MIRA INFORM REPORT

Report Date :

28.03.2012

IDENTIFICATION DETAILS

Name :	P.T. MITRAKEM SERASI
Registered Office :	Jalan Matraman Raya 148 B Jakarta Timur, 13150
Country :	Indonesia
Date of Incorporation :	30.04.1996
Com. Reg. No.:	No. AHU-58787.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Industrial Chemical
No. of Employees :	13 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

Maximum Credit Limit :	US$ 128,900
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 – 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

Name of Company

P.T. MITRAKEM SERASI

Address

Head Office

Jalan Matraman Raya 148 B

Jakarta Timur, 13150

Indonesia

Phones - (62-21) 8578855, 8513636

Fax - (62-21) 85902727

E-mail - mml135@.indo.id

Building Area - 1 storey

Office Space - 100 sq. meters

Region - Commercial Building

Status - Rent

Warehouse

Jalan Perjuangan No. 23

Komplek Rukan Mitra Matraman

Kelurahan Margamulya, Kecamatan Bekasi Utara

Bekasi, 17142

West Java

Indonesia

Phone - (62-21) 8860089

Fax - (62-21) 8860089

Land Area - 300 sq. meters

Office Space - 220 sq. meters

Region - Industrial Zone

Status - Rent

Registration data

Date of Incorporation :

30 April 1996

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

- No. C-14761.HT.01.01.TH.2000

Dated 21 July 2000

- No. C-28953.HT.01.04.TH.2004

Dated 30 November 2004

- No. AHU-58787.AH.01.02.TH.2008

Dated 04 September 2008

Company Status :

National Private Company

Permit by the Government Department :

The Department of Finance

NPWP No. 01.752.957.9-431.000

The Department of Industry & Trade

TDP No. 10261500795

Dated 8 June 2006

Related Company :

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 500,000,000.-

Issued Capital : Rp. 500,000,000.-

Paid up Capital : Rp. 500,000,000.-

Shareholders/Owners :

a. Mr. Ir. Marcos - Rp. 300,000,000.-

Address : Jl. Arimbi 5/7, Kelurahan Bantarjati

Kecamatan Bogor Utara, West Java

Indonesia

b. Mr. Wang Pik Lan - Rp. 200,000,000.-

Address : Jl. Arimbi 5/7, Kelurahan Bantarjati

Kecamatan Bogor Utara, West Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Industrial Chemical

Production Capacity :

None

Total Investment :

None

Started Operation :

1997

Brand Name :

Mitrakem Serasi

Technical Assistance :

None

Number of Employee :

13 persons

Marketing Area :

Local - 100%

Main Customers :

a. P.T. ASIANAGRO AGUNGJAYA

b. P.T. MIKIE OLEO NABATI INDUSTRI

c. P.T. MULTIMAS NABATI ASAHAN

d. P.T. PANCA NABATI PRAKARSA

e. P.T. WAHANA CITRA NABATI

f. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. BINTANGPERMAI UTAMA

b. P.T. MITRACHEM SURYA

c. P.T. VISICHEM INDONESIA

d. P.T. WAHANA CHEMICAL

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank CENTRAL ASIA Tbk

Jalan Mataraman Raya No. 14-16

Jakarta Timur

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 8.5 billion

2010 – Rp. 9.2 billion

2011 – Rp. 9.8 billion

Net Profit (estimated) :

2009 – Rp. 480 million

2010 – Rp. 552 million

2011 – Rp. 588 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Ir. Marcos

Board of Commissioners :

Commissioner - Mrs. Wang Pik Lan

Signatories :

Director (Mr. Ir. Marcos) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

Proposed Credit Limit :

Small amount – periodical review

Maximum Credit Limit :

US$ 128,900 on 90 days D/A

OVERALL PERFORMANCE

P.T. MITRAKEM SERASI (P.T. MKS) was established in Bekasi, West Java based on notary deed of Mrs. Ratna Komala Komar, SH., No. 225 dated 30 April 1996 with an authorized capital of Rp. 100,000,000 wholly fully and paid up. The founding and shareholders of the company are Mr. Ir. Marcos and his wife Mrs. Wang Pik Lan, both are Indonesian business family of Chinese descent. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. C-14.761.HT.01.01.TH.2000 dated July 21, 2000. The company notary deed has been changed and the latest according to notary deed of Mrs. Irma Bonita, SH., No. 02 dated 1 July 2008 the authorized capital was increased to Rp. 500,000,000 entirely issued and paid up. With this development the composition of its shareholders changed to become Mr. Ir. Marcos (60) and Mrs. Wang Pik Lan (40%). The deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-58787.AH.01.02.TH.2008, dated September 04, 2008.

P.T. MKS has been in commercial operation since 1997 dealing with trading, distribution and supplying of chemical products. Mr. Ir. Marcos director of the company to our inquiry disclosed that presently his company is selling chemical products such as anti oxidant which imported from India by using CHEMLIN brand. Besides, some of the products also imported from China. The company manages a warehouse located in Jalan Perjuangan No. 23, Margamulya, Bekasi Utara, Bekasi, West Java on a land of 300.sq. meters. Meanwhile head office has been moved to a new address Jalan Matraman Raya 148 B, East Jakarta. P.T. MKS sells the above products to various cooking oil industries companies throughout Indonesia. P.T. MKS’s customers among others are P.T. ASIANAGRO AGUNGJAYA, P.T. SALIM IVOMAS PRATAMA, P.T. SMART Tbk, P.T. MIKIE OLEO NABATI INDUSTRI, P.T. MULTIMAS NABATI ASAHAN, P.T. PANCA NABATI PRAKARSA, P.T. WAHANA CITRA NABATI and others. Besides, the chemical products also marketed in Medan, North Sumatera and surroundings. We observed that P.T. MKS is classified a small size company of its kinds which operation has been growing slowly in the last 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. MKS 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

Year	Food and Beverages Mainly for Industry (Million US$)		Raw Materials for Industry (Million US$)
	Primary	Processed	Primary	Processed
2004	1,456.7	568,6	2,236.3	15,357.8
2005	1,325.3	830,4	2,064.0	17,407.0
2006	1,352.2	909,1	2,438.7	18,050.7
2007	2,079.1	1,537.1	2,827.4	21,759.1
2008	3,244.5	1,271.6	4,722.3	40,312.9
2009	2,640.9	1,582.0	2,901.7	29,248.7
2010	3,074.8	2,165.9	4,539.5	41,714.3

Source: Central Bureau of Statistic (BPS)

Until this time P.T. MKS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MKS is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 8.5 billion rose to Rp. 9.2 billion in 2010 increased to Rp. 9.8 billion in 2011 and projected to go on rising by at least 5% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 588 million and the company has an estimated total net worth of at least Rp. 1.5 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. MKS is led by Mr. Ir. Marcos (43) a businessman and professional manager with experience in trading, supplying and distribution of chemical 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. MITRAKEM SERASI is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.91
UK Pound	1	Rs.81.27
Euro	1	Rs.67.98

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%)

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