|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MAKMUR META GRAHA DINAMIKA |
|
|
|
|
Registered Office : |
Jl. Roa Malaka Selatan
28/10 (Jl. Tiang Bendera III No. 52/10) Jakarta 11041 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
23.07.1984 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-02145 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Metallurgical Products for Foundry &
Consumable Steel Industry Supply |
|
|
|
|
No. of Employees : |
145 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 – 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 |
Name of Company :
P.T. MAKMUR META GRAHA DINAMIKA
Address :
Head Office
Jl. Roa Malaka Selatan
28/10
(Jl. Tiang Bendera III No.
52/10)
Jakarta 11041
Indonesia
Phones - (62-21) 6904432, 6910770 ,
6906876
Fax - (62-21) 6901544, 6910774
Email - hardi@makmurmeta.com
Website- http://www.makmurmeta.com
Branches
a. Komp.
Biz House Permata Hijau
Jl. Raya Darmo Permai Utara No. 52-54
Surabaya, East Java
Phones - (62-31) 725515, 725516
Fax. - (62-31) 725565
b. Kawasan Industri Medan Star
Jl.
Pelita II Blok B No. 9, Sidorame Barat I
Medan, North
Sumatra
Indonesia
Phone - (62-61) 7946105
Fax. - (62-61) 7946081
Warehouses
a. Jl. Nusa Indah 21/4
Kapuk Raya,
Jakarta Barat
Indonesia
b. Jl. Margo Mulyo III/115
Surabaya,
East Java
Indonesia
c. Kawasan Industri Medan Star
Jl. Pelita II Blok B No. 9, Sidorame Barat I
Medan, North Sumatra
Indonesia
Date of
Incorporation :
23 July 1984
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-3669.HT.01.01.TH.85
Dated 15
June 1985
b. No. C2-6419.HT.01.04.TH.1998
Dated 15
June 1998
c. No.
AHU-25372.AH.01.02.Tahun 2009
Dated 10 June 2009
d. No. AHU-AH.01.10-02145
Dated 21
January 2011
Company Status :
National Private Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No.
01.371.338.3-038.000
b. The Department of Industry and Trade
TDP No. 09.02.1.51.01118
Dated 10
May 2006
Related/Associated Companies :
a. P.T. REPRAKTEK MANDALA PERKASA (Engineering Consulting Services)
b. P.T. VOKSEL ELECTRIC Tbk., (Electric and Telecommunication Cable Mfg)
c. P.T. WISMA CALINDRA (Office Building
Management)
d. P.T. DAKSAWIRA PERDANA (Office Building Management)
Capital Structure
:
Authorized Capital - Rp.
2,000,000,000.-
Issued Capital -
Rp. 600,000,000.-
Paid up Capital -
Rp. 600,000,000.-
Shareholders/Owners
:
a. Mr. Hardi
Sasmita - Rp.
540,000,000.- (90%)
Address : Green Garden Blok K-1/7
Kel. Kedoya Utara, Kebon
Jeruk
Jakarta Barat,
Indonesia
b. Mr. Alvin Putradi Sasmita -
Rp. 60,000,000.- (10%)
Address : Green Garden
Blok K-1/7
Kel. Kedoya Utara, Kebon
Jeruk
Jakarta Barat
Indonesia
Lines of Business
:
Trading and Distribution of Metallurgical Products for Foundry & Consumable
Steel Industry Supply
Agent for:
a. SIBELCO Foundry Products of United
Kingdom
b. MORGAN Refractories of United Kingdom
c. INDUCT TOTEREM Blast Furnace Products of
Australia
d. MIRACLE Water Treatment of Japan
e. BORDEN Steel Blinder of Malaysia
Production
Capacity :
None
Total Investment :
a. Equity Capital -
Rp 600.0 million
b. Loan Capital -
Rp 300.0 million
c. Total
Investment - Rp 900.0 million
Started Operation
:
1984
Brand Name :
SIBELCO, MORGAN, INDUCT TOTEREM, MIRACLE and BORDEN
Technical
Assistance :
None
Number of Employee
:
145 persons
Marketing Area :
Domestic - 100%
Main Customer :
a. P.T. Krakatau Steel
b. P.T. Jakarta Iron Steel
c. P.T. Bakrie Pipe Industry
d. P.T. Yamaha Motor Indonesia Manufacturing
e. P.T. Honda Prospect Motor
g. P.T. Semen Cibinong Tbk.
h. P.T. Pupuk Sriwidjaja
i. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Octo Corindo Sarana
b. P.T. Cast Metals Indonesia
c. P.T. Bara Logam Multijaya
d. P.T. Geteka Founindo
e. P.T. Prolimas Utama Jaya
f. P.T. Guna
Katup Semesta
g. P.T. Tjokro Putra
Persada
h. P.T. Riyadi Putra Makmur
i. P.T. Asia Raya Foundry
j. P.T. Caprefindo
k. Etc.
Business Trend :
Fluctuating
Bankers :
a. P.T. Bank MANDIRI Tbk
Kota Branch
Jl.
Lapangan Station No. 1
Jakarta
Barat
b. P.T. Bank INTERNASIONAL
INDONESIA Tbk
Jalan M.H. Thamrin No. 22
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 156.0 billion
2010 – Rp. 138.0 billion
2011 – Rp. 142.0 billion
2012 – Rp. 159.0 billion
Net Profit
(estimated) :
2009 – Rp. 10.2 billion
2010 – Rp. 9.0 billion
2011 – Rp. 9.8 billion
2012 – Rp. 11.0 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
Director - Mr. Hardi Sasmita
Board of Commissioners :
Commissioner - Mr.
