|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BIPORIN AGUNG |
|
|
|
|
Registered Office : |
Jalan Pusat No. 88 Desa Cikupa Rt. 003/01 Tangerang, 15710 Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
05.08.1981 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in organic pigment & dyestuff and
textile chemical industry |
|
|
|
|
No. of Employees : |
200 |
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. BIPORIN AGUNG
Head Office &
Factory
Jalan Pusat No. 88 Desa Cikupa Rt. 003/01 Tangerang, 15710 Banten Province Indonesia
Phone - (62-21) 5960915, 5960916
Fax - (62-21) 5960925
E-mail - bipo@centrin.net.id
Website - http://www.biporin.com
Land Area - 15,000 sq. meters
Building Space - 4,600 sq. meters
Region - Industrial Zone
Status - Owned
Representative
Office
The City Tower (TCT) 29th Floor unit 29-01 Jalan M.H. Thamrin No. 81 Jakarta Pusat, 10310 Indonesia
Phone - (62-21) 3199 6222 (Hunting)
Fax - (62-21) 3199 6288, 3199 6289
Building Area - 30 storey
Building Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
5 August 1981
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. C.UM.02.01.12553
Dated 12 October 2004
- No. AHU-48171.AH.01.02.TH.2008
Dated 6 August 2008
Company Status :
National Private and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.216.727.6.415.000
The Department of
Industry & Trade
TDP No. 10031300223
Dated 6 October 1998
The Capital
Investment Coordinating Board
- No. 203/I/PMDN/1983
Dated 19 November 1983
- No. 348/VI/PMDN/1984
Dated 29 December 1984
- No. 251/II/PMDN/1995
Dated 29 September 1995
The Department of
Industry
No. 63/T/INDUSTRI/1990
Dated 26 February 1990
Related Company :
None
Capital Structure :
Authorized Capital : Rp. 4,000,000,000.-
Issued Capital : Rp. 1,000,000,000.-
Paid up Capital : Rp. 1,000,000,000.-
Shareholders/Owners :
a. Mr. Anwar Afandi -
Rp. 950,000,000.-
Address : Kp. Cikupa No. 88 Rt.03 Rw. 01
Kelurahan Cikupa, Kecamatan Cikupa
Tangerang, Banten Province
Indonesia
b. Mr. Aman Afandi -
Rp. 20,000,000.-
Address : Kp. Cikupa No. 88 Rt.03 Rw. 01
Kelurahan Cikupa, Kecamatan Cikupa
Tangerang, Banten Province
Indonesia
c. Mrs. Erliani Iskandar -
Rp. 30,000,000.-
Address : Jl. Ir. Haji Juanda III No. 34-A
Jakarta Pusat
Indonesia
Lines of Business :
Organic Pigment & Dyestuff and Textile Chemical Industry
Production Capacity :
a. Reactive Dyestuff - 2,300 tons p.a.
b. Disperse Dyestuff - 3,600 tons p.a.
c. Optical Brightening Agent - 300 tons p.a.
Total Investment :
a. Equity Capital - Rp. 1.0 billion
b. Loan Capital - Rp. 16.5 billion
c. Total Investment - Rp. 17.5 billion
Started Operation :
1987
Brand Name :
Bipoactive
Technical Assistance
:
None
Number of Employee :
200 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Buyers in Asian and Europe Union, and Domestic Textile Industry
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CLARIANT INDONESIA
b. P.T. COLORINDO ANEKA CHEMICALS
c. P.T. DYSTAR COLOURS INDONESIA
d. P.T. MATSUMOTOYUSHI INDONESIA
Business Trend :
Growing
B a n k
e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Haji Samanhudi No.
8
Jakarta Pusat
Indonesia
b. The Bangkok Bank
Ltd.
Jalan M.H. Thamrin No. 3
Jakarta Pusat
Indonesia
Auditor
:
Internal Auditor
Litigation :
The Subject has
recorded appeal cassation of Supreme Court No. 285 K/TUN/2002. The Subject
appeal cassation in the process of examination up to present. Type of cases:
State Administration.
Annual Sales (estimated) :
2010 – Rp. 39.0
billion
2011 – Rp. 41.0
billion
2012 – Rp. 44.0
billion
Net Profit (estimated) :
2010 – Rp. 2.7
billion
2011 – Rp. 2.9
billion
2012 – Rp. 3.2
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Anwar Afandi
Board
of Commissioners :
Commissioner - Mrs. Erliani Iskandar
Signatories
:
Director (Mr. Anwar Afandi) which must be approved by Supervisory Board
Management
Capability :
Satisfactory
Business
Morality :
Good
Credit
Risk :
Below Average
Credit
Recommendation :
Credit should be extended under guarantee
P.T. BIPORIN AGUNG (P.T. BA) was incorporated in August 1981 with an authorized capital of Rp. 50,000,000 issued capital of Rp. 15,000,000 wholly paid-up. Founders and original shareholders are Mr. Anwar Afandi, Mrs. Ratna Dewi Afandi and Mr. Ir. Aman Afandi wholly Indonesian of Chinese extraction. The company notary deed has been revised for several times. In 1987, the authorized capital was increased to Rp. 1,000,000,000 entirely issued and paid-up. In September 1997, Mrs. Ratna Dewi Afandi pulled out and replaced by Mrs. Erliani Iskandar, an Indonesia businesswomen of Chinese extraction. The latest in July 2008 the authorized capital was increased to Rp. 4,000,000,000 issued capital RP. 1,000,000,000 entirely paid up. The deed of amendment was made by Mrs. Harjanti Tono, SH, a public notary in Tangerang by the Ministry of Law and Human Right in its Decision Letter No. C-UM.02.01.12553, dated October 12, 2004 and the latest with in its Decision No. AHU-48171.AH.01.02.TH.2008 dated August 6, 2008.
