MIRA INFORM REPORT

 

 

Report Date :           

29.09.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. BINTANG MAKMUR TEXTIL INDUSTRI

 

 

Registered Office :

c/o PT. Bintang Asahi Textil Industri, Jl. Raya Solo-sragen Km. 24, Purwosuman, Sragen 57281Solo - Central Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

15.08.2006

 

 

Com. Reg. No.:

No. AHU-48643.AH.01.02.Tahun 2009

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Spinning Mills 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$ 8,050,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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

b1

b1

 

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. BINTANG MAKMUR TEXTIL INDUSTRI

 

 

company Address

 

Head Office

c/o PT. Bintang Asahi Textil Industri

Jl. Raya Solo-sragen Km. 24

Purwosuman, Sragen 57281

Solo - Central Java

Indonesia

Phones             - (62-271) 647455 (hunting)

Fax                   - (62-271) 651500

Land Area         - 12.6 hectares

Building Space  -   1.8 hectares

Region              - Industrial Zone

Status               - Owned

 

Factory

Jl. Raya Timur Km. 8

Desa Karanganyar, Kec. Sambung Macan

Kab. Sragen, Solo

Central Java

Indonesia

Phone               - (62-271) 7006972

Land Area         - 20.5 hectares

Building Space  -   2.2 hectares

Region              - Industrial Zone

Status               - Owned

 

 

Date of Incorporation

 

15 August 2006

 

 

Legal Form

 

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

 

Company Reg. No.

 

The Ministry of Law and Human Rights

  a.  No. AHU-27493.AH.01.02.Tahun 2009

      Dated 19 June 2009

b.    No. AHU-48643.AH.01.02.Tahun 2009

     Dated 9 October 2009

 

 

Company Status

 

National Private Company

 

           

Permit by the Government Department

 

The Department of Finance

NPWP No. 02.581.077.1-526.000

 

The Department of Industry and Trade

TDP No. 11 14 152 00058

Dated 03 February 2007

 

 

Affiliated/Associated Company

 

P.T. BINTANG ASAHI TEXTIL INDUSTRY (Textile Industry)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                - Rp. 350,000,000,000.-

Issued Capital                      - Rp.   87,500,000,000.-

Paid up Capital                    - Rp.   87,500,000,000.-

 

Shareholders/Owners :

a. Mr. Eddy Iskandar                      - Rp. 68,679,000,000.- (78.49%)

    Address : Jl. Arif Rahman Hakim No. 39

                    Kel. Tegalharjo, Kec. Jebres

                    Surakarta, Central Java

                    Indonesia

b. Mrs. Kristiyanti                           - Rp. 18,812,000,000.- (21.50%)

    Address : Jl. Arif Rahman Hakim No. 39

                    Kel. Tegalharjo, Kec. Jebres

                    Surakarta, Central Java

                    Indonesia

c. Mr. Albert Karsten Iskandar       - Rp.          9,000,000.- (  0.01%)

    Address : Jl. Arif Rahman Hakim No. 39

                    Kel. Tegalharjo, Kec. Jebres

                    Surakarta, Central Java

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Spinning Mills Industry

 

Production Capacity :

Polyester Textured Yarn             -  79,365 bales p.a.

 

Total Investment :

a. Owned Capital              - Rp.   87.5 billion

b. Loan Capital                 - Rp.   50.0 billion

c. Total Investment            - Rp. 137.5 billion

 

Started Operation :

2007

 

Brand Name :

BMSTI

 

Technical Assistance :

None

 

Number of Employee :

2,000 persons                                 

 

Marketing Area :

Local                                                   - 40%

Export   - 60%

 

Main Customers :

a. PT. Bintang Asahi Textil Industri

b. Overseas buyer in Brazil, India, Pakistan, etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. PT. Apac Inti Corpora

b. PT. Argo Pantes Tbk.

c. PT. Adi Kencana Mahkotabuana

d. PT. Sulistyowati Kusumatex

e. PT. Delta Merlin Sandang Textile

f.  PT. Sulismatex

g. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

  a. P.T. Bank MANDIRI Tbk

      Jl. Brigjen Slamet Riyadi No. 329

      Solo, Central Java

      Indonesia

  b. P.T. Bank NEGARA INDONESIA Tbk

      Jl. Brigjen Slamet Riyadi No. 141-143

      Solo, Central Java

      Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 380.0 billion

2009 – Rp. 520.0 billion

2010 – Rp. 580.0 billion

2011 – Rp. 320.0 billion (January – June)

 

Net Profit (estimated) :

