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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. BALIMAYA PERMAI FOOD CANNING INDUSTRY |
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Registered Office : |
Jl. Pluit Raya No. 19, Blok D No. 1-2 Jakarta Utara |
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Country : |
Indonesia |
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Date of Incorporation : |
12.07.1977 |
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Com. Reg. No.: |
No. AHU-AH.01.10-27576 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Fish Processing and Canning Industry |
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No. of Employees : |
735 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 : |
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 (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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. BALIMAYA
PERMAI FOOD CANNING INDUSTRY
Head Office
Jl. Pluit Raya No.
19, Blok D No. 1-2
Jakarta Utara
Indonesia
Phones - (62-21) 6660 0055 / 66
Fax. -
(62-21) 6660 5999
Email - info@bmpfood.co.id
Website - http://www.bmpfood.co.id
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Factory
Desa Tegal Badeng Barat,
Kec. Negara, Jembrana
Regency,
Bali - Indonesia
Phones - (62-365)
42500, 42499
Fax - (62-365) 41875
Land Area - 50,000 sq.
meters
Building Area - 22,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
12 July 1977
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-62818.AH.01.02.Tahun 2009
Dated 28 December 2009
b. No.
AHU-AH.01.10-27576
Dated 24 August 2011
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.112.532.5-904.000
Related Company :
P.T. MAYA FOOD INDUSTRY (Food Processing Industry)
Capital Structure :
Authorized Capital
- Rp. 20,000,000,000.-
Issued Capital - Rp. 12,500,000,000.-
Paid up Capital - Rp. 12,500,000,000.-
Shareholders/Owners :
a. Mr. Yusuf
Sukardjo - Rp.
5,750,000,000.- (46%)
Address : Jl. Muara
Karang Blok O.6 B/1
Kel. Pluit Penjaringan
Jakarta Utara
b. Mr. Rachmat Krestiono Terta -
Rp. 4,250,000,000.- (34%)
Address : Gang Pinggir No. 19
Kel. Kranggan, Semarang
Tengah
Central Java
c. Mr. Jacob
Sukardjo - Rp.
2,500,000,000.- (20%)
Address : Jl. Pluit Utara VI/12
Kel. Pluit, Penjaringan
Jakarta Utara
Lines of Business
:
Fish Processing and Canning Industry
Production
Capacity :
a. Sardines Fish Canned - 4,800 tons p.a.
b. Mackerel Fish Canned - 2,400 tons p.a.
c. Tuna Fish Canned - 4,800 tons p.a.
d. Fish Meals -
1,800 tons p.a.
Total Investment :
a. Owned Capital - Rp. 10.0 billion
b. Loan Capital - Rp. 20.0
billion
c. Total Investment - Rp. 30.0 billion
Started Operation :
November 1978
Brand Name :
BOTTOM, THREE STAR
and KING’S FISHER
Technical Assistance :
None
Number of Employee :
735 persons
Marketing Area :
Local - 100%
Main Customers :
a. Traditional
Markets
b. Mini-markets,
Supermarkets, Hypermarkets
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Maya Munchar
b. PT. Maya Food Industries
c. PT. Aneka Tuna
Indonesia
d. PT. Bonanza
Indonesia
e. PT. Trisejati
Tatafood
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk
Graha Niaga
Building
Jl. Jend. Sudirman Kav. 58
Jakarta
Selatan
b. P.T. Bank MANDIRI Tbk
Mandiri Plaza
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2008 – Rp. 430.0 billion
2009 – Rp. 480.0 billion
2010 – Rp. 540.0 billion
2011 – Rp. 605.0 billion
2012 – Rp. 680.0 billion
Net Profit (Loss)
:
2008 – Rp. 21.5 billion
2009 – Rp. 24.0 billion
2010 – Rp. 27.0 billion
2011 – Rp. 30.2 billion
2012 – Rp. 33.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Yusuf Sukardjo
Marketing Manager - Mrs. Sally Sukardjo
Board of Commissioner :
President
Commissioner - Mr. Rachmat Krestiono Terta
Commissioner - Mr. Jacob Sukardjo
Signatories :
Director (Mr. Yusuf Sukardjo) which
must be approved by Board of Commissioners (Mr. Rachmat Krestiono Terta and Mr.
Jacob Sukardjo)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T.
BALIMAYA PERMAI FOOD CANNING INDUSTRY or PT. BALI MAYA PERMAI (PT. BMP) was
established in Bali, on July 11, 1977
with an authorized capital of
Rp 500,000,000.- of
which Rp 200,000,000.- was issued
and paid up. The founding shareholders of the company are
Mr. Sukardjo Wibowo, Mr. Suhadi Wibowo, Mr. Rachmat Krestiono Terta and Mr.
