MIRA INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BENTOEL PRIMA |
|
|
|
|
Registered Office : |
Jalan Raya Karanglo,
Singosari, Malang 65153, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
07.02.1992 |
|
|
|
|
Com. Reg. No.: |
No. AHU-44039.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Clove and White Cigarettes Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
US$ 30,000,000 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. BENTOEL PRIMA
company Address
Head
Office & Factory
Jalan Raya
Karanglo, Singosari
Malang 65153
East Java
Phones - (0341)
490000, 841707-09, 491614-15
Fax - (0341)
495710
Land Area - 60,500 storey
Building Space - 32,800 sq. meters
Region - Industrial Zone
Status - Owned
Factory
2
Jalan Susanto No. 2-A
Malang
East Java
Phones - (0341) 326321
(hunting), 320353
Fax - (0341)
491660
Land Area - 40,000 storey
Factory Space - 27,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
7 February 1992
Legal Form
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
No. AHU-44039.AH.01.02.Tahun 2008
Dated 23 July 2008
Company Status
Domestic Investment
Company (PMDN)
Permit by the Government
Department
The Department of Industry
- No. 014/Reg/Kanwil
1.13/AI/IUT/IX/1989
Dated 5 October 1989
- No.
402/DJAI/IUT-D5/Non PMA-PMDN/XII/1992
Dated 3 December 1992
The Capital Investment Coordinating
Board
- No. 544/PMDN/1997
Dated 6 October 1997
The Department of Finance
-
NPWP No.
1.586.692.4-623
Holding Company
PT. BENTOEL INTERNASIONAL INVESTAMA Tbk., (Investment Holding)
Subsidiary Companies
a. PT. Perusahaan Dagang dan Industri TRESNO (White Cigarette
Manufacturing)
b. PT. Perusahaan Dagang dan Industri SUBURAMAN (White Cigarette
Manufacturing)
c. PT. Perusahaan Dagang dan Percetakan AMISETA (Cigarette Distribution)
d. PT. TAMAN BENTOEL (Recretation Park Development and Management)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 600,000,000,000.-
Issued Capital - Rp. 462,500,000,000.-
Paid up Capital - Rp. 462,500,000,000.-
Shareholders/Owners
:
a.
P.T. Bentoel Internasional Investama Tbk. -
Rp. 462,499,999,000.- (99.9999%)
Address : Menara Rajawali, 23th
Floor
Jalan Mega Kuningan Lot 5-1
Kuningan Selatan
Jakarta Selatan - Indonesia
b. P.T.
Kencana Cipa Batja -
Rp. 1,000.- (
0.0001%)
Address :Jalan Raya Karanglo, Singosari
Malang 65153
East Java –
Indonesia
bUSINESS ACTIVITIES
Lines of Business :
a. Clove and White Cigarettes Manufacturing
b. Plastic and
Carton Packaging Manufacturing
c. Sole Agent and
Distributor of :
- INTER BIRU White and Clove Cigarettes
from P.T. SUBURAMAN
- STARMILD White Cigarettes from P.T.
LESTARIPUTRA WIRASEJATI
d. Investment Holding
Production Capacity :
a. Hand Clove
Cigarettes - 2,200.0 million pcs. p.a.
b. Machine Clove
Cigarettes - 8,177.4 million pcs. p.a.
c. Carton Packaging - 24,000.0 tons p.a.
d. Laminated - 4,800.0 tons p.a.
e. Rotogravure - 9.072.0 tons p.a.
f. Flexo - 11,400.0 tons p.a.
Total Investment :
a. Equity Capital - Rp. 462.5 billion
b. Loan Capital - Rp. 632.0 billion
c. Total Investment -
Rp.1,094.5 billion
Started
Operation :
September 1996
Brand
Names :
a. BENTOEL BIRU
b. BENTOEL MILD
c. STAR MILD
d. INTER BIRU
Technical
Assistance :
None
Number
of Employee :
4,786 persons
Marketing
Area :
Domestic - 90%
Export - 10%
Main
Customers :
The Publics
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. GUDANG GARAM Tbk
b. P.T. HM SAMPOERNA Tbk
c. P.T. Pabrik Rokok DJARUM
d. P.T. PHILIP MORRIS INDONESIA
e. P.T. NOJORONO
f.
