|
Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUKIT MURIA JAYA |
|
|
|
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Registered Office : |
Jalan Karawang Spoor Desa Purwakarta, Kecamatan Teluk Jambe Karawang 41300, Cikampek West Java |
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Country : |
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|
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Date of Incorporation : |
28.02.1985 |
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|
|
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Com. Reg. No.: |
No. AHU-85282.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Cigarette PAPER and
Packaging Manufacturing |
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|
|
|
No. of Employees : |
410 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. BUKIT MURIA JAYA
Head Office & Factory
Jalan Karawang
Spoor
Desa Purwakarta,
Kecamatan Teluk Jambe
Karawang 41300,
Cikampek
West Java
Indonesia
Phone -
(62-267) 601030, 600168, 600169, 600170
Fax -
(62-267) 601968, 600700
E-mail - info@bmj-indonesia.com
Website - http://www.bmj-indonesia.com
Land Area - 100,000 sq.
meters
Building Area - 60,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
28 February 1985
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-17214.HT.01.04.TH.94
Dated 24 November 1994
- No. W8-HT.01.04-820
Dated 29 December 2006
- No. AHU-85282.AH.01.02.TH.2008
Dated 13 November 2008
Company Status :
National Private
and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.245.493.0-408.000
The Capital Investment Coordinating Board
- No.
682/I/PMDN/1988
Dated 24 October 1988
- No.
233/II/PMDN/1996
Dated 22 October 1996
- No.
50/II/PMDN/1999
Dated 4 October 1999
- No.
124/II/PMDN/2000
Dated 28 November 2000
The Department of Industry
No.
750/INDUSTRI/2000
Dated 13 November
2000
Related Company :
A Member Company
of the DJARUM Group (see attachment)
Capital
Structure :
Authorized Capital :
Rp. 200,000,000,000.-
Issued Capital :
Rp. 70,000,000,000.-
Paid up Capital :
Rp. 70,000,000,000.-
Shareholders/Owners
:
a. P.T. ERAGRAHA PIRANTI MEGAH - Rp. 69,998,000,000.-
Address : Jl. A. Yani No. 28
Kudus, Central Java
Indonesia
b. Mr. Robert Budi Hartono AKA Oei Hwie Tjhong - Rp. 1,000,000.-
Address : Jl. A. Yani No. 28
Kudus, Central Java
Indonesia
c. Mr. Michael Bambang Hartono AKA Oei Gwie Siang - Rp. 1,000,000.-
Address : Jl. A. Yani No. 28
Kudus, Central Java
Indonesia
Lines of
Business :
Cigarette Paper and packaging Manufacturing
Production
Capacity :
a. Cigarette Papers -
27,933 tons p.a.
b. Industrial Papers -
40,000 tons p.a.
c. Cigarette Packaging -
23,331 tons p.a.
d. Alu Papers - 3,600 tons p.a.
e. Tipping Papers - 1,800 tons p.a.
Total
Investment :
a. Equity Capital -
Rp. 70.0 billion
b. Loan Capital -
Rp. 117.0 billion
c. Total Investment -
Rp. 187.0 billion
Started
Operation :
August 1991
Brand Name :
BMJ
Technical
Assistance :
None
Number of
Employee :
410 persons
Marketing Area
:
Export -
15%
Local - 85%
Main Customers
:
a. The DJARUM Group Members
b. P.T. HM SAMPOERNA Tbk
c. P.T. BENTOEL
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. ARGAPURA
b. P.T. DUTA MENDUT
c. P.T. FILTRONA INDONESIA
d. P.T. PDM INDONESIA
e. P.T. SURYA ZIG ZAG
f. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Jend.
Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 435.0 billion
2010 – Rp. 450.0 billion
2011 – Rp. 465.0 billion
Net Profit
(estimated) :
2009 – Rp. 37.0 billion
2010 – Rp. 39.0 billion
2011 – Rp. 41.0 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Imron Hendrata
Directors - a. Mr. Ir. Harris
Christian Agustinus Titus
b. Mr. Drs. Liem Khe Fung
Board of Commissioners :
President Commissioner - Mr. Martin Basuki Wibowo
Members -
a. Mr. Michael Bambang Hartono
b. Mr. Robert Budi Hartono
Signatories :
President Director (Mr. Imron Hendrata) or
one of the Directors (Mr. Ir. Harris Christian Agustinus Titus or Mr. Drs. Liem
Khe Fung) which must be approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
P.T. BUKIT MURIA JAYA (P.T. BMJ) was incorporated in Kudus in February 1985 with an authorized capital of Rp. 75,000,000 of which Rp. 15,000,000 was issued and paid up. The original founding shareholders of the company are Mr. Sikky Santoso and Mr. Yahya Kristianto, Chinese origins Indonesian businessmen. The company notary deed has frequently been revised. In 1988 the authorized capital was raised to Rp. 5,000,000,000 issued and paid up capital to Rp. 1,000,000,000. Concurrently the above two shareholders quitted and replaced by new shareholders namely Mr. Michael Bambang Hartono AKA Oei Hwie Siang and Mr. Robert Budi Hartono AKA Oei Hwie Tjong, also Chinese origins Indonesian businessmen.
In November 1994, the authorized capital of the company was raised to Rp. 50,000,000,000 with the issued capital of Rp. 40,000,000,000 of which Rp. 35,000,000,000 was paid up. In September 2000, the authorized capital of the company was increased to Rp. 200,000,000,000 of which Rp. 70,000,000,000 was issued and fully paid up. The capital structures and shareholder composition in details are as shown on profile of this report. The latest in October 2008 Mr. Drs. Liem Khe Fung has been trusted as director and the composition of the board of director and commissioner see profile of this report. The deed of amendment was made by Mr. Drs. Ika Slamet Riyono, SH., a Karawang under Company Registration Number W8-HT.01.04-820, dated December 29, 2006 and the latest was approved by the Ministry of Law and Human Rights in its Decision Letter No. AHU-85282.AH.01.02.TH.2008 dated November 13, 2008.
We observe the majority shareholders namely P.T. ERAGRAHA PIRANTIMEGAH is a private company dealing with investment holding of which whole shares are controlled by Mr. Robert Budi Hartono AKA Oei Hwie Tjhong and Mr. Michael Bambang Hartono AKA Oei Hwie Siang, both are the majority business stake owners and top figures of the DJARUM Group, a large sized national private company group in the country dealing with clove flavored cigarette industry.
P.T. BMJ acquired a Domestic Investment (PMDN) facility issued by Capital Investment Coordinating Board (BKPM) for dealing with cigarette paper and packaging manufacturing by managing a plant located on Jalan Krawang Spoor, Desa Purwadana, Kecamatan Teluk Jambe, Cikampek (West Java) standing on 10.0 hectares land. The plant has been operating since August 1992 and frequently been expanded to increasing production capacity. The plant produces 27,933 tons of cigarette papers, 40,000 tons of industrial papers, 23,331 tons of cigarette packaging, 3,600 tons of alu papers and 1,800 tons of tipping papers. The construction of the plant has absorbed an investment of Rp. 187.0 billion coming from own capital of Rp. 70.0 billion and the rest from loans. Some 85% of the products are directly absorb by its sister company P.T. DJARUM and subsidiaries, and the rest are sold to various other cigarette manufacturing companies like P.T. HANJAYA MANDALA SAMPOERNA Tbk, P.T. Perusahaan Rokok TJAP BENTOEL, etc. Some 15% are exported to Singapore, Vietnam, Pakistan, Canada, etc.
Today P.T. BMJ set the standard in specialty paper and packaging throughout the region and are the partner of choice of many of the leading players in the industry. With a strong foundation built on quality systems, structure and people, BMJ is certified ISO 9001, ISO 14001 and OSHAS 18001 and fosters a culture of continuous improvement as they strive to provide ever higher levels of service to our customers and fulfill their role as an efficient, modern and highly regarded player in the global industry. P.T. BMJ is classified as a large sized company in the country dealing with cigarette paper and packaging manufacturing of which the operation has been running smoothly and growing in the last five years.
