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Report No. : |
314595 |
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Report Date : |
02.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUKIT SURYA MAS |
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|
|
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Registered Office : |
Intercon
Plaza Block A 3 No. 19, Jalan Meruya Ilir No. 14, Jakarta Barat 11620 |
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Country : |
Indonesia
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Date of Incorporation : |
10.07.2005 |
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|
|
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Com. Reg. No.: |
AHU-AH.01.02.TH.2013 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Manufacture
of Premium Quality Masterbatch |
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No. of Employees : |
85 |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 |
BASIC
SEARCH
|
Name
of Company :
P.T. BUKIT SURYA MAS
A
d d r e s s :
Head Office
Intercon
Plaza Block A 3 No. 19
Jalan
Meruya Ilir No. 14
Jakarta
Barat 11620
Indonesia
Phones -
(62-21) 586 8812 (Hunting)
Fax - (62-21) 586 9243
E-mail - purchasing@bukitsuryamas.com
Website - http://www.bukitsuryamas.com
Building Area - 3 storey
Office Space - 500 sq. meters
Region - Commercial
Status - Rent
Plants (Factories)
a. Jalan Raya Rangkasbitung Km. 8
Kampung Kadeper Majasari
Desa Kareo, Kecamatan Jawilan
Cikande, Serang
Banten Province
Indonesia
Phones -
(62-254) 480 020, 480 165
Fax
- (62-254) 480
164
Land Area -10,000
sq. meters
Building Area - 7,500 sq. meters
Region -
Industrial Zone
Status -
Owned
b. Jalan Raya Rangkasbitung Km. 11
Desa Bojot, Kecamatan Jawilan
Cikande, Serang
Banten Province
Indonesia
Phones -
(62-254) 480 181
Fax
- (62-254) 480
021
Land Area -10,000
sq. meters
Building Area - 7,500 sq. meters
Region -
Industrial Zone
Status -
Owned
Date of Incorporation
:
10 July 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-18704.AH.01.02.TH.2008
Dated 15 April 2008
- No. AHU-AH.01.02.TH.2013
Dated 22 November 2013
Company Status :
National Private
Company
Permit by the Government Department :
The Department of Finance
NPWP No.
02.453.978.5-401.000
Related Company :
P.T. BUKIT WARNA
ABADI (Trading and Distribution of Chemicals)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
5,000,000,000.-
Issued
Capital :
Rp. 5,000,000,000.-
Paid
up Capital :
Rp. 5,000,000,000.-
Shareholders/Owners
:
a. Mr. Ir. Stefanus Tjetje Wirjadi, SH - Rp.
3,500,000,000.-
Address : Harapan Indah Block HG/4 RT. 005,
RW. 019
Kelurahan Pejuang,
Kecamatan Medan Satria
Bekasi, West Java
Indonesia
b. Mr. Teddy Tio -
Rp. 1,500,000,000.-
Address : Jl. Tirta Golf H No. 1
Kelurahan Lengkong Karya, Kecamatan Serpong
Utara, Serpong, Banten Province
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Manufacture
of Premium Quality Masterbatch
Production
Capacity :
Color
Masterbatch -
12,000 tons p.a.
Total
Investment :
a.
Owned Capital -
Rp. 5.0 billion
b.
Loan Capital -
None
c.
Total Investment -
Rp. 5.0 billion
Started
Operation :
2005
by taking over the whole asset of P.T. Hoetamachemindo Sepakatabadi
Brand
Name :
FERRO
Technical
Assistance :
FERRO
of the USA
Number
of Employee :
85
persons
Marketing
Area :
Domestic
(Local) - 100%
Main
Customer :
a.
P.T. ASIAPLAST INDUSTRIES Tbk
b. P.T. PETINDO JAYA SAKTI
c.
P.T. HASIL INDUSTRIES
d.
P.T. DINITO JAYA ABADI
e.
Etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. HOLLAND COLOR ASIA
b. P.T. FERRO MAS DINAMIKA
c. P.T. INTERANEKA LESTARIKIMIA
d. P.T. UNITED CHEMICAL INTER ANEKA
e. P.T. UNIVERSAL CHEMINDO LESTARI
f. Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Meruya Ilir Block A No. 19
Jakarta Barat
Indonesia
b.
P.T. Bank CENTRAL ASIA Tbk
Jalan Meruya Ilir Block
A No. 25
Jakarta Barat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 55.0 billion
2013
– Rp. 61.0 billion
2014
– Rp. 72.0 billion
Net
Profit (Loss) :
2012
– Rp. 4.4 billion
2013
– Rp. 5.0 billion
2014
– Rp. 6.1 billion
Payment
Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
Board
of Management :
Director - Mr. Ir. Stefanus Tejtje Wirjadi, SH
Board
of Commissioner :
Commissioner - Mr. Teddy Tio
Signatories :
Director (Mr. Ir. Stefanus Tjetje Wirjadi, SH) which
must be approved by Board of Commissioner
CAPABILITIES
|
Management
Capability :
Good
Business
Morality :
Good
OVERALL
PERFORMANCE
|
P.T. BUKIT SURYA MAS (P.T. BSM) was established in Jakarta
in July 2005 with an authorized capital of Rp. 5,000,000,000 wholly issued and
paid up. The founding and shareholders of the company are Mr. Ir. Stafanus
Tjetje Wirjadi, SH., and Mrs. Lilis Indrawati Loekman Hariono, both are
Indonesian businessmen of Chinese extraction. Its article of association had
been changed and according to the revision of notary deed Mrs. Berliana Utami,
SH., no. 23 dated 28 February 2008 Mrs. Lilis Indrawati Loekman Hariono pulled
out and the whole share taken over by Mr. Teddy Tio as new shareholder. With
this time the composition of its shareholders has been changed to become Mr.
Ir. Stefanus Tjetje Wirjadi, SH (50%) and Mr. Teddy Tio (50%). The latest
according to revision of notary deed Mrs. Mellyani Noor Shandra, SH., no. 38
dated 7 November 2013 some 20% of Mr. Teddy Tio’s share sold to Mr. Ir.
Stefanus Tjetje Wirjadi, SH. With this time the composition of its shareholders
has been changed to become Mr. Ir. Stefanus Tjetje Wirjadi, SH (70%) and Mr.
Teddy Tio (30%). The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-50294 dated November 22,
2013.
P.T. BSM has been in operation since 2005 dealing with
master batch manufacturing by taking over the whole assets and factory of P.T.
HOETAMACHEMINDO SEPAKATABADI which operates in 1995. The company has operates
and manages two plants are located at Jalan Raya Rangkas Bitung Km. 8, Kareo
village, Jawilan district, Serang Regency, Banten Province on a land of 1.0 hectare
and the second located at Jalan Raya Rangkas Bitung Km. 11, Bojot village,
Jawilan district, Cikande, Serang Regeny, Banten Province. With combining these
distinct assets, the company has been risen its position in the business as a
rock-solid company with strong professional culture. It is obviously
because of the support from their customers and partners, current capacity of
more than 12.000 tons per years that still growing bigger. The specification,
type and the specialties of P.T. BSM’s products are white master batches for
polyolefin, black master batches for polyolefin, thermoplastic rubber compounds
and additive master batch. Master batch is plastic granular with high
concentrate of additive substances whether pigment, antistatic agent, slip agent
with perfectly depressed in polymers.
Besides that, P.T. BSM also produces polyethylene of
ethylene vinyl acetate master batch with priority on black color and white
color. Both products are used in extrusion industries like plastic pipe, blown,
film, injection making (including shoe sole and slipper), etc. Its other
products are including additive master batch like antistatic master batch used
for the manufacturing of plastic with clean look or easy to clean plastic
products with ability of eliminating of melt tracture from film LLDPE and
others.
Ferro materials enhance the performance of products in a
variety of end markets, including consumer electronics, telecommunication,
pharmaceutical, building and renovations, appliances, transportations, household
furnishings and industrial products. Basic materials are imported from Spain,
Germany and Italy.
