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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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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.01.10-36169 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Tire and Tube Manufacturing Rubber Compound and Others Rubber Good Industry |
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No. of Employees : |
1280 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
Indonesia ECONOMIC OVERVIEW
Indonesia, a
vast polyglot nation, grew an estimated 6.2% and 6.5% 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
fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source : CIA |
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
P.O. Box -
1453 Medan 20241
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
d. No.
AHU-AH.01.10-36169
Dated 04 October 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. 264,000,000,000.-
Paid up Capital - Rp. 264,000,000,000.-
Shareholders/Owners
:
a. Mr. Darwin Tiohardi -
Rp. 78,600,000,000.-
b. Mr. Darvitiat Tjangnaka -
Rp. 19,250,000,000.-
c. Mr. Darviza Tjangnaka -
Rp. 19,250,000,000.-
d. Mr. Sulung Matio -
Rp. 12,800,000,000.-
e. Mr. Irwan Teohardie -
Rp. 14,800,000,000.-
f. Mrs. Tjoa Kim Lioe Nio - Rp. 21,220,000,000.-
g. Mr. Luti Cuaca - Rp.
10,610,000,000.-
h. Mrs. Darlina Tjangnaka -
Rp. 12,100,000,000.-
i. Mrs. Darvita Tjangnaka - Rp. 12,100,000,000.-
j. Mrs. Pao Lian Yin - Rp. 10,610,000,000.-
k. Mr. Ridwan Chuacha -
Rp. 10,610,000,000.-
l. Mr. Philip Tjangnaka - Rp. 8,250,000,000.-
m. Mrs. Dewiwaty Martio Tjangnaka -
Rp. 5,500,000,000.-
n. Mr. Yusni Tjangnaka -
Rp. 5,500,000,000.-
o. Mr. Sugentio Tjangnaka -
Rp. 6,700,000,000.-
p. Mr. Darnazal Tjangnaka - Rp. 2,350,000,000.-
q. Mrs. Djuwita Tjangnaka - Rp. 790,000,000.-
r. Mrs. Ratina Tjangnaka - Rp.
780,000,000.-
s. Mrs. Elita Tjangnaka - Rp. 780,000,000.-
t. Mr. Rizal Soerantio - Rp. 11,400,000,000.-
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.
a.
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 :
1,280 persons
Marketing Area
:
a. Local -
70%
b. Export - 30%
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
2012 – Rp.
1,510.0 billion
Net Profit
(estimated) :
2009 – Rp. 82.5 billion
2010 – Rp. 91.8 billion
2011 – Rp. 105.0
billion
2012 – Rp. 124.0
billion
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. Mrs. Darvita Tjangnaka
c. Mr. Irwan Teohardie
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
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.-.
In November 2011, based on notarial Deed No. 119, dated 22 November 2011 of Mr. Jhon Langsung, SH., 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.
Most recently by notarial Deed No. 120 dated 21 September
2012 of Jhon Langsung, SH., the issued capital was raised to Rp.
264,000,000,000.- entirely was paid up. But, no changes have been effected in
term of its shareholding composition and capital structures to date. The
capital structures and shareholders composition of P.T. IKD in details are as
shown on page-3 this report. 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.01.10-36169 dated October 04, 2012.
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 30% 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 8% 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 2007 amounted to 434 thousand units increased to 608 thousand units in 2008 and declined to 486 thousand units in 2009. The total of car sales in 2010 rose again to 765 thousand units and to 894 thousand units in 2011 and to 1,116 thousand units in 2012. The growth of car and motorcycle sales in Indonesia in 2007 to 2012 is pictured on the following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
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
2010 amounted to Rp. 1,120.0 billion increased to Rp. 1,280.0 billion in 2011
rose again to Rp. 1,510.0 billion in 2012 and estimated it will be higher by at
least 8% in 2013. The operation in 2012
yielded a net profit at least Rp. 124.0 billion and the company has a total net
worth of Rp. 660.0 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 (68), a businessman with experience for more than 39 years in car and motorcycle tire/tube industry and trade. Daily, he is assisted by Mr. Darvitiat Tjangnaka (67), Mr. Darviza Tjangnaka (63) and Mr. Ferry Yonawan (62) 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
appraised to be good for business transaction.
However,
in view of the 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.60.10 |
|
UK Pound |
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
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 |
|
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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.