MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. BINTANG KANGURU |
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Registered Office : |
Jalan Bandengan Utara No. 40, |
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Country : |
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Date of Incorporation : |
06 May 1963 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Textile and Garment 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$ 1,920,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. BINTANG KANGURU
Address
Head Office & Factory I (Garment)
Jalan Bandengan
Utara No. 40
Phones - (021) 6600004-6
Fax -
(021) 6690151
Land Area -
5,000 sq. meters
Building Space -
2,300 sq. meters
Region - Commercial
Status - Owned
Factory II (Textile)
Jalan Pembangunan No. 8
Sewan, Rawa Kucing
Tangerang 15129
Phones - (021) 5517829-30
Fax -
(021) 5521927
Land Area -
35,000 sq. meters
Building Space -
14,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation
06 May 1963
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-04120.HT.01.04.TH.2001
Dated 30 July
2001
Company Status
Domestic Investment (PMDN) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
a. No. 549/I/PMDN/1990
Dated 09 June 1990
b. No. 23/II/PMDN/1995
Dated 25 January 1995
Related Company
Not Available
CAPITAL AND
OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
18,000,000,000.-
Issued Capital : Rp. 7,000,000,000.-
Paid up Capital : Rp. 7,000,000,000.-
Shareholders/Owners :
a. Mr. Syarief Hanafi - Rp. 6,960,000,000.-
Address : Jl. M.H. Aja No. 29, RT. 009/RW.001
Kel. Meruya Selatan
b. Mrs. Winny -
Rp. 20,000,000.-
Address : Jl. Pluit Utara VI No. 4,
RT.004/RW.005
Kel. Pluit, Panjaringan
c. Mr. Maman Sukarna - Rp. 20,000,000.-
Address : Jl. Moh. Ramdhan No. 69, RT.01/RW.02
Kel. Cigereleng,
West
BUSINESS ACTIVITIES
Lines of Business:
Textile
and Garment Manufacturing
Production Capacity
a. Knitted Fabrics - 2,970 tons p.a.
b. Garments -
12,000 dozens p.a.
Total Investment
a. Owned Capital -
Rp 15.0 billion
b. Loan Capital -
Rp 30.0 million
c. Total Investment -
Rp 45.0 million
Started Operation
1963
Brand Name
BINTANG KANGURU
Technical
Assistance
None
Number of Employee
280 persons
Marketing Area
a. Domestic - 40%
b. Export - 60%
Main Customer
a. Department Stores and Garment Shops in
b. Overseas (
Market Situation
Very Competitive
Main Competitors
a. P.T. Sari Rajut
Indah
b. P.T. Bersama
Jadi Gemilang
c. P.T. Mita
Thoyyiba Persada
d. P.T. Leading
Garment Industries
e. P.T. Karwell
f. Etc.
Business Trend
Fluctuating
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T. Bank NEGARA
Pecenongan Branch
Jl. Pecenongan No. 52
b. P.T. Bank PERMATA Tbk
Hayam Wuruk Branch
Jl. Hayam Wuruk No. 28
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 132.0
billion
2005 – Rp. 138.0
billion
2006 – Rp. 120.0
billion
2007 – Rp. 64.0 billion (January – June)
Net Profit
(estimated) :
2004 – Rp. 6.6 billion
2005 – Rp. 7.0 billion
2006 – Rp. 6.0 billion
2007 – Rp. 3.2 billion January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Syarief Hanafi
Director - Mr. Nevi Edward
General Manager - Mr. Herry Hanafi
Board of Commissioners :
Commissioner - Mr. Sidik Efendi
Signatories :
President Director (Mr. Syarief Hanafi)
or Director (Mr. Nevi Edward) or General Manager (Mr. Herry Hanafi) which must be approved by Commissioner (Mr.
Sidik Efendi).
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$ 1,920,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. BINTANG KANGURU (P.T. BK) was established in May 1963. The
founding shareholders are Mr. Syarif Hanafi and Mrs. Winny, both are Indonesian
of Chinese extraction. The articles of association of the company have
frequently been revised. In May 1990, the authorized capital of the company was
raised to Rp. 5,000,000,000 issued capital of Rp.4,000,000,000 of which Rp.
1,000,000,000 was fully paid up and concurrently into the company entered Mr.
Maman Sukarna as a new shareholder. In May 2001, the authorized capital was
increased to Rp. 18,000,000,000 of which Rp. 7,000,000,000 was issued and fully
paid up. Since that time whole shares
of P.T. BK have been owned by Mr. Syarief Hanafi (99.42%) and his partners Mrs.
Winny (0.29%) and Mr. Maman Sukarna (0.29%).
The deed of amendment was made by Mrs. Mutiara Hartanto, SH, a public
notary in
P.T. BK has been in operation since 1963 initially dealing with
knitting industry by managing a plant located at Jalan Bandengan Utara No. 4,
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 (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 327.3 tons (US$ 4,351.9 million) in 2004 and to 57.5 tons (US$ 836.8 million) in 2005 (January-February). 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 742.8 tons (US$ 1,918.2 million) in 2006 (January - June). The export volume and value of the national TPT products in 2000 to 2006 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* |
188.5 |
2,671.1 |
742.8 |
1,918.2 |
Source : Central
Bureau of Statistic *) January –
June
Until this time P.T. BK 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. 132.0 billion increased to Rp.
138.0 billion in 2005 and declined to
Rp. 120.0 billion in 2006. It is
projected that total sales turnover of the company will be higher by at least
5% in 2007. We estimated the company
has an estimated total net profit at least Rp. 6.0 billion and the company has
an estimated total networth at least Rp. 45.0 billion. So far, we did not hear that the company
having been black listed by the Central Bank (Bank
The management of the company is headed by Mr. Syarief Hanafi (66), a businessman with more than 40 years of experience in textile (knitted fabric) and garment manufacturing. In daily activities, he is assisted by Mr. Nevi Edward (45) as director and his son Mr. Herry Hanafi (38) as general manager. The management has wide relation with overseas and national private businessmen as well as with the government sectors. The relationship of the management with its foreign suppliers is good. So far, we have never heard of the management of the company having been involved in business malpractices 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. BINTANG KANGURU 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%)