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Report No. : |
302196 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. KSB INDONESIA |
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Registered Office : |
Kawasan
Industri MM 2100, Cibitung, Jl. Timor Blok D2-1, Desa Mekarwangi Cikarang
Barat, Bekasi 17520, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
19.10.1993 |
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Com. Reg. No.: |
AHU-AH.01.10-15046 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Integrated Steel
Milling and Particular & Equipment Manufacturing |
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No. of Employee : |
220 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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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 |
Name
of Company :
P.T.
KSB INDONESIA
Address
:
Head
Office & Factory
Kawasan
Industri MM 2100, Cibitung
Jl.
Timor Blok D2-1, Desa Mekarwangi
Cikarang
Barat, Bekasi 17520
West
Java
Indonesia
Phones -
(62-21) 8998 3570 (hunting)
Fax - (62-21) 8998 3571
Email - ksbsales@ksb.com
Land Area - 2.1 hectares
Building Space - 1.8 hectares
Region - Industrial
Estate
Status - Owned
Sales
& Marketing Office
Cawang
Kencana Building, Floor D Suite-D-02
Jl.
Mayjend Sutoyo Kav. 22
Jakarta
13630
Indonesia
Phones -
(62-21) 8088 6509 (hunting)
Fax - (62-21) 8088 6504
Land Area - 18 storey
Building Space - 180 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
19
October 1993
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-3419.HT.01.01.TH.94
Dated 30 May 1994
b. No. AHU-35270.AH.01.02.Tahun 2010
Dated 14 July 2010
c. No. AHU-AH.01.10-15046
Dated 27 April 2012
Company Status :
Foreign Investment
Company (PMA)
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.070.757.8-413.001
b. The Capital Investment Coordinating Board
No.
3419/I/PMDN/1994
Dated 30 May 1994
Related/Affiliated
Company :
A member of the KSB
Group of Germany
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - US$ 4,850,000.- (Rp.
14,408,500,000.-)
Issued Capital - US$ 4,850,000.- (Rp. 14,408,500,000.-)
Paid up Capital - US$ 4,850,000.- (Rp.
14,408,500,000.-)
Shareholders/Owners :
a. KSB FINANZ S.A. of Luxemburg - US$ 4,562,000.- (94.06%)
Address : 37, Rue De
La Gare 7535
Mersch - Luxemburg
b. KSB AKTIENGESELLSCHAFT -
US$ 288,000.- ( 5.94%)
Address : Johan-Klein
Strabe 9,
Frankenthal, Germany
BUSINESS
ACTIVITIES
|
Lines of Business :
Integrated Steel
Milling and Particular & Equipment Manufacturing
Production Capacity :
a. Casting Products - 5,000 tons p.a.
b. Pumps -
5,000 pieces p.a.
c. Valves & Accessories - 20,000 pieces p.a.
Total Investment :
a. Equity Capital - US$. 4.85 million
b. Loan Capital - US$. 2.39 million
c. Total Investment - US$. 7.24 million
Started Operation :
1996
Brand Name :
KSB INDONESIA
Technical Assistance
:
KSB AKTIENGESELLSCHAFT of Germany
Number of Employee :
220 persons
Marketing Area :
Local -
40%
Export - 60%
Main Customers :
a. Oil and Gas
Industries
b. Mining Industries
c. Water Treatment
Industries
Market Situation :
Very Competitive
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
a.
P.T. Bank NEGARA INDONESIA Tbk
Jl. Jend. Sudirman Kav. 1
Central Jakarta
Indonesia
a.
DEUTSCHE Bank
Jl. Imam Bonjol No. 80
Central Jakarta
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2011
– US$. 33.0 million
2012
– US$. 37.0 million
2013
– US$. 42.0 million
2014
– US$. 48.0 million
Net
Profit (estimated) :
2011
– US$. 2.5 million
2012
– US$. 2.8 million
2013
– US$. 3.2 million
2014
– US$. 3.6 million
Payment
Manner :
G
o o d
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Rajeev Jayant Prasad Jain
Directors -
a. Mr. Primo Hendro Wirasto
b. Mr. Javed Umer
c. Mr. David Haliyanto
Board of Commissioners :
President Commissioner - Dr. Ir. Augus Lee Tjie Kiong
Commissioners - Mr. Werner Ludwig Robert Spiegel
Signatories :
President
Director (Mr. Rajeev Jayant Prasad Jain) or one of the Directors (Mr. Primo
Hendro Wirasto, Mr. Javed Umer or Mr. David Haliyanto) which must be approved
by Board of Commissioners (Dr. Ir. Augus Lee Tjie Kiong or Mr. Werner Ludwig
Robert Spiegel)
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
OVERALL
PERFORMANCE
|
P.T. KSB INDONESIA was established in Jakarta,
on October 19, 1993 with an authorized capital of US$ 3,200,000.- entirely was
issued and fully paid up. The founding
shareholders of the company are P.T. UNITED TRACTORS of Indonesia (30%) and KSB
AKTIENGESEELSCHAFT of Germany (70%). The
Deed of establishment was approved by the Minister of Justice of the Republic
of Indonesia through its Decree No. C-3419.HT.01.01.TH.94 dated 30 May 1994.
