|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUKIT SURYA MAS |
|
|
|
|
Formerly Known As : |
P.T.
HOETAMACHEMINDO SEPAKATABADI |
|
|
|
|
Registered Office : |
Intercon Plaza
Block A 3 No. 19, Jalan Meruya Ilir No. 14, Jakarta Barat 11620 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
01.03.1994 |
|
|
|
|
Com. Reg. No.: |
No. AHU-18704.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of
Premium Quality Masterbatch |
|
|
|
|
No. of Employees : |
85 employees |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 SURYA MAS
Head Office
Intercon Plaza
Block A 3 No. 19
Jalan Meruya Ilir
No. 14
Jakarta Barat
11620
Indonesia
Phones -
(62-21) 586 8812 (Hunting)
Fax - (62-21) 586 9243
Building Area - 3 storey
Office Space - 500 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Jalan Raya
Rangkasbitung Km. 8
Kampung Bojot,
Desa Bojot
Serang
Banten Province
Indonesia
Phones -
(62-254) 480 020, 480 021
Fax - (62-254) 480 021
Land Area -10,000 sq.
meters
Building Area - 7,500 sq.
meters
Region - Industrial
Zone
Status - Owned
a. 01 March 1994
as P.T. HOETAMACHEMINDO SEPAKATABADI
b. December 2007
as P.T. BUKIT SURYA MAS
P.T. (Perseroan Terbatas)
or Limited Liability Company
The Ministry of
Law and Human Rights
No.
AHU-18704.AH.01.02.TH.2008
Dated 15 April
2008
Private National
Company
The Department of
Finance
NPWP No.
02.453.978.5-401.000
None
Capital
Structure :
Authorized
Capital : Rp.
5,000,000,000.-
Issued Capital : Rp.
5,000,000,000.-
Paid up Capital : Rp.
5,000,000,000.-
Shareholders/Owners
:
a. Mr. Ir. Stefanus
Tjetje Wirjadi, SH -
Rp. 2,500,000,000.-
Address : Harapan Indah Block HG/4 RT. 005,
RW. 019
Kelurahan Pejuang, Bekasi
West Java
Indonesia
b. Mr. Teddy
Tio -
Rp. 2,500,000,000.-
Address : Taman Kebon Jeruk Block D. 7 No.
6
RT. 01 RW. 001
Jakarta Barat
Indonesia
Lines of
Business:
Manufacture of
Premium Quality Masterbatch
Production
Capacity :
Color Masterbatch - 2,500 tons p.a.
Total
Investment :
a. Owned Capital - Rp. 5.0 billion
b. Loan Capital - None
c. Total
Investment - Rp.
5.0 billion
Started
Operation :
1995 when it was P.T.
HOETAMACEHMINDO SEPAKATABADI
Brand Name :
FERRO
Technical
Assistance :
FERRO of the USA
Number of
Employee :
85 persons
Marketing Area
:
Domestic
(Local) - 100%
Main Customer
:
a. P.T. ASIAPLAST
INDUSTRIES Tbk
b. P.T. PETINDO JAYA SAKTI
c. P.T. HASIL
INDUSTRIES
d. P.T. DINITO
JAYA ABADI
e. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. HOLLAND
COLOR ASIA
b. P.T. FERRO MAS DINAMIKA
c. P.T. INTERANEKA LESTARIKIMIA
d. P.T. UNITED CHEMICAL INTER ANEKA
e. P.T. UNIVERSAL CHEMINDO LESTARI
f. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
Meruya Ilir Block A No. 19
Jakarta Barat
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Meruya Ilir Block A No. 25
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 38.0
billion
2010 – Rp. 40.0
billion
2011 – Rp. 42.0
billion
Net Profit
(Loss) :
2009 – Rp. 3.0
billion
2010 – Rp. 3.2
billion
2011 – Rp. 3.5
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
Board of
Management :
Director - Mr. Ir. Stefanus Tejtje
Wirjadi, SH
Board of
Commissioner :
Commissioner -
Mr. Teddy Tio
Signatories :
Director (Mr. Ir. Stefanus Tjetje Wirjadi, SH) which must be approved by
Board of Commissioner
Management
Capability :
Good
Business Morality
:
Good
Initially named P.T. HOETAMACHEMINDO SEPAKATABADI was established in
March 1994 with the authorized capital of Rp. 75,000,000 of which Rp.
30,000,000 was issued and fully paid up. The founding shareholders are Mr. Ir.
Stefanus Tjetje Wirjadi, SH and Mrs. Lilis Indrawati Loekman Hariono, both are
Indonesian of Chinese extraction. The company notary deed has frequently been
revised. In July 2000, the authorized capital of the company was raised to Rp.
500,000,000 of which Rp. 125,000,000 was issued and fully paid up. The latest
in December 2007 the company renamed to P.T. BUKIT SURYA MAS (P.T. BSM) and the
authorized capital was increased to Rp. 5,000,000,000 wholly fully and paid up.
On the same occasion Mrs. Lilis Indrawati Loekman Hariono pulled out and the
company entered Mr. Teddy Tio as new shareholder. The deed of amended was made
by Mr. Berliana Utami, SH, a public notary in Jakarta, was approved by the
Ministry of Law and Human Right in its Decision Letter No. AHU-18704.AH.01.02.TH.2008,
dated April 15, 2008.
