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Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. BEHN MEYER KIMIA |
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Formerly Known As : |
P.T. SURIMADI ARYA |
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Registered Office : |
Taman
Tekno Industrial Complex 1 Sektor XI, Jalan Tekno
Utama Block B No. 1, 2nd Floor, Desa Setu, Kecamatan Setu, Tangerang, 15314, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
23.12.1993 |
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Com. Reg. No.: |
No.
AHU-14945.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
and Distribution of Industrial Chemicals |
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No. of Employees : |
65 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 |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. BEHN MEYER KIMIA
Head Office &
Warehouse
Taman
Tekno Industrial Complex 1 Sektor XI
Jalan Tekno Utama Block B No. 1, 2nd Floor
Desa Setu, Kecamatan Setu
Tangerang, 15314
Banten
Province
Indonesia
Phones -
(62-21) 756 5000 (Hunting)
Fax - (62-21) 756 0860, 756 0188, 756 0870
E-mail - bmk@behnmeyer.co.id
Land Area - 8,000 sq.
meters
Building Space - 3,500 sq. meters
Region - Industrial
Estate
Status - Rent
Branch
Jalan
Raya Surabaya – Mojokerto Km. 19
Briginbendo,
Taman Sepanjang
Sidoarjo,
61257
East
Java
Indonesia
Phones -
(62-31) 788 2822 (Hunting), 788 2823
Fax - (62-31) 788 2821
E-mail - bmksby@behnmeyer.co.id
Land Area - 5,000 sq.
meters
Building Space - 2,500 sq. meters
Region - Industrial
Estate
Status - Rent
a. 23 December 1993 as P.T. SURIMADI ARYA
b. 8 July 1999 as P.T. BEHN MEYER KIMIA
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-7308.HT.01.01.TH.94
Dated 6 May 1994
- No. AHU-14945.AH.01.02.TH.2009
Dated 23 April 2009
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.610.642.9-056.000
The Capital Investment Coordinating
Board
No.
91/V/PMA/1999
Dated
10 June 1999
Related
Company :
P.T.
BEHN MEYER AGRICARE (Fertilizer & Agrochemical Trading)
Capital
Structure :
Authorized
Capital : Rp.
30,000,000,000.-
Issued
Capital :
Rp. 30,000,000,000.-
Paid
up Capital :
Rp. 30,000,000,000.-
Shareholders/Owners
:
a.
BEHN MEYER CHEMICAL HOLDING (S) PTE. LTD. -
Rp. 29,700,000,000.-
Address : No. 2
Boon Leat Terrace #06-01
Harbour Side Industrial Building 2
Singapore
b.
BEHN MEYER & COMPANY PTE, LTD. -
Rp. 300,000,000.-
Address :
No. 2 Boon Leat Terrace #06-01
Harbour Side Industrial Building 2
Singapore
Lines
of Business :
Trading
and Distribution of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1994
Brand
Name :
Behn
Meyer Kimia
Technical
Assistance :
Behn
Meyer Chemical Holding (S) Pte, Ltd., Singapore
Number
of Employee :
65
persons
Marketing
Area :
Local - 100%
Main
Customer :
Industrial
Manufacturing
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. BRENTAG
b. P.T. GALIC BINA MADA
c. P.T. MULTI CITRA KIMIA
d. P.T. TRIMITRA SEJATI TANNINDO
e. Etc.
