|
Report No. : |
308205 |
|
Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MEGASURYA MAS |
|
|
|
|
Registered Office : |
Jl. Tambak Sawah No. 32, Waru Sidoarjo 61256, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
08.01.1992 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-10627 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Soap, Detergent, Cooking Oil, Margarine/Shortening Industry |
|
|
|
|
No. of Employees : |
860 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 – 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. The
government also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices.
|
Source
: CIA |
Name of Company:
P.T. MEGASURYA MAS
Address :
Head
Office & Factory
Jl. Tambak Sawah No. 32, Waru
Sidoarjo 61256, East Java
Indonesia
Phones -
(62-31) 866 2390, 866 8333
Fax. -
(62-31) 867 3602
Email - general@megasurya-mas.com
Land Area - 90,000 sq. meters
Building Area - 65,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
08
January 1992
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Department of
Law and Human Rights
a. No. C2-2810.HT.01.01.TH.92
Dated 15 April 1992
b. No. AHU-14886.AH.01.02.Tahun 2010
Dated 23 March
2010
c. No. AHU-AH.01.10-10627
Dated 13 March 2014
Company Status :
Domestic Investment Company (PMDN)
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.546.053.8-641.000
b. The Capital Investment Coordinating Board
- No. 196/I/PMDN/1992
Dated 29 June 1992
- No. 188/III/PMDN/1993
Dated 10 May 1993
- No. 133/II/PMDN/1996
Dated 12 June 1996
Affiliated/Associated Companies :
A Member Company of the MUSIM MAS Group (see
attachment)
Capital Structure
:
Authorized
Capital - Rp. 600,000,000,000.-
Issued Capital -
Rp. 188,250,000,000.-
Paid up Capital -
Rp. 188,250,000,000.-
Shareholders/Owners
:
a. Mr. Bahari
Karim - Rp.
28,800,000,000.- (15.30%)
Address : Jl. Tambak Sawah No. 32
Sidoarjo, East Java
b. Mr. Burhan
Karim - Rp.
28,800,000,000.- (15.30%)
Address : Jl. Kalimantan No. 29/3-B
Medan, North Sumatra
c. Mrs. Bachtiar
Karim - Rp.
28,800,000,000.- (15.30%)
Address : Jl. Kalimantan No. 29/3-B
Medan, North Sumatra
d. P.T. WILLIAM
RESOURCES - Rp. 92,250,000,000.-
(49.00%)
Address : Jl. KL Yos Sudarso, Spring Tower
01-11
Medan, North Sumatra
e. P.T. MITRA
SISTRA - Rp. 9,600,000,000.- ( 5.10%)
Address : Jl. Kalimantan No. 29/3-B
Medan, North Sumatra
Lines of Business
:
Soap, Detergent, Cooking Oil, Margarine/Shortening Industry
Production
Capacity :
a. Soap Products - 45,000 tons p.a.
b. Detergents - 10,000 tons p.a.
c. Cooking Oil - 150,000 tons p.a.
d. Margarine/Shortening - 8,000 tons p.a.
e. Others - 12,000 tons p.a.
Total Investment :
a. Owned Capital -
Rp. 188.2 billion
b. Loan
Capital - Rp. 120.0 billion
c. Total
Investment - Rp. 308.2 billion
Started Operation
:
June 1994
Brand Name :
Harmony, Medicare, Liesel, Eve, Lervia,
Alibaba, Novina, etc
Technical
Assistance :
None
Number of Employee
:
860 persons
Marketing Area :
Domestic
- 50%
Export
- 50%
Main Customers :
a. Supermarket, Hypermarket, Mini-market,
Retail Shops, Tradition Market, etc
b. Overseas buyers in South Africa and Asian
countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. UNILEVER INDONESIA Tbk
b. P.T. WINGS SURYA
c. P.T. SAYAP MAS
UTAMA
d. P.T. TANCHO INDONESIA
e. P.T. ORSON INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T.
Bank MANDIRI Tbk
Jl. Pemuda No. 27-31
Surabaya, East Java
Indonesia
b.
P.T. Bank CIMB NIAGA Tbk.
Jl. Tidar No. 23-25
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Net Sales/Turnover
:
2011 – Rp. 650.0 billion
2012 – Rp. 740.0 billion
2013 – Rp. 845.0 billion
2014 – Rp. 960.0 billion
Net Profit :
2011 – Rp. 55.0 billion
2012 – Rp. 63.6 billion
2013 – Rp. 75.0 billion
2014 – Rp. 82.0 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director -
Mr. Bahari Karim
Directors - a. Mr. Bachtiar Karim
b. Mr. Surja
Board of Commissioners :
Commissioner - Mr. Burhan Karim
Signatories :
President Director (Mr. Bahari Karim)
or one of the Directors (Mr. Bachtiar Karim or Mr. Surja) which must be
approved by the Board of Commissioner (Mr. Burhan Karim)
Management Capability :
Good
Business Morality :
Good
P.T. MEGASURYA MAS (P.T. MSM) was established in Sidoarjo,
East Java on 8 January 1992 with the authorized capital of Rp. 1,000,000,000 of
which Rp. 600,000,000 was issued and fully paid up. The founding shareholders
are the late Mr. Anwar Karim AKA Lim Oei Lian and his children namely Mr.
