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Report No. : |
328620 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MENGGALA BERSERI |
|
|
|
|
Registered Office : |
Jl. Lintas Timur, Kp. Labuh Dalem, Kecamatan Manggala Timur, Kabupaten Tulang Bawang Lampung Province |
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|
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Country : |
Indonesia |
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Date of Incorporation : |
05.06.2008 |
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|
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Com. Reg. No.: |
AHU-59265.AH.01.02.Tahun 2013 |
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Subject is engaged in Crumb Rubber Industry |
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No of Employees : |
160 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow But Correct |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
MENGGALA BERSERI
Address
:
Head
Office & Factory
Jl.
Lintas Timur, Kp. Labuh Dalem
Kecamatan
Manggala Timur,
Kabupaten
Tulang Bawang
Lampung
Province
Indonesia
Phones -
(62-726) 777 1000 - 02
Fax - (62-726) 777 1003
Email - menggala@berseriindonesia.com
Land Area - 30.0 hectares
Building Area - 6.5 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
05
June 2008
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a.
No. AHU-87886.AH.01.01.Tahun 2008
Dated 20 November 2008
b.
No. AHU-59265.AH.01.02.Tahun 2013
Dated 18 November 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.535.911.8-321.000
Related/Affiliated
Company :
a.
P.T. FAJAR BERSERI (Crumb Rubber Industry)
b.
P.T. KAHAYAN BERSERI (Crumb Rubber Industry)
c.
P.T. PENAJAM BERSERI (Crumb Rubber Industry)
d.
P.T. KATULISTIWA BERSERI (Crumb Rubber Industry)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp. 200,000,000,000.-
Issued
Capital -
Rp. 120,000,000,000.-
Paid
up Capital -
Rp. 120,000,000,000.-
Shareholders/Owners
:
a.
Mr. Erwin Sugianto - Rp.
30,000,000,000.- (25%)
Address : Jl. Pekapuran I No. 180A
Kel. Tanah Sereal, Kec. Tambora
West Jakarta
Indonesia
b.
Mr. Welly Chandra - Rp.
30,000,000,000.- (25%)
Address : Jl. Jend. Sudirman No. 25, Toboali
Kel. Toboali, Kec. Toboali
Bangka Selatan
Indonesia
c.
Mr. Handrianto -
Rp. 18,000,000,000.- (15%)
Address : Jl. Gang Batu Giok I No.12
Kel. Bukit Intan, Kec. Bukit
Intan
Pangkal Pinang
Indonesia
d.
Miss Septina -
Rp. 24,000,000,000.- (20%)
Address : Taman Palem Lestari Blok C.5 No.66
Kel. Cengkareng Barat, Kec. Cengkareng
West Jakarta
Indonesia
e.
Mrs. Herna Dewi -
Rp. 12,000,000,000.- (10%)
Address : Jl. Lorong Dua Saudara No. 696
Kel. Tigabelas Ulu, Kec. Seberang Ulu II
Palembang, South Sumatra
Indonesia
f.
Mrs. Puspawaty Syahril -
Rp. 6,000,000,000.- ( 5%)
Address : Jl. Rokan Kiri No. 4
Kel. Padang Harapan, Kec.
Gading Cempaka
Bengkulu Province
Indonesia
BUSINESS
ACTIVITIES
|
Lines of Business
:
Crumb Rubber Industry
Production
Capacity :
Crumb Rubber Products - 72,000 tons p.a.
Total Investment :
a. Owned Capital - Rp. 120.0 billion
b. Loan Capital -
Rp. -- billion
c. Total Investment -
Rp. 120.0 billion
Started Operation
:
June 2013
Brand Name :
MB (Menggala Berseri)
Technical
Assistance :
None
Number of Employee
:
160 persons
Marketing Area :
Domestic (Local) - 10%
Export -
90%
Main Customers :
a. Overseas buyers in Middle East, Japan,
China, India, etc
b. Tire industry and rubber products in the
country
Market Situation :
Very Competitive
Main Competitors :
a. PT. Asahan Crumb Rubber
b. PT. Adei Crumb Rubber Industry
c. PT. Batanghari Tembesi
d. PT. Djambi Waras
e. PT. Madjin Crumb Rubber Factory
f.
PT. Sunan Rubber
g. PT. Bumi Nusa Makmur
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jl. Yos Sudarso No. 100
Bandar Lampung
Indonesia
b P.T.
Bank MANDIRI Tbk.
Jl. Raya Way Jepara No.278
Labuhan Ratu, Lampung
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2013 – Rp.