Generally, demand for cigarette paper, packaging cigarette paper has kept on rising in line with the rapid growth of cigarette industries in the last five years. In overall we find the clove cigarette industries kept on rising and nothing wrong with the prolonged economic crisis occurred in the country because they used mostly local contents. While white cigarette industries slowed down global economic crisis in October 2008 due to a small amount of local product is used and mostly under the license of foreign companies. It is estimated the cigarette industries will keep on rising within the coming two years even in a weak condition due to a higher cigarette excise by 14% to 16% in 2001. The cigarette industries will keep going down within the coming two years. Competition is very tight as there are three cigarette paper producers operating in the country.
The Growth of Cigarettes in Indonesia
Period 2007 – 2010
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Total Production (billion stick) |
225.5 |
242.2 |
245.2 |
240.0 |
|
Number of Companies (unit) |
4,793 |
4,900 |
3,255 |
3,000 |
|
Number of Employee (person) |
629,517 |
660,000 |
687,224 |
700,000 |
|
Tax Receivable (trillion Rupiah) |
42.03 |
45.80 |
53.3 |
54.3 |
Source: GAPPRI (Indonesia Cigarette Producers
Association)
Until this time P.T. BMJ has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. BMJ is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2009 amounted to Rp. 435.0 billion, increased to Rp. 450.0 billion
in 2010 to Rp. 465.0 billion in 2011 and projected to go on rising by at least
5% in 2012. We estimated the company has yielded a net profit of at least Rp.
41.0 billion in 2011 and the company has estimated total net worth by at least
Rp. 225.0 billion. We observe that P.T. BMJ is supported by the DJARUM Group
members with has financially strong and sound behind it. So far, we did not
hear that the company having been black listed by the Central Bank (Bank
Indonesia). The company usually pays its debts punctually to suppliers.
P.T. BMJ's management is headed by Mr. Imron Hendrata (39), a professional
manager of the DJARUM Group assigned to administer the company. Daily, he also
assisted by Mr. Ir. Harris Christian Agustinus Titus (62) as marketing director
and Mr. Drs. Liem Khe Fung (50) as operational director. But, we are sure that
prime mover is Mr. Michael Bambang Hartono AKA Oei Hwie Siang (73) carries
great weight in the management, especially in the making of important business
decisions. He has more than 50 years of experience in various business
activities, particularly in the clove cigarette industry. He has very extensive
relations in national and foreign private business circles, particularly in the
ranks of clove cigarette industrialists and traders. He is also very well
connected with government authorities, including top executives of state-owned
banks and companies. 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. We observed that management’s reputation in said
business is fairly good. P.T. BUKIT MURIA JAYA is sufficiently fairly good for
business transaction.
Attachment:
List of the DJARUM Group Members
1.
ADIWISESA
MANDIRI BUILDING PRODUCTS, P.T. (Building Material Trading)
2.
ADINIAGA
SETRA PERSADA, P.T. (Distribution of Glove Cigarette)
3.
ANINDITA
MULTINIAGA INDONESIA, P.T. (Distribution of Glove Cigarette)
4.
APPAREL
PRODUCTS MANUFACTURING INTERNATIONAL, P.T. (Garment Manufacturing)
5.
BINTANG
TIRTA MURNI, P.T. (Garment Manufacturing)
6.
BUKIT
MURIA JAYA, P.T. (Cigarette Paper Manufacturing)
7.
BUSANA
RAMA, P.T. (Garment Manufacturing)
8.
CENTRA
GARMENT INDAH CIPTA, P.T. (Investment Holding)
9.
CENTRAL
ASIA Bank, P.T. Tbk., (Banking and Investment Holding)
10.
CIPTA
KARYA BUMI INDAH, P.T. (Property Development and Management)
11.
CIPTATEMBAKAU
PERSADA JAYA, P.T. (Investment Holding)
12.
DARTA
MEDIA INDONESIA, P.T. (Information Technology Services, E-Commerce)
13.
