MIRA
INFORM REPORT
|
Report Date : |
16th June 2006 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MELANIA
INDONESIA |
|
|
|
|
Registered
Office : |
Bank
Sumut Building, 7th Floor Jalan
Imam Bonjol No. 18 Medan 20152, North Sumatera, Indonesia |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as
on) : |
2005 |
|
|
|
|
Date of
Incorporation : |
22 December 1961 |
|
|
|
|
Com. Reg. No.: |
C2-13.389.HT.01.04.TH.98 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of
Business : |
Engaged in Plantation and Processing of Tea and Crumb Rubber |
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 : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. MELANIA INDONESIA
A d d r e s s
Head
Office
Bank
Sumut Building, 7th Floor
Jalan
Imam Bonjol No. 18
Medan
20152
North
Sumatera
Indonesia
Phone -
(62-61) 4152043 (Hunting)
Fax. - (62-61) 4520908
Building Area -
Office
Office Space -
350 sq. meters
Region -
Commercial
Status -
Rent
Tea Plantation & Factory
Melania
Estate
Desa
Sukaresmi, Kecamatan Ciwendey
Cibuni,
Bandung
West
Java
Indonesia
Phone -
(62-22) 5927127, 5927187
Fax. - (62-22) 5927127
Building Area -
Plantation and Factory
Factory Space -
2,136 hectares (including plantation)
Region -
Commercial
Status -
Owned
Rubber Plantation
Melania Estate
Palembang
South Sumatera
Land Area -
3,096 Hectares
Date of Incorporation
a. 22 December 1961 as P.T. Perusahaan Perkebunan
MELANIA
b. 4 August 1993 as P.T. MELANIA INDONESIA
Legal Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C2-13.389.HT.01.04.TH.98
Dated
9 September 1998
Company Status :
Foreign Investment (PMA) Company
Permit by the Government
Department
The Capital Investment Coordinating Board
- No. 518/III/PMA/2001
Dated 3
May 2001
- No. 166/II/PMA/2002
Dated 1
August 2002
Related Company
The SIPEF Group or MELANIA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital : US$
636,517.-
Issued
Capital :
US$ 636,517.-
Paid
up Capital :
US$ 636,517.-
Shareholders/Owners :
a. JABEMALUX S.A. of Luxemburg - US$ 553,571.-
b. DANA PENSIUN BANK MANDIRI
JAKARTA of Indonesia -
US4 41,400.-
c. YAYASAN KESEJAHTERAAN PEGAWAI
BANK MANDIRI of Indonesia -
US$ 41,400.-
d. Mr. Drs. Hadi Sutanto of Indonesia - US$ 146.-
BUSINESS ACTIVITIES
Lines of
Business:
Tea and Crumb
Rubber Plantation and Processing
Production
Capacity :
a. Tea -
4,200 tons p.a.
b. Crumb Rubbers -
1,664 tons p.a.
Total Investment
:
a.
Equity Capital -
US$ 636,517.-
b.
Reinvested Profit -
US$ 1,796,923.-
c. Loan
Capital -
US$ 1,976,483.-
d.
Total Investment - US$ 4,409,923.-
Started Operation :
1970
Brand Name :
None
Technical Assistance :
JABEMALUX S.A. of Luxemburg
Number of Employee :
2,867
persons
Marketing Area :
Export - 100 %
Main Customer :
Buyers
in the USA, Europe Union, Japan, India and Asian countries
Market Situation :
Very
Competitive
Main Competitors :
a.
P.T. GUNUNG SLAMAT
b. P.T. NTTOH MILANO TEH
c. P.T. MITRA KERINCI
d. P.T. PERKEBUNAN NUSANTARA V
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 7
Medan, North Sumatera
Indonesia
b. CITIBANK, NA.
Jalan
Imam Bonjol No. 23
Medan,North Sumatra
Indonesia
c. P.T. Bank DANAMON INDONESIA Tbk.
Medan
Main Branch
North
Sumatra, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 –
Rp. 115.0 billion
2004 –
Rp. 120.0 billion
2005 –
Rp. 126.0 billion
Net Profit (Loss)
:
2003 – Rp. 8.0 billion
2004 – Rp. 8.4 billion
2005 –
Rp. 9.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Matthew Talbot
Adams
Director - Mr. Drs. Robert Sihite
Manager -
Mr. Bambang Subiakto
Board of Commissioners :
President
Commissioner - Mr. Baron Theodore Jean Charles
Commissioners - a. Mr. Michael
Anthony Saint Clair George
b. Mr. Bernard de Gerlache de Gomery
c.
Mr. Francois Soenanto
Signatories :
President Director (Mr. Matthew Talbot Adams) or the Director (Mr. Drs.