Bachtiar Karim AKA Lim Ek Tjioe, Mr. Bachrum Karim AKA Lim Ek Kiong, Mr. Burhan
Karim AKA Lim Ek Kian and Mr. Bahari Karim AKA Lim Ek Tie, an Indonesian
business family of Chinese extraction. The Deed of establishment was approved
by the Minister of Justice of the Republic of Indonesia through its Decree No.
C2-2810.HT.01.01.TH.92 dated 15 April 1992.
The articles of association of the company have been
changed for a couple of times. In July 1993, the authorized capital of the
company was raised to Rp. 9,000,000,000 of which Rp. 1,800,000,000 was issued
and fully paid up. In May 1994, the issued and paid up capital of the company
was increased to Rp. 2,400,000,000. Later in February 2010 the company
authorized capital was increased to Rp. 600,000,000,000 issued capital to Rp.
188,250,000,000 entirely paid up. Concurrently P.T. WILLIAM RESOURCES entered
into the company as new shareholder. With this time the composition of its
shareholders has been changed to become P.T. WILLIAM RESOURCES (49.00%), Mr.
Bachtiar Karim (15.30%), Mr. Bahari Karim (15.30%), Mr. Burhan Karim (15.30%)
and Mrs. Mikie Widjaya (5.10%). In February 2013 based on Notary deed of Mr.
Tjitra Sasanti Djatmiko, SH., no. 9 dated 22 February 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.01.10-15133 dated April 22,
2013.
Latest in March 2014, Mrs. Mikie Widjaya withdrew and her
shares are sold to P.T. MITRA SISTRA, a private company. The amendment to Deed was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-10627
dated March 13, 2014. Since
then, no changes have been effected in term of its shareholding composition and
capital structure to date.
P.T. MSM obtained a Domestic Capital Investment (PMDN)
facility issued by the Capital Investment Coordinating Board (BKPM) to deal
with toilet soap and cooking oil industry. Its plant is located in Waru
village, Sidoarjo, East Java standing on a land of 9.0 hectares. The plant has frequently been expanded to
increase the production capacity. Some
60% to 70% of the basic materials are supplied by its sister company.
The company produces bath soaps and laundry soaps being
marketed using the brands of HARMONY, LERVIA, LARK and mediated soap with the
brand of MEDICARE. LARK is sold in
Sumatra and HARMONY and MEDICARE outside Sumatra. In 2000, PT. MSM started
exporting bath soap HARMONY and LERVIA to various countries including Middle
East, Ghana, Nigeria, Japan, South Korea, Taiwan India, Australia, Europe,
Canada, Argentina, Brazil, Peru and Colombia. Currently the company exports 64%
of its production. PT. MSM also
produces cooking oil and margarine with the brand of ALIBABA and VOILA.
In 2000, PT. MSM started exporting bath soap Harmony and
Lervia to various countries including Middle East, Ghana, Nigeria, Japan, South
Korea, Taiwan India, Australia, Europe, Canada, Argentina, Brazil, Peru and
Colombia. Currently the company exports 64% of its production. Around 70% of perfume needed for its
bath-soap products is supplied by the Symrise Group from Germany. However, in 2010, there was a dispute between
P.T. MSM and Symrise Asia Pacific in Singapore with P.T. MSM claiming that
Symrise failed in the delivery of perfume causing it a loss of US$11.87
million. Symrise rejected the claim and brought the case to an arbitration
agency in Singapore.
By the end of 2011, P.T. MSM and other producers of
cooking oil including P.T. Salim Ivomas Pratama, Permata Hijau Group, P.T.
Sinar Mas, P.T. Megasurya Mas, Wilmar Group, and P.T. Pratama Nabati Perkasa
were assigned by the trade ministry to produce packaged cooking oil for the
government with the brand of Minyakita for domestic supply in 2012. P.T. MSM distributed their products to all
over Indonesia as well as to more than 132 countries around the world. We
observed that P.T. MSM is classified as a large sized company of its kind in
the country of which the operation has been growing in the last three years.
