MIRA
INFORM REPORT
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Report Date : |
1st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
MULTIKIMIA INTIPELANGI |
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Registered Office : |
Kampung Cikedokan, RT.01 RW.01, Desa Sukadanau, Gandamekar, Cibitung, Bekasi 17520 , West Java, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
05.09.1988 |
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Com. Reg. No.: |
C2-15.037.HT.01.04.TH.1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Textile Dyestuff and Auxiliaries Products. |
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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Maximum Credit Limit : |
US$ 1,100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. MULTIKIMIA
INTIPELANGI
Address
Head Office & Factory
Kampung Cikedokan, RT.01 RW.01
Desa Sukadanau, Gandamekar
Cibitung, Bekasi 17520
West Java
Indonesia
Phones - (62-021) 89111333 (hunting)
Fax. - (62-021) 89109156
Email - headoffice@mki.co.id
Website - http://www.mki.co.id
Land Area - 30,120 sq. meters
Building Space - 6,500 sq. meters
Region - Industrial Zone
Status - Owned
Branches
- Jl. Moh. Toha 353
Bandung 40255, West Java
Phone - (62-022) 520252
Fax. - (62-022) 5205787
Email - bandung@mki.co.id
- Jl. Siwalan 130, Kerten
Solo 57143, Central Java
Phone - (62-0271) 716004
Fax. - (62-0271) 718767
Email - solo@mki.co.id
Date of Incorporation
5 September 1988
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-15.037.HT.01.04.TH.1999
Dated 18 August 1999
Company Status
National Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.334.217.5-407
Related Companies :
a. P.T. GALIC BINA MADA (Industrial Chemical Trading and Investment Holding)
b. P.T. GALIC ARTABAHARI (Semi Refined Carragenan Industry)
c. P.T. TANSRI GANI (Plastic packaging Manufacturing)
d. P.T. JELLANEKA MEGA INDUSTRI (Water Dessert Jelly and Confectionery Mfg).
e. Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 10,000,000,000.-
Issued Capital : Rp. 7,000,000,000.-
Paid up Capital : Rp. 7,000,000,000.-
Shareholders/Owners :
a. P.T. GALIC BINA MADA - Rp.
6,999,000,000.-
Address : Jl. Gajah Mada No. 194, Jakarta Barat, Indonesia
b. Mr. Thomas Mintarja
Gani - Rp. 1,000,000.-
Address : Jl. Hang Lekir VII
No. 90B, Kebayoran Baru, Jakarta Selatan, Indonesia
BUSINESS ACTIVITIES
Lines
of Business:
Textile Dyestuff and Auxiliaries Products Manufacturing
- Textile Dyes
- Textile Auxiliaries
- Thickeners
- Warp Preparation Sizing
Production
Capacity :
On the order basis
Total
Investment :
a. Equity Capital - Rp 7.0 billion
b. Loan Capital - Rp 3.0 billion
c.
Total Investment -
Rp 10.0 billion
Started Operation :
1990
Brand Name :
MKI
Technical Assistance :
None
Number of Employee :
120 persons
Marketing Area :
a. Export Market - 70%
b. Domestic Market - 30%
Main Customer :
Buyers in Europe, Japan, Philippines, Thailand, Malaysia, Bangladesh and Vietnam
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYSTAR COLOURS INDONESIA
b. P.T. POLKRIK CHEMICALS
c. P.T. CLARIANT INDONESIA
d. P.T. MATSUMOTOYUSHI INDONESIA
e. P.T. COLORINDO ANEKA CHEMICALS
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank NISP Tbk.
Trade Finance Division
Jl. Gunung Sahari VII No.36
Jakarta 10720
b. P.T.
Bank PANIN Tbk.
Panin Centre Building
Jl. Jend. Sudirman No. 1
Jakarta Selatan
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2002 – Rp. 55.0 billion
2003 – Rp. 63.0 billion
2004 – Rp. 70.0 billion
2005 – Rp. 82.0 billion
2006 – Rp. 45.0 billion (January - June)
Net Profit (estimated) :
2002 – Rp. 5.2 billion
2003 – Rp. 6.0 billion
2004 – Rp. 6.8 billion
2005 – Rp. 7.5 billion
2006 – Rp. 3.2 billion (January - June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Harryanto Surjadiredja
Directors - Mr. Hendrawan Atmadjaja
Board of Commissioners :
President Commissioner - Mr. Thomas
Mintarja Gani
Commissioners -
a. Mr. Antonius Kuswandi
b. Mrs. Erawaty Sukma Gani
Signatories :
President Director (Mr. Harryanto) or director (Mr.
Hendrawan Atmadjaja) which must be approved by President Commissioners (Mr.
Thomas Mintarja Gani) or one of commissioners (Mr. Antonius Kuswandi or Mrs.
