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Report No. : |
338614 |
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Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. KURNIA SARI UTAMA |
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Registered Office : |
Jalan Galuh Mas Raya, Ruko Arcadia Block 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 : |
22.02.2008 |
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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 : |
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. |
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|
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No. of Employees : |
27
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
Name
of Company:
P.T.
KURNIA SARI UTAMA
A
d d r e s s :
Head Office & Warehouse
Jalan
Galuh Mas Raya
Ruko Arcadia Block XII A No. D-1
Desa Sukaharja, Teluk Jambe Timur
Karawang,
41361
West
Java
Indonesia
Phones -
(62-267) 8457249, 8457425, 8618517
Fax -
(62-267) 8457224
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
Date of Incorporation :
22
February 2008
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-94407.AH.01.01.TH.2008
Dated 9 December 2008
- No. AHU-AH.01.10-37036
Dated 15 October 2012
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.733.518.1-408.000
Related
Company :
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. Mrs. Meli Mayangsari, SE -
Rp. 75,000,000.-
Address
: Jl. R. Ali Muhtar No. 19
Kelurahan Adiarsa Barat,
Kecamatan
Karawang Barat, Karawang,
West Java
Indonesia
b. Mr. Mahendra Firdaus, SE -
Rp. 50,000,000.-
Address : Jl. R. Ali Muhtar No. 19
Kelurahan Adiarsa Barat,
Kecamatan
Karawang Barat, Karawang, West Java
Indonesia
c. Mr. Drs. H. Ase Husna Ruchyana - Rp.
25,000,000.-
Address : Jl. R. Ali Muhtar No. 19
Kelurahan Adiarsa Barat, Kecamatan
Karawang 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 :
Export - 50%
Local - 50%
Main
Customer :
Supermarket,
Mini Market, etc
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ANUGERAH MUSTIKA OSTINDO
b. P.T. MULIA RAYA AGRIJAYA
c. P.T. SEMESTA ALAM RAYA
d. P.T. SURYA INDAH PERKASA
e.
Etc
Business
Trend :
Growing
B
a n k e r :
P.T.
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) :
2012
– Rp. 23.7 billion
2013
– Rp. 25.0 billion
2014
– Rp. 27.0 billion
Net
Profit (estimated) :
2012
– Rp. 1.4 billion
2013
– Rp. 1.6 billion
2014
– Rp. 1.8 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
P.T. KURNIA SARI UTAMA (P.T. 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.
P.T. 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. P.T.
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, P.T. 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 P.T. KSU has been growing
and developing well in the last three years.
Based on the forecast from some economists, Indonesia’s
economic growth in 2015 is still challenging. Bank Indonesia has decided to
maintain the BI Rate at 7.75% based on the evaluation of the 2015 economic
outlook. This is also in line with the efforts to steer inflation around 4% by
2015, while supporting the control of the current account deficit to a more
healthy level. The Rupiah currency is predicted to be in the average range of
Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that
Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above
conditions indicate that in general, Indonesia’s economic condition is not
growing optimally and mainly focuses on maintaining economic stability.
Indonesia National Budget Plans 2015, the government has predicted the
following 2015 global economic challenges which cover; uncertain global economy
triggered by either economic downturn or economic crisis in many countries; the
risk caused by the fluctuating global commodity prices, especially the raw oil
price; commitment to support the ASEAN Economic Community (AEC); and
implementation of the global development agenda post 2015. Meanwhile, the
forecasted 2015 domestic economic challenges will cover: An increase in the
slowing down of economic growth; risk in the domestic financial market;
imbalanced payment balance sheet; and reduced social gap. This condition
potentially impacts both the industry and the market in which P.T. KSU is
engaged. It is estimated that industrial growth equal to or less compared to the previous year.
Until this time P.T. KSU has not been registered with
Indonesian Stock Exchange, so that they had 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
2012 amounted to Rp. 23.7 billion increased to Rp. 25.0 billion in 2013 rose to
Rp. 27.0 billion in 2014 and projected to go on rising by at least 5% in 2015.
The operation in 2014 yielded an estimated net profit of at least Rp. 1.8
billion and the company has an estimated total networth of at least Rp. 4.0
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. KSU is led by Mr. Muhammad Ali
(33) a professional manager of Pakistan with experience in trading, export
import services. Daily activity he is assisted by Mr. Mahendra Firdaus (32) of
Indonesia, Mr. Muhammad Ayub (50) and Mr. Mohammad Naeem (46) 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. P.T. KURNIA SARI UTAMA is
sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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.