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Report No. : |
316515 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T.
BINTANG MAKMUR TEXTIL INDUSTRI |
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Registered Office : |
Jalan
Raya Timur Km. 8 Karanganyar, Sambung Macan Sragen Regency, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
15.08.2006 |
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Com. Reg. No.: |
AHU-48643.AH.01.02.Tahun 2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Spinning Mills Industry |
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No. of Employees : |
1,940 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
P.T. BINTANG MAKMUR
TEXTIL INDUSTRI
Head Office & Factory
Jalan Raya Timur Km. 8
Karanganyar,
Sambung Macan
Sragen regency,
Central Java
Phone - (62-271) 882 6300, 882 6255, 890 600
Fax. - (62-271) 893 773
Land Area - 20.5 hectares
Building Space - 2.2 hectares
Region - Industrial Zone
Status - Owned
Branch
c/o PT. Bintang
Asahi Textil Industri
Jl. Raya
Solo-Sragen Km. 24
Purwosuman,
Sragen 57281
Solo - Central
Java
Indonesia
Phones - (62-271) 647455 (hunting)
Fax - (62-271) 651500
Land Area - 12.6 hectares
Building Space - 1.8 hectares
Region - Industrial Zone
Status - Owned
15 August 2006
P.T. (Perseroan Terbatas) or Limited
Liability Company
The
Ministry of Law and Human Rights
a. No.
AHU-27493.AH.01.02.Tahun 2009
Dated 19 June
2009
b. No.
AHU-48643.AH.01.02.Tahun 2009
Dated 9 October
2009
National Private Company
The
Department of Finance
NPWP No. 02.581.077.1-526.000
The
Department of Industry and Trade
TDP No. 11 14 152 00058
Dated 03 February 2007
P.T. BINTANG ASAHI TEXTIL INDUSTRY
(Textile Industry)
Capital Structure :
Authorized Capital -
Rp. 350,000,000,000.-
Issued Capital -
Rp. 87,500,000,000.-
Paid up Capital -
Rp. 87,500,000,000.-
Shareholders/Owners :
a.
Mr. Eddy Iskandar -
Rp. 68,679,000,000.- (78.49%)
Address : Jl. Arif Rahman Hakim No. 39
Kel.
Tegalharjo, Kec. Jebres
Surakarta,
Central Java
Indonesia
b.
Mrs. Kristiyanti -
Rp. 18,812,000,000.- (21.50%)
Address : Jl.
Arif Rahman Hakim No. 39
Kel.
Tegalharjo, Kec. Jebres
Surakarta,
Central Java
Indonesia
c. Mr. Albert Karsten Iskandar - Rp. 9,000,000.- ( 0.01%)
Address : Jl.
Arif Rahman Hakim No. 39
Kel.
Tegalharjo, Kec. Jebres
Surakarta,
Central Java
Indonesia
Lines of Business :
Spinning Mills Industry
Production Capacity :
Polyester Textured
Yarn - 79,365 bales p.a.
Total Investment :
a. Owned Capital -
Rp. 87.5 billion
b. Loan Capital -
Rp. 50.0 billion
c. Total Investment -
Rp. 137.5 billion
Started Operation :
2007
Brand Name :
BMSTI
Technical Assistance :
None
Number of Employee :
1,940 persons
Marketing Area :
Local -
40%
Export - 60%
Main Customers :
a. PT. Bintang Asahi Textil Industri
b. Overseas buyer in
Market Situation :
Very Competitive
Main Competitors :
a. PT. Apac Inti Corpora
b. PT. Argo Pantes Tbk.
c. PT. Adi Kencana Mahkotabuana
d. PT. Sulistyowati Kusumatex
e. PT. Delta Merlin Sandang Textile
f.
PT. Sulismatex
g. Etc.
Business Trend :
Declining in the last two years
Bankers :
a. P.T. Bank MANDIRI Tbk
Jl. Brigjen Slamet Riyadi No. 329
Solo, Central Java
Indonesia
b.
