MIRA
INFORM REPORT
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Report Date : |
4th
January, 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, Jakarta Pusat, 10120, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
05.08.1981 |
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Com. Reg. No.: |
C2-13904 HT.01.04.TH.97 |
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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$
400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. BIPORIN AGUNG
Address
Head Office
Jalan Ir. H. Juanda III No. 34-A
Jakarta Pusat, 10120
Indonesia
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 - Commercial Building
Status - Owned
Factory
Jalan Pusat No. 88
Desa Cikupa Rt. 003/01
Tangerang, Banten Province
Indonesia
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. C2-13904 HT.01.04.TH.97
Dated 31 December 1997
Company Status
Private 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, Banten Province, Indonesia
b. Mr. Aman Afandi -
Rp. 20,000,000.-
Address : Kp. Cikupa No. 88 Rt.03 Rw. 01, Kelurahan Cikupa, Kecamatan Cikupa, Tangerang, Banten Province, Indonesia
c. Mrs. Erliani Iskandar - Rp. 30,000,000.-
Address : Jl. Ir. Haji Juanda III No. 34-A, Jakarta Pusat, Indonesia
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 Union, and Domestic Textile Industry
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYSTAR INDONESIA
b. P.T. CLARIANT INDONESIA
c. P.T. COLORINDO ANEKA CHEMICALS
d. P.T. MATSUMOTOYUSHI INDONESIA
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Haji Samanhudi No. 8
Jakarta Pusat
Indonesia
b. The
Bangkok Bank Ltd.
Jalan M.H. Thamrin No. 3
Jakarta Pusat
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 28.0 billion
2004 – Rp. 29.0 billion
2005 – Rp. 30.0 billion
2006 – Rp. 34.0 billion
Net Profit (estimated) :
2003 – Rp. 1.7 billion
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$
400,000.- 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 Indonesia businesswomen of Chinese extraction. The deed of amendment was made by Mrs. Harjanti Tono, SH, a public notary in Tangerang under Company Registration Number C2-13904 HT.01.04.TH. 1997, dated December 31, 1997.
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, Banten Province
standing on 1.5 hectares land. The plant started with operation in 1987 and has
been expansion in 1995 to increasing production capacity. The plant produces
2,300 tons of dyestuff per annum with and investment of Rp. 16.5 billion come
from owned capital of Rp. 1.0 billion and the rest is loans. Management of the
company disclosed that presently it has been able to produce around 50% of its
installed production capacity. Some of 50% of products are exported to several
Asian countries while the rest 50% are marketed locally to various textile and
textile products manufacturing companies. The economic crisis battering the country
since mid 1997 has brought negative impact to the company on account of the
increasing production cost and basic material prices. Its business has been
agonizing over sharp declined as from the end 1997 as the impact of economic
crisis occurred in the country. The operation of P.T. BA has been growing
slowly in the last three years.
Generally,
demand for specialty chemical for textile has been fluctuating in the last five
years as evident from the figures of Indonesian textile and 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 and to 317.100 tons (US$ 4,244.2 million) in 2005
(January-October). 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 and to
1,194.8 tons (US$ 3,109.6 million) in 2005 (January-October). Business position
of P.T. BP is sufficiently fairly good for it has already controlled a wide
marketing network in many major cities in the country. 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* |
317.1 |
4,244.2 |
1,194.8 |
3,109.6 |
*)
January – October
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 2003 amounted to Rp. 28.0 billion
increased to Rp. 29.0 billion in 2004 and to Rp. 30.0 billion in 2005. The
operation in 2005 yielded an estimated net profit at least Rp. 1.9 billion and
the company has an estimated total net worth at Rp. 9.7 billion. It is
estimated that the total sales turnover rose again to Rp. 34.0 billion with a
net profit of Rp. 2.2 billion in 2006.
So far, we have never heard of the company having been black listed by
the Central Bank (Bank Indonesia). The company disclosed that the company
usually pays its debts punctually to suppliers.
The
company is led out by Mr. Anwar Afandi (54), a businessman who experienced for
more than 19 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. PT. 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/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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