MIRA INFORM REPORT
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Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
P.T. MANGLI DJAYA RAYA |
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Registered Office : |
Jalan Hayam Wuruk
No. 139, Sempusari, Jember 68135, East Java |
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Country : |
Indonesia |
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Year of Establishment : |
1960 |
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Com. Reg. No.: |
No. AHU-50886.AH.01.02.TH.2010 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and
Exporter of Tobacco Products |
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$ 1,000,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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
|
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. MANGLI DJAYA RAYA
company Address
Head Office & Warehouse
Jalan Hayam Wuruk
No. 139
Sempusari, Jember
68135
East Java
Indonesia
Phones -
(62-331) 485305, 486656
Fax - (62-331) 481757
E-mail - info@ptmdr.com
Website - http://www.ptmdr.com
Land Area - 50,000 sq.
meters
Building Space - 42,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation
1960’s
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-50886.AH.01.02.TH.2010
Dated 29 October
2010
Company Status
Private National
Company
Permit by the
Government Department
The Department of Finance
NPWP No. 01.137.425.3-651.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
5,000,000,000.-
Issued Capital : Rp.
1,250,000,000.-
Paid up Capital : Rp.
1,250,000,000.-
Shareholders/Owners
:
a. Mr. Nyoto Permadi -
Rp. 925,000,000.-
Address :
Dusun Durenan RT. 01 RW. 02
Desa
Klompangan, Kec. Ajung
Jember, East
Java
Indonesia
b. Mr. Christian Adi Njoto Njoo - Rp.
150,000,000.-
Address : Dusun Durenan RT. 02
RW. 02
Desa
Klompangan, Kec. Ajung
Jember, East
Java
Indonesia
c. Mrs. Lenawati Tandiono - Rp. 87,500,000.-
Address : Dusun Durenan RT. 02
RW. 02
Desa Klompangan, Kec. Ajung
Jember, East
Java
Indonesia
d. Mrs. Yuliana Dewi Nyoto - Rp. 43,800,000.-
Address : Dusun Durenan RT. 02
RW. 02
Desa
Klompangan, Kec. Ajung
Jember, East Java
Indonesia
e. Mrs. Mee Ling Njoo -
Rp. 43,700,000.-
Address : Dusun Durenan RT. 02
RW. 02
Desa
Klompangan, Kec. Ajung
Jember, East
Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Exporter of Tobacco Prodcuts
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 5.0
billion
Started
Operation :
1960’s
Brand Name :
Mangli Djaya Raya
Technical Assistance
:
None
Number of
Employee :
82 persons
Marketing Area
:
Export - 60%
Local - 40%
Main Customer
:
Cigarette
Manufacturing, Dealers and Brokers
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BANYU
MUKTI
b. P.T. GADING MAS
INDONESIA TOBACCO
c. P.T. HARUM SARI KENCANA
d. P.T.
MAYANGSARI
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
MANDIRI Tbk
Jalan
Jend. A. Yani No. 6-8
Jember, East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Gajah Mada No. 14
Jember, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 65.0
billion
2009 – Rp. 71.0
billion
2010 – Rp. 78.0 billion
Net Profit
(estimated) :
2008 – Rp. 3.9
billion
2009 – Rp. 4.2
billion
2010 – Rp. 4.7
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Nyoto Permadi
Directors -
a. Mr. Jandi Arianto Santoso
b. Mr. Christian Adi Njoto Njoo
Board of Commissioners :
Commissioner -
Mrs. Lenawati Tandiono
Signatories :
President Director (Mr.
Nyoto Permadi) or one of the Directors (Mr. Jandi Arianto Santoso or Mr.
Christian Adi Njoto Njoo) 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$ 1,000,000 on
90 days D/A
OVERALL PERFORMANCE
Based on investigation through the above address we found P.T. MANGLI DJAYA RAYA not MANGUL JAYA RAYA as stated in your order Ref. No. 148140 dated 11 July 2011. P.T. MANGLI DJAYA RAYA (P.T. MDR) was established in Jember, East Java in 1960 with the legal status of Limited Liability Company. The company was founded by Mr. Jandi Arianto Santoso and family members. According to the latest revision of notary documents on September 23, 2010 the authorized capital amounted at Rp. 5,000,000,000 issued capital at Rp. 1,250,000,000 entirely paid up. With this time the composition of its shareholders are Mr. Nyoto Permadi (74%), Mr. Christian Adi Njoto Njoo (12%), Mrs. Lenawati Tandiono (7%), Mrs. Yuliana Dewi Nyoto (3.5%) and Mrs. Mee Ling Njoo (3.5%). The deed of amendment was made by Mrs. Elly Herawati Sutedjo, SH., a public notary in Jember and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-50886.AH.01.02.TH.2010 dated October 29, 2010.
P.T. MDR is a private national company engaged in trading and export of tobacco products by manages a warehouse located at Jalan Hayam Wuruk No. 139, Sempusari, Jember, East Java standing on 50,000 sq. meters land. The company was begins of its operation since 1960 by collected and manufacture of tobacco products. The whole of tobacco products obtained from a numbers of farmers in Jember, Gunung Kidul and other region in East Java. Later the tobacco products processed, packs in their warehouse. Indonesia is an agricultural country, is blessed with its strategic location and abundant natural resources. Some 60% of tobacco products export to various customer ranges from large multinationals to small manufacturers and the rest 40% supplied to various cigarettes manufacturing in East Java and Central Java. Besides some of the products supplying leaves to many international dealers and brokers. Mr. Christian Adi Njoto Njoo, director of P.T. MDR disclosed the products exported to North America, Eastern Europe, Southeast Asia, Africa, Mid East, and Eastern Asia. We observe the operation of P.T. MDR has been growing and developing well in the last three years.
In overall we find demand of tobacco has kept on rising in the last five years in close relation with the growth of cigarette industries in the country as well as international market. The clove cigarette industries kept on rising in the last five years and nothing wrong with the global economic crisis occurred in October 2008 because they used mostly local contents. The cigarette industries will keep going down within the coming four year years. Competition is very tight as there are 73 cigarette producers operating in the country. The most leading producers are P.T. GUDANG GARAM Tbk., of 35.5% market segment, P.T. HM SAMPOERNA Tbk., of 15.2% market segment, P.T. DJARUM of 11.9% market segment, P.T. BENTOEL PRIMA of 1.5% and the rest is controlled by other small producers. The growth cigarette industries in Indonesia is seen from the table as below:
The Growth of
Cigarettes in Indonesia Period 2007 – 2010
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Total Production (billion stick) |
225.5 |
242.2 |
245.2 |
240.0 |
|
Number of Companies (unit) |
4,793 |
4,900 |
3,255 |
3,000 |
|
Number of Employee (person) |
629,517 |
660,000 |
687,224 |
700,000 |
|
Tax Receivable (trillion Rupiah) |
42.03 |
45.80 |
53.3 |
54.3 |
Source: GAPPRI (Indonesia Cigarette
Producers Association)
Until this time P.T. MDR has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MDR 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. 65.0 billion rose to Rp. 71.0 billion in 2009 increased to Rp. 78.0 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. 4.7 billion and the company has an estimated total networth of at least Rp. 8.0 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. MDR is led by Mr. Nyoto Permadi (54)
a businessman and professional manager with experience in trading and export of
tobacco products. 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. MANGLI DJAYA RAYA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.46 |
|
UK Pound |
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
RATING EXPLANATIONS
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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 |
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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.