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MIRA INFORM REPORT
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Report No. : |
490333 |
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Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T.
MOLINDO RAYA INDUSTRIAL |
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Registered Office : |
Jl.
Sumber Waras No. 255, Lawang, Malang 10310, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
17.03.1973 |
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Com. Reg. No.: |
AHU-AH.01.03-0193639 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ethanol
and Fertilizer Industry |
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No. of Employees : |
650 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 33% today. While Fitch and Moody's Investors
upgraded Indonesia's credit rating to investment grade in December 2011,
Standard & Poor’s has yet to raise Indonesia’s rating to this status amid
several constraints to foreign direct investment in the country, such as a high
level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
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 has not yet materialized.
|
Source
: CIA |
BASIC
SEARCH
|
Correct
Name of Company :
P.T. MOLINDO RAYA INDUSTRIAL
Address
:
Head
Office & Factory
Jl.
Sumber Waras No. 255
Lawang,
Malang 10310
East Java
Indonesia
Phones - (62-34) 142 6681
(Hunting)
Fax -
(62-34) 142 6222
E-mail - marketing@molindo.co.id
Website - http://www.molindo.co.id
Land Area - 2.5 hectares
Building Area - 1.2 hectares
Region - Industrial Zone
Status - Owned
Representative
Office
Equity Tower, 19th Floor, Kawasan SCBD
Jl. Jend. Sudirman Kav. 52-53
Jakarta Selatan 12190
Indonesia
Phones - (62-21) 2903 5431
(hunting)
Fax - (62-21) 2903 5440
Building Area - 32 storey
Office - 120 sq. meters
Region - Commercial
Status - Rent
Date of Establishment :
17
March 1973
Legal
Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company
Reg. No. :
The Ministry of Law and Human Rights
-
No. Y.A. 5/246/11
Dated 19 May 1976
- No.
C2-27894.HT.01.04.TH.98
Dated 14 December 1998
-
No. AHU-09448.AH.01.02.Tahun 2009
Dated 05 June 2009
-
No. AHU-16398.AH.01.02.Tahun 2010
Dated 31 March 2010
-
No. AHU-33140.AH.01.02.Tahun 2012
Dated 18 June 2012
-
No. AHU-AH.01.03-0193639
Dated 22 November 2017
Company
Status :
Domestic
Investment Company (PMDN)
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.133.538.7-641.000
Holding Company :
P.T.
MADUSARI MURNI INDAH (Molasses Industry and Investment Holding)
Affiliated/Associated
Companies :
a. P.T. MASUDARI LAMPUNG INDAH (Sugar Cane Plantation)
b.
P.T. GUNUNG BALE (Sugar Cane Plantation)
c.
P.T. SUMBER KITA INDAH (Sugar Cane Plantation)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - Rp. 1,000,000,000,000.-
Issued Capital - Rp. 373,931,000,000.-
Paid up Capital - Rp. 373,931,000,000.-
Shareholders/Owners
:
a. PT. Madusari Murni Indah - Rp. 306,688,000,000.- (82.02%)
b. Mr. Ir. Sandojo Rustanto - Rp. 43,140,198,500.-
(11.54%)
c.
Mr. Handjojo Rustanto -
Rp. 11,254,789,500.- ( 3.01%)
d.
Mr. Indra Winarno -
Rp. 6,388,961,750.- ( 1.71%)
e.
Mrs. Henny Rustanto -
Rp. 5,626,836,750.- ( 1.50%)
f.
Mrs. Handayani Rustanto -
Rp. 712,849,500.- ( 0.19%)
g.
Mrs. Avadiawati Machmur -
Rp. 119,364,000.- ( 0.03%)
BUSINESS
ACTIVITIES
|
Lines
of Business :
Ethanol
and Fertilizer Industry
Production
Capacity :
a.
Ethanol -
51,000 kiloliters p.a.
b.
Fertilizers -
20,500 tons p.a.
Total Investment :
Owned Capital - Rp. 373.9 billion
Started
Operation :
April
1995
Brand
Name :
Molindo
Raya Industrial
Technical
Assistance :
None
Number
of Employee :
650
persons
Marketing
Area :
a. Local -
90%
b. Export - 10%
Main
Customers :
a.
