|
Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KAL STAR
AVIATION |
|
|
|
|
Registered Office : |
Villa Melati Mas Block SR. I No. 14 BSD Jalan
Pahlawan Seribu Tangerang, 15322 Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-22896 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Scheduled Airlines Services |
|
|
|
|
No. of Employees : |
370 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – 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 |
|
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. KAL STAR AVIATION
Head Office
Villa Melati Mas Block SR. I No. 14 BSD
Jalan Pahlawan Seribu
Tangerang, 15322
Banten Province
Indonesia
Phones -
(62-21) 2934 3400 (Hunting), 2934 3456
Fax - (62-21) 537 2263
E-mail -
info@kalstaronline.com
Website - http://www.kalstaronline.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Branch Office
Bandar International Soekarno – Hatta
Terminal 1 C, Tangerang
Jakarta Barat
Indonesia
Phones -
(62-21) 5591 3885, 5591 6410
Fax - (62-21) 5591 6057
Building Area - 1 storey
Office Space - 130 sq. meters
Region - Commercial
Status -
Rent
Branch Offices
a. Samarinda
b. Berau
c. Yogyakarta
d. Tanjung
Selor
e. Tarakan
f. Nunukan
g. Pontianak
h. Ketapang
i. Pangkalan
Bun
j. Palangkaraya
k. Sampit
l. Kotabaru
m. Banjarmasin
n. Semarang
o. Surabaya
p. Sintang
q. Bandung
r. Balikpapan
s. Batu Licin
t. Putussibau
Date of
Incorporation :
2000’s
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-91189.AH.01.02.TH.2008
Dated 28 November 2008
- No. AHU-AH.01.10-22896
Dated 16 December 2009
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.576.024.0-411.000
The Directorate General of Civil Aviation
No. AOC/121-007 (Air Operator Certificate)
Dated 12 November 2007
Related Companies :
a. P.T. KALSTAR BALIDAH
(Logistic and Courier Services)
b. P.T. KALSTAR TOUR &
TRAVEL (Tour and Travel Services)
Capital Structure :
Authorized Capital : Rp.
36,000,000,000.-
Issued Capital : Rp. 9,000,000,000.-
Paid up Capital : Rp. 9,000,000,000.-
Shareholders/Owners :
a. Mr. Andi Masyhur -
Rp. 6,300,000,000.-
Address : Fontaineblaue Golf Residence 3/3, RT. 001
RW. 02, Bumi Serpong Damai,
Kota Tangerang
Selatan, Banten Province
Indonesia
b. Mr. Drs. Haji Erizal Gani -
Rp. 1,620,000,000.-
Address : Puspita loka Block G-3 No. 10
Bumi Serpong Damai, Kota
Tangerang
Selatan, Banten Province
Indonesia
c. Mr. Yefrizal -
Rp. 810,000,000.-
Address : Jl. Gatot
Subroto GG 16 No. 39
Samarinda, East Kalimantan
Indonesia
d. Mr. Yonnedi, SE -
Rp. 270,000,000.-
Address : Puspita loka Block G-3 No. 10
Bumi Serpong Damai, Kota
Tangerang
Selatan, Banten Province
Indonesia
Lines of Business :
Scheduled Airlines Services
Production Capacity :
Kalstar Fleet (leasing)
a. ATR 42-300 (48
passengers) - 3 units
b. FOKKER F 28 (85
passengers) - 1 unit
c. Boing 737-300 (149
passengers) - 1 unit
d. Boing 737-500 (125
passengers) - 2 units
Total Investment :
Owned Capital - Rp. 36.0 billion
Started Operation :
a. 2000 flights services
b. November 2007 scheduled
airlines services
Brand Name :
Kal Star Aviation
Technical Assistance :
None
Number of Employee :
370 persons
Marketing Area :
Local - 100%
Main Customer :
Domestic & International Passengers
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KARTIKA AIRLINES
b. P.T. SRIWIJAYA AIR
c. P.T. TRIGANA AIR SERVICE
d. P.T. WINGS ABADI AIRLINES
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Wisma BCA,
BSD City Kav. CBD Lot. 1.3
Jalan
Pahlawan Seribu
Tangerang,
Banten Province
Indonesia
b. P.T. Bank MANDIRI Tbk
Ruko Villa Melati Mas S.R. 1 No. 20, BSD
Jalan Pahlawan Seribu
Tangerang,
Banten Province
Indonesia
Auditor :
Internal Auditor
Litigation :
The Subject was involved dispute with P.T. TRIGANA AIR SERVICES recorded
at Surabaya Commercial Court No. 20/Pailit/2008/PN.Niaga.Sby dated 13 February
2008 regarding the debt maturity of Subject on US$ 1,674,000 to P.T. TRIGANA
AIR SERVICE and US$ 663,692 to P.T. PELITA AIR SERVICES
Annual Sales (estimated) :
2010 – Rp. 618.0 billion
2011 – Rp. 640.0 billion
2012 – Rp. 675.0 billion
Net Profit (estimated) :
2010 – Rp. 18.5 billion
2011 – Rp. 22.4 billion
2012 – Rp. 24.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Andi Masyhur
Directors - a. Mr. Yefrizal
b. Mr. Yonnedi, SE
Board of Commissioners :
President Commissioner - Mr. Drs. Haji Erizal Gani
Commissioner - Mrs. Hajjah Arnetty
Signatories :
President Director (Mr. Andi Masyhur)
or the Director (Mr. Yefrizal or Mr. Yonnedi, SE) which must be approved by
Board of Commissioner
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. KAL STAR AVIATION (ex P.T. KAL STAR NUSANTARA) was established in Jakarta
in 2000 by Mr. Andi Masyhur, Mr. Drs. Haji Erizal Gani, Mr. Yefrizal and Mr.
