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MIRA INFORM REPORT
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Report No. : |
499249 |
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Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. MUKTI PANEL
INDUSTRI |
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Registered Office : |
Jalan Talang Betutu No. 11A, Kebon Melati, Tanah Abang, Jakarta Pusat, 10210 |
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Country : |
Indonesia |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
12.06.2013 |
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Com. Reg. No.: |
AHU-0027509.AH.01.02.TH.2017 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Medium Density Fiberboard (MDF) Industry |
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No. of Employees : |
212 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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.
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Source
: CIA |
BASIC
SEARCH
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Name
of Company :
P.T.
MUKTI PANEL INDUSTRI
Address:
Head Office
Jalan
Talang Betutu No. 11A
Kebon
Melati, Tanah Abang
Jakarta
Pusat, 10210
Indonesia
Phones -
(62-21) 3190 5656, 3193 1509
Fax - (62-21) 3190 4747
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan
Lintas Sumatera Km. 45
Kampung
Bumi Ratu, Kecamatan Bumi Ratu Nuban
Lampung
Tengah, 34161
Lampung
Province
Indonesia
Phones -
(62-725) Not Enrolled
Fax - (62-725) Not Enrolled
Mobile - 0857 5806
8340
Land Area - 40,000 sq.
meters
Building Space - 22,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
12
June 2013
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-44924.AH.01.01.TH.2013
Dated 27 August 2013
- No.
AHU-0027509.AH.01.02.TH.2017
Dated 23 December 2017
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 03.313.115.2-072.000
The Department of Industry
No.
01/18/IU/PMDN/2017
Dated
4 July 2017
Related
Company :
A Member of the Company the MUKTI Group (see
attachment)
CAPITAL
AND OWNERSHIP
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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. P.T. PAPANINDRA KHARISMA - Rp.
69,300,000,000.-
Address : Jl. Talang Betutu No. 11A, RT. 011 RW. 020
Kelurahan Kebon Melati,
Kecamatan Tanah
Abang, Jakarta Pusat, 10210, Indonesia
b. Mr. Jeffry Wiyono -
Rp. 50,700,000,000.-
Address :
Jl. Pantai Mutiara O/6, RT. 005 RW. 016
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara, 14450, Indonesia
BUSINESS
ACTIVITIES
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Lines of Business :
Medium Density Fiberboard (MDF) Industry
Production Capacity :
a. Medium
Density Fiberboard - 120,000 cu. meters p.a.
b. Urea Formaldehyde
Glues - 35,000 tons p.a.
Total Investment :
Owned Capital - Rp. 200.0
billion
Started Operation :
2014
Brand Name :
Mukti Panel Industri
Technical Assistance
:
None
Number of Employee :
212 persons
Marketing Area :
Local - 10%
Export - 90%
Main Customer :
Buyers in Asian
countries and Europe
Market Situation :
Very Competitive
Main Competitors :
a. P.T. HIJAU LESTARI
RAYA FIBREBOARD
b. P.T. RIMBA
PARTIKEL INDONESIA
c. P.T. SLJ GLOBAL
Tbk
d. P.T. SUMATERA
PRIMA FIBREBOARD
e. Etc
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
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B
a n k e r :
a. P.T. Bank MANDIRI Tbk
Jalan Tebah III No. 36
Jakarta Selatan, Indonesia
b. P.T. Bank
NEGARA INDONESIA Tbk
Jalan Jend. Sudirman Kav. 1
Jakarta
Pusat, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
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Annual
Sales (estimated) :
2015
– Rp. 221.0 billion
2016
– Rp. 238.7 billion
2017
– Rp. 257.8 billion
Net
Profit (estimated) :
2015
– Rp. 17.7 billion
2016
– Rp. 19.1 billion
2017
– Rp. 20.6 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
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Board of Management :
Director -
Mr. Soelaiman Dickie
General Manager - Mr. Idi Nugraha
Board of Commissioners :
Commissioner - Mr. Jeffry Wiyono
Signatories :
Director
(Mr. Soelaiman Dickie) which must be approved by Board of Commissioner
CAPABILITIES
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Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
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P.T. MUKTI PANEL INDUSTRI (P.T. MPI) was established in
Jakarta based on notary deed Mr. Syafril, SH., no. 3 dated 12 July 2013 with an
authorized capital of Rp. 2,500,000,000 issued capital of Rp. 1,000,000,000
entirely paid up. The founding shareholders of the company are P.T. PAPANINDRA
KHARISMA and Mr. Jeffry Wiyono, an Indonesian businessman of Chinese descent.
Its article of association had been changed and according to revision notary
deed Mrs. Ledy Chyntya Anggreini, SH., no. 20 dated 20 December 2017 the
company authorized capital was increased to Rp. 200,000,000,000 issued capital
to Rp. 120,000,000,000 entirely paid up. With this development the composition
of its shareholders has been changed to become P.T. PAPANINDRA KHARISMA
(57.75%) and Mr. Jeffry Wiyono (42.25%). The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-0027509.AH.01.02.TH.2017 dated December 23, 2017.
