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Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. BERKAT SEJAHTERA ABADI |
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Registered Office : |
Jalan Mede (Kebun 200) No. 8 RT. 001/006, Kamal. Kalideres District, Jakarta Barat 11810 |
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Country : |
Indonesia |
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Date of Incorporation : |
03.11.2003 |
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Com. Reg. No.: |
No.
AHU-17068.AH.01.02.Tahun 2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
and Supply of Shoe Component especially shoe upper |
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No. of Employees : |
26 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 6.2% and 6.5% 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source : CIA |
P.T. BERKAT SEJAHTERA ABADI
Head Office
Jalan Mede (Kebun 200) No. 8 RT. 001/006
Kamal. Kalideres District
Jakarta Barat 11810
Indonesia
Phone -
(62-21) 5555015, 7060 8511
Fax - (62-21) 55952347, 70608522
Land Area - 460 sq. meters
Office Space - 280 sq. meters
Region - Industrial
Zone
Status - Rent
3
November 2003
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
No.
AHU-17068.AH.01.02.Tahun 2009
Dated
30 April 2009
National
Private Company
The Department of
Finance
NPWP
No. 02.305.770.6-034.000
The Department of
Industry and Trade
TDP
No. 090215126748
Dated
16 January 2004
None
Capital
Structure :
Authorized Capital - Rp. 500,000,000.-
Issued Capital - Rp. 130,000,000.-
Paid up Capital - Rp. 130,000,000.-
Shareholders/Owners
:
a.
Mr. Bong Tjhing Hoi -
Rp. 80,000,000.- (61.54%)
Address : Citra I
Ext. Blok AE-12/22, RT.012/RW.015
Kel. Kalideres, Kec. Kalideres
Jakarta Barat
Indonesia
b.
Mrs. Tjin Hoa AKA Theng Tjin Hoa -
Rp. 30,000,000.- (23.08%)
Address : Jl.
Jelambar Aladin RT. 007 RW. 006
Kel. Pajagalan, Kec. Penjaringan
Jakarta Utara
Indonesia
b. Mrs. Yanne -
Rp. 20,000,000.- (15.38%)
Address : Jl. Jelambar Barat II H No. 5
RT.012/RW.011
Kel. Jelambar Baru, Kec. Grogol
Petamburan
Jakarta Barat
Indonesia
Lines
of Business :
Trading
and Supply of Shoe Component especially shoe upper.
Production
Capacity :
None
Total
Investment :
Owned
Capital - Rp. 500 million
Started
Operation :
2004
Technical
Assistance :
None
Number
of Employee :
26
persons
Marketing
Area :
Local - 100%
Main
Customer :
P.T.
KINGS SAFETYWEAR (Safety Shoe Manufacturing)
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Sayung Adi Mukti
b.
PT. Kukdong Perdana Mulia
c. PT. Ria Sarana Ekapratama
d. PT. Thema Artha Perkasa
e. PT. Trinico Citra Manunggal, Etc.
Business
Trend :
Growing
with but only slowly
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Daan
Mogot Blok 7B No. 14
Jakarta
Barat, Indonesia
b. P.T. Bank ARTHA GRAHA Tbk
Jalan Suryopranoto No. 1-9
Jakarta
Pusat, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 43.0 billion
2011
– Rp. 45.0 billion
2012
– Rp. 48.0 billion
Net
Profit (estimated) :
2010
– Rp. 2.1 billion
2011
– Rp. 2.3 billion
2012
– Rp. 2.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board
of Management :
President Director - Mr. Bong Tjhing Hoi
Director - Mrs. Tjin Hoa AKA Theng Tjin Hoa
Board
of Commissioner :
Commissioner - Mrs. Yanne
Signatories :
President
Director (Mr. Bong Tjhing Hoi) Director (Mrs. Tjin Hoa AKA Theng Tjin Hoa)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. BERKAT SEJAHTERA ABADI (P.T. BSA) was established in Jakarta, on November 3, 2003 with the authorized capital of Rp. 200,000,000 of which Rp. 50,000,000 was issued and fully paid up. The founding shareholders of the company are Mrs. Tjin Hoa AKA Theng Tjin Hoa (61%) and Mrs. Yanne (41%), both are Indonesian business family of Chinese descent. The deed of amended was made by Mr. Syafi’i, SH, a public notary in Bekasi under Company Registration Number C-28966 HT.01.01.TH.2003, dated December 12, 2003. On March 2009, the authorized capital was increased to Rp. 500,000,000 of which Rp. 130,000,000 was issued and fully paid up. Concurrently, the shareholders of the company are Mr. Bong Tjhing Hoi (61.5%), Mrs. Tjhin Hoa AKA Theng Tjin Hoa (23.1%) and Mrs. Yanne (15.4%). The notary deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-17068.AH.01.02.Tahun 2009, dated 30 April 2009.
