|
Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MITHRAL MARINE |
|
|
|
|
Registered Office : |
Jalan Raya Kamal – Komplek PJKA Kamal – Madura East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
24.12.2008 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-06892 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Alloy Boat Design and Construction |
|
|
|
|
No. of Employees : |
287 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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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.
MITHRAL MARINE
Head Office & Factory
Jalan
Raya Kamal – Komplek PJKA
Kamal
– Madura
East
Java
Indonesia
Phones - (62-31) 731 7331
Mobile Phone - 0813 3990 3959
Fax - (62-31) 731 7331
Land Area - 25,000 sq.
meters
Building Space - 1,200 sq. meters
Region - Industrial
Zone
Status - Rent
Marketing Office
Jalan Raya Darmo Permai 3 No. 38
Surabaya,
60817
East
Java
Indonesia
Phones -
(62-31) 731 7331
Fax - (62-31) 731 7331
E-mail - chandra@mithralmarine.com
Website - http://www.mithralmarine.com
Building Area - 1 storey
Office Space - 130 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
24
December 2008
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-17999.AH.01.01.TH.2009
Dated 5 May 2009
- No. AHU-55070.AH.01.02.TH.2011
Dated 11 November 2011
- No. AHU-AH.01.10-06892
Dated 27 February 2012
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.924.507.3-902.000
Related
Company :
None
Capital
Structure :
Authorized
Capital : US$
11,100,000.-
Issued
Capital :
US$ 5,000,000.-
Paid
up Capital :
US$ 5,000,000.-
Shareholders/Owners
:
a. Mr. Stephen Donald Jacquest - US$
4,000,000.-
Address : 41 Norwich Street
Stoke Nelson, New Zealand
b. Mr. Adrian Brent Webby -
US$ 500,000.-
Address :
15 Starford Street
Richmond Nelson, New Zealand
c. Mrs. Idha Purnawati -
US$ 250,000.-
Address : Jl. Tongkol 2 Perumahan BTN Batu Balong
Kelurahan Batu Layar, Kecamatan Batu Layar
Lombok Barat, West Nusa Tenggara
Indonesia
d. Mr. Maxwell Colin Heitman - US$ 250,000.-
Address :
PO. Box 61 Walaway 6528 WA
Australia
Lines
of Business :
Alloy
Boat Design and Construction
Production
Capacity :
Alloy
Boats -
35 units p.a.
Total
Investment :
a. Equity Capital - US$ 11.1 million
b. Loan Capital - US$ 20.0 million
c. Total Investment - US$ 31.1 million
Started
Operation :
2011
Brand
Name :
Mithral
Marine
Technical
Assistance :
None
Number
of Employee :
287
persons
Marketing
Area :
Export - 85%
Local - 15%
Main
Customer :
Shipping
and Marine Industries
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. BINTANG TIMUR SAMUDRA
b. P.T. BINATAMA KARYA PERKASA
c.
P.T. LUNDIN INDUSTRY INVEST
d. P.T. MARINATAMA GEMANUSA
e. P.T. SARANA FIBERINDO MARINA
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan Prof. Dr.
Moestopo No. 2
Surabaya, East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Dr. Sutomo No. 118
Surabaya,
East Java
Indonesia
c. P.T. Bank ANZ INDONESIA
Rich Palace Block R 6-7
Jalan Mayjend. Sungkono 147-151
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2011
– Rp. 172.0 billion
2012
– Rp. 185.0 billion
Net
Profit (estimated) :
2011
– Rp. 14.1 billion
2012
– Rp. 15.7 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Stephen Donald Jacques
Director -
Mrs. Idha Purnawati
Board of Commissioners :
President Commissioner - Mr. Adrian Brent Webby
Commissioner - Mr. Maxwell Colin Heitman
Signatories :
President
Director (Mr. Stephen Donald Jacques) or the Director (Mrs. Idha Purnawati)
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.
MITHRAL MARINE (P.T. MM) was established in Batu Lauar, West Lombok, West Nusa
Tenggara based on notary deed of Mrs. Heni Hapsari, SH., No. 36 dated 24
December 2008 with an authorized capital of US$ 11,100,000 issued capital of
US$ 5,000,000 fully and paid up. The founding and shareholders of the company
are Mr. Stephen Donald Jacques of New Zealand, Mr. Andrian Brent Webby of New Zealand,
Mr. Maxwell Colin Heitman of Australia, Mrs. Yunanik and Mrs. Idha Purnawati
both of are of Indonesia. The company notary deed has been changed a couple of
times. In June 2010 the company legal domicile had been moved from West Nusa
Tenggara to Kamal – Madura, East Java. Later according to the latest revision
of notary documents of Mrs. Ni Putu Rediyanti Shinta, SH., M.Kn., No. 13 dated
16 June 2011, Mrs. Yunanik withdrew and the whole share taken over by Mr.
Stephen Donald Jacques. With this time the composition of its shareholders has
been changed to become Mr. Stephen Donald Jacques (80%), Mr. Adrian Brent Webby
(10%), Mr. Maxwell Colin Heitman (5%) and Mrs. Indha Purnawati (5%). The latest
revision of notary documents was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-06892 dated February 27, 2012.
