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Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. KEDAWUNG
SETIA CORRUGATED CARTON BOX INDUSTRIAL |
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Formerly Known As : |
P.T. KEDAWUNG SETIA CORRUGATED CARTON BOX INDUSTRIAL LTD |
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Registered Office : |
Jalan Mastrip No. 862, Warugunung – Karangpilang, Surabaya 60221, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
11.03.1974 |
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Com. Reg. No.: |
No. AHU-27243.AH.01.02.Tahun 2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Corrugated Carton Box and Egg Tray Products which are used in Food and Beverage Industries, Cigarette, Ceramics, Glasses, Electronic, Furniture, Textile, Pharmaceutical Companies and Garment Manufacturing as well as Automotive Components Manufacturing |
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No of Employees : |
1,240 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
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Source : CIA |
P.T. KEDAWUNG
SETIA CORRUGATED CARTON BOX INDUSTRIAL
Head Office
Jalan Mastrip No. 862
Warugunung - Karangpilang
Surabaya 60221, East Java
Indonesia
Phones - (62-31)
7661983, 7661971 (Hunting)
Fax - (62-31)
7661981, 7663256, 7662481
E-mail - kdsi_ind@rad.net.id
Land Area - 12.4 hectares
Office Space - 8.5 hectares
Region - Industrial
Zone
Status - Owned
Branches
a. Jalan Panggung III/17
Surabaya 60162
East Java, Indonesia
Phones - (031) 3522961, 3526158 -
59
Fax - 3532779
b. Jalan Orpa no. 54
Jakarta 11230, Indonesia
Phone - (021) 6900034
Fax - (021) 6900054
a. 11 March 1974
as P.T. GELATIK RAYA CORPORATION
b. 03 October 1983 as P.T. KEDAWUNG SETIA CORRUGATED CARTON BOX INDUSTRIAL
LTD
c. 30 April 1997 as P.T. KEDAWUNG SETIA CORRUGATED CARTON BOX INDUSTRIAL
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
C2-7555.HT.01.01.TH.83
Dated
21 November 1983
b. No.
C2-18801.HT.01.04.TH.94
Dated
23 December 1994
c. No.
C2-29326.HT.01.04.TH.98
Dated
31 December 1998
d. No.
AHU-99790.AH.01.02.Tahun 2008
Dated
24 December 2008
e. No.
AHU-27243.AH.01.02.Tahun 2013
Dated
21 May 2013
Company Status :
Domestic Investment Company (PMDN)
Permits by the
Government Department :
a. The Department of Finance
NPWP
No. 01.132.943.0-631.000
b. The Capital Investment Coordinating Board
-
No. 191/I/PMDN/1980
Dated 31 December 1980
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No. 78/III/PMDN/1987
Dated 10 February 1987
-
No.163/III/PMDN/1989
Dated 21 October 1989
-
No. 448/T/INDUSTRI/1993
Dated 10 February 1993
-
No. 177/II/PMDN/1995
Dated 12 July 1995
Related/Affiliated
Companies :
The KEDAWUNG SETIA Group or the KITA
Group Members
Capital Structure
:
Authorized Capital - Rp.
315,000,000,000.-
Issued Capital - Rp.
105,600,000,000.-
Paid up Capital - Rp.
105,600,000,000.-
Shareholders
a. P.T. KEDAWUNG SETIA INDUSTRIAL
Tbk. - Rp. 105,599,999,500.-
(100.0%)
b. Mr. Harianto Wibisono -
Rp. 500.- ( 0.0%)
Lines of Business :
Corrugated Carton
Box and Egg Tray Manufacturing
Production
Capacity :
a. Corrugated Carton Box -
180,000 tons p.a.
b. Egg Tray - 2,760 tons p.a.
