MIRA
INFORM REPORT
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Report Date : |
13th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
MUSIM MAS |
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Registered Office : |
Jl. K.L. Yos Sudarso Km. 7,8,
Tanjung Mulia, Medan, North Sumatra, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
21.06.1992 |
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Com. Reg. No.: |
C2-16.200.HT.01.04.th.1998 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
a. Oil Palm Plantation and Refinery b. Soap Manufacturing c.
Warehouse and Stevedoring Services |
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. MUSIM MAS
Address
Head Office & Factory I
Jl. K.L. Yos Sudarso Km. 7,8
Tanjung Mulia, Medan
North Sumatra
Indonesia
Phones - (62-61) 615511, 619866
Fax. -
(62-61) 624362, 619866
Email - mmas@musimmas.com
Land
Area - 40,000 sq. meters
Building
Space - 28,000 sq. meters
Region - Industrial Zone
Status - Owned
Factory II
Jl. Oleo
Kawasan Industri Medan II
Saentis-Percut
Sei Tuan,
Deli
Serdang, Medan 20371
North
Sumatra
Indonesia
Phones - (62-61) 6871123, 6851166, 6850880
Fax. - (62-21) 6871152, 6871153
Land
Area - 60,000 sq. meters
Building
Space - 20,000 sq. meters
Region - Industrial Estate
Status - Rent
Factory III (planned)
Padang
Pariaman
Kotamadia
Padang
West
Sumatra
Land
Area - 100,000 sq. meters
Building
Area - None
Region - Industrial Zone
Status - Rent
Plantation Location
Desa
Pangkalan Lesung Tanjung Beringintalau
Kabupaten
Riau
Riau
Province
Land
Area - 9,131.2 ha.
Building
Area - None
Region - Plantation
Status - Rent
Date of Incorporation
21 June
1992
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Justice and Human Rights
No. C2-16.200.HT.01.04.th.1998
Dated 29 September 1998
Company Status
Private
and Domestic Investment Company
Permit by the Government
Department
a.
The Capital Investment Coordinating Board
- No.
1617/Sekr/SP.PMDN/1972
Dated 24
October 1972
- No.
342/DJAI/IUT-D.IV/PMDN/VI/1987
Dated 20
June 1987
- No.
02/II/PMDN/1991
Dated 2
January 1991
- No.
468/III/PMDN/1993
Dated 13
October 1993
- No.
13/II/PMDN/1999
Dated 29
March 1999
- No.
69/II/PMDN/1999
Dated 30
November 1999
- No.
63/II/PMDN/2001
Dated 16
October 2001
- No.
65/II/PMDN/2001
Dated 24
October 2001
b.
The Department of Trade and Industry
No.
616/T/Industri/1999
Dated 23
November 1999
c.
The Department of Agriculture
No.
HK.350/E.4.299.03-93
Dated 11
May 1993
Related Companies
a. P.T.
BINA KARYA PRIMA (Soap Manufacturing)
b. P.T.
SIRINGO-RINGO (Oil Palm Plantation and Palm Oil Refinery)
c. P.T.
LAMBANG UTAMA (Soap Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure
Authorized Capital : Rp.
121,470,000,000.-
Issued Capital : Rp.
116,800,000,000.-
Paid up Capital : Rp.
116,800,000,000.-
Shareholders/Owners
a. Mr. Bachtiar Karim -
Rp. 29,200,000,000.-
Address
: Jl. Kalimantan No. 29/3-B
Medan,
North Sumatra
Indonesia
a. Mr. Bachrum Karim -
Rp. 26,864,000,000.-
Address
: Jl. Kalimantan No. 29/3-B
Medan,
North Sumatra
Indonesia
a. Mr. Burhan Karim -
Rp. 24,528,000,000.-
Address
: Jl. Kalimantan No. 29/3-B
Medan,
North Sumatra
Indonesia
a. Mr. Bahari Karim - Rp. 24,528,000,000.-
Address
: Jl. Kalimantan No. 29/3-B
Medan,
North Sumatra
Indonesia
a. Mrs. Mikie Widjaja -
Rp. 11,680,000,000.-
Address
: Jl. Kalimantan No. 29/3-B
Medan,
North Sumatra
Indonesia
BUSINESS ACTIVITIES
Lines of Business
a. Oil Palm Plantation and Refinery
b. Soap Manufacturing
c. Warehouse and Stevedoring Services
Production Capacity
Initial
Units
a. Soaps - 21,000 tons p.a.
