|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KARUNIA CATUR PERKASA |
|
|
|
|
Registered Office : |
Jalan Raya
Sumberpasir Timur No. 189, Desa Sumber Pasir, Kecamatan Pakis Malang, 62154,
East Java |
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|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
28.08.2003 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-31693 |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Leather Tanning Manufacturing |
|
|
|
|
No. of Employees |
228 |
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 : |
No complaints |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
Name of
Company :
P.T.
KARUNIA CATUR PERKASA
A d d r e s s
:
Head Office & Factory
Jalan Raya
Sumberpasir Timur No. 189
Desa Sumber
Pasir, Kecamatan Pakis
Malang, 62154
East Java
Indonesia
Phones -
(62-21) 789 888, 780 954
Fax - (62-21) 789 889
E-mail - info@kcp.co.id
Land Area - 35,000 sq.
meters
Building Space - 20,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
28 August 2003
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-27746.HT.01.01.TH.2003
Dated 19 November 2003
- No. AHU-76890.AH.01.02.TH.2008
Dated 23 October 2008
- No. AHU-AH.01.10-31693
Dated 30 July 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.347.896.9-623.000
The Department of Industry and Trade
TDP No.
132511900522
Dated 27 December
2005
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
4,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp. 1,000,000,000.-
Shareholders/Owners
:
a. Mr. Liem Tjhing Tiong - Rp. 300,000,000.-
Address :
Jl. Siwalankerto Permai 3/I-17
Surabaya, East
Java
Indonesia
b. Mr. Sutjipto Harsono - Rp.
300,000,000.-
Address : Jl. Ijen No. 67
Malang, East
Java
Indonesia
c. Mr. Gunawan Njotowidjojo - Rp. 300,000,000.-
Address :
Jl. Sutorejo Utara Baru No. 5
Surabaya, East
Java
Indonesia
d. Mrs. Lo Ellen Wongsosaputro - Rp. 100,000,000.-
Address : Jl. Legundi No. 20
Surabaya, East
Java
Indonesia
Lines of
Business :
Leather Tanning
Manufacturing
Production Capacity
:
Finished Leather - 6,000,000 square
foot meters
Total
Investment :
Owned Capital - Rp. 4.0
billion
Started
Operation :
2004
Brand Name :
Karunia Catur
Perkasa
Technical
Assistance :
None
Number of Employee :
228 persons
Marketing Area :
Export -
100%
Main Customer :
Shoes Industry in Vietnam and
Germany
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AFA SAMWO INDONESIA
b. P.T. ECCO TANNERY INDONESIA
c. P.T. ELCO INDONESIA SEJAHTERA
d. P.T. DAEHWA LEATHER LESTARI
e. P.T. KULITMURNI ASIATENGGARA
Business Trend :
Growing
B a n k e r s:
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Jend. Basuki Rachmat 7-74
Malang, East Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto No. 9 A
Malang, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 46.6
billion
2012 – Rp. 49.8
billion
2013 – Rp. 53.0 billion
Net Profit
(estimated) :
2011 – Rp. 2.8
billion
2012 – Rp. 3.0
billion
2013 – Rp. 3.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Liem Tjhing Tiong
Director -
Mr. Sutjipto Harsono
Board of Commissioners :
President Commissioner -
Mr. Gunawan Njotowidjojo
Commissioners -
Mrs. Lo Ellen Wongsosaputro
Signatories :
President Director (Mr.
Liem Tjhing Tiong) or the Director (Mr. Sutjipto Harsono) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. KARUNIA
CATUR PERKASA (P.T. KCP) was set-up in Malang, East Java on 28 August 2003 with
the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 250,000,000
fully and paid up. The founding and shareholders of the company are Mr. Liem
Tjhing Tiong, Mrs. Lo Ellen Wongsosaputro, Mr. Sutjipto Harsono and Mr. Gunawan
Njotowidjojo, they are Indonesian businessmen of Chinese descents. The company
notary deed had been changed a couple of times and in September 2008 the
company authorized capital was increased to Rp. 4,000,000,000 issued capital to
Rp. 1,000,000,000 entirely paid up. With this development the composition of
its shareholders has been changed to become Mr. Liem Tjhing Tiong (30%), Mr.