P.T.
MM is obtained Foreign Investment (PMA) facility from the Capital Investment
Coordinating Board (BKPM) to deal with alloy boat design and construction. Originally
the plant (shipyard) located at Jalan Raya Senggigi Batulayar, Lombok, West
Nusa Tenggara. However since June 2010 the whole shipyard facility was moved to
Jalan Raya Kamal – Komplek PJKA, Kamal – Madura, East Java standing on a land
of 25,000 sq. meters. The new shipyard facility has been operating since 2011
by design and manufacture alloy and steel boats up to 40 meters. The type of
boats produced by P.T. MM are alloy boats, steel boats, patrol ships, passenger
ships, ferries, fishing boats, work boats, yachts, leisure boats, crew boats
and fun boats. Mithral Marine offers
in-house designs to all International Survey Society rules and regulations.
Mithral Marine’s design team uses the Maxsurf naval architecture suite of
programs and AutoCad 2D and 3D (among others) for comprehensive design details
of all ship board systems. Mithral Marine also contracts other Naval Architects
if there are specialist areas beyond their in-house experience. By doing so, MM
ensure the broadest experience base possible. Mithral Marine will also build to
designs of other Naval Architects.
Construction
methods vary depending upon the vessel design and indeed the designers
preferences and experience but usually employ a full 'skeleton' of frames,
bulkheads, stringers and girders for ultimate strength and rigidity. Marine
grade 5083 grade plate is typically used for frames, girders and plating with
various extrusions and folded sections used for stringers, girders, engine beds
etc. Incorporated engine girders, beds, inter costal frames and stringers. Fuel
tanks can be integral with the hull construction or separate to the
construction as is the preference now in many smaller vessel applications.
Extensive use of thermal and acoustic insulation ensures passenger and crew comfort.
Besides, P.T. MM also provide services in boat maintenance, offers a full haul
out and maintenance facility including; repower, interior refits, protective
coatings applications, maintenance contracts for all vessel systems including
main and auxiliary engine servicing, hydraulic system, electrical systems,
electronics and monitoring systems, fault and failure analysis.
P.T.
Mithral Marine and P.T. Bintang Timur Samudera are building, as a Joint
Venture” 4 of these 37m crew boats for operation within Indonesian waters”
Designed by Steve Jacques, P.T. Mithral Marine and to BV Class, 2 of these
boats are being built in Lampung and 2 in Madura. We observed that P.T. MM is
classified as a medium sized company of its kind in the country of which the operation
has been growing in the last two years.
The
demand for ship repairing, shipbuilding, ship conversion and maintenance has
kept on rising in the last ten years in line with the marine industry, import
and export goods influx. The demand growth is estimated to go on rising within
the next three years despite the Indonesian global economic crisis since
October 2008. The competition is very tight on account of lots of similar
companies operating in Indonesia. The business position of P.T. MM is favorable
for having established regular customers and wide marketing networks within the
country. We believe that P.T. MM is in position to thrive its business in the
future.
National Ship Building and Ship
Repair, 2005-2010*
|
Year |
New Shipbuilding (000 GT) |
Ship Repair (000 GT) |
|
2005 |
120.1 |
2.800 |
|
2006 |
200.5 |
4.200 |
|
2007 |
325.0 |
5.200 |
|
2008 |
350.0 |
5.600 |
|
2009 |
340.0 |
5.000 |
|
2010* |
380.0 |
6.500 |
Source: Department of
Industry and Trade; * Targeted
Until
this time P.T. MM has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of P.T. MM is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 172.0 billion rose to Rp. 185.0 billion in 2012
and projected to go on rising by at least 6% in 2013. The operation in 2012
yielded an estimated net profit of at least Rp. 15.7 billion and the company
has an estimated total networth of at least Rp. 75.0 billion. We observe that
P.T. MM is supported by foreign partner with has financially strong and sound
behind it. 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. MM is led by Mr. Stephen Donald Jacques (59) a businessman
and professional manager of New Zealand with has experience for more than 30
years in the marine industry designing alloy boats. 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. MITHRAL MARINE is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.72.23 |
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.