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Report No. : |
353890 |
|
Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUMI NUSA MAKMUR |
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|
|
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Registered Office : |
Jl. Dr. Soetomo No.
97-C, 3rd Floor, Surabaya, East Java |
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Country : |
Indonesia
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Date of Incorporation : |
15.04.2008 |
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|
|
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Com. Reg. No.: |
AHU-34757.AH.01.02.Tahun 2011 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Crumb Rubber Manufacturing |
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No. of Employees : |
272 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 has seen a slowdown in growth since 2012, mostly due
to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially increased
electric power capacity, since taking office. Fuel subsidies were almost
completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
BASIC SEARCH
|
Correct Name of
company :
P.T. BUMI NUSA MAKMUR
A d d r e s s :
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
Date of
Incorporation :
15 April 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
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
Company Status :
National Private Company
Permits by the
Government Department :
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 AND OWNERSHIP
|
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
BUSINESS ACTIVITIES
|
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
:
272 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
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
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
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 238.0 billion
2012 – Rp. 266.0 billion
2013 – Rp. 305.0 billion
2014 – Rp. 340.0 billion
2015 – Rp. 178.0 billion (January – June)
Net Profit
(estimated) :
2011 – Rp. 14.0 billion
2012 – Rp. 15.6 billion
2013 – Rp. 18.2 billion
2014 – Rp. 20.4 billion
2015 – Rp. 10.6 billion (January – June)
Payment Manner :
No Complaints
Financial Comments
:
Satisfactory
KEY EXECUTIVES
|
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)
CAPABILITIES
|
Management
Capability :
Fairly
good
Business
Morality :
Fairly good
OVERALL PERFORMANCE
|
P.T. BUMI NUSA
MAKMUR (P.T. BNM) was incorporated in Surabaya (East Java) based on notary Deed
of Stephanie Juanita, SH., No. 6 dated 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 Deed of establishment was approved by
the Minister of Law and Human Rights of the Republic of Indonesia through its
Decree No. 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 to Deed
was approved by the Minister of Law and Human Rights through its Decree No.
AHU-AH.01.10-10253 dated April 29, 2010.
Most recently by notary deed of notary Ninik
Sutjiati, SH., No. 36 dated April 29, 2011 the authorized 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 amendment to Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No.
AHU-34757.AH.01.02.Tahun 2011 dated July 12, 2011. Since then, 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 known by its trading style “Bumi Rubber” has been
operating since mid-2008 dealing with 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 “Bumi Rubber” 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 5% - 6% 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. Along
with line macro-economic conditions that have not improved in 2014, the vehicle
sales decreased by 1.8% from 1,230,000 vehicles in 2013 to 1,208,000 vehicles
in 2014. This is due to the weak global
economic growth high inflation, rising interest rates, weak commodity prices
and the depreciation of the Rupiah throughout 2014. In 2014, Indonesia’s economic growth reached
5.02%. This is below the government’s
expectation in the beginning of the year that was 6.00% and lower than the
economic growth in 2013, which was 5.78%.
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 to 1,230 thousand units in 2013 and dropped to 1,208
thousand units in 2014. The growth of
car and motorcycle sales in Indonesia in 2007 to 2014 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 |
1,230 |
7,744 |
|
2014 |
1,208 |
7,867 |
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
rose again to Rp. 340.0 billion in 2014.
The company’s sales turnover is projected to be increasing by at least
4% in 2015. The operation of the company in 2014 is estimated to have gained a
net profit of Rp. 20.4 billion with a net worth of Rp. 85.0 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 and
slowdown, we recommend to treat prudently in extending any new loan to the
company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52. |
|
Rupiah |
1 |
Rs.0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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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.