its business in the future.
Until this time
P.T. KYC has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
KYC is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total income/revenue of the company in 2010
amounted to Rp. 420.0 billion increased to Rp. 476.0 billion in 2011 rose again
to Rp. 535.0 billion in 2012 and projected to go on rising by at least 8% in
2013. The operation in 2012 yielded an estimated net profit of at least Rp.
31.8 billion and the company has an estimated total net worth of at least Rp.
195.0 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.
Since
November 2011, P.T. KYC's management is led by Mr. Harald Paul Georg Hespe (59)
as President Director, replacing Mr. John Edward Medforth (57). Mr. Hespe (born in Grundsuna, on December 17,
1954) is a professional manager and former director of Esab (Malaysia) Sdn.
Bhd., Malaysia. In his daily activities,
he is assisted by two directors namely Mr. Andrew James Parris (35), the
American citizen and Mr. Peck Shi Ong AKA Wang Bishi (39), the Singapore
citizen. The management is
well-experienced and handled by professional managers having wide relation with
home and overseas private businessmen.
So far, we did not hear that the company’s management involved in a
business malpractice or detrimental cases that settled in the country. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
We
believed that P.T. KARYA YASANTARA CAKTI is 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.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.