P.T. BSM has been in operation since 1995 dealing with master batch manufacturing by managing a plant located at Jalan Raya Rangkas Bitung Km. 8, Bojot Village, Kopo District, Serang Regency, Banten Province on a land of 1.0 hectare. The plant produces of color master batch with FERRO brand, a technical license of the USA. The plant produced of color master batch of 2,500 tons per annum with an investment of Rp. 5.0 billion. The specification, type and the specialties of P.T. BSM’s products are white master batches for polyolefin, black master batches for polyolefin, thermoplastic rubber compounds and additive master batch. Master batch is plastic granular with high concentrate of additive substances whether pigment, antistatic agent, slip agent with perfectly depressed in polymers. Besides that, P.T. BSM also produces polyethylene of ethylene vinyl acetate master batch with priority on black color and white color. Both products are used in extrusion industries like plastic pipe, blown, film, injection making (including shoe sole and slipper), etc. Its other products are including additive master batch like antistatic master batch used for the manufacturing of plastic with clean look or easy to clean plastic products with ability of eliminating of melt tracture from film LLDPE and others. Ferro materials enhance the performance of products in a variety of end markets, including consumer electronics, telecommunication, pharmaceutical, building and renovations, appliances, transportations, households furnishings and industrial products. Basic materials are imported from Spain, Germany and Italy.
The whole of company products like color master batch is marketed to polymer compound producer among other to P.T. ASIAPLAST INDUSTRIES Tbk, P.T. HASIL RAYA INDUSTRIES, P.T. PETINDO JAYA SAKTI, P.T. DINITO JAYA, P.T. CAHAYA PERDANA PLASTIK, P.T. DYNAPLAST Tbk., shoes and sandal manufacturers, etc. Besides the products also supplied to P.T. BUMI MULIA INDAH LESTARI, P.T. PRIMA KALPLAS, P.T. DYNAPLAST Tbk, P.T. SMART Tbk, P.T. ARTHA MANGGALA MULIA, P.T. BOGA VICTORY MAKMUR, P.T. UNIPLAS IKA PRATAMA, P.T. ZEBRA ASABA, P.T. SAN MIQUEL SAMPOERNA, P.T. MATTEL INDONESIA, P.T. BERLINA Tbk, P.T. GITA PACIFIC, P.T. SLIONTEC EKADHARMA INDONESIA, P.T. SIDO BANGUN, P.T. TOMANG PLASTINDO UTAMA and others. The economic crisis and sharp Rupiah depreciation against the US Dollar and other hard foreign currencies has affected badly on P.T. BSM’s operation due to drastically hike of its imported basic material prices. Mr. Ir. Stefanus Tjetje Wirjadi, SH, director of P.T. BSM disclosed that his company operation has kept on running for it succeeded to develop extensive marketing network in the country. P.T. BSM is classified as a small sized company of its kind in the country of which the operation has gradually been growing in the last three years.
The demand for plastic master batch is estimated to have gone on rising in 2003 despite relatively small. The masterbatch is produced by 8 producers respectively P.T. BASF INDONESIA Tbk, P.T. DIC INDONESIA, P.T. INTER ANEKA LESTARI KIMIA, P.T. HALIM SAMUDERA INTERUTAMA, P.T. JAMAYA PLASTIK INDUSTRI, P.T. CLARIANT INDONESIA, P.T. HOLLAND COLOR ASIA and P.T. NIPPISUN INDONESIA.
It is estimated that the demand for master batch products will continue on rising in line with the growth of the demand for plastic bag, plastic foam, plastic component, plastic doll, plastic bottle, plastic pipe, plastic cable and others for further particular details are as shown on the table below:
Growth of Supply of Master batch in Indonesia 2002-2008 *)
Ton)
|
Year |
Production |
Import |
Export |
Supply |
|
2002 2003 2004 2005 2006 2007
2008*) |
6.860 13.547 14.531 15.570 16.979 17.015 17.825 |
3.017 2.925 2.317 2.317 2.526 2.539 2,614 |
165
539
941 1.535 2.444 2.737 2.817 |
9.712 15.933 15.907 16.276 17.061 17.197 17,270 |
Source: Department of Industry
and Trace
*) Estimated
P.T. BSM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. BSM 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. 38.0 billion rose to Rp. 40.0 billion in 2010 increased to Rp. 42.0 billion in 2011 and projected to go on rising by at least 5% in 2012. The company’s operation has yielded a net profit of Rp. 3.5 billion with an estimated total networth of at least Rp. 12.0 billion. We observe that P.T. BSM is supported by businessmen with has financially fairly 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 is led by Mr. Ir. Stefanus Tjetje Wirjadi, SH (48), a professional manager with has experienced for more than 20 years in the field of color master batch manufacturing and trade. He graduated from Gajah Mada University, Yogyakarta majoring in Faculty of Law and Chemical Engineering from Trisakti Universiry, Jakarta. We observed that management’s reputation in said business is sufficiently fairly good. The company has had wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the company’s management involved in business malpractice 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. BUKIT SURYA MAS is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
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.