|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BITRATEX INDUSTRIES |
|
|
|
|
Formerly Known As : |
P.T. BITRATEX INDUSTRIAL CORPORATION |
|
|
|
|
Registered Office : |
JL. Brigjend Sudiarto Km. 11 Semarang 50193 Central Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.10.1979 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-31677 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Textile Industry |
|
|
|
|
No. of Employees : |
2,012 persons |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
BITRATEX INDUSTRIES
Head Office & Factory
JL. Brigjend Sudiarto Km. 11
Semarang 50193
Central Java
Indonesia
Phones -
(62-24) 6713585 (hunting)
Fax - (62-24) 6713588
PO Box - 1190 Semarang
50193
Email - bitrasmg@bitratex.com
Land Area - 12.5 hectares
Building Area - 8.0 hectares
Region - Industrial
Zone
Status - Owned
Jakarta Office
Menara Kadin Indonesia, 12th Floor
Jl. H.R. Rasuna Said Blok. X-5 Kav. 2&3
Jakarta 12050
Indonesia
Phones -
(62-21) 57903640 (hunting)
Fax - (62-21) 57903641
Email - bitrajkt@bitratex.com
Website - http://www.bitratex.com
Building Area - 36 storey
Office Space - 150 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
01 October 1979
as P.T. BITRATEX INDUSTRIAL CORPORATION, changed its name to P.T. BITRATEX
INDUSTRIES on March 8, 1999
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
Y.A. 5/323/1
Dated 30 April 1982
b. No.
AHU-59580.AH.01.02.Tahun 2008
Dated 05 September 2008
c. No.
AHU-AH.01.10-31677
Dated 31 August 2012
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.705.597.1-526.000
a. ASEAN INTERESTS LIMITED of Hong Kong
b. BLESSED ELYSIAN LIMITED of Mauritius
c. SOHANS ENTERPRISE (HK) LIMITED of Hong Kong
d. ONE SOVEREIGN INVESTMENTS PTE. LTD., of Singapore
Capital
Structure :
Authorized
Capital - US$.
35,600,000.-
Issued Capital - US$.
35,600,000.-
Paid up Capital - US$.
35,600,000.-
Shareholders/Owners
:
a. ASEAN
INTERESTS Ltd., -
US$. 9,800,000.- (27.53%)
Address:
Room 1212 Wing Lung bank Centre
636 Nathan Road
Hong Kong
b. BLESSED ELYSIAN Ltd. - US$.
14,085,000.- (39.56%)
Address: 6
Floor, Newton Tower
Sir William
Newton Street
Mauritius
c. SOHANS
ENTERPRISE (HK) Ltd. -
US$. 1,715,000.- ( 4.82%)
Address:
Hong Kong
d. ONE
SOVEREIGN INVESTMENTS Pte. Ltd. - US$.
10,000,000.- (28.09%)
Address:
Singapore
Lines of
Business :
Integrated
Textile Industry
Production
Capacity :
a. Industrial
Yarns -
9,000,000 kgs. p.a.
b. Weaving Yarns - 3,600,000 kgs.
p.a.
c. Polyester/Cottons
Yarns - 7,100,000 kgs. p.a.
d. Raschel Laces - 1,600,000 yards
p.a.
e. Embroidery - 3,660,000
yards p.a.
f. Jacquard Laces - 1,200,000 yards
p.a.
Total
Investment :
a. Owned Capital - US$. 35,600,000
b. Loan Capital - US$. 62,800,000
c. Total Investment - US$. 98,400,000
Started
Operation :
1 9 8 2
Brand Name :
Bitratex
Industries
Number of
Employee :
2,012 persons
Marketing Area
:
a. Local - 22%
b. Export - 78%
Main Customers
:
a. Garment
Industries
b. Foreign buyers
in Australia, South Korea, Belgium, the UK, Italy, France, Brazil, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Fuji
Palapa Textile
b. PT. Sri Rejeki Isman
c. PT. Gunawantex
d. PT. Sinar Padasuka Textile
e. PT. Badjatex, etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank CIMB
NIAGA Tbk.
Semarang Branch
Jl. Pemuda
No 21B
Semarang, Central
Java
b. The Hongkong
and Shanghai Banking Corp.
Semarang Branch
Jl. Gajah Mada
No. 135
Semarang, Central
java
Auditor :
Hadori Sugiarto
Adi & Rekan, Certified Public Accountants
Litigation :
No litigation
record in our database
Total
Sales/Income :
2010 – US$. 110.3
million
2011 – US$. 123.3
million
2012 – US$. 137.5
million (estimated)
Net Profit
(Loss) :
2010 – US$. 4.6
million
2011 – US$. 3.7
million
2012 – US$. 4.1
million (estimated)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Krishna Kumar Agrawal
Directors -
a. Mr. Devendra Singh Chatha
b. Mr. Arvind Kumar Shankerlal Ladha
c. Mr. Rajesh Kumar Jain
d. Mr. Abhay Kumar Agarwal
e. Mr. Aninrudha Atmaram Dhongade
f. Mr.