b. Cooking Oils Shortening and
Margarines - 28,080 tons p.a.
c. Cocoa Butter Substitutes - 21,400 tons p.a.
d. Palm Kernel Oil (PKO) - 70,000 tons
p.a.
e. Palm Kernel Pellets - 33,750 tons
p.a.
f. Crude Palm Oil (CPO) - 66,000 tons
p.a.
g. Fresh Fruit Bunches - 228,000 tons p.a.
Expansion
(March 29, 1999)
a. RBD Oleins -
420,000 tons p.a.
b. RBD Stearines - 69,000 tons p.a.
c. Fatty Acids - 15,000 tons p.a.
d. Soaps - 43,200 tons p.a.
Expansion
(November 30, 1999)
a. RBD Oleins -
210,000 tons p.a.
b. RBD Stearins - 69,000 tons p.a.
c. Fatty Acids - 15,000 tons p.a.
d. Soaps - 43,200 tons p.a.
Expansion
(2000)
a. Crude Palm Oil (CPO) - 79,200 tons
p.a.
b. Palm Kernel Oil (PKO) - 7,500 tons
p.a.
c. Palm Kernel Expelers - 9,000 tons
p.a.
Expansion
(October 16, 2001)
a. Fatty Acids - 60,000 tons p.a.
b. Glyserine - 12,000 tons p.a.
c. Soaps - 33,000 tons p.a.
Expansion
(October 24, 2001)
a. Warehouse Services - Rp. 3.1
billion
b. Stevedoring Services - Rp. 30.0 billion
Total Investment
Initial units
a.
Equity Capital - Rp 115.0 billion
b.
Loan Capital - Rp 95.0 billion
c. Total
Investment - Rp 210.0 billion
Expansion( March 29, 1999)
a.
Equity Capital - Rp 100.0 billion
b.
Loan Capital - Rp 724.0 billion
c. Total
Investment - Rp 824.0 billion
Expansion (November 30, 1999)
a.
Equity Capital - Rp 80.0 billion
b.
Reinvested Profit - Rp 67.0 billion
c.
Loan Capital - Rp 100.0 billion
d. Total
Investment - Rp 247.0 billion
Expansion (2000)
a.
Equity Capital - Rp -
billion
b.
Loan Capital - Rp 147.2 billion
c. Total
Investment - Rp 147.2 billion
Expansion (October 16, 2001)
a. Equity
Capital - Rp 106.5 billion
b.
Reinvested Profit - Rp 68.0 billion
c.
Loan Capital - Rp 309.6 billion
d. Total
Investment - Rp 484.1 billion
Expansion (October 24, 2001)
a.
Equity Capital - Rp 38.9 billion
b.
Loan Capital - Rp -
billion
c. Total
Investment - Rp 38.9 billion
Started Operation
1 9 7 3
Brand Name
MUSIM MAS
Technical Assistance
None
Number of Employee :
6,528 persons
Marketing Area
Export - 75% (for Cooking Oil and Derivative Products)
45% (for Toilet and Washing
Soaps)]
Local - 25% (for Cooking Oil and Derivative Products)
55% (for Toilet and Washing
Soaps)]
Main Customer
Wholesaler and Importer of Palm
Oil, Soaps, Margarines, Supermarkets, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. KARYA PRAJONA NELAYAN
(KPN)
b. P.T. BIMOLI
c. P.T. SMART CORP. Tbk.
d. P.T. SAYAP MAS UTAMA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker s
a. P.T.
Bank DANAMON Tbk
Medan Branch
Jalan Balai Kota No. 2
Medan, North Sumatra
Indonesia
b. P.T.
