|
Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BINDER |
|
|
|
|
Registered Office : |
Jalan Pangeran Diponegoro No. 108 Tambun, Bekasi 17510 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
12.09.1997 |
|
|
|
|
Com. Reg. No.: |
No. AHU-10571.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Specialized in Pipe Support and Pipe Suspension Equipment Manufacturing |
|
|
|
|
No. of Employees : |
178 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. BINDER
INDONESIA
Head Office & Factory
Jalan Pangeran
Diponegoro No. 108
Tambun, Bekasi
17510
West Java
Indonesia
Phone -
(62-21) 882 2150(Hunting)
Fax - (62-21) 880 7334
E-mail - sales@binderindo.co.id
Website - http://www.bindergrp.com.
Land Area - 5,000 sq.
meters
Factory Space - 2,700 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
12 September 1997
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
- No. C2-611.HT.01.01.TH.98
Dated 5 February 1998
- No. C-UM.02.01.7580
Dated 11 April 2003
- No. AHU-10571.AH.01.02.TH.2010
Dated 1 March 2010
Company Status
:
Foreign Investment (PMA) Company
Permit by the
Government Department :
The Capital Investment
Coordinating Board
- No. 651/I/PMA/19956
Dated 10 September 1996
- No. 1178/III/PMA/1997
Dated 1 September 1997
The Department of Finance
NPWP No. 01.071.889.8-055.000
Related
Company :
P.T. MOHDAR SENTANA CITRATAMA (Investment Holding)
Capital
Structure :
Authorized Capital :
US$ 1,000,000.-
Issued Capital :
US$ 300,000.-
Paid up Capital :
US$ 300,000.-
Shareholders/Owners
:
a. BINDER HOLDINGPTE, LTD. - US$ 150,000.-
Address : Singapore
b. P.T. MOHDAR SENTANA CITRATAMA - US$ 105,000.-
Address : Jl. Irian No. 16-18, Gondangdia
Jakarta Pusat
Indonesia
c. Mr. Didit Hidayat Agriprinanto Ratam - US$ 22,500.-
Address : Jl. Cipete V No. 3 RT. 008/003
Kel. Cipete Selatan, Jakarta
Selatan
Indonesia
d. Mr. Achmad Fahmi -
US$ 22,500.-
Address : Jl. Asem II No. 50 RT. 003/003
Kel. Cipete
Selatan, Jakarta Selatan
Indonesia
Lines of Business
:
Specialized in Pipe Support and Pipe Suspension Equipment
Manufacturing
Production
Capacity :
a. Steel Pipe Support -
2,500 tons p.a.
b. HD PUF Material - 500 tons p.a.
c. Spring Support - 200 tons p.a.
Total
Investment :
a. Equity Capital -
US$ 0.3 million
b. Loan Capital -
US$ 0.7 million
c. Total Investment - US$ 1.0 million
Started
Operation :
1998
Brand Name :
Binder Engineering
Technical
Assistance :
BINDER HOLDINGS Pte Ltd Singapore
Number of
Employee :
178 persons
Marketing Area
:
Domestic - 70%
Export - 30%
Main Customers
:
a. P.T. MC DERMOTT INDONESIA
b. P.T. LONTAR PAPYRUS SAKTI
c. P.T. CHEVRON PACICIF INDONESIA
d. TOTAL E&P INDONESIE
e. EXXONMOBIL OIL INDONESIA INC
f. CONOCO PHILIPS INDONESIA INC
g. PLTU TARAHAN (Power Plant), Lampung Province
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KOTA MINYAK INTERNUSA
b. P.T. MENTARI GEMILANG ABADI
c. P.T. SOUTHWEST SCREEN & FILTERS
d. P.T. WOOD GROUP INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12930
Indonesia
b. P.T. Bank DBS INDONESIA
Plaza Permata
Jalan M.H. Thamrin Kav. 57
Jakarta
Pusat, 10350
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 68.0 billion
2011 – Rp. 72.0 billion
2012 – Rp. 75.0 billion
Net Profit