Alvin Putradi Sasmita
Signatories :
Director (Mr. Hardi Sasmita) which must
be approved by the Board of Commissioner (Mr. Alvin Putradi Sasmita)
Management Capability :
Fairly
Business Morality :
Fairly
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. MAKMUR META GRAHA DINAMIKA (P.T. MMGD) was established on July 23, 1984
with an authorized capital of Rp 110,000,000.- of which Rp 22,000,000.- was
issued and paid up. The founding shareholders of the company are Mr. Hardi
Sasmita, Mr. Soeyadi Sasmita, Mr. Rudy Suryadi Citra and Mr. Irwan Suryadinata
Sutandi. They are Indonesian businessmen of Chinese extraction. The articles of
association was made by Arianny Lamoen Redjo, SH, a public notary in Jakarta
and it has been approved by the Minister of Justice through Decision Letter No.
C2-3669.HT.01.01.TH.85 Dated June 15, 1985.
The Company’s article of association has been amended for several times.
In October 1987, the authorized capital was raised to Rp. 500,000,000.- of
which Rp. 250,000,000.- was issued and fully paid up. Since that time, the whole shares of P.T.
MMGD have been controlled by Mr. Hardi Sasmita (90%) and his younger brother
Mr. Soeryadi Sasmita (10%). In October
2008 the authorized capital was raised again to Rp. 2,000,000,000.- of which
Rp. 600,000,000.- was issued and fully paid up.
Concurrently, Mr. Alvin Putradi Sasmita (a son of Mr. Hardi Sasmita)
entered into the Company as new shareholder. The amendment to articles of
association has been approved by the Minister of Law and Human Rights through
Decision Letter No. AHU-25372.AH.01.02.Tahun 2009 dated June 10, 2009.
Most recently by notarial deed of Edison Jingga, SH., No. 44 dated
November 11, 2010 the whole shares of the Company have been controlled by Mr.
Hardi Sasmita (90%) and his son Mr. Alvin Putradi Sasmita (10%). The latest amendment to articles of association has
been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-02145, dated January 21, 2011. No changes have
been effected in term of its shareholding composition and capital structures to
date. We observed
that Mr.
Hardi Sasmita is also the majority business stake owner of P.T. REPRAKTEK
MANDALA PERKASA dealing with engineering consulting services.
P.T. MMDG has been in operation since 1984 dealing with trading and distribution of metallurgical products for foundry and consumable steel making. The Company’s activities and services are divided into 8 divisions such as; steel smelter and mill division, foundry chemical division, heavy industries refractories and heat insulation division, foundry equipment & instrument division, industrial furnace & engineering division, general trading division, water treatment chemical and industrial chemical division and business development division. The company is also appointed to be the marketing agent by a number of foreign companies using brands of SIBELCO Foundry Product and MORGAN Refractories, both of the UK, INDUCT TOTEREM Blast Furnace Products of Australia, MIRACLE Water Treatment of Japan and BORDEN Steel Blinder of Malaysia.
P.T. MMDG directly sells its merchandise products to a number of end
users including steel million plants, motor vehicle assembling industries,
portland cement plants, fertilizer plants and oil companies. Besides, MMDG also
provides maintenance services and after sales services to a number of local
customers including P.T. KRAKATAU STEEL, P.T. JAKARTA IRON STEEL, P.T. BAKRIE
PIPE INDUSTRY, P.T. YAMAHA MOTOR INDONESIA MANUFACTURING, P.T. HONDA PROSPECT
MOTOR, P.T. SEMEN CIBINONG, P.T. PUPUK SRIWIDJAJA and others. We observed that
P.T. MMDG is classified as a medium sized company of its kind in the country of
which the operation has been fluctuating in the last five years.
In overall we find the demand for metallurgical products for foundry and
consumable steel industry in the country had been rising by the average 6% to
8% per year within the last five years in line with the growth of steel
products industries, cement industries, automotive industries and a stable
economic growth in the period. But since the global economic crisis and tight
money policy being imposed by Bank Indonesia in October 2008 the demand was
decreased within due to a poor economic condition, decreasing income per capita
and a weak in public purchasing power.
However, the local market demand started increasing in line with the
amelioration of the economic condition in the country. However, the competition
is very tight on account of lots of similar company dealing with trading of
metallurgical products operating in the country. The long-term business prospect of P.T. MMGD
is favorable on account of having established wide marketing networks in the
country.
Until this time P.T. MMGD has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial
statement. The management of P.T. MMGD
is very reclusive towards outsiders and rejected to disclose its financial
condition. We estimated that total sales
turnover of the company in 2010 amounted to Rp. 138.0 billion increased to Rp.
142.0 billion in 2011 and rose again to Rp. 159.0 billion in 2012. We estimated the company has yielded a net
profit at least Rp.11.0 billion in 2012 and the company has an estimated total
asset at least 80.0 billion. It is
projected that total sales turnover of the company will increase at least 6% in
2013. So far, we did not hear 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 the company is headed by Mr. Hardi Sasmita (59), a
businessman with more than 29 years of experience in trading and supplying of
technical goods including metallurgical products for foundry and consumable
steel industries. He holds a Master of
Business Administration degree from University of California in 1999. Mr. Sasmita also serves as a Commissioner of
PT. Volsel Electric Tbk., since 2010, President Director of PT. Wisma Calindra
(Wisma 76) since 2007 and Director of PT. Daksawira Perdana (Wisma 77) since
2009. The management has wide relation
with overseas and national private businessmen as well as with the government
sectors. The relationship of the management with its foreign suppliers is
good. So far, we have never heard of
the management of the company having been involved in business malpractices or
detrimental cases that settled in the country. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.