The Company’s article of association has been amended for several times. In 1998, P.T. UNITED TRACTORS withdrew and
the whole shares are sold to KSB FINANZ S.A. of Luxembourg. Since then, P.T. KSB INDONESIA became a full
foreign direct investment company.
The most recently by notarial Deed No. 60 dated
30 March 2012 was made by Notary Rosliana, SH., the authorized capital was
raised again to US$. 4,850,000.- entirely was issued and fully paid up. Since then, the shareholders of the company
are KSB FINANZ S.A. of Luxemburg (94.06%) and KSB AKTIENGESELLSCHAFT of Germany
(5.94%). The amendment
to Deed was approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-15046 dated 27 April 2012.
P.T. KSB INDONESIA was established within the framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) in 1993 in the field of Integrated Steel Milling and Particular & Equipment Manufacturing. Its plant is located at MM2100 Industrial Estate, Jalan Timor Blok D2-1, Desa Mekarwangi, Cikarang, Cibitung, West Java, on a land of 21,000 sq. meters. P.T. KSB INDONESIA offers a wide range of services and activities, from providing solution based on specific application required and produce own pump set package, and additional services given through at site service for pump and valves and pump rental business. Other services and activities of P.T. KSB INDONESIA include; service provider for pumps and valves application, dewatering and dredge system, pump service and pump rental business. The factory and services sites are located in Cibitung, West Java, while the sales offices and representative are based in Jakarta, Balikpapan, Banjarmasin, Cilegon, Jambi, Lampung, Medan, Nusa Tenggara, Pekanbaru, palembang, Semarang, Surabaya, Batam and Tembagapura. We observed that P.T. KSB INDONESIA 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.
In overall views we find the demand for
integrated steel milling products such as steel casting products, pumps, valves
and accessories has been rising by about 10% to 12% per year within the last
five years, in line with the growth of various industrial sectors in the
country. It is estimated the rate of demand
will be higher by at least 8% per year within the coming one-two years. Market competition is very tight due to a
large number of similar companies operating in the country. P.T. KSB INDONESIA
in this case is not in critical position for it has already controlled a wide
marketing chain among industrial manufacturers at home and overseas.
Until this time P.T. KSB INDONESIA has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement.
Therefore, the company has no obligation to publish financial statement
publicly. We have checked to Department of Trade and Industry and found that no
financial statement has been reported.
We estimated that total sales turnover of the company in 2011 amounted
to US$. 33.0 million increased to US$. 37.0 million in 2012 to US$. 42.0
million in 2013 and rose again to US$. 48.0 million in 2014. The operation in 2014 yielded an estimated
net profit of at least US$. 3.6 million and the company has an estimated total
asset of at least US$. 26.0 million. So
far, we did not heard that the company having been black listed by the Central
Bank (Bank Indonesia).
The management of P.T. KSB INDONESIA is
headed by Mr. Rajeev Jayant Prasad Jain AKA Rajeev Jain (51) as president
director, a professional manager of India.
He is a Mechanical Engineering and Master in management Science from
India graduate has many years of experience in the field of growing and
planning the business itself. Before Mr.
Rajeev Jain joined P.T. KSB INDONEISA, he has been working for KSB Group for
more than 25 years in KSB India, KSB Korea, KSB Region Asia Pacific. In his daily activities, he is assisted by
three directors namely Mr. Primo Hendro Wirasto (46) of Indonesia, Mr. Javed
Umer (53) of Pakistan and Mr. David Haliyanto (47) of Indonesia. The management, which is evaluated quite
creative and dynamic, also has succeeded in expanding their overseas marketing
network. The management is quite capable
of further developing business in the future. They have close relations with
many high-ranking government officials as well as with private businessmen
within and outside the country. So far, we did not hear 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. KSB INDONESIA is appraised to be good
for business transaction. However, in view of the economic condition in the
country is still unstable and slowdown, so we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.94.28 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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 |
|
-- |
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.