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Report Date : |
28.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. BUMITANGERANG MESINDOTAMA |
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Registered Office : |
Jalan Dipati
Unus No. 27 & 30 Cibodas Besar Tangerang 15138 Banten |
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Country : |
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Date of Incorporation : |
03.02.1993 |
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Com. Reg. No.: |
No. AHU-AH.01.10-17048 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Cocoa Bean Processing Industry |
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No. of Employees : |
460 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
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 |
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.
BUMITANGERANG MESINDOTAMA
Head Office & Factory
Jalan Dipati Unus No. 27 & 30
Cibodas Besar
Tangerang 15138
Banten
Indonesia
Phones - (62-21) 5585870 (Hunting)
Fax - (62-21) 5585872
E-mail - bt@btcocoa.com
Website - http://www.btcocoa.com
Land Area - 11,200 sq.
meters
Building Area - 9,700 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
3
February 1993
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a.
No.
C2-10818 HT.01.01.TH.1994
Dated
14 July 1994
b.
No.
AHU-13532.AH.01.02.TH.2008
Dated 18 March 2008
c.
No.
AHU-12173.AH.01.02.Tahun 2009
Dated
13 April 2009
d.
No.
AHU-57370.AH.01.02.TH.2009
Dated 24 November 2009
e.
No.
AHU-AH.01.10-17048
Dated
07 July 2010
Company
Status :
Foreign
Investment Company (PMA)
Permit
by the Government Department :
a. The Department of Finance
NPWP No. 01.605.837.2-402.000
b. The Department of Industry
No. 43/T/INDUSTRI/2006
Dated 12 January 2006
c. The Capital Investment Coordinating Board
- No. 145/I/PMDN/2000
Dated 07 September 2000
- No. 51/II/PMDN/2007
Dated
08 May 2007
- No. 307/V/PMA/2008
Dated 31 December 2008
Holding
Company :
YTS
HOLDING Pte. Ltd., of Singapore (Investment Holding)
Affiliated/Associated
Companies :
a.
P.T. BUMITANGERANG COKLAT UTAMA (Chocolate Snack Processing)
b.
AGROHUB COMMODITIES Pte. Ltd., of Singapore (Investment Holding)
Capital
Structure :
Authorized Capital - Rp. 100,000,000,000.-
Issued Capital - Rp. 70,000,000,000.-
Paid up Capital - Rp. 70,000,000,000.-
Shareholders/Owners
:
a. YTS HOLDING Pte. Ltd. - Rp. 69,990,000,000.-
(99.986%)
Address: 19 Tanglin Road,
06-01 Tanglin Shopping Centre
Singapore
b. AGROHUB COMMODITIES Pte. Ltd. - Rp.
10,000,000.- ( 0.014%)
Address: 19 Tanglin Road,
06-01 Tanglin Shopping Centre
Singapore
Lines
of Business :
Cocoa
Bean Processing Industry
Production
Capacity :
Existing Units
a. Cocoa Powder - 20,000 tons p.a.
b. Cocoa Butter - 13,600 tons p.a.
c. Cocoa Liquor - 6,400 tons
p.a.
Expansion Units
(2011)
a. Cocoa Powder - 31,000 tons p.a.
b. Cocoa Butter - 23,600 tons p.a.
c. Cocoa Liquor - 11,500 tons p.a.
Total Investment :
Existing Units
a. Owned Capital - Rp. 109.5 billion
b. Loan Capital - Rp. 268.0 billion
c. Total Investment - Rp. 377.5 billion
Expansion Units
a. Owned Capital - Rp. 50.0
billion
b. Loan Capital - Rp. 300.0 billion
c. Total Investment - Rp. 350.0 billion
Started
Operation :
1993
Brand
Name :
BT
Cocoa
Technical
Assistance :
None
Number
of Employee :
460
persons
Marketing
Area :
Export -
80%
Local - 20%
Main
Customers :
a.
Hypermarkets such as Matahari-Hypermart, Sogo, Lotte, etc.
b.
PT. Mayora Indah Tbk.
c.
PT. Kraft Foods Indonesia
d.
PT. Garudafood Putra Putri Jaya
e.
Overseas buyers in USA, China, India, Pakistan, Southeast Asia, Middle East,
Russia and
European countries
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. GENERAL FOOD INDUSTRIES
b. P.T. COCOA VENTURES INDONESIA
c. P.T. Perusahaan Industri CERES
d. P.T. GANDUM MAS KENCANA
e.
Etc.
Business
Trend :
Growing
B
a n k e r s :
a. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Pusat
b. P.T. Bank
MANDIRI Tbk
Jalan Raya
Daan Mogot
Tangerang,
Banten
c. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend.
Sudirman Kav. 22-23
Jakarta Pusat
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2008
– Rp. 790.0 billion
2009
– Rp. 880.0 billion
2010
– Rp. 980.0 billion
2011
– Rp. 1,156.0 billion
2012
– Rp. 1,348.0 billion
Net
Profit (estimated) :
2008
– Rp. 43.5 billion
2009
– Rp. 48.0 billion
2010
– Rp. 53.9 billion
2011
– Rp. 64.5 billion
2012
– Rp. 75.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Sindra Wijaya
Directors -
a. Mrs. Juliana Jasman
b. Mr. Thomas Jasman
Board of Commissioners :
Commissioner - Mr. Piter Jasman
Signatories :
President
Director (Mr. Sindra Wijaya) or one of the Directors (Mrs. Juliana Jasman or
Mr. Thomas Jasman) which must be approved by Board of Commissioner (Mr. Piter
Jasman).
