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Report No. : |
353552 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T.
BITZER COMPRESSORS INDONESIA |
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Registered Office : |
Jl. Raya Tlajung Udik No. 2 Gunung Putri, Bogor 16962 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
28.08.2002 |
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Com. Reg. No.: |
AHU-AH.01.10-09826 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Electrical Household Industry, Trading, Importing and
Distributor of refrigerator. |
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No. of Employee : |
82
Persons |
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 : |
Good |
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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 |
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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 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 |
P.T. BITZER COMPRESSORS INDONESIA
Head Office & Workshop
Jl. Raya Tlajung Udik No. 2
Gunung Putri, Bogor 16962
West Java
Indonesia
Phones -
(62-21) 867 1041/42 (hunting)
Fax - (62-21) 867 0386
Email - Indonesia@bitzer.co.id
Website - http://www.bitzer.de
Land Area -
5,000 sq. meters
Building Area -
3,600 sq. meters
Region -
Industrial Zone
Status -
Owned
28 August 2002
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No. C-22012.HT.01.01.TH.2002
Dated 12 November 2002
b. No. AHU-02617.AH.01.02.Tahun
2009
Dated 12 January 2009
c. No. AHU-AH.01.10-14403
Dated 24 April 2012
d. No. AHU-AH.01.10-03522
Dated 06 February 2013
e. No. AHU-AH.01.10-09826
Dated 10 March 2014
Foreign Investment Company (PMA)
a. The Department of Finance
NPWP No.
01.869.515.5-055.000
b. The Department of Industry and Trade
TDP No.
10.20.1.29.02340, dated 29 November 2005
c. The Capital Investment Coordinating Board
- No. 341/I/PMA/2002
Dated 24 May 2002
- No. 259/A6.B2/2002
Dated 2 August 2002
a. BITZER SE., of Germany (Investment Holding)
b. BITZER KUHLMASCHINENBAU GmbH., of Germany (Investment Holding)
THE BITZER GROUP of Germany
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Authorized Capital -
US$. 1,000,000.-
Issued Capital -
US$. 400,000.-
Paid up Capital -
US$. 400,000.-
Shareholders/Owners :
a. BITZER SE., of Germany -
US$ 380,000.- (95%)
Address:
Eschenbrunnlestrasse 15,
D-71065
Sindelfingen
Germany
b. BITZER KUHLMASCHINENBAU
GmbH., of Germany - US$ 20,000.- (
5%)
Address:
Eschenbrunnlestrasse 15,
D-71065
Sindelfingen
Germany
BUSINESS
ACTIVITIES
|
Lines of Business :
Electrical Household Industry, Trading, Importing and
Distributor of refrigerator
Production Capacity :
a. Refrigerator -
800 units
b. Import of Refrigerator Parts -
US$ 1,300,000.-
c. Main Distributor -
US$ 1,300,000.-
Total Investment :
a. Owned Capital -
US$. 200,000.-
b. Loan Capital -
US$. 300,000.-
c. Total Investment -
US$. 500,000.-
Started Operation
:
2003
Brand
Name :
BITZER
INDONESIA
Technical
Assistance :
BITZER
KUHLMASCHINENBAU GmbH of Germany
Number of
Employee :
82
persons
Marketing
Area :
a.
Local - 70%
b. Export - 30%
Main
Customers :
a.
Supermarkets and Hypermarkets
b. Hotel
and Restaurants
c.
Hospitals, etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a. PT.
Air Tech Refrigeration Industries
b. PT.
Gaya Tehnik Engineering
c. PT.
Maspion Electronic
d. PT.
Sanken Argadwija
e. Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r :
DEUTSCHE BANK
Deutsche Bank Building
Jl. Imam Bonjol No. 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales (estimated) :
2011 – Rp. 75.2 billion
2012 – Rp. 87.0 billion
2013 – Rp. 102.0 billion
2014 – Rp. 114.0 billion
2015 – Rp. 62.0 billion
(January – June)
Net Profit (estimated) :
2011 – Rp. 3.7 billion
2012 – Rp. 4.2 billion
2013 – Rp. 4.9 billion
2014 – Rp. 5.5 billion
2015 – Rp. 3.0 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments :
Fairly
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Peter Friedrich Eugen Schaufler
Directors - a.
Mr. Gimin Simbolon
b. Mr. Robert Charles De Bruyn
Board of Commissioners :
President Commissioner - Mr. Christian Klaus Arthur
Gustav Wahlers
Commissioner - Mr. Jurgen
Kleiner
Signatories :
President Director (Mr. Peter Friedrich Eugen Schaufler) or one of
Directors (Mr. Gimin Simbolon or Mr. Robert Charles De Bruyn) which must be
approved by Board of Commissioners (Mr. Christian Kalus Arthur Gustav Wahlers
and Mr. Jurgen Kleiner)
CAPABILITIES
|
Management Capability :
G o o d
Business Morality :
G o o d
OVERALL
PERFORMANCE
|
P.T. BITZER COMPRESSORS
INDONESIA (P.T. BCI) was established on August 28, 2002 with the authorized capital
of US$. 500,000.- of which US$. 200,000.- was issued and paid up. The founding shareholders of the company are
BITZER KUHLMASCHINENBAU GmbH & Co. Holding Kg., of Germany (95%) and BITZER
KUHLMASCHINENBAU GmbH., of Germany (5%).