Sunil Kumar
g. Mr. Shailendra Kumar
Board of Commissioners :
President Commissioner -
Mr. Kartar Singh Thakral
Commissioners -
a. Mr. Karan Singh Thakral
b. Mr. Gurmukh Singh Thakral
c. Mrs. Lusilawati Surya
d. Mr. Sajen Ghanshamdas Aswani
e. Mr. Rikhipal Singh Thakral
f. Mr.
Mohan K. Vaswani
Signatories :
President Director (Mr.
Khrishna Kumar Agrawal) or one of the Director (Mr. Devendra Singh Chatha, Mr.
Arvind Kumar Shankerlal ladha, Mr. Rajesh Kumar Jain, Mr. Abhay Kumar Agarwal,
Mr. Anirudha Atmaram Dhongade, Mr. Sunil Kumar, Mr. Shailendra Kumar) which
must be approved by Board of Commissioners
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
Originally named
P.T. BITRATEX INDUSTRIAL CORPORATION, the company was established in Semarang,
Central Java on October 1, 1979 with an
authorized capital of US$. 6,000,000.-
of which US$. 120,000.- was issued and paid up.
The founding shareholders of the company are THE THAKRAL BROTHERS Ltd.,
of Hong Kong and Mr. Lekhomal Ponoomal Tolani, an Indonesian businessman of
Indian origin. The Deed of establishment
has been approved by the Minister of Justice of the Republic of Indonesia
through Decision Letter No. Y.A.5/323/1 dated April 30, 1982. The company's
notarial act was since revised a number of times. On March 8, 1999 the company's name was
changed to P.T. BITRATEX INDUSTRIES (P.T. BI).
In November 2000, the authorized capital was raised to US$ 35,600,000.-
entirely was issued and fully paid up.
Concurrently, the company’s shares were controlled by ASEAN INTEREST
Ltd., THAKRAL HONGDING (HK) Ltd., SOHANS ENTERPRSE Ltd. , the three are from
Hong Kong and THAKRAL BROTHERS Pte. Ltd., of Singapore.
Later according
to the latest revision of notary documents of Tri Firdaus Akbarsyah, SH., No. 05
dated 11 April 2012 the company’s shareholders had been changed, THAKRAL
HONGDING (HK) Ltd., and THAKRAL BROTHERS Pte. Ltd., pulled out and the whole
shares are sold to BLESSED ELYSIAN Ltd., of Mauritius and ONE SOVERIGN INVESTS
Pte. Ltd., of Singapore. Since at the
time, the shareholders of the Company are ASEAN INTEREST Ltd., of Hong Kong
(27.53%), BLESSED ELYSIAN Ltd. of Mauritius (39.5%), SOHANS ENTERPRISE (HK)
Ltd. of Hong Kong (4.82%) and ONE SOVEREIGN INVESTMENTS Pte. Ltd., of Singapore
(28.09%). The amendment to notarial Deed has been approved by the Minister of
Law and Human Rights through Decision Letter No. AHU-AH.01.10-31677 dated
August 31, 2012.
P.T. BI obtained a Foreign Capital
Investment (PMA) facility issued by the Capital Investment Coordinating Board
(BKPM) to deal with textile industry. Its plant is located at J. Brigjen
Sudiarto Km. 11, Semarang, Central Java.
The plant has been operating since 1982 and it was frequently expanded. In 1991 the company was granted Domestic
Capital Investment (PMDN) facilities by the Capital Investment Coordinating
Board (BKPM). Currently, the Company has
a capacity to produce 9 million tons of industrial yarns, 3,600 tons of weaving
yarns, 7,100 tons of polyester/cotton yarns, 1,600,000 yarns of raschel laces,
3,660,000 yards of embroidery and 1,200,000 yards of jacquard laces, with an
investment of US$. 98.4 million comprising owned capital of US$ 35.6 million
and the rest from loans. Basic materials
like rayon and polyester are largely obtained at home while raw cotton imported
from Australia, the USA and Russia. Some
78% of the company products are exported to various countries including
Australia, South Korea, Belgium, United Kingdom, Italy, France, Brazil and
others. We observed that P.T. BI 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 the
demand for textile and textile products including polyester textured yarn,
finished fabrics, garment, textile chemicals and raw materials has been
fluctuating in the last five years.
According to the Central Bureau of Statistics (BPS) the Indonesian
garments export in 2005 amounted to 369,500 tons (US$ 4,967.0 million) to 399,600
tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in
2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons
(US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0
million) in 2010 and to 450,900 tons (US$ 7,801.5 million) in 2011.
