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Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
|
Correct Name : |
BUMI MAS |
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|
|
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Registered Office : |
Jalan
Gandhi No. 155-O, Medan 20214, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
June 2005 |
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Com. Reg. No.: |
Not Available |
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|
|
Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Engaged in trading and import of Agricultural Products including
dried chili, garlic, ginger, cashew nuts & spices. |
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|
|
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No. of Employees |
04 |
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 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
BUMI MAS
Head Office
Jalan
Gandhi No. 155-O
Medan
20214
North
Sumatra
Indonesia
Phones -
(62-61) 7766 9108
Fax - (62-61) 7350 316
Mobile Phone - 081 2604 3408
Email - bumimas_chiang@yahoo.co.id
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
June 2005
Sole Proprietary Company
Not Required
Private National Company
The Department of
Finance
Not Available
None
Capital
Structure :
Owned
Capital : Rp. 120,000,000.-
Owner
:
Mr.
Suhartono AKA A Chiang - 100%
Lines
of Business :
Trading and Import of Agricultural Products (Spices
& Dried Chili)
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
June 2005
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
4 persons
Marketing
Area :
Local/Domestic
- 100%
Main
Customer :
Food & snack processing industries in North
Sumatra
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DAKAI INPEX
b. P.T. ALAM INDORAMA
c. P.T. ADI SAMPOERNO
d. P.T. SUPA SURYA NIAGA
e. P.T. TORRYS INDOSPICE
Business
Trend :
Growing
Banker
:
P.T. Bank NISP Tbk
Jalan Imam Bonjol No. 15
Medan, North Sumatra
Indonesia
A/C No. 181-130-327741
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2011 – Rp. 8.0 billion
2012 – Rp. 8.5 billion
2013 – Rp. 9.0 billion
Net
Profit (estimated) :
2011 – Rp. 420 million
2012 – Rp. 460 million
2013 – Rp. 480 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Suhartono AKA A Chiang
Board of Commissioner :
None
Signatories :
Director (Mr.
Suhartono AKA A Chiang) is the authorized person to sign the loan on behalf of
the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Based on
investigation the correct name of the Subject is BUMI MAS not BUMU MAS as stated
in your order ref. no. 256391 dated 26 February 2014.
BUMI MAS was
established in Medan, North Sumatera in June 2005 with a status of Sole
Proprietary Company. Founder and owner of the company is Mr. Suhartono AKA
(also known as) A Chiang, an Indonesian businessman of Chinese extraction.
Being as Sole Proprietary Company, the amount of its authorized capital was not
mentioned at the time of its establishment. In our estimate, the company has
own capital of about Rp. 120 million and it will be rising in line with the
progress of its business operation.
BUMI MAS has been operating since June 2005 engaged in
the field of trading and import of agricultural commodities. The merchandise
goods products including dried chili, garlic, ginger, cashew nuts &
spices. Mr. Suhartono AKA A Chiang, Director of the company explained
that the whole agricultural products likes dried chili, garlic, cashew nuts,
gingers and other spices is imported from India, Bangladesh and China. Then,
the whole products supplied food processing industries such as P.T. FOODINDO
DIVESTAMAS, P.T. KOSMO JAYA, P.T. LUCKY FOOD and traditional markets in Medan,
Aceh, Padang and other cities in Sumatra. We observed that BUMI MAS is
classified as a small sized company of its kind in the country of which
operation has been growing slowly in the last three years.
We have noticed that the demand for agricultural products
such as dried chili, garlic, ginger, cashew nuts and other spices had increased
some 8% to 10% per annum in the last five years in line with the growth of
industrial manufacturing in the country and international market. In the coming
years, the growth rate of demand is estimated at about 5% to 6% per annum. The
present market situation for agricultural products is very competitive for a
large number of similar companies operating in the country. Meanwhile,
competition is quite heavy in the export import of agricultural products with
many companies now doing business in this field in Indonesia.
Until this time BUMI MAS has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of BUMI MAS is
very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2011
amounted to Rp. 8.0 billion rose to Rp. 8.5 billion in 2012 increased to Rp.
9.0 billion in 2013 and projected to go on rising by at least 3% in 2014. The
operation in 2013 yielded an estimated net profit of at least Rp. 480 million
and the company has an estimated total networth of at least Rp. 800 million. 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 BUMI MAS is led by Mr. Suhartono AKA A
Chiang (42) a businessman with experience in trading, import and distribution
of agricultural commodities products. 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. BUMI MAS is sufficiently fairly good for business
transaction. However, in view of the company’s operation has growing slowly we
recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
UK Pound |
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.