MIRA INFORM REPORT
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Report Date : |
24.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. MASARI DWISEPAKAT FIBER |
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Registered Office : |
Wisma 77, 18th Floor, Jalan Letjend. S. Parman Kav. 77, Slipi, Jakarta Barat 11410 |
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Country : |
Indonesia |
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Date of Incorporation : |
20.06.1990 |
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Com. Reg. No.: |
No. AHU-AH.01.10-13165 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Medium Density Fiberboard (MDF) Industry |
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No. of Employees
: |
380 persons |
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$ 3.0 million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. MASARI
DWISEPAKAT FIBER
company Address
Head Office
Wisma 77, 18th
Floor
Jalan Letjend. S.
Parman Kav. 77, Slipi
Jakarta Barat
11410
Indonesia
Phones - (62-21)
5363122, 5363124, 536313, 5363838
Fax - (62-21)
5363230, 5363125
E-mail - marketing@masari-board.com
Website - http://www.masari-board.com
Building Area - 24 storey
Office Space - 680 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya
Karawang Cikampek Km. 9.3
Desa Gintungkerta
– Kecamatan Klari
Karawang 41371,
West Java
Indonesia
Phones - (62-267)
431471, 431473, 431474-5
Fax - (62-267)
431472
Land Area - 20.0 hectares
Office Space - 2.6 hectares
Region - Industrial Zone
Status - Owned
Date of Incorporation
20 June 1990
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C2-5773.HT.01.01.TH.93
Dated 7 July 1993
- No. AHU-AH.01.10-13165
Dated 28 May 2008
Company Status
Private and
Domestic Investment (PMDN) Company
Permit by the Government
Department
a. The Capital
Investment Coordinating Board
- No. 402/I/PMDN/1993
Dated 24 November 1993
- No. 61/II/PMDN/1997
Dated 7 April 1997
- No. 284/III/PMA/1998
Dated 31 August 1998
b. The Department of Finance
NPWP No. 01.357.750.7-031.000
c. The Department of Industry
No. 101/T/Industri/1996
Dated 8 February 1996
d. The Department of Industry and Trade
No. 232/APIT/PMDN/1993
Dated 1 December 1993
Related Company
A Member of the Company the MUKTI Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital -
Rp. 60,000,000,000.-
Issued Capital -
Rp. 60,000,000,000.-
Paid up Capital -
Rp. 60,000,000,000.-
Shareholders/Owners
:
a. Mr. Aswan
Wiyono - Rp.
59,400,000,000.-
Address : Jl. Pantai Mutiara
0/6
RT.005/RW.016,
Pluit
Jakarta Utara
b. Mr. Jeffry
Wiyono -
Rp. 600,000,000.-
Address : Jl. Pantai Mutiara
0/6
RT.005/RW.016,
Pluit
Jakarta Utara
BUSINESS ACTIVITIES
Lines of
Business :
Medium Density Fiberboard (MDF) Industry
Production
Capacity :
a. Medium Density Fiberboard -
84,000 cu. meters p.a.
b. Formalin - 21,000 tons p.a.
c. Urea Formaldehyde Glues - 31,000 tons p.a.
Total
Investment :
a. Equity Capital -
Rp. 60.0 billion
b. Loan Capital -
Rp. 89.3 billion
c. Total Investment -
Rp. 149.3 billion
Started
Operation :
1995
Brand Name :
MASARI BOARD
Technical
Assistance :
None
Number of
Employee :
380 persons
Marketing Area
:
Domestic -
90%
Export -
10%
Main Customers
:
a. Furniture Manufacturing Industries
b. PCB (Printed Circuit Boards) Industries
c. Hi-Fi Equipment Industries, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CANANG INDAH
b. P.T. HIJAU LESTARI RAYA FIBERBOARD
c. P.T. PARINDO PERMAI
d. P.T. RIMBA PARTIKEL INDONESIA
e. P.T. SUMALINDO LESTARI JAYA
Tbk
f. P.T. SUMATERA PRIMA
FIBERBOARD
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker s :
a. P.T. Bank MANDIRI Tbk
Jalan Tebah III No. 36
Jakarta Selatan
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. Sudirman Kav. 1
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2008 – Rp. 210.0 billion
2009 – Rp. 220.0 billion
2010 – Rp. 230.0 billion
2011 – Rp. 121.0 billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 12.8 billion
2009 – Rp. 15.4 billion
2010 – Rp. 17.2 billion
2011 – Rp. 9.1 billion (January –
June)
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Jeffry Wiyono
Director -
Mr. Soelaiman Dickie
Board of Commissioners :
President Commissioner - Mr. Aswan Wiyono
Commissioner - Mrs. Allen Wiyono
Signatories :
President Director (Mr. Jeffry Wiyono) or Director (Mr. Soelaiman Dickie)
but 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$ 3.0 million on the 90 days of payments
OVERALL PERFORMANCE
P.T. MASARI DWISEPAKAT FIBER (P.T. MDF) was established in June 1990 with the authorized capital of Rp. 20,000,000,000 issued capital of Rp. 6,000,000,000 entirely paid-up. Founders and original shareholders are Mr. Aswan Wiyono AKA Ng Hiok Swan, Mr. Santoso Pukarta and Mr. The Tjet Sen, all three Indonesian of Chinese extraction. The articles of association have frequently been revised. Lastly in May 2008 the authorized capital was raised to Rp. 60,000,000,000 entirely issued and fully paid up. By the same time the shareholders had changed and Mr. Santoso Pukarta and Mr. The Tjet Sen pulled out and the whole shares sold to Mr. Jeffry Wiyono (a son of Mr. Aswan Wiyono). The deed of amendment was made by Mr. Benny Kristianto, SH., a public notary in Jakarta under Company Registration Number AHU-AH.01.10-13165, dated 28 May 2008.