Yonnedi, SE, they are indigenous businessmen. The company notary deed has been
changed and couple of times and according to the latest revision of notary
documents of Mr. Buchari Hanafi, SH., No. 14 dated 8 December 2009 the company
authorized capital was amounted at Rp. 36,000,000,000 issued capital of Rp.
9,000,000,000 fully and paid up. According to the latest revision of notary
documents the composition of its shareholders are Mr. Andi Masyhur (70%), Mr.
Drs. Haji Erizal Gani (18%), Mr. Yefrizal (9%) and Mr. Yonnedi, SE (3%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-22896 dated December 16, 2009.
P.T. KAL STAR AVIATION (P.T. KSA) or also known with trading style KAL
STAR AVIATION started to be operating since 2000 operated in Kalimantan,
cooperated with a private national airline serving flights to several cities.
Looking at the possibility, especially in Kalimantan, and the chance to serve
transportation needs totally in sub-districts/districts to capital of the
province or vice versa, so P.T. KAL STAR AVIATION was established. Since
November 2007 P.T KAL STAR AVIATION officially became scheduled airline and
operating ATR 42-300 plane from France. Hoping to be the best admitted airline,
KAL STAR AVIATION try to give flexibility and comfort for their customers,
flexibility in arranging advanced flights (Easy Connection) and convenience in
service (Convenience Scheduling).
After obtaining scheduled flight certificate from the Directorate
General of Civil Aviation, Department of Transportation Indonesia in November
2007 KAL STAR AVIATION has flight license for 95 domestic routes and 22
regional routes. KAL STAR AVIATION totally support government's program in
developing HUB and SPOKE system, KALSTAR AVIATION has a goal to be feeder and
advanced flight company serving people from sub-districts/districts to capital
of the province or vice versa. Following development plans KAL STAR AVIATION
would add another vessel for cities in the region of Kalimantan, Java and Nusa
Tenggara. Supported with reliable and expert human resources in their
department KAL STAR AVIATION could be your reliable, safety, comfort and
consistent airline.
The Kalstar fleet
includes the following aircraft
|
Aircraft |
In Fleet |
Orders |
Options |
Passengers |
Routes |
Notes |
|
3 |
10 |
0 |
48 |
Domestic |
1 for Kalstar Berau, 1 for Pontianak, 1 for Ketapang |
|
|
1 |
0 |
0 |
85 |
Domestic |
PK-PJL |
|
|
1 |
3 |
0 |
149 |
International |
Flying to Jakarta & Kuching, Malaysia |
|
|
2 |
0 |
0 |
125 |
Domestic |
Flying to Jakarta, Pangkalan Bun, Sampit, Semarang, Surabaya,
Pontianak |
|
|
Total |
7 |
13 |
0 |
|
|
Last updated: Mar 2012 |
Source: P.T. KALSTAR AVIATION
The whole aircraft is leased from Singapore.
Destinations
Kalstar Berau
Berau - Balikpapan
Berau - Samarinda
Balikpapan - Samarinda - Berau - Tarakan - Nunukan
Kalstar Pontianak
Pontianak - Ketapang
Pontianak - Sintang
Pontianak - Ketapang - Pangkalan Bun - Sampit - Banjarmasin
Pontianak - Kuching
Pontianak – Jakarta
Kalstar Sampit
Sampit - Banjarmasin - Kota Baru
Kota Baru - Banjarmasin - Pangkalan Bun - Semarang
Semarang - Pangkalan Bun - Sampit
Sampit - Jakarta
Pangkalan Bun - Jakarta
Pangkalan Bun - Surabaya
The operation of P.T. KAL STAR AVIATION is classified a small size
scheduled airline company of which the operation has been growing in the last
five years.