DAYA
RAGA SPORTINDO, P.T. (Sporting Equipment Manufacturing)
14.
DJARUM,
P.T. (Glove Cigarette Manufacturing)
15.
DJARUM INTERNATIONAL (Pte.), Ltd.
Singapore (Trading)
16.
DJARUM
MULTINIAGA INDONESIA (Trading)
17.
DJARUM NEKA JASA, P.T. (Land
Transportation Services)
18.
ERAGRAHA
PIRANTIMEGAH, P.T. (General Trading)
19.
FARINDO
INVESTMENTS Ltd., Mauritius (Investment Holding)
20.
FILASTA,
P.T. (Glove Cigarette Manufacturing)
21.
GENTING
AJAIB, P.T. (Roofing Tile Manufacturing)
22.
GLOBAL
DIGITAL NIAGA, P.T. (Information Technology Services, E-Commerce)
23.
GLOBAL
DIGITAL PRIMA, P.T. (Investment Holding)
24.
HAGA
Bank, P.T. (Banking Services)
25.
HAGAKITA
Bank, P.T. (Banking Services)
26.
HARTONO
IKABHAKTI, P.T. (Property Development)
27.
HARTONO
ISTANA TEKNOLOGI, P.T. (Electronic Household Appliances Assembling)
28.
ISTANA
BUSANA MAHKOTA, P.T. (Garment Manufacturing)
29.
KANAYA
SUMAPALA UTAMA, P.T. (Investment Holding)
30.
KENANGA
NEKA XAPHIERA, P.T. (Sporting Equipment Importing and Distribution)
31.
KUMPARAN
KENCANA ELECTRINDO, P.T. (Investment Holding)
32.
LINGKARMULIA
INDAH, P.T. (Investment Holding)
33.
LOKANIAGA
ADIPERMATA, P.T. (Distribution of Glove Cigarette)
34.
MULTIPERDANA
EKA SELARAS, P.T. (Investment Holding)
35.
PACIFIC
FOODS (Pte.), Ltd., Singapore (Foods
Processing)
36.
PACIFIC
FOODS INDONESIA, P.T. (Food Processing)
37.
PADAPA
KUMALASARI, P.T. (Investment Holding)
38.
PERADA
COMMUNICATIONS, P.T. (Advertising Agencies)
39.
POLYCORE
ENTERPRISE (Pte.), Ltd., Singapore (Trading)
40.
POLYCORE
OPTICAL (Pte.), Ltd., Singapore (Optic Lens Manufacturing)
41.
PRIMA
TOBACCO HARUM INDUSTRY, P.T. (Glove Cigarette Manufacturing)
42.
PULSA
LESTARI (Paper Additive Manufacturing)
43.
PURIZUQNI,
P.T. (Hotel Development and Management)
44.
RATTINDO
BHAKTI INDUSTRIES, P.T. (Rattan Furniture Manufacturing)
45.
SAPTA
PRIMA PERSADA, P.T. (Investment Holding)
46.
SKYBRIGHT
Pte., Ltd., Singapore (Trading)
47.
SARANA
KENCANA MULIA, P.T. (Trading)
48.
SUPATRA
UTAMA TOBACCO, P.T. (Investment Holding)
49.
STEVANIA
ULTRA TOBACCO, P.T. (Glove Cigarette Manufacturing)
50.
SUPRAVISI
RAMA OPTIK MANUFACTURING, P.T. (Optic Lens Manufacturing)
51.
TABUNG
GAMBAR INDONESIA, P.T. (Investment Holding)
52.
TAMBAKYA
MUSTIKA, P.T. (Investment Holding)
53.
TOSHIBA
DISPLAY DEVICES INDONESIA, P.T. (Color Picture Tubes Manufacturing)
54.
VICTORY
SUPRA SIGARET COMPANY, P.T. (Glove Cigarette Manufacturing)
55.
WIKATAMA
INDAH SIGARET INDONESIA, P.T. (Glove Cigarette Manufacturing)
56.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
|
|
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.