The deed of company was approved by the Ministry of Law and Human Right
in its Decision Letter No. C-22012 HT.01.01.TH.2002 dated 12 November
2002. The Articles of association of the
company have been revised. On December
11, 2008, BITZER KUHLMASCHINENBAU GmbH & Co. Holding KG., pulled out and
replaced by BITZER SE., as new shareholders.
Since that time, the shareholders of the company are BITZER SE., (95%)
and BITZER KUHLMASCHINENBAU GmbH., (5%), both from Germany. The Deed of amendment was approved by the
Ministry of Law and Human Right in its Decision Letter No.
AHU-02617.AH.01.02.Tahun 2009 dated 12 January 2009 and No. AHU-AH.01.10-14403
dated 24 April 2012.
In January 2013 based on
notarial Deed No. 01 dated January 09, 2013 made by Notary Quoriena Julia Sari,
SH., the authorized capital was amounted to US$. 1,000,000.- of which US$.
400,000.- was issued and fully paid up.
But, no changes have been effected in term of its shareholding
composition and capital structures to date.
The amendment to notarial Deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No. AHU-AH.01.10-03522 dated February 6, 2013.
The most recently by notarial Deed of Quoriena Julia Sari, SH
dated 2 March 2014, the board of director was changed, Mr. Gianbattista
Parlanti withdrew and replaced by Mr. Robert Charles De Bruyn. The
amendment to notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-09826 dated
10 March 2014. Since then, no changes have been effected in term of its
shareholding composition and capital structure to date.
P.T. BCI was established within
the framework of foreign investment
(PMA), which has received permit
from the Investment Coordinating Board
(BKPM) in 2002 in the field of electrical household industry, trading, import and
distributor. According to business permit issued by
the BKPM, its production capacity
of 800 units of refrigerators,
and import and distributor of refrigerator with respectively value US$
1,300,000. Total investment for the project is absorbed investments of US$ 500,000 30 consisting of US$ 200,000 in equity capital and the rest would come from loans. Beside that, P.T. BCI is also provide services
in general air conditioning system including maintenance, repair and
procurements of air conditioning systems spare parts such as compressors,
condensers (shell & tube or fin condenser), evaporators (shell & tube
or fin evaporator), etc.
Miss Rima,
an administrative staff of the Company explained that some
70% of the products are marketed locally and the rest of some 30% is exported
to Hong Kong, Singapore, India and others. The
products of P.T. BCI has been widely known nation wide mostly used by
supermarkets, international restaurants and hotels, cooling system companies
(for fishes, fresh met, fruits and vegetables), etc. We observed that P.T. BCI is classified as a
medium sized company of its kind in the country of which the operation has been
growing in the last three years.
Generally, local demand for
refrigerator and compressors equipments had been increasing by 8% to 10% on the
average per annum within the last five years in line with the growth of supermarkets
and hypermarkets in the country, international hotels and restaurants,
hospitals and others. However, the
competition is very tight on account of lots of similar companies operating in
the country. The business position of
P.T. BCI is appraised to be favorable for having established regular customers
and wide marketing networks in major cities in the country. We believe that
P.T. BCI is in position to thrive its business in the future.
Until this time P.T. BCI has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement.
The management of the Company is very reclusive towards outsiders and
rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2011 amounted to
Rp. 75.2 billion increased to Rp. 87.0 billion in 2012 to Rp. 102.0 billion in
2013 and rose again to Rp. 114.0 billion in 2014. It is projected that total sales turnover of
the company will increase at least 8% in 2015. The operation in 2014 yielded an
estimated net profit of at least Rp. 5.5 billion and the company has an
estimated total net-worth of at least Rp. 60.0 billion. 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. BCI is
led by Mr. Peter Friedrich Eugen Schaufler (75) as president director, a
professional manager from Germany. He is
also as a top-executive of BITZER Group. In his daily activities, he is
assisted by two directors namely Mr. Gimin Simbolon (43) from Indonesia, and
Mr. Robert Charles De Bruyn (45) from Italy.
The management is handled by experienced staff in this business, having
maintained a wide business relation with private businessmen at home and abroad
as well as with government sectors. So far, we did not hear that the company’s
management involved in a dirty business practice 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. BITZER COMPRESSORS
INDONESIA is sufficiently fairly 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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
IDR |
1 |
Rs.0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
-- |
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.