|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RODA
MAS LOGAM UTAMA |
|
|
|
|
Registered Office : |
Jl. Raya Moch. Toha Km. 6 No. 1 Tangerang, Banten |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1998 |
|
|
|
|
Com. Reg. No.: |
No. AHU-49349.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Foundry and Steel Fabricating Industry |
|
|
|
|
No. of Employees : |
40 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. RODA MAS LOGAM UTAMA
Head Office &
Workshop
Jl. Raya Moch. Toha Km. 6 No. 1
Tangerang, Banten
Indonesia
Phone -
(62-21) 5538241, 92862124
Fax. - (62-21)
59316449
Email - rodamas.logamutama@yahoo.com
Land Area - 2,000 sq.
meters
Office Spare - 1,600 sq.
meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
1998
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Laws and Human Rights
No.
AHU-49349.AH.01.02.Tahun 2008
Dated 11 August
2008
Company Status
:
National Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
1.870.368.6-420
Affiliated
Companies :
Not available
Capital
Structure :
Authorized Capital - Rp. 800,000,000.-
Issued Capital - Rp. 600,000,000.-
Paid up Capital - Rp. 600,000,000.-
Shareholders/Owners
:
a. Mr. Edy Gunawan Ong - Rp. 120,000,000.- (20%)
Address :
Kp. Nagrak, RT.01/06
Kel. Periuk,
Tangerang
Banten,
Indonesia
b. Mrs. Verlyn Intan Lux - Rp. 120,000,000.- (20%)
Address :
Kp. Nagrak, RT.01/06
Kel. Periuk,
Tangerang
Banten,
Indonesia
c. Mr. Felix Odion Halim - Rp. 360,000,000.- (60%)
Address : Kav. Polri Blok E IV-1345,
RT.03/02
Kel.
Jelambar, Jakarta Barat
Indonesia
Lines of
Business :
Foundry and Steel Fabricating Industry
Production
Capacity :
On the order basis
Total
Investment :
Equity Capital - Rp. 5.0 billion
Started
Operation :
1999
Brand Name :
RODA MAS
Technical
Assistance :
None
Number of
Employee :
40 persons
Marketing Area
:
Local
(Domestic) - 100%
Main Customers :
a. PT. Krakatau
Steel
b. PT. Japfa
Comfeed Indonesia
c. PT. Mayora
Indah
d. PT. Toyogiri
Iron Steel
e. PT. Sawindo
Kencana
f. PT. Cacao Wangi Murni
g. Etc.
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Tjokro Bersaudara
b. PT. Adil machinery Gemaperkasa
c. PT. Deltasindo Raya Sejahtera
d. PT. Techno
Spray Metalindo
e. PT. Bosch
Rexroth
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk.
Tangerang Branch
Jl. Ki Samaun No. 57
Tangerang, Banten
b. P.T. Bank MANDIRI Tbk.
Tangerang Branch
Jl. Ki Samaun No. 214
Tangerang, Banten
Auditor :
Internal Auditor
Litigation :
No detrimental
filling in our database
Total Sales/Income (estimated) :
2009 – Rp. 11.0
billion
2010 – Rp. 12.8
billion
2011 – Rp. 14.5
billion
Net Profit
(estimated) :
2009 – Rp. 550
million
2010 – Rp. 640
million
2011 – Rp. 720
million
Payment Manner
:
Almost promptly
Financial
Comments :
Fairly good
Board of Management :
President Director -
Mr. Edy Gunawan Ong
Director -
Mr. Felix Odion Halim
Board of Commissioners :
Commissioner -
Mrs. Nur Khayati
Signatories :
President Director (Mr.
Edy Gunawan Ong) or Director (Mr. Felix Odion Halim) which must be approved by
Board of Commissioner (Mrs. Nur Khayati)
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Above average
Credit
Recommendation :
Credit should be extended under guarantee
Proposed Credit Limit :
C.O.D. To small
amount
P.T. RODA MAS LOGAM
UTAMA (P.T. RMLU) was established in 1998 with an authorized capital of Rp
100,000,000.- of which Rp. 50,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mr. Edy Gunawan Ong and his wife Mrs. Verlyn Intan Lux, both are Indonesian
business persons of Chinese extraction.