P.T. MPI is a national private company a member of the
MUKTI Group engaged in the field of medium density fiberboard manufacturing. In
its operation the company manages a plant located at Jalan Lintas Sumatera Km.
45, Bumi Ratu village, Bumi Ratu Nuban district, Lampung Tengah regency,
Lampung Province standing on a land of 40,000 sq. meters landsite. The plant
has been commenced operation in 2014 produces of medium density fiberboard
(MDF) and glue. Meanwhile according information the company will be produces of
woodchip and particle board. of high quality thin panel medium density
fiberboard with the utilization of Mande – press machine installed in the
mills. The product of the company has been known international and domestically
by the name of MUKTI board. P.T. MPI specializes primarily in thin MDF boards
from 2.5 mm to 4.75 mm with rubber wood as its raw material. The company specializes in manufacturing “Medium Density
Fiberboard” (MDF). MDF is one of the four main categories of wood based
panels-laminated boards, particle boards, fiber boards and oriental strand
boards.
The distribution of the fiber and uniform compactness
throughout the Mukti board enable a smooth surface and edge finish. MDF to be
an excellent material for producing furniture such as drawer bottoms and
cabinet backs, interior door skins, interior decorative walls, wall ceiling and
panels, kitchen accessories, partitions, picture frames, package boxes, etc.
Mr. Idi Nugraha, General Manager of the company disclosed that some 10% of his
company products is marketed locally to furniture manufacturing industries and
90% is exported to various countries including South Asia, Europe Union. We
observe that P.T. MPI 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.
Generally, demand for processed wood including medium
density fiber (MDF) has been fluctuating in the last five years in line with
the fluctuating export and domestic markets. It is estimated that the demand
will kept on rising in the coming two-three years. Meanwhile, the competition
is very tight on account of lots of similar companies operating in the country.
The woodworking industry had been turning down within the last five years due
to lack of raw materials, as far from transportation facility and fluctuation
of export demand. In 2017, we believe that the national and global economies
will grow better as supported by economic stimulus programs provided by the
Government. Nevertheless, forestry industry still faces many obstacles,
including environmental issues and fluctuating wood price. We hope that any
strategic decision taken by the Company will keep in prudential and in
accordance with good corporate governance principles. We are sure that P.T. MPI
will be able to maintain its business in the next years. The growth of said
business is evident from the production and utility growth of the processed
wood export volume and export value of plywood and sawn timber below:
Forest Wood
Production, 2011 – 2016* (M3)
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Type of Commodities |
2011 |
2012 |
2013 |
2014 |
2015 |
2016* |
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Logs |
47,429,335 |
49,258,255 |
45,770,454 |
44,963,519 |
35,290,288 |
37,054,802 |
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Sawn timber |
967,318 |
1,100,096 |
992,867 |
1,458,624 |
1,765,080 |
1,774,985 |
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Plywood |
3,302,843 |
3,310,863 |
3,261,970 |
3,579,113 |
3,640,631 |
3,859,069 |
Until this time P.T. MPI has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. MPI 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. 221.0 billion increased to Rp.
238.7 billion in 2016 rose to Rp. 257.8 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. 20.6 billion and the company has an estimated total
networth of at least Rp. 130.0 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. MPI is led by Mr. Soelaiman Dickie
(45) a businessman and professional manager with medium density fiberboard
manufacturing. 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. MUKTI PANEL INDUSTRI
is sufficiently fairly good for business cooperation.
Attachment
List of the
MUKTI Group Members
1. BUMI SUKA SWAKARSA, P.T. (Tapioca Flour Industry)
2. HESTI
AGRO NIAGA, P.T. (Oil Palm Plantation)
3. INYUTAS,
P.T. (Forestry Concession)
4. KAWEDAR
MUKTI TIMBER, P.T. (Forestry Concession)
5. KAYU
MUKTI, P.T. (Forestry Concession)
6. MASARI
DWISEPAKAT FIBRE, P.T. (Medium Densityt Fibreboard Industry)
7. MUKTI
AGRO LESTARI, P.T. (Oil Palm Plantation)
8. MUKTI PANEL INDUSTRI, P.T. (Medium
Densityt Fibreboard Industry)
9. MUKTI
SWADAYA LESTARI, P.T. (Oil Palm
Plantation)
10. PAPANINDRA KHARISMA, P.T. (Investment Holding)
11. SWADAYA
MUKTI PERKASA, P.T. (Oil Palm Plantation)
12. Etc.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.06 |
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|
1 |
INR 92.06 |
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Euro |
1 |
INR 80.37 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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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.