Bank Rakyat Indonesia Tbk
Medan
Branch
Jalan
Putri Hijau No. 2A
Medan,
North Sumatra
Indonesia
Auditor
Internal
Auditor
Litigation
No
litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated)
2002 Rp. 5,880.0 billion
2003 Rp. 6,470.0 billion
2004 Rp. 7,490.0 billion
2005 Rp. 8,620.0 billion
2006 Rp. 4,960.0 billion
(January June)
Net Profit (Loss)
2002
Rp. 760.0 billion
2003
Rp. 820.0 billion
2004
Rp. 890.0 billion
2005
Rp. 950.0 billion
2006
Rp. 520.0 billion (January June)
Payment Manner
Average
Financial Comments
Strong and Sound
KEY EXECUTIVES
Board of Management
President Director - Mr.
Bachtiar Karim
Directors -
a. Mr. Bachrum Karim
b. Mr. Burhan Karim
Board of Commissioners
President Commissioner - Mrs. Mikie
Widjaja
Commissioner -
Mr. Bahari Karim
Signatories
President Director (Mr. Bachtiar Karim) or one of
the Directors (Mr. Bachrum Karim or Mr. Burhan Karim) which must be approved by
Board of Commissioners
CAPABILITIES
Management Capability
Good
Business Morality
Good
Credit Risk
Low
Credit Recommendation
Credit should be proceeded promptly
Proposed
Credit Limit
Fairly
large amount
Maximum Credit Limit
US$
116,980.- on the 90 days of payments
OVERALL PERFOMANCE
The company which has the full name
of P.T. Perindustrian dan Perdagangan MUSIM SEMI MAS abbreviated P.T. MUSIM MAS
was established on June 21, 1972 with an authorized capital of Rp 150,000,000.-
entirely issued and paid up. The company was founded by Mr. Anwar Karim AKA Lim
Oei Lian and two brothers of his, namely Mr. Agus Karim and Mr. Arifin Karim as
the original shareholders. They are Indonesian businessmen of Chinese
extraction. In 1989 Mr. Agus Karim and Mr. Arifin Karim withdrew and were
replaced by Mr. Bachtiar Karim AKA Lim Ek Tjioe, Mr. Bachrum Karim AKA Lim Ek
Kiong, Mr. Burhan Karim AKA Lim Ek Kian and Mr. Bahari Karim AKA Lim Ek Tie,
all being the sons of Mr. Anwar Karim. Mr. Anwar Karim died in 1997 and since
then his shares have been taken over by his wife Mrs. Mikie Widjaya. In 1998
the company's authorized capital was increased to Rp 50,000,000,000.- with an
issued and paid up capital of Rp 26,300,000,000.- Later in 1999 the authorized
capital was to be stepped up again to Rp 121,470,000,000.- with an issued and
paid up capital of Rp 116,800,000,000.- But the latest revision of the
company's notarial act has not yet been legalized by the Department of Justice
up to now. The Deed of amendment was
made by Mrs. Yulia SH., a public notary in Medan under Company Registration
Number C2-16.200.HT.01.04.TH. 1998, dated September 29, 1998.
P.T. MUSIM MAS is the parent company
of the MUSIM MAS Group, a big business group in the production and marketing of
cooking oil in the country. The member
of companies of the MUSIM MAS Group are P.T. BINA KARYA PRIMA in soap
manufacturing, P.T. SIRINGO-RINGO in oil palm plantation and refinery and P.T.
LAMBANG UTAMA in soap manufacturing.
P.T. MUSIM MAS (P.T. MM) operates
under Domestic Investment (PMDN) facilities in the industry of manufacturing
toilet soap and washing soap, cooking oil, shortening and margarine. Its plant
located on a 4 hectare land at Jalan K.L. Yos Sudarso Km. 7.8 Medan, North
Sumatra, went into operation in 1973. Slowly its operations kept growing and in
1991 the company built a new plant in the Medan Industrial Estate, North
Sumatra. At present P.T. MM has become one of the big size producers of cooking
oil in the country. Besides, P.T. MM has also diversified operations into oil
palm plantation and product processing business. The company's oil palm
plantation is located in desa Pangkalan Lesung, Tanjung Beringintalau, Kampar
Kabupaten (sub province), Riau, and in desa Pasaman, West Sumatra. It is being planned for P.T. MM to develop
another oil palm plantation of 150,000 hectares in Irian Jaya.
