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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BINAUSAHA
CIPTA PRIMA |
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|
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Registered Office : |
Kawasan Industri Cibaligo, Jl. Cibaligo Km. 0.5, Leuwigajah, Cimahi, Bandung 40535, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
03.01.1989 |
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Com. Reg. No.: |
No. AHU-79719.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in dealing with textile (denim) industry |
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No of Employees : |
320 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
|
Source : CIA |
P.T. BINAUSAHA
CIPTA PRIMA
Head Office &
Factory
Kawasan Industri Cibaligo
Jl. Cibaligo Km. 0.5
Leuwigajah, Cimahi,
Bandung 40535, West Java
Indonesia
Phones -
(62-22) 6032611 (hunting), 6038441, 6030583
Fax. - (62-22)
6031605
Land Area - 1.3 hectares
Building Space - 0.8 hectares
Region - Industrial
Zone
Status - Owned
03 January 1989
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C-14220.HT.01.01.TH.2000
Dated 14 July 2000
b. No. C-30317.HT.01.04.TH.2005
Dated 14 November 2005
c. No. AHU-79719.AH.01.02.Tahun 2008
Dated 30 October 2008
National Private Company
a. The Department
of Finance
NPWP No. 01.476.565.5-421.000
b. The Department
of Industry and Trade
SIUP No.
91-331/10-12/PB/IV/2000
Dated 11 April 2000
Related/Affiliated
Company :
ASTON PRIMERA
PASTEUR HOTEL (Hotel Management)
Capital Structure
:
Authorized Capital - Rp.
50,000,000,000.-
Issued Capital - Rp.
30,000,000,000.-
Paid up Capital - Rp.
30,000,000,000.-
Shareholders/Owners
:
a.
Mr. Iing Lumanto -
Rp. 18,000,000,000.- (60%)
Address : Jl. Westhoff No. 3
Kel.
Pasirkaliki, Kec. Cicendo
Bandung, West
Java
Indonesia
b.
Mr. Jahja Lumanto -
Rp. 12,000,000,000.- (40%)
Address : Jl. Otto Iskandardinata No. 237
Kel.
Balonggede, Kec. Regol
Bandung, West
Java
Indonesia
Lines of Business
:
Textile Industry
Production
Capacity :
Denim (Blue Jeans) - 15.0 million yards p.a.
Total Investment :
Owned Capital - Rp. 30 million
Started Operation
:
1990
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
320 persons
Marketing Area :
Local - 100%
Main Customers :
Garment (factories) industries in Bandung and Jakarta
Market Situation :
Very Competitive
Main Competitors :
a. PT. Pujitex
b. PT. Bratatex
c. CV. Bajatex
d. PT. Gunawantex
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jl. Asia Afrika No. 122-124
Bandung, West Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jl. Buah Batu No. 268
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 158.0 billion
2011 – Rp. 170.0 billion
2012 – Rp. 182.0 billion
2013 – Rp. 195.0 billion
Net Profit
(estimated) :
2010 – Rp. 5.4 billion
2011 – Rp. 5.8 billion
2012 – Rp. 6.3 billion
2013 – Rp. 6.8 billion
Payment Manner :
Fairly good
Financial Comments
:
Satisfactory
Board
of Management :
Director -
Mr. Iing Lumanto
Board
of Commissioner :
Commissioner -
Mr. Jahja Lumanto
Signatories :
Director
(Mr. Iing Lumanto) which must be approved by Board of Commissioner (Mr. Jahja
Lumanto)
Management
Capability :
Good
Business
Morality :
Good
P.T. BINAUSAHA CIPTA PRIMA (P.T. BCP) was established in Bandung (West Java) based on notarial Deed number 4 dated January 3, 1989 was made by Notary Lien Tanudirja, SH., with authorized capital of Rp. 6,000,000,000.- of which Rp. 1,500,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Iing Lumanto (60%) and his older brother Mr. Jahja Lumanto (40%), both are Indonesian businessmen of Chinese extraction. The Deed of establishment was approved by the Ministry of Law and Human Rights through its Decree No. C-14220.HT.01.01.TH.2000 dated July 14, 2000.
The articles of association of the company have frequently
been changed, most recently by notarial Deed number 03 dated September 12, 2008
of notary Patricia Tirta Isoliani Ginting, SH., the authorized capital was
raised to Rp. 50,000,000,000.- of which Rp. 30,000,000,000.- was issued and
fully paid up. But, no
changes have been effected in term of its shareholding composition and capital
structures to date. The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-79719.AH.01.02.Tahun 2008
dated October 30, 2008.
P.T. BCP has been in operation since 1990 dealing with textile (denim) industry. The company manages a plant located at Jl. Cibaligo Km. 0.5 Cimahi, Bandung, West Java on a land of 13,000 square meters. Initially, the plant had annual production capacity of just 6.0 million yards of Denim (Jeans), 6.0 million yards of Suiting Cottons. In August 2004, P.T. BCP obtained a license from the Department of Industry to expand its plant to increase its annual production capacity to 15.0 million yards of denim per year. Besides, the plant is equipped with dyeing and finishing units. Mrs. Devi, an administration staff of the company disclosed that her company has regular customers in garment companies among others are P.T. BALIWIG RAPHAEL, P.T. INDO PANCA GARMENT, P.T. BLATINDO GARMENT and others. We observe that P.T. BCP 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.
Generally, demand for textile and textile product including cotton yarn, polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials has been fluctuating in the last five years. 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 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010 to 450,900 tons (US$ 7,801.5 million) in 2011 and dropped 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 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011 and rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012. 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) |
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|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 |
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
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. BCP’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover in 2011 amounted to Rp. 170.0 billion increased to Rp. 182.0 billion in 2012 rose again to Rp. 195.0 billion in 2013 and estimated it will be increase by at least 6% in 2014. The operation in 2013 yielded a net profit at least Rp. 6.8 billion and the company has a total net worth of Rp. 65.0 billion. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia).
The management of the company is headed by Mr. Iing Lumanto (64) as director and Mr. Jahja Lumanto (65) as commissioner, both are businessmen with more than 28 years experience in textile industry and trading. The management has a fairly good reputation in textile industry. The management has 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 has been involved in business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. BINAUSAHA CIPTA PRIMA is appraised fairly good for business transaction. However, in view of the economic slowdown and political situation in the country is warming we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.37 |
|
UK Pound |
1 |
Rs.102.48 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.