MIRA INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. BIPORIN AGUNG |
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Registered Office : |
Jalan Pusat No. 88, Desa Cikupa Rt. 003/01, Tangerang,
15710, |
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Country : |
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Date of Incorporation : |
05.08.1981 |
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Com. Reg. No.: |
No. AHU-48171.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Organic Pigment & Dyestuff and Textile Chemical
Industry |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 513,000 |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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. BIPORIN AGUNG
Company address
Head Office &
Factory
Jalan Pusat No.
88
Desa Cikupa Rt.
003/01
Tangerang, 15710
Phone - (62-21) 5960915, 5960916
Fax -
(62-21) 5960925
E-mail - bipo@centrin.net.id
Land Area - 15,000 sq.
meters
Building Space - 4,600 sq. meters
Region - Industrial Zone
Status - Owned
Representative
Office
The City Tower
(TCT) 29th Floor unit 29-01
Jalan M.H.
Thamrin No. 81
Phone - (62-21) 3199 6222 (Hunting)
Fax -
(62-21) 3199 6288, 3199 6289
Building Area - 30 storey
Building Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
5 August 1981
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
- No. C.UM.02.01.12553
Dated 12 October
2004
- No. AHU-48171.AH.01.02.TH.2008
Dated 6 August 2008
Company Status
Private and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.216.727.6.415.000
The Department of Industry & Trade
TDP No. 10031300223
Dated 6 October 1998
The Capital Investment Coordinating Board
- No. 203/I/PMDN/1983
Dated 19 November
1983
- No. 348/VI/PMDN/1984
Dated 29 December
1984
- No. 251/II/PMDN/1995
Dated 29 September
1995
The Department of Industry
No. 63/T/INDUSTRI/1990
Dated 26 February 1990
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
Rp. 4,000,000,000.-
Issued Capital :
Rp. 1,000,000,000.-
Paid up Capital :
Rp. 1,000,000,000.-
Shareholders/Owners
:
a. Mr. Anwar
Afandi -
Rp. 950,000,000.-
Address : Kp.
Cikupa No. 88 Rt.03 Rw. 01
Kelurahan Cikupa, Kecamatan Cikupa
Tangerang,
b. Mr. Aman
Afandi -
Rp. 20,000,000.-
Address : Kp.
Cikupa No. 88 Rt.03 Rw. 01
Kelurahan Cikupa, Kecamatan Cikupa
Tangerang,
c. Mrs.
Erliani Iskandar -
Rp. 30,000,000.-
Address : Jl. Ir.
Haji Juanda III No. 34-A
BUSINESS ACTIVITIES
Lines of
Business :
Organic Pigment & Dyestuff and Textile Chemical
Industry
Production
Capacity :
a. Reactive Dyestuff - 2,300 tons p.a.
b. Disperse Dyestuff - 3,600 tons p.a.
c. Optical
Brightening Agent - 300 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 1.0 billion
b. Loan Capital - Rp. 16.5 billion
c. Total
Investment - Rp. 17.5 billion
Started
Operation :
1987
Brand Name :
Biporin Agung
Technical
Assistance :
None
Number of
Employee :
200 persons
Marketing Area
:
Export -
50%
Local -
50%
Main Customer
:
Buyers in Asian and Europe
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DYSTAR
b. P.T. CLARIANT
c. P.T. COLORINDO ANEKA CHEMICALS
d. P.T. MATSUMOTOYUSHI
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
Jalan Haji Samanhudi No. 8
b. The Bangkok Bank Ltd.
Jalan M.H. Thamrin No. 3
Auditor :
Internal Auditor
Litigation :
The Subject has recorded appeal
cassation of Supreme Court No. 285 K/TUN/2002. The Subject appeal cassation in
the process of examination up to present. Type of cases: State
Administration.
