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Report Date : |
01.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. MITRA LESTARI SEJATI |
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Formerly Known As : |
MITRA LESTARI |
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Registered Office : |
Jl. Bojong Buah
Raya No. 15, Kopo Ketapang, |
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Country : |
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Year of Establishment : |
1988 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-17262 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Rotay Printing Nickel Screen Manufacturing |
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No. of Employees : |
80 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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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 |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in
2010 and 2011, respectively. The government made economic advances under the
first administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, and historically low rates of inflation. Fitch and Moody's
upgraded Indonesia's credit rating to investment grade in December 2011.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among regions. The government in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. MITRA LESTARI SEJATI
Head Office &
Factory
Jl. Bojong Buah
Raya No. 15
Kopo Ketapang,
Bandung 40971
West Java
Indonesia
Phone -
(62-22) 5892919, 55880009
Fax. - (62-22) 5892881
Email - screen@neercs.com
Land Area - 7,300 sq.
meters
Building Space - 4,200 sq. meters
(2 storey)
Region - Commercial
Status - Owned
1988 as MITRA LESTARI (sole proprietary company) changed to P.T. MITRA
LESTARI SEJATI, on August 18, 2000
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
C-14425.HT.01.01.TH.2001
Dated 28 November 2001
b. No. AHU-61664.AH.01.02.Tahun 2008
Dated 12 September 2008
c. No.
AHU-AH.01.10-17262
Dated 14 May 2012
Company Status :
Foreign Investment Company (PMA)
a. The Department
of Finance
NPWP No. 01.983.684 0-421.000
b. The Capital
Investment Coordinating Board
No. 08/02/I/PMA/2001
Dated 25 April 2001
No. 49/32/III/PMA/2001
Dated 9 October 2001
Related Company :
None
Capital Structure :
Authorized Capital
- Rp.
7,024,000,000.-
Issued Capital - Rp.
5,487,500,000.-
Paid up Capital - Rp.
5,487,500,000.-
Shareholders (as of 24 April 2012) :
a. Mr. Tang Huiqi -
Rp. 3,566,875,000.- (65%)
Address : Wunan Road No. 33 (East)
Ming Huang Town, Changzhou
China
c. Mr. Zhou
Jianwen - Rp. 1,920,625,000.- (35%)
Address : Jl. Kopo Mas Blok
8-J
Bandung, West Java
Indonesia
Lines of Business
:
a. Rotay Printing Nickel Screen
Manufacturing
b. General Trading and Importing of Textile
Accessories
Production
Capacity :
Rotary Printing Nickel Screens -
28,000 pcs. p.a.
Total Investment :
Owned Capital - Rp. 7.0 billion
Started Operation :
1989 when it was
named MITRA LESTARI
Brand Name :
NEERCS
Technical Assistance :
None
Number of Employee :
80 persons
Marketing Area :
a. Domestic
(Local) - 80%
b. Export - 20%
Main Customers :
a. P.T. KAMALTEX
b. P.T. DAYA ENGGAL SPINNING MILLS
c. P.T. GUNA KADOTA MANUNGGAL
d. P.T. INSANG SANDANG INTERNUSA
e. P.T. SIPATEX PUTRI LESTARI
f. P.T. MBANGUN PRAJA INDUSTRI
g. P.T. NAGAMAS TEXTILE
h. P.T. PULAU MAS TEXINDO
i. P.T. NATATEX PRIMA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AGANSA
PRIMATAMA
b. P.T. RICON
CARBON UTAMA
c. P.T. SETIA KIJI
REED
d. P.T. KARSA TRI
UTAMA
Business Trend :
Growing slowly
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk.
Bandung Branch
Jalan Asia Afrika No.116-118
Bandung, West Java
Indonesia
b. P.T. Bank MANDIRI Tbk.
