MIRA INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. BEHN MEYER KIMIA |
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Formerly Known As : |
P.T. SURIMADI ARYA |
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Registered Office : |
Taman Tekno Industrial Complex 1 Sektor XI, Jalan Tekno
Utama Block B No. 1, 2nd Floor, Tangerang, 15314, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
23.12.1993 |
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Com. Reg. No.: |
No. AHU-14945.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Distribution of Industrial Chemicals |
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$ 2,000,000 |
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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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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. BEHN MEYER KIMIA
company Address
Head Office & Warehouse
Taman Tekno Industrial Complex 1 Sektor XI
Jalan Tekno Utama Block B No. 1, 2nd Floor
Tangerang, 15314
Banten Province
Indonesia
Phones - (62-21) 756 5000 (Hunting)
Fax -
(62-21) 756 0860, 756 0188, 756 0870
E-mail - bmk@behnmeyer.co.id
Land Area - 8,000 sq. meters
Building Space - 3,500 sq. meters
Region - Industrial Estate
Status - Rent
Branch
Jalan Raya Surabaya – Mojokerto Km. 19
Briginbendo, Taman Sepanjang
Sidoarjo, 61257
East Java
Indonesia
Phones - (62-31) 788 2822 (Hunting), 788 2823
Fax -
(62-31) 788 2821
E-mail - bmksby@behnmeyer.co.id
Land Area - 5,000 sq. meters
Building Space - 2,500 sq. meters
Region - Industrial Estate
Status - Rent
Date of Incorporation
a. 23 December 1993
as P.T. SURIMADI ARYA
b. 8 July 1999 as
P.T. BEHN MEYER KIMIA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
- No.
C2-7308.HT.01.01.TH.94
Dated 6 May 1994
- No.
AHU-14945.AH.01.02.TH.2009
Dated 23 April 2009
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department
of Finance
NPWP No. 01.610.642.9-056.000
The Capital
Investment Coordinating Board
No. 91/V/PMA/1999
Dated 10 June 1999
Related Company
P.T. BEHN MEYER PUPUK & AGROKIMIA (Fertilizer &
Agrochemical Trading)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 30,000,000,000.-
Issued Capital :
Rp. 30,000,000,000.-
Paid up Capital :
Rp. 30,000,000,000.-
Shareholders/Owners :
a. BEHN MEYER
CHEMICAL HOLDING (S) PTE. LTD. - Rp.
29,700,000,000.-
Address : No. 2 Boon Leat Terrace #06-01
Harbour Side Industrial
Building 2
Singapore
b. BEHN MEYER
& COMPANY PTE, LTD. -
Rp. 300,000,000.-
Address : No. 2 Boon Leat Terrace #06-01
Harbour Side Industrial
Building 2
Singapore
BUSINESS ACTIVITIES
Lines of Business :
Trading and Distribution of Industrial Chemicals
Production Capacity :
None
Total Investment :
None
Started Operation :
1994
Brand Name :
Behn Meyer Kimia
Technical Assistance :
Behn Meyer Chemical Holding (S) Pte, Ltd., Singapore
Number of Employee :
65 persons
Marketing Area :
Local - 100%
Main Customer :
Industrial Manufacturing
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRENTAG
b. P.T. GALIC BINA MADA
c. P.T. MULTI CITRA KIMIA
d. P.T. TRIMITRA SEJATI TANNINDO
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CIMB
NIAGA Tbk
ITC BSD
Jalan Raya
Serpong Km. 9
Serpong, Banten
Province
Indonesia
b. DEUTSCHE Bank AG
Jalan Imam Bonjol
No. 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 135.0 billion
2009 – Rp. 150.0 billion
2010 – Rp. 162.0 billion
Net Profit (estimated) :
2008 – Rp. 10.8 billion
2009 – Rp. 12.0 billion
2010 – Rp. 13.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Adhika Susilardjo
Director -
Mrs. Julita Kartika
Board of Commissioners :
President Commissioner - Mr. Peter Joachim Schonberg
Commissioner - Mr. Jens
Kellinghusen
Signatories :
President Director (Mr. Andhika Susilardjo) or the Director
(Mrs. Julita Kartika) 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$ 2,000,000 on 90 days D/A
OVERALL PERFORMANCE
Originally the Subject Company address located at Jalan Ir. H. Juanda No. 5, Ciputat Plaza Ciputat Mas Block E Kav. 1, Tangerang, Banten Province. However since the early 2008 the Subject Company address has been moved into Taman Tekno BSD Industrial Complex, Jalan Tekno Utama Block B No.1, 2nd Floor, Tangerang, Banten Province.
