MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
P. T. MAKMUR |
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Registered Office : |
Jalan Roa Malaka Selatan 28/10, |
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Country : |
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Date of Incorporation : |
23 July 1984 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Metallurgical Products for Foundry & Consumable Steel Industry Supply |
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$ 384,600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P. T. MAKMUR
Address
Head Office
Jalan Roa Malaka Selatan 28/10
Phones - (021) 6910770, 6904432, 6906876
Fax. -
(021) 6910774, 6901544
Telex - 45441 MMGD IA
P.O. Box - 1183 JKT
Land Area - 2,480 sq.
meters
Office Space - 1,220 sq.
meters
Region - Commercial
Status - Owned
Branch
Jalan Tiang Bendera Selatan 52/10
Phones - (021) 6903734,
6930487
Land Area - ,800 sq. meters
Office Space - 460 sq. meters
Region - Commercial
Statues - Rented
Date of
Incorporation
a. 23 July 1984
as P.T. MAKMUR METAL GRAHA DINAMIKA
b. 26 March 1985 as P.T. MAKMUR
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-6419.HT.01.04.TH.1998
Dated 15 June
1998
Company Status
National Private Company
Permit by the Government
Department
The Department
of Trade
SIUP No.
7253/09-03/PDK/NAS
The Department
of Finance
NPWP No.
1.371.38.3-033
Related Company
P.T. REPRAKTEK MANDALA PERKASA (Engineering Consulting Services)
CAPITAL AND
OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
500,000,000.-
Issued Capital : Rp.
250,000,000.-
Paid up Capital : Rp.
250,000,000.-
Shareholders/Owners :
a. Mr. Hardi Sasmita - Rp. 225,000,000.-
Address :
RT.004/RW.004, Kel. Kedoya
Utara
b. Mr. Soerjadi Sasmita - Rp. 25,000,000.-
Address :
RT.004/RW.004, Kel. Kedoya
Utara
BUSINESS ACTIVITIES
Lines of Business:
Trading and
Distribution of Metallurgical Products for Foundry & Consumable Steel
Industry Supply
Agent for
a. SIBELCO Foundry Products of
b. MORGAN Refractories of
c. INDUCT TOTEREM Blast Furnace Products of
d. MIRACLE Water Treatment of
e. BORDEN Steel Blinder of
Production Capacity
None
Total Investment
a. Equity Capital -
Rp 250.0 million
b. Loan Capital -
Rp 300.0 million
c. Total Investment -
Rp 550.0 million
Started Operation
1984
Brand Name
SIBELCO, MORGAN, INDUCT TOTEREM, MIRACLE and BORDEN
Technical
Assistance
None
Number of Employee
86 persons
Marketing Area
Domestic - 100%
Main Customer
P.T. Krakatau Steel
P.T. Jakarta Iron Steel
P.T. Bakrie Pipe Industry
P.T. Yamaha Motor
P.T. Honda Prospect Motor
P.T. Semen Cibinong Tbk.
P.T. Pupuk Sriwidjaja
Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. Octo
Corindo Sarana
b. P.T. Cast
Metals
c. P.T. Bara Logam
Multijaya
d. P.T. Geteka
Founindo
e. P.T. Prolimas
Utama Jaya
f. P.T. Guna Katup Semesta
g. P.T. Tjokro Putra
Persada
h. P.T. Riyadi
Putra Makmur
i. P.T.
j. P.T. Caprefindo
k. Etc.
Business Trend
Growing
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jl. Lapangan Station No. 1
b. P.T. Bank INTERNASIONAL
Jalan M.H. Thamrin No. 22
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 20.8
billion
2005 – Rp. 22.0
billion
2006 – Rp. 26.0
billion
2007 – Rp. 15.0
billion (January – June)
Net Profit
(estimated) :
2004 – Rp. 920 million
2005 – Rp. 1,060 million
2006 – Rp. 1,200 million
2007 – Rp. 670 million (January
– June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Hardi Sasmita
Director - Mr. Theo Thomas
Board of Commissioners :
President Commissioner - Mr. Soerjadi Sasmita
Commissioners - a. Mrs.
