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Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MERAK MAGNESIUMINDO INDUSTRI |
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Registered Office : |
Marunda Center Blok E 1 No. 10, Segara Makmur, Tarumajaya, Bekasi,
West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
20.12.2011 |
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Com. Reg. No.: |
No. AHU-05197.AH.01.01.Tahun 2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Ferro and Non-Ferro |
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No. of Employees |
20 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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
|
Source
: CIA |
Correct Name of
Company :
P.T. MERAK
MAGNESIUMINDO INDUSTRI
Address :
Head Office
Marunda Center Blok E 1 No. 10
Segara Makmur, Tarumajaya
Bekasi, West Java
Indonesia
Phones -
(62-21) 2961 6321 (hunting)
Fax. - (62-21) 2961 6320
Building Area - 2 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
20 December 2011
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
No. AHU-05197.AH.01.01.Tahun 2012
Dated 01 February 2012
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. – not available
Related/Affiliated Company :
Not available
Capital Structure
:
Authorized Capital -
Rp. 500,000,000.-
Issued Capital -
Rp. 500,000,000.-
Paid up Capital -
Rp. 500,000,000.-
Shareholders/Owners
:
a. Mrs. Jo Sioe
Gwat (Julia) - Rp.
200,000,000.- (40%)
Address:
Villa Permata Gading Blok A-2/49
Kel. Tugu
Selatan, Kec. Koja
North Jakarta
b. Mr. Jo Ie Lung -
Rp. 300,000,000.- (60%)
Address:
Jl. TSS Raya No. 23,
Kel. Duri
Utara, Kec. Tambora
West Jakarta
Lines of Business
:
Trading, Import and Distribution of Ferro and Non-Ferro
Production Capacity :
None
Total Investment :
None
Started Operation
:
March 2012
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
20 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. Foundry Industries
b. Steel Product Industries
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Graha Jaya Pratama
b. PT. Anugerah Mervin
c. PT. Aquarion Technologies
d. PT. Pratama Resources
Int’l
e. PT. Sitor Jaya Abadi
f. Etc.
Business Trend :
Growing
Banker :
P.T. Bank MANDIRI Tbk
Graha Irama Branch
Jl. H.R. Rasuna Said Kav.
X-1 No.1-2
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(Estimated) :
2012 – Rp. 26.0 billion
2013 – Rp. 42.0 billion
Net Profit (Loss)
:
2012 – Rp. 1.3 billion
2013 – Rp. 2.2 billion
Payment Manner :
Almost Promptly
Financial Comments
:
Satisfactory
Board of Management :
Director - Mrs. Jo Sioe Gwat
AKA Julia
Board of Commissioner :
Commissioner - Mr. Jo Ie Lung
Signatories :
Director (Mrs. Jo Sioe Gwat AKA Julia)
which must be approved by Board of Commissioner
(Mr. Jo Ie Lung)
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. MERAK MAGNESIUMINDO INDUSTRI (P.T. MMI) was established in Bekasi
based on Notarial Deed No. 033 dated December 20, 2011 was made by Notary
Madihon Samosir, SH., with an authorized
capital of Rp 500,000,000.- entirely was issued and fully paid up. The founding shareholders of the company are
Mrs. Jo Sioe Gwat AKA Julia (40%) and Mr. Jo Ie Lung (60%). The Deed of establishment has been approved
by the Minister of Law and Human Rights of
the Republic of Indonesia through Decree No. AHU-05197.AH.01.01.Tahun 2012
dated February 01, 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
In accordance with article 3 (three) of the articles of association
contained in the deed of establishment, the scope of activities of the Company
is primarily trading and industry. In
fact it is engaged in trading and distribution of ferrous metal and
non-ferrous. The Company’s registered
office located at Gedung Plaza Bumi Daya Jl. Imam Bonjol No.61, Central Jakarta
and the Company can open branch offices or representative offices at home and
abroad.
P.T. MMI has been operating commercially since early of 2012 in trading, import and distributor of ferrous metal and non-ferrous. Ms. Jeni Magdalena AKA Lena, a marketing staff of
the company explained that the company sells some of ferrous and non-ferrous
such as magnesium, manganese, ferrous sulfate and chemicals for foundry industries. The products are imported from China. Then, the merchandise
products are supplied to industrial sectors such as foundry industries, steel
products industries and others in Bekasi, Cikarang, Cibitung, Bandung and other
cities in West Java. We observed that P.T. MMI is still relatively new company in
trading, import and distribution of agricultural products.
We have noticed that the demand for ferrous metal and non-ferrous had
increased some 8% to 10% per annum in the last five years in line with the
growth of foundry industries in the country.
In the coming years, the growth rate of demand is estimated at about 6%
to 7% per annum. Market competition is
very tight due to a large number of similar companies operating in the
country. P.T. MMI is classified as a new
company of its kind in the country of which the operation has been growing
slowly.
The financial condition of the company is appraised to be less strong
and its financial condition at present is as the paid up capital of Rp.
500,000,000 as stated in the articles of association of the company. The
financial condition of the company still depends on the financial condition of
its shareholders. The management of P.T.
MMI is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2012
amounted to Rp. 26.0 billion increased to Rp.42.0 billion in 2013. The company’s operation in 2013 yielded an
estimated net profit of at least Rp. 2.2 billion and the company has an
estimated total net worth of at least Rp. 10.0 billion. So far, we did not heard that the company
having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. MMI is led by Mrs. Jo Sioe Gwat AKA Julia (58) a
businesswoman with more than 10 years experience in trading, import and
distribution of ferrous metal and non-metal.
In daily activities he is assisted by her younger brother namely Mr. Jo
Ie Lung AKA Ie Lung (43) as commissioner.
Beside, they are also assisted by a number of expert staffs in the above
business. The Company’s management has 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.
Since this company (PT. MMI) just about two years
in operation commercially, so we recommend caution when going to provide fresh
loans to them. Or it should obtain sufficient
guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
UK Pound |
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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|
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.