|
Report Date : |
12.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUMITANGERANG MESINDOTAMA |
|
|
|
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Registered Office : |
Jalan Dipati Unus No. 27 & 30, Cibodas Besar,
Tangerang 15138, Banten |
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Country : |
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|
Date of Incorporation : |
03.02.1993 |
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Com. Reg. No.: |
AHU-61447.AH.01.02.Tahun 2013 |
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|
|
|
Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Cocoa Bean Processing Industry |
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No of Employees : |
520 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T. BUMITANGERANG MESINDOTAMA
Address
:
Head Office & Factory
Jalan Dipati Unus No. 27 & 30
Cibodas Besar
Tangerang 15138
Banten
Phones -
(62-21) 5585870 (Hunting)
Fax - (62-21) 5585872
E-mail - bt@btcocoa.com
Website - http://www.btcocoa.com
Land Area - 11,200 sq.
meters
Building Area - 9,700 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
3
February 1993
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The
Ministry of Law and Human Rights
a.
No.
C2-10818 HT.01.01.TH.1994
Dated 14 July 1994
b.
No.
AHU-13532.AH.01.02.TH.2008
Dated 18 March 2008
c.
No.
AHU-12173.AH.01.02.Tahun 2009
Dated 13 April 2009
d.
No.
AHU-57370.AH.01.02.TH.2009
Dated 24 November 2009
e.
No.
AHU-AH.01.10-17048
Dated 07 July 2010
f.
No.
AHU-61447.AH.01.02.Tahun 2013
Dated 26 November 2013
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
a. The
Department of Finance
NPWP No. 01.605.837.2-402.000
b. The
Department of Industry
No. 43/T/INDUSTRI/2006
Dated 12 January 2006
c. The
Capital Investment Coordinating Board
- No. 145/I/PMDN/2000
Dated 07 September 2000
- No. 51/II/PMDN/2007
Dated 08 May 2007
- No. 307/V/PMA/2008
Dated 31 December 2008
Holding
Company :
YTS
HOLDING Pte. Ltd., of
Affiliated/Associated
Companies :
a.
P.T. BUMITANGERANG COKLAT UTAMA (Chocolate Snack Processing)
b.
AGROHUB COMMODITIES Pte. Ltd., of
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - Rp. 150,000,000,000.-
Issued Capital - Rp. 120,000,000,000.-
Paid up Capital - Rp. 120,000,000,000.-
Shareholders/Owners
:
a.
YTS HOLDING Pte. Ltd. -
Rp. 119,990,000,000.- (99.99%)
Address: 19 Tanglin
Road,
06-01 Tanglin Shopping Centre
b.
AGROHUB COMMODITIES Pte. Ltd. -
Rp. 10,000,000.- ( 0.01%)
Address: 19 Tanglin
Road,
06-01 Tanglin Shopping Centre
BUSINESS ACTIVITIES
|
Lines
of Business :
Cocoa
Bean Processing Industry
Production
Capacity :
Existing Units
a. Cocoa Powder - 20,000 tons p.a.
b. Cocoa Butter - 13,600 tons p.a.
c. Cocoa Liquor - 6,400 tons
p.a.
Expansion Units (2011)
a. Cocoa Powder - 31,000 tons p.a.
b. Cocoa Butter - 23,600 tons p.a.
c. Cocoa Liquor - 11,500 tons p.a.
Total Investment :
Existing Units
a. Owned Capital - Rp. 109.5 billion
b. Loan Capital - Rp. 268.0 billion
c. Total Investment - Rp. 377.5 billion
Expansion Units
a. Owned Capital - Rp. 50.0
billion
b. Loan Capital - Rp. 300.0 billion
c. Total Investment - Rp. 350.0 billion
Started Operation :
1993
Brand Name :
BT
Technical Assistance
:
None
Number of Employee :
520 persons
Marketing Area :
Export -
80%
Local - 20%
Main Customers :
a. Hypermarkets such
as Matahari-Hypermart, Sogo, Lotte, etc.
b. PT. Mayora Indah
Tbk.
c. PT. Kraft Foods
d. PT. Garudafood
Putra Putri Jaya
e. Overseas buyers in
USA, China, India, Pakistan, Southeast Asia, Middle East, Russia and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GENERAL FOOD
INDUSTRIES
b. P.T. COCOA VENTURES INDONESIA
c. P.T. Perusahaan Industri CERES
d. P.T. GANDUM MAS KENCANA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
Bankers
:
a. Hongkong and Shanghai Banking Corp. Ltd.
