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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. KARYA ANUGERAH JAYA |
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Registered Office : |
Komplek Pergudangan Meiko Abadi Blok B-26, Jalan
Raya Betro RT. 05 RW.02 Desa Wedi, Gedangan 61254, Sidoarjo, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
21.12.2004 |
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Com. Reg. No.: |
AHU-AH.01.10-04646 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Importing and Distribution of
Chemicals for Food |
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No. of Employees : |
26 Persons |
RATING & COMMENTS
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 |
Correct Name of
Company :
P.T. KARYA
ANUGERAH JAYA
A d d r e s s :
Head
Office
Komplek Pergudangan Meiko Abadi Blok B-26
Jalan Raya Betro RT. 05 RW.02
Desa Wedi, Gedangan 61254,
Sidoarjo, East Java
Indonesia
Phone -
(62-21) 8670088, 8011602
Fax - (62-21) 8674052
Building Area - 2 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
21 December 2004
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Law of Law and
Human Rights
a. No. AHU-97099.AH.01.02.Tahun 2008
Dated 16 December
2008
b. No. AHU-59420.AH.01.02.Tahun 2010
Dated 21 December 2010
c. No. AHU-AH.01.10-04646
Dated 14 February 2011
Company Status :
Private National Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.391.537.4-641.000
Related Company :
Not available
Capital Structure
:
Authorized Capital - Rp.
6,000,000,000.-
Issued Capital - Rp.
3,000,000,000.-
Paid up Capital - Rp.
3,000,000,000.-
Shareholders/Owners
:
a.
Mr. Drs. Handoko Hartono -
Rp. 300,000,000.- (10%)
Address : Jl. Kalongan Besar No. 26
Surabaya, East Java
Indonesia
b.
Mr. Drs. Wellim Hartono -
Rp. 1,350,000,000.- (45%)
Address : Jl. Kalongan Besar No. 26
Surabaya, East Java
Indonesia
c. Mrs. Yunita Halim - Rp. 1,350,000,000.- (45%)
Address : Jl. Jambu III/E-42
Sidoarjo, East Java
Indonesia
Lines of Business
:
Trading, Importing and Distribution of
Chemicals for food
Production Capacity
:
None
Total Investment :
None
Started Operation
:
2005
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
26 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. NISSIN BISCUIT
b. P.T. TIMUR UTAMA PERKASA
c. P.T. SAHABAT EAST FOOD
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CAFINDO CITRA RASA
b. P.T. ESSENCE INDONESIA
c. P.T. BRATACO CHEMIKA
d. P.T. ALAM KIMIA
e. P.T. TANDUK AIRMAS
f. P.T.
KIMIA SARI JAYA SENTOSA
g. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Sidoarjo Branch
Jl. Raya No. 18
Gedangan, Sidoarjo
Surabaya, East Java
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Surabaya Branch
Jl. Gubernur Suryo No. 36
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 28.0 billion
2011 – Rp. 31.5 billion
2012 – Rp. 37.0 billion
2013 – Rp. 42.0 billion
2014 – Rp. 23.5 billion (January – June)
Net Profit (Loss)
:
2010 – Rp. 1.4 billion
2011 – Rp. 1.7 billion
2012 – Rp. 2.0 billion
2013 – Rp. 2.3 billion
2014 – Rp. 1.3 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Drs. Handoko Hartono
Director - Mr. Budi Hartono
Board of Commissioner :
President Commissioner -
Mr. Drs. Wellim Hartono
Commissioner - Mrs. Yunita Halim
Signatories :
President director (Mr. Drs. Handoko
Hartono) or Director (Mr. Budi Hartono) which must be approved by Board of
Commissioner (Mr. Drs. Wellim Hartono and Mrs. Yunita Halim)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
P.T. KARYA ANUGERAH JAYA (P.T. KAJ) was
established in Sidoarjo (East Java) based on Notarial Deed of Janto Kusuma Koe,
SH., No. 34 dated December 21, 2004 with an authorized capital of Rp.
2,000,000,000.- of which Rp. 500,000,000.-
was issued and fully paid up. The founding shareholders of the company
were Mr. Drs. Handoko Hartono (10%), Mr. Drs. Wellim Hartono (45%) and Mrs.
Yunita Halim (45%). They are Indonesian
businessmen and businesswoman of Chinese extraction. The Deed of establishment was approved by the
Minister of Law and Human Right in its Decision Letter No. C-05533
HT.01.01.TH.2005 dated March 3, 2005.
The articles of association of the company
have frequently been revised. The latest, in October 2010, the authorized
capital was raised to Rp. 6,000,000,000.- of which Rp. 3,000,000,000.- was
issued and entirely paid up. The
Articles of Association amendment was made by Mr. Janto Kusuma Koe, SH., a
public notary in Gresik (East Java) under Company Registration Number
AHU-59420.AH.01.02.Tahun 2010 dated December 21, 2010 and No.
AHU-AH.01.10-04646 dated February 14, 2011.
No changes have been effected in term of its shareholding composition
and capital structures to date.
P.T. KAJ had been operating since 2005 in
the trading, imports and distribution of various chemicals for food such as
food coloring, food ingredients, soybean milk powder, health food and drink,
food based rice products and others.
Mrs. Maria, a marketing staff of the company explained that P.T. KAJ is
an agent for ALCO food coloring, food ingredients, soybean milk powder, health
food and drink products, is produced by P.T. Rajawali Jaya Anugerah of
Indonesia. Mrs. Maria added that its
coloring food product supplied to various local food and beverage processing
plant in East Java like P.T. Nissin Biscuit, P.T. Timur Utama Perkasa, P.T.
Sahabat East Food and others such as biscuit and snack food manufacturing
industries, etc. We observed that P.T.
KAJ is classified as a medium sized company of its kind in the country of which
the operation has been growing in the last three years.
The demand for coloring food, food
ingredients and food seasoning products has kept on rising by 7% to 8% per
annum in the last three years in line with the sustained growth in food and
beverage processing industry in Indonesia as well as the improving of
population income. The demand growth will go on rising by 5% to 6% per annum in
the next three years. Market competition is very sharp considering many other
similar imported products offering on the local markets such as P.T. Cafindo
Citra Rasa, P.T. Essence Indonesia, P.T. Brataco Chemika, P.T. Alam Kimia, P.T.
Tanduk Airmas, etc. We are sure that
P.T. KAJ has high ability to further expand its business in the future.
Until this time P.T. KAJ has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. We observed that total sales turnover of
the company in 2011 amounted to Rp. 31.5 billion increased to Rp. 37.0 billion
in 2012 and rose again to Rp. 42.0 billion in 2013. The operation in 2013 yielded an estimated
net profit by at least Rp. 2.3 billion and the company has an estimated total
net worth by at Rp. 12.5 billion. It is projected that total sales turnover of
the company will increase at least 8% in 2014.
So far, we have never heard of the company having been black listed by
the Central Bank (Bank Indonesia). The company disclosed that the company
usually pays its debts punctually to suppliers.
The management of P.T. KAJ is led by Mr.
Drs. Handoko Hartono (49) as president director who has experienced for more
than 15 years in the field of trading, import and supplies of coloring food and
soybean milk powder. In daily
activities, he is assisted by his younger brother Mr. Budi Hartono (42) as
director. We observed that management’s
reputation in said business is fairly good. The company has had wide relation
in the realm of the private businessmen inside and outside the country. Their
relation with the government is fairly good. So far, we have never heard that
the company’s management involved in a dirty business practice 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.
P.T. KARYA ANUGERAH JAYA is sufficiently
fairly good for business transaction. However, in view of the economic
slowdown, we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.