MIRA
INFORM REPORT
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Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MITRA LESTARI SEJATI |
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Registered Office : |
Jalan Bojong Buah Raya No. 15, Kopo Katapang, Bandung 40971, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
AHU-61663.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 |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 326,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. MITRA
LESTARI SEJATI
A d d r e s s
Head Office & Factory
Jalan Bojong Buah
Raya No. 15
Kopo Katapang
Bandung 40971
West Java
Indonesia
Phones - (62-22) 5892919,
5892206
Fax - (62-22) 5892861
E-mail - screen@neercs.com
Land Area - 7,300 sq.
meters
Building Area - 4,200 sq.
meters
Region - Industrial
Zone
Status - Owned
summary
Date of
Incorporation : 1988
Legal Form : P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. : The Ministry of Law and Human Rights
No.
AHU-61663.AH.01.02.Tahun 2008
Dated
12 September 2008
Company Status : Foreign Investment (PMA) Company
Permit by the Government Department :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/Owners
:
a. Mr. Tang Huiqi -
Rp. 3,566,875,000.-
Address :
Hunan Road 33 (East)
Mung Huang
Town
China
b. Mr. Zhou Jianwen -
Rp. 1,920,625,000.-
Address : Hunan Road 33 (East)
Mung Huang
Town
China
BUSINESS ACTIVITIES
Lines of
Business:
Manufacture of
Accessories, Spare Parts for Textile Machinery
Production
Capacity :
Rotary Printing
Nickel Screen - 11,600 pcs p.a.
Total
Investment :
Owned Capital - Rp. 7.0
million
Started
Operation :
1989
Brand Name :
NEERCS
Technical
Assistance :
None
Number of
Employee :
68 persons
Marketing Area
:
Local - 80%
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. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AGANSA
PRIMATAMA
b. P.T. RICON
CARBON UTAMA
c. P.T. SETIA
KIJI REED
d. C.V. KARSA TRI
UTAMA
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Jend. Asia Afrika
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. 25.6
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
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Zhou Jianwen
Board of Commissioners :
Commissioner -
Mr. Tang Huiqi
Signatories :
Director (Mr. Zhou
Jianwen) which must be approved by Board of Commissioner.
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 90
days D/A
OVERALL PERFOMANCE
P.T. MITRA LESTARI SEJATI (P.T. MLS) was established in 1988, with the
authorized capital of Rp. 500,000,000 issued capital of Rp. 250,000,000. The
company has been frequently been revised and the latest in August 2008, the
authorized capital was raised to Rp. 7,024,000,000 issued capital to Rp.
5,487500,000 entirely paid up. The company latest shareholders are Mr. Zhou
Jianwen and Mr. Tang Huiqi, both are of China. On the same occasion the company
status was converted to Foreign Investment (PMA) facility. 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.
P.T. MLS started with operating since 1988 engaged in the field of
manufacturing of accessories, spare parts for textile machinery whose plant is
located at Jalan Bojong Buah Raya No. 15, Kopo Katapang, Bandung, West Java
standing on 7,300 sq. meters 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 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. 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.
|
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
*) January 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.48.43 |
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UK Pound |
1 |
Rs.84.54 |
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Euro |
1 |
Rs.65.91 |
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%)