Other than soap and cooking oil,
P.T. MM is also producing Crude Palm Oil (CPO), Palm Kernel Oil (PKO),
Palm Kernel Pellets, RBD Olein, RBD
Stearin and Fatty Acids. P.T. MM is now one of the biggest producers of cooking
oil in Sumatra. In 1999 P.T. MM had a production capacity of 325,000 tons/year
which has now increased to 877,000 tons per year. About 75% of the company's cooking oil and deviates are exported
to Japan, the USA, Europe and the Middle East, while some 45% of its toilet and
washing soap production is exported to the Middle East, Ghana, Myanmar and
South Africa. The company also controls a very wide domestic marketing network,
covering Sumatera, Java and Kalimantan.
Generally, demand for CPO, PKO and
other derivative products such as cooking oil, margarine, soap and detergent
has still be increasing in the domestic
and foreign markets. Indonesia and
Malaysia are tow large-sized producers of CPO and PKO in the world. The growth of production, export and import
of CPO of both countries is pictured in the following table :
Production, Export and Import of CPO
(Thousand Tons)
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Description |
2001/2002 |
2002/2003 |
2003/2004 |
2004/2005 |
2005/2006 |
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Production |
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Malaysia |
11,858 |
13,180 |
13,420 |
15,000 |
15,300 |
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Indonesia |
9,200 |
9,800 |
10,600 |
11,600 |
12,600 |
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Export |
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Malaysia |
10,500 |
11,650 |
11,765 |
12,900 |
13,400 |
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Indonesia |
5,979 |
6,600 |
7,856 |
8,100 |
8,400 |
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Import |
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Union of Europe |
2,973 |
2,988 |
3,276 |
4,100 |
4,400 |
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Malaysia |
317 |
370 |
665 |
600 |
700 |
We consider P.T. MM to be in a quite
favourable business position for having already developed a wide domestic and
export marketing network. Competition is very tight with a number of other
cooking oil refineries operating in North Sumatera, including P.T. Singa Mas
Jaya, P.T. Ivo Mas Tunggal and P.T Berlian Ekasakti Tangguh. Meanwhile, in Riau
province are operating P.T. Bukit Kapur Reksa, P.T. Inti Benua and P.T. Agrintara.
We consider P.T. MM to have quite good long term prospects, especially as soon
as the unstable economic condition starts recovering.
The management of P.T. MMs very reclusive toward outsiders and rejected
to disclose its financial condition. However, we estimated that total sales
turnover in 2003 reached Rp. 6,470.0 billion, rose to Rp. 7,490.0 billion in
2004 to Rp. 8,620.0 billion in 2005 and projected to be rising by at least 15%
in 2006. The operation of the company in 2005 is estimated to have gained a
profit of Rp. 950 million with estimated networth of Rp. 2,900.0 billion. Besides, the company has a punctual payment
habit within 1 to 3 months. So far, we
have never heard of the company having been black listed by the Central Bank
(Bank Indonesia).
P.T. MM's management is headed by
Mr. Bachtiar Karim AKA Lim Ek Tjhioe (49), a businessman with more than 28
years of experience in the cooking oil and soap industry and trade. In day-to-
day operations he is assisted by two younger brothers, namely Mr. Bachrum Karim
AKA Lim Ek Kiong (48) and Mr. Burhan Karim AKA Lim Ek Kian (44). The company's management is made up of the
second generation in the MUSIM MAS Group. They also are employing a number of
professional managers from outside the family. The company's management
commands a very good reputation. They are widely connected with many private
businessmen within and outside the country, and also have quite good relations
with the government sector. We did not hear that the company has been black
listed by Bank Indonesia (Central Bank) and recorded at the court for
detrimental cases. So far we have
never yet heard of the company's management having been involved in business
malpractices or having detrimental cases being settled in local district court.
We appraise P.T. MUSIM MAS to be very good for normal business transactions.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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