|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
MULTISTRADA ARAH SARANA TBK |
|
|
|
|
Formerly Known As : |
P.T. MULTISTRADA ARAH SARANA |
|
|
|
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Registered Office : |
Jl. Raya Lemah Abang Km. 58,3 Desa Karangsari Kec. Cikarang Timur Bekasi – 17550 West Java |
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Country : |
Indonesia |
|
|
|
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Date of Incorporation : |
20.06.1988 |
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|
|
|
Com. Reg. No.: |
No. AHU-11635.AH.01.02.Tahun 2012 |
|
|
|
|
Legal Form : |
Public Listed Company |
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|
|
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Line of Business : |
Tire Manufacturing |
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No. of Employees : |
3,863 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T. MULTISTRADA ARAH SARANA TBK
Head Office & Factory
Jl.
Raya Lemah Abang Km. 58,3
Desa
Karangsari Kec. Cikarang Timur
Bekasi
- 17550
West
Java
Indonesia
Phone -
(62-21) 8914 0333 (Hunting)
Fax - (62-21) 8914 0758
Email - info@multistrada.co.id
Website - http://www.multistrada.co.id
Land Area - 367,095 sq.
meters
Building Space - 22,869 sq. meters
Region - Industrial
Zone
Status - Owned
Date
of Incorporation :
20 June 1988 as P.T. OROBAN PERKASA, changed its
name to P.T. MULTISTRADA ARAH SARANA, on December 9, 1996 and changed its name
again to P.T. MULTISTRADA ARAH SARANA Tbk., on May 30, 2005.
Legal
Form :
P.T. Tbk. (Perseroan Terbatas Terbatas) or Public
Listed Company
Company
Reg. No. :
The Ministry
of Law and Human Rights
a. No. C2-8932.HT.01.01.TH.88
Dated 20
September 1988
b. No.
AHU-49709.AH.01.02.Tahun 2008
Dated 11 August 2008
c. No. AHU-11635.AH.01.02.Tahun 2012
Dated 2
March 2012
Company
Status :
Foreign Investment Company (PMA)
Permits
by the Government Department :
a. The
Department of Finance
NPWP No.
01.330.132.0-055.000
b. The
Capital Investment Coordinating Board
- No.
110/V/PMA/2004
Dated 27 October 2004
- No.
164/II/PMA/2005
Dated 23 June 2005
- No.
1044/III/PMA/2008
Dated 26 June 2008
c. The
Capital Market Supervisory Agency
- No.
S-1377/PM/2005 (Initial Public Offering)
Dated 30 May 2005
- No.
S-2350/BL/2007 (Limited Public Offering I)
Dated 16 May 2007
- No.
S-13573/BL/2011 (Limited Public Offering II)
Dated 16 December 2011
Holding
Companies :
a. P.T. CENTRAL SOLE AGENCY (Investment Holding)
b. PVP XVIII Pte., Ltd., of Singapore (Investment
Holding)
c. LUNAR CRESCENT
INTERNATINAL Inc. (Investment Holding)
Capital
Structure :
Authorized Capital -
US$ 198,918,780 (Rp. 1,862,000,000,000
Issued Capital -
US$ 137,342,902 (Rp. 1,285,613,000,000
Paid up Capital -
US$ 137,342,902 (Rp. 1,285,613,000,000
Latest Shareholders
(as of 31 Dec. 2012) :
a.
P.T. CENTRAL SOLE AGENCY - Rp.
22,890,496 (16.7%)
b.
PVP XVIII Pte. Ltd., of Singapore -
Rp. 21,910,978 (16.9%)
c.
LUNAR Crescent International Inc. -
Rp. 20,751,865 (15.1%)
d.
