MIRA
INFORM REPORT
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Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. BUMITANGERANG MESINDOTAMA |
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Registered Office : |
Jalan Dipati
Unus No. 27 & 30 Cibodas Besar Tangerang 15138 Banten |
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Country : |
Indonesia |
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Date of Incorporation : |
03.02.1993 |
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Com. Reg. No.: |
No.
AHU-12173.AH.01.02.Tahun 2009 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Cocoa Bean
Processing Industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 13,920,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T.
BUMITANGERANG MESINDOTAMA
Address
Head Office & Factory
Jalan Dipati Unus
No. 27 & 30
Cibodas Besar
Tangerang 15138
Banten
Indonesia
Phones -
(62-21) 5585870 (Hunting)
Fax - (62-21) 5585872
E-mail - bt@btcocoa.com
Website - http://www.btcocoa.com
Land Area - 11,200 sq.
meters
Building Area - 9,700 sq.
meters
Region - Industrial
Zone
Status - Owned
Summary
Date of Incorporation :
3 February 1993
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
-
No.
C2-10818 HT.01.01.TH.1994
Dated 14 July 1994
-
No.
AHU-13532.AH.01.02.TH.2008
Dated 18 March 2008
-
No.
AHU-12173.AH.01.02.Tahun 2009
Dated 13 April
2009
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.605.837.2-402.000
The Department of Industry
No.
43/T/INDUSTRI/2006
Dated 12 January
2006
The Capital Investment Coordinating Board
a. No.
145/I/PMDN/2000
Dated 07 September 2000
b. No.
51/II/PMDN/2007
Dated 08 May 2007
c. No.
307/V/PMA/2008
Dated 31 December 2008
Holding
Company :
YTS HOLDING Pte.
Ltd., of Singapore (Investment Holding)
Affiliated/Associated
Company :
a. P.T.
BUMITANGERANG COKLAT UTAMA (Chocolate Snack Processing)
b. AGROHUB
COMMODITIES Pte. Ltd., of Singapore (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 100,000,000,000.-
Issued Capital - Rp. 60,000,000,000.-
Paid up Capital - Rp. 60,000,000,000.-
Shareholders/Owners
:
a. YTS HOLDING Pte. Ltd. - Rp. 59,999,500,000.- (99.999%)
Address :
Singapore
b. AGROHUB COMMODITIES Pte. Ltd. - Rp.
500,000.- ( 0.001%)
Address : Singapore
BUSINESS ACTIVITIES
Lines of
Business :
Cocoa Bean
Processing Industry
Production
Capacity :
Existing Units
a. Cocoa Powder - 20,000 tons p.a.
b. Cocoa Butter - 13,600 tons p.a.
c. Cocoa Liquor - 6,400 tons p.a.
Expansion Units (2011)
a. Cocoa Powder - 31,000 tons p.a.
b. Cocoa Butter - 23,600 tons p.a.
c. Cocoa Liquor - 11,500 tons p.a.
Total Investment :
Existing Units
a. Owned Capital - Rp. 109.5 billion
b. Loan Capital - Rp. 268.0 billion
c. Total Investment - Rp. 377.5 billion
Expansion Units
a. Owned Capital - Rp. 50.0 billion
b. Loan Capital - Rp. 300.0 billion
c. Total Investment - Rp. 350.0 billion
Started
Operation :
1993
Brand Name :
BT Cocoa
Technical
Assistance :
None
Number of
Employee :
405 persons
Marketing Area
:
Export - 90%
Local - 10%
Main Customers
:
a. Hypermart
b. Sogo Hypermarket
c. Lotte Hypermarket
d. The Farmers
Market
e. Overseas buyers
in USA, China, India, Pakistan, Southeast Asia, Middle East, Russia and
European countries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. GENERAL
FOOD INDUSTRIES
b. P.T. COCOA VENTURES INDONESIA
c. P.T. Perusahaan Industri CERES
d. P.T. GANDUM MAS KENCANA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav.
29-31
Jakarta Pusat
b. P.T. Bank
MANDIRI Tbk
Jalan Raya
Daan Mogot
Tangerang,
Banten
c. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend.
Sudirman Kav. 22-23
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 790.0
billion
2009 – Rp. 880.0
billion
2010 – Rp. 980.0
billion
Net Profit
(estimated) :
2008 – Rp. 43.5
billion
2009 – Rp. 48.0
billion
2010 – Rp. 53.9
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Sindra Wijaya
Directors -
a. Mrs. Juliana Jasman
b. Mr. Thomas Jasman
Board of Commissioners :
Commissioner -
Mr. Piter Jasman
Signatories :
President Director (Mr.