The Indonesia
textile products export in 2005 amounted to 1,427.3 tons (US$ 3,704.0 million)
to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0
million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600
tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in
2010 and declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011. The export volume and value of the national
TPT products in 2005 to 31 March 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 1,873.3 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3
375.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 1,318.1 |
Source: Central Bureau of Statistic *) January to March 2012
According
to financial report audited by Hadori Sugiarto Adi & Rekan, Certified Public
Accountant the total income/revenues of P.T. BI in 2010 amounted to US$. 110.3
million with a net profit of US$. 4.6 million, increased to US$. 123.3 million
with a net profit of US$. 3.7 million in 2011.
Up to present, we have yet to gain the statement of income of the
company in fiscal 2012. However, we
estimated that total income/revenues of the company in 2012 rose again to US$.
137.5 million with a net profit of US$. 4.1 million. The Company’s Financial Statement
as of 31 December 2010 and 2011 are attached.
So far we did not hear that P.T. BI has been black listed by Bank
Indonesia (Central Bank) or having detrimental cases being settled in local
district court.
P.T. BI's
management is headed by Mr. Krishna Kumar Agrawal (73), a professional manager
with more than 40 years of experience in textile industry and trading. In daily activities, he is assisted by seven
directors namely Mr. Devendra Singh Chatha (67), Mr. Arvind Kumar Shankerlal
Ladha (52), Mr. Rajesh Kumar Jain (52), Mr. Abhay Kumar Agarwal (41), Mr.
Aninrudha Atmaram Dhongade (55), Mr. Sunil Kumar (46) and Mr. Shailendra Kumar
(40). The company's management has a quite good reputation in textile industry.
They have wide relations with many local companies operating in the textile and
garment manufacturing. So far, we did
not hear that the company’s management involved in the 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. BITRATEX
INDUSTRIES is sufficiently fairly good for business transaction. However, in
view of the unstable economic condition in the country we recommend to treat
prudently in extending a loan to the company.
Attachment:
PT. BITRATEX
INDUSTRIES
STATEMENT OF
COMPREHENSIVE INCOME
For the Years
Ended on December 2010 and 2011
(Expressed in US Dollar)
|
DESCRIPTION |
31 December |
|
|
2011 |
2010 |
|
|
ASSETS |
|
|
|
a. Current Assets |
|
|
|
- Cash and cash equivalent |
320,115 |
213,097 |
|
- Trade receivables |
11,877,340 |
13,204,826 |
|
- Inventories |
12,163,863 |
11,362,509 |
|
- Prepaid taxes |
895,656 |
-- |
|
- Other current assets |
2,147,600 |
232,408 |
|
Total Current Assets |
27,404,575 |
25,012,840 |
|
b. Non Current Assets |
|
|
|
- Property, plant and
equipment - net |
44,178,125 |
48,610,484 |
|
- Other Non-current assets |
3,485,624 |
3,497,457 |
|
Total Non Current Assets |
47,663,749 |
52,107,941 |
|
TOTAL ASSETS = TOTAL LIABILITIES &
SHAREHOLDERS’ EQUITY |
75,068,323 |
77,120,781 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
a. Current Liabilities |
|
|
|
- Trade payables |
6,513,209 |
7,825,412 |
|
- Other payables and accrued
liabilities |
2,217,901 |
2,316,350 |
|
- Taxes payable |
583,220 |
1,976,082 |
|
- Short-term loans |
4,684,440 |
3,498,071 |
|
- Current portion of long-term loans |
1,858,750 |
1,402,506 |
|
Total Current Liabilities |
15,857,520 |
17,018,421 |
|
|
|
|
|
b. Non Current Liabilities |
|
|
|
- Lon-term loans |
3,448,630 |
6,079,133 |
|
- Other long-term
liabilities |
697,001 |
636,920 |
|
- Deferred tax liability
-net |
4,868,433 |
4,769,068 |
|
Total Non Current Liabilities |
9,014,064 |
11,485,121 |
|
|
|
|
|
c. Shareholders’ Equity |
|
|
|
- Share capital |
35,600,000 |
35,600,000 |
|
- Retained earnings: |
|
|
|
*
Appropriated |
1,780,000 |
-- |
|
* Un-appropriated |
12,816,739 |
13,017,239 |
|
Total Shareholders’ Equity |
50,196,739 |
48,617,239 |
|
INCOME STATEMENT |
|
|
|
Net Sales |
123,327,260 |
110,342,635 |
|
Cost of Goods Sold |
(108,927,376) |
(95,214,397) |
|
Gross Profit |
14,399,884 |
15,128,238 |
|
Operating Expenses |
(9,022,017) |
(9,257,657) |
|
Operating Profit |
5,377,867 |
5,870,581 |
|
Other (Expenses) Income |
(416,935) |
(1,338,848) |
|
Profit Before Income Tax |
4,960,934 |
4,531,733 |
|
Income Taxes |
|
|
|
Net profit |
3,715,501 |
4,596,713 |
Notes: Audited by Hadori Sugiarto Adi & Rekan
(Certified Public Accountants)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
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.