MIRA
INFORM REPORT
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Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. BINA AGRO PERDANA |
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Registered Office : |
Jalan Riau No. 30, Gang Buntu,
Medan, North Sumatera |
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Country : |
Indonesia |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
AHU-08892.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Agrochemicals Products |
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$ 131,000,000 |
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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. BINA AGRO
PERDANA
A d d r e s s
Head Office
Jalan Riau No. 30
Gang Buntu, Medan
North Sumatera
Indonesia
Phone - (62-61) 453 6700
Fax - (62-61) 453
6700
Building Area - 2 storey
Office Space - 500 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
1999
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-08892.AH.01.02.TH.2008
Dated 25 February
2008
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.973.180.1-113.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
440,000,000.-
Issued Capital : Rp.
110,000,000.-
Paid up Capital : Rp.
110,000,000.-
Shareholders/Owners
:
a. Mr. Sentosa Gurusinga, BBA - Rp. 55,000,000.-
Address : Jl. Veteran No. 12 Desa Gung Leto
Kecamatan Kabanjahe,
Kabanjahe
Medan, North Sumatera
Indonesia
b. Mr. Gem -
Rp. 55,000,000.-
Address : Jl. Penghubung No. 153
Desa Tambak Lau, Berastagi
Medan, North Sumatera
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Distribution of Agrochemicals Products
Production Capacity
None
Started Operation
1999
Brand Name
None
Technical Assistance
None
Number of Employee
1,697 persons
Marketing Area
Domestic
(Local) - 100%
Main Customer
Distributors,
trader and agrochemical shops in North Sumatera
Market Situation
Very Competitive
Main Competitors
a. P.T. SYGENTA
INDONESIA
b. P.T. DUPON
AGRICULTURAL PRODUCTS INDONESIA
c. P.T. ARYSTA
TIRTA AGRO
d. P.T. BAYER
INDONESIA
e. P.T. PACIFIC
CHEMICAL INDONESIA
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
PERMATA Tbk
Jalan Imam Bonjol
Medan, North Sumatera
Indonesia
b. P.T. Bank
NIAGA Tbk
Jalan Imam Bonjol
Medan, North Sumatera
Indonesia
Auditor :
None
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 9.0 billion
2006 – Rp. 9.5 billion
2007 – Rp. 10.0
billion
Net Profit
(estimated) :
2005 – Rp. 450
million
2006 – Rp. 475
million
2007 – Rp. 500
million
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Sentosa Gurusinga, BBA
Director -
Mr. Gem
Board of
Commissioner :
President Commissioner -
Mrs. Sehati Rosmalia Dewi Sembiring
Commissioner -
Mrs. Elisabeth Ginting
Signatories :
President Director (Mr. Sentosa
Gurusinga, BBA) or the Director (Mr. Gem) which must be approved by 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$ 131,000,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. BINA AGRO PERDANA (P.T. BAP) was established in Medan, North
Sumatera in 1999 with the authorized capital of Rp. 100,000,000 issued capital
of Rp. 50,000,000 entirely paid up. The founding shareholders of the company
are Sentosa Gurusinga, BBA and Mr. Gem, both are native Indonesia business
persons. The company notary deed has been changed and in January 2008, the
authorized capital was increased to Rp. 440,000,000 issued capital to Rp.
110,000,000 entirely paid up. The deed of amended was made by Mrs. Yetty
Rosliana Sembiring, SH, a public notary in Medan, was approved by the Ministry
of Justice and Human Right in its Decision Letter No.
AHU-08892.AH.01.02.TH.2008, dated February 25, 2008.
P.T. BAP has been in operating since 1999 as a trading and distributor
of agrochemicals, including insecticides, pesticides, herbicides, fungicides.
The company holds the distributor for pesticides, insecticides, fungicides,
herbicides and agrochemicals of P.T. UNITED PHOSPHORUS INDONESIA, a joint
venture company between UNITED PHOSPHORUS LTD., of India and P.T. FADJARPURNAMA
PRATAMA INTI of Indonesia. The types of agrochemical products are Permethrin,
Cypermthrin, Fenvalerate, Chlorypriphos, Monocrotophos, Acephate, Quialphos,
Phospamidon, Dichlorovos and others. The above merchandise products are largely
marketed through dealer and shops pesticides in Medan and surroundings.
Besides, the company also marketed products to P.T. PERKEBUNAN NUSANTARA II,
P.T. PERKEBUNAN NUSANTARA III, P.T. PERKEBUNAN NUSANTARA IV, P.T. SOCFIN
INDONESIA and farmers in Berastagi, and other big cities in North Sumatera. The
economic crisis and the extreme depreciation to the USA and other hard foreign
currencies have adversely affected P.T. BAP’s business because the high rise of
production cost. We observe the operation of P.T. BAP has been growing slowly
in the last three years.
Generally, demand for pesticides, fungicides, herbicides, insecticides
has tended to decline in last five years being caused by several including the
sluggish public purchasing power in line high Rupiah depreciation against US$
in 2001 causing agrochemical counterfeiting. The declining agrochemical sales
are also caused by the lack of expansion of plantation areas. There are few
expansion of plantation areas having been realized from expansion of
agricultural companies or new investment. There is indication that the
declining plantation areas are shown in the declining investment interest on
plantation sectors and the low realization of the development projects by
plantation companies obtaining license. The decreasing investment of plantation
sector is also caused by the declining prices of the agricultural commodities
in international markets. However, since 2001 the prices of agricultural
commodities in international markets have started increasing. Market
competition is very sharp considering many other similar companies operating in
the country.
Until this time P.T. BAP 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.
9.0 billion rose to Rp. 9.5 billion in 2006 increased to Rp. 10.0 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 500 million and the
company has an estimated total networth of at least Rp. 1.2 billion. We observe
that P.T. BAP is supported by businessmen with has financially not strong and
sound behind it. So far, we did not heard that the company having been black
listed by the Central Bank (Bank Indonesia).
The company is led by Mr. Sentosa Gurusinga, BBA (45), a professional
manager with has experienced for more than 10 years in the field of trading and
distribution of agrochemicals. We observed that management’s reputation in said
business is sufficiently fairly good. The company has had wide relation with
home and overseas businessmen as well as with government sectors. 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. BINA AGRO PERDANA 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%)