|
|
|
MIRA INFORM REPORT
|
Report No. : |
484873 |
|
Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MITRA BANGUN CEMERLANG |
|
|
|
|
Registered Office : |
Jalan Raya Kukun Cadas Km. 1.7 Kampung Pangodokan Kutabaru, Pasar
Kemis Tangerang, 15530 Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
29.10. 2001 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.03-0012230 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Plastic Recycling |
|
|
|
|
No. of Employees : |
398 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRAs Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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. Indonesias 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 less than 27 percent today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poors has yet to raise Indonesias 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 Indonesias 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 |
Company
summery
Name of Company :
P.T. MITRA BANGUN CEMERLANG
A d d r e s s :
Head Office & Factory
Jalan
Raya Kukun Cadas Km. 1.7
Kampung
Pangodokan Kutabaru, Pasar Kemis
Tangerang,
15530
Banten
Province
Indonesia
Phone - (62-21) 5935 1556 (Hunting)
Fax -
(62-21) 5935 1558
Land
Area - 6,000 sq. meters
Building
Space - 3,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
29
October 2001
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and
Human Rights
-
No. C-02471.HT.01.01.TH.2002
Dated 13 February 2002
-
No. C-03603.HT.01.04.TH.2006
Dated 9 February 2006
-
No. AHU-49775.AH.01.02.TH.2010
Dated 22 October 2010
-
No. AHU-AH.01.03-0012230
Dated 2 February 2016
Company Status :
National
Private Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 02.094.638.0-411.001
Related Company :
None
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized
Capital : Rp. 15,000,000,000.-
Issued
Capital : Rp. 4,500,000,000.-
Paid
up Capital : Rp. 4,500,000,000.-
Shareholders/Owners :
a. Mr. Djumo Matini -
Rp. 3,315,000,000.-
Address : Kampung
Teriti RT. 01 RW. 05
Kelurahan Karet, Kecamatan Sepatan
Tangerang, Banten Province
Indonesia
b. Mr. Karliman Danihardja -
Rp. 1,125,000,000.-
Address :
Jl. Hegarmanah No. 24, RT. 07 RW. 03
Kelurahan Hegarmanah, Kecamatan Cidadap
Bandung, West Java
Indonesia
c. Mr. Drs. William
Tampubolon -
Rp. 60,000,000.-
Address :
Jl. Raden Haji Umar Kampung Utan No. 58
RT. 004 RW. 008, Kelurahan Jakasetya
Kecamatan Bekasi Selatan, Bekasi
West Java, Indonesia
BUSINESS
ACTIVITIES
Lines of Business :
Plastic
Recycling
Production Capacity :
Plastic
Granular - 500 tons per month
Total Investment :
Owned
Capital - Rp. 4.5 billion
Started Operation :
2002
Brand Name :
Mitra
Bangun Cemerlang
Technical Assistance :
None
Number of Employee :
398
persons
Marketing Area :
Export - 80%
Local - 20%
Main Customer :
Plastic
Packaging Industries
Market Situation :
Very
Competitive
Main Competitors :
a.
P.T. CITRA NUSA PLASINDO
b.
P.T. ELANG ADIJAYA
c.
NUSANTARA PLASTIK
d.
P.T. RODA PERDANA UTAMA KARYA
e.
Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Banker :
P.T.
Bank CENTRAL ASIA Tbk
Jalan
Mohamad Toha
Jatiuwung,
Tangerang
Banten
Province
Indonesia
Auditor :
Internal
Auditor
Litigation :
No
litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated) :
2015
Rp. 25.0 billion
2016
Rp. 28.0 billion
2017
Rp. 31.0 billion
Net Profit (estimated) :
2015
Rp. 2.0 billion
2016
Rp. 2.2 billion
2017
Rp. 2.5 billion
Payment Manner :
No Complaints
Financial Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Djumo Matini
Directors -
a. Mr. Tae Won Kim
b. Mr. Drs. William Tampubolon
Board of Commissioners :
Commissioner -
Mr. Karliman Danihardja
Signatories :
President Director (Mr. Djumo Matini) or one of the
Directors (Mr. Tae Won Kim, or Mr. Drs. William Tampubolon) which must be
approved by Board of Commissioner
CAPABILITIES
Management Capability :
Fairly Good
Business Morality :
Fairly Good
OVERALL
PERFORMANCE
P.T. MITRA BANGUN CEMERLANG (P.T. MBC) was incorporated in Tangerang,
Banten Province on 29 October 2001 with the authorized capital of Rp.
1,000,000,000 issued capital of Rp. 300,000,000 fully and paid up. The company
was founded by Mr. Djumo Matini, Mr. Karliman Danihardja both are Indonesian
businessmen of Chinese descents and Mr. Drs. William Tampubolon an indigenous
businessman. The company notary deed had been changed a couple of times. The
latest according to the revision of notary deed Mr. Herry Sosiawan, SH., no.
520 dated 20 August 2009 the company authorized capital was raised to Rp.
2,000,000,000 issued capital to Rp. 600,000,000 fully and paid up. With this
development the composition of its shareholders has been changed to become Mr.
Djumo Matini (65%), Mr. Karliman Danihardja (25%) and Mr. Drs. William
Tampubolon (10%). The latest according to revision notary deed Mr. Satria
Amiputra Amimakmur, SH., no. 10 dated 7 January 2016 the company authorized
capital was increased to Rp. 15,000,000,000 issued capital to Rp. 4,500,000,000
entirely paid up.
