MIRA
INFORM REPORT
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Report Date : |
1st June 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T. MITRA WIRA PRATAMA |
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Registered
Office : |
Jalan
Pilar Raya No. 47 Kedoya
Selatan Jakarta
Barat, 11520 Indonesia |
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Country : |
Indonesia |
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Date of
Incorporation : |
2002 |
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Legal Form : |
Limited
Liability Company |
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Line of
Business : |
Traders,
Importers, Stockist, and Suppliers of Hardware and Engineering Equipment |
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 : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. MITRA WIRA PRATAMA
A d d r e s s
Head
Office
Jalan
Pilar Raya No. 47
Kedoya
Selatan
Jakarta
Barat, 11520
Indonesia
Phone - (62-21) 5824949 (Hunting), 5825111
(Hunting)
Fax. -
(62-21) 5814041
E-mail - mitra_wp@cbn.net.id
Building
Area - Office
Office
Space - 250 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
2002
Legal Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No.
C-02237 HT.01.04.TH.2006
Dated 25
January 2006
Company Status
Private
Company
Permit by the
Government Department
The
Department of Finance
NPWP No.
02.248.121.2-035.000
Dated 26
June 2002
The Department of Industry & Trade
TDP No.
09.02.1.51.24263
Dated 26
August 2002
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp. 3,750,000,000.-
Issued
Capital : Rp. 3,750,000,000.-
Paid up
Capital : Rp. 3,750,000,000.-
Shareholders/Owners
:
a. Mr.
Ir. Soedarmin Tjandra -
Rp. 1,875,000,000.-
Address
: Jalan Pilar Raya No. 47
RT. 006,
RW. 003, Kel. Kedoya Selatan
Kecamatan
Kebon Jeruk
Jakarta
Barat, Indonesia
b. Mr.
Jonatan Winarto, SE -
Rp. 1,875,000,000.-
Address
: Jalan Pilar Raya No. 47
RT. 006,
RW. 003, Kel. Kedoya Selatan
Kecamatan
Kebon Jeruk
Jakarta
Barat, Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading,
Importer, Stockist, and Supplier of Hardware and Engineering Equipment
Production
Capacity :
None
Total
Investment :
a. Owned
Capital - Rp. 3.7 billion
b. Loan
Capital - None______
c. Total
Investment - Rp. 3.7 billion
Started
Operation :
2002
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
32
persons
Marketing
Area :
Domestic - 100 %
Main
Customer :
Industrial
Manufacturer
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T.
MENTARI GEMILANG ABADI
b. P.T. MENTARI SUPLINDO
c. P.T. DUTA INSTRUMENT ALFA SAKTI
d. P.T.
ORIENT TECHNICAL CENTRE
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k
e r s :
a. P.T.
Bank LIPPO Tbk
Jalan Pejuangan
Tomang Tol, Kedoya
Jakarta Barat, Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan Pejuangan
Tomang Tol, Kedoya
Jakarta Barat, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2003 –
Rp. 20.0 billion
2004 –
Rp. 21.5 billion
2005 –
Rp. 22.5 billion
Net
Profit (Loss) :
2003 –
Rp. 1.2 billion
2004 –
Rp. 1.3 billion
2005 –
Rp. 1.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Soedarmin Tjandra
Director -
Mr. Jonathan Winarto, SE
Board of Commissioners :
Commissioner - None
Signatories :
President Director (Mr. Ir. Soedarmin Tjandra) or
the Director (Mr. Jonathan Winarto, SE) which must be approved by Supervisory
Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$
302,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T.
MITRA WIRA PRATAMA (P.T. MWP) was set up in Jakarta in 2002 with an authorized
capital of Rp. 6,500,000,000.- issued capital of Rp. 2,000,000,000.- issued
capital of Rp. 500,000,000.- entirely paid up. The founding shareholders are
Mr. Ir. Soedarmin Tjandra and Mr. Jonathan Winarto, SE., both are Indonesian
businessmen of Chinese extraction. The
articles of association has been changed a couple of times. The latest in
October 2005, the authorized capital was increased to Rp. 3,750,000,000.-
entirely issued and paid up. The deed of amendment was made by Mr. Sylvester
Hernowo, SH., a public notary in Jakarta under Company Registration Number C-02237
HT.01.04.TH. 2006, dated January 25, 2006.