Initially named P.T. SURIMADI ARYA, it was established in December 1993 with an authorized capital of Rp. 100,000,000 entirely was issued and paid up. The founding shareholders are Mr. Antonius Widjaja and Mr. Fredricus Teguhprasetia, both are Chinese-Indonesian businessmen. The company's notarial act has frequently been revised. In July 1997 the above founding shareholders pulled out and they were replaced by Mr. Andy Tirta Kustarjo and Mr. Ir. Henky Deradjat Kosasih. In July 1999 Mr. Ir. Henky Deradjat Kosasih resigned and replaced by BEHN MEYER INDONESIA (BMI) GmbH of Germany. Concurrently the authorized capital was raised to Rp. 2,000,000,000 entirely issued and paid up. By the same time the company was renamed P.T. BEHN MEYER KIMIA (P.T. BMK).
Later in September 2008 BEHN MEYER INDONESIA GmbH withdrew and replaced by BEHN MEYER CHEMICAL HOLDING (S) PTE, LTD., and BEHN MEYER & COMPANY PTE, LTD., both of Singapore as new shareholders. The latest in December 2008 the authorized capital was raised to Rp. 30,000,000,000 entirely issued and paid up. With this development the composition of its shareholders has been changed to become BEHN MEYER CHEMICAL HOLDING (S) PTE, LTD., (99%) and BEHN MEYER & COMPANY PTE, LTD., (1%). The latest revision of notary documents was made by Mr. Pendy Tanzil, SH., a public notary in Tangerang and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-14945.AH.01.02.TH.2009 dated April 23, 2009.
P.T. BMK obtained a Foreign Investment (PMA) company facility to deal with trading and distribution of industrial chemical. The company has been operating since June 1994 when it was named P.T. SURIMADI ARYA. The chemical products sold by P.T. BMK are chemicals for food ingredients, personal care, tobacco, rubber, plastics, animal nutrition, tannery, water treatment and coating. The whole products are imported through its sister companies existing in Singapore, Germany, Thailand, Malaysia and others. At present, P.T. BMK is one of the distributor and supplier of industrial chemical and food ingredients. The Company is ultimately part of BEHN MEYER Group, which has subsidiaries and affiliates throughout the world. The products are sold to producers of cosmetic, food, pharmaceutical, cigarette, plastic, etc. all over Indonesia. The operation of P.T. BMK has been running well for it has controlled a wide marketing network and the increasing number of customers. The operation is also supported by operating network of the Group.
The domestic demand for various types of chemical products had been rising by 8% to 10% on the average per annum in the last five years in line with the rapid growth of various industrial sectors including paint industry, plastic, ink, textile, rubber, printing and others in the above period of times as the consumers. But, later dwindled as the global economic slowdown since October 2008, followed by tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also heated by political issue in the country.
The demand growth started to awake in June 2009 in line with the amelioration of economic condition in the country. Market competition is very tough on account of large number of other similar companies operating in the country. P.T. BMK business position in this case is not too badly because it has built regular customers and extensive marketing network all across the country. We are convinced that P.T. BMK is in position to further thrive its business in the future.
Imports of
Raw Materials and Auxiliary Goods, 2004-2010
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Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
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Primary |
Processed |
Primary |
Processed |
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2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
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2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
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2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
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2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
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2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
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2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
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2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
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Source: Central Bureau of Statistic (BPS)
Until this time P.T.
BMK has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The
management of P.T. BMK 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. 135.0 billion rose to Rp. 150.0 billion
in 2009 increased to Rp. 162.0 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. 13.3 billion and the company has an estimated total networth of at
least Rp. 45.0 billion. We observe that P.T. BMK is supported by foreign
partner with has financially strong and sound behind it. 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. BMK is led by Mr. Ir. Adhita Susilardjo (49) who holds a Bachelor
(Hons.) degree in Food Technology & Human Nutrition, has been promoted to
Senior Sales Manager, Food & Personal Care Department effective January 1,
2001. Mr. Susilardjo joined the Company as Sales Manager in 1999 after holding
executive / managerial posts with various large dairy and integrated food
manufacturers. Daily activity he is assisted by Mrs. Julita Kartika (42) as
director. 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. BEHN MEYER
KIMIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.33 |
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UK Pound |
1 |
Rs.73.89 |
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Euro |
1 |
Rs.65.57 |
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 |
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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 |
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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.