Jalan Ir. H. Juanda No. 66
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 64.0
billion
2010 – Rp. 73.0
billion
2011 – Rp. 82.5
billion
2012 – Rp. 46.2 billion
(January – June)
Net Profit
(estimated) :
2009 – Rp. 4.0
billion
2010 – Rp. 4.6
billion
2011 – Rp. 5.2
billion
2012 – Rp. 2.9
billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management
:
President Director -
Mr. Zhou Jianwen
Board of
Commissioner :
Commissioner - Mr. Tang Huiqi
Signatories
:
President Director (Mr. Zhou Jianwen) which must be approved by the Commissioner
Board (Mr. Tang Huiqi)
Management
Capability :
Good
Business Morality
:
Good
Originally named MITRA LESTARI as a sole proprietorship company, was established in 1988 by Mr. Cheng Sing Yen, an Indonesian businessman of Chinese extraction. On August 18, 2000 the company’s name changed to P.T. MITRA LESTARI SEJATI (P.T. MLS) as limited liability company, with the authorized capital of Rp. 400,000,000,- and the subscribed capital of Rp 100.000.000,- which was fully paid up. The founders and the shareholders of the Company are Mr. Chen Sing Yen and Mrs. Nuri Parwati, both are Indonesian business persons of Chinese extraction.
The articles of association of the company have frequently been revised. On October 13, 2001, the authorized capital was raised to be Rp. 7.024,000,000.- and the issued capital to be Rp 5.487.500.000,- which was fully paid up. Concurrently, Mr. Chen Sing Yen and Mrs. Nuri Parwati pulled out and the whole shares are sold to Mr. Zhou Jianwen (35%) of Indonesia and Mr. Tang Huiqi (65) of China. The amendment to Articles of Association has been approved by the Minister of Law and Human Rights through Decision Letter No. AHU-61663.AH.01.02.Tahun 2008 dated September 12, 2008 and No. AHU-AH.01.10-17262 dated May 14, 2012. However, no changes have been effected in term of its shareholding composition and capital structures to date.
The company has operated its business since 1989 in the field of general trading, importing and manufacturing of textile machinery and accessories. Initially the company sold many kinds of textile machinery and textile accessories that are imported from China. Besides that, P.T. MLS is also engaged in rotary nickel screen manufacturing for textile printing field. The plant located at Jalan Bojong Buah Raya No. 15, Bandung, West Java standing on 7,300 sq. meters land, with a building wide of 4,200 sq. meters. Mr. Hendy, a marketing staff of the company explained that P.T. MSL produces Rotary Nickel Screen for textile printing field. Rotary Nickel Screen is well known as accessories for printing machines, made from pure Nickel by electroforming process which create each mesh with uncompromised detail. Specification: Mesh: 40, 60, 80, 100, 105, 125, 135, 155, 165, 185 Length (mm): 1450, 1780, 2000, 2650, 3000, 3500 Repeat (mm): 640, 819, 914, 1018. Originally, P.T. MLS's products are entirely distributed domestically particularly by various textile companies such as P.T. GUNA KADOTA MANUNGGAL, P.T. KAMALTEX, P.T. DAYA ENGGAL SPINNING MILLS, P.T. INSAN SANDANG INTERNUSA, P.T. SIPATEX, P.T. TOMENBO INDONESIA. P.T. SIPATEX PUTRI LESTARI, P.T. MBANGUN PRAJA INDUSTRI and others by using NEERCS brand. But, since 1997, some 20% of its products has succeeded to be exported to several countries including Thailand, Bangladesh, Vietnam, Taiwan, Pakistan and etc. We observe that P.T. MLS is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, the demand for textile machineries, rotary nickel screen, textile chemical and auxiliaries has been growing in the last five years in the line with the demand of textile and textile products in the country in the last five years. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010 and to 450,900 tons (US$ 7,801.5 million) in 2011.
The Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in
2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$
4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in
2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$
4,721.8 million) in 2010 and declined to 1,493,3000 tons (US$ 5,563.3 million)
in 2011. The export volume and value of
the national TPT products in 2002 to 31 March 2012 are pictured on the
following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 1,873.3 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3
375.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 1,318.1 |
Source: Central Bureau of Statistic *) January to March 2012
Until this time P.T. MLS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MLS 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. 64.0 billion increased to Rp. 73.0 billion in 2010 to Rp. 82.5 billion in 2011 and projected to go on rising by at least 10% in 2012. The operation in 2011 yielded an estimated net profit at least Rp. 5.2 billion and the company has an estimated total net worth at least Rp. 40.0 billion. We observe that P.T. MLS is supported by financially fairly strong behind it. So far, we did not hear 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. MLS is led by Mr. Zhou Jianwen (44), an Indonesian businessman of China extraction as Director and Mr. Tang Huiqi (45) as Commissioner. We observed that management’s reputation in said business is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
PT. MITRA LESTARI SEJATI is fairly 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.54.53 |
|
UK Pound |
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.