MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
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, Cibitung, Bekasi 17520 |
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Country : |
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Date of Incorporation : |
5 September 1988 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Textile Dyestuff and Auxiliaries Products Manufacturing |
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$ 1,300,000 |
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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
Kampung Cikedokan,
RT.01 RW.01
Desa Sukadanau,
Cibitung
Bekasi 17520
Phones -
(62-021) 89111333, 89109157-8
Fax. - (62-021) 89109156
Email - headoffice@mki.co.id
Website - http://www.mki.co.id
Land Area - 2,600 sq.
meters
Building Space - 1,300 sq. meters
Region - Industrial
Zone
Status - Owned
Factory
Desa Gandamekar, Cibitung
Bekasi 17520
Phones - (62-21)
88321485
Fax. - (62-21)
88324173
Land Area - 30,120 sq.
meters
Building Space - 6,500 sq. meters
Region - Industrial
Zone
Status - Owned
Branches
- Jl. Moh. Toha
353
Phone -
(62-022) 520252
Fax. -
(62-022) 5205787
Email -
bandung@mki.co.id
- Jl. Siwalan
130, Kerten
Solo 57143,
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. 1.334.217.5-407.000
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
b. Mr. Thomas Mintarja Gani - Rp.
1,000,000.-
Address : Jl. Hang Lekir VII
No. 90B
Kebayoran Baru
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,
Market Situation
Very Competitive
Main Competitors
a. P.T. DYSTAR
COLOURS
b. P.T. POLKRIK
CHEMICALS
c. P.T. CLARIANT
d. P.T.
MATSUMOTOYUSHI
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
b. P.T. Bank PANIN Tbk.
Jl. Jend. Sudirman No. 1
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2003 – Rp. 63.0
billion
2004 – Rp. 70.0
billion
2005 – Rp. 82.0
billion
2006 – Rp. 90.0
billion
Net Profit
(estimated) :
2003 – Rp. 6.0 billion
2004 – Rp. 6.8 billion
2005 – Rp. 7.5 billion
2006 – Rp. 8.0 billion
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
Surjadiredja) 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$ 1,300,000.- 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
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 in textile dyestuff and auxiliaries
products manufacturing by managing a plant located at Desa Gandamekar, Cibitung, Bekasi,
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
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 |
1,324.8 |
3,421.8 |
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2006 * |
372.0 |
5,681.5 |
1,352.6 |
3,536.9 |
Source : Central
Bureau of Statistic *) estimated
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 2004 booked a total sales turnover of Rp. 70.0
billion increased to Rp. 82.0 billion in 2005 to Rp. 90.0 billion in 2006 and
estimated to be rising by at least 8% in 2007. We estimated that P.T. MKI’s
operation in 2006 yielded a total net profit of Rp. 8.0 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
The management of the company is headed by Mr. Harryanto Suryadiredja (47) as the president director being assisted by Mr. Hendrawan Atmadja (45) as director. The management has more than 16 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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)