MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. BINDER
INDONESIA |
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Registered Office : |
Jalan Pangeran Diponegoro No. 108, Tambun, Bekasi 17510, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
12 September 1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Specialized in Pipe Support and Pipe
Suspension Equipment 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$ 5,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
P.T. BINDER
INDONESIA
Address
Head Office &
Factory
Jalan Pangeran
Diponegoro No. 108
Tambun, Bekasi
17510
West Java
Indonesia
Phone - (62-21) 882 2150(Hunting)
Fax. - (62-21) 880 7334
E-mail - sales@binderindo.net.id
Land Area - 5,000 sq.
meters
Factory Space - 2,700 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
12 September 1997
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-611.HT.01.01.TH.98
Dated 5 February
1998
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
- No. 651/I/PMA/19956
Dated 10 September 1996
- No. 1178/III/PMA/1997
Dated 1 September 1997
The Department of Finance
NPWP No. 01.071.889.8-055
Related Company
P.T. MOHDAR SENTANA CITRATAMA (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$
1,000,000.-
Issued Capital : US$ 300,000.-
Paid up Capital : US$ 300,000.-
Shareholders/Owners :
a. P.T. MOHDAR SENTANA CITRATAMA - US$ 105,000.-
Address : Jl. Irian No. 16-18, Gondangdia
Jakarta Pusat
Indonesia
b. Mr. Didit Hidayat Agriprinanto Ratam - US$ 22,500.-
Address : Jl. Cipete V No. 3 RT. 008/003
Kel. Cipete Selatan, Jakarta Selatan
Indonesia
c. Mr. Achmad Fahmi -
US$ 22,500.-
Address : Jl. Asem II No. 50 RT. 003/003
Kel. Cipete Selatan, Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Specialized in Pipe Support and Pipe
Suspension Equipment Manufacturing
Production Capacity
a. Steel Pipe Support -
2,500 tons p.a.
b. HD PUF Material -
500 tons p.a.
c. Spring Support - 200 tons p.a.
Total Investment
a. Equity Capital - US$ 0.3
million
b. Loan Capital - US$ 0.7
million
c. Total
Investment - US$ 1.0 million
Started Operation
1998
Brand Name
Binder Engineering
Technical Assistance
BINDER HOLDINGS Pte. Ltd., Singapore
Number of Employee
178 persons
Marketing Area
Domestic - 70%
Export - 30%
Main Customer
a. P.T. MC DERMOTT
INDONESIA
b. P.T. LONTAR
PAPYRUS SAKTI
c. P.T. CHEVRON PACICIF
INDONESIA
d. TOTAL E&P
INDONESIE
e. EXXONMOBIL OIL
INDONESIA INC.
f. CONOCO PHILIPS
INDONESIA INC.
g. PLTU TARAHAN
(Power Plant), Lampung Province
Market Situation
Very Competitive
Main Competitors
a. P.T. KOTA
MINYAK INTERNUSA
b. P.T. MENTARI
GEMILANG ABADI
c. P.T. SOUTHWEST
SCREEN & FILTERS
d. P.T. WOOD GROUP
INDONESIA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12930
Indonesia
b. P.T. Bank DBS INDONESIA
Plaza Permata
Jalan M.H. Thamrin Kav. 57
Jakarta Pusat, 10350
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 40.0
billion
2005 – Rp. 45.0
billion
2006 – Rp. 50.0
billion
Net Profit (Loss)
:
2004 – Rp. 3.0 billion
2005 – Rp. 3.2 billion
2006 – Rp. 3.5
billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Leo Matthew Crohan
Directors - a. Mr. Ir. Achmad Fahmi
b. Mr. Didit Hidayat Agripinanto Ratam
Board of Commissioners :
President Commissioner - Mr. Muchsin Mohdar
Commissioners - a.
Mr. Brett Paul James Dentith
b. Mr. Paul William Bennet
Signatories :
President Director (Mr. Leo Matthew
Crohan) or one of the Directors (Mr. Ir. Achamd Fahmi or Mr. Didit Hidayat
Agripinanto Ratam) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 5,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. BINDER INDONESIA (P.T. BI), the company was established in September 1997 in Bekasi, West Java, with an authorized capital of US$ 1,000,000.- issued capital of US$ 300,000.- entirely paid up. The original founding shareholders are BINDER HOLDINGS Pte. Ltd., of Singapore, Mr. Muchsin Mohdar and P.T. CITRA HARAPAN NUSANTARA, a national private company dealing with investment holding. The notarial act has been revised. In April 2003, the above shareholders pulled out and replaced by Mr. Didit Hidayat Agripinanto Ratam, Mr. Achmad Fahmi and P.T. MOHDAR SENTANA CITRATAMA, a national private company. The deed of amendment was made by Mrs. Vini Suhastini, SH., a public notary in Bekasi under Company Registration Number C2-611.HT.01.01.TH. 1998, dated February 5, 1998. We see, that majority shareholder namely P.T. MOHDAR SENTANA CITRATAMA is a national private company engaged in investment holding and majority business stakes is controlled by Mr. Muchsin Mohdar.
P.T. BI had been operating since 1998 in specialized in pipe support and pipe suspension equipment manufacturing pharmaceutical industry. Its plant is located at Jalan Pangeran Diponegoro No. 108, Tambun, Bekasi, West Java on a land of 5,000 sq. meters. The plant produces 2,500 tons of steel pipe support, 500 tons of HD PUF Material and 200 tons of Spring Support respectively per annum. Some 70% of the products supplied to oil and gas contracting such as P.T. McDERMOTT INDONESIA, P.T. ISTANA KARANG LAUT, TOTAL E&P INDONESIE, EXXONMOBIL OIL INDONESIA INC, CONOCO PHILIPS INDONESIA INC, petrochemical industries such as P.T. CHANDRA ASRI PETROCHEMICAL CENTER, P.T. TRIPOLYTA INDONESIA, pulp and paper industry like P.T. LONTAR PAPYRUS SAKTI, power plant such as PLTU TARAHAN in Lampung and other building contracting. Besides, the company is also exported some 30% of the products to Australia, Arab Saudi, Qatar and other countries. We see that P.T. BI operation has been growing within the last five years.
The demand for technical equipment including steel pipe support, pressure equipment, piping systems, fittings, flanges, actuators, gas compressors, generator and other has kept on rising by 8% to 10% per annum in the last five years. Such condition was in line with the growth of general mining industry sectors like oil and gas, industrial refineries, fertilizer industry, electricity, office building, chemical industry, pharmaceutical industry, food and beverage companies, pulp and paper, cement and other sectors requiring the above products. It is projected that the demand growth will be rising within the next five years. Market competition is very tough on account of many other similar companies operating in Indonesia. P.T. BI’s business position in this case is not too badly because it has established regular customers and extensive marketing network.
Until this time P.T. BI 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. 40.0 billion increased to Rp. 45.0 billion in 2005 and to Rp. 50.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 3.5 billion and the company has an estimated total net worth at least Rp. 21.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. BI 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). The company usually pays its debts punctually to suppliers.
The management of P.T. BI is led by Mr. Leo Matthew Crohan (47) a professional manager from Australia with 12 years of experience in specialized in pipe support and pipe suspension equipment manufacturing and trade. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business 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. BINDER INDONESIA 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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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%)