MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MITRA
LESTARI SEJATI |
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Formerly Known As : |
MITRA LESTARI |
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Registered Office : |
Jl. Bojong Buah Raya No. 15, Kopo Ketapang, Bandung 40971, West Java |
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Country : |
Indonesia |
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Year of Establishment: |
1988 |
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Com. Reg. No.: |
AHU-61664.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Accessories, Spare Parts
for Textile Machinery General Trading and Importing of Textile Accessories |
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$ 326,000. |
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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. MITRA LESTARI
SEJATI
Address
Head Office & Factory
Jl. Bojong Buah
Raya No. 15
Kopo Ketapang,
Bandung 40971
West Java
Indonesia
Phone - (62-22) 5892919,
55880009
Fax. - (62-22) 5892881
Email - screen@neercs.com
Land Area - 7,300 sq.
meters
Building Space - 4,200 sq. meters
(2 storey)
Region - Commercial
Status - Owned
summary
Date of
Incorporation :
1988 as MITRA LESTARI (sole proprietary company) changed to P.T. MITRA
LESTARI SEJATI, on August 18, 2000.
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C-14425.HT.01.01.TH.2001
Dated 28 November 2001
b. No.
AHU-61664.AH.01.02.Tahun 2008
Dated 12 September 2008
Company Status
:
National Private Company
Permit by the Government Department :
a. The Capital
Investment Coordinating Board
No. 08/02/I/PMA/2001
Dated 25 April 2001
No. 49/32/III/PMA/2001
Dated 9 October 2001
b. The Department
of Finance
NPWP No. 01.983.684 0-421.000
Related Company
:
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 7,024,000,000.-
Issued Capital : Rp. 5,487,500,000.-
Paid up Capital : Rp. 5,487,500,000.-
Shareholders (as of 30 June 2008) :
a. Mr. Tang Huiqi - Rp. 3,566,875,000.-
(65%)
Address : Wunan Road No. 33 (East)
Ming Huang Town, Changzhou
China
c.
Mr. Zhou Jianwen - Rp. 1,920,625,000.- (35%)
Address : Jl. Kopo Mas Blok
8-J
Bandung, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
a. Manufacture of Accessories, Spare Parts
for Textile Machinery
b. General Trading and Importing of Textile
Accessories
Production
Capacity :
a. Rotary Printing Nickel Screen
- 11,600 pcs. p.a.
Total Investment :
Owned Capital - Rp. 7.0 billion
Started Operation :
1989 when it was
named MITRA LESTARI (sole proprietary company)
Brand Name :
NEERCS
Technical Assistance :
None
Number of Employee :
68 persons
Marketing Area :
a. Domestic
(Local) - 80 %
b. Export -
20%
Main Customers :
a. P.T. KAMALTEX
b. P.T. DAYA
ENGGAL SPINNING MILLS
c. P.T. GUNA
KADOTA MANUNGGAL
d. P.T. INSANG
SANDANG INTERNUSA
e. P.T. SIPATEX
PUTRI LESTARI
f. P.T. MBANGUN PRAJA INDUSTRI
g. P.T. NAGAMAS TEXTILE
h. P.T. PULAU MAS TEXINDO
i. P.T. NATATEX PRIMA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AGANSA
PRIMATAMA
b. P.T. RICON
CARBON UTAMA
c. P.T. SETIA KIJI
REED
d. P.T. KARSA TRI
UTAMA
Business Trend :
Growing slowly
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank
CENTRAL ASIA Tbk.
Bandung Branch
Jalan Asia Afrika No.116-118
Bandung, West Java
Indonesia
b. P.T. Bank MANDIRI Tbk.
Jalan Ir. H. Juanda No. 66
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 23.5
billion
2006 – Rp. 24.5
billion
2007 – Rp. 24.5
billion
2008 – Rp. 13.5 billion
(January – June)
Net Profit
(estimated) :
2005 – Rp. 1.9 billion
2006 – Rp. 2.1 billion
2007 – Rp. 2,2 billion
2008 – Rp. 1.1 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director
- Mr. Zhou Jianwen
Board of
Commissioner :
Commissioner - Mr. Tang Huiqi
Signatories
:
President
Director (Mr. Zhou Jianwen) which must
be approved by the Commissioner Board (Mr. Tang Huiqi)
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$ 326,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named MITRA LESTARI as
sole proprietary company, which established in 1988 by Mr. Cheng Sing Yen, an
Indonesian businessman of Chinese descent.
On August 18, 2000 the company’s name changed to P.T. MITRA LESTARI
SEJATI (P.T. MLS) as limited liability company, with the authorized capital of Rp. 400,000,000,- and the
subscribed capital of Rp 100.000.000,-
which was fully paid up. The
founders and the shareholders of the Company are Mr. Chen Sing Yen and Mrs.
