MIRA
INFORM REPORT
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Report Date : |
10th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MAKMUR META GRAHA DINAMIKA |
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Registered Office : |
Jl. Roa Malaka Selatan 28/10 Jakarta 11001, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
23 July 1984 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the business of trading and
distribution of metallurgical products for foundry & consumable steel
industry supply |
RATING & COMMENTS
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MIRAs 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 : |
Usually
Correct |
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Litigation : |
Clear |
Name of company
P.T. MAKMUR META GRAHA DINAMIKA
A d d r e s s
Head Office
Jl. Roa Malaka Selatan 28/10
Jakarta 11001
Indonesia
Phones - (62-21) 6910770, 6904432, 6906876
Fax. - (62-21) 6910774, 6901544
Telex - 45441 MMGD IA
PO Box - 1183 JKT
Land Area - 2,480 storey
Office Space - 1,220 sq. meters
Region - Commercial
Status - Owned
Branch
Jl. Tiang Bendera Selatan 52/10
Jakarta 11001
Indonesia
Phones - (62-21) 6903734, 6930487
Land Area - ,800 sq. meters
Office Space - 460 sq. meters
Region - Commercial
Statues - Rented
Date of Incorporation
a. 23 July 1984 as P.T. MAKMUR METAL GRAHA DINAMIKA
b. 26 March 1985 as P.T. MAKMUR META GRAHA DINAMIKA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-3669.ht.01.01.TH.85
Dated 15 June 1985
Company Status
National Private Company
Permit by the Government Department
The Department of Trade
SIUP No. 7253/09-03/PDK/NAS
Related Company
P.T. PEPRAKTEK MANDALA PERKASA (Engineering Consulting Services)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 110,000,000.-
Issued Capital : Rp. 22,000,000.-
Paid up Capital : Rp. 22,000,000.-
Shareholder/Owner :
Mr. Hardi Sasmita - 100%
Address : Komplek Sunrise Garden
Jl. Surya Mandala I No. 15 Blok III-B
Jakarta Barat
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Metallurgical Products for Foundry & Consumable Steel Industry Supply
Agents of :
a. SIBELCO Foundry Products of United Kingdom
b. MORGAN Refractories of United Kingdom
c. INDUCT TOTERM Blast Furnace Products of Australia
d. MIRACLE Water Treatment of Japan
e. BORDEN Steel Binder of Malaysia
Production Capacity :
None
Total Investment (estimated):
a. Owned Capital - Rp. 8.0 billion
b. Loan Capital - Rp. -- billion
c. Total Investment - Rp. 8.0 billion
Started Operation :
1 9 8 4
Brand Name :
MMGD
Technical Assistance :
None
Number of Employee :
76 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customers :
a. P.T. Krakatau Steel
b. P.T. Jakarta Iron Steel
c. P.T. Bakrie Pipe Industries
d. P.T. Yamaha Motor Indonesia
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Tjokro Putra Persada
b. P.T. Riyadi Putra Makmur
c. P.T. Asia Raya Foundry
d. P.T. Caprefindo
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. HAGA Bank
Jl. Abdul Muis No. 28
Jakarta Pusat
b. P.T. Bank MANDIRI Tbk.
Jl. Lapangan Stasiun No. 1
Jaklarta Barat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2002 Rp. 16.0 billion
2003 Rp. 18.5 billion
2004 Rp. 20.8 billion
2005 Rp. 22.0 billion
Net Profit (Loss) :
2002 Rp. 780 million
2003 Rp. 830 million
2004 Rp. 920 million
2005 Rp. 1,060 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board
of Management :
Director -
Mr. Hardi Sasmita
Board of Commissioner :
None
Signatories
:
Director
(Mr. Hardi Sasmita) is the only person who is authorized to sign the loan on
behalf of the company
CAPABILITIES
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed
Credit Limit :
Small
amount periodical review
Maximum Credit Limit :
US$
300,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally
named P.T. MAKMUR METAL GRAHA DINAMIKA, the company was established in 1984
with an authorized capital of Rp 10,000,000.- of which Rp 2,000,000.- was
issued and paid up. The company was founded by Mr. Hardi Sasmita, Mr. Rudy
Surjadi Citra (both Indonesian businessmen of Chinese extraction), and Mr. John
Darius (an indigenous businessman) as the original shareholders. In 1985 Mr.