Total Investment :
a. Equity Capital -
Rp. 105.6 billion
b. Loan Capital -
Rp. 120.0 billion
c. Total Investment -
Rp. 225.6 billion
Started Operation
:
1979
Brand Name :
KEDAWUNG
Technical
Assistance :
None
Number of Employee
:
1,240 persons
Marketing Area :
Domestic (Local) - 90%
Export (Overseas) - 10%
Main Customers :
a. P.T. H.M. SAMPOERNA Tbk
b. P.T. DJARUM KUDUS
c. P.T. COCA COLA AMATIL INDONESIA
d. P.T. CHITOSE INDONESIA MANUFACTURING
e. P.T. UNILEVER INDONESIA Tbk
f. P.T. PLATINUM ASIA CERAMICS
g. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KEDAUNG SUBUR
b. P.T. SURABAYA MEKA BOX
c. P.T. LAMIBOCK PRIMA INDUSTRY
d. P.T. SURINDO TEGUH GEMILANG
e. P.T. PRIMA BOX INDUSTRY
f. Etc.
Business Trend :
Growing
Bankers :
a. P.T.
Bank CENTRAL ASIA Tbk
Surabaya
Branch
Surabaya,
East Java
Indonesia
b. P.T.
Bank PERMATA Tbk
Surabaya
Branch
Surabaya,
East Java
Indonesia
c.
P.T. Bank CHINATRUST INDONESIA
Surabaya Branch
Surabaya, East Java
Indonesia
d. P.T. Bank OCBC NISP Tbk
Surabaya Branch
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Net Sales/Revenues
(estimated) :
2011 – Rp. 1,040.4 billion
2012 – Rp. 1,132.9 billion
2013 – Rp. 1,233.6 billion
Net Profit
(estimated) :
2011 – Rp. 20.4 billion
2012 – Rp. 32.9 billion
2013 – Rp. 35.8 billion
Payment Manner :
Average
Financial Comments
:
Fairly Strong
Board of
Management :
Director
- Mr. Tjipto Wirahadikusumah Wibisono
Board of
Commissioner :
President Commissioner -
Mr. Heru Wibisono AKA Tan Ming Tjhing
Commissioner - Mr. Harianto Wibisono
Signatories
:
The Director (Mr. Tjipto Wirahadikusumah Wibisono) which must be
approved by the Board of Commissioners (Mr. Heru Wibisono and Mr. Harianto
Wibisono)
Management
Capability :
Good
Business Morality
:
Good
Originally named P.T. GELATIK RAYA CORPORATION established in Surabaya (East Java) on March 11, 1974 with an authorized capital of Rp. 600,000,000.- entirely was issued and paid-up. The founding shareholders of the company are Mr. Sutardjo, Mr. Haji Muhamad Jusuf Bambang Sujanto AKA Tan Bing Gwan and Mr. Heru Wibisono AKA Tan Ming Tjhing, Mrs. Yeni Sasongko, Mrs. Widyawati Wibisono, Mr. Kusnadi Triwibowo wholly Indonesian of Chinese extraction, Mr. Haji Abdul Syukur, Mr. Partodiarjo and Mr. Soedarwa the latter two are indigenous businessmen. On October 3, 1983, the company renamed to P.T. KEDAWUNG SETIA CORRUGATED CARTON BOX INDUSTRIAL LTD., and changed its again to P.T. KEDAWUNG SETIA CORRUGATED CARTON BOX INDUSTRIAL (P.T. KSCCBI) on April 30, 1997. The Articles of Association was approved by the Minister of Justice of the Republic of Indonesia through its Decree No. C2-7555.HT.01.01.TH.83 dated November 21, 1983.
The articles of association of the company
have frequently been revised. In
December 1994, the authorized capital was increased to Rp. 40,000,000,000.-
wholly issued of which Rp. 8,000,000,000.- was paid up. In 1995, the company
shares were entirely taken over by P.T. KEDAWUNG SETIA INDUSTRIAL Tbk., a business firm dealing with enamel and
household products manufacturing which has gone public through Jakarta Stock
Exchange (BEJ) and Surabaya Stock Exchange (BES) in July 1996. On November 2008, the authorized capital was
raised to Rp. 100,000,000,000.- of which Rp. 25,600,000,000.- was issued and
fully paid up.