Generally, demand for scheduled airlines services especially domestic
and international flight has been fluctuating in the last five years as
evidence from the fluctuated growth of tour and travel services and other tour
package services caused by the fluctuated foreign tourists’ visit. The low
foreign tourists ‘s visit has also influenced total foreign exchanges gained by
the company as evidence from the foreign exchanges of the company in 2004 worth
US$ 5,346.3 million. This condition is worsened by the various events in the
country including the bombing of religious building and shopping centers, inter
ethnic violence, demonstration and sweeping of foreigners carried out by
various non-governmental organizations. The business position of Batavia Air is
favorable because the company has succeeded to establish domestic and
international flight route networks. The growth of total foreign tourists and
foreign exchanges in detail is pictured in the following table.
Domestic Aircraft Traffic
|
Year |
Passengers |
Freight (Tons) |
|||
|
Departure |
Arrival |
Transit |
Loaded |
Unloaded |
|
|
2004 |
23,029,676 |
21,945,109 |
2,742,690 |
171,141 |
142,565 |
|
2005 |
25,329,828 |
24,053,222 |
3,149,777 |
203,356 |
154,313 |
|
2006 |
29,167,100 |
27,184,367 |
3,307,276 |
192,303 |
149,699 |
|
2007 |
31,168,400 |
27,963,707 |
3,394,424 |
202,966 |
162,527 |
|
2008 |
31,911,400 |
28,312,958 |
3,498,423 |
238,166 |
156,301 |
|
2009 |
35,659,207 |
34,320,813 |
4,213,375 |
230,544 |
159,330 |
|
2010 |
43,779,723 |
39,383,172 |
5,167,029 |
274,200 |
197,758 |
|
2011 |
51,517,316 |
46,868,408 |
6,286,116 |
315,166 |
204,065 |
International Aircraft Traffic
|
Year |
Passengers |
Freight (Tons) |
|||
|
Departure |
Arrival |
Transit |
Loaded |
Unloaded |
|
|
2004 |
5,290,940 |
5,352,525 |
212,387 |
138,449 |
90,366 |
|
2005 |
5,528,934 |
5,642,926 |
269,525 |
139,108 |
90,186 |
|
2006 |
5,706,540 |
5,531,303 |
230,727 |
136,444 |
103,114 |
|
2007 |
6,435,353 |
6,141,606 |
182,778 |
155,298 |
110,750 |
|
2008 |
7,134,948 |
6,828,585 |
204,943 |
176,818 |
162,385 |
|
2009 |
7,969,548 |
7,786,625 |
215,610 |
167,317 |
136,149 |
|
2010 |
9,622,150 |
9,361,870 |
138,224 |
199,565 |
182,763 |
|
2011 |
10,828,006 |
10,398,612 |
106,968 |
159,069 |
152,329 |
Sources: Central Bureau of statistics
Until this time P.T. KSA has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The
management of P.T. KSA is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total revenue of the company
in 2010 amounted to Rp. 618.0 billion rose to Rp. 640.0 billion in 2011
increased to Rp. 675.0 billion in 2012 and projected to go on rising by at
least 5% in 2013. The operation in 2012 yielded an estimated net profit of at
least Rp. 24.3 billion and the company has an estimated total networth of at
least Rp. 36.0 billion.
P.T. KSA involved in a legal case with P.T. TRIGANA AIR SERVICES on
charter aircraft, which P.T. KSA has not paid rent charter aircraft debt
amounted US$ 1,674,000 to P.T. TRIGANA AIR SERVICES and US$ 663,692 to P.T.
PELITA AIR SERVICES. The case was brought to Surabaya Commercial court and
sentenced P.T. KSA to pay the debt. Then P.T. KSA appealed to the Supreme Court
ruling No. 199 K/PDT.SUS/2009 reject and cancel the bankruptcy decision and
ordered P.T. KSA to pay a debt that is due to P.T. TRIGANA AIR SERVICES and
P.T. PELITA AIR SERVICES.
The management of P.T. KSA is led by Mr. Andi Masyhur (53) a businessman
with experience in scheduled airlines services. Daily activity he is assisted
by Mr. Yefrizal (45) and Mr. Yonnedi, SE (48) as Directors. 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. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. KAL STAR AVIATION is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
UK Pound |
1 |
Rs.89.05 |
|
Euro |
1 |
Rs.72.57 |
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.