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MIRA INFORM REPORT
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Report No. : |
484874 |
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Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. KOMITAMA MAJU PERKASA |
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Registered Office : |
Jl. Medan - Binjai Km. 14.5, Gunung Louser Dusun VII, Pule Rejo, Desa
Sei Semayang, Deli Serdang Regency, Medan, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
22.02.2010 |
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Com. Reg. No.: |
AHU-AH.01.03-0187675 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Manufacturing of PET Flakes · Trading and Distribution of Rubber Plastics |
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No. of Employees : |
45 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 27 percent today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
Name
of Company
P.T. KOMITAMA MAJU
PERKASA
Address
Head
Office & Factory
Jl. Medan - Binjai Km. 14.5,
Gunung Louser Dusun VII,
Pule Rejo, Desa Sei Semayang
Deli Serdang Regency
Medan, North Sumatra
Indonesia
Phones -
(62-61) 882 8724 (hunting)
Fax. - (62-61) 882 5972
Land Area - 2,500 sq.
meters
Building Area - 1,600 sq. meters
Region - Industrial
Zone
Status - Owned
COMPANY
SUMMARY
Date of
Incorporation :
22 February 2010
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-13070.AH.01.01.Tahun 2010
Dated 12 March 2010
b. No. AHU-AH.01.03-0187675
Dated 06 November 2017
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
Not available
Related/Affiliated Company :
Not available
CAPITAL
AND OWNERSHIP
Capital Structure
:
Authorized Capital - Rp. 1,500,000,000.-
Issued Capital - Rp.
450,000,000.-
Paid up Capital - Rp.
450,000,000.-
Shareholders/Owners
:
a.
Mr. Hirman -
Rp. 270,000,000.- (60%)
Address : Jl. Riau No. 190, Kel. Tampan,
Kec. Payung sekaki,
Pekanbaru
Riau Province
Indonesia
b.
Mr. Julius -
Rp. 180,000,000.- (40%)
Address : Jl. Haji Zainal Arifin No. 53-E
Kel. Madras Hulu, Kec. Medan
Polonia
Medan, North Sumatra
Indonesia
BUSINESS
ACTIVITIES
Lines of Business
:
a. Manufacturing of PET Flakes
b. Trading and Distribution of Rubber
Plastics
Production Capacity :
PET Flakes – on the order basis
Total Investment :
a. Owned Capital - Rp.
450.0 million
b. Loan Capital -
Rp. 200.0 million
c. Total Investment - Rp. 650.0 million
Started Operation
:
March 2010
Brand Name :
Komitama
Technical
Assistance :
None
Number of Employee
:
45 persons
Marketing Area :
Local -
100%
Main Customers :
Corporate and Individual
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARTHA PERSADA PRATAMA
b. P.T. MITRA BANGUN CEMERLANG
c. P.T. ELITE RECYCLING INDONESIA
d. P.T. HAMPARAN PLASTINDO RAYA
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers :
a. P.T. Bank QNB KESAWAN Tbk
Medan Main Office
Jl. Pemuda No. 5
Medan, North Sumatra
b. P.T. Bank MANDIRI Tbk.
Medan Branch Office
Jl. Balaikota No. 8-10
Medan, North Sumatra
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Total
Sales/Revenues (estimated) :
2013 – Rp. 13.6 billion
2014 – Rp. 17.0 billion
2015 – Rp. 19.3 billion
2016 – Rp. 22.0 billion
2017 – Rp. 12.3 billion (January – June)
Net Profit
(estimated) :
2013 – Rp. 1.2 billion
2014 – Rp. 1.4 billion
2015 – Rp. 1.6 billion
2016 – Rp. 1.8 billion
2017 – Rp. 1.0 billion (January – June)
Payment Manner :
No complaints
Financial Comments
:
Fairly
KEY
EXECUTIVES
Board of Management :
Director - Mr. Julius
Marketing
Manager - Ms.
Hariyanti
Board of Commissioners :
Commissioner -
Mr. Hirman
Signatories :
The
director (Mr. Julius) which must be
approved by Board of Commissioner (Mr. Hirman)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
P.T. KOMITAMA MAJU PERKASA (P.T. KMP) was
established in Medan based on Notary Deed No 62 dated February 22, 2010 drawn
up by Farida Hanum, SH., a notary in Medan with an authorized capital of Rp.
