MIRA INFORM REPORT
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Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. MATA PELANGI CHEMINDO |
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Registered Office : |
Graha Matapel, Jalan Arjuna Utara No. 46, Dure Kepa,
Jakarta Barat, 11510 |
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Country : |
Indonesia |
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Date of Incorporation : |
26.12.1983 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-10436 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Pigment
Preparation Manufacturing |
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$ 710,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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. MATA PELANGI CHEMINDO
company Address
Head Office
Graha Matapel
Jalan Arjuna Utara No. 46
Dure Kepa
Jakarta Barat, 11510
Indonesia
Phones - (62-21) 5608848, 5608884
Fax -
(62-21) 5608843, 5608893, 5608840
E-mail -
info@matapel.com
Website -
http://www.matapel.com
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Owned
Factory
Kawasan Industri Daan Mogot Block F-2/4
Jalan Daan Mogot
Km. 19.8
Jakarta Barat
Indonesia
Phones - (62-21) 6191508, 6194322
Fax -
(62-21) 5459010
Land Area - 3,100 sq. meters
Building Space - 1,500 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
26 December 1983
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of Law and Human Rights
- No.
AHU-20303.AH.01.02.Tahun 2008
Dated 23 April 2008
- No.
AHU-AH.01.10-10436
Dated 02 May 2008
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.371.408.4-038.000
Related Company
Not Available
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 14,000,000,000.-
Issued Capital :
Rp. 14,000,000,000.-
Paid up Capital :
Rp. 14,000,000,000.-
Shareholders/Owners :
a. Mrs. Kesti Sidarto -
Rp. 7,420,000,000.-
Address : Jl. Jembatan Besi II RT.005/003
Jembatan Besi
Jakarta Barat
b. Mrs. Liu
Lilyawati, SE. -
Rp. 3,780,000,000.-
Address : Jl. Tunjung III No. 8 RT.004/003
Jati Pulo
Jakarta Barat
c. Mr. Andianza
Herlambang - Rp.
2,800,000,000.-
Address : Green Garden Blok N.5/14
RT.005/010, Kedoya Utara
Jakarta
Barat
BUSINESS ACTIVITIES
Lines of Business :
Pigment Preparation Manufacturing
Production Capacity :
a. Pigment for Paints -
100 tons p.a.
b. Pigment for Plastic Resin -
100 tons p.a.
Total Investment :
Owned Capital - Rp. 14.0 billion
Started Operation :
1983
Brand Name :
None
Technical Assistance :
None
Number of Employee :
80 persons
Marketing Area :
Domestic (Local) -
100%
Main Customers :
a. P.T. AVIA AVIAN
b. P.T. DANA PAINT INDONESIA
c. P.T. WARNA AGUNG
d. P.T. ISAMU RAYA PAINT
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRENTAG
b. P.T. MULYA ADHI PARAMITRA
c. P.T. SARI SARANA KIMIA
d. P.T. UNITED
CHEMICAL INTER ANEKA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL
ASIA Tbk
Daan Mogot Branch
Jl. Daan Mogot No. 48-A
Jakarta Barat
Indonesia
b. P.T. Bank NEGARA
INDONESIA Tbk
Wisma Bank Kota BNI
Jalan Jend. Sudirman Kav. 1
Jakarta
Selatan
Indonesia
Auditor :
Internal
Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 50.0 billion
2009 – Rp. 52.0 billion
2010 – Rp. 54.0 billion
Net Profit (estimated) :
2008 – Rp. 3.0 billion
2009 – Rp. 3.1 billion
2010 – Rp. 3.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Andianza Herlambang
Director - Mr.
Victor Sidarta
Board of Commissioner :
President Commissioner -
Mrs. Kesti Sidarto
Commissioner -
Mrs. Liu Lilyawati, SE
Signatories :
President
Director (Mr. Andianza Herlambang) or the Director (Mr. Victor Sidarta) which
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$ 710,000 on 90 days D/A
OVERALL PERFORMANCE
Previously the company address registered at Jalan Jembatan Besi II No. 8, Jakarta Barat. However since the end 2009 the company address was moved into new address at Jalan Arjuna Utara No. 46, Duri Kepa, Jakarta Barat.