P.T. BSA has been in operation since 2003 dealing with trading and supply of shoe components and accessories. Mr. Wondo, an administration staff of P.T. BSA explained that the company engaged in trading and supply of shoe components especially shoe upper. He added that the company’s main customer is P.T. KING’S SAFETYWEAR, a large company dealing with safety shoe industry. Its plant is located at Jalan Kosambi Barat Km. 1`7, RT. 08, RW.03, Kosambi Barat 15213, Tangerang, Banten Province with annual production of 1.2 million pairs safety shoes. Besides, some of the products is also supplied to P.T. KSW BATAM, a foreign shoe industry which operating in Batam island. P.T. BSA appointed P.T. KING’S SAFETYWEAR and P.T. KSW BATAM as a vendor. Besides, some of the products supplied through DUNIA SAFTEY which located in Glodok, Central Jakarta. We observed that P.T. BSA 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.
In general, we observed that before the economic crisis striking Indonesia, the existing shoe manufacturing
companies in Indonesia already encountered many problems like an over
investment and low knowledge skill in the industry which caused many shoes
manufacturing companies to stop operation before the economic crisis striking
Indonesia. Besides that, Indonesian shoes producers also got strong competition
from Vietnam, the new comer which may appear as the quite heavy competitor
apart from the People's Republic of China. If Indonesian shoes export value in
2005 reached US$ 1,428 million, rose to US$ 1,599 million in 2006 and rose
again to US$ 1,637 million in 2007 to US$ 1,885 million in 2008, dropped to US$
1,734 million in 2009 and increase to US$ 2,000 million in 2010. According Indonesian Footwear Association (Asprindo), shoes exports in 2011
reached US$ 3.1 billion. This figure is up 25% from last year's U.S. $ 2.5
billion. Footwear export in 2012 was encouraging about 10%. Eddy Widjanarko,
ASI Chairman, explained that the increase in exports was driven ability of
local manufacturers to meet demand, both producer large and small brands.
However, the value of these export do not fit the previous set target of US$
3.2 billion. Because, had some time bookings decreased approximately 10% -20%
compared to the months typically. European fears of uncertain conditions make
export demand was restrained. While footwear sales in the domestic market
reached Rp. 24 trillion to Rp. 25 trillion. This figure is up 10% from 2010's
Rp. 22 trillion. Footwear manufacturers still rely on moments of this year's
New School Year and other religious holidays to boost sales.
It’s projected the Indonesian shoes export value will be increase in the
next two years. P.T. BSA is doing quite well in the above business, because whole
of its production has been absorbed by shoes industries in the country. The
national shoes production and export value, as shown on the table below:
National Shoes Production and Exports Value 2005-2011
|
Year |
Production
(Million Pairs) |
Million
US$ |
|
2005 |
820,870 |
1,428 |
|
2006 |
822,624 |
1,599 |
|
2007 |
797,945 |
1,637 |
|
2008 |
771,144 |
1,885 |
|
2009 |
759,577 |
1,734 |
|
2010 |
779,500 |
2,500 |
|
2011 |
1,013,350 |
3,300 |
Source: Central
Bureau of Statistic, processed
Until this time P.T. BSA has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. BSA is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2010 amounted to Rp. 43.0 billion
rose to Rp. 45.0 billion in 2011 increased to Rp. 48.0 billion in 2012 and
projected to go on rising by at least 5% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 2.5 billion. The company has an estimated total net worth
of at least Rp. 3.0 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 the company is headed by Mr. Bong Tjhing
Hoi (49) as President Director, with more than 13 years of experience in
trading and supply of shoe components especially shoe upper. In daily
activities, he is assisted by Mr. Tjin Hoa AKA Theng Tjin Hoa (49) as
Director. Beside that the management is
also handled by experienced professional managers having wide relation with
private businessmen of home and overseas as well as with the government
sectors. So far, we did not hear that
P.T. BSA has been involved in business malpractices or detrimental cased being
settled in local district court. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
P.T. BERKAT SEJAHTERA ABADI is still appraised to be good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
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.