Most recently by notarial deed of Wachid Hasyim, SH., No. 44
dated April 25, 2013 the authorized capital was raised again to Rp. 315,000,000,000.-
of which Rp. 105,600,000,000.- was issued and fully paid up. Since the time, the shareholder of the
company are P.T. KEDAWUNG SETIAL INDUSTRIAL Tbk., (100%). 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-27243.AH.01.02.Tahun 2013 dated May 21, 2013.
P.T. KSCCBI is a member company of the KEDAWUNG SETIA Group or the KITA Group, a medium-size national private business group based in Surabaya (East Java) whose majority business stakes are controlled by the Wibisono family. The group's major activities are in banking, ceramic and enamel tableware manufacturing, corrugated carton box industry, plastic mats manufacturing, hotel owner and management
P.T. KSCCBI is dealing with carton box and egg tray manufacturing operating as from 1979 by managing a plant located at Karang Pilang, Surabaya (East Java) standing on 12.4 hectares land adjacent to its parent company P.T. KEDAWUNG SETIA INDUSTRIAL Tbk. Total investment invested by P.T. KSCCBI is amounted Rp. 13.9 billion with annual production of 1,500 tons of corrugated carton box and egg tray per month. The plant has been expanded frequently for increasing total production capacity. Later, in 2011 its corrugated box production capacity was raised to 15,000 tons of corrugated carton box per month and 230 tons of egg tray per month. The materials are purchased from a number of local paper making companies among others are P.T. SURABAYA AGUNG PULP & KERTAS, P.T. PAKERIN, P.T. PELITA CENGKARENG. Around 90% of its products are marketed domestically particularly to a number of manufacturing companies among them are P.T. H.M. SAMPOERNA Tbk., P.T. DJARUM KUDUS, P.T. COCA COLA AMATIL INDONESIA, P.T. CHITOSE INDONESIA MANUFACTURING, P.T. UNILEVER INDONESIA Tbk., P.T. PLATINUM ASIA CERAMICS, and the rest is exported to Australia. We observed that P.T. KSCCBI is classified as a large-sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, the demand for corrugated carton box and egg tray products in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of industrial sectors such as food and beverage industries, cigarette, ceramics, glasses, electronic, furniture, textile, pharmaceutical companies and garment manufacturing as well as automotive components manufacturing. But, as from October 2008, the demand growth for corrugated carton box and egg tray 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 such as PT. Kedaung Subur, PT. Surabaya Mexa Box, PT. Lamibock Prima Industry, PT. Prima Box, PT. Surindo Teguh Gemilang and others. Business position of P.T. KSCCBI is favorable for it has controlled a wide marketing network at home and their product has been widely known among consumers in the country.
Until this time P.T. KSCCBI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement.
But, pursuant to PT. KEDAWUNG SETIA INDUSTRIAL Tbk. (its holding
company) that total sales turnover of P.T. KSCCBI in 2011 amounted to Rp.
1,040.4 billion increased to Rp. 1,132.9 billion in 2012 and rose again to Rp.
1,233.6 billion in 2013 and projected to go on rising by at least 8% in
2014. The operation in 2013 yielded an
estimated net profit of Rp. 35.8 billion and the company has an estimated total
asset of Rp. 350.0 billion. So far, we
did not heard that the company having been black listed by the Central Bank
(Bank Indonesia). Besides, the company usually pays its debts punctually to suppliers.
Since April 2013, the Company’s management
is headed by Mr. Tjipto Wirahadikusumah Wibisono (30), replacing Mr. Harianto
Wibisono (52) as CEO of the company. He
is a son of Mr. Heru Wibisono (63) of the founding shareholders of the KEDAWUNG
SETIA Group or KITA Group. The management is also handled by a number of
professional staff, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sector. So far, we
did not hear that the company’s management involved in the business
malpractices 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 are convinced that P.T. KSCCBI is good
for normal business transactions.
However, in view of the unstable economic condition and political
situation in the country is warming, so we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.16 |
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UK Pound |
1 |
Rs.102.23 |
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Euro |
1 |
Rs.82.04 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.