Mardiana Tjam
b. Mrs. Widianingsih Sasmita
c. Mrs. Himayanti Muliawan
Signatories :
President Director (Mr. Hardi Sasmita)
or Director (Mr. Theo Thomas) which must be approved by President Commissioner (Mr. Soerjadi Sasmita) or one of
the commissioners.
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$ 384,600 on 90 days D/A
OVERALL PERFOMANCE
Originally named P.T. MAKMUR METAL GRAHA DINAMIKA, the company was established in 1984 with an authorized capital of Rp 10,000,000.- of which Rp 2,000,000.- was issued and paid up. The company was founded by Mr. Hardi Sasmita, Mr. Rudy Surjadi Citra (both Indonesian businessmen of Chinese extraction), and Mr. John Darius (an indigenous businessman) as the original shareholders. In 1985 Mr. John Darius withdrew and was replaced by Mr. Soeryadi Sasmita and Mr. Irwan Suryadinata Sutandi. Subsequently, the company's name was changed to P.T. MAKMUR META GRAHA DINAMIKA (P.T. MMGD) and its authorized capital was increased to Rp 110,000,000.- with the issued and paid up capital amounting to Rp 22,000,000.-.
In October 1997, the authorized capital was raised to Rp.
500,000,000.- of which Rp. 250,000,000.- was issued and fully paid up. Since that time whole shars of P.T. MMGD have
been owned by Mr. Hardi Sasmita (90%) and his younger brother Mr. Soeryadi
Sasmita (10%). The deed of amendment
was made by Mrs. Irianny Lamoen Redjo, SH, a public notary in
P.T. MMDG has been in operation since 1984 dealing with trading
and distribution of metallurgical products for foundry and consumable steel
making. The company is appointed to be the marketing agent by a number of
foreign companies using brands of SIBELCO Foundry Product and MORGAN
Refractories, both of the
P.T. MMDG directly sells its merchandise products to a number of end users including steel million plants, motor vehicle assembling industries, portland cement plants, fertilizer plants and oil companies. Besides, MMDG also provides maintenance services and after sales services to a number of local customers including P.T. KRAKATAU STEEL, P.T. JAKARTA IRON STEEL, P.T. BAKRIE PIPE INDUSTRY, P.T. YAMAHA MOTOR INDONESIA MANUFACTURING, P.T. HONDA PROSPECT MOTOR, P.T. SEMEN CIBINONG, P.T. PUPUK SRIWIDJAJA and others. The economic crisis battering the country since mid 1997 has brought bad impact to P.T. MMDG but since 2000 the operation of the company started increasing. The operation of the company has been running smoothly and growing gradually in the last five years.
Generally, demand for metallurgical products for foundry and consumable steel industry in the country had been declining up to end 1999 as the impact of the economic crisis battering the country since mid 1997. However, the local market demand started increasing in line with the amelioration of the economic condition in the country. However, the competition is very tight on account of lots of similar company dealing with trading of metallurgical products operating in the country.
The economic crisis battering the country since mid 1997 being followed by sharp rupiah depreciation against foreign currencies has brought bad impact to P.T. MMGD on account of the plummeting demand for metallurgical products for foundry and consumable steel equipment. The local purchasing power was sluggish while the imported products increased highly. However, since 2000 the local demand started increasing in line with the amelioration of the economic condition in the country. The long-term business prospect of P.T. MMGD is favorable on account of having established wide marketing networks in the country.
Until this time P.T. MMGD 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. 20.8 billion
increased to Rp. 22.0 billion in 2005 and rose again to Rp. 26.0 billion in
2006. It is projected that total sales
turnover of the company will be higher by at least 12% in 2007. We estimated the company has an estimated
total net profit at least Rp. 1.2 billion and the company has an estimated
total networth at least Rp. 8.5 billion. The financial
condition of the company is backed up by financially strong and sound
businessmen behind it. So far, we did not hear that the company having
been black listed by the Central Bank (Bank
The management of the company is headed by Mr. Hardi Sasmita (53), a businessman with more than 23 years of experience in trading and supplying of technical goods including metallurgical products. The management has wide relation with overseas and national private businessmen as well as with the government sectors. The relationship of the management with its foreign suppliers is good. So far, we have never heard of the management of the company having been involved in business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. MMGD is fairly good for 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. |
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%)