|
Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KARYAINDAH ALAM SEJAHTERA |
|
|
|
|
Registered Office : |
Jl. Kalisosok Kidul No. 2, RT.004, RW.015 Krembangan Selatan, Surabaya
60175, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
23.12.1999 |
|
|
|
|
Com. Reg. No.: |
No. AHU-65673.AH.01.02.Tahun 2012 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Edible Palm Oil Processing Industry |
|
|
|
|
No. of Employees : |
480 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6% annually
in 2010-12. 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 |
Name of Company :
P.T. KARYAINDAH
ALAM SEJAHTERA
Address :
Head Office
Jl. Kalisosok Kidul No. 2, RT.004, RW.015
Krembangan Selatan,
Surabaya 60175, East Java
Indonesia
Phones -
(62-31) 532 0120, 532 0220
Fax - (62-31) 525 925
Land Area - 2,400 sq.
meters
Building Space - 1,200 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Raya Sukomulyo Km. 24
Manyar, Gresik 61151
East Java
Indonesia
Phones -
(62-31) 3930881, 3930882
Fax - (62-31) 3930883
Land Area - 56,000 sq.
meters
Building Space - 28,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
23 December 1999
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
No. AHU-65673.AH.01.02.Tahun 2012
Dated 21 December 2012
Company Status :
National Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.913.334.7-605.000
Affiliated/Associated Company :
A member of the WINGS SURYA Group
Capital Structure
:
Authorized Capital - Rp.
161,556,000,000.-
Issued Capital - Rp.
161,556,000,000.-
Paid up Capital - Rp.
161,556,000,000.-
Shareholders/Owners
:
a. P.T. GAWI
MAKMUR KALIMANTAN - Rp.
158,806,000,000.- (98.298%)
Address : Graha Gawi, 2nd Floor
Jl. Setiabudi Selatan Kav.
10
Setiabudi, Jakarta Selatan
Indonesia
b. P.T. MITRAJAYA EKAPRANA -
Rp. 2,740,000,000.- ( 1.696%)
Address : Jl. Kopi No.
2, K, Roa Malaka
Tambura, Jakarta Barat
Indonesia
c. Mr. Eddy William Katuari -
Rp. 5,000,000.- (
0.003%)
Address : Jl. Manyar Kertoarjo 7 No.31
Gubung, Surabaya
East Java, Indonesia
d. Mr. Hanny
Sutanto - Rp. 5,000,000.- ( 0.003%)
Address : Jl. Simprug Garden II B F8.9
Kebayoran Lama
South Jakarta, Indonesia
Lines of Business
:
Edible Palm Oil Processing Industry
Production
Capacity :
a. Crude Palm Oil (CPO) - 60,000 tons p.a.
b. Palm Cooking Oil (PCO) -
30,000 tons p.a.
c. Palm Kernel Oil (PKO) -
18,000 tons p.a.
Total Investment :
a. Equity Capital - Rp.
162.0 billion
b. Loan Capital - Rp.
298.0 billion
c. Total Investment - Rp.
360.0 billion
Started Operation
:
2002
Brand Name :
KAS (Karyaindah Alam Sejahtera)
Technical
Assistance :
None
Number of Employee
:
480 persons
Marketing Area :
a. Local -
40%
b. Export - 60%
Main Customers :
a. Supermarkets and Hypermarkets
b. Mini-markets and Traditional Markets
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Smart Tbk.
b.
PT. Wilmar Nabati Indonesia
c.
PT. Bitung Manado Oil (Bimoli)
d.
PT. Musim Semi Mas
e.
PT. Indo Vegetable Oil Industry
Business Trend :
growing
Bankers :
a. P.T. Bank EKONOMI RAHARDJA Tbk
Surabaya Branch
Jl. Embong
Malang No.. 61-65
Surabaya,
East Java
Indonesia’
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Basuki Rachmat No. 129-137
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation case in the local commercial courts
Annual Sales
(estimated) :
2010 – Rp. 360.0 billion
2011 – Rp. 405.0 billion
2012 – Rp. 460.0 billion
2013 – Rp. 280.0 billion (January – June)
Net Loss
(estimated) :
2010 – Rp. 29.8 billion
2011 – Rp. 34.0 billion
2012 – Rp. 32.0 billion
2013 – Rp. 19.5 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Eddy William Katuari
Director - Mr. Alex Ivan
Tanoyo
Board of Commissioners :
President Commissioner - Mr. Hanny Sutanto
Commissioner -
Mr. Finney Henry Katuari
Signatories :
President Director (Mr. Eddy William
Katuari) or Director (Mr. Alex Ivan Tanoyo) which must be approved by Board of
Commissioners (Mr. Hanny Sutanto or Mr. Finney Henry Katuari)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. KARYAINDAH ALAM SEJAHTERA (P.T. KAS) was established in Surabaya, East
Java based on December 23, 1999 with an authorized capital of Rp.
