MIRA INFORM REPORT
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Report Date : |
17.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. REFINED BANGKA TIN |
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Registered Office : |
Artha Graha Building, 30th Floor, Jalan Jend. Sudirman Kav. 52-53 , Sudirman Central Business District (SCBD), Jakarta Selatan, 12190 |
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Country : |
Indonesia |
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Date of Incorporation : |
16.07.2007 |
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Com. Reg. No.: |
No.
W7-10141.HT.01.01.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Tin Smelting Manufacturing |
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No. of Employees
: |
72 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 302,000 |
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Status : |
Moderate |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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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. REFINED
BANGKA TIN
company Address
Head Office
Artha Graha
Building, 30th Floor
Jalan Jend.
Sudirman Kav. 52-53
Sudirman Central
Business District (SCBD)
Jakarta Selatan, 12190
Indonesia
Phones -
(62-21) 515 0553 (Hunting)
Fax - (62-21) 515 0554
Building Area - 32 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Bangka Factory
Kawasan Industri Jelitik Sungailiat
Bangka, 33215
Bangka Belitung
Province
Indonesia
Phones -
(62-717) 92 666 (Hunting)
Fax - (62-717) 95 444
Land Area - 10,000 sq.
meters
Building Space - 6,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
16 July 2007
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No.
W7-10141.HT.01.01.TH.2007
Dated 13
September 2007
Company Status
Private National
Company
Permit by the
Government Department :
The Department of
Finance
NPWP No.
02.634.303.8-304.000
The Department of
Industry and Trade
TDP No.
310215100506
Dated 10 August
2007
Related
Companies :
a. P.T. BANGKA BELITUNG TIMAH SEJAHTERA (Tin
Smelter Manufacturing)
b. P.T. DS JAYA ABADI (Tin Smelter
Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized
Capital : Rp.
200,000,000.-
Issued Capital : Rp. 50,000,000.-
Paid up Capital : Rp. 50,000,000.-
Shareholders/Owners
:
a. Mr.
Modestus Buntar Gunawan -
Rp. 25,000,000.-
Address :
Bumi Serpong Damai Sektor 1-3 Block
B1.20, RT. 04 RW. 11, Kel.
Rawabuntu
Kec. Serpong,
Tangerang, Banten Province
Indonesia
b. Mr.
Ismiryadi -
Rp. 25,000,000.-
Address : Jl. Melati No. 492,
RT. 003 RW. 001
Kel. Bukit Merapin, Kec. Gerunggang
Bangka Belitung
Province
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Tin Smelting
Manufacturing
Production
Capacity :
Tin Metals -
2,000 tons per month
Total Investment
:
Owned Capital - Rp. 200
million
Started
Operation :
2008
Brand Name :
Refined Bangka
Tin
Technical
Assistance :
None
Number of
Employee :
72 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Europe
Union, USA, Asian countries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AEGA
PRIMA
b. P.T. ARSED
INDONESIA
c. P.T. KOBA TIN
d. P.T. MITRA ABADI BERKATINDO, etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank MANDIRI
Tbk
a. Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
b. Bangka Belitung Main Branch
Bangka Belitung Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 21.0
billion
2009 – Rp. 22.0
billion
2010 – Rp. 23.0
billion
2011 – Rp. 12.2
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 1.3
billion
2009 – Rp. 1.5
billion
2010 – Rp. 1.7
billion
2011 – Rp. 1.0
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Modestus Buntar
Gunawan
Board of Commissioners :
Commissioner -
Mr. Ismiryadi
Signatories :
Director (Mr. Modestus
Buntar Gunawan) which must be approved by Board of Commissioner
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$ 302,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. REFINED BANGKA TIN (P.T. RBT) was established in Pangkal Pinang, Bangka Belitung Province based in notary deed of Mrs. Francisca Susi Setiawati, SH., No. 15 dated 16 June 2007 with the authorized capital of Rp. 200,000,000 issued capital of Rp. 50,000,000 entirely paid up. The founding shareholders of the company are Mr. Modestus Buntar Gunawan and Mr. Ismiryadi, both are indigenous businessmen. Based on our knowledge up to writing the report the notary documents of the company have not undergone any changes. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. W7-10141.HT.01.01.TH.2007 dated September 13, 2007.