In overall we find the demand for soap
products (toilet soap, multipurpose and laundry soap), margarine, cooking oil
and others had been rising by the average 6% to 8% per year within the last
five years in line with the growth of supermarkets, mini-markets and a stable
economic growth in the period. Amidst
unstable global economic conditions, Indonesia is estimated to be able to
record an economic growth of over 6% in 2012. The solid and steady domestic
economy, increased government activity in infrastructure development and
improving investment climate in Indonesia with the rising of Country Rating to
Investment Grade, and also supported by Indonesia’s economic indicators such as
inflation, exchange rates and interest rates are expected to encourage the
business sectors. The
global economy is expected to grow faster in 2015 than it did in 2013 and 2014,
although it still face risks stemming from the slowing economic growth in
developed countries and the on going crisis in Europe. Despite the slowing
global economy, Indonesia’s economy still grew quite briskly in 2013.
Indonesia’s economic growth reached 5.8% in 2013, or slightly below the
projection contained in the 2013 Revised State Budget and 2012’s economic
growth of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Until this time P.T. MSM has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of P.T. MSM is very reclusive
towards outsiders and rejected to disclose its financial condition. We estimated that total income or revenues of
the company in 2012 amounted to Rp. 740.0 billion increased to Rp. 845.0
billion in 2013 rose again to Rp. 960.0 billion in 2014 and projected to go on
rising by at least 10% in 2015. The
operation in 2014 yielded an estimated net profit of at least Rp.82.0 billion
and the company has an estimated total net-worth of at least Rp. 560.0 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. MSM is led by Mr.
Bahari Karim (52) as president director and CEO of the company. He is the fourth son of the late Mr. Anwar
Karim AKA Lim Oei Lian, the founder of the MUSIM MAS Group. Mr. Bahari Karim has more than 20 years
experience in soap manufacturing and cooking oil industry. In his daily
activities, he is assisted by his brother Mr. Bachtiar Karim (68) and Mr.
Burhan Karim (53). The company’s
management has wide business 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.
P.T. MEGASURYA MAS is sufficiently fairly
good for business transaction. But owing
to economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
List of the MUSIM
MAS Group Members
1.
AGROWIRATAMA,
P.T. (Oil Palm Plantation and Palm Oil Refinery and Investment Holding)
2.
BAHANA
NUSA INTERINDO, P.T. (Oil Palm Plantation and Palm Oil Refinery)
3.
BERKAT
SAWIT SEJATI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
4.
BINA
KARYA PRIMA, P.T. (Cooking Oil, Soap and Fats Industry)
5.
BERASTAGI
BINTANG ASIA, P.T. (Hotels Development and Management)
6.
DAYA
INDAH NUSANTARA, P.T. (Oil Palm Plantation and Refinery)
7.
GLOBALINDO
ALAM PERKASA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
8.
GUNTUNG
IDAMANNUSA, P.T. (Oil Palm Plantation)
9.
INDO
KARYA INTERNUSA, P.T. (RBD Palm Oil and Palm Kernel Oil Processing)
10.
INDOMAKMUR
SAWIT BERJAYA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
11.
INTER-CONTINENTAL
OILS AND FATS, Singapore (Trading and Distributor Specializing in Tropical Oil
and Derivatives Products)
12.
INTIBENUA
PERKASATAMA, P.T. (Palm Oil Refinery)
13.
LAMBANG
UTAMA, P.T. (Soap Manufacturing)
14.
LESTARI
ABADI PERKASA, P.T. (Oil Palm Plantation Palm Oil Refinery)
15.
MAJU
ANEKA SAWIT, P.T. (Oil Palm Plantation and Palm Oil Refinery)
16.
MEGASURYA
MAS, P.T. (Bath Soap, Cooking Oil and Margarine Manufacturing)
17.
MIKIE
OLEO NABATI INDUSTRI, P.T. (Crude Palm Oil Refinery and Investment Holding)
18.
MITRA
SISTRA, P.T. (Investment Holding)
19.
MUSIM
MAS-FUJI, P.T. (Specialty Fat Industry)
20.
MUSIM
MAS HOLDINGS PTE., LTD., Singapore (Trading)
21.
MUSIM
SEMI MAS, P.T. (Oil Palm Plantation and Refinery, Soap Manufacturing and
Investment Holding)
22.
MUSIM
MAS RESOURCES, P.T. (Management Consulting Services and Wholesale Trade, and
Investment Holding)
23.
PELAYARAN
SAMUDERA LAYAR SENTOSA, P.T. (Shipping Services)
24.
SAWIT
TUNGGAL ARTA RAYA, P.T. (Oil Palm Plantation and Processing)
25.
SINAR
AGRO RAYA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
26.
SIRINGO-RINGO,
P.T. (Oil Palm Plantation and Palm Oil Refinery)
27.
SUKAJADI
SAWIT MEKAR, P.T. (Oil Palm Plantation and Palm Oil Refinery)
28.
UNGGUL
LESTARI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
29.
VITELIA
SALAM PERDANA, P.T. (General Trading)
30.
WILLIAM
RESOURCES, P.T. (Investment Holding)
31.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
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.