We have since never heard of any changes having occurred in the capital structures and shareholder composition of the company to date. We observed that the Wiyono family is also founders and majority business stakes owner of the MUKTI Group, a small sized business group in Indonesia with activities in oil palm plantation and wood-based product industry.
P.T. MDF obtained license from Indonesian Investment Coordinating Board (BKPM) for dealing with medium density fiber board (MDF) manufacturing by managing a plant located at Jalan Raya Karawang Cikampek Km. 9.3, Desa Gintungkerta, Kec. Klari, Karawang, West Java standing on 200,000 sq. meters land operating as from in 2005 with a capacity of 70,000 sq. meters of MDF per annum. At present, it is capable of producing 7,000 M3 per month or approximately 84,000 M3 per annum of high quality thin panel Medium Density Fiberboard with the utilization of Mande – press machine installed in the mills. Besides the company also produce of formalin and formaldehyde glues. The product of P.T. MDF has been known international and domestically by the name of MASARI BOARD. P.T. MDF specializes primarily in thin MDF boards from 2.5 mm to 4.75 mm with rubberwood as its raw material.
The distribution of the fiber and uniform compactness throughout the Masari board enable a smooth surface and edge finish. MDF to be an excellent material for producing furniture such as drawer bottoms and cabinet backs, interior door skins, interior decorative walls, wall ceiling and panels, kitchen accessories, partitions, picture frames, package boxes, etc. Mrs. Marlina, one of P.T. MDF’s staff members disclosed that some 80% of her company products is marketed locally to furniture manufacturing industries and 20% is exported to various countries including South Asia and Middle East countries. We observe that P.T. MDF is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for processed wood including medium density fiber (MDF) has been fluctuating in the last five years in line with the fluctuating export and domestic markets. It is estimated that the demand will kept on rising in the coming two-three years. Meanwhile, the competition is very tight on account of lots of similar companies operating in the country. The woodworking industry had been turning down within the last five years due to lack of raw materials, as far from transportation facility and fluctuation of export demand. It is estimated will keep going down within the coming two or three years as the impact of global economic crisis and tight banking liquidity since October 2008 hitherto. The business position of P.T. MDS is appraised to be facing difficulty for lack of basic materials in future. The growth of said business is evident from the production and utility growth of the processed wood export volume and export value of plywood and sawn timber below:
The Export Growth of
the Indonesian Main Processed Wood Products
2005 – 2010
|
Type of
Commodities |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Plywood : -Volume (000 tons) -Value (US$ million) |
2,214.8 1,374.7 |
1,979.1 1,506.6 |
1,754.2 1,524.7 |
1,659.3 1,527.2 |
1,430.4 1,189.5 |
1,834.7 1,635.3 |
|
San Timber: -Volume (000 tons) -Value (US$ million) |
371.7 281.6 |
474.5 414.8 |
151.0 144.1 |
51.1 55.6 |
36.4 36.7 |
32.3 31.3 |
|
Other Wood Products: -Volume (000 tons) -Value (US$ million) |
2,143.5 1,430.2 |
1,926.2 1,403.4 |
1,713.0 1,409.0 |
1,059.3 1,238.2 |
1,201.4 1,048.8 |
1,825.1 1,204.0 |
Source: Central Bureau of Statistics
(BPS)
Until this time P.T. MDS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MDS is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 210.0 billion rose to Rp. 220.0 billion in 2009 increased to Rp. 230.0 billion in 2010. As from January to June 2011 the total sales was amounted at Rp. 121.0 billion with a net profit of Rp. 9.1 billion. It is projected the sales turnover will be rising by at least 4% in 2012. The company has an estimated total net worth of at least Rp. 75.8 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. MDF is led by Mr. Jeffry Wiyono (32) a young businessman with 7 years of experience in medium density fiberboard manufacturing. He graduated Master of Business Administration from University Southern Carolina, LA, USA majoring in business and finance. He is a son of Mr. Aswan Wiyono (58), a founder of P.T. MDF. Daily operation, he is assisted by Mr. Soelaiman Dickie (38) as director. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. MASARI DWISEPAKAT FIBER is sufficiently fairly good for business transaction.
Attachment:
List of the MUKTI Group Members
1.
HESTI AGRO NIAGA, P.T. (Oil Palm
Plantation)
2.
INYUTAS, P.T. (Forestry Concession)
3.
KAWEDAR MUKTI TIMBER, P.T. (Forestry
Concession)
4.
KAYU MUKTI, P.T. (Forestry Concession)
5.
MASARI DWISEPAKAT FIBRE, P.T. (Medium
Densityt Fibreboard Industry)
6.
MUKTI AGRO LESTARI, P.T. (Oil Palm
Plantation)
7.
MUKTI SWADAYA LESTARI, P.T. (Oil Palm Plantation)
8.
SWADAYA MUKTI PERKASA, P.T.
(Oil Palm Plantation)
9.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.72 |
|
UK Pound |
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.68.90 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.