MIRA
INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PT MASTROTTO INDONESIA |
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Registered Office : |
Kawasan
Industri Sentul, Jalan Lintang Raya Kav. F4 – F5, Sentul, Bogor 16810, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
11 August 2004 |
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Com. Reg. No.: |
C2-00637.HT.01.01.TH.2005 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Leather Tanning Industry |
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$ 650,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. MASTROTTO INDONESIA
Address
Head Office &
Factory
Kawasan
Industri Sentul
Jalan
Lintang Raya Kav. F4 – F5
Sentul,
Bogor 16810
West
Java
Indonesia
Phone - (62-21) 8757845-7, 8757845
Fax - (62-21) 8758583
Email - info@mastrotto.com
Website - http://www.mastrotto.com
Land Area - 10,269 sq.
meters
Office Space - 6,500 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation
11 August 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No
The Ministry of Justice and Human Rights
No.
C2-00637.HT.01.01.TH.2005
Dated 10 January
2005
Company Status
Foreign Investment (PMDN) Company
Permit by the Government
Department
The Capital Investment Coordinating Board
No. 521/I/PMA/2004
Dated 05 August 2004
The Department of Finance
NPWP No. 02.380.442.0-403.000
Related Company
PT. MASTROTTO ANUGERAH SEJATI (Trading and Distribution of Leather Goods)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- US$.
1,900,000.-
Issued Capital - US$.
1,000,000.-
Paid up Capital - US$.
1,000,000.-
Shareholders/Owners :
a. GRUPPO MASROTO
Spa., of Italy - US$ 510,000.-
b. Mr. Hans
Koeswanto of Indonesia - US$
230,000.-
c. Mr. Suprapto
Suwardi of Indonesia - US$ 220,000.-
d. Mr. Rudy Salim
of Indonesia - US$ 40,000.-
BUSINESS ACTIVITIES
Lines of Business:
Leather Tanning Industry
Production Capacity
Finished Leather -
1,255,000 sq. meters p.a.
Total Investment
a. Equity Capital - US$. 1.0 million
b. Loan Capital - US$. 3.2 million
c. Total
Investment - US$.
4.2 million
Started Operation
April 2005
Brand Name
MASTROTTO
Technical Assistance
GRUPPO MASTROTTO Spa., of Italy
Number of Employee
110 persons
Marketing Area
Domestic - 30%
Export -
70%
Main Customer
a. P.T. MASTROTTO
ANUGERAH SEJATI (as sole Distributor)
b. Car Body
Manufacturing Industries
c. Garment
Industries
d. Shoe and
Furniture Manufacturing Industries
e. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. ALSAVESTA
INDUSTRIES
b. P.T. LEATHER
PALACE INDO
c. P.T. CYANNO
INDONESIA
d. P.T. MAKMUR
PERKASA ABADI
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank DBS INDONESIA
Permata Plaza
Jalan M.H. Thamrin Kav. 57
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav.
22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 22.0 billion
2006 – Rp. 41.0 billion
2007 – Rp. 48.5 billion
Net Profit (Loss)
:
2005 – Rp. 1.8 billion
2006 – Rp. 3.2 billion
2007 – Rp. 4.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr.
Suprapto Suwardi
Board of Commissioners :
President Commissioner - Mr. Fabio Solda
Commissioner -
Mr. Hans Koeswanto
Signatories :
Director (Mr. Suprapto Suwardi) which must be approved by Board of Commissioners (Mr. Fabio Solda and Mr.
Hans Koeswanto)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 650,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. MASTROTTO INDONESIA (P.T.MI) was established in Sentul, Bogor, West
Java in August 2004 with the authorized capital of US$ 1,900,000 of which US$
1,000,000 was issued and fully paid up. The founding shareholders of the
company are GRUPPO MASTROTTO Spa of Italy, Mr. Hans Koeswanto, Mr. Suprapto
Suwardi and Mr. Rudy Salim, the three are indigenous businessmen. No changes
have occurred in the capital structures and shareholders composition of the company
to date. The deed of amendment was made by Mr. Buntario Tigris, SH., a
public notary in Jakarta under Company Registration Number
C2-00637HT.01.01.TH.2005, dated January 10, 2005.
We observe that Mr. Hans Koeswanto, Mr. Suprapto Suwardi and Mr. Rudy
Salim are also the founding shareholders of P.T. MASROTTO ANUGERAH SEJATI, a
private company dealing with trading and distribution of leather goods.
P.T. MI obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with leather tanning
industry by managing a plant being located in Sentul Industrial Estate, Jalan
Olimpic Raya Block A 12, Bogor, West Java on a land of 10,269 square meters
having been in commercial operation since April 2005. The development of the
plant has absorbed an investment of US$ 4.2 million coming from own capital of
US$ 1.0 million and the rest from loans. According to its license issued by the
BKPM, the plant has annual production capacity of 1,255,000 square meters.
Some 70% of the products of P.T. MI is exported to several countries
while the rest of 30% is locally marketed by its sister company P.T. MASTROTTO
ANUGERAH SEJATI to various industries such as car seat industries, garment
industries, furniture industries, shoe industries, bag industries and others.
Cow leathers as the basic materials are imported from Italy, the USA and Brazil
while the leather chemicals are imported from Germany. In its operation, P.T.
MI is fully supported by its holding company GRUPPO MASTROTTO Spa of
Italy. P.T. MI is classified as a
medium sized company in the country dealing with tanning industry of which the
operation has been running smoothly and growing in the last five years.
Generally, local
demand for leathers had been increasing by 7% to 9% on the average per annum up
to mid 1997 having close relation with the growing industrial sectors like shoe
industries, bags, furniture, car seats and others in the above period as
consumers. However, the economic crisis in the country and tight money policy
imposed by Bank Indonesia in 1997 had caused the demand to decline up to end
2000 and started increasing since 2001 in line with the amelioration of the
economic condition in the country. The competition is very tight on account of
lots of similar companies operating in the country. The business position of P.T. MI is favorable for having
established regular customers and wide marketing networks within and outside
the country. We believed that P.T. MI is in position to thrive its business in
the future.
Until this time P.T. MI 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 2005 amounted to Rp. 22.0 billion, increased to Rp. 41.0 billion
in 2006 and rose again to Rp. 48.0 billion in 2007. It is projected the
company’s sales turnover will increase at least by 10% in 2008. The operation
of P.T. MI in 2007 is estimated to have gained a profit of at least Rp. 4.5
billion with networth at least Rp. 40.0
billion. We observe that P.T. MI is
supported by financially strong behind it. So far, we did not hear that the
company having been black listed by the Central Bank (Bank Indonesia). The
company usually pays its debts punctually to suppliers.
The management of P.T. MI is headed by Mr. Suprato Suwardi (34), a
businessman with broad experience in leather tanning. We believed that the
company is handled by representatives of GRUPPO MASTROTTO Spa of Italy. GRUPPO
MASTROTTO Spa is a company of Italy dealing with leather tanning with
subsidiaries in several countries. The management is handled by professional
managers having wide relation with private businessmen of home and overseas as
well as with the government sectors. So far, we did not hear
that the management of the company having been involved in business
malpractices.
P.T. MI is
appraised quite feasible for normal business transaction. Considering economic
condition in the country remains unstable, we recommend to treat prudently in
dealing with any new loans 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%)