Jalan Jend. Sudirman Kav. 29-31
Jakarta Pusat
b. P.T. Bank
MANDIRI Tbk
Jalan Raya Daan
Mogot
Tangerang,
Banten
c. P.T. Bank
Wisma BCA
Jalan Jend.
Sudirman Kav. 22-23
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2010
– Rp. 980.0 billion
2011
– Rp. 1,156.0 billion
2012
– Rp. 1,348.0 billion
2013
– Rp. 1,520.0 billion
2014
– Rp. 870.0 billion (January – June)
Net
Profit (estimated) :
2010
– Rp. 53.9 billion
2011
– Rp. 64.5 billion
2012
– Rp. 75.0 billion
2013
– Rp. 84.0 billion
2014
– Rp. 47.0 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Sindra Wijaya
Directors -
a. Mrs. Juliana Jasman
b. Mr. Thomas Jasman
Board of Commissioners :
Commissioner - Mr. Piter Jasman
Signatories :
President
Director (Mr. Sindra Wijaya) or one of the Directors (Mrs. Juliana Jasman or
Mr. Thomas Jasman) which must be approved by Board of Commissioner (Mr. Piter
Jasman).
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
P.T. BUMITANGERANG MESINDOTAMA also widely
known as BT COCOA was established in Tangerang, Banten on February 3, 1993 with
an authorized capital of Rp. 150,000,000 issued capital of Rp. 40,000,000
entirely paid up. The founding shareholders of the company are Mr. Piter Jasman
and his youngest brother Mr. Akhiong Jasman AKA Hoi Khiong, both are Indonesian
business family of Chinese origins. The
deed of company was made by Rony Harunsyah Gunawan, SH., a public notary in
Tangerang and it was approved by the Ministry of Law and Human Right in its
Decision Letter No. C2-10818 HT.01.01.Th.1994 dated 14 July 1994.
The company notary deed has been changed a
couple of times. In February 2008 the authorized capital was raised to Rp.
50,000,000,000 issued capital to Rp. 20,000,000,000 fully and paid up. On the
same occasion, Mr. Akhiong Jasman AKA Hoi Khiong pulled out and replaced by Mr.
Lukas Jasman as new shareholder. In October 2009, the authorized capital was
again increased to Rp. 100,000,000,000 issued capital to Rp. 60,000,000,000
entirely paid up.
Since that time the shareholders of the
company are YTS HOLDING Pte., of
Based on notarial deed of No. 62 dated May
17, 2010 drawn up by Mellyani Noor Shandra, SH., the issued capital was raised
to Rp. 70,000,000,000.- and fully paid up. Since that time the shareholders of
the company are YTS HOLDING Pte., of
The most recently by notarial deed of No. 49
dated August 26, 2010 drawn up by Mellyani Noor Shandra, SH., the authorized
capital was raised to Rp. 150,000,000,000.- of which Rp. 120,000,000,000.- was
issued and fully paid up. Since that time the shareholders of the company are
YTS HOLDING Pte., of
We
are extremely difficult to trace or investigate the shareholders of YTS HOLDING
Pte. Ltd., and AGROHUB COMMOTIEIS Pte Ltd, as this company are incorporated
under law of
Initially BT COCOA was engaged in cocoa beans processing machinery
manufacturing, which has been operating since
Whole cocoa butter produced by BT COCOA
was exported to many countries including he USA, China, India, Pakistan,
Southeast Asia, Central America, South America, Middle East, Russia, Japan,
Serbia, Saudi Arabia, Peru, Ukraine, China and European countries. Regular customers
include well-know international companies such as Cargill, Unicom International
B.V., ED&F Man, Theobroma, ADM, General Cocoa, Atlantic Cocoa, Ecom, Olam
and etc. For cocoa
powder product of 50% for export and 50% for the local market that was sold was
to hypermarkets such as M-Hypermart, Sogo Hypermarkets, Lotte Hyermarket, and
food product industries such as; PT. Mayora Indah Tbk., PT. Kraft Food
Indonesia, PT. Garudafood Putra Putri Jaya, PT. Gandum Mas, PT. Orang Tua
Group, PT. Nestle Indonesia and others. We observe that BT COCOA is classified a
large-size company of its kinds which operation has been growing and developing
well in the last five years.
