MIRA INFORM REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. MEGASETIA AGUNG KIMIA |
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Registered Office : |
Jalan Paradise Timur Raya Blok F-21/58, Sunter Agung Podomoro, Jakarta Utara 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
23.12.1995 |
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Com. Reg. No.: |
No. AHU-52066.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of
Industrial Chemicals |
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$ 328,900 |
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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 |
a1 |
a1 |
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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. MEGASETIA AGUNG KIMIA
company Address
Head Office
Jalan Paradise
Timur Raya Blok F-21/58
Sunter Agung
Podomoro
Jakarta Utara
14350
Phones - (62-21) 645
1937 (hunting)
Fax - (62-21) 645
2306
E-mail - sales.deprt@megasetia.com
Website - http://www.megasetia.com
Building Area -
3 storey
Office Space -
180 sq. meters
Region -
Commercial
Status -
Owned
Date of Incorporation
23 December 1995
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
- No.
C2-2111.HT.01.01.TH.97
Dated
26 March 1997
- No.
AHU-52066.AH.01.02.TH.2008
Dated
19 August 2008
Company Status
National Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.744.272.4-046.000
The Department of Industry and
Trade
TDP No. 09011609262
Dated 15 April 1997
Related Company
P.T. APOLLO AGUNG CHEMICAL
INDUSTRY (Trading and Distribution of Textile Chemical)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital -
Rp. 4,750,000,000.-
Issued Capital -
Rp. 4,750,000,000.-
Paid up Capital -
Rp. 4,750,000,000.-
Shareholders/Owners :
a. Mr. Sutedja Sidarta -
Rp. 2,362,500,000.-
Address : Jl. Rajawali Selatan VII No. 7
Kel. Gunung
Sahari, Jakarta Pusat
Indonesia
b. Mrs. Ir. Suryani Hartoyo -
Rp. 950,000,000.-
Address : Perumahan Sunter
Pratama Blok I/8
Kel. Sunter
Agung, Tg. Priok
Jakarta Utara
Indonesia
c. Mrs. Indria
Sari Sidarta - Rp. 950,000,000.-
Address : Jl. Rajawali Selatan
VII No. 7
Kel. Gunung
Sahari, Jakarta Pusat
Indonesia
d. Mr. Rusdi Wijaya Effendi -
Rp. 475,000,000.-
Address : Jl. Ampasit Raya No. 12
Kel. Cideng, Gambir, Jakarta Pusat
Indonesia
e. Mr. Rusmini Sidarta -
Rp. 237,500,000.-
Address : Jl. Serampang 12 S No. 11 RT. 008
Jakarta Uata
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Trading and Distribution of
Industrial Chemicals
Production Capacity :
None
Total Investment :
None
Started Operation :
1996
Brand Name :
None
Technical Assistance :
None
Number of Employee :
32 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customer :
a. Pharmaceutical Industries
b. Food and Beverage
Industries
c. Tanning Industries
d. Rubber & Adhesive Industry
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Bina Mitra Sejahtera
b. P.T. Multi Kimia Raya Nusantara
c. P.T. Mitra Chemindo Sejati
d. P.T. Sinar Cemaramas Abadi
e. P.T. Galic Bina Mada
f. P.T. Anugrahkimia Ariwidya
g. etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank UOB BUANA Tbk
Jalan Danau Sunter Utara, Blok B1 No. 6B
Jakarta 14350
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our
database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 22.0 billion
2009 – Rp. 23.7 billion
2010 – Rp. 25.0 billion
Net Profit (Loss) :
2008 – Rp. 1.5 billion
2009 – Rp. 1.6 billion
2010 – Rp. 1.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Ir. Suryani Hartoyo
Directors -
a. Mrs. Rusmini Sidarta
b. Mr. Indria Sari Sidarta
Board of Commissioners :
President Commissioner - Mr. Sutedja Sidarta
Commissioner - Mr. Rusdi
Wijaya Effendi
Signatories :
President Director (Mrs. Suryani Hartoyo) or one of the
Directors (Mrs. Rusmini Sidarta or Mr. Indria Sari Sidarta) 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$ 328,900 on 90 days D/A
OVERALL PERFORMANCE
