|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BALMER LAWRIE |
|
|
|
|
Registered Office : |
Graha STR, 2nd Floor |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.02.2005 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is
engaged in Lube Oil Blending |
|
|
|
|
No of Employees : |
76 |
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) |
|
Indonesia |
B1 |
A2 |
|
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, 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 |
BASIC SEARCH
|
Name of
Company :
P.T. BALMER
LAWRIE INDONESIA
A d d r e s s
:
Head Office
Graha STR, 2nd
Floor Suite 203
Jalan Ampera Raya
No. 11
Jakarta Selatan,
12550
Indonesia
Phones -
(62-21) 781 3808, 781 3108
Fax - (62-21) 781 3330
E-mail - marketing@blindonesia.com
Website - http://www.blindonesia.com
Building Area - 6 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Modern Industrial
Estate
Jalan Industri II
No. 17-19
Cikande, Serang
Banten Province
Indonesia
Phones -
(62-254) 402579, 400048, 402574
Fax - (62-254) 402569
Land Area - 16,700 sq.
meters
Building Space - 13,000 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
1 February 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
AHU-35865.AH.01.02.TH.2010
Dated 19 July 2010
- No.
AHU-AH.01.10-11083
Dated 26 March 2013
Company Status
:
Foreign Investment
(PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.426.645.4-017.000
Related
Company :
A Member Company
of the TAWANG SWASTI RAWIKARA Group (see attachment)
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized
Capital : Rp.
40,000,000,000.-
Issued Capital : Rp.
28,400,000,000.-
Paid up Capital : Rp.
28,400,000,000.-
Shareholders/Owners
:
a. BALMER LAWRIE (UK) LIMITED - Rp. 14,200,000,000.-
Address :
Beach Court, Summer Road
Burnham, SLI-7EP
United Kingdom
b. P.T. IMANI WICAKSANA - Rp. 14,200,000,000.-
Address : Aspine 2nd
Floor
Jl. R.S.
Fatmawati No. 29
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
|
Lines of
Business :
Lube Oil Blending
Production
Capacity :
Lubricating Oil - 12,000 tons
p.a.
Total
Investment :
Owned Capital - US$ 8.0
million
Started
Operation :
2005
Brand Name :
BALMEROL
Technical
Assistance :
Balmer Lawrie
(UK) Ltd., of United Kingdom
Number of Employee :
76 persons
Marketing Area :
Local - 100%
Main Customer :
Industrial Manufacturing
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AGIP LUBRINDO PRATAMA
b. P.T. CASTROL INDONESIA
c. P.T. FUCHS INDONESIA
d. P.T. PERTAMINA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
|
Bankers :
a. P.T. Bank
MANDIRI Tbk
Gedung
STR
Jalan Ampera
Raya No. 11
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Ampera Raya No. 7
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 102.8
billion
2012 – Rp. 109.9
billion
2013 – Rp. 117.0 billion
Net Profit
(estimated) :
2011 – Rp. 8.2 billion
2012 – Rp. 9.3 billion
2013 – Rp. 10.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Samsir Kumar Ghosh
Director -
Mr. Dr. Ramli Sulistyo
Board of Commissioners :
President Commissioner -
Mr. H. Teddy Rusdi
Commissioners -
a. Mr. Jamsandekar Kamal Kumar D
b. Mr. Anand Dayal
c. Mr. Virendra Sinha
Signatories :
President Director (Mr.
Samsir Kumar Ghosh) or the Director (Mr. Dr. Ramli Sulistyo) which must be
approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Originally named P.T. IMANI GANDA UTAMA was established in Jakarta in
February 2005 with the authorized capital of Rp. 28,400,000,000 issued capital
of Rp. 14,200,000,000 entirely paid up. The company was founded by P.T. IMANI
WICAKSANA and Mr. H. Teddy Rusdi, an indigenous businessman. The company notary
deed had been changed a couple of times and in July 2010 Mr. H. Teddy Rusdi
withdrew and replaced by BALMER LAWRIE (UK) LIMITED of the United Kingdom as
new shareholder. On the same occasion the company authorized capital was
increased to Rp. 40,000,000,000 issued capital to Rp. 28,400,000,000 entirely
paid up. With this development the composition of its shareholders has been
changed to become BALMER LAWRIE (UK) LIMITED of United Kingdom (50%) and P.T. IMANI
WICAKSANA (50%). Concurrently the company status was converted into Foreign
Investment (PMA) Company. The latest according to the revision of notary deed
Mr. Periasman Effendi, SH., no. 21 dated 15 February 2013 the company board of
director and the board of commissioner had been changed to lead and runs of the
company’s operation. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-11083 dated March 26,
2013.
