MIRA INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. BITZER COMPRESSORS INDONESIA |
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Registered Office : |
Jl. Raya
Tlajung Udik No. 2, Gunung Putri, Bogor 16962, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
28.08.2002 |
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Com. Reg. No.: |
No. AHU-02617.AH.01.02.Tahun 2009 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Electrical
Household Industry, Trading, Importing and Distributor of refrigerator |
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$ 940,000 |
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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. BITZER COMPRESSORS INDONESIA
company Address
Head Office & Workshop
Jl. Raya Tlajung
Udik No. 2
Gunung Putri,
Bogor 16962
West Java
Indonesia
Phones -
(62-21) 867 1041
Fax - (62-22) 867 0386
Email - Indonesia@bitzer.co.id
Website - http://www.bitzer.de
Land Area - 5,000 sq.
meters
Building Area - 3,600 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
28 August 2002
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
a. No.
C-22012.HT.01.01.TH.2002
Dated 12 November 2002
b. No. AHU-02617.AH.01.02.Tahun 2009
Dated 12 January 2009
Company Status
Foreign
Investment Company (PMA)
Permit by the Government
Department
The Department of Finance
NPWP No.
01.869.515.5-055.000
The Capital Investment Coordinating Board
a. No.
341/I/PMA/2002
Dated 24 May 2002
b. No.
259/A6.B2/2002
Dated 2 August 2002
Holding Companies
a. BITZER SE., of
Germany (Investment Holding)
b. BITZER
KUHLMASCHINENBAU GmbH., of Germany (Investment Holding)
Affiliated/Associated Company
THE BITZER GROUP
of Germany
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital - US$.
500,000.-
Issued Capital - US$.
200,000.-
Paid up Capital - US$. 200,000.-
Shareholders/Owners
:
a. BITZER SE., of
Germany -
US$ 190,000.-
b. BITZER
KUHLMASCHINENBAU GmbH., of Germany -
US$ 10,000.-
BUSINESS ACTIVITIES
Lines of
Business :
Electrical
Household Industry, Trading, Importing and Distributor of refrigerator
Production
Capacity :
a. Refrigerator - 800 units
b. Import of
Refrigerator Parts - US$
1,300,000.-
c. Main
Distributor -
US$ 1,300,000.-
Total
Investment :
a. Owned Capital - US$. 200,000.-
b. Loan Capital - US$. 300,000.-
c. Total
Investment -
US$. 500,000.-
Started
Operation :
2003
Brand Name :
BITZER
Technical
Assistance :
BITZER
KUHLMASCHINENBAU GmbH of Germany
Number of
Employee :
62 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Supermarkets
and Hypermarkets
b. Hotel and
Restaurants
c. Hospitals,
etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Air Tech
Refrigeration Industries
b. PT. Gaya
Tehnik Engineering
c. PT. Maspion
Electronic
d. PT. Sanken
Argadwija
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
DEUTSCHE BANK
Jl. Imam Bonjon
No. 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 55.0
billion
2009 – Rp. 61.0
billion
2010 – Rp. 68.0
billion
2011 – Rp. 37.5
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 2.7
billion
2009 – Rp. 3.0
billion
2010 – Rp. 3.4
billion
2011 – Rp. 1.8
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Peter Friedrich Eugen Schaufler
Directors -
a. Mr. Robert Charles De Bruyn
b. Mr. Rudiger Rudischhauser
c. Mr. Gimin Simbolon
Board of Commissioners :
Commissioner -
Mr. Christian Klaus Arthur Gustav Wahlers
Signatories :
President Director (Mr.
Peter Friedrich Eugen Schaufler) or one of Directors (Mr. Robert Charles De
Bruyn, Mr. rudiger Rudischhauser and Mr. Gimin Simbolon) which must be approved
by Board of Commissioner (Mr. Christian Kalus Arthur Gustav Wahlers)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 940,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. BITZER COMPRESSORS INDONESIA (P.T. BCI) was established on August 28, 2002 with the authorized capital of US$. 500,000.- of which US$. 200,000.- was issued and paid up. The founding shareholders of the company are BITZER KUHLMASCHINENBAU GmbH & Co. Holding Kg., of Germany (95%) and BITZER KUHLMASCHINENBAU GmbH., of Germany (5%). The deed of company was approved by the Ministry of Law and Human Right in its Decision Letter No. C-22012 HT.01.01.TH.2002 dated November 12, 2002. On December 11, 2008, BITZER KUHLMASCHINENBAU GmbH & Co. Holding KG., pulled out and replaced by BITZER SE., as new shareholders. Since that time, the shareholders of the company are BITZER SE., (95%) and BITZER KUHLMASCHINENBAU GmbH., (5%), both from Germany. The latest deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-02617.AH.01.02.Tahun 2009 dated January 12, 2009. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. BCI was established within the framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) in 2002 in the field of electrical household industry, trading, import and distributor. According to business permit issued by the BKPM, its production capacity of 800 units of refrigerators, and import and distributor of refrigerator with respectively value US$ 1,300,000. Total investment for the project is absorbed investments of US$ 500,000 30 consisting of US$ 200,000 in equity capital and the rest would come from loans. Beside that, P.T. BCI is also provide services in general air conditioning system including maintenance, repair and procurements of air conditioning systems spare parts such as compressors, condensers (shell & tube or fin condenser), evaporators (shell & tube or fin evaporator), etc. The products of P.T. BCI has been widely known nation wide mostly used by supermarkets, international restaurants and hotels, cooling system companies (for fishes, fresh met, fruits and vegetables), etc. We observed that P.T. BCI is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, local demand for refrigerator and compressors equipments had been increasing by 8% to 10% on the average per annum within the last five years in line with the growth of supermarkets and hypermarkets in the country, international hotels and restaurants, hospitals and others. However, the competition is very tight on account of lots of similar companies operating in the country. The business position of P.T. BCI is appraised to be favorable for having established regular customers and wide marketing networks in major cities in the country. We believe that P.T. BCI is in position to thrive its business in the future.
Until this time P.T. BCI 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. 55.0 billion increased to Rp. 61.0 billion in 2009 rose again to Rp. 68.0 billion in 2010 and projected to go on rising by at least 10% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 3.4 billion and the company has an estimated total networth of at least Rp. 40.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. BCI is led by Mr. Peter Friedrich Eugen Schaufler
(71) as president director, a professional manager from Germany. He is also as a top-executive of BITZER
Group. In daily activities, he is assisted by three directors namely Mr. Robert
Charles De Bruyn and Mr. Rudiger rudischhauser, both are of Germany and Mr.
Gimin Simbilon of Indonesia. The
management is handled by experienced staff 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. BITZER COMPRESSORS INDONESIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.68.05 |
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 |
|
<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.