John Darius withdrew and was replaced by Mr. Soeryadi Sasmita and Mr. Irwan Suryadinata
Sutandi. Subsequently, the company's name was changed to P.T. MAKMUR META GRAHA
DINAMIKA (P.T. MMGD) and its authorized capital was increased to Rp
110,000,000.- with the issued and paid up capital amounting to Rp 22,000,000.-.
Since 1995 all the company's shares were taken over by Mr. Hardi Sasmita. His also the majority business stake owner
of P.T. REPRAKTEK MANDALA PERKASA dealing with engineering consulting services.
Deed of
notary of P.T. MMGD was made by Ms. Arianny Lamoen Redjo, SH., a notary in
Jakarta and it has obtained registration number from the Department of Law and
Human Rights under No. C2-3669.HT.01.01.TH.85, dated June 15, 1985.
P.T.
MMGD has been operating since 1984 in trading and distributing of metallurgical
product for foundry and consumable steel industry supply. It was appointed as
an agent for a number of foreign products among them are SIBELCO (ex. ASILAND)
and MORGAN Refractories both of United Kingdom, INDUCT TOTEREM Blast Furnace Product of Australia, MIRACLE
Water Treatment of Japan, BORDEN Steel Blinder of Malaysia, etc. P.T. MMGD
sells the above merchandising goods to end users including steel mills,
automotive companies, cement manufacturing firms, fertilizer and oil companies.
Besides that, P.T. MMGD also provides maintenance and after sales services.
Its customers among them are P.T. KRAKATAU STEEL, P.T. JAKARTA IRON
STEEL, P.T. BAKRIE PIPE INDUSTRY (all are steel making industries), P.T. YAMAHA
MOTOR INDONESIA MANUFACTURING (motorcycle assembling), P.T. SEMEN CIBINONG
(Portland cement manufacturing), P.T. PUPUK SRIWIJAYA (urea fertilizer
industry) and others.
The
economic crisis battering the country since mid 1997 being followed by sharp
rupiah depreciation against foreign currencies has brought bad impact to P.T.
MMDG on account of the plummeting demand for metallurgical products for foundry
and consumable steel equipment. The
local purchasing power was sluggish while the imported products increased
highly. However, since 2000 the local
demand started increasing in line with the amelioration of the economic
condition in the country. The long-term
business prospect of P.T.L MMDG is favorable on account of having established
wide marketing networks in the country.
The
management strongly rejected to disclose its financial matters, but we
estimated that P.T. MMGD's operation in 2003
posted a total sales turnover of Rp. 18.5 billion, increased to
Rp. 20.8 billion in 2004and rose again to Rp 22.0 billion in 2005. P.T. MMGD's operation in 2005 booked a total
net profit of Rp. 1.0 billion with a total networth of about Rp. 8.0
billion. It is projected that its total
sales turnover will continue on rising by 10% in 2006.
P.T.
MMGD's management is led by Mr. Hardi Sasmita (57), a businessman with 23 years
experience in trading of technical equipments including metallurgical products.
The management has wide relation with many businessmen dealing with steel
making, automotive industry, cement, fertilizer, oil company and also
state-owned enterprises (BUMN). In its operation, the management is supported by a team of managers
having maintained wide relation with
home and overseas private businessmen as well as with the government
sector. We have never heard that the
management has been involved in business malpractice and detrimental cases
being settled through local district court.
We are
convinced that P.T. MMGD is good for normal 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 |