The whole of company products like color master batch is
marketed to polymer compound producer among other to P.T. ASIAPLAST INDUSTRIES
Tbk, P.T. HASIL RAYA INDUSTRIES, P.T. PETINDO JAYA SAKTI, P.T. DINITO JAYA,
P.T. CAHAYA PERDANA PLASTIK, P.T. DYNAPLAST Tbk., shoes and sandal
manufacturers, etc. Besides the products also supplied to P.T. BUMI MULIA INDAH
LESTARI, P.T. PRIMA KALPLAS, P.T. DYNAPLAST Tbk, P.T. SMART Tbk, P.T. ARTHA
MANGGALA MULIA, P.T. BOGA VICTORY MAKMUR, P.T. UNIPLAS IKA PRATAMA, P.T. ZEBRA
ASABA, P.T. SAN MIQUEL SAMPOERNA, P.T. MATTEL INDONESIA, P.T. BERLINA Tbk, P.T.
GITA PACIFIC, P.T. SLIONTEC EKADHARMA INDONESIA, P.T. SIDO BANGUN, P.T. TOMANG
PLASTINDO UTAMA and others. The economic crisis and sharp Rupiah depreciation
against the US Dollar and other hard foreign currencies has affected badly on
P.T. BSM’s operation due to drastically hike of its imported basic material
prices. Mr. Ir. Stefanus Tjetje Wirjadi, SH, director of P.T. BSM disclosed
that his company operation has kept on running for it succeeded to develop
extensive marketing network in the country. P.T. BSM is classified as a small
sized company of its kind in the country of which the operation has gradually
been growing in the last three years.
The demand for plastic master batch is estimated to have
gone on rising in 2013 despite relatively small. The masterbatch is produced by
8 producers respectively P.T. BASF INDONESIA Tbk, P.T. DIC INDONESIA, P.T.
INTER ANEKA LESTARI KIMIA, P.T. HALIM SAMUDERA INTERUTAMA, P.T. JAMAYA PLASTIK
INDUSTRI, P.T. CLARIANT INDONESIA, P.T. HOLLAND COLOR ASIA and P.T. NIPPISUN
INDONESIA. It is estimated that the demand for master batch products will
continue on rising in line with the growth of the demand for plastic bag,
plastic foam, plastic component, plastic doll, plastic bottle, plastic pipe,
plastic cable and others for further particular details are as shown on the
table below:
Growth of Supply of
Master batch in Indonesia 2008-2014
(Ton)
|
Year |
Production |
Import |
Export |
Supply |
|
2008 2009 2010 2011 2013 2014 |
17.825 18.894 20.028 21.230 22.504 23.854 |
2.614 2.771 2.938 3.114 3.301 3.499 |
2.817 2.986 3.165 3.355 3.556 3.779 |
17,270 18.306 19.423 20.608 21.886 23.321 |
P.T. BSM has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. BSM is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2012 amounted to Rp. 55.0 billion increased to Rp. 61.0 billion in
2013 rose to Rp. 72.0 billion in 2014 and projected to go on rising by at least
5% in 2015. The company’s operation in 2014 has yielded a net profit of Rp. 6.1
billion with an estimated total networth of at least Rp. 21.0 billion. So far,
we did not heard that the company having been black listed by the Central Bank
(Bank Indonesia).
The company is led by Mr. Ir. Stefanus Tjetje Wirjadi, SH
(51), a businessman and professional manager with has experienced for more than
22 years in the field of color master batch manufacturing and trade. He
graduated from Gajah Mada University, Yogyakarta majoring in Faculty of Law and
Chemical Engineering from Trisakti Universiry, Jakarta. We observed that
management’s reputation in said business is sufficiently fairly good. The
company has had wide relation with private businessmen of home and overseas as well
as with the government sectors. So far, we did not hear that the company’s
management involved in business malpractice 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. BUKIT SURYA MAS is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.45 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
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.