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Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. KURNIA SARI
UTAMA |
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|
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Registered Office : |
Jalan Galuh Mas Raya, Ruko Arcadia Block
XII A No. D-1, Desa Sukaharja, Teluk Jambe Timur, Karawang, 41361,
West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
22.02.2008 |
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Com. Reg. No.: |
No. AHU-AH.01.10-37036 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading Company and Export Import Services |
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No. of Employees : |
27 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
Name of Company :
P.T. KURNIA SARI UTAMA
Address :
Head Office &
Warehouse
Jalan Galuh Mas Raya
Ruko Arcadia Block XII A
No. D-1
Desa Sukaharja, Teluk Jambe Timur
Karawang, 41361
West Java
Indonesia
Phones -
(62-267) 8457249, 8457425
Fax -
(62-267) 8457224
E-mail - info@kurniasari.com
Website - http://www.kurniasari.com
Land Area - 10,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
22 February 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-94407.AH.01.01.TH.2008
Dated 9 December 2008
- No. AHU-AH.01.10-37036
Dated 15 October 2012
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.733.518.1-408.000
Related Company :
None
Capital Structure :
Authorized Capital : Rp.
500,000,000.-
Issued Capital : Rp.
150,000,000.-
Paid up Capital : Rp.
150,000,000.-
Shareholders/Owners :
a. Mrs. Meli Mayangsari, SE -
Rp. 75,000,000.-
Address : Jl. R. Ali Muhtar No. 19
Kelurahan Adiarsa Barat,
Kecamatan
Karawang Barat, Karawang,
West Java
Indonesia
b. Mr. Mahendra Firdaus, SE -
Rp. 50,000,000.-
Address : Jl. R. Ali Muhtar No. 19
Kelurahan Adiarsa Barat,
Kecamatan
Karawang Barat, Karawang, West Java
Indonesia
c. Mr. Drs. H. Ase Husna Ruchyana -
Rp. 25,000,000.-
Address : Jl. R. Ali Muhtar
No. 19
Kelurahan Adiarsa Barat,
Kecamatan
Karawang Barat, Karawang, West Java
Indonesia
Lines of Business :
Trading Company and Export Import Services
Production Capacity :
None
Total Investment :
None
Started Operation :
2009
Brand Name :
Kurnia Sari Utama
Technical Assistance :
None
Number of Employee :
27 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Supermarket, Mini Market, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ANUGERAH MUSTIKA OSTINDO
b. P.T. MULIA RAYA AGRIJAYA
c. P.T. SEMESTA ALAM RAYA
d. P.T. SURYA INDAH PERKASA
e. Etc
Business Trend :
Growing
Banker :
P.T. Bank MANDIRI Tbk
Jalan Permata Raya Lot C 1-B
Teluk Jambe, Karawang
West Java, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 20.9 billion
2011 – Rp. 22.3 billion
2012 – Rp. 23.7 billion
Net Profit (estimated) :
2010 – Rp. 1.0 billion
2011 – Rp. 1.2 billion
2012 – Rp. 1.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Muhammad Ali
Directors - a. Mr. Mahendra Firdaus, SE
b. Mr. Muhammad Ayub
c. Mr. Mohammad Naeem
Board of Commissioners :
President Commissioner - Mr. Drs. H. Ase Husna Ruchyana
Commissioner - Mrs. Meli Mayangsari, SE
Signatories :
President Director (Mr. Muhammad Ali)
or the one of the Directors (Mr. Mahendra Firdaus, SE., Mr. Muhammad Ayub or
Mr. Mohammad Naeem) which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. KURNIA SARI UTAMA (P.T. KSU) was incorporated in Karawang, West Java
on 22 October 2008 with the authorized capital of Rp. 500,000,000 issued
capital of Rp. 150,000,000 of which paid up. The founding and shareholders are
Mrs. Meli Mayansari, SE (50.00%), Mr. Mahendra Firdaus, SE (33.33%) and Mr.
Drs. Haji Ase Husna Ruchyana (16.67%). The company notary deed has been changed
and according to the latest revision of notary documents of Mrs. Hanita
Suryana, SH., No. 64 dated 25 September 2012 the company board of director and
the board of commissioner has been changed. The deed of amendments was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-37036 dated October 15, 2012.
P.T. KSU started to be operating since 2009 dealing with trading company
and export import services. In its operation the company import and export
various products such as fresh fruits, palm acid oil, adhesive tape, paper
& allied products, pharmaceutical, gum rosin and leather goods. P.T. KSU is
trading company and has now presence in five countries which includes South
Korea, China, Pakistan, Singapore, and Union Arab Emirates. In its import, P.T.
KSU imports of orange with Kinnow brand of Pakistan, dates from U.A.E., and
empty gelatin capsule from China and India. Meanwhile the company is also
export of other products such as BOPP printing tape, BOPP roll tape, corrugate
paper rolls, gum rosin, palm acid oil and leather goods to various countries
Singapore, Thailand, India, China, South Korea and Pakistan. The whole products
obtained from locals and exported to the above countries. According information
the fresh fruits like orange, dates and other supplied to various supermarket,
groceries, hypermarket, etc. Meanwhile the empty gelatin capsule supplied to
various pharmaceutical industries in Jakarta, Karawang, Bandung and West Java.
We observe the operation of P.T. KSU has been growing and developing well in
the last three years.
Starting in the second semester 2008, many markets in various parts of
the world experienced adverse economic condition. This condition was triggered
by, amongst others, the housing and mortgage loans crisis in the United States
of America (US) that spread to securities, structures products and commodity
markets. The volatility in the US markets coupled with the sharp appreciation
in the US Dollars and a series of corporate bankruptcies and takeovers enabled
the crisis to spread to other parts of the world. The impact of the global
economic crisis has also been felt in Indonesia as the Indonesian Rupiah
weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks. Up to this time, the Company has not
significantly suffered from the economic crisis. In response to these economic
events, during 2010 the Company has plans as follows: Negotiation with main
customer regarding increasing selling price. Cost reduction in business trip,
pantry needs, technical support cost, etc. In spite of the adverse economic
conditions, management believes that the Company will be able to continue
operating as going concern for the foreseeable future.
Until this time P.T. KSU has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of the company is very reclusive towards outsiders and rejected
to disclose its financial condition. We observed that total sales turnover of
the company in 2010 amounted to Rp. 20.9 billion rose to Rp. 22.3 billion in
2011 increased to Rp. 23.7 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. 1.4 billion and the company has an estimated total networth of at
least Rp. 3.0 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.
The management of P.T. KSU is led by Mr. Muhammad Ali (31) a
professional manager of Pakistan with experience in trading, export import
services. Daily activity he is assisted by Mr. Mahendra Firdaus (29) of
Indonesia, Mr. Muhammad Ayub (48) and Mr. Mohammad Naeem (44) both are of
Pakistan. 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. 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. KURNIA SARI UTAMA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
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 |
|
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NB |
New Business |
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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.