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 36.0 billion
2009 – Rp. 37.5 billion
2010 – Rp. 39.0 billion
Net Profit (estimated) :
2008 – Rp. 2.5 billion
2009 – Rp. 2.6 billion
2010 – Rp. 2.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Anwar Afandi
Board of Commissioners :
Commissioner -
Mrs. Erliani Iskandar
Signatories :
Director
(Mr. Anwar Afandi) which must be approved by Supervisory Board
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below
Average
Credit Recommendation :
Credit
should be extended under guarantee
Proposed Credit Limit :
C.O.D. To small amount
Maximum Credit Limit :
US$ 513,000 on the 90 days of
payments
OVERALL PERFORMANCE
P.T. BIPORIN AGUNG (P.T. BA) was incorporated in August 1981
with an authorized capital of Rp. 50,000,000 issued capital of Rp. 15,000,000
wholly paid-up. Founders and original shareholders are Mr. Anwar Afandi, Mrs.
Ratna Dewi Afandi and Mr. Ir. Aman Afandi wholly Indonesian of Chinese
extraction. The company notary deed has been revised for several times. In
1987, the authorized capital was increased to Rp. 1,000,000,000 entirely issued
and paid-up. In September 1997, Mrs. Ratna Dewi Afandi pulled out and replaced
by Mrs. Erliani Iskandar, an
P.T. BA acquired a Domestic Investment (PMDN) facility
licensed by Capital Investment Coordinating Board (BKPM) for dealing with
organic pigment & dyestuff and textile chemical manufacturing whose plant
is located in Desa Cikupa Rt. 003/01, Tangerang,
However since 2008 until 2010 has almost nearly 90% of size of output. Some of 50% of products are exported to several Asian countries while the rest 50% are marketed locally to various textile industries and textile products manufacturing companies. P.T. BA focuses is on production of Reactive (Bipoactive) dyestuffs especially vinyl-sulfone and bi-functional types. Raw materials and intermediates are sourced after pre-approval from dependable and stable suppliers.
Syntheses of all dyestuffs are with strict adherence to various reaction parameters which are controlled with automatic PLC control and DCS systems. All activities within the factory are monitored continuously on recordable CCTV system. Accent is on quality of production batches and consistency from batch to batch. There are quality specifications at each stage and these are controlled strictly.
Almost all dyestuffs are standardized in liquid form and then
spray dried as low dusting semi-granular type and directly packed using latest
PLC controlled weighing systems. All spray dryers have the latest PLC
systems to control all sensitive parameters like temperature, vacuum, feed-line
pressure etc. to ensure most uniform product. Samples are regularly taken from
spray dryers and checked for various parameters around the clock, seven days a
week. The global economic slowdown
since October 2008 has brought negative impact to the company on account of the
increasing production cost and basic material prices. Meanwhile,
the local TPT (Textile and Textile Products) industries and other factors
causing the declining competitive ability of the national TPT products are the
increasing production costs, high interest rates, expensive customs office
costs, illegal retributions, textile and garment machinery restructuring costs
and the rising prices of production components (oil fuel prices and electric
base tariffs). We observe the operation of P.T. BA has been growing slowly
in the last three years.
The demand for
textile chemicals tended to be fluctuating within the last five years in line
with the fluctuating of Indonesian textile industry in general. According to
the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002
amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9
million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons
(US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to
399,800 tons (US$ 5,712.9 million) in 2007 and to 417,600 tons (US$ 6,092.2
million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009. The
Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9
million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$
3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to
1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0
million) in 2007 and to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to
1,369.6 tons (US$ 3,602.8 million) in 2009.
The domestic textile producers
are pessimism the textile export in 2009 could match the export numbers in
2008. The blow of the global economic crisis is resulted in the reduced of
demand from the export destination countries like the United States (U.S.),
|
Year |
Garment |
Textile Products |
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|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of Statistic
P.T. BA 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. 36.0 billion increased to
Rp. 37.5 billion in 2009 and to Rp. 39.0 billion in 2010 with a net profit of
Rp. 2.7 billion. The company has an estimated total netwoth at least Rp. 7.0
billion. It is projected that total sales turnover of the company will be
higher by at least 4% in 2011. So far, we did not hear that the company having
been black listed by the Central Bank (Bank
The company is led out by Mr. Anwar Afandi (59), a businessman who
experienced for more than 24 years in the field of organic pigment &
dyestuff and textile chemical manufacturing. We observed that management’s
reputation in said business is fairly good. The management of the company is
handled by experienced professional manager having wide relation with private
businessmen of home and overseas as well as with the government sectors. 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. BIPORIN AGUNG
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
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|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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.