|
Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BITZER COMPRESSORS |
|
|
|
|
Registered Office : |
Jl. Raya Tlajung
Udik No. 2, Gunung Putri, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
28.08.2002 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-14403 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Electrical
Household Industry, Trading, Importing and Distributor of refrigerator |
|
|
|
|
No. of Employees : |
80 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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. BITZER COMPRESSORS INDONESIA
Head Office &
Workshop
Jl. Raya Tlajung
Udik No. 2
Gunung Putri,
Bogor 16962
West Java
Indonesia
Phones -
(62-21) 867 1041
Fax - (62-21) 867 0386
Email - Indonesia@bitzer.co.id
Website - http://www.bitzer.de
Land Area - 5,000 sq.
meters
Building Area - 3,600 sq.
meters
Region - Industrial
Zone
Status - Owned
28 August 2002
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
C-22012.HT.01.01.TH.2002
Dated
12 November 2002
b. No.
AHU-02617.AH.01.02.Tahun 2009
Dated 12 January 2009
c. No.
AHU-AH.01.10-14403
Dated
24 April 2012
Foreign
Investment Company (PMA)
a. The Department of Finance
NPWP No. 01.869.515.5-055.000
b. The Department of Industry and Trade
TDP No. 10.20.1.29.02340, dated 29
November 2005
c. The Capital Investment Coordinating Board
- No. 341/I/PMA/2002
Dated 24 May 2002
- No. 259/A6.B2/2002
Dated 2 August 2002
a. BITZER SE., of
Germany (Investment Holding)
b. BITZER
KUHLMASCHINENBAU GmbH., of Germany (Investment Holding)
THE BITZER GROUP
of Germany
Capital
Structure :
Authorized
Capital - US$.
500,000.-
Issued Capital - US$.
200,000.-
Paid up Capital - US$. 200,000.-
Shareholders/Owners
:
a. BITZER SE., of Germany - US$ 190,000.- (95%)
Address: Eschenbrunnlestrasse 15,
D-71065 Sindelfingen
Germany
b. BITZER KUHLMASCHINENBAU GmbH., of Germany - US$
10,000.- ( 5%)
Address: Eschenbrunnlestrasse 15,
D-71065 Sindelfingen,
Germany
Lines of
Business :
Electrical Household
Industry, Trading, Importing and Distributor of refrigerator
Production
Capacity :
a. Refrigerator - 800 units
b. Import of
Refrigerator Parts - US$
1,300,000.-
c. Main
Distributor -
US$ 1,300,000.-
Total
Investment :
a. Owned Capital - US$. 200,000.-
b. Loan Capital - US$. 300,000.-
c. Total
Investment -
US$. 500,000.-
Started
Operation :
2003
Brand Name :
BITZER INDONESIA
Technical
Assistance :
BITZER
KUHLMASCHINENBAU GmbH of Germany
Number of
Employee :
80 persons
Marketing Area
:
a. Local -
70%
b. Export - 30%
Main Customers
:
a. Supermarkets
and Hypermarkets
b. Hotel and
Restaurants
c. Hospitals,
etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Air Tech
Refrigeration Industries
b. PT. Gaya
Tehnik Engineering
c. PT. Maspion
Electronic
d. PT. Sanken
Argadwija
e. Etc.
Business Trend
:
Growing
Banker :
DEUTSCHE BANK
Deutsche Bank
Building
Jl. Imam Bonjol
No. 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 61.0
billion
2010 – Rp. 68.0
billion
2011 – Rp. 75.2
billion
2012 – Rp. 43.5
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 3.0
billion
2010 – Rp. 3.4
billion
2011 – Rp. 3.7
billion
2012 – Rp. 2.2
billion (January – June)
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Peter Friedrich Eugen Schaufler
Directors -
a. Mr. Gimin Simbolon
b. Mr. Gianbattista Parlanti
c. Mr. Axel Elmar Geissler
Board of Commissioners :
President Commissioner -
Mr. Christian Klaus Arthur Gustav Wahlers
Commissioner -
Mr. Jurgen Kleiner
Signatories :
President Director (Mr.
Peter Friedrich Eugen Schaufler) or one of Directors (Mr. Gimin Simbolon, Mr.
gianbattista Parlanti and Mr. Axel Elmar Geissler) which must be approved by
Board of Commissioners (Mr. Christian Kalus Arthur Gustav Wahlers and Mr.
Jurgen Kleiner)
Management Capability :
Good
Business Morality :
Good
P.T. BITZER COMPRESSORS INDONESIA (P.T. BCI) was established on August 28, 2002 with the authorized capital of US$. 500,000.- of which US$. 200,000.- was issued and paid up. The founding shareholders of the company are BITZER KUHLMASCHINENBAU GmbH & Co. Holding Kg., of Germany (95%) and BITZER KUHLMASCHINENBAU GmbH., of Germany (5%). The deed of company was approved by the Ministry of Law and Human Right in its Decision Letter No. C-22012 HT.01.01.TH.2002 dated November 12, 2002. On December 11, 2008, BITZER KUHLMASCHINENBAU GmbH & Co. Holding KG., pulled out and replaced by BITZER SE., as new shareholders. Since that time, the shareholders of the company are BITZER SE., (95%) and BITZER KUHLMASCHINENBAU GmbH., (5%), both from Germany. The latest deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-02617.AH.01.02.Tahun 2009 dated January 12, 2009 and No. AHU-AH.01.10-14403 dated April 24, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. BCI was established within the framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) in 2002 in the field of electrical household industry, trading, import and
distributor. According to business permit issued by the BKPM, its production capacity of 800 units of refrigerators, and import and distributor of
refrigerator with respectively value US$ 1,300,000. Total investment for the project is absorbed investments of US$ 500,000 30 consisting of US$ 200,000 in equity capital and the rest would come from loans. Beside that, P.T. BCI is also
provide services in general air conditioning system including maintenance,
repair and procurements of air conditioning systems spare parts such as
compressors, condensers (shell & tube or fin condenser), evaporators (shell
& tube or fin evaporator), etc.
Miss Rima, an administrative staff of the Company explained that some
70% of the products are marketed locally and the rest of some 30% is exported
to Hong Kong, Singapore, India and others. The products of P.T. BCI
has been widely known nation wide mostly used by supermarkets, international
restaurants and hotels, cooling system companies (for fishes, fresh met, fruits
and vegetables), etc. We observed that
P.T. BCI is classified as a medium sized company of its kind in the country of
which the operation has been growing in the last three years.
Generally, local demand for refrigerator and compressors equipments had been increasing by 8% to 10% on the average per annum within the last five years in line with the growth of supermarkets and hypermarkets in the country, international hotels and restaurants, hospitals and others. However, the competition is very tight on account of lots of similar companies operating in the country. The business position of P.T. BCI is appraised to be favorable for having established regular customers and wide marketing networks in major cities in the country. We believe that P.T. BCI is in position to thrive its business in the future.
Until this time P.T. BCI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2009 amounted to Rp. 61.0 billion increased to Rp. 68.0 billion in 2010 rose again to Rp. 75.2 billion in 2011 and projected to go on rising by at least 12% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 3.7 billion and the company has an estimated total networth of at least Rp. 46.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. BCI is led by Mr. Peter Friedrich Eugen Schaufler (72) as president director, a professional manager from Germany. He is also as a top-executive of BITZER Group. In daily activities, he is assisted by three directors namely Mr. Gimin Simbolon (40) from Indonesia, Mr. Gianbattista Parlanti (44) from Italy and Mr. Axel Elmar Geissler (50) from Germany. The management is handled by experienced staff 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. BITZER COMPRESSORS INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.60 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
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.