MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
MECOINDO |
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Registered Office : |
East Jakarta Industrial Park (Park EJIP), Plot 6-B No. 2, Lemahabang, Bekasi 17550, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
19.01. 1984 |
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Com. Reg. No.: |
C-12883.HT.01.04.TH.2005 |
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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$ 1,230,000. |
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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. MECOINDO
A d d r e s s
Head Office & Factory
East Jakarta
Industrial Park (Park EJIP)
Plot 6-B No. 2,
Lemahabang,
Bekasi 17550
West Java
Phone - (021) 8970270 (hunting)
Fax. - (021) 8970271
E-mail - lusie@actaris.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 Republic of Indonesia
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 Germany
b. A member of the BERCA Group or the CCM Group
(see attachment)
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 Panama - US$ 4,560,000.- (95%)
Address : 8
Aquiliono De La Guardia Street
City of Panama
Panama
b. P.T. BERCA INDONESIA of Indonesia - US$ 240,000.- ( 5%)
Address : Jalan Abdul Muis No. 62
Jakarta Pusat
Indonesia
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
1 9 8 5
Brand Name
MECOINDO
Technical Assistance
SCHLUMBERGER ZAHLER
SYSTEMTECHNIK GmbH., of Germany -
Number of Employee
122 persons
Marketing Area
Domestic
(Local) - 100%
Main Customers
- P.T.
Perusahaan Listrik Negara (PLN)
- P.T.
PERTAMINA
- Electrical
Equipment shops, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. DUTA FUJI
ELECTRIC
b. P.T. RIASARANA
ELECTRINDO
c. P.T. PURA
MAYUNGAN
d. P.T.
SARANASENTOSA KARYAPRIMA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. CITIBANK N.A.
The
Landmark Centre
Jalan
Jend. Sudirman Kav. 70 A
Jakarta Selatan
b. P.T. Bank
MANDIRI Tbk.
Jalan
Lada No. 1
Jakarta Barat
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
2007 – Rp. 92.0
billion
Net Profit :
2004 – Rp. 5.8 billion
2005 – Rp. 6.5 billion
2006 – Rp. 7.2
billion
2007 – Rp. 7.8
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 Pei Wah
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$ 1,230,000.- 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 Panama and P.T. BERCA INDONESIA of
Indonesia. Its articles of association has frequently changed for a couple of times. In 1998, the authorized capital
was increased to US $ 4,800,000.- wholly issued of which US $ 2,700,000.- was
paid-up. Later of April 1999, the paid-up capital was increased to US $
4,800,000 and simultaneously SCLUMBERGER
EASTERN Holding Inc., of Panama pulled out and replaced by new shareholder
namely SCLUMBERGER ZAHLER SYSTEMTECHNIK GmbH., of Germany. Since on May 10, 2005, SCLUMBERGE ZAHLER
SYSTEMTECHNIK GmbH., of Germany pulled out and entered ACTARIS ZAHLER & SYSTEMTECHNIK
GmbH of Panama as new shareholders.
The deed of amendment was made by Mr. Ferdian, SH., a public notary in
Jakarta under Company Registration Number C-12883.HT.01.04.TH.2005, dated May
12, 2005.
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 and his
wife Mr. Siti Hartati Tjakra Murdaya 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 operated a plant
located in Cilandak Commercial Estate South Jakarta. But, as from the middle of
1995, its plant was relocated to East
Jakarta Industrial Park, Plot 6-B No.
2, Lemahabang, Bekasi, West Java. The plant has undergone a number of
expansions for increasing its total production capacity. According to its
license P.T. MECOINDO‘s production capacity as listed on page 3 of this report.
Its product is wholly marketed at home and mostly supplied to state owned electricity company, P.T.
PERUSAHAAN LISTRIL NEGARA (P.T. PLN),
state owned oil and gas company PERTAMINA and partly to electrical
equipment distributor shops.
We have observed that P.T. MECOINDO
is classifiable as a medium size company in KWH Meter Assembling in Indonesia
and its business operation has kept on running smoothly and growing to date.
The domestic demand growth for KWH meters has kept on rising until 1996
in line with the sharp growth of electrical
network in Indonesia as well as with the
government program on rural electrification development (LMD). According
to source from the Department of Industry and Trade (Depperindag) that the
national production of KWH meters in 2000 amounted to 2,502 thousand units
increased to 3,505 thousand units in 2001 and dropped to 1,713 units in 2002
but picked-up to 1,827 thousand units
in 2003 to 1,922 thousand units in 2005 and to 2,134 thousand units in
2006.
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 and rose again to Rp. 92.0 billion in 2007. The operation in 2006 yielded an estimated
net profit by at least Rp. 7.2 billion increased to Rp. 7.8 billion in 2007 and
the company has an estimated total net worth by at least Rp. 62.0 billion. It is projected that total sales turnover
of the company will increase at least 7% in 2008. So far, we did not hear that the company having been black
listed by the Central Bank (Bank Indonesia). The company disclosed that the
company usually pays its debts punctually to suppliers.
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 (61),
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.
