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Report No. : |
324213 |
|
Report Date : |
29.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MECHMAR JAYA INDUSTRIES |
|
|
|
|
Registered Office : |
Jalan Kolonel Yos Sudarso Km. 10, Kawasan Industri Medan, Mabar, Medan, 20242 North Sumatera |
|
|
|
|
Country : |
Indonesia |
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|
|
|
Date of Incorporation : |
12.03.1987 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-13636 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Industrial Boiler Manufacturing and Installation Services |
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|
|
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No of Employees : |
95 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 |
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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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
BASIC
SEARCH
|
Name
of Company :
P.T.
MECHMAR JAYA INDUSTRIES
A
d d r e s s :
Head
Office & Factory
Jalan
Kolonel Yos Sudarso Km. 10
Kawasan
Industri Medan
Mabar,
Medan, 20242
North
Sumatera
Indonesia
Phones - (62-61) 6850306 (Hunting)
Fax - (62-61) 6850307
E-mail - ptmji@mechmar.com.my
Land Area - 6,500 sq.
meters
Building Space - 4,500 sq. meters
Region - Industrial Estate
Status - Owned
Branch
Office
Gedung Jamkrindo, 9th Floor
Jalan Angkasa Block B-9 Kav. 6
Jakarta Pusat, 10610
Indonesia
Phones -
(62-21) 3019 1828, 3019 1838, 3019 1868
Fax - (62-21) 654 2567
Building Area - 6 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
12
March 1987
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-8375.HT.01.01.TH.93
Dated 4 September 1993
- No. AHU-90167.AH.01.02.TH.2008
Dated 26 November 2008
- No. AHU-AH.01.10-03264
Dated 01 February 2012
- No. AHU-AH.01.10-13636
Dated 12 April 2013
Company
Status :
Foreign
Investment Company (PMA)
Permit
by the Government Department :
a. The Department of Finance
NPWP No. 01.452.821.0-123.000
b. The Capital Investment Coordinating Board
- No. 17/V/PMA/1997
Dated 11 March 1997
- No. 136/II/PMA/1997
Dated 21 August 1997
Holding
Company :
MAXX
CAPITAL LTD., Seychelles (Investment Holding)
Related/Affiliated
Companies:
a.
MECHMAR CORPORATION (Malaysia) Bhd., Malaysia
b.
MECHMAR COCHRAN BOILERS Sdn. Bhd., Malaysia
c. MECHMAR COCHRAN LANKA (Pvt) Ltd., Sri Lanka
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
3,000,000,000.-
Issued
Capital -
Rp. 3,000,000,000.-
Paid
up Capital -
Rp. 3,000,000,000.-
Shareholders/Owners
:
a. MAXX CAPITAL LTD -
Rp. 2,850,000,000.-
Address : Room3, Dekk House, Rue De Zippora
Providence Mahe
Seychelles
b. Mr. Heffy Hartono -
Rp. 150,000,000.-
Address :
Jl. Malibu Indah Permai Block G No. 1
Medan, North Sumatera
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Industrial
Boiler Manufacturing and Installation Services
Production
Capacity :
a. Package Boilers - 45 unit p.a.
b. Industrial Boilers - 15 unit p.a.
Total
Investment :
a. Equity Capital - Rp. 3.0 billion
b. Loan Capital - Rp. 2.0 billion
c. Total Investment - Rp. 5.0 billion
Started
Operation :
1
9 8 7
Brand
Name :
Mechmar
Boiler
Technical
Assistance :
Mechmar
Cohran Boilers Sdn Bhd., Malaysia
Number
of Employee :
95
persons
Marketing
Area :
Local - 100%
Main
Customer :
Industrial
Manufacturing
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. BOUSTEAD MAXITHERM INDUSTRIES
b.
P.T. CILEGON FABRICATORS
c.
P.T. GRAND KARTECH
d.
P.T. HITACHI CONSTRUCTION MACHINERY INDONESIA
e.
Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Banker
:
P.T.
