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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. BELINDO INTERNATIONAL CARPET |
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Registered Office : |
Cikupa Mas Industrial Complex, Jl. Bumimas II No. 6, Desa Talaga – Kec. Cikupa, Tangerang 15710, Banten |
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Country : |
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Date of Incorporation : |
03.06.2009 |
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Com. Reg. No.: |
No. AHU-AH.01.10-14042 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Carpet and Rug Industry |
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No. of Employees : |
140 |
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$ 1,380,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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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 |
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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 |
P.T. BELINDO INTERNATIONAL CARPET
Head Office &
Factory
Cikupa Mas
Industrial Complex
Jl. Bumimas II No.
6
Desa Talaga – Kec.
Cikupa
Tangerang 15710,
Banten
Indonesia
Phones -
(62-21) 5940 1833 (hunting)
Fax. - (62-21) 5940 1770
Email - info@belindocarpet.com
Website - http://www.belindocarpet.com
Land Area - 22,650 sq.
meters
Building Area - 9,820 sq. meters
Region - Industrial
Complex
Status - Rent
03 June 2009
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-26906.AH.01.01.Tahun 2009
Dated 17 June 2009
b. No.
AHU-AH.01.10-14042
Dated 10 May 2011
Foreign Investment Company (PMA)
The Capital
Investment Coordinating Board
No. 1847/I/PMA/2008
Dated 17 November 2008
Related Companies :
a. MOUNT GLORY INTERNATIONAL Ltd., BVI (Investment Holding)
b. BELTRA INTERNATIONAL of Belgium (Investment Holding)
Capital Structure :
Authorized Capital
- US$ 2,500,000.- (Rp.
29,457,500,000.-)
Issued Capital - US$ 2,000,000.- (Rp.
23,566,000,000.-)
Paid up Capital - US$ 2,000,000.- (Rp.
23,566,000,000.-)
Shareholder/Owner :
a. MOUNT GLORY
INTERNATIONAL Ltd. - US$
1,000,000.- (50.0%)
Address : Road Town, Tortola
British Virgin
Islands
b. BELTRA
INTERNATIONAL -
US$ 900,000.- (45.0%)
Address : Deerlijk,
Likjtstraat
Belgium
c. Mr. Robert
Tanoyo -
US$ 50,000.- ( 2.5%)
Address : Mangga Dua Plaza Blok C No. 5.A
Central Jakarta
d. Mr. Joko Tanoyo -
US$ 50,000.- ( 2.5%)
Address : Mal Mangga Dua Ruko No. 10
Central Jakarta
Lines of Business
:
Carpet and Rug Industry
Production
Capacity :
Carpets and Rugs -
12,000,000 sq. meters
Total Investment :
a. Equity Capital - US$. 2.0 billion
b. Loan Capital - US$. 4.0 billion
c. Total
Investment - US$. 6.0 billion
Started Operation :
2009
Brand Name :
SHAFIRA, PARADISE,
SAFARI AFRICA, NEW DYNASTY, FANTASY
Technical Assistance :
None
Number of Employee :
140 persons
Marketing Area :
Domestic
(Local) - 70%
Export - 30%
Main Customers :
a. Office Building
b. Hotels
c. Hospitals
d. Retail Shops, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Universal Carpet and Rug
b. P.T. Nobel Carpets
c. P.T. Classic Prima Carpet Industries
d. P.T. Indah Carpet Industries
e. P.T. Gilang Usaha Cakrawala
f. Etc.
Business Trend :
Growing
Bankers :
a. ABN AMRO Bank NV.
Jalan
Ir. H. Juanda No. 23-24
Jakarta
Pusat
Indonesia
b. STANDARD CHARTERED Bank
Wisma
Standard Chartered Bank
Jl.
