MIRA INFORM REPORT

 

 

Report Date :

31.01.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. MUTIARA MATAHARI MAKMUR SENANTIASA

 

 

Registered Office :

Jalan Petempen 294, Semarang, 50133, Central Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

01.03.2011

 

 

Com. Reg. No.:

No. AHU-10964.AH.01.01.TH.2011

 

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Line of Business :

Apartment Development and Management Services

 

 

No. of Employees :

27

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company  

 

 

Payment Behaviour :

Unknown  

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

BASIC SEARCH

 

Name of Company : 

P.T. MUTIARA MATAHARI MAKMUR SENANTIASA

 

Address :

Head Office & Project

Jalan Petempen 294

Semarang, 50133

Central Java

Indonesia

Phones             - (62-24) 356 6665 (Hunting)

Fax                   - (62-24) 352 2225

E-mail               - m3senantiasa@hotmail.com

Website            - http://www.mutiaragardenapartment.com

Building Area     - 22 storey

Office Space      - 80 sq. meters

Region              - Commercial

Status               - Owned

 

Date of Incorporation :

1 March 2011

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-10964.AH.01.01.TH.2011

Dated 3 March 2011

 

Company Status :

Private National Company

 

Permit by the Government Department :

The Department of Finance

Not Available

 

Related Company :

P.T. MAJU MAPAN MAKMUR SEJAHTERA (Investment Holding)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 20,000,000,000.-

Issued Capital                                  : Rp.   5,000,000,000.-

Paid up Capital                                : Rp.   5,000,000,000.-

 

Shareholders/Owners :

a. P.T. MAJU MAPAN MAKMUR SEJAHTERA       - Rp. 4,500,000,000.-

    Address : Jl. Petempen 294

                    Semarang, Central Java

                     Indonesia

b. Miss. Tan Sri Hardjani Lucito                             - Rp.    250,000,000.-

    Address : Jl. Karang Wulan Barat III/10

                    Semarang, Central Java

                    Indonesia

c. Miss. Indrawati Budiarso                                     - Rp.    250,000,000.-

    Address : Taman Alfa Indah B. 6 No. 8, RT. 009

                    RW. 007, Kel. Joglo, Kec. Kembangan

                    Jakarta Barat, Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Apartment Development and Management Services

 

Production Capacity :

Mutiara Garden Apartment and Tower     - 200 units

 

Total Investment :

a.   Equity Capital                            - Rp.   20.0 billion

b.   Loan Capital                              - Rp. 180.0 billion

c.   Total Investment                         - Rp. 200.0 billion

 

Started Operation :

2013 (Planned)

 

Brand Name :

Mutiara Matahari Makmur Sentosa (M3S)

 

Technical Assistance :

None

 

Number of Employee :

27 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customer :

Individual (end users)

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ADIGUNA REKSASEGARA

b. P.T. BIMA SARANA PERKASA

c. P.T. CAKRAWIRA BUMIMANDALA

d. P.T. DONGBANG DEVELOPMENT

e. Etc.

 

Business Trend :

No Comment

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.   P.T. Bank NEGARA INDONESIA Tbk

      Jalan MT. Haryono No. 16

      Semarang, Central Java

      Indonesia

b.   P.T. Bank INTERNATIONAL INDONESIA Tbk

      Jalan Pemuda 150

      Semarang, Central Java

      Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2011 – None

 

Net Profit (estimated) :

2011 – None

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. dr. Setiawan

 

Board of Commissioners :

Commissioner                                 - Mrs. dr. Monika Saridewi Setiawan

 

Signatories :

Director (Mr. dr. Setiawan) which must be approved by Board of Commissioner.

 

 

CAPABILITIES

 

Management Capability :

Satisfactory

 

Business Morality :

Satisfactory

 

Credit Risk :

Above Average

 

Credit Recommendation :

Credit is not recommended

 

Proposed Credit Limit :

C.O.D.