Sindra Wijaya) or one of the Directors (Mrs. Juliana Jasman or Mr. Thomas
Jasman) which must be approved by Board of Commissioner (Mr. Piter Jasman).
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 13,920,000 on
90 days D/A
OVERALL PERFOMANCE
P.T.
BUMITANGERANG MESINDOTAMA also widely known as BT COCOA was established in
Tangerang, Banten on February 3, 1993 with an authorized capital of Rp.
150,000,000 issued capital of Rp. 40,000,000 entirely paid up. The founding
shareholders of the company are Mr. Piter Jasman and his youngest brother Mr.
Akhiong Jasman AKA Hoi Khiong, both are Indonesian business family of Chinese
origins. The deed of company was made by
Rony Harunsyah Gunawan, SH., a public notary in Tangerang and it was approved
by the Ministry of Law and Human Right in its Decision Letter No. C2-10818
HT.01.01.Th.1994 dated 14 July 1994.
The company notary deed has
been changed a couple of times. In February 2008 the authorized capital was
raised to Rp. 50,000,000,000 issued capital to Rp. 20,000,000,000 fully and
paid up. On the same occasion, Mr. Akhiong Jasman AKA Hoi Khiong pulled out and
replaced by Mr. Lukas Jasman as new shareholder. The latest in October 2009,
the authorized capital was again increased to Rp. 100,000,000,000 issued
capital to Rp. 60,000,000,000 entirely paid up.
Since that time the shareholders of the company are YTS HOLDING Pte., of
Singapore (99.999%) and AGROHUB COMMODITIES Pte., Ltd. (0.001%). The deed of amendment was made by Mellyani
Nooer Shandra, SH., a public notary in Jakarta and its was approved by the
Ministry of Law and Human Right in its Decision Letter No.
AHU-12173.AH.01.02.Tahun 2009 dated 13 April 2009. No changes have been effected in term of its
shareholding composition and capital structures to date.
We are extremely difficult to trace or
investigate the shareholders of YTS HOLDING Pte. Ltd., and AGROHUB COMMOTIEIS
Pte Ltd, as this company is incorporated under law of Singapore. But we allege or estimate that the owners of this
company are Mr. Piter Jasman and his family members.
Initially BT COCOA was engaged in cocoa beans processing
machinery manufacturing, which has been
operating since
Whole cocoa butter produced by BT COCOA was exported to many countries
including he USA, China, India, Pakistan, Southeast Asia, Central America,
South Americfa, Middle East, Russia, Japan and European countries. For cocoa
powder product of 50% for export and 50% for the local market that was sold was
to supermarkets such as Hypermart, Sogo Hypermarkets, Lotte Hyermarket, The
Farmers Market, The Ranch Market, Diamond Supermakret and others. We observed
that the operations of BT COCOA run smoothly and developed rapidly in the last
five years.
In general we observed that the market
demand at home and abroad for
cocoa is still increasing in the last five years. According to the Central Statistics Agency
(BPS), export volume of Indonesian
cocoa beans in
2007 as many as 381.9 thousand tons valued at
U.S. $ 623.1 million increased to 382.5 thousand
tons valued at U.S. $ 856.2 million in 2008,
increased again to 440.3 thousand tons valued at
U.S. $ 1,088.2 million in 2009 and fell
slightly to 433.5 thousand tons valued at
U.S. $ 1.191.3 million in 2010. Business
position of BT COCOA is good enough
because it already
ha a captive market and its marketing network
is also broad both at home or
abroad.
BT COCOA 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 2008 amounted to Rp. 790.0 billion increased to Rp. 880.0
billion in 2009 rose again to Rp. 980.0 billion in 2010 and projected to go on
rising by at least 15% in 2011. The operation in 2010 yielded an estimated net
profit of at least Rp. 53.9 billion and the company has an estimated total
asset of at least Rp. 420.0 billion. So far, we did not heard that the company
having been black listed by the Central Bank (Bank Indonesia). Besides, the
company has a punctual payment habit within 1 to 2 months.
The management
of BT COCOA is led by Mr. Sindra Wijaya (38) a young professional manager with
experience in cocoa bean processing. He is assisted by Mrs. Juliana Jasman (29)
and Mr. Thomas Jasman (27), both as directors. But we are sure the primemover
of the company is Mr. Piter Jasman (56) with experienced for more than 22 years
in cocoa bean processing industry. The management is handled by professional
manager in this business, having maintained a wide business relation with
private businessmen at home and abroad 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.
BUMITANGERANG MESINDOTAMA or BT COCOA is sufficiently fairly good for business
transaction. However, in view of the global economic slowdown we recommend to
treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
|
1 |
Rs.75.57 |
|
Euro |
1 |
Rs.65.97 |
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 |
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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 |
|
<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.