MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. MECOINDO |
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Registered Office : |
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Country : |
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Date of Incorporation : |
19 January 1984 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
KWH Meter Assembling |
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$ 1,050,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. MECOINDO
Address
Head Office &
Factory
Plot 6-B No. 2
Lemahabang,
Bekasi
Phone - (021) 8970270 (hunting)
Fax. - (021) 8970271
E-mail - lusie@cikarangactaris.com
Website - http://www.actaris.com
Land Area - 18,500 sq.
meters
Factory Space - 9,800 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
19 January 1984
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
No.
C-12883.HT.01.04.TH.2005
Dated 12 May 2005
Company Status
Private Company
Permit by the
Government Department
a. The President of the
No.
B-28/Pres/7/81
Dated 20 July 1981
b. The Capital Investment
Coordinating Board
- No. 21/I/PMA/81
Dated 20 July 1981
- No. 48/II/PMA/88
Dated 3 October 1988
- No. 39/II/PMA/94
Dated 08 March 1994
- No. 306/III/PMA/95
Dated 25 July 1995
-
No. 304/II/PMA/2001
Dated 21 November 2001
c. The Department of Finance
(Tax Directorate)
NPWP No. 1.060.141.7-055.000
Related Companies
a. SCHLUMBERGER ZAHLER SYSTEMTECHNIK GmbH.,
of
b. A member of the BERCA Group or the CCM Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital -
US$ 4,800,000.-
Issued Capital -
US$ 4,800,000.-
Paid up
Capital - US$ 4,800,000.-
Shareholders/Ownerships :
a. ACTARIS ZAHLER
SYSTEMTECHNIK GmbH. of
Address :
City of
b. P.T. BERCA
Address : Jalan Abdul Muis No. 62
BUSINESS ACTIVITIES
Lines of Business:
KWH Meter Assembling
Production Capacity
a. KWH Meters
(Single Phase) -
820,000 pcs. p.a.
b. KWH Meters (Three Phase) - 120,000 pcs. p.a.
c. KWH Meters Equipments - 100,000 pcs.
p.a.
d. Water Meters - 180,000 pcs. p.a.
e. Gas Meters - 4,000 pcs. p.a.
Total Investment
a. Equity Capital -
US$ 4.8 million
b. Loan Capital -
US$ 2.2 million
c. Total Investment - US$
7.0 million
Started Operation
1985
Brand Name
MECOINDO
Technical Assistance
SCHLUMBERGER ZAHLER
SYSTEMTECHNIK GmbH., of
Number of Employee
120 persons
Marketing Area
Domestic
(Local) - 100%
Main Customer
- P.T.
Perusahaan Listrik Negara (PLN)
- P.T.
PERTAMINA
- Electrical Equipment
shops, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. DUTA
b. P.T. RIASARANA
ELECTRINDO
c. P.T. PURA
MAYUNGAN
d. P.T.
SARANASENTOSA KARYAPRIMA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. CITIBANK N.A.
The
Landmark Centre
Jalan
Jend. Sudirman Kav. 70 A
b. P.T. Bank
MANDIRI Tbk.
Jalan
Lada No. 1
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 70.0
billion
2005 – Rp. 76.0
billion
2006 – Rp. 85.0
billion
Net Profit :
2004 – Rp. 5.8 billion
2005 – Rp. 6.5 billion
2006 – Rp. 7.2
billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. George Arthur
Daenuwy
Director - a. Mr. Hamdani Azali
b. Mr. Ir. Djunaidi Sofyan
Board of Commissioners :
President Commissioner - Mr. Murdaya Widyawimarta Poo AKA Poo Djie
Thiong
Commissioners - a. Mr. Shak
b. Mr. Choo Tay Hua
Signatories :
President
Director (Mr. George Arthur Daenuwy) or one of the directors (Mr. Hamdani Azali
and Mr. Ir. Djunaidi Sofyan) which must be approved by the President
Commissioner (Mr. Murdaya Widyawimarta Poo) and Commissioners (Mr. Shak Pei Wah
and Mr. Choo Tay Hua)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 1,050,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. MECOINDO was established
in 1984 with an authorized capital of US $ 1,200,000.- wholly issued and paid-up. Founders and original
shareholders of . MECOINDO were
SCLUMBERGER EASTERN Holding Inc., of
We note that the local partner, namely P.T. BERCA INDONESIA, is a member of the BERCA Group or the CCM (CIPTA CAKRA MURDAYA) Group, a business group founded, headed by Mr. Murdaya Widyawinarta Poo AKA (also known as) Poo Djie Thiong AKA Poo Tjie Gwan as the majority business stake owner as well. .
P.T. MECOINDO obtained a Foreign Investment (PMA) facility for
dealing with KWH Meter Assembling and it has started with operation as from
1985. P.T. MECOINDO produces KWH
meters under license of SCLUMBERGER
ZAHLER SYETEMTECHNIK GmbH of Germany. P.T. MECOINDO has originally operate a plant located in
Cilandak Commercial Estate South Jakarta. But, as from the middle of 1995, its
plant was relocated to
We have observed that
P.T. MECOINDO is classifiable as a medium size company in KWH Meter
Assembling in
The domestic demand growth for KWH meters has kept on rising
until 1996 in line with the sharp growth
of electrical network in
P.T. MECOINDO's business position in this case is not too badly because it has built regular customers and broad marketing network all across the country. We are convinced that P.T. MECOINDO is in position to foster its business in the future.
Until this time P.T. MECOINDO 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
2004 amounted to Rp. 70.0 billion, increase to Rp. 76.0 billion in 2005 to Rp.
85.0 billion in 2006. The operation in 2006 yielded an estimated net profit by
at least Rp. 7.2 billion and the company has an estimated total net worth by at
least Rp. 60.0 billion. It is projected that total sales turnover of the
company will increase at least 8% in 2007. So far, we did not hear that the
company having been black listed by the Central Bank (Bank
P.T. MECOINDO's management is headed by Mr. George Arthur
Daenuwy or George Daenuwy, a professional manager in KWH meter assembling and trading. But we understand that the prime mover of
the company is Mr. Murdaya Widyamarta
AKA Poo Djie Thiong (60), a businessman with experience in various business
fields. He is the main founder, prime mover and majority business stake owner
of the BERCA Group or the CCM Group. The company's management is also backed by
a team of professional managers. They
have wide relations in private business circles and in the ranks of the
government sector. So far, we have never heard of the management of the company having been
involved in business malpractices.
P.T. MECOINDO is appraised quite good for normal business transactions. However, in view of the countries still unstable economic condition, we recommend to treat prudently in extending 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%)