P.T. MWP
is dealing with trading, importer, stockist and supplier of hardware and
engineering equipment for oil companies, refineries and other industrial
companies. P.T. MWP fine quality products in the dorm of petroleum industry
equipment and others including LESSER The Safety Valves; ORBINOX Knife Gate
Valves; GEFA Butterfly Valves; ITT Industries Engineered Valves-Richter; SHAW
VALVES Hazardous Chemical Valves; AIR TORQUE Pneumatic Actuators; TC-VALVE;
DONG KWANG Butterfly Valves; PRAHER-SH Thermoplastic Valves; SAVE-SAMSHN Forged
Steel Valves; YPPI – PEKOS Ball Valves and VIZA-ASTIC Cast Steel Valves. The
whole products are imported from the USA, Norway, Germany, Italy, Japan and
South Korea. P.T. MWP is also carrying out the installation of the above
products. The company also offers engineering services including engineering
design, project management, process studies, upgrades & debottlenecking,
vessel modification, single source turkey and process hazard analysis.
All of
the merchandising goods and services are sold and used by its customers in
petroleum industry including P.T. CHEVRON PACIFIC INDONESIA, BEYOND PETROLEUM,
CHEVRON INDONESIA (ex. UNOCAL INDONESIA), EXXONMOBILE OIL INDONESIA INC, CNOOC
SOUTHEAST SUMATRA BV, VICO INDONESIA, LAPINDO BRANTAS INC., P.T. PERUSAHAAN GAS
NEGARA Tbk, SANTOS SAMPANG PTY. LTD., and others. Its other customers are
refineries unit of P.T. PERTAMINA including in Cilacap, Dumai, Plaju, Balongan;
fertilizer plant like P.T. PUPUK KUJANG, P.T. PUPUK KALTIM; power plants
including P.T. PLN Tbk, pulp and paper plants likes P.T. PINDO DELI PUPL &
PAPER, P.T. Pabrik Kertas TJIWI KIMIA Tbk, P.T. PURINUSA EKA PERSADA, P.T.
LONTAR PAPYRUS SAKTI; and contractors namely P.T. INTI KARYA PERSADA TEKNIK and
P.T. PETROSEA and P.T. GEMA SEMBROWN and others. P.T. MWP has opened a
marketing branch office in Surabaya, Medan and Pekanbaru. We observed that the
company’s operation has been growing in the last three years.
The
demand for technical equipment including valves, pressure equipment, piping
systems, fitting, flanges, actuators and other has kept on rising by 8% to 10%
per annum in the last five years. Such condition was in line with the growth of
general mining industry like oil and gas, industrial refineries, fertilizer
industry, electricity, chemical industry, pulp and paper industry, cement and
other sectors requiring the above products. It is projected that the demand
growth will be rising within the next five years. Market competition is very
tough on account of many other similar companies operating in Indonesia. P.T.
MWP’s business position in this case is not too badly because it has
established regular customers and extensive marketing network.
Until this time P.T. MWP 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 2003 is Rp. 20.0 billion increased to Rp. 21.5 billion in 2004 and to Rp.
22.5 billion in 2005. The operation in 2005 yielded an estimated net profit at
least Rp. 1.5 billion and the company has an estimated total networth at Rp.
6.0 billion. It is forecasted that total sales turnover of the company will
increase at least 8% in 2006. We observe that P.T. MWP is supported by
financially fairly strong behind it. 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 company is led out by Mr. Ir. Soedarmin
Tjandra, a businessman who experienced for more than 14 years in the field of
trading, importer, stockist, and supplier of hardware and engineering
equipment. He is an
engineer in technical electro from Trisaksti University, Jakarta. We
observed that management’s reputation in said business is fairly good. The
management is handled by professional manages having wide relation with home
and overseas private businessmen as well as with the government sectors. 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.
PT. MITRA WIRA PRATAMA is fairly 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.
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 |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |