|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BENTOEL PRIMA |
|
|
|
|
Registered Office : |
Jalan Raya Karanglo, Singosari Malang 65153 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2010 (Company and Subsidiaries) |
|
|
|
|
Date of Incorporation : |
07.02.1992 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-37701 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Clove and White Cigarettes Manufacturing |
|
|
|
|
No. of Employees : |
5,824 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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. BENTOEL PRIMA
Head Office &
Factory
Jalan Raya Karanglo, Singosari
Malang 65153
East Java, Indonesia
Phones - (0341)
490000, 841707-09, 491614-15
Fax - (0341)
495710
Land Area - 60,500 sq.
meters
Building Space - 32,800 sq. meters
Region - Industrial
Zone
Status - Owned
Factory 2
Jalan Susanto No. 2-A
Malang 65148
East Java, Indonesia
Phones - (0341) 326321
(hunting), 320353
Fax - (0341)
491660
Land Area - 40,000 storey
Factory Space - 27,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
7 February 1992
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-44039.AH.01.02.Tahun 2008
Dated 23 July 2008
b. No. AHU-AH.01.10-13841
Dated 20 April 2012
c. No. AHU-AH.01.10-37701
Dated 22 October 2012
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government Department :
a. The Department of Finance
NPWP No. 01.586.692.4-092.000
b. The Department of Industry
-
No. 014/Reg/Kanwil 1.13/AI/IUT/IX/1989
Dated 5 October 1989
- No. 402/DJAI/IUT-D5/Non
PMA-PMDN/XII/1992
Dated 3 December 1992
c. The Capital Investment Coordinating
Board
No. 544/PMDN/1997
Dated 6 October 1997
Holding Company :
PT. BENTOEL INTERNASIONAL INVESTAMA Tbk, (Investment Holding)
Subsidiary Companies :
a. PT. Perusahaan Dagang dan Industri TRESNO (White Cigarette
Manufacturing)
b. PT. Perusahaan Dagang dan Industri SUBURAMAN (White Cigarette
Manufacturing)
c. PT. Perusahaan Dagang dan Percetakan AMISETA
(Cigarette Distribution)
d. PT. TAMAN BENTOEL (Recretation Park Development and Management)
Capital Structure :
Authorized Capital
- Rp. 600,000,000,000.-
Issued Capital - Rp. 462,500,000,000.-
Paid up Capital - Rp. 462,500,000,000.-
Shareholders/Owners :
a. P.T. Bentoel
Internasional Investama Tbk. -
Rp. 462,499,999,000.- (99.9999%)
Address : Menara Rajawali, 23th
Floor
Jalan Mega Kuningan Lot 5-1
Jakarta Selatan - Indonesia
b. P.T. Kencana Cipa Batja - Rp. 1,000.- ( 0.0001%)
Address :Jalan
Raya Karanglo, Singosari
Malang 65153
East Java – Indonesia
Lines of Business
:
a. Clove and White Cigarettes Manufacturing
b. Plastic and Carton Packaging Manufacturing
c. Sole Agent and Distributor of:
- INTER BIRU White and Clove
Cigarettes from P.T. SUBURAMAN
- STARMILD White Cigarettes
from P.T. LESTARIPUTRA WIRASEJATI
d. Investment Holding
Production
Capacity :
a. Hand Clove Cigarettes - 2,200.0 million pcs. p.a.
b. Machine Clove Cigarettes - 8,177.4 million pcs. p.a.
c. Carton Packaging - 24,000.0 tons p.a.
d. Laminated - 4,800.0 tons p.a.
e. Rotogravure - 9.072.0 tons p.a.
f. Flexo - 11,400.0 tons p.a.
Total Investment :
a. Equity Capital - Rp. 462.5 billion
b. Loan Capital - Rp. 632.0 billion
c. Total
Investment - Rp.1,094.5 billion
Started Operation :
September 1996
Brand Names :
a. BENTOEL BIRU
b. BENTOEL MILD
c. STAR MILD
d. INTER BIRU
Technical Assistance :
None
Number of Employee :
5,824 persons
Marketing Area :
Domestic - 90%
Export - 10%
Main Customers :
The Publics
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GUDANG
GARAM Tbk
b. P.T. DJARUM
c. P.T. HM SAMPOERNA Tbk
d. P.T. Pabrik Rokok DJARUM
e. P.T. PHILIP
MORRIS INDONESIA
f. P.T.
NOJORONO
g. P.T. MINAK JINGGO
h. Etc.
Business Trend :
Fluctuating
B a n k e r s :
a. P.T. Bank RAKYAT INDONESIA Tbk
BRI Plaza
Jalan
Jend. Sudirman Kav. 44-46
Jakarta
Selatan
Indonesia
b. P.T. Bank MANDIRI Tbk
Bank Mandiri Building
Jalan M.H. Thamrin No. 5
Jakarta Pusat
Indonesia
c. P.T. Bank
CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor :
Tanudiredja, Wibisana & Rekan
Litigation :
No litigation record in our database
Annual Sales :
2009 – Rp. 4,420.2
billion
2010 – Rp. 4,975.2
billion
2011 – Rp. 5,570.0
billion (estimated)
2012 – Rp. 6.015.0
billion (estimated)
Net Profit (Loss)
:
2009 – Rp.
64.5 billion
2010 – Rp. 105.6 billion
2011 – Rp. 118.0 billion (estimated)
2012 – Rp. 124.0 billion (estimated)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director -
Mr. Jason Fitzgerald Murphy
Director s -
a. Mr. Kho Kusuma Widjaja
b. Mr. Tang Chung Leong
c. Mrs. Dian Paramita
Board of Commissioners :
President Commissioner - Mr. Andre Willem Jaubert
Commissioner -
Mr. Prijunatmoko Sutrisno
Signatories :
President Director (Mr. Jason
Fitzgerald Murphy) or one of the Directors (Mr. Kho Kusuma Widjaja, Mr. Tang
Chung Leong or Mrs. Dian Paramita) which must be approved by Board of Commissioners
(Mr. Andre Willem Jaubert and Mr. Prijunatmoko Sutrisno)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under
guarantee
Proposed Credit Limit :
C.O.D. To small amount
The company was established in February in 1992 with an
authorized capital of Rp. 500,000,000.- issued capital of Rp. 200,000,000.-
wholly paid-up. Founders and shareholders of P.T. BENTOEL PRIMA (P.T. BP) are
P.T. RAJAWALI CORPORATION (originally named P.T. RAJAWALI WIRA BHAKTI UTAMA)
and Mr. Budhy Gunawan Wibisono Budhyarto, an Indonesian businessman of Chinese
extraction. Its articles of association has frequently been revamped for a couple
of times. Later in September 1997, the authorized capital was increased to Rp.
600,000,000,000.- billion issued capital to Rp. 185,000,000,000.- wholly
paid-up. On the same occasion, Mr. Budhy Gunawan Wibisono Budhyarto pulled-out
and replaced by P.T. Perusahaan Rokok TJAP BENTOEL. By the end of
January 2000 P.T. RAJAWALI granted its 2.5% shares to Koperasi Karyawan P.T.
BENTOEL PRIMA TUNAS HARAPAN.
The
Articles of Association has been frequently changed for a couple of times. In December
2002, P.T. BP's whole shares were taken over by P.T. BENTOEL INTERNASIONAL
INVESTAMA Tbk., (99.999%) and P.T. RAJAWALI CORPORATION (0.001%). In December 2008, an issued capital was
raised to Rp. 462,500,000,000 entirely paid up.
Concurrently, P.T. RAJAWALI CORPORATION pulled out and the whole share
is sold to P.T. KENCANA CIPA BATJA, a private company. The amendment Articles
of Association was made by Mrs. Diah Guntari L. Soemarwoto, SH., a public
notary in Jakarta and it was approved by the Ministry of Law and Human Right in
its Decision Letter No. AHU-44039.AH.01.02.TH.2008 dated 23 July 2008 and No.
AHU-AH.01.10-37701 dated 22 October 2012.
P.T.
BENTOEL INTERNASIONAL INVESTAMA Tbk, a public listed company whose shares ware
originally owned by Bella Sapphire Ventures Limited (41.73%), Eagle High
Consumer Products Pte Ltd (14.48%), Citibank N.A. (9.66%), and Publics
(34.13%). But, as of 31 March 2010, the above shareholders pulled out and the
whole shares are sold to BRITISH AMERICAN TOBACCO (PCA 2009) Ltd., of the USA
(99.14%) and Publics (0.86%).
P.T.
BP is dealing with clove cigarettes and packaging industry operating as from
July 1997. P.T. BP operates 2 units of factories respectively machine made
clove cigarettes manufacturing located at Jalan Raya Karanglo and hand rolled
clove cigarette manufacturing. The above
two factories were originally owned by its parent company P.T. Perusahaan Rokok
TJAP BENTOEL. Most of its other assets
including the factories have already been handed over to P.T. BP. Some of the
assets to have been shifted to P.T.BP are cigarette basic materials,
warehouses, office buildings, branch office and marketing offices and marketing
network, trademarks as well as patent, on suggestion from P.T. Bank RAKYAT
INDONESIA and P.T. Bank MANDIRI (ex. P.T. Bank Bumi Daya) as part of debt
restructuring P.T. Perusahaan Rokok TJAP BENTOEL to both state-owned banks.
After
the taking over of the above assets, P.T. BP controls 99.99% shares of P.T.
Perusahaan Dagang dan Industri TRESNO (white cigarette manufacturing), 99.88%
shares of P.T. TAMAN BENTOEL (recreation park development and management),
99.60% shares of P.T. Perusahaan Dagang dan Industri SUBURAMAN (white cigarette
manufacturing) and controls indirect 99.99% shares of P.T. AMISETA (white
cigarettes manufacturing). The table of P.T. BP’s subsidiary companies shall be
as follows:
(In Rp million)
|
Name of Subsidiary |
Business Activity |
Start of Operations |
% of Ownership |
Total Assets |
|
Direct Ownership |
|
|
|
|
|
PT. Perusahaan Dagang
dan Industri TRESNO (PDIT) |
White cigarette manufacturing |
1985 |
99.99 |
398,671 |
|
PT. TAMAN BENTOEL (TBL) |
Recreation park development |
1972 |
99.88 |
17,231 |
|
PT. Perusahaan Dagang
SUBURAMAN (PDS) |
White cigarette manufacturing |
1993 |
99.60 |
447,106 |
|
Indirect Ownership through PDS |
|
|
|
|
|
PT. AMISETA |
White cigarette manufacturing |
1957 |
99.99 |
67,624 |
Source: PT.
Bentoel Prima
According
to the financial statement of the company having been audited by Tanudiredja,
Wibisana & Rekan, a public accountant, the net revenues of P.T. BP in 2008
amounted to Rp. 4,741.9 billion with a net loss of Rp. 205.0 billion, declined
to Rp. 4,20.2 billion with a net profit of Rp. 64.5 billion in 2009 and rose
again to Rp. 4,975.2 billion with a net profit of Rp. 105.6 billion in 2010. Up
to present, we have yet to gain the statement of income of P.T. BP in fiscal
2011 and 2012. However, we estimated
that net income of the company in 2011 rose again to Rp. 5,570.0 billion with a
net profit of Rp. 118.0 billion and to Rp. 6,015.0 billion with a net profit of
Rp. 124.0 billion in 2012. So far, we
did not heard that the company having been black listed by the Central Bank
(Bank Indonesia). The financial statement as per 31 December 2008, 2009 and
2010 is attached. So far we did not hear that the P.T. BP has been black listed
by Bank Indonesia (Central Bank) or having detrimental cases being settled in
local district court.
Descriptions of the terms of the loan agreements are as follows:
a. Bank Rakyat Indonesia (BRI)
Based
on Deed No. 61 dated June 14, 2007, of Eko Handoko Widjaja, SH., PT. Bentoel
Prima (BP) obtained an investment loan with maximum credit of Rp. 9,450,000,000
to build warehouse and marketing office facilities in Bekasi Regency, West Java
Province. The loan bears interest at
12.75% per annum, subject to regular review, and is due on June 14, 2012. Based on Deed No. 16 dated December 5, 2007
of Siti Rayhana, SH., notary in Jakarta concerning Addendum of Investment
Credit Agreement, this loan is secured by land and building of PT. Bentoel
Prima, measuring 12,313 square meters located in Tambun, Bekasi Regency, west
Java Province.
b. Bank OCBC NISP
Based
on Deed No. 78 dated May 15, 2007 of Eko Handoko Widjaja, SH., PT. Bentoel
Prima obtained a loan from Bank NISP with maximum credit of Rp. 5,000,000,000
to build a dormitory in Araya Malang.
The loan bears interest of 12.5% per annum which is subject to regular
review. The credit facility from Bank NISP is divided into two parts which are
Rp 1,750,000,000 due in May 15, 2014 and Rp. 3,250,000,000 due in May 15,
2015. The loan is secured by two parcels
of land of PT. Bentoel Prima measuring approximately 2,000 square meters with
SHGB No. 522 and 523.
Initially,
P.T. BP was headed by Mr. Nicolaas B. Tirtadinata (55), a professional manager
as the president director. Since October
2010 he has been replaced by Mr. Jeremy David Pike AKA David Pike (55). However, since March 2012, Mr. David Pike has
been replaced again by Mr. Jason Fitzgerald Murphy (43) as president director
of the company. Mr.
Murphy had a career in WD & HO Wills and Rothmans of Pall Mall Australia
before joining British American Tobacco in 1999. In his daily activities, he is
assisted by three directors namely Mr. Kho Kusuma Widjaja (57), Mr. Tang Chung
Leong (54) and Mrs. Dian Paramita (39).
The management has wide relation with private businessmen of home and
overseas as well as with the government sectors. So far, we did not yet come across reports on
involvement of P.T. BP’s management in any fraudulent dealings and recorded at
the court for detrimental cases.
Considering
the company’s operation is fluctuating in the last five years and unstable
economic condition in the country, we recommend to treat extra prudently in
extending any new loans to P.T. BENTOEL PRIMA.
