MIRA INFORM
REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MULYA ADHI
PARAMITA |
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Registered Office : |
Jalan Kapuk
Kamal No. 19 (Kayu Besa) Kamal Puara, Penjaringan Jakarta Utara, 14470 |
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Country : |
Indonesia |
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Date of Incorporation : |
14.01. 1984 |
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Com. Reg. No.: |
AHU-AH.01.10-7598 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Chemical Formulating,
General Trading, Importing, Sole Agent and Distribution of Industrial
Chemical |
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$ 8,500,000 |
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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. MULYA ADHI PARAMITA
A d d r e s s
Head Office & Warehouse
Jalan Kapuk Kamal
No. 19 (Kayu Besa)
Kamal Puara,
Penjaringan
Jakarta Utara,
14470
Indonesia
Phones - (62-21) 555 1314 (Hunting), 555 1386
Fax - (62-21) 555 1632
E-mail - map-kpk@dovechem.org
Land Area - 20,000 sq.
meters
Building Area - 12,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
14 January 1984
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-AH.01.10-7598
Dated 01 April
2008
Company Status
Foreign
Investment (PMA) Company
Permit by the Government Department
The Department of Finance
NPWP No.
01.362.094.3-041.000
The Department of Trade
No.
281/1731-03/09-02/PB/1986
Dated 22 July
1986
The Capital Investment Coordinating Board
No. 43/V/PMA/2003
Dated 28 May 2003
Related
Company :
A Member Company
of the WIRA MUSTIKA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
20,000,000,000.-
Issued Capital : Rp.
20,000,000,000.-
Paid up Capital : Rp.
20,000,000,000.-
Shareholders/Owners
:
a. P.T. ANTAPRIMA DUTAPERKASA - Rp. 19,832,000,000.-
Address : Jl. Kapuk Kamal No. 19
Kamal Muara, Penjaringan
Jakarta Utara
Indonesia
b. Mr. Anta Ng -
Rp. 168,000,000.-
Address : Jl. Taman Pluit Kencana No. 7
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Chemical
Formulating, General Trading, Importing, Sole Agent and Distribution of
Industrial Chemical
Distributor
and Sole Agent for :
- THOR CHEMICAL
of the United Kingdom
- BIO CIDE
CHEMICAL of the USA
Production Capacity
None
Total Investment
a. Owned Capital - Rp. 20.0 billion
b. Loan
Capital -
Rp. 54.8 billion
c. Total
Investment - Rp.
74.8 billion
Started Operation
1984
Brand Name
None
Technical Assistance
South Korea
Number of Employee
324 persons
Marketing Area
Domestic
(Local) - 100%
Main Customer
Textile Industries,
Paint Industry, Furniture Making, Cosmetic Industry, Food and Beverage
Manufacturing and other industries
Market Situation
Very Competitive
Main Competitors
a. P.T.
INDOKEMIKA JAYATAMA
b. P.T.
TRITUNGGAL ARTHAMAKMUR
c. P.T. PINTU MAS
MULIA KIMIA
d. P.T. LAUTAN
LUAS Tbk
e. P.T. KHARINDO
PRAKARSA
f. P.T. DOW
CHEMICAL INDONESIA
g. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
PERMATA Tbk
Wisma Bank Permata
Jalan Jend. Sudirman Kav. 27
Jakarta Pusat
Indonesia
b. P.T. Bank
NIAGA Tbk
Jalan Gajah Mada No. 18
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 608.0
billion
2006 – Rp. 624.0
billion
2007 – Rp. 650.0
billion
Net Profit
(Loss) :
2005 – Rp. 18.2
billion
2006 – Rp. 21.8
billion
2007 – Rp. 26.0
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Ng Aik Leng
Directors -
a. Mr. Hasan Mina
b. Mr. Anta Ng
Board of
Commissioner :
President Commissioner -
Mr. Ng Iet Pew
Commissioner -
Mr. Ng Ek cheong
Signatories :
President Director (Mr. Ng Aik Leng ) or
one of the Directors (Mr. Hasan Mina or Mr. Hasan Mina) which must be approved
by Board of 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$ 8,500,000 on 90 days D/A
OVERALL PERFOMANCE
The company was established in January 1984 in Jakarta with an
authorized capital of Rp. 80,000,000 entirely issued and paid up. Founders and
shareholders of P.T. MULYA ADHI PARAMITA (P.T. MAP) are Mr. Hasan Mina, Mr.