Jend. Sudirman Kav. 33A
Jakarta
Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 55.0 billion
2010 – Rp. 102.0
billion
2011 – Rp. 128.0
billion
Net Profit
(Estimated) :
2009 – Rp. 2.8
billion
2010 – Rp. 5.9
billion
2011 – Rp. 7.5
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
President Director -
Mr. Agus Bhakti Santoso
Director -
Mr. Joko Tanoyo
Board of
Commissioner :
Commissioner - Mr. Robert Tanoyo
Signatories
:
President Director
(Mr. Agus Bhakti Santoso) or Director (Mr. Joko Tanoyo) which must be approved
by the Board of Commissioners (Mr. Robert Tanoyo)
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
Maximum Credit
Limit :
US$ 1,380,000.- on the 90 days D/A terms of payments
P.T. BELINDO INTERNATIONAL CARPET (P.T. BIC) was established on June 3, 2009 with an authorized capital of US$ 2,500,000.- (Rp. 29,457,500,000.-) of which US$ 2,000,000.- (Rp. 23,566,000,000.-) was issued and fully paid up. The founding shareholders of the company are Mount Glory International of British Virgin Island (50%), Beltra International of Belgium (45%), Mr. Ronny Bokslag of Indonesia (5%). The Article of Association was made by Stephanie Wilamarta, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-26906.AH.01.01.Tahun 2009 dated June 17, 2009. The Article of Association of the company has frequently been revised. On January 7, 2011 Mr. Ronny Bokslag pulled out and the whole shares are sold to Mr. Robert Tanoyo (2.5%) and Mr. Joko Tanoyo (2.5%), both are Indonesian businessmen of Chinese extraction. This amendment Articles of Association was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-AH.01.10-14042 dated May 10, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. BIC obtained a foreign capital investment (PMA) facility issued by Investment Coordinating Board (BKPM) in November 2008, for dealing with carpet and rugs industry. Its plant is located at Cikupa Mas Industrial Complex, Jl. Bumimas II No. 6, Desa Talaga, Cikupa district, Tangerang, Banten province. The commercial production had been starting in mid-2009 with a production capacity of 12,000,000 square meters of carpet and rugs per annum, with using trade-mark or brand such as Shafira, Paradise, Safari Africa, New Dynasty and Fantasy. The company’s production is largely (70%) marketed in the country, with the rest (30%) exported to several countries, including Singapore, Malaysia, Japan, Europe and the Middle East. P.T. BIC is classified as a small sized company of its kind in the country of which the operation has been growing in the last two years.
Generally we find the local demand for carpet had been rising by 6% to 7% per year within the last five years in line with the rapid growth of hotels, luxury houses, office buildings, apartments and other sectors in that period. But since the global economic crisis and tight money policy being imposed by Bank Indonesia in October 2008 the demand had been fluctuating. However since the early 2009 the demand has been increasing due to the amelioration economic condition in the country. It is estimated the demand will rise again in line with a slight amelioration of economic condition, stability of political and security in the country. Competition is very tight due to a large number of similar companies operating in the country, such as, PT. Universal Carpet and Rug, PT. Nobel Carpets, PT. Classic Prima Carpet, PT. Indah Carpet Industries, PT. Gilang Usaha Cakrawala, PT. Rainbow Indah Carpets and others.
The company is neither public listed nor bond issued
company. Therefore, the company has no obligation to publish financial
statements publicly. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. The management is very
reclusive and rejected to disclose its financial condition. But we estimate the total sales turnover of
P.T. BIC in 2009 amounted to Rp 55.0 billion increased to Rp. 102.0 billion in
2010 and rose again to Rp. 128.0 billion in 2011. We estimated the company has yielded a net
profit at least Rp. 7.5 billion in 2011 and the company has an estimated total
asset at least Rp. 65.0 billion. It is
projected that total sales turnover of the company will increase at least 12%
in 2012. We observe that P.T. BIC is
supported by
financially strong behind it. So far, we did not hear that the company having
been black listed by the Central Bank (Bank Indonesia).
P.T. BIC’s management is headed by Mr. Agus Bhakti Santoso (50) with more than 10 years experience in carpet and rug industry. In his daily activities, he is assisted by Mr. Joko Tanoyo (34) as director and Mr. Robert Tanoyo (31) as commissioner. The management handled by professional managers having wire relation with overseas and national private businessmen as well as with the government sectors. They are widely connected in domestic and foreign private business circles and are also on quite good terms with the government sector. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in business malpractices.
Since this company (PT. BIC) just about two years in operation commercially, so we recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.