Attachment:
P.T.
BENTOEL PRIMA AND SUBSIDIARIES
Financial
Statement
Per
31 December 2008, 2009 and 2010
(Expressed
in millions of Rupiah)
|
DESCRIPTION |
31 December |
||
|
2010 |
2009 |
2008 |
|
|
Current Assets |
|
|
|
|
- Cash and cash equivalents |
8,073 |
13,964 |
77,627 |
|
- Trade receivables – third parties, net |
2,036 |
5,349 |
6,161 |
|
- Due from related parties |
17,673 |
181,522 |
726 |
|
- Other receivables |
-- |
-- |
1,116 |
|
- Inventories, net |
2,041,630 |
1,550,652 |
1,989,888 |
|
- Prepaid taxes |
87,195 |
91,519 |
138,648 |
|
- Prepayments and advances |
22,546 |
9,393 |
13,715 |
|
- Advance purchase |
-- |
-- |
7,651 |
|
Total Current Assets |
2,179,153 |
1,852,399 |
2,232,532 |
|
Non-Current
Assets |
|
|
|
|
- Time deposit |
-- |
-- |
32,000 |
|
- Advance payment |
5,865 |
126,034 |
177,154 |
|
- Deferred tax assets |
8,615 |
35,616 |
99,049 |
|
- Equity investment |
-- |
-- |
718 |
|
- Fixed assets, net |
1,490,092 |
1,364,430 |
1,011,422 |
|
- Other non-current assets |
5,058 |
3,877 |
1,491 |
|
Total Non-Current Assets |
1,509,630 |
1,529,957 |
1,321,834 |
|
Total Assets = Total
Liabilities and Equity |
3,688,783 |
3,382,356 |
3,554,366 |
|
Current
Liabilities |
|
|
|
|
- Trade receivable |
-- |
-- |
173,039 |
|
- Short-term borrowings |
26,935 |
29,296 |
-- |
|
- Trade payables – third parties |
57,513 |
75,136 |
-- |
|
- Due to related parties |
295,001 |
126,230 |
350,958 |
|
- Excise payables |
205,703 |
295,004 |
8,432 |
|
- Other payables |
4,247 |
10,128 |
-- |
|
- Taxes payable |
47,327 |
22,273 |
397,759 |
|
- Accrued expenses |
193,305 |
112,527 |
89,049 |
|
- Deferred income |
-- |
-- |
157 |
|
- Bank loans |
-- |
-- |
33,784 |
|
- Current portion of long-term, bank loans |
-- |
3,714 |
2,714 |
|
Total Current Liabilities |
830,031 |
674,308 |
1,055,892 |
|
Non-Current
Liabilities |
|
|
|
|
- Deferred income |
-- |
-- |
21 |
|
- Long-term bank loans, net of current portion |
-- |
6,866 |
10,580 |
|
- Deferred tax liabilities |
18,965 |
796 |
-- |
|
- Subordinated loan |
1,000,000 |
1,000,000 |
1,000,000 |
|
- Employee benefits obligation |
159,301 |
125,987 |
123,587 |
|
Total Non-Current Liabilities |
1,178,266 |
1,133,649 |
1,134,189 |
|
- Minority interest |
1,371 |
924 |
763 |
|
Equity |
|
|
|
|
- Issued and Paid up Capital |
462,500 |
462,500 |
462,500 |
|
- Additional paid-in Capital |
23,042 |
23,042 |
23,042 |
|
- Unappropriated retained earnings |
1,193,573 |
1,087,933 |
877,981 |
|
Total Equity |
1,679,115 |
1,573,475 |
1,363,522 |
|
|
|
|
|
|
Income Statement |
|
|
|
|
- Net Revenue |
4,975,171 |
4,420,188 |
4,741,893 |
|
- Cost of goods sold |
(4,173,162) |
(3,810,547) |
(4,379,977) |
|
- Gross Profit |
802,009 |
609,641 |
361,916 |
|
- Operating Expenses |
(532,016) |
(437,498) |
(566,307) |
|
- Operating Income |
269,993 |
172,143 |
(204,391) |
|
- Other Income (Expenses) |
(64,374) |
(74,236) |
(50,271) |
|
- Profit before income tax |
205,619 |
97,907 |
(254,662) |
|
- Income tax expenses |
(99,532) |
(33,283) |
49,642 |
|
- Income before minority interest |
106,087 |
64,624 |
(205,020) |
|
- Minority interest |
(447) |
(162) |
(20) |
|
- Net Profit |
105,640 |
64,462 |
(205,040) |
Remarks: As per 31
December 2008, 2009 and 2010 audited by Tanudiredja, Wibisana & Rekan
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.89 |
|
|
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
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.