P.T. MEGASETIA AGUNG KIMIA (P.T. MAK) was established on December 23, 1995 with the authorized capital of Rp. 500,000,000 of which Rp. 300,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Sutedja Sidarta, Mrs. Indria Sari Sidarta, Mrs. Ir. Suryani Hartoyo, Mr. Rusdi Wijaya Efendi and Mr. Ignatius Budhi Purnomo, all are Indonesia of Chinese extraction. Deed of Amendment was made by Mr. Thomas Gunawan, SH, a public notary in Jakarta under Company Registration Number C2-2111.HT.0101.TH.97, dated April 15, 1997. The company notary deed has been changed and in July 2008 the authorized capital was increased to Rp. 4,750,000,000 wholly issued and paid up. With this time Mr. Ignatius Budhi Purnomo, Mr. Muharom Ahmad pulled out and replaced by Mrs. Rusmini Sidarta as new shareholder. With this development the composition of its shareholders has been changed to become Mr. Sutedja Sidarta (45%), Mrs. Ir. Suryani Hartoyo (20%), Mr. Indria Sari Sidarta (20%), Mr. Rusdi Wijaya Effendi (10%) and Mrs. Rusmini Sidarta (5%). The deed of amendment was made by Mr. Sutjipto, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-52066.AH.01.02.TH.2008 dated August 19, 2008.
We observe that the majority business stakes of the company are controlled by Mr. Sutedja Sidarta and his daughter Mrs. Indria Sari Sidarta. Besides Mr. Sutedja Sidarta is also founder and business stakes owner of P.T. APOLLO AGUNG CHEMINCAL INDUSTRY a private national company dealing with trading and distribution of textile chemicals.
P.T. MAK has been in operation since 1996 dealing with trading and distribution of industrial chemicals. Mr. Indria Sari Sidarta, director of P.T. MAK said that the company sells various local imported products with popular brands such as Seppic, Cophim both of France, Rousselot of Germany, Mane of Indonesia and others. The merchandise products of the company consist of PVP K-30, PVP K-50, povidone iodine, active pharmaceutical ingredient flavor, polisorbate 20 (for pharmaceutical); natural fibers, food color, fruit juice concentrate, isolated soya proten (for food ingredient); emulsifiers foaming, synthetic squalance, kathon CG, acusol, aculyn, essential oil (for domestic and toiletries chemicals); pigment & dyes, fatliquoring, preservatives (for leather chemical); elastomers, pigment master batch, phenolic resin, OBA, other auxiliaries (for rubber & adhesive chemicals). Besides, the company also sells laboratory reagents comprising HPLC Grade, Analytical Reagent (AR), Laboratory Reagent (LR), Electric Purified Grade (EP) and others.
The whole industrial chemicals imported from SEPPIC, Givaudan Lavirotte, SOPHIM, CODIF, MANE Indonesia, ROUSSELOUT all of France; BASF Fine Chemical, J. RETTENMAIER & SOHNE, both of Germany; ROHM & HAS of the USA; RHODIA Consumer Specialties of the United Kingdom; FUJI Chemical Industry Co, Ltd., of Japan; GUJARAT and ROHA Dyechem of India; SHANGHAI Leasun Chemical Co, Ltd., of China. We observe that PT. MAK is classified as small company in the field of trading and distribution of industrial chemicals. But it seems that the company has already had permanent customer both in and outside the country. We observe that the company’s business activities is running smoothly and growing in the past 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. MAK
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. MAK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MAK 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. 22.0 billion rose to Rp. 23.7 billion in 2009 increased to Rp. 25.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 1.9 billion and the company has an estimated total networth of at least Rp. 5.5 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. MAK is led by Mrs. Ir. Suryani
Hartoyo (46) a businessman and professional manager with experience in trading,
import and distribution of industrial chemicals. Daily activity she is assisted
by Mrs. Rusmini Sidarta (48) and Mrs. Indria Sari Sidarta (38) as directors.
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. MEGASETIA AGUNG KIMIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.70.84 |
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Euro |
1 |
Rs.62.96 |
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.