MIRA INFORM REPORT

 

 

Report Date :

06.11.2013

 

IDENTIFICATION DETAILS

 

Name :

P.T. MULTIKIMIA INTIPELANGI

 

 

Registered Office :

Kampung Mariuk, RT.002, RW.002 Desa Gandamekar, Cikarang Barat, Cibitung Kab. Bekasi 17520, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

05.09.1988

 

 

Com. Reg. No.:

No. AHU-32632.AH.01.02.Tahun 2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Textile Dyestuff and Auxiliaries Products Manufacturing

a. Textile Dyes

b. Textile Auxiliaries

c. Thickeners

d. Warp Preparation Sizing

 

 

No. of Employees :

180 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

 

BASIC SEARCH

 

Name of Company :

P.T. MULTIKIMIA INTIPELANGI

 

Address :

Head Office & Factory

Kampung Mariuk, RT.002, RW.002

Desa Gandamekar, Cikarang Barat, Cibitung

Kab. Bekasi 17520, West Java

Indonesia

Phones             - (62-21) 8836 9999 (hunting)

Fax.                  - (62-21) 8833 1234

Emial                - mki@pacific.net.id

Land Area         - 30,120 sq. meters

Building Space  -   6,500 sq. meters

Region              - Industrial Zone

Status               - Owned

 

Branches

a.         Jl. Moh. Toha 353

            Bandung 40255, West Java

            Indonesia

            Phone   - (62-22) 5202252

            Fax.      - (62-22) 5205787

            Email    - bandung@mki.co.id

b.         Jl. Siwalan 130, Kerten

            Solo 57143, Central Java

            Indonesia

            Phone   - (62-271) 716004

            Fax.      - (62-271) 718767

            Email    - solo@mki.co.id

 

Date of Incorporation :

5 September 1988

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. C2-15.037.HT.01.04.TH.1999

    Dated 18 August 1999

b. No. AHU-32632.AH.01.02.Tahun 2008

    Dated 12 June 2008

 

c. No. AHU-AH.01.10-09685

    Dated 07 July 2009

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 1.334.217.5-407.000

 

Affiliated/Associated Companies :

a. P.T. GALIC BINA MADA (Industrial Chemical Trading and Investment Holding)

b. P.T. GALIC ARTABAHARI (Semi Refined Carragenan Industry)

c. P.T. TANSRI GANI (Plastic packaging Manufacturing)

d. P.T. JELLANEKA MEGA INDUSTRI (Water Dessert Jelly and Confectionery Mfg).

e. Etc.

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                                  - Rp.  25,000,000,000.-

Issued Capital                                        - Rp.  25,000,000,000.-

Paid up Capital                                      - Rp.  25,000,000,000.-

 

Shareholders/Owners :

a. Mrs. Erawati Sukma Gani                   - Rp. 2,321,000,000.- (  5.80%)

b. Mr. Krestijanto Pandji                         - Rp. 1,823,000,000.- (  4.56%)

c. Mr. Setiawan Mardjuki                        - Rp. 1,800,000,000.- (  4.50%)

d. Mr. Thomas Mintarja Gani                   - Rp. 7,978,000,000.- (19.95%) -

e. Mr. FX. Hendrawan Atmadjaja - Rp. 4,880,000,000.- (12.20%)

f.  Mr. Antonius Kuswandi                       - Rp. 3,200,000,000.- (  8.00%)

g. Ms. Fifi Helena Gani                           - Rp. 2,659,000,000.- (  6.65%)

h. Ms. Shilvy Natalia Lao Tambuwun        - Rp. 2,659,000,000.- (  6.65%)

i.  Mr. Ir. Muhamad Aslam Kalyubi           - Rp. 1,018,000,000.- (  2.54%)

j.  Ms. Jane Sukmawati Gani                  - Rp. 2,659,000,000.- (  6.65%)

k. Drs. Peter Budiman Lisan                   - Rp.    462,000,000.- (  1.15%)

l.  Ms. Eliana Iskandar                            - Rp. 6,928,000,000.- (17.32%)

m. Mr. Sutopo Sunanto                          - Rp.    919,000,000.- (  2.30%)

n. Mr. Harryanto Surjadiredja                   - Rp.    694,000,000.- (  1.73%)

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Textile Dyestuff and Auxiliaries Products Manufacturing

a. Textile Dyes

b. Textile Auxiliaries

c. Thickeners

d. Warp Preparation Sizing

 

Production Capacity :

On the order basis

 

Total Investment :

a. Equity Capital            - Rp  25.0 billion

b. Loan Capital  - Rp       0 billion

c. Total Investment         - Rp  25.0 billion

 

Started Operation :

1990

 

Brand Name :

MKI

 

Technical Assistance :

None

 

Number of Employee :

180 persons

 

Marketing Area :

a. Export           - 70%

b. Domestic       - 30%

 

Main Customer :

a. Textile Industries in Indonesia

b. Overseas Buyers in Europe, Japan, Philippines, Thailand, Malaysia, Bangladesh and Vietnam