Bank CENTRAL ASIA Tbk
Medan
Main Branch
North
Sumatra
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2010
– Rp. 32.2 billion
2011
– Rp. 35.0 billion
2012
– Rp. 42.5 billion
2013
– Rp. 54.0 billion
2014
– Rp. 62.0 billion
Net
Profit (estimated) :
2010
– Rp. 2.8 billion
2011
– Rp. 3.0 billion
2012
– Rp. 3.6 billion
2013
– Rp. 4.5 billion
2014
– Rp. 5.2 billion
Payment
Manner :
Average
Financial
Comments :
Fairly strong
KEY
EXECUTIVES
|
Board of Management :
Director - Mr. Tan Keng Ooi
Board of Commissioners :
Commissioner - Mr. Raquib Md. Fakhrul
Signatories :
Director (Mr.
Tan Keng Ooi) which must be approved by Board of Commissioner (Mr. Raquib Md.
Fakhrul)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T.
MECHMAR JAYA INDUSTRIES (P.T. MJI) was established in Medan, North Sumatra in
March 1987 with the authorized capital of Rp. 3,000,000,000 of which Rp.
1,000,000,000 was issued and fully paid up. The founding shareholders of the
company are Mr. Jansen and Mr. Heff Hartono, both are indigenous businessmen.
The company notary deed has frequently been amendments. In March 1997, into the
company entered MECHMAR BOILER SDN, BHD of Malaysia and concurrently, the
status of the company was changed from non Domestic Capital Investment/Foreign
Capital Investment (Non PMDN/PMA) to Foreign Capital Investment (PMA) facility.
Then in August 1997, Mr. Jansen withdrew and concurrently the issued capital
was raised to Rp. 3,000,000,000 fully paid up. Then according to the amendment
of Deed of Mr. Eddy Samin, SH., No. 40 dated 12 December 2011, MECHMAR BOILER
SDN BHD of Malaysia withdrew and replaced by MAXX CAPITAL LTD of Seychelles as
new shareholder. With this time the composition of its shareholders has been
changed to become MAXX CAPITAL LTD (95%) and Mr. Heffy Hartono (5%). The
amendment of Deed was approved by the Ministry of Law and Human Rights in its
Decision Letter No. AHU-AH.01.10-03264 dated December 12, 2012.
The
most recently by Notarial Deed No. 27 dated 6 March 2013 of Eddy Simin, SH.,
concerning the change in composition of the Company’s board of Commissioners
and Directors. This amendment
to Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-AH.01.10-13636 dated 12 April
2013. Since then, no changes have been effected in term of its shareholding
composition and capital structure to date.
P.T.
MJI has been in operation since 1987 dealing with manufacturing, marketing and
installation of industrial boilers, and associated product support
services. The plant is located at Jalan
Kol. Yos. Sudarso Km. 10, Kawasan Industri Medan, North Sumatera standing on
6,500 square meters land. The plant has
annual production capacity of 60 units of boilers including titan towler water
tubes, titan bi drums water tubes, water tube packages, titan verticals, titan
thermal fluid heaters and others. Each boiler being produced by the company has
capacities ranging from 15 HP to 1,800 HP. In producing the products, the
company used British Standard, ASME (USA), DIN (Germany) and JIS (Japan). Some
50% of the company products are exported to Malaysia, Honduras, Africa and
others while the rest is locally marketed.
The operation of P.T. MJI is strongly supported by its sister company of
Malaysia. In the country, the whole
boiler supplied to various industries such as P.T. TOBA PULP LESTARI Tbk, (pulp
and paper industry) P.T. SINAR OLEOCHEMICALS (oleo-chemical industry), P.T.
FLORA MAS SAWITA (palm oil industry), P.T. MEDAN OLEOCHEMICALS (oleo-chemical
industry), P.T. MUSIM SEMI MAS (oleo-chemical and cooking oil industry), P.T.
WILMAR NABATI ASAHAN, WILMAR Group, P.T. MEDAN CANNING, P.T. AGRINDO INDOJAYA
and other crude palm oil refinery in Medan, Riau and other cities.
We
observed that P.T. MJI 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.
Along
with line macro-economic conditions that have not improved in 2014, the vehicle
sales decreased by 1.8% from 1,230,000 vehicles in 2013 to 1,208,000 vehicles
in 2014. This is due to the weak global
economic growth high inflation, rising interest rates, weak commodity prices
and the depreciation of the Rupiah throughout 2014. In 2014, Indonesia’s economic growth reached
5.02%. This is below the government’s
expectation in the beginning of the year that was 6.00% and lower than the
economic growth in 2013, which was 5.78%.
The
global economy condition is expected to remain unpredictable in 2015. Macroeconomic indicators from China showed
downward trend. In contrary,
macroeconomic indicators of the US and India showed improvement. Both of these indicated continued
uncertainties. In Europe, concerns on
the development of Greece’s economy are also expected to add uncertainties in
the global economy environment. Despite
these uncertainties, many analysts expected positive outlook for the Asian
region. OECD and IMF have predicted that
the China’s economy will grow 7.1% while India is expected to grow between 6.4
– 6.6%.
Indonesia’s
economy is expected to grow 5.5 – 5.8% due to the positive outlook of the
Indonesia’s economy. The subsidized fuel
price hike is viewed positively as the subsidy will be shifted toward
productive economy sectors, resulting in a positive economy growth. Meanwhile, impact from the price hike to the
inflation rate is expected be temporary.
On
the economic front, according to the Central Statistics Agency, Indonesia’s
economic growth in 2014 experienced a downturn to 5.1%, lower from 5.8% in
2013. The economic slowdown this year
heavily impacted the country in many aspects.
First impact was the falling vital commodity prices such as mining and
plantation products, which in turn declined export volume. Second, deficit trade balance, Depreciation
of Rupiah exchange rate against the US Dollar that exceeded 2.1%,
lower-than-expected government spending, increased BI rate to 7.75% and slow
credit expansion, as well as lower inflation compared with 6.4% inflation rate
in 2013. All of these impacts later
caused purchasing power to decline.
Table of
Indonesian Economic Indicators from 2010 to 2014
|
Indonesian
Economic Indicators |
2010 |
2011 |
2012 |
2013 |
2014 |
|
• Gross Domestic Product |
6.1 |
6.5 |
6.2 |
5.8 |
5.1 |
|
• Consumer Price Index |
5.1 |
5.4 |
4.3 |
8.4 |
8.4 |
|
• Government Debt (percentage of GDP) |
27.4 |
26.6 |
27.3 |
28.7 |
-- |
|
• Exchange Rate (GBP / USD) |
9,074 |
8,773 |
9,419 |
11,563 |
11,800 |
|
• Population (in millions) |
241 |
244 |
247 |
253 |
255 |
|
• Poverty (percentage of population) |
13.3 |
12.5 |
11.7 |
11.5 |
11.0 |
|
• Unemployment (percentage of labor force) |
7.1 |
6.6 |
6.1 |
6.3 |
5.9 |
|
• Reserves (in billion USD) |
96.2 |
110.1 |
112.8 |
99.4 |
111.9 |
Until
this time P.T. MJI has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. The management of P.T. MJI 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. 42.5 billion
increased to Rp. 54.0 billion in 2013 rose again to Rp. 62.0 billion in 2014
and projected to go on rising by at least 8% in 2015. The operation in 2014
yielded an estimated net profit of at least Rp. 5.2 billion and the company has
an estimated total net worth of at least Rp. 40.0 billion. We observe that P.T.
MJI is supported by foreign partner with has financially strong and sound
behind it. 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. MJI is led by Mr. Tan Keng Ooi (39) as director and CEO of
the company. He is a professional
manager from Malaysia, who experienced for more than 10 years in the field of
trading and manufacturing of industrial boilers and pressure vessel. In his
daily operation he is assisted by Mr.Raquib Md Fakhrul (40) of Bangladesh as
commissioner. The company's management
is handled by professional staff in the above business. They have 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.
P.T.
MECHMAR JAYA INDUSTRIES is sufficiently fairly good for business transaction.
However, in view of the economic condition in the country is still unstable, we
recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.90 |
|
|
1 |
Rs. 98.16 |
|
Euro |
1 |
Rs. 69.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.