|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MECHMAR JAYA INDUSTRIES |
|
|
|
|
Registered Office : |
Jalan Kolonel Yos Sudarso Km. 10 Kawasan Industri Medan Mabar, Medan, 20242 North Sumatera |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
12.03.1987 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-03264 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Boiler Manufacturing |
|
|
|
|
No. of Employees : |
80 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.
MECHMAR JAYA INDUSTRIES
Head Office & Factory
Jalan Kolonel Yos
Sudarso Km. 10
Kawasan Industri
Medan
Mabar, Medan,
20242
North Sumatera
Indonesia
Phones -
(62-61) 6850306 (Hunting)
Fax - (62-61) 6850307
E-mail - ptmji@mechmar.com.my
Land Area - 6,500 sq.
meters
Building Space - 4,500 sq. meters
Region - Industrial
Estate
Status - Owned
Branch Office
Gedung Jamkrindo, 9th Floor
Jalan Angkasa Block B-9 Kav. 6
Jakarta Pusat, 10610
Indonesia
Phones -
(62-21) 3019 1828, 3019 1838, 3019 1868
Fax - (62-21) 654 2567
Building Area - 6 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
12 March 1987
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-8375.HT.01.01.TH.93
Dated 4 September 1993
- No. AHU-90167.AH.01.02.TH.2008
Dated 26 November 2008
- No. AHU-AH.01.10-03264
Dated 1 February 2012
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.452.821.0-123.000
b. The Capital Investment Coordinating Board
- No. 17/V/PMA/1997
Dated
11 March 1997
- No. 136/II/PMA/1997
Dated 21 August 1997
Holding
Company :
MAXX CAPITAL
LTD., Seychelles (Investment Holding)
Related/Affiliated
Companies:
a. MECHMAR
CORPORATION (Malaysia) Bhd., Malaysia
b. MECHMAR COCHRAN
BOILERS Sdn. Bhd., Malaysia
c. MECHMAR COCHRAN LANKA (Pvt) Ltd., Sri Lanka
Capital
Structure :
Authorized
Capital - Rp.
3,000,000,000.-
Issued Capital - Rp.
3,000,000,000.-
Paid up Capital - Rp.
3,000,000,000.-
Shareholders/Owners
:
a. MAXX CAPITAL LTD -
Rp. 2,850,000,000.-
Address :
Room3, Dekk House, Rue De Zippora
Providence Mahe
Seychelles
b. Mr. Heffy Hartono -
Rp. 150,000,000.-
Address : Jl. Malibu Indah Permai
Block G No. 1
Medan, North
Sumatera
Indonesia
Lines of
Business :
Boiler
Manufacturing
Production
Capacity :
a. Package Boilers - 45 unit p.a.
b. Industrial Boilers - 15 unit p.a.
Total
Investment :
a. Equity
Capital - Rp. 3.0
billion
b. Loan
Capital - Rp. 2.0
billion
c. Total
Investment - Rp. 5.0
billion
Started
Operation :
1 9 8 7
Brand Name :
Mechmar Boiler
Technical
Assistance :
Mechmar Cohran
Boilers Sdn Bhd., Malaysia
Number of
Employee :
80 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Manufacturing
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BOUSTEAD
MAXITHERM INDUSTRIES
b. P.T. CILEGON
FABRICATORS
c. P.T. GRAND
KARTECH
d. P.T. HITACHI
CONSTRUCTION MACHINERY INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Medan Main Branch
North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
Annual Sales
(estimated) :
2009 – Rp. 31.8
billion
2010 – Rp. 32.2
billion
2011 – Rp. 35.0
billion
2012 – Rp. 42.5
billion
Net Profit
(estimated) :
2009 – Rp. 2.5
billion
2010 – Rp. 2.8
billion
2011 – Rp. 3.0
billion
2012 – Rp. 3.6
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Tan Keng Ooi
Director -
Mr. Loh Kiat Loon
Board of Commissioners :
Commissioner -
Mr. Datuk Baharudin Bin Abd Majid
Signatories :
President Director (Mr.
Tan Keng Ooi) or the Director (Mr. Loh Kiat Loon) which must be approved by
Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. MECHMAR JAYA
INDUSTRIES (P.T. MJI) was established in Medan, North Sumatra in March 1987
with the authorized capital of Rp. 3,000,000,000 of which Rp. 1,000,000,000 was
issued and fully paid up. The founding shareholders of the company are Mr.
Jansen and Mr. Heff Hartono, both are indigenous businessmen. The company
notary deed has frequently been amendments. In March 1997, into the company
entered MECHMAR BOILER SDN, BHD of Malaysia and concurrently, the status of the
company was changed from non Domestic Capital Investment/Foreign Capital
Investment (Non PMDN/PMA) to Foreign Capital Investment (PMA) facility. Then in
August 1997, Mr. Jansen withdrew and concurrently the issued capital was raised
to Rp. 3,000,000,000 fully paid up. Then according to the latest revision of
notary documents of Mr. Eddy Samin, SH., No. 40 dated 12 December 2011, MECHMAR
BOILER SDN BHD of Malaysia withdrew and replaced by MAXX CAPITAL LTD of
Seychelles as new shareholder. With this time the composition of its
shareholders has been changed to become MAXX CAPITAL LTD (95%) and Mr. Heffy
Hartono (5%). The latest revision of notary documents was approved by the
Ministry of Law and Human Rights in its Decision Letter No. AHU-AH.01.10-03264
dated December 12, 2012.
P.T. MJI has
been in operation since 1987 dealing with boiler manufacturing. The plant is
located at Jalan Kol. Yos. Sudarso Km. 10, Kawasan Industri Medan, North
Sumatera standing on 6,500 square meters land.