With this development the composition of its shareholders has been
changed to become Mr. Djumo Matini (73.67%), Mr. Karliman Danihardja (25.00%)
and Mr. Drs. William Tampubolon (1.33%). The latest revision notary deed was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0012230 dated February 2016.
P.T. MBC is a private company started to be operating since 2002
dealing with plastic recycling manufacturing. Its plants located at Jalan Raya
Kukun Cadas Km. 1.7, Kampung Pangodokan Kutabaru, Pasar Kemis, Tangerang,
Banten Province standing on 6,000 sq. meters land. PT.
MBC occupies its own offices and factories in Tangerang area. This location is
generally for industrial and residential, in accordance with zoning which has
been determined by local government. Offices and factories are equipped with
work facilities in the form of security posts and other facilities. The factory
equipment has been laid out based on efficient production flow and working
principle. All
used plastic articles like jerygen, plastic pails and other plastic products
are obtained from several collectors of used plastic goods in Tangerang, Banten
province. Currently, the business is a plastic bottle /
plastic packaging industry (Flake). The management decided to expand by
purchasing a production machine to grind PET bottles which resulted in 80% for
export commodities and the remainder for local commodities. The company in 2008
has added 3 PET rollers and 1 pellet machine. With the pellet machine the company
can process used plastic crusher into plastic seeds (pellets) which can be used
into yarn material. In addition, the company also paved the plant to
accommodate plastic inventories in anticipation of rising inventories. The
company has 398 employees consisting of 48 employees and permanent staff, 100
contract workers and 250 sorters. The flake is exported and further processed
for plastic ore.
The
machine has seven units, consisting of five PET bottling machine production
lines (three old machines and two new machine lines), one Line pop corn machine
and one pellet machine line. The current available power from PLN is 414 Kva,
to maintain the sudden risks of the municipality, the company completes the
means of operation with the generator set unit (generator). Operational
vehicles currently owned by four units, as well as two units of forklift truck.
All production activities are conducted in offices and factories in Tangerang. The used plastic products
are recycled into plastic resin with a capacity of about 500 tons per month.
Some 80% of the products (flake) exported to China, South Korea and Asian
countries, while the rest 20% the recycled plastic resins are supplied to home
industries producing plastic things like plastic scoops, bucket, broom handles,
etc. in Tangerang, Banten Province. We observe P.T. MBC operation has been
growing and developing well in the last three years.
The demand for plastic recycling remained good in 2013 due to the
raise of down-stream industry such as plastic bag manufacturing, plastic
component industry, plastic toys making, plastic cable and other plastic based
industry. Potential of the consumption of plastic
products in Indonesia is still quite large. Moreover, the national per capita
consumption of only 10 pounds per years. This is relatively low compared to
other ASEAN countries, such as Singapore, Malaysia, and Thailand, which reached
40 kilograms per capita per year. During this time, the consumption of plastic
packaging products was driven by growth in the food and beverage industries to
reach 60 percent. In Indonesia, the plastic packaging industry, there were 892
units. Plastic packaging products (rigid packaging), soft (flexible packaging)
as well as thermoforming and extrusion market products spread across a number
of regions in Indonesia.
The current installed capacity of the plastic
packaging industry reached 2.35 million tons per year. However, utilization of
70 percent, so that the average production reached 1.65 million tons, while the
labor absorption around 350,000 people.
Although
the structure of the national plastic industry is fairly complete or integrated
from upstream to downstream, but there are still some obstacles and barriers,
including import of plastic raw materials, such as polypropylene which reached
484,000 tons of total requirement of 976 000 ton per year. In addition, the
plastic industry is still not supported upstream petrochemical industry that
produces crude oil (naphtha) and condensate. Upstream petrochemical industry in
Indonesia, many of which do not have oil refineries (oil refinery) to produces
the basic raw material of plastic.
Limitations
of the processing makes the upstream petrochemical industry is importing
naphtha feedstock of 1.6 million ton and 33 million barrels of condensate per
year. Naphtha and condensate is the base material for plastic industry raw
materials. To reduce the import of raw materials, the government continues to
encourage the development of crude oil processing industries (oil refinery)
that is integrated with the structure of the industry from upstream to
downstream. In this case, the government is ready to provide incentive, such as
the abolition of tax (tax holiday), tax relief (tax allowance), or exemption
from import duty for capital goods. In addition, the government will also
encourage the development of human resources required.
Until this time P.T. MBC has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. MBC is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in 2015 amounted to Rp. 25.0 billion rose to Rp. 28.0
billion in 2016 increased to Rp. 31.0 billion in 2017 and projected to go on
rising by at least 5% in 2018.
The operation in 2017 yielded an estimated net profit of at least
Rp. 2.5 billion and the company has an estimated total networth of at least Rp.
15.0 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. MBC is led by Mr. Djumo Matini (53) a
businessman with experience plastic recycling industry. Daily activity he is
assisted by Mr. Tae Won Kim (50) or South Korea and Mr. Drs. William Tampubolon
(76) as Directors. 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. P.T. MITRA BANGUN CEMERLANG is sufficiently fairly
good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.53 |
|
|
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
|
IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
|
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
SCs 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.