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Report No. : |
316386 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MASARI DWISEPAKAT
FIBER |
|
|
|
|
Registered Office : |
Wisma 77, 18th Floor, Jalan
Letjend. S. Parman Kav. 77, Slipi, Jakarta Barat 11410 |
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|
|
|
Country : |
Indonesia |
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|
|
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Date of Incorporation : |
20.06.1990 |
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|
|
|
Com. Reg. No.: |
AHU-AH.01.10-32331 |
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|
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|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Medium Density Fiberboard (MDF) Industry |
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|
No. of Employees : |
380 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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|
|
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
Name
of Company :
P.T. MASARI DWISEPAKAT FIBER
A
d d r e s s :
Head Office
Wisma
77, 18th Floor
Jalan
Letjend. S. Parman Kav. 77, Slipi
Jakarta
Barat 11410
Indonesia
Phones - (62-21)
5363122, 5363124, 536313, 5363838
Fax - (62-21)
5363230, 5363125
E-mail - marketing@masari-board.com
Website - http://www.masari-board.com
Building Area - 24 storey
Office Space - 680 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan
Raya Karawang Cikampek Km. 9.3
Desa
Gintungkerta – Kecamatan Klari
Karawang
41371, West Java
Indonesia
Phones - (62-267)
431471, 431473, 431474-5
Fax - (62-267)
431472
Land Area - 20.0 hectares
Office Space - 2.6 hectares
Region - Industrial
Zone
Status - Owned
Date
of Incorporation :
20 June 1990
Legal
Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company
Reg. No. :
The Ministry of Law
and Human Rights
- No.
C2-5773.HT.01.01.TH.93
Dated 7 July
1993
- No.
AHU-AH.01.10-13165
Dated 28 May
2008
- No.
AHU-AH.01.10-32331
Dated 1
August 2013
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
a. The Department of Finance
NPWP No. 01.357.750.7-072.000
b. The Capital Investment Coordinating Board
- No. 402/I/PMDN/1993
Dated 24 November 1993
- No.
61/II/PMDN/1997
Dated 7 April 1997
- No.
284/III/PMA/1998
Dated 31 August 1998
c. The Department of Industry
No.
101/T/Industri/1996
Dated 8
February 1996
d. The Department of Industry and Trade
No.
232/APIT/PMDN/1993
Dated 1
December 1993
Related
Company :
A Member of the Company the MUKTI Group (see
attachment)
Capital
Structure :
Authorized Capital -
Rp. 60,000,000,000.-
Issued Capital -
Rp. 60,000,000,000.-
Paid up Capital -
Rp. 60,000,000,000.-
Shareholders/Owners
:
a. Mr. Aswan Wiyono - Rp. 59,400,000,000.-
Address :
Jl. Pantai Mutiara 0/6
RT.005/RW.016, Pluit
Jakarta Utara
b. Mr. Jeffry Wiyono - Rp. 600,000,000.-
Address :
Jl. Pantai Mutiara 0/6
RT.005/RW.016, Pluit
Jakarta Utara
Lines
of Business :
Medium Density Fiberboard (MDF) Industry
Production
Capacity :
a. Medium
Density Fiberboard - 84,000 cu. meters p.a.
b. Formalin - 21,000 tons
p.a.
c. Urea
Formaldehyde Glues - 31,000 tons
p.a.
Total
Investment :
a. Equity
Capital - Rp.
60.0 billion
b. Loan
Capital - Rp.
89.3 billion
c. Total
Investment - Rp. 149.3 billion
Started
Operation :
1995
Brand
Name :
MASARI BOARD
Technical
Assistance :
None
Number
of Employee :
380 persons
Marketing
Area :
Domestic - 90%
Export - 10%
Main
Customers :
a. Furniture Manufacturing Industries
b. PCB (Printed Circuit Boards) Industries
c. Hi-Fi Equipment Industries, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CANANG INDAH
b. P.T. HIJAU LESTARI RAYA FIBERBOARD
c. P.T. PARINDO PERMAI
d. P.T. RIMBA PARTIKEL INDONESIA
e. P.T. SUMALINDO LESTARI JAYA
Tbk
f. P.T. SUMATERA PRIMA
FIBERBOARD
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Tebah III No. 36
Jakarta Selatan
Indonesia
b. P.T. Bank
NEGARA INDONESIA Tbk
Jalan Jend. Sudirman Kav. 1
Jakarta
Pusat
Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2012 – Rp. 256.5 billion
2013 – Rp. 268.0 billion
2014 – Rp. 277.0 billion
Net
Profit (estimated) :
2012 – Rp. 20.5 billion
2013 – Rp. 21.9 billion
2014 – Rp. 22.8 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr. Jeffry Wiyono
Director - Mr.
Soelaiman Dickie
Board of Commissioners :
President
Commissioner - Mr. Aswan
Wiyono
Commissioner - Mrs. Ellen
Wiyono
Signatories :
President Director (Mr. Jeffry Wiyono) or Director
(Mr. Soelaiman Dickie) but must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
P.T. MASARI DWISEPAKAT FIBER (P.T. MDF) was established
in June 1990 with the authorized capital of Rp. 20,000,000,000 issued capital
of Rp. 6,000,000,000 entirely paid-up. Founders and original shareholders are
Mr. Aswan Wiyono AKA Ng Hiok Swan, Mr. Santoso Pukarta and Mr. The Tjet Sen,
all three Indonesian of Chinese extraction. The articles of association have
frequently been revised. Lastly in May 2008 the authorized capital was raised
to Rp. 60,000,000,000 entirely issued and fully paid up. By the same time the
shareholders had changed and Mr. Santoso Pukarta and Mr. The Tjet Sen pulled
out and the whole shares sold to Mr. Jeffry Wiyono (a son of Mr. Aswan Wiyono).