Others (less than 5% each) -
Rp. 71,789,563 (52.3%)
Lines
of Business :
Tire Manufacturing
Production
Capacity :
a. Car Tires - 10,000,000 units per annum
b. Motorcycle Tires -
6,000,000 units per annum
Actual
Production :
2010
a. Car Tires - 5,600,000 units per annum
b. Motorcycle Tires - 2,500,000 units per annum
2011
a. Car Tires - 7,100,000 units per annum
b. Motorcycle Tires - 3,200,000 units per annum
2012
a. Car Tires - 6,700,000 units per annum
b. Motorcycle Tires - 3,300,000 units per annum
Total
Investment :
a. Equity Capital -
Rp. 856.6 billion
b. Loan Capital -
Rp. 1,076.0 billion
c. Total Investment -
Rp. 1,932.6 billion
Started
Operation :
August 1995
Brand
Name :
ACHILLES, CORSA and STRADA
Technical
Assistance :
None
Number
of Employee :
3,863 persons
Marketing
Area :
Domestic - 28%
Export -
72%
Main
Customers :
a. Tire Distributor and Dealers in the country
b. Overseas buyer in Middle East, Europe, Japan,
Hong Kong and Taiwan
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Goodyear Indonesia
b. PT. Bridgestone Tire Indonesia
c. PT. Gajah Tunggal Tbk
d. PT. Elangperdana Tire Industry
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank INTERNASIONAL INDONESIA (BII) Tbk
Plaza
BII Menara 2
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
b. P.T. Bank
CIMB NIAGA Tbk
GRAHA NIAGA Tower
Jl. Jend. Sudirman Kav. 58
Jakarta
Selatan
Indonesia
c. The
Hongkong and Shanghai Bank Corp.
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
Auditor
:
Purwantono, Suherman and Surya (member of Ernst
& Young Global Ltd)
Litigation
:
No litigation record in our database
Net
Sales/Revenue :
2010 – US$. 221.3 million
2011 – US$. 326.0 million
2012 – US$. 320.9 million
Net
Profit :
2010 – US$. 14.8 million
2011 – US$. 6.9
million
2012 – US$.
0.3 million
Total
Assets :
2010 – US$. 360.9 million
2011 – US$. 538.1 million
2012 – US$. 624.5 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr. Pieter Tanuri
Vie President
Director - Mr. Ir.
Sukarman
Directors - a.
Mr. Yohannes Ade Bunian Moniaga
b. Mr. Hartono Setiabudi
c. Mr. Uthan M. Arief Sadikin
d. Mr. Andreas Handoyo Hutama
e. Mr. Wayah Surya Wiroto
Board of Commissioners :
President
Commissioner - Mr. Eugene
Cho Park
Commissioners -
a. Mr. Mulyo Sutrisno
b. Mr. Paulus Ridwan Purawinata
c. Mr. Andi Solaiman
d. Mr. Glenn T. Sugita
Signatories :
President Director (Mr. Pieter Tanuri) or Vice
President Director (Mr. Ir. Sukarman) or
one of the Directors (Mr. Johannes Ade Bunian, Mr. Hartono Setiabudi, Mr. Uthan
M. Arief Sadikin, Mr. Andreas Handoyo Hutama and Mr. Wayah Surya Wiroto) which
must be approved by Board of Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Above Average
Credit Recommendation :
Credit should be
extended under guarantee
Proposed
Credit Limit :
C.O.D. To small amount
Initially
named P.T. OROBAN PERKASA, it was established in June 1988 with the authorized
capital of Rp. 1,000,000,000 of which Rp. 200,000,000 was issued and fully paid
up. The founding shareholders of the company are Mr. Mulianto Tanaga and his
younger brother Mr. Hadiwidjaja Tanaga, an Indonesian business family of
Chinese extraction. The articles of association of the company have frequently
been revised. In December 1996, the company renamed to P.T. MULTISTRADA
ARAH SARANA and concurrently the authorized capital was raised to Rp.
300,000,000,000 of which Rp. 100,000,000,000 was issued and fully paid up.
In
April 2004, Mr. Mulianto Tanaga and Mr. Hadiwidjaja Tanaga withdrew and their
shares were taken over by P.T. JAVAINDO ASETAMA and Mr. Yohannes Ade Munian
Moniaga. In January 2005, the authorized capital was increased to Rp.
700,000,000,000 of which Rp.