11,000,000,000.- of which Rp. 2,750,000,000.- was issued and fully paid
up. The founding shareholders of the
company are P.T. MITRAJAYA EKAPRANA, a private company (99.6%), Mr. Ir. Eddy
William Katuari (0.2%) and Mr. Hanny Sutanto (0.2%), both are Indonesian
businessmen of Chinese extraction. The
articles of association of the company have been revised, most recently by
notarial Deed No. 86 dated October 12, 2012 of notary Dr. Irawan Soerodjo, SH.,
the authorized capital was raised to Rp. 161,556,000,000.- entirely was issued
and fully paid up. Since at the time,
the shareholders of the company are P.T. GAWI MAKMUR KALIMANTAN (98.298%), P.T.
MITRAJAYA EKAPRANA (1.696%), Mr. Eddy William Katuari (0.003%) and Mr. Hanny
Sutanto (0.003%). 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-65673.AH.01.02.Tahun
2-012 dated December 21, 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. GAWI MAKMUR KALIMANTAN is a member of the WINGS Group, a large-size
companies group whose majority business stakes is controlled by the Katuari
family. The WINGS Group has been in
operation since end 1940 dealing with soap industry. Then, in early 1970’s the
group developed its business in detergent. Soap and detergent industry are the
main business of the WINGS Group including powder and cream detergent,
dishwashing liquid and synthetic bar detergent, oil palm plantation and palm
oil refinery, oleo chemical industry, soft drink industry, ceramic tiles
industry, gypsum board manufacturing and others.
According to the results of our investigation we noticed that previously P.T. KAS was engaged in mosquito repellent coil and liquid
mosquito manufacturing. The company operates a plant located at Jl. Raya
sukomulyo Km. 24, Manyar, Gresik, East Java standing on some 5.6 hectare land
and the plant has been operating since 2002.
However since 2008 the company’s activity has been shifted to engages in
edible palm oil processing industry. The
company produces crude palm oil, palm cooking Oil and palm kernel oil. Mr. Haryono, an administrative staff of the
company, explained that the basic materials (fresh fruit bunches) requirement
is supplied by PT. GAWI MAKMUR KALIMANTAN (GMK) is engaged in oil palm
plantation. P.T. GMK is managing and
developing 7,000.00 hectares of oil palm plantation land located at Sungai
Danau, Satui village, Kota Baru, Tanah Laut Regency, South Kalimantan
Province. Then, some 40% of the products especially crude
palm oil, palm cooking oil and kernel oil
are marketed locally and the rest of some 60% is exported to Bangladesh,
Singapore, India, China and Europe. We
observed that P.T. KAS is classified as a medium sized company of its kind in
the country of which the operation has been fluctuating in the last three
years.
Generally, local demand for palm oil (CPO), palm kernel oil (PKO) and
other estate crops products had kept on increasing by 5% to 6% per annum in the
last five years. Meanwhile, the
competition is very tight on account of many similar companies operating in the
country. Pursuant to Central Bureau of
Statistics (BPS), the production of large estate crops such as; dry rubber,
palm oil, palm kernel, cocoa, coffee, tea cane sugar and tobacco have been
fluctuating in the last five years. The
estate crops activities in Indonesia is seen from the growth production of
estate crops as below.
(in 000 tons)
|
Year |
Palm Oil |
Palm Kernel |
Cocoa |
Dry Rubber |
Coffee |
Tea |
Cane Sugar |
Tobacco |
|
2005 |
10,119.0 |
2,155.9 |
55.1 |
432.2 |
24.8 |
128.2 |
2,241.7 |
4.0 |
|
2006 |
10,961.8 |
2,363.1 |
67.2 |
554.6 |
28.9 |
115.4 |
2,307.0 |
4.2 |
|
2007 |
11,438.0 |
2,593.2 |
68.6 |
578.5 |
24.1 |
116.5 |
2,623.8 |
3.1 |
|
2008 |
12,477.8 |
2,829.2 |
62.9 |
594.6 |
28.1 |
112.8 |
2,668.4 |
2.6 |
|
2009 |
13,872.3 |
3,145.5 |
67.6 |
522.3 |
28.7 |
107.3 |
2,333.9 |
4.1 |
|
2010 |
14,290.1 |
3,240.1 |
70.9 |
585.4 |
28.7 |
108.9 |
2,278.1 |
4.0 |
|
2011 |
16,908.7 |
3,994.6 |
44.8 |
531.9 |
23.7 |
137.2 |
1,348.3 |
2.9 |
|
2012* |
4,390.1 |
1,148.5 |
12.2 |
160.8 |
0.4 |
20.0 |
8.5 |
0.9 |
Source: Central Bureau of Statistics (BPS) *) January to March 2012
Until this time P.T. KAS has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. KAS 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. 360.0 billion increased to Rp. 405.0 billion in
2011 to Rp. 460.0 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.
32.0 billion and the company has an estimated total net worth of at least Rp.
220.0 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. KAS is led by Mr. Eddy William Katuari (62) as
president director, a businessman with more than 15 years experience in edible
palm oil industry. In daily activities,
he is assisted by Mr. Alex Ivan Tanoyo (61) as director. 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. KAS 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.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
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.