Nuri Parwati, both are Indonesian businessman (woman) of Chinese descent.
On October 13, 2001, the authorized
capital was raised to be Rp. 7.024,000.000,- and the issued capital to be Rp 5.487.500.000,-
which was fully paid up. Deed of amendment was made by Ms. Stephanie Wilamarta,
SH., a public notary in Bandung under Company Registration Number
C-14425.HT.01.01.TH.2001, dated November 28, 2001. We observed that the
company’s majority shares owned by Mr. Tang Huiqi (50%), Mr. Chen Sin Yen (25%)
and Mr. Zhou Jianwen (25%).
The company has been frequently been revised and the latest in August
2008, the company latest shareholders are Mr. Tang Huiqi (65%) and Mr. Zhou
Jianwen (35%), both are of Chinese businessmen. The deed of amendment was made
by Mrs. Kirana Ivyminerva Wilamarta, SH., LLM., was approved by the Ministry of
Law and Human Right in its Decision Letter No. AHU-61663.AH.01.02.Tahun 2008,
dated September 12, 2008.
The company has operated its
business since 1989 in the field of
general trading, importing and
manufacturing of textile machinery and accessories. Ms. Desi Nurulsari, one of
the company’s staff explained that initially the company sold many kinds of
textile machinery and textile accessories that are imported from China. Besides that, P.T. MLS is also engaged in
manufacturing of textile accessories and spare parts for textile machinery
whose plant is located at Jalan Bojong Buah Raya No. 15, Bandung, West Java
standing on 7,300 sq. meters land, with a building wide of 4,200 sq.
meters. The plant producing Rotary
Printing Nickel Screen and Accessories with installed production capacity of
11,600 pcs per annum. It is estimated that the plant's construction absorbed a
total investment of Rp. 7.0 billion originally come from own capital.
P.T. MLS produces many types of Rotary Printing Nickel Screen and
Accessories such as 60 mesh, 100 mesh, 105 mesh, 125 mesh and 155 mesh.
Originally, P.T. MLS's products are entirely distributed domestically
particularly by various textile companies such as P.T. GUNA KADOTA MANUNGGAL,
P.T. KAMALTEX, P.T. DAYA ENGGAL SPINNING MILLS, P.T. INSAN SANDANG INTERNUSA,
P.T. SIPATEX, P.T. TOMENBO INDONESIA. P.T. SIPATEX PUTRI LESTARI, P.T. MBANGUN PRAJA
INDUSTRI and others by using NEERCS brand. But, since 1997, some 20% of its
products has succeeded to be exported to several countries including Thailand,
Bangladesh, Vietnam, Taiwan, Pakistan and etc.
Ms. Desi Nurulsari also explained that at the beginning, the company’s
business operation ran smoothly, but since the initial of 2004, the company’s
business operation went into a decline due to the listlessness of domestic
textile industry. Besides that, the increasing of refined fuel oil’s price in October
2005 aggravated the condition of domestic textile industry. Apart from that,
there are many strong competitors from China and South Korea. We observe the operation of P.T. MLS has
been growing slowly in the last three years.
The demand for textile machinery and accessories tended to be
fluctuating within the last five years in line with the fluctuating of
Indonesian textile industry in general. According to the Central Bureau of
Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100
tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to
327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0
million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons
(US$ 5,712.9 million) in 2007 and to 36,100 tons (US$ 519.8 million) in January
2008. The Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in
2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$
4,178.0 million) in 2007 and to 73,400 tons (US$ 346.2 million) in January
2008. The export volume and value of the national TPT products in 2002 to 2008
are pictured on the following table.
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Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008* |
333.1 339.9 327.3 369.5 399.6 399.8 36.1 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 519.8 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 73.4 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 346.2 |
Source : Central Bureau of
Statistic Remark : *) as of 31January 2008
Until this time P.T. MLS 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. 23.5 billion rose to Rp. 24.5 billion in
2006 increased to Rp. 25.6 billion in 2007. Its estimated the sales turnover as
from January to June 2008 has amounted to Rp. 13.5 billion with a net profit of
Rp. 1.1 billion and projected to go on rising by at least 5% in 2009. The
company has an estimated total networth of at least Rp. 11.5 billion. We
observe that P.T. MLS is supported by foreign partner with has financially
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 management of P.T. MLS is led by Mr. Zhou Jianwen (40) a businessman
and professional manager of China with experience in manufacturing of
accessories industries, spare parts for textile machinery. The management is
handled by experienced staff in this business, having maintained a wide
business relation with private businessmen at home and abroad 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. MITRA LESTARI SEJATI 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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%)