MIRA
INFORM REPORT
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Report Date : |
28.08.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. BIPORIN
AGUNG |
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Registered Office : |
Jalan Ir. H.
Juanda III No. 34-A, |
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Country : |
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Date of Incorporation : |
5 August 1981 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Organic Pigment & Dyestuff and Textile
Chemical Industry |
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$ 414,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. BIPORIN AGUNG
Address
Head Office
Jalan Ir. H.
Juanda III No. 34-A
Phone -
(62-21) 3813855, 3807208, 3857321
Fax. - (62-21) 3861538, 3809284
E-mail - bipo@centrin.net.id
Building Area -
2 storey
Office Space -
360 sq. meters
Region -
Status - Owned
Factory
Jalan Pusat No. 88
Desa Cikupa Rt.
003/01
Tangerang, 15710
Phone -
(62-21) 5960916
Fax. - (62-21) 5960925
Land Area -
15,000 sq. meters
Building Area -
4,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
5 August 1981
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C.UM.02.01.12553
Dated 12 October
2004
Company Status
Private and Domestic Investment (PMDN) Company
Permit by the
Government Department
The Department of Finance
NPWP No. 1.216.727.6.411
The Department of Industry & Trade
TDP No. 10031300223
Dated 6 October 1998
The Capital Investment Coordinating Board
- No. 203/I/PMDN/1983
Dated 19 November 1983
- No. 348/VI/PMDN/1984
Dated 29 December 1984
- No. 251/II/PMDN/1995
Dated 29 September 1995
The Department of Industry
No. 63/T/INDUSTRI/1990
Dated 26 February 1990
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners :
a. Mr. Anwar Afandi -
Rp. 950,000,000.-
Address : Kp. Cikupa No. 88 Rt.03 Rw. 01
Kelurahan Cikupa,
Kecamatan Cikupa
Tangerang,
b. Mr. Aman Afandi -
Rp. 20,000,000.-
Address
: Kp. Cikupa No. 88 Rt.03 Rw. 01
Kelurahan Cikupa, Kecamatan
Cikupa
Tangerang,
c. Mrs. Erliani Iskandar - Rp. 30,000,000.-
Address : Jl. Ir. Haji Juanda III No. 34-A
BUSINESS ACTIVITIES
Lines of Business:
Organic Pigment & Dyestuff and Textile
Chemical Industry
Production Capacity
Dyestuff -
2,300 tons p.a.
Total Investment
a. Equity Capital - Rp. 1.0 billion
b. Loan Capital - Rp. 15.5
billion
c. Total
Investment - Rp. 16.5 billion
Started Operation
1987
Brand Name
None
Technical Assistance
None
Number of Employee
117 persons
Marketing Area
Export - 50%
Local
- 50%
Main Customer
Buyers in Asian and
Europe
Market Situation
Very Competitive
Main Competitors
a. P.T. DYSTAR
b. P.T. CLARIANT
c. P.T. COLORINDO
ANEKA CHEMICALS
d. P.T.
MATSUMOTOYUSHI
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank
Jalan Haji Samanhudi No. 8
b. The Bangkok Bank Ltd.
Jalan M.H. Thamrin No. 3
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 29.0
billion
2005 – Rp. 30.0
billion
2006 – Rp. 31.5
billion
Net Profit :
2004 – Rp. 1.8 billion
2005 – Rp. 1.9 billion
2006 – Rp. 2.2
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Anwar Afandi
Board of Commissioners :
Commissioner - Mrs. Erliani Iskandar
Signatories :
Director (Mr. Anwar Afandi) which must
be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Below Average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit
Limit
C.O.D. To small amount
Maximum Credit Limit
US$ 414,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. BIPORIN AGUNG (P.T. BA) was incorporated in August 1981
with an authorized capital of Rp. 50,000,000.- issued capital of Rp.
15,000,000.- wholly paid-up. Founders and original shareholders are Mr. Anwar
Afandi, Mrs. Ratna Dewi Afandi and Mr. Ir. Aman Afandi wholly Indonesian of
Chinese extraction. Its articles of association has been revised for several
times. In 1987, the authorized capital was increased to Rp. 1,000,000,000.-
entirely issued and paid-up. In September 1997, Mrs. Ratna Dewi Afandi pulled
out and replaced by Mrs. Erliani Iskandar, an
P.T. BA acquired a Domestic Investment (PMDN) facility licensed
by Capital Investment Coordinating Board (BKPM) for dealing with organic
pigment & dyestuff and textile chemical manufacturing whose plant is
located in Desa Cikupa Rt. 003/01, Tangerang,
Generally, demand for garment in the international market has been fluctuating in the last five years as evident from the figures of Indonesian garment export. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2000 amounted to 370,300 tons (US$ 4,702.6 million), to 473,800 tons (US$ 4,476.7 million) in 2001, to 333,100 tons (US$ 3,887.2 million) in 2002 to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 and to 89,900 tons (US$ 1,296.2 million) in 2006 (January-March). The Indonesia textile products export in 2000 amounted 1,365.1 tons (US$ 3,634.1 million), declined to 1,269.5 (US$ 3,198.9 million) in 2001, to 1,425.9 tons (US$ 3,075.9 million) in 2002 to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 and to 362.3 (US$ 940.2 million) in 2006 (January-March). The export volume and value of the national TPT products in 2000 to 2005 are pictured on the following table.
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Year |
Garment |
Textile Product
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 |
370.3 |
4,702.6 |
1,365.1 |
3,634.1 |
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2001 |
473.8 |
4,476.7 |
1,269.5 |
3,198.9 |
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2002 |
333.1 |
3.887.2 |
1,425.9 |
3,075.9 |
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2003 |
339.9 |
4,037.9 |
1,307.5 |
3,064.6 |
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2004 |
327.3 |
4,351.9 |
1,300.4 |
3,354.6 |
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2005 |
369.5 |
4,967.0 |
1,427.3 |
3,704.0 |
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2006* |
89.9 |
1,296.2 |
362.3 |
940.2 |
*) January –
March
Source : Central
Bureau of Statistic
Until this time P.T. BA 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 2004
amounted to Rp. 29.0 billion increased to Rp. 30.0 billion in 2005 and to Rp.
31.5 billion in 2006. The operation in 2006 yielded an estimated net profit at
least Rp. 2.2 billion and the company has an estimated total net worth at Rp.
9.7 billion. It is projected that total sales turnover of the company will be
higher by at least 5% in 2007. So far, we did not hear that the company having
been black listed by the Central Bank (Bank
The company is led out by Mr. Anwar Afandi (55), a businessman who experienced for more than 20 years in the field of organic pigment & dyestuff and textile chemical manufacturing. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. 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. P.T. BIPORIN AGUNG is 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. |
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%)