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Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUMI NUSA MAKMUR |
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Registered Office : |
Jl. Dr. Soetomo No. 97-C, 3rd
Floor, |
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Country : |
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Date of Incorporation : |
15.04.2008 |
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Com. Reg. No.: |
AHU-34757.AH.01.02 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Crumb Rubber. |
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No. of Employees : |
270. Person |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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. BUMI NUSA
MAKMUR
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
15 April 2008
P.T. (Perseroan Terbatas) or Limited
Liability Company
The Ministry of
Law and Human Rights
a. No.
AHU-26515.AH.01.01.Tahun 2008
Dated 21 May 2008
b. No. AHU-AH.01.10-10253
Dated 29 April 2010
c. No. AHU-34757.AH.01.02.Tahun 2011
Dated 12 July 2011
National Private Company
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
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
:
270 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
Bankers :
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. 305.0 billion
Net Profit
(estimated) :
2010 – Rp. 12.4 billion
2011 – Rp. 14.0 billion
2012 – Rp. 15.6 billion
2013 – Rp. 18.2 billion
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
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-34757.AH.01.02.Tahun 2011
dated July 12, 2011. 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 to 894 thousand units in 2011 to 1,116
thousand units in 2012 and rose again to 1,226 thousand units in 2013. The growth of car and motorcycle sales in
Indonesia in 2007 to 2013 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 |
|
2013 |
1,226 |
7,771 |
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 2011
amounted to Rp. 238.0 billion increased
to Rp. 266.0 billion in 2012 to Rp.
305.0 billion in 2013 and projected to be increasing by at least 8% in 2014.
The operation of the company in 2013 is estimated to have gained a net profit
of Rp. 18.2 billion with a net worth of Rp. 80.0 billion. So far we did not hear that the P.T. KUI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
The
management of P.T. BNM is headed by Mr. Willin Kusnadi Artha (44) as president
director, a young businessman with experience for some 8 years in crumb rubber
industry and trading. In his daily
activities, he is assisted by his young brother Mr. Raymond Gunawan (30) 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.60.79 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
NIT |
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.