 

Maximum Credit Limit :

No Comment

 

 

OVERALL PERFORMANCE

 

The correct name of the Subject is P.T. MUTIARA MATAHARI MAKMUR SENANTIASA (P.T. M3S) not Mr. Setiawan as stated in your order ref. no. 167323 dated 20 January 2012. However Mr. dr. Setiawan is the director and shareholders of P.T. MUTIARA MATAHARI MAKMUR SENANTIASA (P.T. M3S).

 

P.T. MUTIARA MATAHARI MAKMUR SENANTIASA (P.T. M3S) was incorporated in Semarang, Central Java based on notary deed of Prof. DR. Liliana Tedjosaputro, SH., MH., No. 26 dated 1 March 2011 with an authorized capital of Rp. 20,000,000,000 issued capital of Rp. 5,000,000,000 entirely paid up. The founding and shareholders of the company are P.T. MAJU MAPAN MAKMUR SEJAHTERA (90%), Miss. Tan Sri Hardjani Lucito (5%) and Miss. Indrawati Budiarso (5%), both are Indonesian businesswoman of Chinese extraction. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-10964.AH.01.01.TH.2011 dated March 3, 2011.

 

We observe the majority shareholder P.T. MAJU MAPAN MAKMUR SEJAHTERA is a private national company dealing with investment holding and majority shares controlled by Mr. dr. Setiawan and his wife Mrs. dr. Monika Saridewi Setiawan.

 

P.T. M3S plans its activities to deal with property development and management. The company plans to build and manage apartment namely MUTIARA GARDEN APARTMENT AND TOWER, a prestigious investment in Golden Triangle CDB of Semarang city located at Jalan Petempen 294, Semarang, Central Java, on 4,500 sq. meters land. The apartment is equipped with various modern facility such as swimming pool, fitness centre, jogging track, private sky, garden, laundry, post office, mini market, wide parking area and playground. The building has 22 storey and total floor space of 38,000 sq. meters. According information, the construction of the apartment has been begin since June 2011 and completed in the end 2012. The marketing of the apartment was launching since August 2011 and has been sold 93 units and projected the rest will be sold out in the end of 2012. According information the construction of the project financed by two national banking P.T. Bank NEGARA INDONESIA Tbk and P.T. Bank INTERNATIONAL INDONESIA Tbk. We observe the construction of the apartment still the development and the company is extremely serious to realize and completed the project.

 

Despite the continuing tough economic conditions and global slowdown since the end 2008, P.T. M3S will continue to maintain its momentum of growth, re-prioritize and focus on its major projects whilst growing its recurring revenue, practice prudent financial and capital management and consolidate its human resources. Through these measures the company will ensure that property business continues to achieve sustainable growth in the coming years. But since 2009 the property business has started picking up in line with initial improvements in the Indonesian economy. However the question is that whether the current market is already quite lower to commence a better improvement in 2010. According to a property business observer firm, Indonesia Property Study Center (Pusat Studi Properti Indonesia), the national supply of apartments in 2006 amounted at 6,400 units, rose to 11,100 units in 2007, dropt to 8,300 units in 2008 decrease again to 5,000 units in 2009 to 2,800 units in 2010 and higher to 4,500 units in 2011. The following table shows national supply of apartments for the year of 2006 - 2011 periods.

 

The National Supply of Apartments in 2006 – 2011*

Year

Units

2006

6,400

2007

11,100

2008

8,300

2009

5,000

2010

2,800

2011*

4,500

                               Source: Indonesian Property Study Center (Pusat Studi Properti Indonesia)

                                      *) Projected

 

In view of P.T. M3S having yet to be in commercial operation, the financial condition of the company is as the paid up capital of Rp. 5,000,000,000 as stated in the articles of association of the company. The financial condition of the company strongly depends on the financial condition of financially less strong shareholders. We have never heard that the company has been black listed by Bank Indonesia (Central Bank).

 

The management of P.T. M3S is led by Mr. dr. Setiawan (51) a businessman and professional manager with experience in property development and management services. 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. In view of P.T. MUTIARA MATAHARI MAKMUR SENANTIASA having yet to be in commercial operation, we recommend to tread prudently in business transaction and in extending a loan to the company.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.50

UK Pound

1

Rs.77.73

Euro

1

Rs.65.18

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.