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Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PT. KURNIA SARI
UTAMA |
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|
|
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Registered Office : |
Jalan Galuh Mas Raya, Ruko Arcadia Blok 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 : |
22.10.2008 |
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Com. Reg. No.: |
AHU-AH.01.10-37036
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in importer and exporter of various products such
as fresh fruits, palm acid oil, adhesive tape, paper & allied products,
pharmaceutical, gum rosin as well as leather goods |
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|
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No of Employees : |
27 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
PT. KURNIA SARI UTAMA
Head Office &
Warehouse
Jalan Galuh Mas
Raya
Ruko Arcadia Blok XII A No. D-1
Desa Sukaharja, Teluk Jambe Timur
Karawang 41361
West Java
Indonesia
Phones -
(62-267) 845 7249, 845 7425
Fax -
(62-267) 845 7224
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
22 October 2008
PT. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. AHU-94407.AH.01.01.TH.2008
Dated 09 December 2008
- No. AHU-AH.01.10-37036
Dated 15 October 2012
National Private
Company
The Department of
Finance
NPWP No.
02.733.518.1-408.000
The Department of
Trade
TDP No. 100811801547
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. Ms. Meli
Mayangsari, SE - Rp. 105,000,000.- (70%)
Address : Jalan R. Ali Muhtar
No. 19
Adiarsa Barat, Karawang
West Java, Indonesia
b. Mr. Drs. H.
Ase Husna Ruchyana - Rp.
15,000,000.- (10%)
Address : Jalan R. Ali Muhtar
No. 19
Adiarsa Barat,
Karawang
West Java, Indonesia
c. Mr.
Mahendra Firdaus, SE - Rp.
30,000,000.- (20%)
Address : Jalan R. Ali Muhtar
No. 19
Adiarsa 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
:
Local - 60%
Export -
40%
Main Customer
:
Supermarket, Mini
Market, Etc
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. ANUGERAH
MUSTIKA OSTINDO
b. PT. MULIA RAYA AGRIJAYA
c. PT. SEMESTA ALAM RAYA
d. PT. SURYA INDAH PERKASA
e. Etc
Business Trend
:
Growing
Banker :
PT. 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
2013 – Rp. 25.4
billion
Net Profit
(estimated) :
2010 – Rp. 1.0
billion
2011 – Rp. 1.2
billion
2012 – Rp. 1.4
billion
2013 – Rp. 1.5
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
PT. KURNIA SARI UTAMA (PT. 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.
PT. 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. PT. 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, PT. 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 PT. 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.
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 competition is very tight on account many similar
companies operating in the country. Management of PT. KSU disclosed that some
40% of products are exported to Middle East, South Asia, Africa, Etc. We
observe the operation of PT. KSU has been growing and developing well in the
last three years.
The estate crops activities in Indonesia is
seen from the growth production of estate crops as below.
(In thousand tons)
|
Year |
Dry Rubber |
Palm Oil |
Palm Kernel |
Cocoa |
Coffee |
Tea |
Cane Sugar |
Tobacco |
|
2003 |
396.1 |
6,923.5 |
1,529.2 |
56.6 |
29.4 |
126.2 |
1,991.6 |
5.2 |
|
2004 |
403.8 |
8,479.3 |
1,862.0 |
54.9 |
29.2 |
125.5 |
2,051.6 |
2.7 |
|
2005 |
432.2 |
10,119.0 |
2,155.9 |
55.1 |
24.8 |
128.2 |
2,241.7 |
4.0 |
|
2006 |
554.6 |
10,961.8 |
2,363.1 |
67.2 |
28.9 |
115.4 |
2,307.0 |
4.2 |
|
2007 |
578.5 |
11,438.0 |
2,593.2 |
68.6 |
24.1 |
116.5 |
2,623.8 |
3.1 |
|
2008 |
594.6 |
12,477.8 |
2,829.2 |
62.9 |
28.1 |
112.8 |
2,668.4 |
2.6 |
|
2009 |
522.3 |
13,872.3 |
3,145.5 |
67.6 |
28.7 |
107.3 |
2,333.9 |
4.1 |
|
2010 |
585.4 |
14,290.1 |
3,240.1 |
70.9 |
28.7 |
108.9 |
2,278.1 |
4.0 |
|
2011 |
531.9 |
16,908.7 |
3,994.6 |
44.8 |
23.7 |
137.2 |
1,348.3 |
2.9 |
|
2012 |
591.4 |
16,499.1 |
3,894.2 |
58.7 |
26.7 |
92.1 |
2,313.1 |
3.2 |
Source: Central
Bureau of Statistics (BPS)
Until this time PT. 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 2011 amounted to Rp. 22.3
billion rose to Rp. 23.7 billion in 2012 increased to Rp. 25.4 billion in 2013
and projected to go on rising by at least 5% in 2014. The operation in 2013
yielded an estimated net profit of at least Rp. 1.5 billion and the company has
an estimated total networth of at least Rp. 3.5 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 PT. KSU is led by Mr. Muhammad Ali (32) a professional
manager of Pakistan with experience in trading, export import services. Daily
activity he is assisted by Mr. Mahendra Firdaus (30) of Indonesia, Mr. Muhammad
Ayub (49) and Mr. Mohammad Naeem (45) 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. PT. KURNIA SARI
UTAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
UK Pound |
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
-- |
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.