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Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. MULTI MAKMUR INDAH INDUSTRI |
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Registered Office : |
Jalan Jend. Gatot Subroto Kav. 5.3 Jatiuwung, Tangerang, 15134 Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
03.07.1976 |
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Com. Reg. No.: |
No. AHU-84633.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Metal Printing and Can Making |
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No. of Employees : |
830 persons |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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. MULTI
MAKMUR INDAH INDUSTRI
Head Office & Factory
Jalan Jend. Gatot Subroto Kav. 5.3
Jatiuwung,
Tangerang, 15134
Banten Province
Indonesia
Phones -
(62-21) 5900152, 5900740, 5900741
Fax - (62-21) 5903271, 5900720
E-mail - marketingmmi@multiindustry.com
Website - http://www.multiindustry.com
Land Area - 15,000 sq.
meters
Building Space - 10,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
3 July 1976
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No. AHU-84633.AH.01.02.TH.2008
Dated 12 November
2008
Company Status
:
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.300.010.4-402.000
The Capital Investment Coordinating Board
No. 634/I/PMDN/1995
Dated 20 November
1995
Related
Companies :
a. P.T. MULTI BOX INDAH (Corrugated Carton Box
Manufacturing)
b. P.T. SURABAYA PLASTIK (Plastic Packaging
Industry)
Capital
Structure :
Authorized
Capital : Rp.
50,000,000,000.-
Issued Capital : Rp.
35,890,000,000.-
Paid up Capital : Rp.
35,890,000,000.-
Shareholders/Owners
:
a. Mrs. Lenny Liman Susanto - Rp. 10,767,000,000.-
Address :
Jl. Jembatan III No. 4, RT. 002 RW. 016
Kelurahan
Penjaringan, Kecamatan Penjaringan
Jakarta Utara
Indonesia
b. Mr. Jimmy Sugiarto AKA Sie - Rp. 10,767,000,000.-
Address : Jl. Jembatan III No.
4, RT. 002 RW. 016
Kelurahan
Penjaringan, Kecamatan Penjaringan
Jakarta Utara
Indonesia
c. Mr. David Susanto Siebagio - Rp. 7,178,000,000.-
Address : Jl. Widya Chandra V
No. 25, RT. 008 RW. 001
Kelurahan Senayan, Kecamatan Kebayoran
Baru, Jakarta Selatan
Indonesia
d. Mr. Harry Sasongko Sugiarto AKA Sie - Rp. 7,178,000,000.-
Address : Jl. Jembatan III No.
4, RT. 002 RW. 016
Kelurahan
Penjaringan, Kecamatan Penjaringan
Jakarta Utara
Indonesia
Lines of
Business :
Metal Printing
and Can Making
Production
Capacity :
a. Tin Packages -
37,000 tons p.a.
b. Can Packaging -
17,790 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 35.4 billion
b. Loan Capital - Rp. 13.2 billion
c. Total Investment - Rp. 48.6 billion
Started
Operation :
1977
Brand Name :
Multi Makmur
Indah Industri
Technical
Assistance :
None
Number of
Employee :
830 persons
Marketing Area
:
Local - 100%
Main Customer
:
Food and
Beverages Processing Industry
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. COMETA
CAN
b. P.T. PELANGI INDAH CANINDO Tbk
c. P.T. SINAR DJAJA CAN
d. P.T. SAMPOERNA PRINTPACK, Etc
Business Trend
:
Growing
B a n k e r :
P.T. Bank CIMB
NIAGA Tbk
Jalan Nyi Mas Melati No. 51
Tangerang
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 174.0
billion
2010 – Rp. 178.0
billion
2011 – Rp. 182.0
billion
2012 – Rp. 95.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 13.9
billion
2010 – Rp. 14.5
billion
2011 – Rp. 15.2
billion
2012 – Rp. 8.0 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. David Susanto Siebagio
Director -
Mr. Bunawan Budiman
Board of Commissioners :
President Commissioner -
Mr. Jimmy Sugiarto AKA Seie
Commissioner -
Mrs. Lenny Liman Susanto
Signatories :
President Director (Mr.
David Susanto Siebagio) or the Director (Mr. Bunawan Budiman) 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
P.T. MULTI
MAKMUR INDAH INDUSTRI (P.T. MMI) was established in Tangerang, Banten Province
on 3 July 1976 with an authorized capital of Rp. 100,000,000 issued and paid up
capital of Rp. 25,000,000. The founding shareholders are Mr. Ng Kim Jong, Mr.
Taswan, Mr. Eddy Jaja Kesuma, Mr. Ng Kong Hie and Mr. Hartono Sanusi, all
Chinese-Indonesian businessmen. The company's notarial act has frequently been
amended. Later in October 1995 its authorized capital was raised to Rp.