2008 – Rp. 15.8 billion

2009 – Rp. 23.0 billion

2010 – Rp. 26.0 billion

2011 – Rp. 14.3 billion (January – June)

 

Payment Manner :

Almost promptly

 

Financial Comments :

Satisfactory

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Eddy Iskandar AKA Tan Hoen Tjik

                                                                       

Board of Commissioners :

Commissioner                                 - Mrs. Kristiyanti

 

Signatories :

The Director (Mr. Eddy Iskandar AKA Tan Hoen Tjik) which must be approved by Board of Commissioner (Mrs. Kristiyanti)

 

 

CAPABILITIES

 

Management Capability :

Satisfactory

 

Business Morality :

Satisfactory

 

Credit Risk :

Below average

 

Credit Recommendation :

Credit can be processed normally

 

Proposed Credit Limit :    

Moderate amount

 

Maximum Credit Limit :

US$ 8,050,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. BINTANG MAKMUR SENTOSA TEXTIL INDUSTRI (P.T. BMSTI) was established on August 15, 2006 with an authorized capital of Rp 15,000,000,000.- wholly was issued and paid up.  Founders and shareholders are Mr. Eddy Iskandar AKA Tan Hoen Tjik (78.49%) , his wife Mrs. Kristiyanti (21.50%) and his son Mr. Albert Karsten Iskandar (0.01%).  They are Indonesian businessman/woman of Chinese extraction.  The Articles of Association was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. W9-00222 HT.01.01.TH.2006 dated 19 December 2006.

 

In March 2009, the authorized capital was increased to Rp 350,000,000,000.- of which Rp 87,500,000,000.- was issued and paid up. No changes have been effected in term of its shareholding composition and capital structures to date. The Articles of Association was made by Mrs. Lindasari Bachroem, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-27493.AH.01.02.Tahun 2009 dated 19 June 2009 and No. AHU-48643.AH.01.02.Tahun 2009 dated 9 October 2009.

 

P.T. BMSTI is a spinning mills industry, which operates a factory located on Jl. Raya Timur Km. 8, Karanganyar Village, Sambung Macan District, Sragen - Solo, Central Java. This factory has been operating commercially since 2007 and to this day runs smoothly. Slowly and continuously its production capacity is improved at this time P.T. BMSTI has a production capacity of 79,375 bales of polyester textured yarn per year, employing about 2,000 employees.  Mr. Tedjo, an operational staff of PT. BMSTI when contacted by phone  said that about 60% of the company's production was exported to Brazil, India and Pakistan, the rest was absorbed by the affiliate company,  namely PT. BINTANG ASAHI TEKSTIL INDUSTRI, engaged in grey fabrics industry and  number of textile factories located in Central Java and its surroundings. We noticed that P.T. BMSTI is classified as a medium-sized company in the field of spinning mills industry, which the operation has been growing slowly in the last three years.

 

Generally, demand for textile and textile products, including; polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials has been fluctuating in the last five years.  According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2006 amounted to 399,600 tons (US$ 5,608.1 million) to 399,800 tons (US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010.  The Indonesia textile products export in 2006 amounted to 1,477,800 tons (US$ 3,908.6 million) declined to 1,473,600 tons (US$ 4,178.0 million) in 2007 declined again to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 and rose again to 1,525,900 tons (US$ 4,721.8 million) in 2010.   The export volume and value of the national TPT products in 2002 to 2010 are pictured on the following table.

     

      Year

Garment

Textile Products

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

2010

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

3,887.2

4,037.9

4,351.9

4,967.0

5,608.1

5,712.9

6,092.2

5,735.6

6,598.0

1,425.9

1,307.5

1,300.4

1,427.3

1,477.8

1,473.6

1,312.2

1,369.6

1,525.9

3,075.9

3,064.6

3,354.6

3,704.0

3,908.6

4,178.0

4,127.9

3,602.8

4,721.8

 

The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. BMSTI’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover in 2008 amounted to Rp. 380.0 billion increased to Rp. 520.0 billion in 2009 to Rp. 580.0 billion in 2010 and estimated it will be higher by at least 10% in 2011.   The operation in 2010 yielded a net profit at least Rp. 26.0 billion and the company has total assets of Rp. 220.0 billion. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Besides, the company usually pays its debts punctually to suppliers.

 

The management of the company is led by Mr. Eddy Iskandar AKA Tan Hoen Tjik (59) a businessman who experienced for more than 20 years in industry and trading of textile products.  In daily activities, he is assisted by a number of 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. BMSTI is sufficiently fairly good for business transaction.  But owing to economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.91

UK Pound

1

Rs.76.53

Euro

1

Rs.66.43

 

 

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.