P.T. MATA PELANGI CHEMINDO (P.T. MPC) was established In Jakarta on December 16, 1983 with an authorized capital of Rp. 100,000,000 and an issued capital of Rp. 30,000,000 entirely paid up. The company was founded by Mr. Andianza Herlambang and Mr. Hardi Gunadi, both Indonesian businessmen of Chinese extraction as the original shareholders. The company's notarial act was since revised a couple of times. In 1986 the authorized capital was increased to Rp. 1,000,000,000 with an issued and paid up capital of Rp. 400,000,000. On this occasion into the company entered a new shareholder, namely Mr. Gunawan Gunadi, an Indonesian businessman of Chinese extraction. Lastly in March 2008 the authorized capital was raised to Rp. 14,000,000,000, entirely issued and paid up. By the same time the shareholders had changed, Mr. Hardi Gunadi and Mr. Gunawan Gunadi pulled out and the whole shares sold to Mrs. Kesti Sidarto and Mrs. Liu Lilyawati, SE. With this development the composition of its shareholders has been changed to become Mrs. Kesti Sidarto (53%), Mrs. Liu Llilyawati, SE (27%) and Mr. Andianza Herlambang (20%). The deed of amendment was made by Mrs. Erly Soehandjojo, SH., a public notary in Jakarta under Company Registration Number AHU-AH.01.10-10436, dated May 02, 2008.
P.T. MPC has been in operation since 1983 in pigment preparation manufacturing and with well running operations up to now. The company's plant is located on some 3,100 sq. m. land at Daan Mogot Industrial Estate Block F2 No. 4, Jalan Daan Mogot Km. 19.8, Tangerang, West Jakarta. P.T. MPC was organized and incorporated on May 18, 1985. Selling under the brand name MATAPEL, it is more wells known as MATAPEL CHEMICALS. It traces its root back to the year 1983, when it attained the pigment preparation manufacturing plant and entire operation of MANDOM. According to Mr. Andianza Herlambang, the plant has a production capacity of 100 tons of coloring pigment for paint and 100 tons of coloring pigment for plastic resin per year. The investment put into development of the plant has come to Rp. 14.0 billion originally come from owned capital. P.T. MPC's production realization has now come to about 70% - 85% of the installed capacity. The types of products are pigment preparations, additives, silicones and polymers. P.T. MPC products serve wide range industries such as paints & ink industries, plastic & rubber industries, PVC & PU leather industries, textile printing industries, polyurethane foam industries, plywood industries, OPP tape industries etc. He went on to say that the company's production is entirely marketed in the country to various paint plants and plastic resin industries in Jakarta, Tangerang and surroundings, including P.T. AVIA AVIAN, P.T. DANA PAINT INDONESIA, P.T. WARNA AGUNG, P.T. ISAMU RAYA PAINT, P.T. SARI INDOPLASTAMA, P.T. WIHARTA AGUNG KARYA, KANSAI Paints and others. We observe the operation of P.T. MPC has been growing in the last three years.
The domestic demand for various types of chemical products had been rising by 8% to 10% on the average per annum in the last five years in line with the rapid growth of various industrial sectors including paint industry, plastic, ink, textile, rubber, printing and others in the above period of times as the consumers. But, later dwindled as the global economic slowdown since October 2008, followed by tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also heated by political issue in the country.
The demand growth started to awake in June 2009 in line with the amelioration of economic condition in the country. Market competition is very tough on account of large number of other similar companies operating in the country. P.T. MPC business position in this case is not too badly because it has built regular customers and extensive marketing network all across the country.
Imports of Raw Materials
and Auxiliary Goods, 2004-2010
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Year |
Food and Beverages Mainly for Industry (Million US$) |
Raw
Materials for Industry (Million
US$) |
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Primary |
Processed |
Primary |
Processed |
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2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
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2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
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2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
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2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
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2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
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2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
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2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
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Source: Central Bureau of Statistic (BPS)
Until this time P.T. MPC has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MPC 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. 50.0 billion rose to Rp. 52.0 billion in 2009 increased to Rp. 54.0 billion in 2010 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 3.4 billion and the company has an estimated total networth of at least Rp. 22.0 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. MPC is led by Mr. Andianza Herlambang
(61) a businessman and professional manager with experience in pigment
preparation manufacturing and trading. Daily activity he is assisted by Mr.
Victor Sidarta (39) as director. The company's management is handled by
professional staff in the above business. They have wide relations with private
businessmen within and outside the country. 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. MATA PELANGI CHEMINDO is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.46 |
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UK Pound |
1 |
Rs.71.53 |
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Euro |
1 |
Rs.64.63 |
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 |
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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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.