MIRA
INFORM REPORT
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Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P T BUMI KARYATAMA RAHAJA |
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Registered Office : |
Jalan Hamparan Perak, Dusun 1 Pauh, Kecamatan Hamparan Perak, Kabupaten Deli Serdang, Medan 20374, North Sumatera |
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Country : |
Indonesia |
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Date of Incorporation : |
16.10.1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Bentonite Mining and Processing |
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$ 2,800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. BUMI KARYATAMA RAHARJA
A d d r e s s
Head Office & Factory
Jalan Hamparan Perak
Dusun 1 Pauh, Kecamatan Hamparan Perak
Kabupaten Deli Serdang
Medan 20374
North Sumatera
Indonesia
Phone - (62-61) 7781-6819 (Hunting)
Fax - (62-61) 7786-7350 or 0812 6042107
Land Area - 30,000 sq. meters
Office Space - 9,000 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
16 October 1999
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. W2-HT.01.04-181
Dated 13 April 2007
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 1.882.790.7-111
The Capital
Investment Coordinating Board
- No. 964/I/PMA/1999
Dated 31 December 1999
- No. 984/III/PMA/2000
Dated 21 July 2000
- No. 1327/III/PMA/2001
Dated 1 October 2001
- No. 217/III/PMA/2001
Dated 2 March 2001
Related Companies
A Member of the KPN
or WILMAR Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$ 7,254,355.-
Issued Capital : US$ 7,254,355.-
Paid up Capital : US$ 7,254,355.-
Shareholders/Owners :
a.
TAIKO CLAY CHEMICALS SDN BHD -
US$ 4,352,613.-
Address : No. 39 Pesiaran Zarib 1
Taman Pinji Mewah, 31500
Malaysia
b.
TRADESOUND INVESTMENTS LTD. -
US$ 2,901,742.-
Address : PO BOX 71, Craigmuir
Chambers Road Town,
Tortola
British Virgin Island
BUSINESS ACTIVITIES
Lines of Business:
Bentonite Mining and Processing
Production Capacity
a. Calcium Carbonate - 140,000 tons p.a.
b. Activated Bleaching Earth - 50,000 tons p.a.
Total Investment
a. Equity Capital - US$ 7.2 million
b. Loan Capital - US$ 3.5 million
c. Total Investment - US$ 10.7 billion
Started Operation
2001
Brand Name
Nusantara, Prima, Excel
Technical Assistance
TAIKO CLAY CHEMICAL of Malaysia
Number of Employee
187 persons
Marketing Area
Domestic - 100
Main Customer
a. P.T. SMART Tbk
b. P.T. TUNAS BARU LAMPUNG Tbk
c. P.T. SALIM IVOMAS PRATAMA
d. P.T. SINAR ALAM PERMAI
e. P.T. MULTIMAS NABATI ASAHAN
f. C.V. SINAR LAUT
g. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. INDOBENT WIJAYA CHEMICAL
b. P.T. INDONESIA BENTONITE
c. P.T. PUTRA SINAR SEGARA
d. P.T. TOHOMA MANDIRI
e. P.T. SUD-CHEMIE INDONESIA
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
P.T. Bank MANDIRI Tbk
Gedung Bank Mandiri
Jalan Imam Bonjol No. 7
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 185.0 billion
2006 – Rp. 200.0 billion
2007 – Rp. 220.0 billion
Net Profit (Loss) :
2005 – Rp. 12.9 billion
2006 – Rp. 14.0 billion
2007 – Rp. 15.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director
- Mr. Lee Soon Hian
Director s - a. Mr. Erik
b. Mr. Tan Choo Hui
General Manager -
Mr. Kusman Sudibio
Board of Commissioners :
President Commissioner - Mr. Hendri
Saksti
Commissioners - a. Mr. Wong Wei Hong
b. Mr. Richard Lee Yin Hean
Signatories :
President Director (Mr. Lee Soon Hian) or one of the Directors (Mr. Erik
or Mr. Tan Choo Hui) which must be approved by the Board of Commissioners
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$ 2,800,000.- on
the 90 days of payments
OVERALL PERFOMANCE
P.T. BUMI KARYATAMA RAHARJA (P.T. BKR) was established in Medan, North
Sumatera on 16 October 1999 with an authorized capital of US$ 1,500,000
entirely issued and paid up. The founding shareholders of the company are TAIKO
CLAY CHEMICALS SDN BHD of Malaysia and TRADESOUND INVESTMENTS LTD., of British
Virgins Island. The company's notary deed has frequently been revised. Lastly
in December 2006 the authorized capital was raised to US$ 7,254,355 entirely
issued and paid up. The deed of amendment was made by Mr.