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. DYSTAR COLOURS INDONESIA

b. P.T. POLKRIK CHEMICALS

c. P.T. CLARIANT INDONESIA

d. P.T. MATSUMOTOYUSHI INDONESIA

e. P.T. COLORINDO ANEKA CHEMICALS

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank OCBC NISP Tbk

    Trade Finance Division

    Jl. Gunung Sahari VII No.36

    Jakarta 10720

 

b. P.T. Bank ANZ PANIN Tbk

    Panin Centre Building

    Jl. Jend. Sudirman No. 1

    Jakarta Selatan

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales  (estimated) :

2010 – Rp. 138.0 billion

2011 – Rp. 152.0 billion

2012 – Rp. 166.0 billion

2013 – Rp.   92.0 billion (January – June)

 

Net Profit (estimated) :

2010 – Rp.   8.5 billion

2011 – Rp.   9.4 billion

2012 – Rp. 10.2 billion

2013 – Rp.   5.7 billion (January – June)

 

Payment Manner :

Almost Promptly

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mr. F.X. Hendrawan Atmadjaja

Directors                                   - a. Ms. Shilvy Natalia Lao Tambuwun, MBA

                                                  b. Mr. Ir. Muhamad Aslam Kalyubi

 

Board of Commissioners :

President Commissioner             - Mr. Thomas Mintarja Gani

Commissioners                          - a. Mrs. Erawaty Sukma Gani

                                                  b. Mr. Antonius Kuswandi

                                                  c. Mr. Jati Surjadiredja

 

Signatories :

President Director (Mr. F.X. Hendrawan Atmadja) or one of directors (Ms. Shilvy Natalia Lao Tambuwun, MBA., or Mr. Ir. Muhamad Aslam Kalyubi) which must be approved by President Commissioners (Mr. Thomas Mintarja Gani) or one of commissioners (Mrs. Erawaty Sukma Gani, Mr. Antonius Kuswandi and Mr. Jati Surjadiredja)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Below Average

 

Credit Recommendation :

Credit can be proceeded normally

 

Proposed Credit Limit :

Moderate amount

 

 

OVERALL PERFORMANCE

 

P.T. MULTIKIMIA INTIPELANGI (P.T. MKI) was established in September 1988 with an
authorized capital of Rp 2,000,000,000.-, issued and paid up capital of Rp 1,000,000,000.- The original founding shareholders are Mrs. Lisa Kristianti Sulaiman, Mr. Philip Sucipto, Mrs. Erawaty Sukma, Mrs. Abdiarti Kemala, Mr.Ir. Sulistio Budi, Mrs. Lanny Arifin, Mr.Ir. Indra Rustandi  and nine other shareholders. The articles of association of the company have frequently been revised.

 

In December 1997 the authorized capital was raised to Rp 10,000,000,000.- issued and paid up capital to Rp 7,000,000,000.- By the same time the wholes shares had been controlled by P.T. GALIC BINA MADA, a national private company (99.98%) and Mr. Thomas Mintarja Gani (0.02%), a Indonesian businessman of Chinese extraction. The deed of amendment was made by Mrs. Maria Kristiana Soeharyo, SH., a public notary in Jakarta and it was approved by the Minister of Law and Human Rights through its Decision Letter No. C-15037.HT.01.04.TH. 1999, dated August 18, 1999.

 

In June 2008 the authorized capital was raised to Rp. 25,000,000,000.- entirely was issued and paid up.  The deed of amendment was made by Notary Mr. Tjoa Karina Juwita, SH., a public notary in Jakarta and it was approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-32632.AH.01.02.Tahun 2008, dated June 12, 2008.   Lastly in March 2012 the authorized capital was raised again to Rp. 40,000,000,000.- entirely was issued and paid up.  By the same time the shareholders had changed and please see page-3 of this report.  The deed of amendment was made by Notary Mr. Tjoa Karina Juwita, SH., and it was approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-32632.AH.01.02.Tahun 2008 dated June 12, 2008 and No. AHU-AH.01.10-09685, dated July 7, 2009.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

P.T. MKI had been operating in textile dyestuff and auxiliaries products manufacturing by managing a plant located at Desa  Gandamekar, Cikarang Barat, Bekasi, West Java, on a land of some 3.0 hectares.  The plant had been operating since 1990 producing textile dyes, textile auxiliaries, thickeners and WARP preparation sizing.  During the first few years of operation, it was manufacturing mostly commodity type Reactive Dyes.  Reactive Dyes are used widely in the dyeing and printing of cotton, viscose rayon and cotton/rayon blend textile fabrics.  Since 1997, P.T. MKI has doubled its production capacity to 1,500 metric tons per annum and embarked upon a Product Research and Development (R&D) program under a supervision of a highly reputable European scientist. 

