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Report Date : |
03.11.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. MITRA PINASTHIKA MUSTIKA |
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Formerly Known As : |
P.T. MITRA PRATAMA MUSTIKA |
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Registered Office : |
Jalan Agung
Karya IV Block B No. 19 Sunter Podomoro Jakarta Utara, 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.11.1987 |
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Com. Reg. No.: |
No. AHU-34592.AH.01.02.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Main Dealer of Honda Motorcycle, Spare Parts and After Sales Services |
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No. of Employees : |
187 persons |
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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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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 (31.03.2011) |
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 |
Source : CIA
P.T. MITRA
PINASTHIKA MUSTIKA
Head Office
Jalan Agung Karya IV Block B No. 19
Sunter Podomoro
Jakarta Utara, 14350
Indonesia
Phones - (62-21) 6510 789 (Hunting)
Fax - (62-21) 6512 355
E-mail - bubun@mpm-ho.com
Website - http://www.mpm-motor.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Branch
Jalan Simpang
Dukuh No. 42-44
Phones -
(62-31) 5324000 (Hunting)
Fax - (62-31) 5346248
Building Area - 3 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
a. 2 November
1987 as P.T. MITRA PRATAMA MUSTIKA
b. 1 July 1988 as P.T. MITRA PINASTHIKA MUSTIKA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-7013.HT.01.01.TH.88
Dated 11 August 1988
- No. AHU-34592.AH.01.02.TH.2010
Dated 9 July 2010
Company Status
:
National Private
Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.321.936.5-091.000
b. The Department of Industry and Trade
TDP
No. 090116011790
Dated 19 April 1999
Related
Companies :
a. P.T. MITRA
PINASTHIKA MUSTIKA FINANCE (Multi Finance Services)
b. P.T. RASI
UNGGUL BESTARI (Investment Holding)
c. P.T. SASANA
ARTHA FINANCE (Multi Finance Services)
d. P.T. SWAKARYA SINAR
MULIA (Trading and Distribution of Building Material and Investment
Holding)
e. P.T. UNITRAS
PERTAMA (Trading and Investment Holding)
Capital
Structure :
Authorized
Capital : Rp.
350,000,000,000.-
Issued Capital : Rp. 350,000,000,000.-
Paid up Capital : Rp.
350,000,000,000.-
Shareholders/Owners
:
a. P.T. RASI UNGGUL BESTARI - Rp. 131,000,000,000.-
Address :
Jl. Talang Betut No. 38
b. P.T. SWAKARYA
SINARMULIA - Rp.
131,000,000,000.-
Address : Jl. Talang Betut No. 38
Jakarta Pusat
Indonesia
c. P.T. UNITRAS
PERTAMA -
Rp. 87,500,000,000.-
Address
: Jl. Ir. H. Juanda III No. 8
Lines of
Business :
a. Main Dealer of Honda Motorcycle, Spare Parts
and After Sales Services
b. Investment Holding
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 25.0
billion
Started
Operation :
1988
Brand Name :
MPM Motor
Technical
Assistance :
None
Number of
Employee :
187 persons
Marketing Area
:
Local - 100%
Main Customer
:
Individual and
Corporate
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. ADIRATNA
BONANZA CEMERLANG
b. P.T.
WAHANAMAKMUR SEJATI
c. P.T. WAHANA
ARTHA SEJATI
d. P.T. YAMAHA MOTOR KENCANA
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank PERMATA Tbk
Jalan Sunter Podomoro
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp.
6,400.0 billion
2010 – Rp.
6,800.0 billion
2011 – Rp.
7,200.0 billion
2012 – Rp. 3,700.0
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 157.0
billion
2010 – Rp. 166.0
billion
2011 – Rp. 174.0
billion
2012 – Rp. 93.0 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Directors
- a. Mr.
Suwito Mawarwati
b. Mrs. Yean D ARC Woelandari Astati
General Manager -
Mr. Dendy Sean
Board of Commissioners :
Commissioners -
a. Mr. Edwin Soeryadjaya
b. Mr. Tossin Himawan
c. Mr. Danny Walla
d. Mr. Judith Soeryadjaya
e. Mr. William Shane Tan
Signatories :
Directors (Mr. Suwito
Mawarwati or Mrs. Yean D ARC Woelandari Astati) which must be approved by Board
of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Initially the company
was named P.T. MITRA PRATAMA MUSTIKA was set-up in November 1987 in Jakarta
with an authorized capital of Rp. 2,000,000,000 issued capital of Rp.
1,000,000,000 entirely paid up. The founding and shareholders of the company
are P.T. UNIITRAS PERTAMA, Mr. Budi Setiadharma, SH., Mr. Drs. Koosnadi
Darmawan, Mr. Drs. Johannes Hermawan, Mrs. Dra. Sylvia Tjondrowardojo, Mr. Ir.
Faisal Dasuki, Mr. Drs. Budi Pranoto, Mr. Ir. Ridwan Gunawan, Mr. Drs. Tossin
Himawan, Mr. Ir. Danny Walla and Mr. Ir. Jani Winata. They are Indonesian
businessmen and former professional manager of the ASTRA Group. The company
notary deed has been changed a couple of times. In July 1988 the company was
changed to P.T. MITRA PINASTHIKA MUSTIKA (P.T. MPM).
Then in December
1997 the authorized capital was increased to Rp. 25,000,000,000 issued capital
to Rp. 10,000,000,000 fully and paid up. On the same occasion Mr. Budi
Setiadharma SH., Mr. Drs. Koosnadi Darmawan, Mr. Drs. Johannes Hermawan, Mrs.
