MIRA
INFORM REPORT
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Report Date : |
19.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. BUKIT WARNA ABADI |
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Registered Office : |
Jalan Kenanga Indah II Block HC No. 4, Komplek Harapan Indah, Bekasi 17131 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
10 October 2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Supplies of Food Grade |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 52,600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. BUKIT WARNA ABADI
Address
Head
Office
Jalan Kenanga Indah II Block HC No. 4
Komplek Harapan Indah
Bekasi 17131
West Java
Indonesia
Phone - (62-21) 8872 776
Fax. - (62-21) 8872 267
Building Area - Houses
Office Space - 120 sq. meters
Region - Housing Complex
Status - Owned
Date of Incorporation
10 October 2005
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-33040 HT.01.01.TH.2005
Dated 13 December 2005
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 02.510-260.9-407
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 100,000,000.-
Issued Capital : Rp. 100,000,000.-
Paid up Capital : Rp. 100,000,000.-
Shareholders/Owners :
a. Mr. Bambang Sumantri - Rp.
50,000,000.-
Address : Harapan
Indah Block PK No. 17
Medan Satria, Bekasi
West Java
Indonesia
b. Mr. Ir. Stefanus Tjetje Wirjadi, SH - Rp. 50,000,000.-
Address : Jl Kenanga Indah Block HC No. 4
Komplek Harapan Indah, Bekasi
West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Import and Supplies of Food Grade
Production Capacity
None
Total Investment
None
Started Operation
2006
Brand Name
None
Technical Assistance
None
Number of Employee
7 persons
Marketing Area
Local - 100%
Main Customer
a. P.T. ARNOTS INDONESIA
b. P.T. INDOFOOD FRITOLAY
c. P.T. ASTAGUNA WISESA
d. P.T. AGROFOOD PROPANINDO
Market Situation
Very Competitive
Main Competitors
a. P.T. HANJAYA INTI ABADI
b. P.T. FOODEX INGREDIENTS
c. P.T. ESSENCE INDONESIA
d. P.T. PACHIRA DISTRANUSA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
P.T. Bank INTERNATIONAL INDONESA Tbk
Jalan Raya Boulevard Block LC 5 No. 9-11
Kelapa Gading, Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 4.0 billion
Net Profit (Loss) :
2006 – Rp. 0.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Bambang Sumantri
Board of Commissioners :
Commissioner - Mr. Ir. Stefanus Tjetje
Wirjadi, SH.
Signatories :
President Director (Mr. Bambang Sumantri) which must be approved by
Supervisory Board.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under guarantee
Proposed Credit
Limit
C.O.D. To small
amount
Maximum Credit Limit
US$ 52,600.- on the
90 days of payments
OVERALL PERFOMANCE
P.T. BUKIT WARNA ABADI (P.T. BWA) was established in Bekasi, West Java in October 2005 with an authorized capital of Rp. 100,000,000.- entirely issued and paid up. The founding shareholders are Mr. Bambang Sumantri and Mr. Ir. Stefanus Tjetje Wirjadi, SH, both are Indonesian businessmen of Chinese extraction. The deed of amendment was made by Mr. Benny Christianto, SH., a public notary in Jakarta under Company Registration Number C-33040 HT.01.01.TH. 2005, dated December 13, 2005.
P.T. BWA has been operating since the end of 2005 engaged in
the field of trading, import and supply of food grade. Mr. Bambang Sumantri,
the director of the company explained that merchandising food grade is imported
from India and China. Its food grade
products marketed to various local food and beverage processing plants like
instant noodles, snack foods, crackers, edible oils and margarine processing
companies among others are P.T. ARNOTS INDONESIA, P.T. ASTAGUNA WISESA, P.T.
AGROFOOD PROPANINDO, P.T. INDFOOD PRITOLAY, etc. P.T. BWA has established many
regular customers both in Jakarta, Tangerang, Bekasi, Cikarang, Karawang and
surroundings. P.T. BWA's operation has evidently been running smoothly and
growing in the last one year.
The demand for food grade, food ingredients and food seasoning products has kept on rising by 10% to 12% per annum in the last three years in line with the sustained growth in food and beverage processing industry in Indonesia as well as the improving of population income. The demand growth will go on rising by 10% per annum in the next three years. Market competition is very sharp considering many other similar imported products offering on the local markets. P.T. BWA in this case is not doing very badly on account of it has built a fairly close connection with several leading food and beverages processing plants in Indonesia.
Until this time P.T. BWA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in the first year of 2006 amounted to Rp. 4.0 billion and projected to go on rising by at least 8% in 2007. The operation in 2006 yielded an estimated net profit at least Rp. 0.2 billion and the company has an estimated total networth by at least Rp. 350 million. We observe that P.T. BWA is supported by financially fairly strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Mr. Bambang Sumantri, the director of the company disclosed that the company usually pays its debts punctually to suppliers.
The management of P.T. BWA is led by Mr. Bambang Sumantri (47) a professional manager who has experienced for more than 12 years in the field of trading, import and supplies of food grade and also food ingredients. We observed that management’s reputation in said business is fairly good. The company has had wide relation in the realm of the private businessmen inside and outside the country. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country.
The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. PT. BUKIT WARNA ABADI is sufficiently fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)