|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUMI NUSA MAKMUR |
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|
|
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Registered Office : |
Jl. Dr. Soetomo No. 97-C, 3rd Floor Surabaya, East Java |
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Country : |
Indonesia |
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|
|
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Financials (as on) : |
2013 |
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Date of Incorporation : |
15.04.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of crumb rubber. |
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No. of Employees : |
260 |
RATING & COMMENTS
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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 |
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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 |
|
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. BUMI NUSA MAKMUR
A d d r e s s :
Head Office
Jl. Dr. Soetomo No. 97-C, 3rd Floor
Surabaya, East Java
Indonesia
Phones - (62-31) 568 2488 (hunting)
F a x - (62-31) 568 0877
Mobile - (62-31) 7171 1717
Email - bumirubber@gmail.com
Website - http://www.bumirubber.com
Building Area - 4 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Factory
Desa Medali, Kecamatan Puri,
Mojokerto, East Java
Indonesia
Phones - (62-321) 513 700 (hunting)
F a x - (62-321) 513 711
Land Area - 50,000 sq. meters
Office Space - 12,720 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
:
15 April 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
AHU-26515.AH.01.01.Tahun 2008
Dated 21 May 2008
b. No. AHU-57142.AH.01.02.Tahun 2009
Dated 23 November 2009
c. No. AHU-34757.AH.01.02.Tahun 2011
Dated 12 July 2011
Company Status :
National Private Company
Permit by the
Government Department :
a. The Department
of Finance
NPWP No. 02.525.626.4-602.000
b. The Government of Mojokerto District
No. 124/210/416-48/2008
Dated 22 May 2008
Related/affiliated
Company :
P.T. SURYA TIRTA MULIA (General Trading)
Capital Structure :
Authorized Capital - Rp. 60,000,000,000.-
Issued Capital - Rp. 20,000,000,000.-
Paid up Capital - Rp. 20,000,000,000.-
Shareholders/Owners :
a. Mr. Willin Kusnadi Artha -
Rp. 4,000,000,000.- (20%)
Address : Jl. Darmo Permai Timur I No.23
Surabaya, East Java
Indonesia
b. Mr. Robby Setiawan, MSc. -
Rp. 4,000,000,000.- (20%)
Address : Jl. Villa Bukit Regency I PC 6 No. 11
Surabaya, East Java
Indonesia
c. Mr. Roy Gunawan - Rp.
4,000,000,000.- (20%)
Address : Jl. Villa Bukit Regency I PC 1 No. 1
Surabaya, East Java
Indonesia
d. Mr. Raymond Gunawan -
Rp. 4,000,000,000.- (20%)
Address : Jl. Villa Bukit Regency I PC 6 No. 11
Surabaya, East Java
Indonesia
e. Mr. Rocky Hendrawan Wibowo -
Rp. 4,000,000,000.- (20%)
Address : Jl. Villa Bukit Regency I PC 6 No. 11
Surabaya, East Java
Indonesia
Lines of Business :
Crumb Rubber Manufacturing
Production Capacity :
Crumb Rubber (SIR20) - 36,000 tons p.a.
Total Investment :
a. Owned Capital - Rp. 20.0 billion
b. Loan Capital - Rp. 30.0 billion
c. Total Investment - Rp. 50.0 billion
Started Operation :
June 2008
Brand Name :
BNM Crumb Rubber
Technical Assistance
:
None
Number of Employee :
260 persons
Marketing Area :
Domestic (Local) - 10%
Export - 90%
Main Customers :
a. Overseas buyers in Middle East, Japan, China, India, etc
b. Tire industry and rubber products in the country
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Asahan Crumb Rubber
b. P.T. Adei Crumb Rubber Industry
c. P.T. Batanghari Tembesi
d. P.T. Djambi Waras
e. P.T. Madjin Crumb Rubber Factory
f. P.T. Sunan Rubber
g. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Jalan Raya Darmo No. 5
Surabaya, East Java
Indonesia
b The Hong Kong Shanghai Bank Corp.
Jalan Raya Darmo No. 5
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 210.0 billion
2011 – Rp. 238.0 billion
2012 – Rp. 266.0 billion
2013 – Rp. 149.8 billion (January – June)
Net Profit
(estimated) :
2010 – Rp. 12.4 billion
2011 – Rp. 14.0 billion
2012 – Rp. 15.6 billion
2013 – Rp. 8.0 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
Board of Management :
President
Director - Mr. Willin Kusnadi
Artha
Director - Mr. Raymond Gunawan
Board of Commissioner :
President
Commissioner- Mr. Robby Setiawan, BSc
Commissioner -
Mr. Roy Gunawan
Signatories :
President
Director (Mr. Willin Kusnadi Artha) or Director (Mr. Raymond Gunawan) which
must be approved by the Board of Commissioners (Mr. Robby Setiawan, MSc and Mr.
