MIRA
INFORM REPORT
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Report Date : |
08.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
BUMI MAS |
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Registered Office : |
JL. Gandhi No.
155-O, Medan 20214, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
June 2005 |
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Legal Form : |
Sole Proprietory
Company |
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Line of Business : |
Trading and Import of Agricultural
Products (Spices, Dried Chili, etc.)
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RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 76,400 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
BUMI MAS
Address
Head Office
JL. Gandhi No.
155-O
Medan 20214
North Sumatra
Indonesia
Phones - (62-61) 7766
9108
Mobile Phone - (62-81) 2604 3408
Fax. - (62-61) 7350 316
Email - bumimas_chiang@yahoo.co.id
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
June 2005
Legal Form
Sole Proprietory
Company
Company Reg. No.
The Ministry of Justice and Human Rights
Not Required
Company Status
Private Company
Permit by the Government
Department
The Department of Finance
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 120,000,000.-
Owner :
Mr. Suhartono AKA A Chiang - 100%
BUSINESS ACTIVITIES
Lines of Business:
Trading and Import of Agricultural Products
(Spices, Dried Chili, etc.)
Production Capacity
None
Total Investment
None
Started Operation
June 2005
Brand Name
None
Technical Assistance
None
Number of Employee
4 persons
Marketing Area
Local/Domestic - 100%
Main Customer
Food & snack processing industries in North Sumatra
Market Situation
Very Competitive
Main Competitors
a. P.T. DAKAI
INPEX
b. P.T. ALAM
INDORAMA
c. P.T. ADI
SAMPOERNO
d. P.T. SUPA SURYA
NIAGA
e. P.T. TORRYS
INDOSPICE
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank NISP Tbk.
Jl. Imam Bonjol No. 15
Medan, North Sumatra
Indonesia
A/C No. 181-130-327741
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 2.3
billion
2006 – Rp. 5.5
billion
Net Profit (Loss)
:
2005 – Rp. 240 million
2006 – Rp. 560 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Suhartono AKA A Chiang
Board of Commissioner :
None
Signatories :
The Director (Mr. Suhartono AKA A
Chiang) is the authorized person to
sign the loan on behalf of the company
CAPABILITIES
Management Capability :
Fairly Good
Business Morality
Fairly Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 76,400.- on the 90 days of payments
OVERALL PERFOMANCE
BUMI MAS was established in Jakarta
in June 2005 with a status of Sole Proprietary Company. Founder and owner of the
company is Mr. Suhartono AKA (also known as) A Chiang, an Indonesian
businessman of Chinese extraction. Being as Sole Proprietary Company, the
amount of its authorized capital was not mentioned at the time of its
establishment. In our estimate, the company has own capital of about Rp. 120
million and it will be rising in line with the progress of its business
operation.
BUMI MAS has been operating since June 2005 engaged in the field of
trading and import of agricultural commodities spice like dried chilly, garlic,
ginger, cashew nuts, spices, etc. Mr. Suhartono AKA A Chiang, Director of the company explained that the whole
agricultural products likes dried chilly, garlic, cashew nuts, gingers and
other spices is imported from India, Bangladesh and China. Then, the whole products supplied food
processing industries such as P.T. FOODINDO DIVESTAMAS, P.T. KOSMO JAYA, P.T.
LUCKY FOOD and traditional markets in Medan, Aceh, Padang and other cities in
Sumatra. We observed that the
company’s operation has been growing in the last two years.
We have noticed that the demand for agricultural products had increased
some 10% to 11% per annum in the last five years in line with the growth of
industrial manufacturing in the country and international market. In the coming
years, the growth rate of demand is estimated at about 6% to 7% per annum. The
present market situation for agricultural products is very competitive for a
large number of similar companies operating in the country. Meanwhile,
competition is quite heavy in the export import of agricultural products with
many companies now doing business in this field in Indonesia. We consider BUMI
MAS to be in a quite favorable position for having already got hold of a steady
clientele in the country and abroad.
Until this time BUMI MAS 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 the first operation as
from June to December 2005 amounted to Rp. 2.3 billion and increased to Rp. 5.5
billion in 2006. The operation in 2006
yielded an estimated net profit at least Rp. 560 million and the company has an
estimated total networth at Rp. 520 million.
It is projected that total sales turnover of the company will increase
at least 10% in 2007. 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 management of BUMI MAS is led by Mr. Suhartono AKA A Chiang (35), a
young businessman who has experienced for more than 5 years in the field of
trading, import and distribution of agricultural products. We observed that management’s reputation in
said business is fairly good. The company has had wide relation in the realm of
the private businessmen inside and outside the country. Their relation with the
government 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.
BUMI MAS 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%)