Erawaty Sukma Gani)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded
normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 1,100,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. MULTIKIMIA INTIPELANGI (P.T. MKI) was
established in September 1988 with an
authorized capital of Rp
2,000,000,000.-, issued and paid up capital of Rp 1,000,000,000.- The original
founding shareholders are Mrs. Lisa Kristianti Sulaiman, Mr. Philip Sucipto,
Mrs. Erawaty Sukma, Mrs. Abdiarti Kemala, Mr.Ir. Sulistio Budi, Mrs. Lanny
Arifin, Mr.Ir. Indra Rustandi and nine other shareholders. In December 1997 the
authorized capital was raised to Rp 10,000,000,000.- issued and paid up capital
to Rp 7,000,000,000.- By the same time the wholes shares had been controlled by
P.T. GALIC BINA MADA, a national private company (99.98%) and Mr. Thomas
Mintarja Gani (0.02%), a Indonesian businessman of Chinese extraction. The
deed of amendment was made by Mrs. Maria Kristiana Soeharyo, SH., a public
notary in Jakarta under Company Registration Number C-15.037.HT.01.04.TH. 1999,
dated August 18, 1999.
We see that the majority business stakes of P.T. GALIC BINA MADA is controlled by Mr. Thomas
Mintarja Gani and his family members. The Gani family is also founders and
majority business stakes owners of P.T.
GALIC ARTABAHARI (Semi Refined Carragenan Industry), P.T. TANSRI GANI (Plastic
packaging Manufacturing) and P.T. JELLANEKA MEGA INDUSTRI (Water Dessert Jelly
and Confectionery Manufacturing).
P.T. MKI had been operating since 1991 in
textile dyestuff and auxiliaries products manufacturing by managing a plant
located at Desa Sukadanau, Gandamekar, Bekasi, West Java, on a land of some 3.0
hectares. The development has absorbed an investment of Rp 6.0
billion. The plant had been operating since 1990 producing textile dyes,
textile auxiliaries, thickeners and warp preparation sizing. The company offer
textile auxiliaries for preparation processes, dyeing processes, printing
processes and finishing processes.
Some of 70% of the products like textile dyes is exported to Europe,
Japn, Philippines, Thailand, Malaysia, Bangladesh and Vietnam. While the rest
30% marketed locally to textile industries in Jakarta, Bandung (West Java),
Solo (Central Java) and Surabaya (East Java). The business principles of the
company are Uniqema, ISP, 3M, Transpek-Silox and eWarna. The operation of P.T. MKI has been running
and growing well in the last five years.
The growth of textile dyestuff and auxiliary industry had yet to recover
until the end of 2004 in line with the sluggish TPT industry. The incessant
unstable economic condition in the country has bad impact to the TPT production
and to dyestuff industry as well. We therefore estimated that the demand for
basic chemical substance for yarn industry and fabrics will be increasing after
2006. There are eleven domestic dyestuff producers which are still active with
a combined production capacity of 43,845 tons per annum. Some of the largest producers are P.T.
DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA
CHEMICAL.
Generally, demand for textile and textile products (TPT)
in the international market has been fluctuating in the last five years
as evident from the figures of Indonesian garment export. According to the
Central Bureau of Statistics (BPS) the Indonesian garments export in 2000
amounted to 370,300 tons (US$ 4,702.6 million), to 473,800 (US$ 4,476.7
million) in 2001, to 333,100 tons (US$ 3,887.2 million) in 2002 to 339,000 tons
(US$ 4,037.9 million) in 2003 to 327.3 tons (US$ 4,351.9 million) in 2004 and
to 345.0 tons (US$ 5,020.8 million) in 2005.
The Indonesia textile products export in 2000 amounted 1,365.1 tons (US$
3,634.1 million), declined to 1,269.5 (US$ 3,198.9 million) in 2001, to 1,425.9
tons (US$ 3,075.9 million) in 2002 to 1,307.5 tons (US$ 3,064.6 million) in
2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 and to 1,281.6 tons (US$
3,421.8 million) in 2005. The export volume and value of the national TPT
products in 2000 to 2005 are pictured on the following table.
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Year |
Garment |
Textile Product |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 |
370.3 |
4,702.6 |
1,365.1 |
3,634.1 |
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2001 |
473.8 |
4,476.7 |
1,269.5 |
3,198.9 |
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2002 |
333.1 |
3.887.2 |
1,425.9 |
3,075.9 |
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2003 |
339.9 |
4,037.9 |
1,307.5 |
3,064.6 |
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2004 |
327.3 |
4,351.9 |
1,300.4 |
3,354.6 |
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2005* |
345.0 |
5,020.8 |
1,281.6 |
3,421.8 |
Source : Central
Bureau of Statistic
Until this time P.T. MKI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
P.T. MKI’s management adopted very reclusive attitude towards outsiders and
rejected to unveil its financial condition but we estimated that the company’s
operation in 2003 booked a total sales turnover of Rp. 63.0 billion increased
to Rp. 70.0 billion in 2004 to Rp. 82.0 billion in 2005 and estimated to be
rising by at least 10% in 2006. We estimated that P.T. MKI’s operation in 2005
yielded a total net profit of Rp. 7.5 billion with a total networth of Rp. 65.0
billion. So far, we have never heard of
the company having been black listed by the Central Bank (Bank Indonesia).
The management
of the company is headed by Mr. Harryanto Suryadiredja (46) as the president
director being assisted by Mr. Hendrawan Atmadja (44) as director. The
management has more than 15 years of experience in trading and distribution of
textile dyestuff and auxiliaries. The management also has wide relation with
overseas and national private businessmen as well as with the government
sectors. So far, we have never heard that the management has been involved in
business malpractice. We believed that P.T. MKI 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 |
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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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