PT. Karsa Victa
b.
PT. Show Esterindo
c.
PT. Petro Oxo Nusantara
d. PT. BSG Gasses
e. PT. HM Sampoerna Tbk.
f. PT. Pepsi Cola Beverage
g.
PT. Air Liquide Indonesia
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Perkebunan Nusantara XI
b. PT. Cipta Karya Persada
c. PT. Karya Sari Murni
d. PT. Parama Madyadana
e. PT. Sumber Kita Indah
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
a.
P.T. Bank NEGARA INDONESIA Tbk
BNI Building
Jalan
Jend. Sudirman Kav. 1
Jakarta Pusat
b. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Total
Income/Revenue :
2013
– Rp. 821.0 billion
2014
– Rp. 933.0 billion
2015
– Rp. 1,045.0 billion
2016
– Rp. 1,170.0 billion
2017
– Rp. 1,310.0 billion
Net
Profit (Loss) :
2013
– Rp. 118.0 billion
2014
– Rp. 134.0 billion
2015
– Rp. 150.0 billion
2016
– Rp. 168.0 billion
2017
– Rp. 185.0 billion
Payment
Manner :
Almost
promptly
Financial
Comments :
Strong
and sound
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Ir. Arief Goenadibrata
Directors -
a. Mr. Adi Witjaksono
b. Mr. Nachimuthu Gopalakrishnan
Board of Commissioners :
President Commissioner - Mr. Drs. Indra Winarno, MSc
Commissioners - a. Mr. Handojo Rustanto
b. Mr. Andri Julianto Winarno
c. Mrs. Eveline Rustanto
d. Mr. Ir. Sandojo Rustanto
Signatories :
President
Director (Mr. Ir. Arief Goenadibrata) or one of the directors (Mr. Adi
Witjaksono and Mr. Nachimuthu Gopalakrishnan) which must be approved by
President Commissioner (Mr. Drs. Indra Winarno, MSc.,) and one of the board of
commissioners (Mr. Handojo Rustanto, Mr. Andri Julianto Winarno, Mrs. Eveline
Rustanto or Mr. Ir. Sandojo Rustanto)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. MOLINDO RAYA INDUSTRIAL (P.T.
MRI) was established in Sidoarjo (East Java) based on Notary Deed of Djoko
Soepadmo, SH., No. 135 dated March 17, 1973 with the authorized capital of Rp.
10,000,000,000 of which Rp. 3,931,000,000 was issued and fully paid up. The
founding shareholders of the company are Mr. Drs. Indra Winardo, MSc, Mr. Ir.
Sandojo (Sandoyo) Rustanto, Mrs. Sulistrya Rustanto, Mrs. Henny (Heny) Rustanto
and P.T. MADUSARI MURNI INDAH. The
Deed of establishment was approved by the Minister of Justice through its
Decision Letter No. Y.A. 5/246/11 dated May 19, 1976. The
articles of association of the company have frequently been revised. In 1997,
the authorized capital was raised to Rp. 50,000,000,000 of which Rp.
14,931,000,000 was issued and paid up. In 2010, the authorized capital was
raised again to Rp. 1,000,000,000,000.- of which Rp. 373,931,000,000.- was
issued and fully paid up. Since that time, the shareholders of the company are
PT. MADUSARI MURNI INDAH (82.02%), Mr. Ir. Sandojo Rustanto (10.34%), Mrs.
Sulistya Rustanto (2.70%), Mr. Drs. Indra Winarno (1.35%), Mrs. Heny Rustanto
(1.35%), Mrs. Handayani Rustanto (1.35%) and Mrs. Avadiawati Machmur (0.89%). The
amendment to Deed was approved by the Minister of Law and Human Rights through
Decision Letter No. AHU-16398.AH.01.02.Tahun 2010 dated March 31, 2010.
