MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
PT MATAHARI SAKTI |
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Registered Office : |
Jalan Margomulyo Industri 1 Block A 10-13, Tandes,
Surabaya 60183, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
23. 01.1988 |
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Com. Reg. No.: |
C-UM.02.01.3122 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturer of
Shrimp and Fish Feed |
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$ 315700 |
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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. MATAHARI SAKTI
Address
Head Office
& Factory
Jalan Margomulyo
Industri 1 Block A 10-13
Tandes, Surabaya
60183
East Java
Indonesia
Phones - (62-21) 749 3844-5, 749 0084, 749 1207
Fax -
(62-21) 749 1288, 749 0545
E-mail - inquiry@mataharisakti.com
Website - http : //www.mataharisakti.com
Land Area - 10,000 sq. meters
Office Space - 8,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
23 January 1988
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
No.
C-UM.02.01.3122
Dated 28 October
2002
Company Status
Private National
and Domestic Investment (PMDN) Company
Permit by the Government Department
The Department
of Finance
NPWP No.
01.441.231.6-607.000
The Capital
Investment Coordinating Board
- No.
115/I/PMDN/1988
Dated 29 February 1988
- No.
463/II/PMDN/1990
Dated 15 November 1990
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,500,000,000.-
Issued Capital : Rp.
1,090,000,000.-
Paid up Capital : Rp.
1,090,000,000.-
Shareholders/Owners
a. Mrs.
Puspita Dewi Prijadi -
Rp. 1,089,000,000.-
Address : Jl. Satelite Indah 5 /FN-6
Surabaya, East Java
Indonesia
b. Mrs. Findawati
Gunawan -Rp.
1,000,000.-
Address
: Jl. Bubutan No. 70
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Shrimp and Fish
Feed Manufacturing
Production Capacity
Shrimp and Fish
Feeds - 15,000 tons
p.a.
Total Investment
a. Equity Capital - Rp. 1.5 billion
b. Reinvested
Profit - Rp. 0.6
billion
c. Loan Capital - Rp. 1.5
billion
d. Total
Investment - Rp.
3.6 billion
Started Operation
1988
Brand Name
TATA, KAIHJI,
FENG LI, CHIRPY etc.
Technical Assistance
None
Number of Employee
121 persons
Marketing Area
Domestic
(Local) - 90%
Export - 10%
Main Customer
a. Distributors
b. Buyers in
Singapore, Malaysia, Vietnam, Thailand, Cambodia, Burma, Philippine, Australi
Market Situation
Very Competitive
Main Competitors
a. P.T. SIERAD
PRODUCE Tbk
b. P.T. JAPFA
COMFEED
c. P.T.
MULTIBREDER ADIRAMA
d. P.T. SURI TANI
PEMUKA
e. P.T. SURYA
HIDUP SATWA
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Raya Darmo No. 5
Surabaya, East Java
Indonesia
b. P.T. Bank
NIAGA Tbk
Jalan Tunjungan No. 47
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 20.0
billion
2006 – Rp. 22.0
billion
2007 – Rp. 24.0
billion
Net Profit (Loss)
:
2005 – Rp. 1.8
billion
2006 – Rp. 2.0
billion
2007 – Rp. 2.2
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mrs.
Puspita Dewi Prijadi
Marketing Manager -
Mr. Hari Sujono
Board of
Commissioner :
Commissioner -
Mrs. Findawati Gunawan
Signatories :
Director (Mrs. Puspita Dewi Prijadi)
which must be approved by Board of Commissioners.