Robert Sihite) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount (Good for US$ 150,000 on 30 days D/A)
Maximum Credit Limit :
US$ 300,000.- on the 30 days of payments
OVERALL PERFOMANCE
Initially named P.T. Perusahaan Perkebunan MELANIA was
established in Medan, North Sumatera with an authorized capital of US$
636,517.- entirely issued and paid up. The founding shareholders were JABEMALUX
S.A. of Luxemburg, as a foreign partner, DANA PENSIUN BANK MANDIRI JAKARTA,
YAYASAN KESEJAHTERAAN PEGAWAI BANK MANDIRI and Mr. Drs. Hadi Sutanto, all of
Indonesia. The articles of association has frequently been amended. In August
1993, the company renamed P.T. MELANIA INDONESIA (P.T. MI). In June 1998, the
status law of the company had been moved to Jakarta. The deed of amendment was
made by Mr. Sutjipto, SH., a public notary in Jakarta under Company
Registration Number C2-13.389.HT.01.04.TH. 1998, dated September 9, 1998. The
latest in May 2001, P.T. ALICIA INDONESIA and P.T. MOESI INDONESIA merger with
P.T. MELANIA DONESIA and the company taking the merger was P.T. MELANIA
INDONESA. But the latest revision of notary deed under still processing at
Department of Justice and Human Right for legalization.
The venture is a member of the SIPEF Group or MELANIA Group, a
large business group based in Luxemburg, Belgium and in Indonesia the Group set
up several companies especially dealing with integrated oil palm plantation and
processing, tea plantation and processing and crumb rubber plantation and
processing.
P.T. MI obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with tea and crumb
rubber and processing. The company has been in operation since 1970 by managing
and developing a tea plantation of 2,136 hectares in Desa Sukaresmi, Ciwendy,
Cibuni, West Java and rubber plantation in Palembang, South Sumatera on a land
of 3,096 hectares. There is also its processing unit in this site and tea
plantation natural tourist resort surrounding its tea plantation. The above tea
and rubber plantation and processing has absorbed an investment of US$
4,409,923.- come from owned capital of US$ 626,517.-, reinvested profit of US$
1,796,923.- and the rest from loans. The whole products like tea is exported to
the USA, Europe Union, Japan, India and Asian countries. Meanwhile, around 95%
of its products in the form of crumb rubbers are used by overseas rubber and
tire manufacturing companies in the USA, France, Japan and South Korea. Sharp
Rupiah depreciation against the US Dollar, EUR, Japanese Yen and other hard
currencies has good impact to P.T. MI's financial condition because most of its
products is exported. On the other hand, the incessant economic crisis has also
affected badly to the company's operation due to sharp rise in its basic
material and price of the rubber products.
Generally, the national tea production has been fluctuating in the last
five years as the impact of the unstable economic condition in the country and
the increasing oil prices, labor wages and others. The largest destination
countries of the national tea export up to 2005 included Russia of 15.4%, the
UK of 14.4%, Malaysia of 9%, Pakistan of 8.6%, Germany of 7%, the USA of 7%,
Poland of 5.4% and the Netherlands of 5.3%. Meanwhile, the national tea
consuming rate reaches just 310 gram per capita while India reaching 660 gram
per capita, Saudi Arabia of 670 gram per capita and Iraq of 2.770 gram per
capita. Besides, the demand for crumb rubber dropped down until mid-June 2001
as the impact of the lower price of rubber market in the world causing the
local production dropped down. The falling down of rubber market has made the
rubber farmers mostly in small plantation were reluctant to maintain their
plantation. The over-supply in the international market caused the price lower
and kept weakening within the last few years. The lower price of natural rubber
in the world is also affected by the lower demand from the USA followed by the
WTC tragedy on 11 September 2001.
The Export Growth of Tea
and Rubber Indonesia, 2000-2005*
|
Year |
Tea |
Rubber |
||
|
(Thousand
Ton) |
(US$
Million) |
(Thousand
Ton) |
(US$
Million) |
|
|
2000 2001 2002 2003 2004 2005* |
102.0 95.0 95.5 84.7 55.9 39.4 |
108.3 94.6 98.1 91.8 64.8 41.4 |
9.5 10.7 9.0 13.4 12.6 3.5 |
7.8 7.5 6.8 12.3 14.7 5.0 |
*) January – October
Source : Central Bureau of Statistic
Until
this time P.T. MI 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. 115.0 billion increased
to Rp. 120.0 billion in 2004 and to Rp. 126.0 billion in 2005. The operation in
2005 yielded an estimated net profit at least Rp. 9.0 billion and the company
has an estimated total networth at Rp. 101.0 billion. It is projected that
total sales turnover of the company will be higher by at least 8% in 2006. 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. P.T. MI’s operation is backed by foreign
partner, JABEMALUX S.A. of Luxemburg, Belgium, a financially strong and sound
behind it.
The management is headed by Mr. Matthew Talbot Adams (48) one of a
professional manager with 11 years experience in tea and crumb rubber
plantation and processing. The management is also supported by local and
expatriate professional managers, having maintained a wide business relation
with private businessmen at home and abroad as well as with government sectors.
The management is very independent with a good reputation tea and crumb rubber
plantation and processing. 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. P.T. MELANIA INDONESIA is appraised good for business
transaction. Considering economic crisis surrounding the company, a solid
guarantee from shareholders is highly recommended before extending loan to the
company.
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 |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |