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Report No. : |
339000 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T.
MEGA ARTHA PERKASA |
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Registered Office : |
Kawasan Industri Mekar Jaya, Jl. Karet Raya No. 168, Karet, Sepatan, Raya Mauk KM. 7, Tangerang 15520, Banten |
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Country : |
Indonesia |
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Date of Incorporation : |
18.11.2006 |
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Com. Reg. No.: |
AHU-AH.01.10-05493 |
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Subject
operates in the Mosquito Coil
Industry |
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|
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No. of Employees : |
82 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
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 |
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 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 |
Name of Company :
P.T. MEGA ARTHA PERKASA
A d d r
e s s :
Head
Office & Factory
Kawasan
Industri Mekar Jaya
Jl.
Karet Raya No. 168
Karet,
Sepatan, Raya Mauk KM. 7,
Tangerang
15520
Banten,
Indonesia
Phone -
(62-21) 5937 2828
Fax - (62-21) 5937 2818
Land Area - 2,500 sq.
meters
Building Space - 1,800 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
18
November 2006
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
-
No. W7-00127 HT.01.01.TH.2007
Dated 4 January 2007
-
No. AHU-19453.AH.01.02.Tahun 2009
Dated 08 May 2009
-
No. AHU-AH.01.10-05493
Dated 04 March 2010
Company Status :
Domestic
Private Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 02.628.910.8-411.000
Related/Affiliated Company :
Not
available
Capital
Structure :
Authorized Capital -
Rp. 6,300,000,000.-
Issued Capital -
Rp. 1,575,000,000.-
Paid up Capital -
Rp. 1,575,000,000.-
Shareholders/Owners
:
a. Mr. Eddy Widjaja - Rp.
1,559,250,000.- (99%)
Address :
Jl. Dr. Muwardi Raya No. 19
Kel. Grogol Petamburan
Jakarta Barat, Indonesia
b. Mrs. Sri Kartika Dewi Surjadinata - Rp. 15,750,000.- ( 1%)
Address :
Jl. Dr. Muwardi Raya No. 19
Kel. Grogol Petamburan
Jakarta Barat, Indonesia
Lines
of Business :
Mosquito Coil Industry
Production
Capacity :
On the order basis
Total
Investment :
a. Equity Capital -
Rp. 6.3 billion
b. Loan Capital -
Rp. 0 billion
c. Total Investment - Rp.
6.3 billion
Started
Operation :
2007
Brand
Name :
VAPE, PAGODA, MAWAR and GONG
Technical
Assistance :
None
Number
of Employee :
82 persons
Marketing
Area :
a. Local - 20%
b. Export - 80%
Main
Customers :
Overseas buyers in Poland, Pakistan, Africa and India
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. Bayer Indonesia
b. P.T. Kuda Raya Industry
c. P.T. Megasari Makmur
d. P.T. Fumakilla Indonesia, etc.
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank RAKYAT INDONESIA Tbk.
Tangerang
Branch
West Java, Indonesia
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Tangerang
Branch
West Java,
Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2011 – Rp. 37.0 billion
2012 – Rp. 42.2 billion
2013 – Rp. 48.0 billion
2014 – Rp. 53.0 billion
Net
Profit (Loss) :
2011 – Rp. 1.8 billion
2012 – Rp. 2.1 billion
2013 – Rp. 2.4 billion
2014 – Rp 2.6
billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
D i r e c t o r - Mr. Eddy
Widjaja
Board of Commissioners :
Commissioner -
Mrs. Sri Kartika Dewi Surjadinata
Signatories :
The Director (Mr. Eddy Widjaja) which must be
approved by Board of Commissioner (Mrs. Sri Kartika Dewi Surjadinata)
Management Capability :
Good
Business Morality :
Good
P.T. MEGA ARTHA PERKASA (P.T. MAP) was
established in Jakarta based on Notarial Deed of Suwarni Sukiman, SH., No. 29
dated November 18, 2006 with an authorized capital of Rp 6,300,000,000.- of which Rp. 1,575,000,000.- was issued and
fully paid up. The founding shareholders of the company are Mr. Rony Sjalim
Muin (40%), Mr. Dhanny Raynandi (30%) and Mr. Eddy Widjaja (30%), third
Indonesian businessmen of Chinese extraction.