Dra. Sylvia Tjondrowardojo, Mr. Ir. Faisal Dasuki, Mr. Drs. Budi Pranoto, Mr.
Ir. Ridwan Gunawan and Mr. Drs. Tossin Himawan pulled out and replaced by P.T.
SWAKARYA SINARMULIA and P.T. RASI UNGGUL BESTARI both are national private
company as new shareholders. With this development the composition of its
shareholders changed to became P.T. SWAKARYA SINARMULIA (40%), P.T. RASI UNGGUL
BESTARI (40%) and P.T. UNITRAS PERTAMA (20%). The deed of amendment was made by
Mrs. Rukmasanti Hardjasatya, SH., was approved by the Ministry of Law and Human
Right in its Decision Letter No. C2- 3.460.HT.01.04.TH.1998, dated April 09,
1998.
The latest in
July 2010 the authorized capital was increased to Rp. 350,000,000,000 entirely
issued and paid up. With this development the composition of its shareholders
has been changed to become P.T. RASI UNGGUL BESTARI (37.5%), P.T. SWAKARSA
SINARMULIA (37.5%) and P.T. UNITRAS PERTAMA (25%). The latest revision of
notary documents was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-34592.AH.01.02.TH.2010 dated July 9, 2010.
We observe the
majority shareholders P.T. SWAKARYA SINARMULIA and P.T. UNITRAS PERTAMA are
national private company and majority shares is held by Mr. Edwin Soeryadjaya,
the son of late Mr. William Soeryadjaya, a former founder of the ASTRA Group.
P.T. MPM started
with operating since 1988 to deal with trading and main dealer of motorcycle
and spare parts and after sales services. P.T. MPM has appointed as exclusive
distributor of HONDA Motorcycle and Spare Pars produced by P.T. ASTRA HONDA
MOTOR the biggest produces and assembling of Honda Motorcycle in
To support of
its operations, P.T. MPM manages and operates 6 workshop & dealer of
motorcycle with MPM Motor (dealer and after sales services) outlets spreading
in Ngawi,
Until now, MPM
has been supported by the 272 Motor showroom sales (H1), 602 AHASS workshop or
Astra Honda Authorized Service Station (H2) and 932 sales outlets spare parts
(H3) is ready to serve millions of customers and users of HONDA motorcycle in
Java east and NTT. MPM Motor always drove in contributing to the development of
the automotive industry two wheels. And of course, every inch of this
improvement effort simply because of the demand to give the best service to the
community, especially the customers of Honda products in
The company has
been sell and distributed for more than 350,000 units in 2005, rose to 400,000
units in 2006, 450,000 units in 2006 to 500,000 units in 2007 and to 525,000
units in 2008. In 2009 the company has sells and distributes 560,000 units to
600,000 units in 2010 and rose to 700,000 units in 2011. As from January to
June 2012 the company has distributed almost to 370,000 units.
Besides, P.T.
MPM is also engaged in investment holding by control 47% shares of P.T. SASANA
ARTHA FINANCE, a private national company engaged in multi finance services. Up
to 1995 P.T. Sasana Artha Finance (SAF) engaged only in lease financing
activities. SAF’s operation was focused on financing construction and transport
vehicles, heavy equipments and machineries. In 1995 in line with the new
shareholder’s business activity which is Honda motorcycles dealership, SAF had
the opportunity to expand its activities to consumer financing business whereas
MPM’s sub dealers might channel part of their credit sales to SAF. Currently
MPM has a monthly sales volume of 30.000 units motorcycles or + Rp.
300.000.000.000 out of which 60% are sold through credit sales. Thus SAF has
already a captive market that can be developed. Beside our
In general, the demand for
motorcycle and component has been growing in the last several years in line
with the progress achieved by Indonesian motorcycle manufacturing industry. We
observe that motorcycles assembling industries have kept on increasing in the
last several years. However, the competition is very tight because motorcycles
assembled in the People Republic of Chinese and
Besides that, the competition is very
tight because there is lot of motorcycle imports products marketed in the
country. The development of motorcycle industry in the country can be seen from
the Indonesian growth of motorcycle production as follow:
Indonesia’s Production and Wholesales of Motorcycle, 2005-2012 (July)
|
Year |
Production (AISI)
(Units) |
Wholesales (Units) |
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2005 |
5,113,487 |
5,089,426 |
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2006 |
4,459,000 |
4,470,722 |
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2007 |
4,722,000 |
4,713,895 |
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2008 |
6,264,265 |
6,280,799 |
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2009 |
5,884,000 |
5,882,000 |
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2010 |
7,395,390 |
7,398,644 |
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2011 |
8,006,293 |
8,043,535 |
|
2012 (July) |
4,311,019 |
4,328,642 |
Source: AISI
P.T. MPM has not
been registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. We observed that total sales turnover of
the company in 2009 amounted to Rp. 6,400.0 billion rose to Rp. 6,800.0 billion
in 2010 increased to Rp. 7,200.0 billion in 2011. As from January to June 2012
the sales turnover has reached at least Rp. 3,700.0 billion with a net profit
of Rp. 93.0 billion. It is projected the sales turnover will be rising by at
least 5% in 2013. According information P.T. MPM will be sold some of its
shares through Initial Public Offering (IPO) in 2013. The company has an
estimated total networth of at least Rp. 350.0 billion. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
The management
of P.T. MPM is led by Mr. Suwito Mawarwati (48) a professional manager with
experience in trading, distributor and main dealer of motorcycle and spare
parts of motorcycle and after sales services. The company's management is
handled by professional manager 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. MITRA PINASTHIKA MUSTIKA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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 |
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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 |
-- |
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.