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Report No. : |
324944 |
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Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KARYA SUMIDEN
INDONESIA |
|
|
|
|
Registered Office : |
Jalan Industri VI, Kawasan Industri Jatake, Desa Pasir Jaya, Jatiuwung Tangerang, 15130, Banten Province |
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Country : |
Indonesia
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Financials (as on) : |
31.03.2013 |
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|
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Date of Incorporation : |
23.01.1998 |
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Com. Reg. No.: |
AHU-AH.01.10-36839 |
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Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Rolled Copper Wire
Rod Industry |
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|
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No. of Employees : |
136 |
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 : |
Slow but correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T.
KARYA SUMIDEN INDONESIA
A
d d r e s s :
Head Office & Factory
Jalan
Industri VI
Kawasan
Industri Jatake
Desa
Pasir Jaya, Jatiuwung
Tangerang,
15130
Banten
Province
Indonesia
Phones -
(62-21) 5930 1678 (Hunting)
Fax - (62-21) 5930 1977
Land Area - 35,000 sq.
meters
Building Space - 23,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
23
January 1998
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-3993.HT.01.01.TH.98
Dated 22 April 1998
- No. AHU-69645.AH.01.02.TH.2008
Dated 25 September 2008
- No. AHU-AH.01.10-08832
Dated 13 April 2010
- No. AHU-AH.01.10-26362
Dated 18 July 2012
- No. AHU-AH.01.10-36839
Dated 5 September 2013
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.824.613.2-415.000
The President of the Republic of
Indonesia
No.
B-229/Pres/6/1997
Dated
3 June 1997
The Capital Investment Coordinating
Board
- No. 318/I/PMA/1997
Dated 12 June 1997
- No. 57/III/PMA/1998
Dated 19 January 1998
- No. 114/II/PMA/2000
Dated 25 May 2000
- No. 998/III/PMA/2001
Dated 30 July 2001
Related
Companies :
a. P.T. SUMIDEN SERASI WIRE PRODUCTS
(Manufacture of Tire Bead Wire, Steel Cords and
Fine Wire for Springs)
b. P.T. SUMIDEN HARDMETAL MANUFACTURING
INDONESIA (Design, Manufacture, Repair,
and Sales of Cemented Carbide Tools)
c. P.T. SUMIDEN POWDER METAL INDONESIA (Sales of
Sintered Products and Cutting Tools)
d. P.T. SUMIDEN SINTERED COMPONENTS INDONESIA
(Manufacture of Sintered Products)
e. P.T. SUMI INDO CABLE Tbk (Electric and
Telecommunication Cable Manufacturing)
f. P.T. SUMI INDO WIRING SYSTEMS (Manufacture
and Processing of Wiring Harness)
g. P.T. SUMITOMO ELECTRIC WIRE WINTEC INDONESIA
(Manufacture of Magnet Wire)
h. P.T. TAIYO SINAR RAYA TEKNIK (Design,
Construction and Maintenance Work in
Commercial, Industrial and Construction
Projects)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
32,109,222.-
Issued
Capital :
US$ 32,109,222.-
Paid
up Capital :
US$ 32,109,222.-
Shareholders/Owners
:
a. SUMITOMO ELECTRIC INDUSTRIES LTD. - US$ 30,668,300.-
Address : 5-33 Kitahama
4-Chome, Chou-Ku
Osaka, 541
Japan
b. P.T. SUMI INDO KABLE Tbk -
US$ 1,440,922.-
Address :
Jl. Jend. Gatot Subroto Km. 7.8
Desa Pasir Jaya, Kecamatan
Jatiuwung
Tangerang, Banten Province
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
Rolled Copper Wire
Rod Industry
Production Capacity :
Copper Wire Rods - 230,400 tons p.a
Total Investment :
a. Equity Capital - US$ 32.1 million
b. Loan Capital - US$ 20.2 million
c. Total Investment - US$ 52.3 million
Started Operation :
1998
Brand Name :
Karya Sumiden
Indonesia
Technical Assistance
:
Sumitomo Electric
Industries Ltd., Japan
Number of Employee :
136 persons
Marketing Area :
Export - 70%
Local - 30%
Main Customer :
Buyers in Malaysia,
China, Thailand, Japan
Market Situation :
Very Competitive
Main Competitors :
None
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a.
