MIRA INFORM REPORT

 

 

Report Date :           

24.06.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. FAJAR BERSERI

 

 

Formerly Known As :

P.T. PUTRA MAS GURU

 

 

Registered Office :

Jalan Pesanggrahan Raya No. 7B, Jakarta Barat, 11620

 

 

Country :

Indonesia

 

 

Date of Incorporation :

01.10.1983

 

 

Com. Reg. No.:

No. AHU-32652.AH.01.02.TH.2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Crumb Rubber Industry

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 3,157,000

Status :

Satisfactory

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Indonesia

b2

b2

 

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. FAJAR BERSERI

 

 

company Address

 

Head Office

Jalan Pesanggrahan Raya No. 7B

Jakarta Barat, 11620

Indonesia

Phones             - (62-21) 5859346

Fax                   - (62-21) 5846827

Building Area     - 2 storey

Office Space      - 130 sq. meters

Region              - Commercial

Status               - Rent

 

Factory

Jalan PLTU Air Anyer

Dusun Mudel, Merawang Bangka

Pangkal Pinang

Bangka Belitung Province

Indonesia

Phones             - (62-717) None

Fax                   - (62-717) None

Mobile Phone    - 0812 7171811

Land Area         - 150,000 sq. meters

Building Space  - 80,000 sq. meters

Region              - Industrial Zone

Status               - Rent

 

 

Date of Incorporation

 

a.   1 October 1983 as P.T. PUTRA MAS GURU

b.   10 August 2006 as P.T. FAJAR BERSERI

 

                                  

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

- No. C2-1534.HT.01.01.TH.1984

  Dated6 March 1984

- No. AHU-32652.AH.01.02.TH.2008

  Dated 12 June 2008 

 

 

Company Status

 

Private National Company

 

 

Permit by the Government Department

 

The Department of Finance

NPWP No. 02.530.477.5-304.000

 

 

Related Company

 

a.   P.T. BERSERI INDONESIA (Trading and Exporter of Crum Rubber)

b.   P.T. KAHAYAN BERSERI (Crumb Rubber Industry)

c.   P.T. MENGGALA BERSERI (Crumb Rubber Industry)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 30,000,000,000.-

Issued Capital                                  : Rp. 25,000,000,000.-

Paid up Capital                                : Rp. 25,000,000,000.-

 

Shareholders/Owners :

a. Mr. Erwin Sugianto                                            - Rp. 8,750,000,000.-

    Address : Jl. Pekapuran I/180 A, RT. 010 RW. 003

                    Kel. Tanah Sereal, Kec. Tambora

                    Jakarta Barat

                    Indonesia 

b. Mr. Handrianto                                                   - Rp. 8,750,000,000.-

    Address : Gang Batu Giok 1 No. 12, RT. 04 RW. 01

                    Kel. Bukit Intan, Kec. Bukit Intan

                    Pangkal Pinang, Bangka Belitung

                    Province, Indonesia

c. Mr. Drs. Eddy Junaidi Syahril                            - Rp. 5,000,000,000.-

    Address : Taman Bougenville Estate C-3/3

                    RT. 003 RW. 015, Kel. Jatibening

                    Kec. Pondok Gede, Bekasi

                    West Java, Indonesia

d. Mrs. Siska Syamsiar                                           - Rp. 2,500,000,000.-

    Address : Complex Sarua Indah Block A No. 5

                    Kel. Sarua Indah, Kec. Ciputat

                    Tangerang, Banten Province

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Crumb Rubber Industry

 

Production Capacity :

Crumb Rubber                                 - 36,000 tons p.a.

 

 

Total Investment :

a.   Equity Capital                            - Rp. 25.0 billion

b.   Loan Capital                              - Rp. 34.4 billion

c.   Total Investment                         - Rp. 59.4 billion

 

Started Operation :

a.   1984 as Crumb Rubber Exporter

b.   May 2009 Crumb Rubber Industry

 

Brand Name :

Fajar Berseri

 

Technical Assistance :

None

 

Number of Employee :

200 persons                                   

 

Marketing Area :

Export    - 100%

 

Main Customer :

Buyers in China, Belarusian, etc

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ADEI PLANTATION AND INDUSTRY

b. P.T. ADIMULIA AGROLESTARI

c. P.T. AIR MURING

d. P.T. BRIDGESTONE KALIMANTAN PLANTATION

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank MANDIRI Tbk

Pangkal Pinang Main Branch

Bangka Belitung Province

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 160 billion

2009 – Rp. 220.0 billion

2010 – Rp. 240.0 billion

 

Net Profit (estimated) :

2007 – Rp. 11.2 billion

2008 – Rp. 15.4 billion

2009 – Rp. 16.8 billion

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Erwin Sugianto

Director                                           - Mr. Handrianto

                                                                                                           

Board of Commissioners :