Eddy Simin, SH., a public notary in Jakarta under Company Registration Number
W2-HT.01.04-181, dated April 13, 2007.We observe the shareholders of P.T. BKR namely
TRADESOUND INVESTMENTS LTD., is a private company of which majority business
stakes is controlled by Mr. Martua Sitorus SE, AKA Thio Seng Hap. He also
founder and majority shares owner of the KPN or WILMAR Group, a large-sized
business group in Indonesia.
P.T. BKR obtained a Foreign Investment (PMA) facility issued by the
Capital Investment Coordinating Board (BKPM) to deal with bentonite mining and
processing. Its plant is located at Jalan Hamparan Perak, Sun 1 Pauh, Hamparan
Perak, Deli Serdang Regency, Medan, North Sumatera on a land of 30,000 sq.
meters. According to its license, the plant has annual production capacity of
140,000,000 tons of calcium carbonate and 50,000 tons of activate bleaching
earth respectively per annum. The plant has absorbed an
investment of US$ 10.7 million come from owned capital of US$ 7.2 million and
the rest is loans. The
plant has been in operation since 2001 producing activate bleaching earth and
calcium carbonate for cooking oil refinery. The whole products is marketed
locally to various cooking oil refinery and processing such as P.T. SMART Tbk,
P.T. SALIM OIL PRATAMA, P.T. SINAR ALAM PERMAI, P.T. TUNAS BARU LAMPUNG Tbk,
P.T. MULTIMAS NABATI ASAHAN, C.V. SINAR LAUT and others. P.T. BKR is classified
as a medium sized company of its kind in the country of which the operation has
been growing in the last three years.
In overall views we find the demand for bleaching earth had been rising
by 8% to 10% per year in the last five years, in line with the rapid growth of
cooking oil refinery and processing. It’s projected the demand for bleaching
earth will be rising in the last five years. While competition, is very tight
due to a large number of similar companies operating in the country. The crisis
has made a sharp Rupiah depreciation which finally increased the prices of
capital goods and packaging materials. Tight money policy caused high rate of
bank interest which has badly affected business sector in the country including
integrated pal moil processing industry to get working capital. It is estimated
that palm oil industry will be increasing within the coming two years.
Cooking Oil Production Based Crude
Palm Oil, 2001-2005
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Year |
Production
(Ton) |
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2001 |
2,686,061 |
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2002 |
2,566,959 |
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2003 |
3,964,900 |
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2004 |
4,527,700 |
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2005* |
4,980,470 |
Source : Bureau
of Statictic (BPS), Processed
*) Estimated
Until this time P.T. BKR 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 2005 amounted to Rp. 185.0
billion, increased to Rp. 200.0 billion in 2006 to Rp. 220.0 billion in 2007.
We estimated the company has yielded a net profit of Rp. 15.4 billion in 2007
and the company has an estimated total networth at least Rp. 77.0 billion. It
is projected that total sales turnover of the company will increase at least 8%
in 2008. We observe that P.T. BKR is supported by foreign partner with has
financially 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 P.T. BKR is led by Mr. Lee Soon Hian (48) a
businessman with 18 years of experience in the bentonite mining and processing.
But we are sure the primemover os Mr. hendri Saksti (52) a professional manager
of the KPN or WILMAR Group Members. The management is quite creative and
dynamic, having maintained a wide business relation with private businessmen at
home and abroad and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. 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.
P.T. BUMI KARYATAMA RAHARJA is sufficiently 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%)