In June 2010, P.T. MRI planned to go public, by selling
27.26% its shares to the public through Indonesian stock exchanges, with prices
ranging from Rp. 450 to Rp. 750 per share. But because the price offered by
investors did not match with a target price set fort by company, PT MRI
postponed plan to go public until an unspecified time limit. The most recently by Notary Deed of Liestiani
Wang, SH., No. 41 dated November 17, 2017, concerning the change in composition
of the Company’s shareholders. Since
then, the shareholders of the company are PT. Madusari Murni Indah (82.02%),
Mr. Ir. Sandojo Rustanto (11.54%), Mr. Handjojo Rustanto (3.01%), Mr. Indra
Winarno (1.71%), Mrs. Henny Rustanto (1.50%), Mrs. Handayani Rustanto (0.19%)
and Mrs. Avadiawati Machmur (0.03%).
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.01.03-0193639 dated November 22, 2017.
P.T. MRI (“Molindo”) is
engaged in the chemical industry with the main product of ethanol and rubbing
alcohol. The factory is located
at Jl. Sumberwaras No. 255, Lawang, Malang,
East Java, which
has been operating commercially since
We observed that P.T. MRI is one of the
leading ethanol producers in Indonesia, with a production capacity 51 million
liters per year. P.T. MRI is also one
out of three biggest ethanol producer in Indonesia. Since it holds 90% of the
domestic market, P.T. MRI becomes the domestic market leader. While the Potassium and Organic fertilizer
has 10,500 ton and 10,000 ton capacity per year. As many as 90% production of P.T.
MRI is marketed to
the domestic markets, and its main customers
among others PT. Karsa Victa, PT. Showa Esterindo, PT.
Petro Oxo Nusantara,
PT. BSG Gasses, PT. Multi Bintang
Indonesia Tbk., PT.
HM Sampoerna Tbk.,
and so forth. About 10% of their products
are exported to the Philippines,
Singapore, and Japan. We observed that P.T. MRI 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.
In overall we find the demand for ethanol
and alcohol products had been rising by the average 10% to 12% per year within
the last five years in line with the growth of pharmaceutical industries,
cosmetics, health clinics, health hospitals, beauty shops and a stable economic
growth in the period. The growth rate is
now estimated at 6% to 8% per year. The solid and steady domestic economy,
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.
Macroeconomic indicators from China showed downward
trend. In contrary, macroeconomic
indicators of the US and India showed improvement. Both of these indicated continued uncertainties.
The global economic crisis that accompanied the decline
of the Indonesian Rupiah (IDR) against the US Dollar in the past two months,
resulting in Indonesian people's purchasing power declined sharply. The value
of the Rupiah from Rp. 11,800.- per US dollar at the end of 2014, has now
slumped to Rp. 13.500 per US Dollar.
Table of Indonesian Economic Indicators from 2012
to 2016
|
Indonesian
Economic Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Gross Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
|
Consumer Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
|
Government Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
|
Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
|
Current Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
|
Population (in millions) |
247 |
250 |
253 |
255 |
258 |
|
Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
|
Unemployment (percentage of workforce) |
6.1 |
6.3 |
5.9 |
6.2 |
5.6 |
|
Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Until this time P.T. MRI has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial statement
publicly. We have checked to Department of Trade and Industry and found that no
financial statement has been reported. P.T. MRI’s management is very reclusive
to outsider and rejecting to disclose its financial condition but we estimated
the total sales turnover of the company in 2015 amounted to Rp. 1,045.0 billion
increased to Rp. 1,170.0 billion in 2016 and rose again to Rp. 1,310.0 billion
in 2017. The operation in 2017 yielded
a net profit at least Rp. 185.0 billion and the company has a total net worth
of Rp. 1,120.0 billion. So far we did not hear that P.T. MRI has been black
listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court. The
company usually pays its debts punctually to suppliers.
The management of P.T. MRI is
headed by Mr. Ir. Arief Goenadibrata (50), a professional manager with more
than 20 years experience in industry and marketing of chemical products. In daily activities, he is assisted by two
directors Mr. Adi Witjaksono (68) and Mr. Nachimuthu Gopalakrishnan (52). The
management is also handled by professional experts having wide relation with
private businessmen of home and overseas. 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.
We are convinced that P.T. MOLINDO
RAYA INDUSTRIAL is fairly good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.16 |
|
|
1 |
INR 89.19 |
|
Euro |
1 |
INR 78.75 |
|
IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.