The Bank of TOKYO-MITSUBISHI UFJ Ltd.
Midplaza Prima
Jalan Jend.
Sudirman Kav. 10-11
Jakarta 10220
Indonesia
b. P.T. Bank SUMITOMO MITSUI INDONESIA
Jala Jend.
Sudirman Kav. 61-62
Jakarta 12190
Indonesia
c. P.T. Bank MIZUHO INDONESIA
Plaza BII Menara
II
Jalan M.H.
Thamrin Kav. 51
Jakarta Pusat
d. P.T. Bank CENTRAL ASIA Tbk
Menara BCA Grand Indonesia
Jalan M.H. Thamrin No. 1
Jakarta Pusat
Indonesia
Auditor
:
Purwantono,
Suherman & Surja (Ernst & Young)
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (as per March) :
2011
– US$ 1,148.1 million (estimated)
2012
– US$ 1,162.5 million
2013
– US$ 1,235.6 million
2014
– US$ 1,310.0 million (estimated)
Net
Profit (Loss):
2011
– US$ 4.4 million (estimated)
2012
– US$ 1.7 million
2013
– (US$ 1.2 million)
2014
– US$ 1.5 million (estimated)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Hiroyuki Matsuyama
Vice President Director - Mr. Raya Pontus Samosir
Directors -
a. Mr. Kazuhiro Nanjo
b. Mr. Palgunadi Budiono
c. Mr. Minoru Nakamoto
d. Mr. Yutaka Nishide
Board of Commissioners :
President Commissioner - Mr. Takahiro Nakano
Commissioners - a. Mr. Sulim Herman Limbono
b. Mr. Hiroshi Shikata
Signatories :
President
Director (Mr. Hiroyuki Matsuyama) or Vice President Director (Mr. Raya Pontus
Samosir) or one of the Directors (Mr. Kazuhiro Nanjo, Mr. Palgunadi Budiono,
Mr. Minoru Nakamoto or Mr. Yutaka Nishide) which must be approved by Board of
Commissioner.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. KARYA SUMIDEN INDONESIA (P.T. KSI) was established
in January 1998 in Jakarta with an authorized capital of US$ 14,409,222 wholly
issued and paid-up. Founders and shareholders are SUMITOMO ELECTRIC INDUSTRIES,
LTD., of Japan as the foreign participant and P.T. SUMI INDO KABEL Tbk (Ex P.T.
IKI INDAH KABEL INDONESIA Tbk.), as the local counterpart. Its articles of
association had been changed and in January 2000 the authorized capital was
raised to US$ 29,409,222 wholly issued and paid up. Then in August 2008 the
company authorized capital was increased to US$ 32,109,222 wholly issued and
paid up. With this development the composition of its shareholders has been
changed to become SUMITOMO ELECTRIC INDUSTRIES LTD., (95.51%) and P.T. SUMI
INDO KABEL Tbk (4.49%). Then according to the revision of notary documents of
Mr. Ashoya Ratam, SH., No. 07 dated 21 August 2013 the board of director and
the board of commissioner had been changed (see profile of this report). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-36839 dated September 5, 2013.
The majority business stakes of P.T. KSI is controlled by
SUMITOMO ELECTRIC INDUSTRIES, LTD., of Japan who is also majority business stakes
owner of P.T. SUMI INDO KABEL Tbk which in December 1990 released 15.6% shares
to the public through the Jakarta Stock Exchange (P.T. BEI).
P.T. KSI acquired a Foreign
Investment (PMA) license issued by Capital Investment Coordinating Board (BKPM)
for dealing with manufacturing rolled copper wire rod by taking over the P.T.
SUMI INDO KABEL Tbk's rolled copper wire rod unit in January 1998. The above
unit is standing on 40,000 sq. meters land with right of building located in
Desa Pasir Jaya, Jatiuwung Sub-district, Tangerang (West Java), including
tangible and intangible assets such as factory buildings, machinery, spare parts and other equipments. The plant has a
capacity to produce 50,400 tons of rolled copper wire rods per annum. The
factory development absorbed an investment of US$ 20.6 million originated from
own capital of US$ 14.4 million while the rest from loan. The basic materials
including pure copper rod, aluminum alloy rod are partly imported through
SUMITOMO ELECTRIC INDUSTRIES, LTD., of Japan and partly obtained from P.T.