In general we observed
that the market demand at home and abroad for cocoa
is still increasing in the last five years. According to the Central Statistics Agency
(BPS), export volume of Indonesian
cocoa beans in
2007 as many as 381.9 thousand tons valued at
US$ 623.1 million increased to
382.5 thousand tons
valued at US$ 856.2 million in 2008, increased again to 440.3 thousand tons
valued at US$ 1,088.2 million in 2009 fell slightly
to 433.5 thousand tons valued at US$ 1.191.3
million in 2010 and dropped again
to 214.7 thousand tons valued at US$ 617.2 million in 2011 to 172.0 thousand
tons valued at US$ 388.2 million in 2012
and to 201.5 thousand tons valued at US$ 449.7 million. Details on the export volume and value of
plantation products (cocoa beans, coffee and tea) in 2005 to 2013 are pictured
on the following table.
|
Year |
Cocoa Beans |
Coffee |
Tea |
|||
|
Thousand Ton |
US$ million |
Thousand Ton |
US$ million |
Thousand Ton |
US$ million |
|
|
2005 |
368.7 |
468.2 |
442.8 |
497.7 |
45.7 |
48.0 |
|
2006 |
494.1 |
620.3 |
411.5 |
583.2 |
42.6 |
51.1 |
|
2007 |
381.9 |
623.1 |
315.5 |
633.7 |
55.6 |
73.2 |
|
2008 |
382.5 |
856.2 |
467.9 |
989.0 |
83.8 |
125.1 |
|
2009 |
440.3 |
1,088.2 |
510.1 |
822.1 |
82.9 |
144.3 |
|
2010 |
433.5 |
1,191.3 |
432.7 |
812.3 |
79.2 |
149.4 |
|
2011 |
214.7 |
617.2 |
345.9 |
1,034.7 |
68.1 |
136.6 |
|
2012 |
172.0 |
388.2 |
446.9 |
1,243.8 |
61.6 |
125.0 |
|
2013 |
201.5 |
449.7 |
532.2 |
1,166.1 |
64.6 |
131.3 |
BT COCOA has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of BT COCOA 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. 1,156.0 billion increased to Rp. 1,348.0 billion in 2012 rose again to Rp.
1,520.0 billion in 2013 and projected to go on rising by at least 12% in 2014.
The operation in 2013 yielded an estimated net profit of at least Rp. 84.0
billion and the company has an estimated total asset of at least Rp. 490.0
billion. So far, we did not heard that the company having been black listed by
the Central Bank (Bank
The management of BT COCOA is led by Mr.
Sindra Wijaya (41) a young professional manager with experience in cocoa bean
processing. He is assisted by Mrs. Juliana Jasman (32) and Mr. Thomas Jasman
(30), both as directors. But we are sure the prime-mover of the company is Mr.
Piter Jasman (59) with experienced for more than 25 years in cocoa bean
processing industry. Mr. Piter Jasman,
the founder and President Commissioner of BT COCOA, is currently the Chairman
of Indonesian Cocoa Industry Association (AIKI). The management is handled by
professional manager in this business, having maintained a wide business
relation with private businessmen at home and abroad as well as with government
sectors. So far, we did not hear that the company’s management involved in a
dirty business practice or detrimental cases that settled in the country. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
P.T. BUMITANGERANG MESINDOTAMA or BT COCOA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.55 |
|
|
1 |
Rs.97.53 |
|
Euro |
1 |
Rs.76.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
SMN |
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.