326,200,000,000 was issued and paid up. At the same time, whole shares of the
company were controlled by P.T. INDOKEMIKA JAYATAMA (10%), PVP XVIII Pte Ltd of
Singapore (90%).
In
March 2005, the company went public by carrying out IPO (Initial Public
Offering) in Jakarta Stock Exchanges (JSE) and Surabaya Stock Exchanges (SSE)
and selling 28.60% of its shares to the public being effective as of 30 May
2005. Concurrently, the company’s name
was changed to P.T MULTISTRADA ARAH SARANA Tbk., (P.T. MASA), as a public
listed company
In
April 2007, the authorized capital of the company was raised again to Rp
1,862,000,000,000.- with the issued capital of Rp 489,510,000,000.- entirely
paid up. In June 2008, the authorized capital was raised to Rp.
1,862,000,000,000 of which Rp. 856,642,535,000 was issued and fully paid up.
The capital structures and shareholder composition of P.T. MAST are PVP XVIII Pte. Ltd., of Singapore (27.73%),
P.T. INDOKEMIKA JAYATAMA of Indonesia (3.81%) and Publics (68.46%). The
amendment to Articles of Association was made by Mr. Benny Kristianto, SH., a
public notary in Jakarta and it was approved by the Ministry of Law and Human
Right in its Decision Letter No.AHU-49709.AH.01.02.TH.2008, dated August 11,
2008 and No. AHU-AH.01.10-11830 dated July 30, 2009.
On
June 2011, the issued capital was raised to Rp. 1,285,613,000,000.- and fully
paid up. Since that time, the
shareholders of the company are PVP XVIII Pte. Ltd., of Singapore (27.72%),
P.T. INDOKEMIKA JAYATAMA (3.81%), P.T. CENTRAL SOLE AGENCY (15.66%), P.T. BUANA
CAPITAL (4.98%), P.T. EQUATOR CAPITAL PARTNERS (6.70%), P.T. SINARMAS SEKURITAS
(2.87%) and Publics (38.27%).
On
December 31, 2012, the authorized capital was converted to US$ 198,918,780 of
which US$ 137,342,902 was issued and fully paid up. The latest shareholders of the company are
P.T. CENTRAL SOLE AGENCY (16.7%), PVP XVII Pte. ltd., of Singapore (16.9%),
LUNAR Crescent International Inc., of BVI (15.1%) and Publics (52.3%). The latest amendment to Articles of
Association has been approved by the Minister of Law and Human rights through
its Decision Letter No. AHU-11635.AH.01.02.Tahun 2012 dated March 2, 2012. No
changes have been effected in term of its shareholding composition and capital
structures to date.
Initially,
P.T. MASA obtained a Domestic Capital Investment (PMDN) facility issued by the
Capital Investment Coordinating Board (BKPM) to deal with tire manufacturing.
Its plant is located on Jalan Raya Lemahabang, Kedung Waringin District,
Cikarang, Bekasi, West Java on a land of 367,095 square meters with the building
width of 22,869 square meters. The operation of the company started in 1994
being in commercial operation since 1995. By the entering of foreign partner,
the status of the company was changed to Foreign Investment Company (PMA). The
plant is equipped with various modern production machines being mostly imported
from European counties like the UK, Italy, Germany, and partly from the USA.
Some 70% of the basic materials in the form of natural rubbers, synthetic
rubbers, black carbons, sulfurs and other chemical materials such as
polyesters, nylons, steel cords, bead wires and others are local products while
the rest of 30% is imported from various European countries, the USA and Asia.
The tire products being produced by the company are tires for passenger car
radial and motorcycle radial type steel belled tubeless with brands of
ARCHILLES, CORSA and STRADA being wholly certified by SNI, DOT, E-Marking and
Gulf Standard.
In
the year of 2010, the Company was able to produce (actual production) a
total of 5.6 million units of car tires
and 2.5 million units of motorcycle tires, increased to 7.1 million units of
car tires and 3.2 million units of motorcycle tires in 2011 and declined to 6.9
million units of car tires and 3.3 million units of motorcycle tires in 2012.