With this time the composition of its shareholders has been changed to become
Mr. Aswan Wiyono (99%) and his son Mr. Jeffry Wiyono (1%). The latest according
to the revision of notary deed Mr. Syafril, SH., no. 8 dated 26 April 2013 the
company board of director and the board of commissioner re-elected to lead and
runs of the company’s operation. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-32331
dated August 1, 2013.
We observed that the Wiyono family is also founders and
majority business stakes owner of the MUKTI Group, a small sized business group
in Indonesia with activities in oil palm plantation and wood-based product
industry.
P.T. MDF obtained license from Indonesian Investment
Coordinating Board (BKPM) for dealing with medium density fiber board (MDF)
manufacturing by managing a plant located at Jalan Raya Karawang Cikampek Km.
9.3, Desa Gintungkerta, Kec. Klari, Karawang, West Java standing on 200,000 sq.
meters land operating as from in 2005 with a capacity of 70,000 sq. meters of
MDF per annum. At present, it is capable
of producing 7,000 M3 per month or approximately 84,000 M3 per annum of high
quality thin panel Medium Density Fiberboard with the utilization of Mande –
press machine installed in the mills. Besides the company also produce of
formalin and formaldehyde glues. The product of P.T. MDF has been known
international and domestically by the name of MASARI BOARD. P.T. MDF
specializes primarily in thin MDF boards from 2.5 mm to 4.75 mm with rubber
wood as its raw material.
P.T. MDS specializes in
manufacturing “Medium Density Fiberboard” (MDF). MDF is one of the four main
categories of wood based panels-laminated boards, particle boards, fiber boards
and oriental strand boards.
The distribution of the fiber and uniform compactness
throughout the Masari board enable a smooth surface and edge finish. MDF to be
an excellent material for producing furniture such as drawer bottoms and
cabinet backs, interior door skins, interior decorative walls, wall ceiling and
panels, kitchen accessories, partitions, picture frames, package boxes, etc.
Mrs. Marlina, one of P.T. MDF’s staff members disclosed that some 80% of her
company products is marketed locally to furniture manufacturing industries and
20% is exported to various countries including South Asia and Middle East
countries. We observe that P.T. MDF is classified as a medium sized company of
its kind in the country of which the operation has been growing in the last
three years.
Generally, demand for processed wood including medium
density fiber (MDF) has been fluctuating in the last five years in line with
the fluctuating export and domestic markets. It is estimated that the demand
will kept on rising in the coming two-three years. Meanwhile, the competition
is very tight on account of lots of similar companies operating in the country.
The woodworking industry had been turning down within the last five years due
to lack of raw materials, as far from transportation facility and fluctuation
of export demand. It is estimated will keep going down within the coming two or
three years as the impact of global economic crisis and tight banking liquidity
since October 2008 hitherto. The business position of P.T. MDS is appraised to
be facing difficulty for lack of basic materials in future. The growth of said
business is evident from the production and utility growth of the processed
wood export volume and export value of plywood and sawn timber below:
The Export Growth of the Indonesian Main Processed Wood
Products
2008 – 2013*
|
Type of
Commodities |
2008 |
2009 |
2010 |
2011 |
2012 |
2013* |
|
Plywood : -Volume (000 tons) -Value (US$ million) |
1,659.3 1,527.2 |
1,430.4 1,189.5 |
1,834.7 1,635.3 |
1,891.0 1,953.4 |
1,950.5 2,011.3 |
1,692.2 1,974.1 |
|
San Timber: -Volume (000 tons) -Value (US$ million) |
51.1 55.6 |
36.4 36.7 |
32.3 31.3 |
43.4 42.1 |
53.6 54.1 |
43.9 42.4 |
|
Other Wood Products: -Volume (000 tons) -Value (US$ million) |
1,059.3 1,238.2 |
1,201.4 1,048.8 |
1,825.1 1,204.0 |
2,164.6 1,293.5 |
2,216.0 1,277.2 |
2,154.4 1,164.4 |
Until this time P.T. MDS has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. MDS 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. 256.5 billion rose
to Rp. 268.0 billion in 2013 increased to Rp. 277.0 billion in 2014 and
projected to go on rising by at least 6% in 2015. The company has an estimated
net profit of at least Rp. 22.8 billion with an estimated total net worth of at
least Rp. 77.8 billion. So far, we did not heard 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 P.T. MDF is led by Mr. Jeffry Wiyono
(36) a young businessman with 11 years of experience in medium density
fiberboard manufacturing. He graduated
Master of Business Administration from University Southern Carolina, LA, USA majoring
in business and finance. He is a son of Mr. Aswan Wiyono (62), a founder of
P.T. MDF. Daily operation, he is
assisted by Mr. Soelaiman Dickie (42) as director. The management is quite
creative and dynamic, having maintained a wide business relation with private
businessmen at home and abroad and with the government sectors as well. We
observed that management’s reputation in said business is fairly good. 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. MASARI DWISEPAKAT FIBER is sufficiently fairly
good for business transaction.
List of the
MUKTI Group Members
1. HESTI
AGRO NIAGA, P.T. (Oil Palm Plantation)
2. INYUTAS,
P.T. (Forestry Concession)
3. KAWEDAR
MUKTI TIMBER, P.T. (Forestry Concession)
4. KAYU
MUKTI, P.T. (Forestry Concession)
5. MASARI
DWISEPAKAT FIBRE, P.T. (Medium Densityt Fibreboard Industry)
6. MUKTI
AGRO LESTARI, P.T. (Oil Palm Plantation)
7. MUKTI
SWADAYA LESTARI, P.T. (Oil Palm
Plantation)
8. SWADAYA
MUKTI PERKASA, P.T. (Oil Palm Plantation)
9. Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.