Zakaria and Mr. Mamak Suganda wholly are Indonesian businessmen of Chinese
extraction. The company notary deed was converted for several times. In
December 1995 the authorized capital was raised to Rp. 20,000,000,000 issued
and paid up capital to Rp. 10,000,000,000. By the same time the entire shares
were controlled by Mr. Hasan Mina and P.T. ANTARPRIMA DUTAPERKASA, a joint
foreign investment company. In May 2003, the company status was converted to
Foreign Investment Company (PMA) facility. In June 2003 the issued capital was
raised to Rp. 11,905,000,000 fully paid-up. On the same time Mr. Hasan Mina
withdrew and replaced by Mr. Anta Ng, an Indonesian businessman of Chinese
extraction. In August 2004 the
authorized capital of Rp. 20,000,000,000 entirely issued and paid up. The
latest shareholders are P.T. ANTAPRIMA DUTAPERKASA (99.16) and Mr. Anta Ng
(0.84%). The deed of amended was made by Mrs. Liliek Kristiwati, SH, a public
notary in Jakarta, was approved by the Ministry of Justice and Human Right in
its Decision Letter No. AHU-AH.01.10-7598, dated April 01, 2008.
We observe the majority business stakes owners P.T. ANTAPRIMA
DUTAPERKASA dealing with investment holding which majority business stakes is
controlled by Mr. Ng Joo Soon of Singapore, Mr. Ng Iet Pew, Mr. Ng Ju Lak, Mr.
Ng Ju Aik, the three of Malaysia and Mr. Anta Ng of Indonesia, Besides, P.T.
ANTAPRIMA DUTAPERKASA is also majority shareholders of P.T. DOVER CHEMICAL, a
member company of the WIRA MUSTIKA Group. Besides, Mr. Anta Ng also has family
of MINA family, the owner of the BINTANGDELAPAN Group. The eldest daughter of
MINA family Mr. Selorini Mina AKA Ang Tjoei Giok married to one of Tan family
members, the owner of the WIRA MUSTIKA Group.
P.T. MAP has been in operation as from 1984 in general trading and
importation business. P.T. MAP sells many types of chemical products including
solvent, industrial chemicals, biocide/fungicide, PVAC adhesive/latex as well
as bolts & nuts imported from the USA. In 1989, P.T. MAP also dealt with
resin industry by operating a plant located in Desa Gurem, Serang, Banten
Province producing latex and resin of 12,000 tons per annum. But, this plant
had been from 1989 taken over by its sister company P.T. DOVER CHEMICALS. The
company is dealing with trading and importing of chemical solvent, PVA/PVAC,
adhesive/latex and several other industrial chemicals imported from Germany and
the USA and distributing other industrial chemicals which produced
domestically. Besides that, the company is also engaging in chemical
formulation base on job order only whose plant and its main office are located
at Jalan Kapuk Kamal No.19 (Kayu Besar), Kamal Muara, Penjaringan, North
Jakarta. On 19 April 2007, the warehouse of chemicals and chemical materials
located on a land of 2 hectares was on fire 8.5 hours since 01.10 WIB. No
victims in that fire but the company suffered from a loss of Rp. 15.0 billion.
The loss includes the burning of 10,000 drums of thinner, warehouse building
and four tanks containing 100 tons of chemical materials. The above products
are sold to various textile industries, paint industry, cosmetic manufacturing,
furniture making, food and beverage processing and various others. We notice
that P.T. MULYA ADHI PARAMITA is one of medium sized companies of its kind in
Indonesia of which its activities have been growing in the last five
years.
Generally, demand for solvent, industrial chemical, biocide/fungicide
and others has kept on rising in the last five years in the country in line
with the activities of paint industry, textile industry, furniture industry and
other industries in the country. The demand is estimated to be increasing by 8%
to 10% per annum in the next three years. The competition is very tight on
account of many similar companies operating in the country. The business position
of P.T. MULYA ADHI PARAMITA is good for it has established a wide marketing
networks in the country. Besides, the products are well known in the country.