Attachment :
List of the BERCA
Group Members or
the CCM Group Members
1.
ABB TRANSMISSION
AND DISTRIBUTION, P.T. (Electrical Equipment Manufacturing and Electrical
Contracting Services)
2.
ABDIBANGUN
BUANA, P.T. (Distribution of Electrical Equipment)
3.
ALLTRAK
1978, P.T. (Heavy Equipment Distributor and Investment Holding)
4.
ASEA
BROWN BOVERI SAKTI, P.T. (Electro Motor Assembling)
5.
BALFOUR
BEATY SAKTI INDONESIA, P.T. (General Contractor)
6.
BERCA
HARDAYAPERKASA, P.T. (Computer Assembler and Trading)
7.
BERCA
INDONESIA, P.T. (Heavy Equipment and Technical Goods Sole Agent, General
Trading and Investment Holding)
8.
BERCA
INTERNATIONAL (Pte) Ltd., Singapore (Trading)
9.
BERCA
SPORTINDO, P.T. (Nike Sport Shoe Sole Agent)
10. BETON MEGAH PERKASA SETIA, P.T.
(Concrete Pipe and Pile Manufacturing)
11. BICC BERCA CABLES, P.T. (Cables
Manufacturing)
12. CENTRAL CIPTA MURDAYA, P.T.
(Management Trust Services for the CCM Group members)
13. CIPTA CAKRA MURDAYA, P.T.
(Management Trust Services and Industrial Estate Management)
14. CUMMINS HARDAYA INDONESIA, P.T.
(Assembling of Diesel Engines and Components)
15. DHARMA PERKASA SAKTI, P.T. (Trading
and Distribution of Electrical Equipments, Investment Holding)
16. DHARMALA INTILAND, P.T. (Modern
Office Block Rental)
17. DIAN NUSANTARA MURNI, P.T. (Trading,
Distributor of Laboratory Equipment and Laboratory Chemicals)
18. FORD MOTOR INDONESIA, P.T. (Agricultural
Machinery Assembling)
19. FUJI DHARMA ELECTRIC, P.T. (Kwh
Meter Industry)
20. GRAHA MITRA SANTOSA, P.T.
(Industrial Park Development and Management)
21. HARDAYA ANEKA SHOES INDUSTRY, P.T.
(Shoe Making)
22. HARDAYA EQUIPMENT (Pte) LTD., Singapore
(Heavy Equipment Distribution)
23. HARDAYA WIDYA GRAHA, P.T.
(Agricultural Machinery Assembling)
24. HARFIT INTERNATIONAL, P.T.
(Furniture Industry)
25. HUME SAKTI INDONESIA, P.T. (Concrete
Pipe and Pile Manufacturing)
26. INDO SAKTI, P.T. (Prefab Housing
Component Manufacturing and Contracting)
27. INFOKOM, P.T. (Distribution of
Telecommunication Equipment)
28. INTERPORWER ELECTRIC, P.T.
(Distribution of Switch gears and Electrical Equipment)
29. INTRACO WOOD MANUFACTURING, P.T.
(Integrated Woodbased Industry)
30. KARUNIA BERCA INDONESIA, P.T. (Steel
Construction and Galvanizing Industry)
31. KARTIKA KAPUAS SARI, P.T. (Particle
Board Manufacturing)
32. KENTJANA SAKTI INDONESIA, P.T.
(General Trading, Contracting, Importer, Supplier, Distributor and Sole Agent,
Investment Holding)
33. KOSAN SAKTI INDONESIA, P.T.
(Manufacturing of Valves and Regulators for LPG)
34. LAMPITA SASMAYA, P.T. (Professional
Slimming Center)
35. MECOINDO, P.T. (Manufacturing of KWH
Meters)
36. MEKA DAYA PRIUTAMA, P.T. (Sole Agent
and Distribution of Electrical Installation)
37. NAGASAKTI PHARMASHOES INDUSTRY, P.T.
(Shoe Making)
38. PONDOK INDAH PADANG GOLF, P.T. (Golf
Yard Management)
39. SARANA AIRCON UTAMA, P.T. (Trading
and Importer)
40. SARANA INDUSTRI LOGAM INDONESIA,
P.T. (Industrial Machinery and Processing Assembling)
41. SARANA PENYEJUK, P.T. (Air
Conditioner Assembling)
42. SARANA TELEKOM UTAMA, P.T.
(Telecommunication Installation Assembling and Manufacturing)
43. SARIKOM PRATAMA INTERNUSA, P.T.
(Mini Computer Assembling)
44. SICAMINDO, P.T. (Cable Connecting/Equipments
and High Voltage Safety Equipments Industry)
45. SILINDO MANDIRI, P.T. (Steel
Structure Fabricating)
46. TARMAC SAKTI INDONESIA, P.T.
(General Contracting)
47. TRANS ASIAN ENGINEERING (Pte) Ltd.,
Singapore (Trading)
48. UNIVERSAL WISESA INDUSTRY, P.T.
(Shoe Making)
49. WIRA DEDANA, P.T. (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 |
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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 |
|
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%)