Business
Trend :
Growing
Bankers :
a. P.T. Bank CIMB NIAGA Tbk
ITC BSD
Jalan Raya
Serpong Km. 9
Serpong, Banten
Province
Indonesia
b. DEUTSCHE Bank AG
Jalan Imam Bonjol No. 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 150.0 billion
2010
– Rp. 162.0 billion
2011
– Rp. 173.0 billion
2012
– Rp. 91.0 billion (January – June)
Net
Profit (estimated) :
2009
– Rp. 12.0 billion
2010
– Rp. 13.3 billion
2011
– Rp. 14.7 billion
2012
– Rp. 7.3 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Adhika Susilardjo
Director -
Mrs. Julita Kartika
Board of Commissioners :
President Commissioner - Mr. Peter Joachim Schonberg
Commissioner - Mr. Jens Kellinghusen
Signatories :
President
Director (Mr. Andhika Susilardjo) or the Director (Mrs. Julita Kartika) which
must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Initially named P.T. SURIMADI ARYA, it was established in December 1993 with an authorized capital of Rp. 100,000,000 entirely was issued and paid up. The founding shareholders are Mr. Antonius Widjaja and Mr. Fredricus Teguhprasetia, both are Chinese-Indonesian businessmen. The company's notarial act has frequently been revised. In July 1997 the above founding shareholders pulled out and they were replaced by Mr. Andy Tirta Kustarjo and Mr. Ir. Henky Deradjat Kosasih. In July 1999 Mr. Ir. Henky Deradjat Kosasih resigned and replaced by BEHN MEYER INDONESIA (BMI) GmbH of Germany. Concurrently the authorized capital was raised to Rp. 2,000,000,000 entirely issued and paid up. By the same time the company was renamed P.T. BEHN MEYER KIMIA (P.T. BMK). Later in September 2008 BEHN MEYER INDONESIA GmbH withdrew and replaced by BEHN MEYER CHEMICAL HOLDING (S) PTE, LTD., and BEHN MEYER & COMPANY PTE, LTD., both of Singapore as new shareholders. The latest in December 2008 the authorized capital was raised to Rp. 30,000,000,000 entirely issued and paid up. With this development the composition of its shareholders has been changed to become BEHN MEYER CHEMICAL HOLDING (S) PTE, LTD., (99%) and BEHN MEYER & COMPANY PTE, LTD., (1%). The latest revision of notary documents was made by Mr. Pendy Tanzil, SH., a public notary in Tangerang and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-14945.AH.01.02.TH.2009 dated April 23, 2009.
P.T. BMK obtained a Foreign Investment (PMA) company facility to deal with trading and distribution of industrial chemical. The company has been operating since June 1994 when it was named P.T. SURIMADI ARYA. The chemical products sold by P.T. BMK are chemicals for food ingredients, personal care, tobacco, rubber, plastics, animal nutrition, tannery, water treatment and coating. The whole products are imported through its sister companies existing in Singapore, Germany, Thailand, Malaysia and others. At present, P.T. BMK is one of the distributor and supplier of industrial chemical and food ingredients. The Company is ultimately part of BEHN MEYER Group, which has subsidiaries and affiliates throughout the world. The products are sold to producers of cosmetic, food, pharmaceutical, cigarette, plastic, etc. all over Indonesia. P.T. BMK is also engaged in distribution of food ingredients with Sin Rubtech and ChemGen brands of Germany. The operation of P.T. BMK has been running well for it has controlled a wide marketing network and the increasing number of customers. The operation is also supported by operating network of the Group.
Starting in the second semester 2008, many markets in various parts of the world experienced adverse economic condition. This condition was triggered by, amongst others, the housing and mortgage loans crisis in the United States of America (US) that spread to securities, structures products and commodity markets. The volatility in the US markets coupled with the sharp appreciation in the US Dollars and a series of corporate bankruptcies and takeovers enabled the crisis to spread to other parts of the world. The impact of the global economic crisis has also been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease, commodity prices decreased, securities market declines, interest rate increased, followed by decreases, tightened liquidity conditions, and increased credit risks.
Up to this time, the Company has not significantly suffered from the economic crisis. In response to these economic events, during 2010 the Company has plans as follows: Negotiation with main customer regarding increasing selling price. Cost reduction in business trip, pantry needs, technical support cost, etc. Reduction finishing cost and transportation cost with transferring product to customers. In spite of the adverse economic conditions, management believes that the Company will be able to continue operating as going concern for the foreseeable future.
Imports of Raw Materials and Auxiliary Goods,
2004-2011
|
Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
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|
Primary |
Processed |
Primary |
Processed |
||
|
2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
|
|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
|
|
2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
|
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
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|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409.0 |
|
Source:
Central Bureau of Statistic (BPS)
Until this time P.T. BMK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. BMK 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. 150.0 billion rose to Rp. 162.0 billion in 2010 increased to Rp. 173.0 billion in 2011. As from January to June 2012 the sales turnover has reached at least Rp. 91.0 billion with a net profit of Rp. 7.3 billion and the sales it’s projected to go on rising by at least 5% in 2013. The company has an estimated total net worth of at least Rp. 46.0 billion. We observe that P.T. BMK is supported by foreign partner with has financially 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 usually pays its debts punctually to suppliers.
The management of P.T. BMK is led by Mr. Ir. Adhita Susilardjo (50) who holds a Bachelor (Hons.) degree in Food Technology & Human Nutrition, has been promoted to Senior Sales Manager, Food & Personal Care Department effective January 1, 2001. Mr. Susilardjo joined the Company as Sales Manager in 1999 after holding executive / managerial posts with various large dairy and integrated food manufacturers. Daily activity he is assisted by Mrs. Julita Kartika (43) as director. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. 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. BEHN MEYER KIMIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
UK Pound |
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
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.