Roy Gunawan)
Management Capability :
Fairly
good
Business Morality :
Fairly
good
Credit Risk :
Average
Credit Recommendation :
Credit
should be proceeded with monitor
P.T. BUMI NUSA MAKMUR (P.T. BNM) was incorporated on April 15, 2008 with an authorized capital of Rp. 3,000,000,000.- of which Rp. 1,200,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Willin Kusnadi Artha, Mr. Robby Setiawan and Mr. Roy Gunawan, they are Indonesian businessmen of Chinese descent. The Articles of Association was made by Stephanie Juanita, SH., a public notary in Surabaya under Company Registration Number AHU-26515.AH.01.01.Tahun 2008 dated May 21, 2008.
On October 27, 2009 the authorized capital was raised to Rp. 30,000,000,000.- of which Rp. 10,000,000,000.- was issued and fully paid up. At the same time, the shareholders of the company are Mr. Willin Kusnadi Artha (30%), Mr. Robby Setiawan (17.5%), Mr. Roy Gunawan (17.5%) and P.T. SURYA TIRTA MULIA (35.0%). But, since March 18, 2010, P.T. SURYA TIRTA MULIA pulled out and its whole shares are sold to Mr. Raymond Gunawan (17.5%) and Mr. Rocky Hendrawan Wibowo (17.5%). The amendment Articles of Association was made by Stephanie Juanita, SH., a public notary in Surabaya under Company Registration Number AHU-AH.01.10-10253 dated April 29, 2010.
Most recently by notarial deed of notary Ninik Sutjiati, SH., No. 36 dated April 29, 2011 the authrozied capital was raised again to Rp. 60,000,000,000.- of which Rp. 20,000,000,000.- was issued and fully paid up. The capital structures and shareholder composition of P.T. BNM in details are as shown on page-3 of this report. The notarial Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-18491 dated October 22, 2009. No changes have been effected in term of its shareholding composition and capital structures to date.
Pursuant to the deed of notary of the company, P.T. BNM engaged to operate in general trading, import-export, distributor and industry of crumb rubber and rubber products. The Company’s registered office located at Mojokerto (East Java) and the company can open branch offices or representative offices at home and abroad.
P.T. BNM has been operating since mid-2008 in crumb rubber industry. Its plant is located at Desa Medali, Kecamatan Puri, Mojokerto, East Java on a land of 5.0 hectares. The company produces natural rubber SIR20 (Standard Indonesia Rubber 20) and SIR10 with “Bumirubber” as the brand. SIR20 is Technically Specified Rubber (TSR) grade which its main use is for car and truck tire which requires good elongation and good abrasion. SIR20 is famous because acceptable international quality and most competitive in TSR market. SIR10 is premium grade of SIR20 which it has lower dirt content. It is used mainly for special compound and high performance tire which does not allow much contamination in its composition. According the company’s profile, their output is up to 2,000 metric tons per month and will be double in near future preparing against increasing global huge demand for raw materials of tire industry and rubber products. Some 10% of P.T. BNM' products are marketed locally while the rest 90% is exported to Middle East, Japan, China, India and others. We observed that P.T. BNM is classified as a medium sized company of its kind in the country of which the operation has been growing slowly in the last three years.
We note that generally the domestic demand for crumb rubber and rubber products has been rising by about 6% - 8% per year in the last five years in line with the growing population of tire and tube industry, automotive industry and rubber product industry in the country. According to the Indonesia Car Manufacturers Association (GAIKINDO) explained that the total of car sales in 2007 amounted to 434 thousand units increased to 608 thousand units in 2008 and declined to 486 thousand units in 2009. The total of car sales in 2010 rose again to 765 thousand units and to 894 thousand units in 2011 and to 1,116 thousand units in 2012. The growth of car and motorcycle sales in Indonesia in 2007 to 2012 is pictured on the following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle
Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
Source: GAIKINDO and
the Indonesian Motorcycle Manufacturer Association (AISMI)
The demand of crumb rubber is projected to go on rising each year in the next three years. Meanwhile, competition is quite heavy in the crumb rubber industries now doing business in this field in Indonesia. We consider P.T. BNM to be in a quite favorable position for having already got hold of a steady clientele especially in overseas.
The company is neither public listed nor bond issued
company. Therefore, the company has no obligation to publish financial
statement publicly. The management is
very reclusive and unlikely to expose its financial condition to outsider. We
estimate that sales turnover of the company in 2010 amounted to Rp. 210.0 billion increased to Rp. 238.0 billion in
2011 to Rp. 266.0 billion in 2012 and
projected to be increasing by at least 10% in 2013. The operation of the
company in 2012 is estimated to have gained a net profit of Rp. 15.6 billion
with a networth of Rp. 60.0 billion. Based on information obtained from some
customers, the payment habit of the company is smooth ranging from 1 to 3
months. We did not hear that the company has been black listed by Central Bank
(Bank Indonesia) and having detrimental cases being settled in the courts.
The management of P.T. BNM is headed by Mr. Willin Kusnadi Artha (43) as president director, a young businessman with experience for some 7 years in crumb rubber industry and trading. In his daily activities, he is assisted by his young brother Mr. Raymond Gunawan (29) as director and a number of professional staffs also with experience and expertise in the business. The management has maintained a wide relation with private businessmen at home and abroad as well as with government authorities. So far, we did not hear that the company's management having been involved in the business malpractices.
P.T. BUMI NUSA MAKMUR is appraised to be good for business transaction. However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
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.