In addition to domestic marketed the production of P.T. MASA was also exported
to various countries including America (19%), Asia (16%, Middle East (13%),
Africa (8%), Europe 8%), Australia (8%) and Domestic market (28%). In general,
the performance of P.T. MASA continues to improve in the last three years.
Establishment of a New Subsidiary
On
February 28, 2011, P.T. MASA (the Company) established PT. Multistrada Agro
International (MAI) which is intended to engage primarily in development and
improvement of forestry industry. The capital contribution for the 95% equity
ownership in PT. MAI was Rp. 23,750 million.
As of December 31, 2012, PT. MAI was involved as an investment holding
company and the Company has ownership interest of more than 50% in the
following subsidiaries which are engaged in improvement of forestry
industry. The table of PT. MAI’s
subsidiary companies shall be as follows:
(In US Dollar)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Investment in Associates (31 Dec 2012) |
|
PT. Multistrada Agro International |
Improvement of forestry Industry |
Development stage |
95.00 |
14,096,534 |
|
PT. Kawasan Industri Multistrada |
Industrial Estate |
Non-operating |
99.96 |
2,585,315 |
|
PT. Meranti Laksana |
Improvement of forestry industry |
Development stage |
95.00 |
1,059,584 |
|
Meranti Lestari |
Improvement of forestry industry |
Development stage |
95.00 |
792,540 |
|
PT. Mitra Jaya Nusaindah |
Improvement of forestry industry |
Development stage |
95.00 |
99,227 |
Source: PT. MASA
According
to financial report audited by Purwantono, Suherman & Surya, a registered
public accountant the total sales/income of P.T. MASA in 2010 amounted to US$
221.3 million with a net profit of US$ 14.8 million, increased to US$ 326.0
million with a net profit of US$ 6.9 million in 2011 and rose again to US$
320.9 million with a net profit of US$ 0.3 million 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. Financial highlights of the company, as of
31 December 2010, 2011 and 2012 (expressed in ‘000 US Dollar) are below:
|
Description |
2012 |
2011 |
2010 |
|
Financial
Highlights |
|
|
|
|
- Net Sales |
320,881 |
325,977 |
221,299 |
|
- Gross Profit |
47,788 |
54,134 |
44,103 |
|
- Net Profit |
320 |
6,943 |
14,789 |
|
- Total Assets |
624,486 |
538,091 |
360,935 |
|
- Total Liabilities |
252,503 |
327,553 |
156,722 |
|
- Total Equity |
|
|
|
|
Operating
Ratios (%) |
|
|
|
|
- Gross Profit / Net Sales |
15 |
17 |
20 |
|
- Net Income / Net Sales |
0.1 |
2 |
7 |
|
- Gross Profit / Equity |
13 |
26 |
22 |
|
- Net Profit / Equity |
0.1 |
3 |
7 |
|
- Gross Profit / Assets |
8 |
10 |
12 |
|
- Net Profit / Assets |
0.1 |
1 |
4 |
Source: PT. MASA
The
management of P.T. MASA is led by Mr. Pieter Tanuri (50) as President
Director. He earned a Bachelor of Economics
from the University of Trisakti Jakarta in 1988. He also served at President Director of PT.
Multistrada Agro International PT. Meranti Laksana and PT. Meranti Lestari
since 2011. In his daily activities, he
is assisted by Mr. Ir. Sukarman (earned a degree in Chemical Science from Gajah
Mada Univeristy in 1973) as Vice President Director and Mr. Yohannes Ade Budian
Moniaga, Mr. Hartono Setiabudi, Mr. Uthan M. Arief Sadikin, Mr. Andreas Handoyo
Hutama and Mr. Wayah Suryo Wiroto,
respectively as director. The management has wide relation with overseas
and national private businessmen as well as with the government sectors. 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.
MASA is appraised to be quite feasible for business transaction. But owing to economic condition in the country
is still unstable, we recommend to treat prudently in extending any new loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
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.