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Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. MUSTAFAMESINDO |
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Registered Office : |
Kawasan Industri Mekar Jaya, Jl. Karet No. 79, Sepatan 15520, Tangerang, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
12.04.2011 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-00299 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Flour
Milling Industry |
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No. of Employees : |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
P.T. MUSTAFAMESINDO
Head Office &
Factory
Kawasan
Industri Mekar Jaya
Jl. Karet No. 79, Sepatan 15520
Tangerang, Banten Province
Indonesia
Phones -
(62-21) 3666 6681-82
Fax - (62-21) 3666 6683
Land Area - 2,800 sq.
meters
Building Area - 2,200 sq. meters
Region - Industrial
Estate
Status - Rent
12
April 2011
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
AHU-46670.AH.01.02.Tahun 2011
Dated 26 September 2011
b. No.
AHU-AH.01.10-00299
Dated 03 January 2012
Foreign
Investment Company (PMA)
The Department of
Finance
NPWP
No. 03.028.922.7-418.000
Not
available
Capital
Structure :
Authorized Capital - US$ 100,000.- (Rp.
855,300,000.-)
Issued Capital - US$ 100,000.- (Rp.
855,300,000.-)
Paid up Capital - US$ 100,000.- (Rp.
855,300,000.-)
Shareholders/Owners
:
a. Mr. Mustafa Mesin - US$ 25,000.- (25.0%)
Address : Necip
Fazil MH, No.152
Meram 42090
Turky
b. Mrs. Amine Mesin - US$ 30,000.- (30.0%)
Address : Necip
Fazil MH, No.152
Meram 42090
Turky
c. Mr. Verry Cornus Gautamajaya - US$ 10,000.- (10.0%)
Address : Jl.
Gunung Sindoro Blok A/66
Bintara, Bekasi, West Java
Indonesia
d. Mr. John Lucky Tjandra - US$ 17,500.- (17.5%)
Address : Jl.
Keselamatan Dalam No. 14
Taman Sari, West Jakarta
Indonesia
e. Mr. Eric Solomon Tjandra - US$ 17,500.- (17.5%)
Address : Jl.
Keselamatan Dalam No. 14
Taman Sari, West Jakarta
Indonesia
Lines
of Business :
Flour
Milling Industry
Production
Capacity :
Flour Mills -
60,000 tons p.a.
Total
Investment :
Owned Capital - Rp. 50.0 billion
Started
Operation :
June
2012
Brand
Name :
Anadolu,
Saray and Safkan
Technical
Assistance :
None
Number
of Employee :
80
persons
Marketing
Area :
Local - 100%
Main
Customers:
Food,
Bakery and Cake Industries in the country
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Sriboga Raturaya
b. PT. Berkat Indah Gemilang
c. PT. Eastern Pearl Flour
Mills
d. PT. ISM Bogasari Flour Mills
e. PT. Panganmas Inti Persada
f. PT. Sarana
Prima Makmur
g. PT. Wilmar Flour Mills
h. PT. Crown Flour Mills
i. PT. Agrofood
Makmur
Business
Trend :
Growing
Bankers
:
a. P.T.
Bank NEGARA INDONESIA Tbk.
Plaza 46 Kota BNI
Jl. Jend.
Sudirman Kav. 1
Jakarta Selatan
Indonesia
b. P.T.
Bank MANDIRI Tbk
Plaza Mandiri
Jl. Gatot
Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 48.0 billion
2013
– Rp. 120.0 billion
Net
Profit (estimated) :
2012
– Rp. 3.6 billion
2013
– Rp. 9.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Mustafa Mesin
Director -
Mr. Verry Cornus Gautamajaya
Board of Commissioners :
President Commissioner - Mrs. Amine Mesin
Commissioners - a. Mr. John Lucky Tjandra
b. Mr. Eric Solomon Tjandra
Signatories :
President
Director (Mr. Mustafa Mesin) or Director (Mr. Verry Cornus Gautamajaya) which
must be approved by Board of Commissioner (Mrs. Amine Mesin)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
P.T. MUSTAFAMESINDO was incorporated in Jakarta on April
2011 with the authorized capital of US$ 100,000.- (Rp. 855,300,000.-) entirely was
issued and fully paid up. The founding shareholders of the company are Mr.
Mustafa Mesin (25%), his wife Mrs. Amine Mesin (30%), both are Turkish
entrepreneurs, Mr. Verry Cornus Gautamajaya (10%), Mr. John Lucky Tjandra
(17.5%) and Mr. Eric Solomon Tjandra (17.5%), third are Indonesian
businessmen. The Deed of establishment
has been approved by the Minister of Law and Human Rights through its Decision
Letter No. AHU-46670.AH.01.02.Tahun 2011 dated September 26, 2011. The Articles of association of the company
have been revised, most recently by notarial Deed No. 01 dated December 06,
2011 made by Notary Daisy Mihardja, SH., the company’s board of director and
board of commissioner was changed. The
amendment to notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-00299 dated
January 03, 2012.
P.T. TSR has been operating since June 2012 to deal with flour milling industry with its plant located at Kawasan Industri Mekar Jaya, Jalan Karet No. 79, Sepatan, Tangerang, Banten Province. Mr. Rahmat Faisal, a marketing staff of P.T. TSR explained that the company produces flawless flour for Indonesian customers under 3 (three) brands which are Anadolu (soft grade multipurpose flour), Saray (medium grade noodle flour) and Sofkan (high grade bread flour). The Company is supplying four mostly to Small and Medium Enterprises in Indonesia market. Beside, the Company’s products are sold through distributor PT. EXINDOKARSA AGUNG to wet market wholesalers. We observed that P.T. MUSTAFAMESINDO is still relatively new company in the business of which the operation had been growing slowly in the two years.
We note that generally the domestic demand for wheat flour has kept on increasing by 8% to 10% per year in the last five years. The increasing demand was in keeping with the development and growth of domestic industries processing food materials like instant noodles, bread, biscuit from wheat flour as the main raw material. However since 2008, the wheat flour industries have facing problem because there is lot of cheap wheat flour imports marketed in the country especially from Turkey. Indonesian Flour Producers Association (APTINDO) has accused flour importers of intervening with the Government to avoid imposition of antidumping duties against flour from Turkey. Cheap flour imported from Turkey continued to flood the Indonesian market has brought bad impact to the Indonesian producer of wheat flour industries. Besides that, competition is very sharp in the wheat flour trade with 8 companies now operating in this industry in Indonesia, namely PT. Sriboga Raturaya, PT. Berkat Indah Gemilang, PT. Eastern Pearl Flour Mills, PT. ISM Bogasari Flour Mills, PT. Panganmas Inti Persada, PT. Sarana Prima Makmur, etc.
The financial condition of PT. MUSTAFAMESINDO is appraised to be less strong and its financial condition at present is as the paid up capital of US$ 100,000.- (Rp. 855,300,000) 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 the Company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company as of June to December 2012 amounted to Rp. 48 billion increased to Rp.120 billion in 2013. The Company’s operation in 2012 yielded an estimated net profit of at least Rp. 9.2 billion and the company has an estimated total net worth of at least Rp. 50 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of the Company is headed by Mr. Mustafa Mesin (36) as
President Director, a Turkish businessman with more than 10 years experience in
flour milling industry. He graduated
from Bilkent University in Turkey. In
daily activities he is assisted by Mr. Verry Cornus Gautamajaya (39) of
Indonesia, as Director. 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. MUSTAFAMESINDO) 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.61.13 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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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 |
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<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.