6,940,000,000 issued and paid up capital to Rp. 5,840,000,000. By the same time
the shareholders are Mr. Jimmy Sugiarto AKA Sie and his wife Mrs. Lenny Lima
Susanto, both of Chinese-Indonesian business persons. Then in June 2004 the
company authorized capital was increased to Rp. 50,000,000,000 issued capital
to Rp. 35,890,000,000 entirely paid up. On the same occasion Mr. David Susanto
Siebagio and Mr. Harry Sasongko Sugiarto AKA Sie entered into the company as
new shareholders. With this time the composition of its shareholders has been
changed to become Mr. Jimmy Sugiarto AKA Sie (30%) his wife Mrs. Lenny Liman
Susanto (30%), their sons Mr. Harry Sasongko Sugiarto AKA Sie (20%) and Mr.
David Susanto Siebagio (20%). Then according to the latest revision of notary
documents of Mr. Paulus Widodo Sugeng Haryono, SH., No. 124 dated 29 July 2008
the board of director and the board of commissioner reappointed to lead and
runs of the company’s operation. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-84633.AH.01.02.TH.2008 dated November 12, 2008.
P.T. MMI is
dealing with metal printing and can making with its first plant located at
Jalan Kayu Besar Kapuk Kamal No. 14, North Jakarta operating since 1977. Then
in 1995 it applied for a domestic capital investment (PMDN) facility to the Capital
Investment Coordinating Board (BKPM). Within few years of operation, MMI
experienced a rapid growth in its business fundamentals. MMI provided
custom-solutions for its customers as the preferred provider of tinplate- can
packaging from precision coil cutting facility thru state-of-the-art metal-
printing technology and dependable can-making facility. In 1991 and 1997, MMI
expanded its production facility into various tinplate-can product lines and
increased its annual production capacity to 21,000 metric ton, located in
Tangerang, western part of Jakarta, and Bekasi, eastern part of Jakarta. P.T.
MMI's rapid growth and commitment to quality earned the company an ISO Quality
Management System Certification in 1999 thru the present time, with continuous enhancement
in quality system and certification. MMI continuously seek ways to enhance the
quality and customer service by continuously enhancing capability of their
human resource and facilities through investment in state-of-the-art production
facility and printing technology, while at the same time increasing the present
annual production capacity to 35,000 metric ton.
P.T. MMI provide
a full range of packaging solutions for customers with requirements in
tinplate-can packaging and corrugated carton-box packaging, starting from
packaging initial development thru distribution. It has absorbed an investment
of Rp. 48.6 billion coming from owned capital of Rp. 35.4 billion and the rest
from loans. The plant has an installed production capacity of 37,000 tons tin
package and can packaging of 17,793 tons respectively per years. The whole
product is marketed locally to a number of food and drink industries like P.T.
KHONG GUAN INDONESIA, P.T. MAYORA INDAH, P.T. NABISCO FOOD, P.T. MONDE MAHKOTA
BISKUIT, etc. Most of raw material obtained from P.T. TIMAH Tbk and the
imported from Japan and other countries. Besides, some of the products supplied
to various industries for pesticides can, aerosol can, pain & thinner can,
food can and cooking oil square cans. The company also supplied products to
P.T. ICI PAINT INDONESIA, P.T. JOTUN INDONESIA and others. We observe the
operation of P.T. MMI has been growing and developing well in the last three
years.
Starting in the
second semester 2008, many markets in various parts of the world experienced
adverse economic condition. This condition was triggered by, amongst others,
the housing and mortgage loans crisis in the United States of America (US) that
spread to securities, structures products and commodity markets. The volatility
in the US markets coupled with the sharp appreciation in the US Dollars and a
series of corporate bankruptcies and takeovers enabled the crisis to spread to
other parts of the world. The impact of the global economic crisis has also
been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease,
commodity prices decreased, securities market declines, interest rate
increased, followed by decreases, tightened liquidity conditions, and increased
credit risks. Up to this time, the Company has not significantly suffered from
the economic crisis. In response to these economic events, during 2010 the
Company have plans as follows: Negotiation with main customer regarding
increasing selling price. Cost reduction in business trip, pantry needs, technical
support cost, etc. Reduction finishing cost and transportation cost
with transferring product to customers. I In spite of the adverse
economic conditions, management believes that the Company will be able to
continue operating as going concern for the foreseeable future.
Until this time
P.T. MMI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
MMI 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. 174.0 billion rose to Rp. 178.0 billion in 2010 increased to
Rp. 182.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at Rp. 95.0 billion with a net profit of Rp. 8.0 billion and projected
to go on rising by at least 6% in 2012. 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. MMI is led by Mr. David Susanto Siebagio (32) a young businessman and
professional manager with metal printing and can making. Daily activity the
company is also runs by Mr. Bunawan Budiman (48) as Director. 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. MULTI MAKMUR INDAH INDUSTRI is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
|
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.65 |
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.