MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
C.V. BINTANG
TEKNIK |
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Registered Office : |
Jalan Simbo Baru No. 4, Kendari, Southeast Sulawesi |
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Country : |
Indonesia |
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Date of Incorporation : |
1997 |
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Legal Form : |
Partnership with sleeping partner |
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Line of Business : |
Mechanical and Electrical Contracting
Services |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
Name of Company
C.V. BINTANG TEKNIK
Address
Head Office
Jalan Simbo Baru
No. 4
Kendari
Southeast Sulawesi
Indonesia
Phone - (62-401) 394154,
392380
Fax - (62-401) 394154
Building Area - House
Office Space - 300 sq. meters
Region - Housing
Complex
Status - Owned
Date of Incorporation
1997
Legal Form
C.V.
(Commanditaire Vennootschap) or partnership with sleeping partner
Company Reg. No.
Not Required
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.458.931.1-821.000
NPWP No. 01.655.855.3-811.000
Related Companies
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 100.0
million
Owners :
a. Mr. Sampe (Active
Partner)
b. Mr. Haji
Ibrahim Tahir (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Mechanical and Electrical Contracting
Services
Production Capacity
None
Total Investment
None
Started Operation
1997
Brand Name
None
Technical Assistance
None
Number of Employee
3 persons
Marketing Area
Local - 100%
Main Customer
P.T. PERUSAHAAN
LISTRIK NEGARA Tbk (Kendari)
Market Situation
Very Competitive
Main Competitors
a. P.T. SYSCONINDO
ABDIMANUNGGAL
b. P.T. KANIK
UTAMA
c. P.T. META EPSI
d. P.T. SATYAMITRA
SURYA PERKASA
e. Etc.,
Business Trend
Growing slowly
BANKER, AUDITOR & LITIGATION
Bankers :
P.T. Bank MANDIRI Tbk
Kendari Main
Branch
Southeast Sulawesi
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 700.0
million
2005 – Rp. 740.0
million
2006 – Rp. 780.0
million
2007 – Rp. 340.0
million (January-June)
Net Profit (Loss)
:
2004 – Rp. 63 million
2005 – Rp. 67 million
2006 – Rp. 70 million
2007 – Rp. 30 million (January-June)
Payment Manner :
Promptly
Financial Comments :
Weak
KEY EXECUTIVES
Board of Management :
Director -
Mr. Sampe
Board of Commissioners :
None
Signatories :
Director (Mr. Sampe) is only the
authorized person to sign the loan on behalf of the company
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
High
Credit Recommendation
Credit is not recommended
Proposed Credit Limit
C.O.D.
Maximum Credit Limit
No comment
OVERALL PERFOMANCE
C.V. BINTANG TEKNIK (C.V. BT) was established in 1997 in
Kendari, Southeast Sulawesi, with the legal status of Commanditaire
Vennootschaf (C.V) or partnership with sleeping partner. Founders and owners of C.V. BT are Mr. Haji Ibrahim Tahir as silent
partner and Mr. Sampe as active partner, both are indigenous businessmen. Being
as a C.V. company, the amount of its authorized capital was not mentioned at
the time of its establishment. We estimate, C.V. BT has own capital of about Rp. 100 million and it will be rising
in line with the progress of its business operation.
C.V. BT is dealing with mechanical electrical contracting services. Mr. Sampe, the director of the company disclosed that the company has completed of various project and as the sub contractor of installation and maintenance of automation control system and component for P.T. PERUSAHAAN LISTRIK NEGARA Tbk in Kendari, Southeast Sulawesi. He explained that the merchandise goods include integrator system, control component parts, electrical control panel, switch-gear system, inverter & PLC, powerful modular style programmable controllers suitable for both relay replacement and complex control applications are provided by P.T. PERUSAHAAN LISTRIK NEGARA Tbk (P.T. PLN Regional of Kendari). Whole merchandise products are imported from Japan with trademark of TOSHIBA, MERLINGERIN of France and SCHENEIDER of Germany. Then the whole merchandise good installed for P.T. PLN’s project in Kendari, Southeast Sulawesi. The company has completed the construction and installation of cable transmission of SUTM 20 KV to 24 KV in Kendari. C.V. BT is one of the vendors of P.T. PLN Kendari for mechanical and electrical. Mr. Sampe also explained that the company has obtained two (2) to 3 (three) projects in a year from P.T. PLN Kendari. We observe that C.V. BT is a medium-sized company in Kendari dealing with mechanical electrical contracting services. But since the middle of 2007 C.V. BT has yet obtained project from P.T. PLN.
Generally, demand for automation control system design and component has kept increasing by 8% to 10% per annum in the last five years in line with the growth of consuming industries including electrical industries, heavy industries and others requiring the products. It is estimated that the demand will still be increasing by at least 7% in five years to come. The competition is very tight on account of many similar companies operating in the country. The business position of C.V. BT is not too badly because the company has no project since the middle of 2007. Mr. Sampe the director of the company disclosed that the employee now has 3 persons because they have no project since the middle of 2007.
Until this time C.V. BT 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. 700 million, increased to Rp. 740 million in 2005 to Rp. 780 million in 2006. We estimated the total sales turnover as from January to June 2007 amounted to Rp. 340 million with a net profit of Rp. 30 million. It is estimated the company has an estimated total networth at least Rp. 170 million. It is projected that total sales turnover of the company will increase at least 4% in 2008. We observe that C.V. BT is supported by financially not strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of C.V. BT is led by Mr. Sampe (45) a businessman with 10 years of experience in mechanical electrical contracting services. Previously he works as field manager of P.T. KANIK UTAMA dealing with mechanical and electrical contracting in Ujung Pandang, South Sulawesi. The management has quite experience, having maintained a wide business relation with private businessmen at home and with the government sectors as well. So far, we did not hear 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.
Considering of the negative factors surrounding C.V. BINTANG
TEKNIK, we recommend to suspend any new proposed loan
for 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%)