MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. BENTOEL
PRIMA |
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Registered Office : |
Jalan Raya Karanglo, Singosari, |
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Country : |
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Date of Incorporation : |
7 February 1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Clove and White Cigarettes Manufacturing Plastic and Carton Packaging Manufacturing |
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$ 66,800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. BENTOEL PRIMA
Address
Head Office &
Factory
Jalan Raya Karanglo, Singosari
Phones - (0341)
490000 (Hunting), 841707-09, 491614-15
Fax - (0341)
495710
Land Area - 60,500 storey
Building Space - 32,800 sq. meters
Region - Industrial
Zone
Status - Rent
Factory 2
Jalan Susanto No. 2-A
Phones - (0341)
326321 (hunting), 320353
Fax - (0341)
491660
Land Area - 40,000 storey
Factory Space - 27,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
7 February 1992
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-UM.02.10.12229
Dated 18 July 2006
Company Status
Domestic Investment (PMDN) Company
Permit by the Government
Department
The Department of Industry
- No. 014/Reg/Kanwil 1.13/AI/IUT/IX/1989
Dated 5 October 1989
- No. 402/DJAI/IUT-D5/Non PMA-PMDN/XII/1992
Dated 3 December 1992
The Capital Investment Coordinating Board
- No. 544/PMDN/1997
Dated 6 October 1997
The Department of Finance
- NPWP No. 1.586.692.4-623
Related Company
The RAJAWALI Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
600,000,000,000.-
Issued Capital : Rp.
462,500,000,000.-
Paid up Capital : Rp.
462,500,000,000.-
Shareholders/Owners :
a. P.T. RAJAWALI CORPORATION - Rp.
323,750,000,000.-
Address : Menara Rajawali, 28th
Floor
Jalan Mega Kuningan Lot 5-1
Kuningan Selatan
b. P.T. Perusahan Rokok TJAP BENTOEL - Rp.
138,750,000,000.-
Address :Jalan Raya Karanglo, Singosari
East Java -
BUSINESS ACTIVITIES
Lines of Business:
a. Clove and White Cigarettes Manufacturing
b. Plastic and Carton Packaging Manufacturing
c. Sole Agent and Distributor of :
- INTER BIRU White and Clove
Cigarettes from P.T. SUBURAMAN
- STARMILD White Cigarettes
from P.T. LESTARIPUTRA WIRASEJATI
d. Investment Holding
Production Capacity
a. Machine Clove Cigarettes - 10.3 million pcs. p.a.
b. Hand Clove Cigarettes - 15.5 million pcs. p.a.
c. White Cigarettes - 3,0 million pcs. p.a.
d. Plastic Packaging -
450.0 million pcs. p.a.
e. Carton Packaging - 27.0 million sq. meters p.a.
f. Laminating - 18.6 million sq. meters p.a.
Total Investment
a. Equity Capital - Rp. 462.5 billion
b. Loan Capital - Rp. 632.0 billion
c. Total Investment -
Rp.1,094.5 billion
Started Operation
September 1996
Brand Name
BENTOEL
Technical Assistance
None
Number of Employee
7,940 persons
Marketing Area
Domestic - 90%
Export - 10%
Main Customer
The Publics
Market Situation
Very Competitive
Main Competitors
a. P.T. GUDANG
GARAM Tbk.
b. P.T. HM
SAMPOERNA Tbk.
c. P.T. Pabrik
Rokok DJARUM
d. P.T. PHILIP
MORRIS
e. P.T. NOJORONO
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank RAKYAT
Jalan Jend. Sudirman Kav.
44-46
b. P.T. Bank MANDIRI Tbk.
Jalan M.H. Thamrin No. 5
c. P.T. Bank
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 4,289.5
billion
2005 – Rp. 4,310.0
billion
2006 – Rp. 4,810.0
billion
Net Profit :
2004 – Rp. 97.8 billion
2005 – Rp. 112.0 billion
2006 – Rp. 125.0
billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Nicolaas Bernadus Tirtadinata
Director - a. Mr. Sun Alexander Yapeter
b. Mrs. Ginawati
Board of Commissioners :
President Commissioner - Mr. Drs. Darjoto Setiawan
Vice Pres. Commissioner - Mr. Yaya Winarno Junardy
Commissioner -
Mr. Tan Tjoe Liang
Signatories :
President Director (Mr. Nicolaas Bernadus
Tirtadinata) or one of the Directors (Mr. Sun Alexander Yapeter and Mrs.
Ginawati) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 66,800,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company was established in February in 1992 with an authorized capital of Rp. 500,000,000.- issued capital of Rp. 200,000,000.- wholly paid-up. Founders and shareholders of P.T. BENTOEL PRIMA (P.T. BP) are P.T. RAJAWALI CORPORATION (originally named P.T. RAJAWALI WIRA BHAKTI UTAMA) and Mr. Budhy Gunawan Wibisono Budhyarto, an Indonesian businessman of Chinese extraction. Its articles of association has frequently been revamped for a couple of times. Later in September 1997, the authorized capital was increased to Rp. 600,000,000,000.- billion issued capital to Rp. 185,000,000,000.- wholly paid-up. On the same occasion, Mr. Budhy Gunawan Wibisono Budhyarto pulled-out and replaced by P.T. Perusahaan Rokok TJAP BENTOEL. By the end of January 2000 P.T. RAJAWALI granted its 2.5% shares to Koperasi Karyawan P.T. BENTOEL PRIMA 'TUNAS HARAPAN.