We observe that Mr. Ismiryadi, is also a Bangka Legislature (Lawmakers) period 2009 – 2014 from the Indonesian Democratic Party of Struggle (PDIP). Mr. Ismiryadi is also business stakes owners of P.T. BANGKA BELITUNG TIMAH SEJAHTERA and P.T. DS JAYA ABADI both are dealing with tin smelting manufacturing.
P.T. RBT is a private national company dealing with tin smelting manufacturing which its plant located at Kawasan Industri Jelitik Sungailiat, Bangka, Bangka Belitung Province standing on a land of 10,000 sq. meters. P.T. RBT has been operating since 2008 by producing high quality tin and providing the best value products for its customers, RBT has become one of the leaders of refined tin producer in Indonesia. With its capability to produce high quality refined tin, P.T. RBT products has reached major tin markets around the world such as United States, Netherlands, Germany, Spain, China, South Korea, Taiwan, Hong Kong, Pakistan and others. According information from P.T. RBT management that the company has produces of 2,000 tons tin metal per month with two crystallizers machines installed RBT produces high quality refine tin with SN 99.9% to 99.99% (about LME standard) and Pb under 30ppm. The whole basic material like tin ore obtained from surrounding mining concession. We observe the operation of P.T. RBT has been growing and developing well in the last three years.
Generally mining activities for such minerals as tin, coopers, gold, silver, nickel ore, coal and etc. have fluctuated and for gold have been expanding in the country in the last five years. The trend has been in line with the weak prices of nickel and bauxite and with the firm price of gold on the international market. The mineral mining activities in Indonesia is seen from the total production of minerals as below.
Production Growth of Some Minerals
in Indonesia, 2005 – 2010*
|
Year |
Tin Ore Concentrate (Ton) |
Cooper Ore Concentrate (Ton) |
Nickel Ore (Ton) |
Bauxite (Ton) |
Coal (Ton) |
Gold (Kg) |
Silver (Kg) |
|
2005 |
78,404 |
3,553,808 |
3,706,998 |
1,419,666 |
152,722,438 |
142,894 |
326,993 |
|
2006 |
80,933 |
2,938,009 |
4,353,833 |
1,501,937 |
181,060,907 |
93,176 |
270,153 |
|
2007 |
66,137 |
2,814,952 |
7,118,438 |
1,251,147 |
174,832,673 |
117,851 |
268,967 |
|
2008 |
47,626 |
2,340,100 |
6,557,103 |
1,594,196 |
181,569,985 |
62,695 |
302,292 |
|
2009 |
44,113 |
3,484,122 |
5,806,886 |
1,276,797 |
209,344,688 |
126,963 |
321,127 |
|
2010 |
36,574 |
3,199,562 |
5,324,822 |
939,544 |
210,896,926 |
93,076 |
247,314 |
Source: Central Bureau of Statistics
(BPS)
*) January - November
Until this time P.T. RBT has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. RBT is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 21.0 billion rose to Rp. 22.0 billion in 2009 increased to Rp. 23.0 billion in 2010. As from January to June 2011 the sales turnover has reached at least of Rp. 12.2 billion with a net profit of at least Rp. 1.0 billion and projected to go on rising by at least 5% in 2012. The company has an estimated total net worth of at least Rp. 2.0 billion. So far, we did not heard 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. RBT is led by Mr. Modestus Buntar Gunawan (48) a businessman and professional manager with experience in tin smelting manufacturing. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. REFINED BANGKA TIN is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.81 |
|
UK Pound |
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.81 |
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 |
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.