Sutjipto Harsono (30%), Mr. Gunawan Njotowidjojo (30%) and Mrs. Lo Ellen
Wongsosaputro (10%). The latest according to the revision of notary deed Mr.
Junjung Handoko Limantoro, SH., no. 76 dated 17 May 2013 the company board of
director and the board of commissioner re-elected to lead and runs of the
company’s operation. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-31693 dated July 30,
2013.
P.T. KCP is a
national private company started to be operating since 2004 dealing with
leather tanning manufacturing. The plant is located at Jalan Raya Sumber Pasir
No. 189, Desa Sumber Pasir, Pakis district, Malang, East Java standing on 3.5
hectares land. The plant produces of finished leather of 6 million sq. foot per
annum. Mr. Sutjipto Harsono, Director of the company explained 100% of the
products exported for shoe industries, furniture industries, bag industries and
others industries in Germany and Vietnam. Some of the raw materials like wet
salted Java cow hide, wet salted Brahman cow hide is collected from Malang,
East Java, Central Java, wet salted Bali cow hide from Bali. Besides, P.T. KCP
is also imported raw material like Brine cured Australian cow hide from
Australia. Global economic benefits accrue to downstream actors as value added
from hide and skin processing is high. This has been proven by constant annual
growth in exports of leather and leather products. In the wake of October 2008
global economic crisis, the tannery industry experienced a difficult period as
seen in decreased production and manpower. Many tannery companies were even
forced to close. The tannery industry has suffered further because post-crisis
government policy failed to support the sector and in such a situation
companies preferred to export wet blue leather. To guarantee domestic supply
the government needs to encourage the leather tannery industry to improve
quality in line with standards set by domestic consumers and increase
production capacity and volume. It also needs to draw up a primary and
secondary industry development strategy through synergy and the cluster
approach and review various regulations on leather importation which have been
hindering the secondary sector industry. We observe the operation of P.T. KCP
has been growing slowly in the last five years.
In overall we
find the demand for leather sheets had been fluctuating within the last five
years in line with the growth of local and international market demand. It is
estimated that it will remains fluctuated within the coming two-three years.
Leather production is a complex task, encompassing 23 distinct steps, starting
with the flaying of raw hides or skins and finishing with embossing, which
presses a chosen grain into the surface of the finished hide. During the past
five years, domestic production of finished leather has significantly varied.
For example, from 2004 to 2006, leather production for footwear increased 49%
from 45 million square feet in 2002 to 67 million in 2004. However, in the past
two years, production levels have decreased by 15%, from 67 million in 2004 to
57 million square feet in 2006. The level of domestic leather produced has not
been enough to satisfy consumption. In 2006, domestic finished leather for
footwear consumption was estimated to be 69 million square feet, while domestic
leather production was only 57 million square feet.
Of the 57
million square feet produced, 12 million was exported to foreign-owned footwear
manufacturers, creating a deficit of 24 million square feet. This deficit was
addressed through the import of finished leather, primarily from firms in
India, Italy, Bangladesh and China.
Until this time
P.T. KCP has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The
management of P.T. KCP 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. 46.6 billion rose to Rp. 49.8 billion in
2012 increased to Rp. 53.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. The operation in 2013 yielded an estimated net profit of at
least Rp. 3.2 billion and the company has an estimated total networth of at
least Rp. 6.0 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. KCP is led by Mr. Liem Tjhing Tiong (68) a businessman with experience
in leather tanning manufacturing. In its operation he is assisted by Mr.
Sutjipto Harsono (51) 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. KARUNIA CATUR PERKASA is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.