The Company’s article of association has been amended for several times,
most recently by notarial deed of Aryanto Lie, SH., No. 17 dated August 6, 2008
concerning changes of the whole article of association of the Company’s to
conform with Law No. 40 Year 2007 concerning Limited Liability Company. Concurrently, the authorized capital was
raised to Rp. 800,000,000.- of which Rp. 600,000,000.- was issued and fully
paid up. Since then the shareholders of
the company are Mr. Eddy Gunawan (20%), Mrs. Verlyn Intan Lux (20%) and his son
Mr. Felix Odion Halim (60%). The amendment to Articles of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-49349.AH.01.02.Tahun 2008 dated August 11, 2008. No changes have been effected in
term of its shareholding composition and capital structures to date.
Pursuant
to the company’s notary deed, P.T. RMLU engaged to operate in service, workshop
repair, industry, trading and development.
The Company’s registered office located at Jl. Raya Moch Toha Km. 6,
Tangerang, Banten Province and the company can open branch offices or
representative offices at home and abroad.
P.T. RMLU has been operating since 1999 and main business
of the company at first was in foundry and lathe workshop such as suction pump
for tin sand. Now, main business of the
company is engaged in fabricating steel work for industrial use such as cocoa
rolling machines, cast cauldron and chimney with a variety of sizes, as screw,
mixer machines, pulley, rolly wheel with a variety of sizes, rolling machines
for plastic pellets, housing bearing, straight gears, worm gear, timing belt
gears, etc. Mrs. Erika
Halim, a marketing staff of the company explained that P.T. RMLU also sells the
products to various industrial sectors such as PT. Krakata Steel (steel making
industry), PT. Japfa Comfeed Indonesia (animal feed milling), PT. Mayora Indah
(snack food and biscuit manufacturing), PT. Toyogiri Iron Steel (steel product
industry), PT. Sawindo Kencana (oil palm processing industry) PT. Cocoa Wangi
Murni (cocoa product processing industry) and others. We notice that P.T. RMLU
is a classified as a small-sized company of its kind in the country of which
the operation has been growing slowly in the last three year.
This global
economic crisis has also affected the Indonesian economy. The Company has not
significantly suffered from the current economic crisis. There are no serious
liquidity issues within the Company and exposure to credit risk remains
unchanged. Management is of the opinion that the economic crisis will not
significantly impact the Company as a whole. However the Company is committed
to continue optimizing its productivity. Besides, the Indonesian economy has
weathered the storm and is currently accelerating. As for the global economy, it is also in a
recovery phase and this recovery is expected to continue in 2010. Overall, the
prospects for the Indonesian economy in 2010 are brighter than in 2009. The
global economic recession has exerted significant downward pressures on the
Indonesia economy. In the first quarter
of 2009 the economy grew by 4.4 percent, or significantly lower than in the
fourth quarter of 2008 when the economy grew by 5.2 percent and lower than in
the third quarter of 2008 when the economy grew by 6.4 percent.
Indonesia’s Gross Domestic
Product (GDP) growth in 2011 accelerated to 6.5%, amongst the highest growth
rates in the region, following a 6.1% increase in GDP the year before. Moreover, robust consumer spending and
confidence buoyed economic activity, against a backdrop of muted inflation in
2011. This allowed the Indonesian
Central bank to reduce its benchmark interest rate to 6% by year-end 2011, from
6.5% in 2010. The Rupiah slightly
weakened against the US dollar during the course of 2011, from a closing of Rp.
8,991 in 2010 to Rp 9,068 per US dollar at the end of 2011. The passing of the land acquisition bill in
2011 is a positive development that remove major hurdle for infrastructure
development, which can accelerate growth going forward.
Until this time
P.T. RMLU has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
RMLU is very reclusive towards outsiders and rejected to disclose its financial
condition. We estimated that total sales turnover of the company in 2009
amounted to Rp. 11.0 billion increased to Rp. 12.8 billion in 2010 and rose
again to Rp. 14.5 billion in 2011 and
projected to go on rising by at least 8% in 2012. The operation in 2011 yielded an estimated
net profit at least Rp. 720 million and the company has an estimated total
networth at least of Rp. 5.0
billion. So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
The management
of P.T. RMLU is headed by Mr. Edy Gunawan Ong (64) as President Director, a
businessman with more than about 14 years experience in machining, lathe and
steel fabricating. In daily activities,
he is assisted by his son Mr. Felix Odion Halim (29) as Director. 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. RODA MAS
LOGAM UTAMA is appraised to be 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
-- |
NB |
New Business |
-- |
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.