P.T. Bank NEGARA
Jl. Brigjen Slamet Riyadi No. 141-143
Solo, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 610.0 billion
2012 – Rp. 620.0 billion
2013 – Rp. 590.0 billion
2014 – Rp. 530.0 billion
Net Profit (estimated) :
2011 – Rp. 27.2 billion
2012 – Rp. 27.5 billion
2013 – Rp. 26.0 billion
2014 – Rp. 22.8 billion
Payment Manner :
Average
Financial Comments :
Fairly
Board
of Management :
Director - Mr. Eddy Iskandar AKA Tan Hoen Tjik
Board
of Commissioners :
Commissioner - Mrs.
Kristiyanti
Signatories
:
The Director (Mr. Eddy Iskandar AKA Tan
Hoen Tjik) which must be approved by Board of Commissioner (Mrs. Kristiyanti)
Management
Capability :
Fairly
good
Business
Morality :
Fairly
good
P.T. BINTANG MAKMUR SENTOSA TEXTIL INDUSTRI (P.T. BMSTI) was
established in Karanganyar (Central Java), based on notarial deed No. 52 dated
15 August 2006 drawn up by Ninoek Perrnomo, SH., notary in Surakarta, with an
authorized capital of Rp 15,000,000,000.- entirely was issued and fully paid
up. The founding shareholders of the
company are Mr. Eddy Iskandar AKA Tan Hoen Tjik (78.49%), his wife Mrs.
Kristiyanti (21.50%) and his son Mr. Albert Karsten Iskandar (0.01%). They are Indonesian businessman/woman of
Chinese extraction. The Deed of establishment was approved by
the Minister of Law and Human Rights of the Republic of Indonesia by virtue of
Decision Letter No. W9-00222 HT.01.01.TH.2006 dated 19 December 2006.
Its articles of association have subsequently been
changed. The most recently by notarial
Deed of Ninoek Poernomo, SH., No. 34 dated 15 September 2009, the authorized capital was increased to Rp
350,000,000,000.- of which Rp 87,500,000,000.- was issued and paid up. But, no changes have been effected in term of
its shareholding composition and capital structures. The
amendment to deed was approved by the Minister of Law and Human Right in its
Decision Letter No. AHU-48643.AH.01.02.Tahun
2009 dated 9 October 2009
P.T. BMSTI is a spinning mills
industry, which operates
a factory located on Jl. Raya Timur Km. 8,
Generally, the demand for specialty chemicals such as; textile
chemicals, auxiliary, dyestuff and textile raw materials tended to be
fluctuating within the last five years in line with the fluctuating of
Indonesian textile industry in general.
According to the Central Bureau of Statistics (BPS) the Indonesia
textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million)
to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6
million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.800
tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007
declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$
3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010
declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011 rose again to
1,508,500 tons (US$ 5,278.1 million) in 2012 and rose again to 1,633.1 thousand
tons (US$ 5,293.6 million) in 2013.
The export volume and value
of the national TPT products and garment in 2002 to 2013 are pictured on the
following table.
|
Year |
Textile Products |
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,633.1 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 5,293.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 7,501.0 |
Source: Central Bureau of Statistic
The company is neither public listed nor bond issued
company. Therefore, the company has no obligation to publish financial
statement publicly. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. P.T. BMSTI’s management is
very reclusive to outsider and rejecting to disclose its financial condition
but we estimated the total sales turnover in 2012 amounted to Rp. 620.0 billion
declined to Rp. 590.0 billion in 2013 and dropped again to Rp. 530.0 billion in
2014. Its estimated that the operation
in 2013 yielded a net profit at Rp. 22.8 billion and the company has total
assets of Rp. 180.0 billion. So far, we have never heard of the company having
been black listed by the Central Bank (Bank Indonesia).
The management of the company is led by Mr. Eddy Iskandar AKA Tan Hoen Tjik (62) as director and CEO of the company. He is a businessman who experienced for more than 23 years in industry and trading of textile products. In daily activities, he is assisted by his wife Mrs. Kristiyanti (42) and a number of professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. 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.
Considering the
operation of P.T. BMSTI declined in the last two year and 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.62.39 |
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|
1 |
Rs.91.06 |
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Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.