 

P.T. MKI sells it products to the local textile market through its parent company, P.T. Galic Bina Mada, one of the prominent companies to supply pigments and textile chemicals to the Indonesian textile industry.  P.T. MKI together with the parent company have been vigorously promoting the new high quality specialty dyes to various export markets, such as Italy, England, Spain, Turkey, Greece, Japan, Taiwan, the Philippines and Malaysia.  Some of 70% of the products are exported and the rest 30% marketed locally to textile industries in Jakarta, Bandung (West Java), Solo (Central Java) and Surabaya (East Java).  To serve better distribution to their customers, P.T. MKI has two other branches located in the high density textile industry in Bandung (West Java) and Solo (Central Java). We observed that P.T. MKI is classified as a medium sized company of its kind in the country of which the operation has been growing slowly in the last five years.

 

In December 2010, P.T. MKI announced through local media, that P.T. MKI had a uncollectible receivable amounting to Rp. 1.64 billion. This announcement was made to meet the Minister of Finance Regulation No. 105/PMK.03/2009 on June 10, 2009 regarding Uncollectible Receivable  which is Deductible  from Gross Income.  Its meaning is that by the presence of this announcement, the amount of tax to be paid by PT MKI can be reduced.  The above company’s uncollectible receivable is as follows:

 

No.

Name of Debtor

Address

NPWP (Taxes

License Number)

Total Receivable

1.

PT. Texmaco Jaya Tbk.

Desa Kiara Payung Kec. Klari P.O. Box 75, Karawang,

West Java

01.132.772.3-054.000

983,256,654

2.

PT. Intertex Indonesia

International

Bekasi International

Industrial Block C No.

12A/15, Cibatu, Lemahabang, Bekasi 17000

01.882.720.4-413.001

334,354,673

3.

PT. Arthatrimustika Texindo

Jl. Raya Bandung-Garut

Km. 28, Cicalengka,

Bandung 40553

01.548.504.8-421.000

142,009,757

4.

PT. Pollux Indonesia

Textiles

Kawasan Industrial MM

2100 Blok F-1 Gandamekar, Cikarang Barat

01.069.286.1-057.000

75,181,339

5.

Mr. Deden

Jl. Sukamanah 158

Majalaya, Bandung 40382

Not yet have NPWP

52,659,230

6.

Mr. Indra Hartawan

Jl. Raya Bekasi Km. 23,5

Cakung, Jakarta Timur

Not yet have NPWP

28,170,329

7.

PT. Freshtex Garment

Finishing Indonesia

Jl. Desa Kutamekar-Teluk Jambe, Karawang 41361,

West Java

01.070.828.7-059.000

18,118,742

8.

PT. Texmaco Jaya Tbk.

Jl. Raya Beji, Taman

Pemalang, Central Java

01.132.772.3-502.001

8,104,250

T O T A L

1,641,854,974

Source: Kontan Daily, December 30, 2010

 

Generally, the demand for textile chemicals such as dyestuff, textile auxiliaries, and others tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general.  According to the Central Bureau of Statistics (BPS) the Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011 and rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012.  The export volume and value of the national TPT products and garment in 2002 to 2012 are pictured on the following table.

 

Year

Textile Product

Garment

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1,425.9

1,307.5

1,300.4

1,427.3

1,477.8

1,473.6

1,312.2

1,369.6

1,525.9

1,493.3

1,508.5

3,075.9

3,064.6

3,354.6

3,704.0

3,908.6

4,178.0

4,127.9

3,602.8

4,721.8

5,563.3

5,278.1

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

450.9

450.2

3,887.2

4,037.9

4,351.9

4,967.0

5,608.1

5,712.9

6,092.2

5,735.6

6,598.0

7,801.5

7,304.8

Source:  Central Bureau of Statistic      

 

Until this time P.T. MKI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. P.T. MKI’s management adopted very reclusive attitude towards outsiders and rejected to unveil its financial condition but we estimated that the company’s operation in 2010 booked a total sales turnover of Rp. 138.0 billion increased to Rp. 152.0 billion in 2011 to Rp. 166.0 billion in 2012 and estimated to be rising by at least 8% in 2013.   We estimated that P.T. MKI’s operation in 2012 yielded a total net profit of Rp. 10.2 billion with a total networth of Rp. 80.0 billion.  We observe that P.T. MKI is supported by financially strong behind it.  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.  

 

P.T. MKI's management is headed by Mr. F.X. Hendrawan Atmadja (63) replaced Mr. Harryanto Suryadiredja (53) as president director since June 2008.  In daily activities, he is assisted by Ms. Shilvy Natalia Lao Tambuwun, MBA (41) and Mr. Ir. Muhamad Aslam Kalyubi (61), both are as directors.  The management has more than 18 years of experience in trading and distribution of textile dyestuff and auxiliaries.  They have close relations with many high-ranking government officials as well as with private businessmen within and outside the country. So far, we did not hear that the company’s management involved in a dirty business practice 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.  We believed that P.T. MKI is good enough for normal business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.79

UK Pound

1

Rs.98.66

Euro

1

Rs.83.42

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.