SMELTING & COPPER. Mrs. Tintje Marketing Executive disclosed that all
products are directly supplied to P.T. SUMI INDO KABEL Tbk, P.T. EWINDO, P.T.
VOKSEL ELECTRIC, P.T. KMI WIRE & CABLE Tbk, P.T. AUTOCOMP SYSTEMS INDONESIA,
P.T. PRYSMIAN CABLE INDONESIA, P.T. JJ LAPP CABLE SMI and others. In May 2000
P.T. KSI acquired an expansion permit to increase production capacity of copper
wire rods to 180,000 tons with an investment of US$ 29.0 million coming from
company's capital of US$ 15.0 million and the remainder from loan. The whole
products of this expansion plant is exported to Asian countries through
SUMITOMO ELECTRIC INDUSTRIES of Japan the largest electric wire producer in
Japan having controlled marketing network in Asian countries. The expansion is
made due to a rapid rising demand from automotive and electronic industries. We
observe the operation of P.T. KSI 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 from Japan, etc. Stop
production of products which do not reach profit target. Reduction
finishing cost and transportation cost.. Improvement of internal production such reducing
product, increasing cycle time and increasing machine running time. 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.
According to financial statement which ended 31 March
2010 (One year) amounted at US$ 976.6 million with a net profit of US$ 3.3
million. As from January – March 2011 (three months) the sales turnover
amounted at US$ 287.2 million with a net profit of US$ 1.1 million and rose to
US$ 1,162.5 million in April 2011 – March 2012 (One year) with a net profit of
US$ 1.7 million increased to US$ 1,235.6 million with a net loss of US$ 1.2
million in 2013. We estimated the sales turnover of the company is 2014
amounted at US$ 1,310.0 million with a net profit of at least US$ 1.5 million.
It is projected the sales turnover will be rising by at least 6% in 2015. We
observe that P.T. KSI is supported by foreign partner with has financially
strong and sound behind it. 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 condense financial statement is
shown.
(In US Dollar)
|
Descriptions |
April 2012-March
2013 |
Jan-March 2012 |
Jan –
March 2011 |
|
A. ASSETS |
|
|
|
|
a. Current Assets |
167,559,238 |
152,287,565 |
143,069,452 |
|
b. Non Current
Assets |
30,316,732 |
30,133,932 |
25,581,279 |
|
c. Other Assets |
13,003 |
30,551 |
24,581 |
|
TOTAL ASSETS =
TOTAL LIABILITIES & EQUITY |
197,875,970 |
182,421,497 |
168,650,731 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
|
a. Current
Liabilities |
168,006,068 |
150,543,486 |
136,419,261 |
|
b. Non Current
Liabilities |
787,446 |
1,114,081 |
969,887 |
|
c. Stockholders
Equity : - Paid Up
Capital - Retained
Earnings Total
Stock holders Equity |
32,109,222 495,576 29,082,456 |
32,109,222 962,704 30,763,930 |
32,109,222 1,460,357 31,261,583 |
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales Net |
1,235,613,929 |
1,162,520,426 |
287,211,334 |
|
b. Operating Profit |
(458,527) |
3,396,033 |
1,482,676 |
|
c. Net Profit
(loss) |
(1,214,346) |
1,731,276 |
1,106,679 |
Notes: 31 March 2011,
2012 and 2013 audited by Purwantono,
Suherman & Surja (Ernst & Young)
The management of P.T. KSI is led by Mr. Hiroyuki
Matsuyama (54) a professional manager of Japan with experience in rolled copper
wire manufacturing and trading. Daily activity the company is also assisted by
Mr. Raya Pontus Samosir (54) as Vice President Director, Mr. Kazuhiro Nanjo
(51), Mr. Palgunadi Budiono (53) and Mr. Minoru Nakamoto (42) and Mr. Yutaka
Nishide (54) as Directors. 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. We are convinced
P.T. KARYA SUMIDEN INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
TPT |
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.