P.T. MINAK JINGGO
g. Etc.
Business Trend :
Declining
BANKER, AUDITOR & LITIGATION
Bankers
:
a. P.T. Bank RAKYAT
INDONESIA Tbk
BRI Plaza
Jalan Jend. Sudirman Kav.
44-46
Jakarta Selatan
Indonesia
b. P.T. Bank MANDIRI
Tbk
Bank Mandiri Building
Jalan M.H. Thamrin No. 5
Jakarta Pusat
Indonesia
c. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan
Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor :
Osman Bing Satrio
& Rekan, a public accountant
Litigation
:
No litigation record
in our database
FINANCIAL FIGURE
Annual
Sales :
2008 – Rp. 4,741.9 billion
2009 – Rp. 4,420.2 billion
2010 – Rp. 4,360.0 billion (estimated)
Net Profit (Loss) :
2008 – (Rp. 205.0 billion)
2009 –
Rp. 32.6 billion
2010 -
Rp. 24.5 billion (estimated)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Nicolaas Bernadus Tirtadinata
Director - a. Mr. Sun Alexander Yapeter
b. Mrs. Ginawati
c. Mr. Chrisdianto Tedja Widjaja
d. Mr. Heru Kuntjoro
Board of Commissioners :
President Commissioner - Mr. Drs. Darjoto Setiawan
Vice Pres. Commissioner - Mr. Yaya Winarno Junardy
Commissioner -
Mr. Tan Tjoe Liang
Signatories :
President Director (Mr. Nicolaas
Bernadus Tirtadinata) or one of the Directors (Mr. Sun Alexander Yapeter, Mrs.
Ginawati, Mr. Chrisdianto Tedja Widjaja and Mr. Heru Kuntjoro) which must be
approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under
guarantee
Proposed Credit Limit :
C.O.D. To small amount
Maximum Credit Limit :
US$ 30,000,000.- on the 90 days of payments
OVERALL PERFORMANCE
The company was established in February in 1992 with an authorized capital of Rp. 500,000,000.- issued capital of Rp. 200,000,000.- wholly paid-up. Founders and shareholders of P.T. BENTOEL PRIMA (P.T. BP) are P.T. RAJAWALI CORPORATION (originally named P.T. RAJAWALI WIRA BHAKTI UTAMA) and Mr. Budhy Gunawan Wibisono Budhyarto, an Indonesian businessman of Chinese extraction. Its articles of association has frequently been revamped for a couple of times. Later in September 1997, the authorized capital was increased to Rp. 600,000,000,000.- billion issued capital to Rp. 185,000,000,000.- wholly paid-up. On the same occasion, Mr. Budhy Gunawan Wibisono Budhyarto pulled-out and replaced by P.T. Perusahaan Rokok TJAP BENTOEL. By the end of January 2000 P.T. RAJAWALI granted its 2.5% shares to Koperasi Karyawan P.T. BENTOEL PRIMA TUNAS HARAPAN.
The Articles of Association has been frequently changed for a couple of times. In December 2002, P.T. BP's whole shares were taken over by P.T. BENTOEL INTERNASIONAL INVESTAMA Tbk., (99.999%) and P.T. RAJAWALI CORPORATION (0.001%). In December 2008, an issued capital was raised to Rp. 462,500,000,000 entirely paid up. Concurrently, P.T. RAJAWALI CORPORATION pulled out and the whole share is sold to P.T. KENCANA CIPA BATJA, a private company. The amendment Articles of Association was made by Mrs. Diah Guntari L. Soemarwoto, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-44039.AH.01.02.TH.2008, dated 23 July 2008.
P.T. BENTOEL INTERNASIONAL INVESTAMA Tbk, a public listed company whose shares ware originally owned by Bella Sapphire Ventures Limited (41.73%), Eagle High Consumer Products Pte Ltd (14.48%), Citibank N.A. (9.66%), and Publics (34.13%). But, as of 31 March 2010, the above shareholders pulled out and the whole shares are sold to BRITISH AMERICAN TOBACCO (PCA 2009) Ltd., of the USA (99.14%) and Publics (0.86%).