42.0 billion (June – December)
2014 – Rp. 118.0 billion
Net Profit
(estimated) :
2013 – Rp. 2.4 billion (June – December)
2014 – Rp. 7.2 billion
Payment Manner :
Average
Financial Comments
:
Fairly
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Erwin Sugianto
Director -
Mr. Welly Chandra
Board of Commissioners :
President Commissioner - Miss Septina
Commissioners - a. Mrs. Puspawaty Syahril
b. Mrs. Herna Dewi
Signatories :
President
Director (Mr. Erwin Sugianto) or Director (Mr. Welly Chandra) which must be
approved by Board of Commissioners
CAPABILITIES
|
Management
Capability :
Fairly
Business
Morality :
Fairly
OVERALL
PERFORMANCE
|
P.T. MENGGALA BERSERI (P.T. MB) was
established in Lampung, based on Notary Deed No. 06 dated June 5, 2008 drawn up
by Yulendra Adi Pramana, SH., notary in Tangerang, with an authorized capital
of Rp. 80,000,000,000.- of which Rp. 60,000,000,000.- was issued and fully paid
up. The founding shareholders of the company are Mr. Erwin Sugianto, Mr. Welly
Chandra, Mr. Handrianto, Miss Septina, Mrs. Puspawaty Syahril and Mrs. Herna
Dewi. They are all Indonesian business
persons of Chinese extraction. The Deed
of establishment has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through its Decision Letter No.
AHU-87886.AH.01.01.Tahun 2008 dated November 20, 2008.
Its
articles of association have subsequently been changed and the most recently by
Notary Deed of Yulendra Adi Pramanaj, SH., No. 03 dated October 7, 2013 the
authorized capital was raised to Rp. 200,000,000,000.- of which Rp.
120,000,000,000.- was issued and fully paid up.
The capital structures and
shareholder composition of P.T. MB in details are as shown on page-3 of this
report. The amendment to Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decision Letter No.
AHU-59265.AH.01.02.Tahun 2013 dated November 18, 2013. Since then, no changes have
been effected in term of its shareholding composition and capital structures to
date.
Pursuant
to the deed of notary of the company, P.T. BNM engaged to operate in general
trading, import-export, distributor and industry of crumb rubber and rubber
products. The Company’s registered office located at Tulang Bawang regency,
Lampung province and the company can open branch offices or representative
offices at home and abroad.
P.T.
MB has been operating since mid-2013 in crumb rubber industry. Its plant is located on Jl. Lintas Timur, Kp.
Labuh Dalem, Menggala Timur district, Tulang Bawang regency, Lampung province,
where it stands on a 30 hectares landsite. The plant was equipped with modern machinery and equipment. Construction of
the plant is estimated to reach Rp.120 billion. The rubber processing plant was built on June 10, 2011 and the inauguration
of the plant was held on June 27, 2013, attended by the Regent Tulang Bawang,
Ir. Hanan A. Rozak, and also the governor of Lampung province, Sjachroedin
ZP. There was also witnessed by investors
from Singapore, Malaysia and India, which reportedly also invest in the
company. The plant has a production capacity of 72,000 tons of crumb rubber per
year are expected to fill in the export market for the crumb rubber. We observed that P.T. MB is classified as a
new company of its kind in the country of which the operation has been growing
slowly.
We
note that generally the domestic demand for crumb rubber and rubber products
has been rising by about 6% - 8% per year in the last five years in line with the
growing population of tire and tube industry, automotive industry and rubber
product industry in the country. The
demand of crumb rubber is projected to go on rising each year in the next three
years. Meanwhile, competition is quite heavy in the crumb rubber industries now
doing business in this field in Indonesia. According to the Indonesia Car
Manufacturers Association (GAIKINDO) explained that the total of car sales in
2007 amounted to 434 thousand units increased to 608 thousand units in 2008 and declined to 486 thousand units in
2009. The total of car sales in 2010
rose again to 765 thousand units to 894 thousand units in 2011 to 1,116
thousand units in 2012 to 1,230 thousand units in 2013 and dropped to 1,208
thousand units in 2014. The growth of
car and motorcycle sales in Indonesia in 2007 to 2014 is pictured on the
following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
|
2013 |
1,230 |
7,744 |
|
2014 |
1,208 |
7,867 |
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. 120,000,000 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. MB 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 2013 amounted
to Rp. 42.0 billion increased to Rp.118.0 billion in 2014. The company’s operation in 2014 yielded an
estimated net profit of at least Rp. 7.2 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. MB is led by Mr. Erwin Sugianto (42) as president director
and CEO of the company. In daily activities he is assisted by Mr. Welly Chandra
(26) as director. They are also assisted
by a number of expert staffs in crumb rubber industry. 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. MB) 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. 63.66 |
|
|
1 |
Rs. 100.50 |
|
Euro |
1 |
Rs. 71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.