(estimated):
2010 – Rp. 4.8 billion
2011 – Rp. 5.0 billion
2012 – Rp. 5.6 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Leo Matthew Crohan
Directors - a. Mr. Ir. Achmad Fahmi
b. Mr. Didit Hidayat Agripinanto Ratam
Board of Commissioners :
President Commissioner - Mr. Muchsin Mohdar
Commissioners -
a. Mr. Brett Paul James Dentith
b. Mr. Paul William Bennet
Signatories :
President Director (Mr. Leo Matthew
Crohan) or one of the Directors (Mr. Ir. Achamd Fahmi or Mr. Didit Hidayat
Agripinanto Ratam) which must be approved by Supervisory Board
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
P.T. BINDER INDONESIA
(P.T. BI), the company was established in September 1997 in Bekasi, West Java,
with an authorized capital of US$ 1,000,000 issued capital of US$ 300,000
entirely paid up. The original founding shareholders are BINDER HOLDINGS PTE,
LTD., of Singapore, Mr. Muchsin Mohdar and P.T. CITRA HARAPAN NUSANTARA, a
national private company dealing with investment holding. The notarial act has
been revised. In April 2003, the above shareholders pulled out and replaced by
Mr. Didit Hidayat Agripinanto Ratam, Mr. Achmad Fahmi and P.T. MOHDAR SENTANA
CITRATAMA, a national private company. The deed of amendment was made by Mrs.
Vini Suhastini, SH., a public notary in Bekasi and was approved by the Ministry
of Law and Human Rights in its decision letter No. C-UM.02.01.7580 dated April
11, 2003. The latest in November 2009 the board of directors and the board of
commissioner reappointed again to runs of the company’s operation. The latest
revision of notary documents was approved by the Ministry of Law and Human Rights
in its decision letter No. AHU-10571.AH.01.02.TH.2010 dated March 1, 2010. We
see, that majority shareholder namely P.T. MOHDAR SENTANA CITRATAMA is a
national private company engaged in investment holding and majority business
stakes is controlled by Mr. Muchsin Mohdar.
P.T. BI had been
operating since 1998 in specialized in pipe support and pipe suspension
equipment manufacturing industry. Its plant is located at Jalan Pangeran
Diponegoro No. 108, Tambun, Bekasi, West Java on a land of 5,000 sq. meters.
The plant produces 2,500 tons of steel pipe support, 500 tons of HD PUF
Material and 200 tons of Spring Support respectively per annum. The type of
products are variable load supports, constant load supports, cryogenic pipe
shoes, bold pipe clamps, riser supports, pipe saddles, u bolts, hangers,
threaded component & forgings, ancillary components, pipe shoes & slide
plates, dynamic restrains and line stops & guides. Some 70% of the products
supplied to oil and gas contracting such as P.T. McDERMOTT INDONESIA, P.T.
ALSTOM POWER, P.T. BABCOK WILCOK INDONESIA, P.T. CHIYODA INTERNATIONAL
INDONESIA, P.T. INTI KAYRA PERSADA TEKNIK, CHEVRON GEOTHERMAL SALAK LTD, P.T.
ISTANA KARANG LAUT, TOTAL E&P INDONESIE, EXXONMOBIL OIL INDONESIA INC,
CONOCO PHILIPS INDONESIA INC, P.T. KALTIM PRIMA COAL, P.T. GUNANUSA UTAMA
FABRICATORS, P.T. CBI INDONESIA, KUFPEC INDONESIA, P.T. METAEPSI, P.T. NISCONI,
P.T. PETROSEA Tbk, P.T. WIJAYA KARYA; petrochemical industries such as P.T.
CHANDRA ASRI PETROCHEMICAL CENTER Tbk, P.T. TRIPOLYTA INDONESIA, P.T.