P.T. BA acquired a Domestic Investment (PMDN) facility licensed by Capital Investment Coordinating Board (BKPM) for dealing with organic pigment & dyestuff and textile chemical manufacturing whose plant is located in Desa Cikupa Rt. 003/01, Tangerang, Banten Province standing on 1.5 hectares land. The plant started with operation in 1987 and has been expansion in 1995 to increasing production capacity. The plant produces 2,300 tons of reactive dyestuff, 3,600 tons of disperse dyestuff and 300 tons of optical brightening agents per annum with and investment of Rp. 17.5 billion come from owned capital of Rp. 1.0 billion and the rest is loans. Management of the company disclosed that since 2007 it has been able to produce around 50% of its installed production capacity. However since 2008 until 2010 has almost nearly 90% of size of output. Some of 50% of products are exported to several Asian countries while the rest 50% are marketed locally to various textile industries and textile products manufacturing companies. P.T. BA focuses is on production of Reactive (Bipoactive) dyestuffs especially vinyl-sulfone and bi-functional types. Raw materials and intermediates are sourced after pre-approval from dependable and stable suppliers.
P.T. BA's main focus is Reactive dyes with specialization in vinyl-sulfone and bi-functional Reactive dyes. In both categories we make the regular CI (Color index) commodities as well as specialized colors. All are marketed under the Bipoactive brand name. In general Vinyl-sulfone dyes are suited to exhaust dyeing, continuous (Pad-steam), semi-continuous methods (Silicate pad batch) and printing methods. Bipoactive ‘DE’ dyes are bi-functional dyes which are usually preferred for exhaust dyeing due to their better affinity and fixation properties. Bi-functional dyes can also be more conveniently grouped in special trichromatically compatible groups depending on the desired properties like light fastness, perspiration-light fastness, high exhaustion/fixation, deep-very deep shades etc.
Almost all dyestuffs are standardized in liquid form and then spray dried as low dusting semi-granular type and directly packed using latest PLC controlled weighing systems. All spray dryers have the latest PLC systems to control all sensitive parameters like temperature, vacuum, feed-line pressure etc. to ensure most uniform product. Samples are regularly taken from spray dryers and checked for various parameters around the clock, seven days a week. The global economic slowdown since October 2008 has brought negative impact to the company on account of the increasing production cost and basic material prices. Meanwhile, the local TPT (Textile and Textile Products) industries and other factors causing the declining competitive ability of the national TPT products are the increasing production costs, high interest rates, expensive customs office costs, illegal retributions, textile and garment machinery restructuring costs and the rising prices of production components (oil fuel prices and electric base tariffs). We observe the operation of P.T. BA has been growing slowly in the last three years.
Generally, the demand for textile chemicals such as dyestuff, textile auxiliaries, and others tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. There are eleven domestic dyestuff producers which are still active with a combined production capacity of 45,620 tons per annum. Some of the largest producers are P.T. DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA CHEMICAL. The country’s garment industry is facing serious marketing problem not only in the country but also abroad.
The textile and textile product (TTP) industry is one of the industries that has contrived to with stand the protracted global economic crisis. At a time when the average national industrial utilization rate fell to under 20% in 2008, TTP plants on the other hand were operating at an utilization rate of above 81.6%. This was attributable to the ability of textile and garment producers to maintain the utilization rate of plants at a high level by aggressively stepping up exports. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010 rose to 450.9 ton (7,801.5 million) in 2011 decline to 450,200 tons (US$ (7,304.8 million) in 2012.
The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010 decreased to 1,493.3 tons (5,563.3 million) in 2011 increase to 1,508.5 tons (US$ 5,278.1 million) in 2012.
The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. While this year’s the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 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 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 350.2 |
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 7,304.8 |
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 1,508.5 |
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 5,278.1 |
Source: Central Bureau
of Statistic
Until this time P.T. BA has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of the company 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. 39.0 billion rose to Rp. 41.0 billion in 2011 increased to Rp. 44.0 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. 3.2 billion and the company has an estimated total networth of at least Rp. 8.0 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 company is led out by Mr. Anwar Afandi (61), a businessman who experienced for more than 26 years in the field of organic pigment & dyestuff and textile chemical manufacturing. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. 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. BIPORIN AGUNG is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.