The notary deed of establishment was approved by the Ministry of Law and
Human Right in its Decision Letter No. W7-00127 HT.01.01.TH.2007 dated January
4, 2007. The Company’s article of association has been amended for several
times, most recently by notarial deed of Eliwaty Tjitra, SH., No. 93 dated
February 15, 2010 Mr. Rony Sjalim Muin and Mr. Dhanny Raynandi pulled out and
the whole shares are sold to Mr. Eddy Widjaja and his wife Mrs. Sri Kartika
Dewi Surjadinata. This
amendment to Deed has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through its Decree No. AHU-AH.01.10-05493 dated March
4, 2010. Since then, no changes have been effected in term of its
capital structures to date.
P.T. MAP operates in the mosquito coil
industry, managing a plant located on a 2,500 sq. meters land at Kawasan Industri Mekar Jaya, Jl. Karet Raya
No. 168, Karet, Sapatan, Raya Mauk Km. 7, Tangerang 15520 (Banten Province)
which has been in operation since early 2007.
P.T. MAP produces mosquito coils of the VAPE, PAGODA, MAWAR, GONG brand
and others. Besides, P.T. MAP also supply raw materials to customers who are
doing their own manufacturing including wood powder, coconut shell powder, joss
powder and premix powder. They also
supply pre-mix (pre-formulated) powders which contain the fillers and binders
using the required formulation by the customer.
P.T. MAP supply products to local market in Indonesia and expanding
overseas market to Southeast Asia, Africa, Eastern Asia and Eastern Europe.
Mapping for our customer world wide (Poland, Pakistan, Africa, India). We observed that P.T. MAP is classified as a
medium sized company of its kind in the country of which the operation has been
growing slowly in the last three years.
We find that the domestic and overseas
demand for mosquito coils has been rising generally by about 5% to 6% per year.
Usually the demand increases in the dry or hot season (from March to August),
while in the cold or rainy season demand will decline. The Indonesian
population of 240 million at present constitutes a potentially big market for
mosquito coils. Competition in the mosquito repellent market is quite tight
with coils receiving strong competition from liquid, spray, jelly and tissue
repellent types. P.T. MAP is in a quite favorable business position for having
already established a wide marketing network in overseas, especially Poland,
Pakistan, Africa and India.
P.T. MAP has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. It’s estimated that total sales turnover of the company
P.T. MAP's sales turnover in 2012 is estimated at Rp. 42.2 billion, increased
to Rp 48.0 billion in 2013 and rose again to Rp. 53.0 billion in 2014. It is projected to go on rising by at least
6% in 2015. The operation in 2014 yielded an estimated net profit of Rp. 2.6
billion and it is estimated the company has an estimated total assets at least
Rp. 22.0 trillion. So far we have never heard that the company registered with
the black list of Bank of Indonesia (Central Bank) or involved in the civil
case that settled through the local court.
The company usually pays its debts punctually to suppliers.
The management of P.T. MAP is led by Mr.
Eddy Widjaja (42), an Indonesian businessman of Chinese origins who experienced
for more than 8 years in the field of mosquito coil manufacturing and
trading. In his daily activities, he is
assisted by his wife Mrs. Sri Kartika Dewi Surjadinata (40) and a number of
expert staff in the business. So far, we
have never heard that Mr. Eddy Widjaja and his family involved in the business
malpractices or detrimental cases that settled through the court in the
country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
P.T. MEGA ARTHA PERKASA is
appraised to be good for business transaction.
However,
in view of the economic condition in the country is slowdown and 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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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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 |
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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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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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.