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate
amount
P.T.
BUMITANGERANG MESINDOTAMA also widely known as BT COCOA was established in
Tangerang, Banten on February 3, 1993 with an authorized capital of Rp.
150,000,000 issued capital of Rp. 40,000,000 entirely paid up. The founding
shareholders of the company are Mr. Piter Jasman and his youngest brother Mr.
Akhiong Jasman AKA Hoi Khiong, both are Indonesian business family of Chinese
origins. The deed of company was made by
Rony Harunsyah Gunawan, SH., a public notary in Tangerang and it was approved
by the Ministry of Law and Human Right in its Decision Letter No. C2-10818
HT.01.01.Th.1994 dated 14 July 1994.
The company notary deed has been changed a
couple of times. In February 2008 the authorized capital was raised to Rp.
50,000,000,000 issued capital to Rp. 20,000,000,000 fully and paid up. On the
same occasion, Mr. Akhiong Jasman AKA Hoi Khiong pulled out and replaced by Mr.
Lukas Jasman as new shareholder. In October 2009, the authorized capital was again
increased to Rp. 100,000,000,000 issued capital to Rp. 60,000,000,000 entirely
paid up.
Since that time the shareholders of the company are YTS HOLDING Pte., of
Singapore (99.999%) and GROHUB COMMODITIES Pte., Ltd. (0.001%).
Most
recently by notarial deed of Mellyani Noor Shandra, SH., No. 62 dated May 17,
2010 the issued capital was raised to Rp. 70,000,000,000.- and fully paid up.
Since that time the shareholders of the company are YTS HOLDING Pte., of
Singapore (99.986%) and AGROHUB COMMODITIES Pte., Ltd. (0.014%). The notarial Deed has been approved by the Minister of Law and Human Rights
of the Republic of Indonesia through Decree No. AHU-AH.01.10-17048 dated July
7, 2010. We are extremely difficult to trace or investigate the
shareholders of YTS HOLDING Pte. Ltd., and AGROHUB COMMOTIEIS Pte Ltd, as this
company are incorporated under law of Singapore.
But we allege or estimate that the owners of this company are Mr. Piter
Jasman and his family members.
Initially BT COCOA was engaged in cocoa beans
processing machinery manufacturing, which has been operating since
Whole cocoa butter
produced by BT COCOA was exported to
many countries including he USA, China, India, Pakistan, Southeast Asia,
Central America, South America, Middle East, Russia, Japan, Serbia and European
countries. Regular
customers include well-know international companies such as Cargill, Unicom
International B.V., ED&F Man, Theobroma, ADM, General Cocoa, Atlantic
Cocoa, Ecom, Olam and etc. For cocoa powder product of 50% for export
and 50% for the local market that was sold was to hypermarkets such as
M-Hypermart, Sogo Hypermarkets, Lotte Hyermarket, and food product industries
such as; PT. Mayora Indah Tbk., PT. Kraft Food Indonesia, PT. Garudafood Putra
Putri Jaya, PT. Gandum Mas, PT. Orang Tua Group and others. We observe that BT
COCOA is classified a large-size company of its kinds which operation has been
growing and developing well in the last five years.
In general we observed that the market demand at home and abroad for cocoa is still
increasing in the last five years.
According to the Central Statistics
Agency (BPS), export volume of Indonesian
cocoa beans in
2007 as many as 381.9 thousand tons valued at
US$ 623.1 million increased to
382.5 thousand tons
valued at US$ 856.2 million in 2008, increased again to 440.3 thousand tons
valued at US$ 1,088.2 million in 2009 fell slightly
to 433.5 thousand tons valued at US$ 1.191.3
million in 2010 and dropped again
to 214.7 thousand tons valued at US$ 617.2 million in 2011. But, pursuant to the Ministry of Trade that
export value of Indonesian cocoa products in 2007 amounted of US$ 924.2 million
increased to US$ 1,268.9 million in 2008 to US$ 1,413.4 million in 2009 to US$
1,643.6 million in 2010 and dropped to US$ 1,345.3 million in 2011 and US$
640.2 million as of January to July 2012.
Business position of BT COCOA
is good enough because it already ha a captive market and its
marketing network is also broad both
at home or abroad.
BT
COCOA has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of BT
COCOA 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. 880.0 billion
increased to Rp. 980.0 billion in 2010 rose again to Rp. 1,1560.0 billion in
2011 and projected to go on rising by at least 15% in 2012. The operation in
2011 yielded an estimated net profit of at least Rp. 64.5 billion and the
company has an estimated total asset of at least Rp. 450.0 billion. 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 BT COCOA is led by Mr. Sindra Wijaya (39) a young professional
manager with experience in cocoa bean processing. He is assisted by Mrs.
Juliana Jasman (30) and Mr. Thomas Jasman (28), both as directors. But we are
sure the prime-mover of the company is Mr. Piter Jasman (57) with experienced
for more than 23 years in cocoa bean processing industry. Mr. Piter Jasman, the founder and President
Commissioner of BT COCOA, is currently the Chairman of Indonesian Cocoa Industry
Association (AIKI). BT COCOA is also an active member of Cocoa Association of
Asia. The management is handled by
professional manager in this business, having maintained a wide business
relation with private businessmen at home and abroad as well as with government
sectors. So far, we did not hear that the company’s management involved in a
dirty business practice 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.
BUMITANGERANG MESINDOTAMA or BT COCOA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.55 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.