MITSUBISHI CHEMICAL INDONESIA, pulp and paper industry like P.T. LONTAR PAPYRUS
SAKTI, power plant such as PLTU TARAHAN in Lampung, P.T. MULTI FABRINDO
GEMILANG, P.T. THIESS INDONESIA, P.T. TRIPATRA ENGINEERS & CONTRACTORS,
TOTAL E&P INDONESIE and other building contracting. Besides, the company is
also exported some 30% of the products to Australia, Saudi Arabia, Qatar and
other countries. We see that P.T. BI operation has been growing within the last
five years.
Generally,
demand for oil and gas equipment, piping systems, fittings, flanges, actuators,
valves and other technical equipments had kept increasing by 8% to 10% per
annum in the last five years in line with the growth of industrial sectors
including oil and natural gas, chemical and petrochemical industry, LNG plant,
oil refinery and other sectors requiring these equipments. It is projected that
the demand will keep going up in five years to come. The competition is very
tight on account of many similar companies operating in the country. Besides
that the growing crude oil price started as from the middle of 1999 and
constantly rising within 2007 has blown fresh air to Indonesian government and
oil companies.
In the effort of
stabilizing the world's crude oil price above US$ 90 per barrel in 2008 and
sharply dropped to US$ 40 to US$ 100 per barrel in early 2011. Despite crude
oil price problem, Indonesia has kept on attempting to increase its crude oil
and natural gas production including natural gas. The business position of P.T.
ARUN NGL is not good because the gas production had been declining in the
several years. Details on production growth of Indonesian crude oil and natural
gas as from 2000 to 2012 are pictured bellows.
|
Year |
Petroleum (000 barrels) |
Gas |
||
|
Gas (000 MSCF) |
LNG (000 MMBTU) |
LPG (MT) |
||
|
2000 |
516,503 |
2,907,327 |
1,411,608 |
2,062,616 |
|
2001 |
490,145 |
2,803,034 |
1,257,446 |
2,190,120 |
|
2002 |
474,884 |
3,031,028 |
1,352,878 |
1,792,575 |
|
2003 |
420,995 |
3,142,605 |
1,347,349 |
1,921,757 |
|
2004 |
438,455 |
3,113,338 |
1,390,466 |
1,677,619 |
|
2005 |
387,698 |
3,036,195 |
1,338,782 |
1,581,727 |
|
2006 |
366,993 |
3,178,278 |
1,159,770 |
1,238,572 |
|
2007 |
357,143 |
2,949,506 |
1,258,951 |
1,671,715 |
|
2008 |
357,501 |
3,136,657 |
1,093,435 |
1,800,383 |
|
2009 |
346,312 |
3,023,944 |
970,769 |
1,560,929 |
|
2010 |
341,228 |
3,291,912 |
1,017,216 |
2,538,106 |
|
2011 |
332,752 |
4,811,814 |
1,373,829 |
n.a. |
|
2012* |
238,946 |
2,396,952 |
890,030 |
n.a |
Source: Statistic of Central
Board
2012* (January – September)
Until this time
P.T. BI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The management of P.T.
BI 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. 68.0 billion rose to Rp. 72.0 billion in 2011 increased to Rp.
75.0 billion in 2012 and projected to go on rising by at least 5% in 2013. The
operation in 2012 has yielded a net profit of Rp. 5.6 billion and the company
has an estimated total networth of at least Rp. 12.0 billion. We observe that
P.T. BI is supported by foreign partner with has financially strong and sound
behind it. 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 P.T. BI is led by Mr. Leo Matthew Crohan (53) a professional manager from
Australia with 17 years of experience in specialized in pipe support and pipe
suspension equipment manufacturing and trade. The company's management is
handled by professional staff in the above business. They have wide relations
with private businessmen within and outside the country.
So far, we did
not hear that the management of the company being filed to the district court
for detrimental cases or involved in any business malpractices. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. BINDER INDONESIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
|
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
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.