Import Value of Basic Materials Chemicals for Food and Beverages and
Basic Material for Industry, 2000-2006
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry
(Million US$) |
||
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Primary |
Processed |
Primary |
Processed |
|
|
2000 |
1,009.8 |
507.6 |
2,020.3 |
12,421.4 |
|
2001 |
797.1 |
503.6 |
2,228.9 |
10,970.2 |
|
2002 |
1,096.5 |
441.2 |
1,758.6 |
10,541.7 |
|
2003 |
1,127.4 |
531.6 |
1,697.8 |
10,570.8 |
|
2004 |
1,456.7 |
568.6 |
2,236.3 |
15,357.8 |
|
2005 |
1,325.3 |
830.4 |
2,064.4 |
17,407.0 |
|
2006 |
1,352.2 |
909.1 |
2,438.7 |
18,050.7 |
Source : Central Bureau of Statistic
Until this time P.T. MAP 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.
608.0 billion rose to Rp. 624.0 billion in 2006 increased to Rp. 650.0 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. 26.0 billion and the
company has an estimated total networth of at least Rp. 171.5 billion. We
observe that P.T. MAP is supported by the WIRA MUSTIKA Group, a developing
business group 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).
P.T. MAP management is led by Mr. Ng Aik Leng (47), a professional
manager of Malaysia with has experienced for more than 15 years in the field of
trading and distribution of industrial chemicals. He assisted by Mr. Anta Ng
(54) and Mr. Hasan Mina AKA Ang Han Tiong (48) respectively as director. Mr.
Hasan Mina is a brother in law of Mr. Jason Sujana AKA Tang Beng Siong. Mr.
Jason along with his family member the TAN family are majority business stakes
of the WIRA MUSTIKA Group. We observed that management’s reputation in said
business is sufficiently fairly good. The company management has had wide
relation with home and overseas businessmen as well as with government sectors.
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. MULYA ADHI PARAMITA 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.
Attachment :
List of the WIRA
MUSTIKA INDAH Group Members or the AHLI TEHNIK Group Members
1.
ABDI RAKYAT
BHAKTI, P.T. (Sheet Glass Manufacturing)
2.
AHLI
TEKNIK INDONESIA, P.T. (Steel Pipe and Steel Goods Manufacturing)
3.
ADI PERKASA
BUANA, P.T. (Technical Good Sole Agent, Distributor and Contracting)
4.
ADI SARANA
TEKNIK, P.T. (Trading)
5.
BENUA TRADING (Pte) Co., Ltd., Singapore (General
Trading)
6.
DOVER CHEMICAL, P.T. (Urea/Phenol Formaldehyde
Manufacturing)
7.
GERMANTARA
TOOLINDO SISTEMA, P.T. (Trading, Supplies & Distribution of Tools &
Industrial Equipment)
8.
INTAN GARDEN
CITY PERMAI, P.T. Hotel (Hotelry)
9.
INTAN KARTIKA
INDONESIA, P.T. (G.I. Sheet Industry)
10. INTANMAS INDOLOGAM, P.T. (Steel
Pipes Making)
11. INTAN SUAR KARTIKA, P.T. (Nail
Manufacturing)
12. INTAN NATIONAL IRON INDUSTRY, P.T.
(Iron, G.I. and Barbed Wire and G.I. Sheet Making)
13. KARTIKA ABEF INTERNATIONAL, P.T.
(Ice Block Making and Cold Storage Management)
14. KARTIKA ABEF PRATAMA, P.T.
(Marine Product Processing)
15. KARTIKA ABEF WIRANATA, P.T.
(Marine Product Processing)
16. KARTIKA KRESNO SAKTI, P.T.
(Integrated Shrimp Culture and Trading)
17. MULYA ADHI PARAMITA, P.T.
(Industrial Chemical Trading)
18. NATA MACHINERY & CHEMICALS
(Machinery and Chemicals Sole Agent and Distributor)
19. PRESIDENT Industri Jam (Watch Assembling and Distributor)
20. PRESIDENT Watch Co. Ltd., Hong Kong (Watch and Clocks Manufacturing)
21. SUPER ADI TEKNIK INDONESIA, P.T. (Technical Good Distribution)
22. TUNGHWA (Pte) Ltd., Singapore
(General Trading)
23. WIRA MUSTIKA INDAH, C.V. (G.I Sheet,
G.I. Wire and Nails Manufacturing)
WIRA MUSTIKA INDAH, P.T. (Nail, G.I.
Wine, G.I. Sheet Industry and Technical Goods Sole Agent and Trading)
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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%)