P.T. BP is dealing with clove cigarettes and packaging industry operating as from July 1997. P.T. BP operates 2 unit of factories respectively machine made clove cigarettes manufacturing located at Jalan Raya Karanglo and hand rolled clove cigarette manufacturing. The above two factories were originally owned by its parent company P.T. Perusahaan Rokok TJAP BENTOEL. Most of its other assets including the factories have already been handed over to P.T. BP. Some of the assets to have been shifted to P.T.BP are cigarette basic materials, warehouses, office buildings, branch office and marketing offices and marketing network, trademarks as well as patent, on suggestion from P.T. Bank RAKYAT INDONESIA and P.T. Bank MANDIRI (ex. P.T. Bank Bumi Daya) as part of debt restructuring P.T. Perusahaan Rokok TJAP BENTOEL to both state-owned banks.
After the taking over of the above assets, P.T. BP controls some 99.99% shares of P.T. Perusahaan Dagang dan Industri TRESNO (white cigarette manufacturing), 99.60% shares of P.T. Perusahaan Dagang dan Industri SUBURAMAN (white cigarette manufacturing), 99.59% shares of P.T. Perusahaan Dagang dan Percetakan AMISETA (cigarettes distribution) and 99.88% shares of P.T. TAMAN BENTOEL (recreation park development and management).
Since 1983, P.T. Perusahaan Dagang dan Industri TRESNO obtained a license from PHILIP MORRIS PRODUCT Inc., of the USA to produce and to market well known white cigarette MARLBORO of which 90% is marketed domestically and 10% is exported to Malaysia, Brunei and the Philippine. But in November 1998 the license agreement has been terminated.
Based on financial report of P.T. BP, its sales turnover in 2008 reached Rp 4,741.9 billion with a net loss of Rp 205.0 billion declined to Rp. 4,420.2 billion with a net profit of Rp. 32.6 billion in 2009 and it estimated dropped again to Rp. 4,360.0 billion with a net profit of Rp. 24.5 billion in 2010. It is projected that total sales turnover of the company will increase at least 4% in 2011.
Descriptions of the terms of the loan agreements are as follows:
a. Bank Rakyat Indonesia (BRI)
Based on Deed No. 61 dated June 14, 2007, of Eko Handoko Widjaja, SH., PT. Bentoel Prima (BP) obtained an investment loan with maximum credit of Rp. 9,450,000,000 to build warehouse and marketing office facilities in Bekasi Regency, West Java Province. The loan bears interest at 12.75% per annum, subject to regular review, and is due on June 14, 2012. Based on Deed No. 16 dated December 5, 2007 of Siti Rayhana, SH., notary in Jakarta concerning Addendum of Investment Credit Agreement, this loan is secured by land and building of PT. Bentoel Prima, measuring 12,313 square meters located in Tambun, Bekasi Regency, west Java Province.
b. Bank OCBC NISP
Based on Deed No. 78 dated May 15, 2007 of Eko Handoko Widjaja, SH., PT. Bentoel Prima obtained a loan from Bank NISP with maximum credit of Rp. 5,000,000,000 to build a dormitory in Araya Malang. The loan bears interest of 12.5% per annum which is subject to regular review. The credit facility from Bank NISP is divided into two parts which are Rp 1,750,000,000 due in May 15, 2014 and Rp. 3,250,000,000 due in May 15, 2015. The loan is secured by two parcels of land of PT. Bentoel Prima measuring approximately 2,000 square meters with SHGB No. 522 and 523.
Initially, P.T. BP was headed by Mr. Drs. Darjoto Setiawan (54), a professional manager and a top-figure of the RAJAWALI Group, as the president director. However, since July 2006 he has been replaced by Mr. Nicolas Bernadus Tirtadinata (53). He used to be a director of P.T. BP. In his daily activities, he is assisted by four directors namely Mr. Sun Alexander Yapeter (51), Mrs. Ginawati (47), Mr. Chrisdianto Tedja Widjaja and Mr. Heru Kuntjoro, fourth have broad experience in industry and trading of clove flavored cigarettes. The management has wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not yet come across reports on involvement of P.T. BP’s management in any fraudulent dealings and recorded at the court for detrimental cases.
Considering the company’s operation is declining in the last three years and unstable economic condition in the country, we recommend to treat extra prudently in extending any new loans to P.T. BENTOEL PRIMA.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.