Jusuf Jahja. They are Indonesian
businessmen of Chinese extraction. In
August 1993 the authorized capital was raised to Rp. 1,000,000,000.- of which
rp. 700,000,000.- was issued and fully paid up.
Concurrently, Mr. Suhadi Wibowo and Mr. Jusuf Jahja pulled out and the
whole shares are sold to Mr. Sukardi Wibowo and Mr.Sunarto. Latest in December
2009, the authorized capital was raised again to Rp 20,000,000,000.- of which
Rp. 10,000,000,000.- was issued and fully paid up. Since the time, shareholders of the company
are Mr. Yusuf Sukardjo (46%), Mr. Rachmat Krestiono Terta (34%) and Mr. Jacob
Sukardjo (20%). The deed of amendment
was made by Raden Johanes Sarwono, SH., a public notary in Medan and it was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-62818.AH.01.02.Tahun 2009 dated December 28, 2009.
Most recently by notarial deed of
Desman, SH., No. 171 dated July 22, 2011 the issued capital was raised from Rp.
10,000,000,000.- to Rp. 12,500,000,000.- and fully paid up. However, no changes have been effected in
term of its shareholding composition and capital structures to date. The amendment to Article of Association has been approved by the Minister of
Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-27576 dated August 24, 2011.
P.T. BMP
has been operating since 1978 in fish processing and canning industry, is located on the Strait of Bali, precisely
in Desa Tegal Badeng, Negara, Jembrana Regency, Bali on an area 50,000 square
meters vast, with an expansive 10,000 square meters facility zone. The
buildings are conveniently arranged, charmingly decorated with spruce gardens,
and very well maintained in terms of cleanliness. Besides, the location is also
very strategic: close to a Fishermen's Landing Site, where fishermen bring
their fresh catch everyday. P.T. BMP produces a variety of fish canned with raw
materials tuna, sardines and mackerel. Originally P.T. BMP used trademark
"Botan", under license of Mitsui & Co., Ltd.., from Japan. Sardines fish canning branded
"Botan" has been already very popular in the country. Also P.T. BMP
produces its own brands of "Bottom", "Three Star" and
"King's Fisher". Originally operating P.T. BMP run smoothly and grew,
but the post-1998 economic crisis, PT BMP and its business partners Mitsui
& Co.., engaged in dispute regarding licenses and production payments.
Since then P.T. BMP only used the trademarks Bottom, Three Star and King's
Fisher. The company provides canned
tuna, sardines and mackerel in various pack style.
We observe that the marketing network of
P.T. BMP in the country is the quite extensive covering all major cities in
Java such as Jakarta, Bandung, Semarang, Yogyakarta, Surabaya and Bali. The
results of company production are sold at many mini-markets Alfa and Indomart.
They are also sold at many supermarkets and hypermarkets in the country. We
notice that this company's operation runs smoothly and grows steadily in the
last three years.
Generally the
demand for fish canning such as tuna, sardine and mackerel has been growing
some 10% to 12% per year in the last five years in line with the growth of
mini-markets, supermarkets, hypermarkets and other retail shops. In the coming years, the growth rate of
demand is estimated at about 6% to 8% per annum. The present market situation
for fish processing and canning industry is very competitive for a large number
of similar companies operating in the country.
P.T. BMP is considered to be in a favorable business position in view of
the company's experience in the above business.
Until this time
P.T. BMP has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. P.T. BMP's management
is very reticent to outsiders particularly about finances. We estimate the
company's sales turnover in 2010 amounted to Rp. 540.0 billion increasing to
Rp. 605.0 billion in 2011 rose again to Rp. 680.0 billion in 2012 and projected
to increase further by at least 10% in 2013.
The company is figured to have made a net profit of at least Rp. 33.9
billion in 2012. P.T. BMP has an
estimated net worth of at least Rp. 220.0 billion. So far, we have never heard of 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. BMP is led by Mr. Yusuf Sukardjo (52) a businessman who experienced for
more than 23 years in the field of fish processing and canning industry. The management is also handled by Ms. Sally
Sukardjo (41) as marketing manager and a
number of professional staff, having maintained a wide business relation with
private businessmen at home and abroad.
Their relation with the government is fairly good. So far, we have never
heard that the company’s management involved in business malpractices 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. BALI MAYA
PERMAI is sufficiently fairly good for business transaction. However, in view
of the global economic slowdown we recommend to treat prudently in extending a
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.62 |
|
|
1 |
Rs.83.69 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
PDT |
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 |
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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 |
|
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 |
-- |
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.