Its articles of association has been frequently changed for a couple of times. Until 31 December 2002, P.T. BP's whole shares was taken over by P.T. BENTOEL INTERNATIONAL INVESTAMA Tbk or P.T. BINI (99.999%) and P.T. RAJAWALI Corp., (0.001%). The largest shareholder of P.T. BP is P.T. BINI, a public listed company whose shares ware originally owned by P.T. SEMESTA INDOVEST (14.14%), P.T. CIPTADANA SECURITAS (11.14%), P.T. LEMON SILK LTD., (5.57%) and the public (69.15%). P.T. SEMESTA INDOVEST is member company of the RAJAWALI Group led by Mr. Peter Sondakh Also Known As (AKA) Jo Kok Tjeng.
According to the articles of association of the company, the shareholders of P.T. BP are P.T. RAJAWALI CORPORATION (70%) and P.T. Perusahaan Rokok TJAP BENTOEL (30%). The articles of association of the company were made by Dian Guntari Listianingsih Soemarwoto, SH., A NOTARY PUBLIC IN Jakarta, under number 7 having been legalized by the Department of Law and Human Rights under number C-UM.02.01.12229 dated 18 July 2006.
P.T. BP is dealing with clove cigarettes and packaging industry
operating as from July 1997. P.T. BP operates 2 unit of factories respectively
machine made clove cigarettes manufacturing located at Jalan Raya Karanglo and
hand rolled clove cigarette manufacturing.
The above two factories were originally owned by its parent company P.T.
Perusahaan Rokok TJAP BENTOEL. Most of
its other assets including the factories have already been handed over to P.T.
BP. Some of the assets to have been shifted to P.T.BP are cigarette basic
materials, warehouses, office buildings, branch office and marketing offices
and marketing network, trademarks as well as patnt, on suggestion from P.T.
Bank RAKYAT
After the taking over of the above assets, P.T. BP controls some 99.90% shares of P.T. Perusahaan Dagang dan Industri TRESNO (white cigarette manufacturing), 99.60% shares of P.T. Perusahaan Dagang dan Industri SUBURAMAN (white cigarette manufacturing), 99.60% shares of P.T. Perusahaan Dagang dan Percetakan AMISETA (cigarettes distribution) and 99.88% shares of P.T. TAMAN BENTOEL (recreation park development and management) was previously owned by P.T. BENTOEL.
Since 1983, P.T. Perusahaan Dagang dan Industri TRESNO obtained
a license from PHILIP MORRIS PRODUCT Inc., of the
According to the Indonesian Cigarette Producers Association (GAPPRI), the annual production of P.T. BP in 2003 reached 3,865 million sticks cigarettes soared to 4,138 million sticks in 2004 and 4,296 million sticks in 2005. It was an impressive increase in production occurred in Bentoel Country and Bentoel Sejati but the sales of Star Mild brand had been declining. In December 2004, P.T. BP signed a letter of agreement (LoA) of the acceleration limit of distribution agreement with P.T. PHILIP MORRIS INDONESIA (P.T. PMI). Mr. Drs. Darjono Setiawan, the Chairman of P.T. BP, said that the ending of distribution agreement with P.T. PMI is one of considerations to anticipate potential conflict in the future because P.T. BP also produces non-clove flavoring cigarettes having lately shown significant increase in sales.
Business position of P.T. BP is quite critical due to lack of public purchasing power as the impact of economic crisis since the end of July 1997 hitherto. For the long run, the business has good prospect because the products have been widely known among consumers. The prominent products of P.T. BP are clove cigarettes of STAR MILD, BENTOEL MILD, BENTOEL BIRU and INTER BIRU brands.
Based on financial report of P.T. BP, its sales turnover in 2002 reached Rp 4,955.9 billion with net profit of Rp 227.5 billion declined to Rp. 4,268.5 billion with a net profit of Rp. 15.4 billion in 2003 and rose again to Rp. 4,289.5 billion with a net profit of Rp. 97.8 billion in 2004. The total sales turnover of P.T.BP in 2005 is estimated to have increased to Rp. 4,310.0 billion with a net profit of Rp. 112.0 billion and jumped up to Rp. 4,810.0 billion with a net profit of Rp. 125.0 billion in 2006.
In 2002, P.T. PPA (ex. IBRA) revealed that P.T. BP was registerd as one of bad debtors with total bad debt of Rp. 260.0 billion. However, since February 2003 the debt had been shifted from P.T. PPA to two investors namely BAILCY INTERANTIONAL Group and P.T. DANATAMA MAKMUR. It seemed that both companies were members of the RAJAWALI Group led by Mr. Peter Sondakh.
Initially, P.T. BP was headed by Mr. Drs. Darjoto Setiawan
(50), a professional manager and a top-figure of the RAJAWALI Group, as the
president director. However, since July
2006 he has been replaced by Mr. Nicolas Bernadus Tirtadinata (49). He used to be a director of P.T. BP. In his daily activities, he is assisted by
two directors namely Mr. Sun Alexander Yapeter (48) and Mrs. Ginawati (44),
both have broad experience in industry and trading of clove flavored
cigarettes. However, we believed that
the primemover of the companies is Mr. Peter Sondakh, a leading businessman in
We believe that P.T. BP is good for normal 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%)