CAPABILITIES
Management
Capability :
Good
Business
Morality
Good
Credit Risk
Average
Credit
Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum
Credit Limit
US$ 315,700 on 90
days D/A
OVERALL PERFOMANCE
P.T. MATAHARI SAKTI (P.T. MS) was established in Surabaya, East Java, in
January 1988 with an authorized capital of Rp. 1,500,000,000 issued and paid up
capital of Rp. 300,000,000. Founders and shareholders are Mr. Pitono Prijadi
AKA Tjen Moek Pin and his daughters Mrs. Puspita Dewi Prijadi AKA Tjen Jeng
Shing, both are Chinese origins Indonesian business family. The company notary
deed has been changed and in February 1998, the issued capital was increased to
Rp. 1,090,000,000 entirely paid up. On the same occasion, Mr. Pitono Prijadi
pulled out and replaced by Mrs. Findawati Gunawan as new shareholder. The deed
of amended was made by Mr. Untung Darnosoewirjo, SH, a public notary in
Surabaya, under Company Registration Number C-UM.02.01.3122, dated October 28,
2002.
P.T. MS obtained Domestic Investment (PMDN) facility issued by BKPM
(Investment Coordinating Board) to deal with shrimp feed by managing a plant at
Jalan Margomulyo Industry I Kav. A/10-11 concurrently expanded to increase its
production capacity. P.T. MS diversified the products includes shrimp feed,
fish feed, marine fish feed, bird food, dog food, koi food and gold food. The
plant produced of 15,000 tons per annum.
The plant has absorbed an investment of Rp. 3.6 billion coming from own
capital of Rp. 1.5 billion re-invested profit of Rp. 0.6 billion and the rest
was covered by loan. Besides producing shrimp feed, the company since end 1996
diversified into fish feed around 10% of its production capacity. Around 40% of
its basic material (vitamin, protein and chemical stuff) is imported from P.R
China, New Zealand, Brazil and Belgium. Some 90% of the
products marketed in the country to
fish and shrimp breeding companies especially in Java and Eastern Indonesian
regions and the rest 10% is exported to Singapore, Malaysia, Thailand, Vietnam,
Cambodia, Philippine and Australia by using FELNG LI, TATA, KAIOHJI, MEGAMI,
CHIRPY, TAIYOH, SHOORI, AGARU, ASAHI and ZAIHO brands.
P.T. MS is classified as a medium sized company in the country dealing
with shrimp and fish feed manufacturing of which the operation had been running
smoothly and growing in the last three years. However, the economic crisis in
the country in 1997 and tight money policy imposed by Bank Indonesia 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.
Generally, the demand for fish and shrimp feed products had been
increasing by 7% to 8% on the average per annum up to mid 1997 having close
relation with the growing fish and shrimp breeding companies in this period as
customers. The demand is estimated to be increasing by 7% next year. The
competition is very tight on account of lots of similar companies operating in
the country. The business position of P.T. MS is appraised to be favorable for
having established regular customers and wide marketing networks especially in
Java and Eastern Indonesian regions. The export volume and value of the
national shrimps fresh/frozen products in 2000 to 2005 are pictured on the
following table.
|
Year |
Shrimps
Fresh/Frozen |
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(Thousand
Ton) |
(US$
Million) |
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2000 |
114.0 |
1,003.1 |
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2001 |
127.3 |
940.1 |
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2002 |
122.1 |
840.4 |
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2003 |
134.3 |
852.7 |
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2004 |
127.9 |
824.0 |
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2005* |
112.6 |
720.2 |
*) January – October
Source : Central Bureau of
Statistic
Until this time P.T. MS 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. 20.0
billion rose to Rp. 22.0 billion in 2006 increased to Rp. 24.0 billion in 2007
and projected to go on rising by at least 6% in 2008. The operation in 2007
yielded an estimated net profit of at least Rp. 2.2 billion and the company has
an estimated total networth of at least Rp. 18.0 billion. We observe that P.T.
MS is supported by businessmen with has financially fairly strong and sound
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia).
The company is led by Mrs. Puspita Dewi Prijadi (52), a businesswoman
and professional manager with has experienced for more than 25 years in the
field of shrimp and fish feed manufacturing and trading. We observed that
management’s reputation in said business is sufficiently fairly good. The
company has had wide relation in the realm of the private businessmen within
and outside the country. So far, we did not hear that the company’s management
involved in a dirty business practice 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. MATAHARI SAKTI is sufficiently 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%)