President Commissioner                   - Mr. Drs. Eddy Junaidi Syahril

Commissioner                                 - Mrs. Siska Syamsiar

                                                                                                           

Signatories :

President Director (Mr. Erwin Sugianto) or the Director (Mr. Handrianto) 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$ 3,157,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

Originally named P.T. PUTRA MAS GURU was established in Bangka, Bangka Belitung Province in October 1983 with the authorized capital of Rp. 25,000,000 issued capital of Rp. 6,000,000 entirely paid up. The founding and shareholders of the company are Mr. Erwin Sugainto and Mrs. Ratna Suryana Bin Supriyanto, both are Indonesian businessmen of Chinese origins. The company notary deed has been changed a couple of times and in August 2006 the company was changed to P.T. FAJAR BERSERI (P.T. FB) and concurrently the authorized capital was increased to Rp. 5,000,000,000 issued capital to Rp. 1,250,000,000 entirely paid up. On the same occasion the company legal domicile had been moved into Jakarta. With this development the composition of its shareholders has been changed to become Mr. Erwin Sugianto (50%) and Mrs. Ratna Suryana Bin Supriyanto (50%). The latest in April 2008 the authorized capital was raised to Rp. 30,000,000,000 issued capital to Rp. 25,000,000,000 fully and paid up. On the same occasion Mrs. Ratna Suryana Bin Supriyanto pulled out and the whole share sold to Mr. Handrianto, Mrs. Drs. Eddy Junaidi Syahril and Mrs. Siska Syamsiar, all indigenous businessmen as new shareholders. With this development the composition of its shareholders has been changed to become Mr. Erwin Sugainto (35%), Mr. Handrianto (35%), Mr. Drs. Eddy Junaidi Syahril (20%) and Mrs. Siska Syamsiar (10%). The latest revision of notary documents was made by Mr. Haji Zamri, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-32652.AH.01.02.TH.2008 dated June 12, 2008.   

 

We observe that Mr. Erwin Sugianto is also business stakes owner of P.T. BERSERI INDONESIA engaged in the field of trading and exporter of crumb rubber, P.T. KAHAYAN BERSERI and P.T. MENGGALA BERSERI both are engaged in the field of crumb rubber industry.

 

P.T. FB originally started to be operating since 1984 in trading and exporter of crumb rubber with all commodities gathered from Bangka Belitung Province and South Sumatera. However since August 2006 P.T. FB focused its activities in crumb rubber industry. P.T. FB begins of the construction of its plants located in Bangka Belitung Province on 15 hectares of land. The plant has been operating since May 2009. P.T. FB has a production capacity crumb rubber (SIR 20) of 3,000 tons per month. It is estimated that construction of the plant absorbed an investment of Rp. 59.4 billion. The supplies of the basic material purchased from small holder farmers and crumb rubber plantation in Bangka Belitung Province and also from South Sumatera region. The whole of its products is exported through sister company P.T. BERSERI INDONESIA to China, India, South Korea, Vietnam, Germany and Belarusia and other countries. The marketing of its export is handled by P.T. BERSERI INDONESIA (holding company). In the next time the products is also supplied and used by overseas rubber and tire manufacturing companies like BRIDGESTONE TYRE & RUBBER COMPANY (the USA) and YOKOHAMA RUBBER & CO., (Japan). We observe the operation of P.T. FB has been growing and developing well in the last three years.

 

The demand for rubber products has been fluctuating in the last five years in line with the growth of rubber processing industries and others. According to the Directorate General of Plantation (Kementan), the export volume and value of the national rubber production in the last four years up to 2010 is as pictured in the following table:

 

The National Rubber Production, 2007 – 2010

 

Year

Farmer Folk

State Owned Enterprise

Private Company

2007

2.176.69

277.2

301.29

2008

2.173.62

276.8

300.86

2009

2.064.85

253.8

275.82

2010

2.207.31

269.8

293.22

Source: Directorate General of Plantation

 

National Rubber Processed Export, 2004-20011*

 

Year

Export (Thousand Tons)

Export (US$ Million)

2004

2,247.5

2,954.2

2005

2,419.8

3,545.6

2006

2,701.6

5,465.3

2007

2,867.9

6,179.7

2008

2,730.7

7,579.6

2009

2,400.0

3,240.0

2010

2,700.0

3,990.0

2011*

2,600.0

4,220.0

                       Source : Central Bureau of Statistic (BPS)

 

Until this time P.T. FB has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. FB 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. 160.0 billion rose to Rp. 220.0 billion in 2009 increased to Rp. 240.0 billion in 2010 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 16.8 billion and the company has an estimated total networth of at least Rp. 70.0 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. FB is led by Mr. Erwin Sugianto (38) a businessman and professional manager with experience in crumb rubber industry and trading. Daily operation he is assisted by Mr. Handrianto (53) as director. 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. FAJAR BERSERI is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.09

Euro

1

Rs.64.21

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.