1,500,000,000.- of which Rp. 450,000,000.- was issued and paid up. The founding shareholders of the company are
Mr. Hirman (60%) and Mr. Julius (40%), both are Indonesian businessmen of
Chinese extraction. The Deed of
establishment was approved by the Minister of Law and Human Rights through its
Decree No. AHU-13070.AH.01.01.Tahun 2010 dated March 12, 2010. In 2017 based on Notary Deed of Farida
Hanum, SH., No. 02 dated November 01, 2017, concerning the reappointment of the
Company’s board of Director and Commissioner.
This amendment to Deed has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through its Decree No.
AHU-AH.01.03-0187675 dated November 06, 2017. Since then, no changes have been
effected in term of its shareholding composition and capital structure to date.
In accordance with article 3 (three) of the articles of
association contained in the deed of establishment, the scope of activities of
the Company is primarily in development, construction, trading, export-import,
mining, transportation, plantation, publishing, workshop and services. The company registered office located at Jl.
Medan – Binjai Km. 14.5, Gunung Lauser Dusun VII, Pule Rejo, Desa Sei Semayang,
Deli Serdang Regency, Medan, North Sumatra and the company can open branch
offices or representative offices at home and abroad.
We observed that P.T. KMP has been in
operation since March 12010 dealing with manufacturing of PET Flakes by
managing a plant located on Jl. Medan – Binjai Km. 14.5, Gunung Lauser Dusun
VII, Pule Rejo, Desa Sei Semayang, Deli Serdang Regency, Medan, North Sumatra. The raw material is obtained from the waste of plastic PET bottles in Medan
and other areas in North Sumatra. PET Flakes produced by P.T. KMP is marketed
to a number of PET Flakes agents and distributors in Medan, North Sumatra.
Furthermore, these agent companies and distributors sell PET Flakes to a number
of companies or manufacturers of PET plastic bottles manufacturing located in
North Sumatra, West Sumatra and South Sumatra.
We
observed that P.T. KMP is classified as a small-sized company of its kind in
the country of which the operation has been growing in the last three years.
The domestic demand for PET Flakes and
Plastic Granular had been rising by 8% to 10% on the average per annum in the
last five years in line with the rapid growth of PET bottles and various
plastic products in the country.
Meanwhile, the competition is very tight on account of lots of similar
companies operating in the country. The growth rate is now estimated at 6% to
8% per year. The solid and steady domestic economy, Indonesia with the rising
of Country Rating to Investment Grade, and also supported by Indonesia’s
economic indicators such as inflation, exchange rates and interest rates are
expected to encourage the business sectors.
Macroeconomic indicators from China showed downward
trend. In contrary, macroeconomic
indicators of the US and India showed improvement. Both of these indicated continued uncertainties.
The global economic crisis that accompanied the decline
of the Indonesian Rupiah (IDR) against the US Dollar in the past two months,
resulting in Indonesian people's purchasing power declined sharply. The value
of the Rupiah from Rp. 11,800.- per US dollar at the end of 2014, has now
slumped to Rp. 13.500 per US Dollar.
Table of Indonesian Economic Indicators from
2012 to 2016
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Indonesian
Economic Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
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Gross Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
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Consumer Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
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Government Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
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Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
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Current Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
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Population (in millions) |
247 |
250 |
253 |
255 |
258 |
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Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
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Unemployment (percentage of workforce) |
6.1 |
6.3 |
5.9 |
6.2 |
5.6 |
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Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Until this time P.T. KMP 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. P.T. KMP’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of the company in 2014 amounted to Rp. 17.0 billion increased to Rp. 19.3 billion in 2015 and rose again to Rp. 22.0 billion in 2016. The operation in 2016 yielded a net profit at least Rp. 1.8 billion and the company has a total net worth of Rp. 6.5 billion. It is projected that total sales turnover of the company will increase at least 8% in 2017. So far we did not hear that P.T. KMP has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court.
P.T. KMP's management is headed by Mr.
Julius (44) as director and CEO of the company.
He is a businessman with more than 10 years of experience in trading and
manufacturing of PET Flakes. In daily activities, he is assisted by Ms.
Hariyanti (36) as marketing manager.
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 fraudulent
dealings. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
P.T. KOMITAMA MAJU PERKASA is appraised to
be good for business transaction.
However, in view of the unstable economic condition in the country we
recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.35 |
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1 |
INR 85.89 |
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Euro |
1 |
INR 76.15 |
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IDR |
1 |
INR 0.0044 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.