P.T. BLI is a foreign investment (PMA) company has been operating since
2005 dealing with lubricating oil processing industry. Its plants located at
Modern Industrial Estate, Jalan Industri II No. 17-19, Cikande, Serang, Banten
Province standing on a land of 16,700 sq. meters. The Joint Venture Company was
formed in 2010 after getting approval from BKPM and MIGAS to construct a Grease
& Lubricant Plant at Cikande Modern Industrial Estate, Serang, Banten. P.T.
BLI aims at providing superior quality products to the Petroleum and Lubricant
companies in Indonesia as well as users of Lubricating Greases, Oil and
Specialties. Technical superiority, state-of-art infrastructure &
well-equipped laboratory with highly experienced and qualified engineers &
scientists enable Balmer Lawrie Indonesia to deliver BALMEROL, which is a
reputed brand of Industrial, Automotive & specialty range of lubricants.
BALMEROL enjoys the competitive edge needed in today’s highly demanding market.
P.T. Balmer Lawrie Indonesia is highly committed to the quality of its products.
The prime business objective is to provide customized solutions leveraging the
culture of value creation through Technical Services & Continuous
Monitoring.
P.T. BLI or BALMEROL range of products include are; Multipurpose
greases, Extreme pressure greases, Molybdenum greases. BALMEROL range of oils
include; Synthetic coldroling oils, Hydraulic oils, Automotive gear oils,
Compressor oils, Automotive crank case oils, Compounds oils. The company also
manufactures of Wax base wire rope compounds with solvents and many other
tailor made products. User industries BALMEROL range of greases include; cement
plants, Indonesian defense forces, integrated steel plants, Oil exploration
companies, secondary steel mills, heavy engineering industries, sugar mills,
ports, Indonesian railways, palm oil industry. Spectrum of customers
compromises of institutional & industrials that include; steel, sponge.
railways, mining, oil & gas, power plants, aluminum and jute & textile
which operating in the country. We observe the operation of P.T. BLI has been
growing and developing well in the last three years.
Indonesia is the fourth largest country in the world in terms of
population, with the average annual GDP growth of 5.7% in the last 4 years. It
is projected that GDP growth in the period of 2012-2015 is more than 6.5%.
Indonesia is expected to become a land with USD 14.900/capita in the year 2025.
Indonesian government has positioned the automotive sector as one of the
country’s five priority industries to focus on and currently Indonesian
automotive is the second largest market in ASEAN. The Presidential Regulation
no. 28/2008 stipulates the production target of 1.6 million units in 2015 of
MPV’s type, light trucks and energy saving & environmentally friendly vehicles.
The export target in 2015 is set for 386,000 units. The government
targets are supported by investment incentive in the form of corporate tax
reduction and exemption of import duty for importation of production
machinery/equipment and raw material.
After growing at an annual average rate of 20% during the last 5 years,
the Indonesian automotive market hit a remarkable milestone in 2011 by
achieving a new sales record of 894,164 units. Furthermore domestic sales in
the first semester of 2012 achieved 535,000 units. The production volume in
2011 achieved 837,948 units, after growing at an annual average rate of 26 %
during the last 5 years. Generally, demand for motorcar and components and
spare parts has kept on increasing in line with the development of the
production of motorcycles in the country. One of factors supporting the growing
demand for motorcar is the role of financial and banking institutions seriously
backing up the motorcar purchasing with installment system.
Until this time P.T. BLI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. BLI is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 102.8 billion rose to Rp. 109.9 billion in 2012
increased to Rp. 117.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. The operation in 2013 yielded an estimated net profit of at
least Rp. 10.1 billion and the company has an estimated total networth of at
least Rp. 26.0 billion. We observe that P.T. BLI is supported by foreign
partner with has financially strong and sound behind it. 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 P.T. BLI is led by Mr. Samir Kumar Ghosh (57) a
professional manager of India with experience in lubricating oil processing industry.
Daily activity he is assisted by Mr. Dr. Ramli Sulistyo (63) as director. 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. P.T. BALMER LAWRIE
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.