The plant has annual production capacity of 60 units of boilers including
titan towler water tubes, titan bi drums water tubes, water tube packages,
titan verticals, titan thermal fluid heaters and others. Each boiler being
produced by the company has capacities ranging from 15 HP to 1,800 HP. In
producing the products, the company used British Standard, ASME (USA), DIN
(Germany) and JIS (Japan). Some 50% of the company products is exported to
Malaysia, Honduras, Africa and others while the rest is locally marketed. The
operation of P.T. MJI is strongly supported by its sister company of Malaysia.
The whole boiler supplied to various industries such as P.T. TOBA PULP LESTARI
Tbk, P.T. SINAR OLECHEMICALS, P.T. FLORA MAS SAWITA, P.T. MEDAN OLEOCHEMICALS,
P.T. MUSIM SEMI MAS, P.T. WILMAR NABATI ASAHAN, WILMAR Group, P.T. MEDAN CANNING,
P.T. AGRINDO INDOJAYA and other crude palm oil refinery in Medan, Riau and
other cities. The operation of the company has been running smoothly in the
last five years.
Generally outlook, the demand
for industrial boilers had kept on rising by 7% to 9% per annum in the last
five year in line with the rapid growth of industrial sectors as users, but
later declined under the impact of global economic crisis since October 2008.
The crisis caused the imported basic materials and operation cost to sky rocket
amid the sluggish purchasing power. Amidst unstable global economic conditions,
Indonesia is estimated to be able to record an economic growth of over 6% in
2012. The solid and steady domestic economy, increased government activity in
infrastructure development and improving investment climate in Indonesia with
the rising of Country Rating to Investment Grade, and also supported by
Indonesia’s economic indicators such as inflation, exchange rates and interest
rates are expected to encourage the business sectors.
The global economic turmoil
2011 has not provided a very significant impact on the Indonesian economy. The country could grow 6.5% in the year. The challenge in 2012 will be even tougher as
the European economic situation appears to be worsening. It can be seen from Indonesia's economic growth as described in the table below.
Indonesia’s economic growth in 2007 to 1st half 2011 (%)
|
Sector |
2007 |
2008 |
2009 |
2010 |
2011 1st half |
|
Agriculture, livestock, forestry
and fisheries |
3.47 |
4.84 |
3.98 |
2.86 |
3.73 |
|
Mining and quarrying |
1.93 |
0.71 |
4.44 |
3.48 |
2.51 |
|
Manufacturing |
4.67 |
3.66 |
2.16 |
4.48 |
5.56 |
|
a. Oil and gas industry |
-0.06 |
-0.34 |
-2.19 |
-2.31 |
-1.88 |
|
b. Non-oil and gas industry |
5.15 |
4.05 |
2.56 |
5.09 |
6.20 |
|
- Food, beverage and tobacco |
5.05 |
2.34 |
11.22 |
2.73 |
6.73 |
|
- Textile, leather & footwear |
-3.68 |
-3.64 |
0.60 |
1.74 |
9.22 |
|
- Timber & other forestry products |
-1.74 |
3.45 |
-1.38 |
-3.50 |
1.23 |
|
- Paper & printing |
5.79 |
-1.48 |
6.34 |
1.64 |
4.04 |
|
- Fertilizer, chemical & rubber |
5.69 |
4.46 |
1.64 |
4.67 |
3.31 |
|
- Cement & non-metallic minerals |
3.40 |
-1.49 |
-0.51 |
2.16 |
5.02 |
|
- Basic metals (iron & steel) |
1.69 |
-2.05 |
-4.26 |
2.56 |
16.88 |
|
- Transport, machinery & equipment |
9.73 |
9.79 |
-2.87 |
10.35 |
6.58 |
|
- Other goods |
-2.82 |
-0.96 |
3.19 |
2.98 |
3.70 |
|
Electricity, gas and clean water |
10.33 |
10.93 |
14.29 |
5.31 |
4.11 |
|
Construction |
8.53 |
7.55 |
7.07 |
6.98 |
6.38 |
|
Trade, hotel and restaurant |
8.93 |
6.87 |
1.30 |
8.69 |
8.75 |
|
Transportation and communication |
14.04 |
16.57 |
15.50 |
13.45 |
12.14 |
|
Finance, leasing & corporate
services |
7.99 |
8.24 |
5.05 |
5.65 |
7.08 |
|
Services |
6.44 |
6.24 |
6.42 |
6.01 |
6.34 |
|
Gross Domestic Product (GDP) |
6.35 |
6.01 |
4.58 |
6.10 |
6.48 |
|
GDP, excluding oil and gas |
6.95 |
6.47 |
4.96 |
6.56 |
6.97 |
Source: Central Agency of Statistic (BPS),
processed by the Ministry of Industry
Until this time
P.T. MJI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
MJI is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2010
amounted to Rp. 32.2 billion rose to Rp. 35.0 billion in 2011 increased to Rp.
42.5 billion in 2012 and projected to go on rising by at least 8% in 2013. The
operation in 2012 yielded an estimated net profit of at least Rp. 3.6 billion
and the company has an estimated total net worth of at least Rp. 16.0 billion.
We observe that P.T. MJI 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 management
of P.T. MJI is led by Mr. Tan Keng Ooi (37) a professional manager of Malaysia
with experience in boiler manufacturing. Daily operation he is assisted by Mr.
Loh Kiat Loon (63) also a professional manager of Malaysia 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. MECHMAR JAYA
INDUSTRIES is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
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.