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Report No. : |
324039 |
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Report Date : |
29.05.2015 |
IDENTIFICATION DETAILS
|
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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|
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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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|
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Line of Business : |
Subject is engaged in Electrical Household Industry, Trading, Importing and
Distributor of refrigerator |
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No. of Employee : |
82 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 |
|
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. 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. BITZER COMPRESSORS INDONESIA
Head Office & Workshop
Jl.
Raya Tlajung Udik No. 2
Gunung
Putri, Bogor 16962
West
Java
Indonesia
Phones - (62-21) 867 1041(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
Date of Incorporation :
28
August 2002
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
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
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
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
Holding
Companies :
a.
BITZER SE., of Germany (Investment Holding)
b.
BITZER KUHLMASCHINENBAU GmbH., of Germany (Investment Holding)
Affiliated/Associated
Company :
THE
BITZER GROUP of Germany
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
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$. 500,000.-
Started Operation :
2003
Brand Name :
BITZER INDONESIA
Technical Assistance
:
BITZER
KUHLMASCHINENBAU GmbH of Germany
Number of Employee :
82 persons
Marketing Area :
a. Local -
70%
b. Export - 30%
Main Customers :
a. Supermarkets and
Hypermarkets
b. Hotel and
Restaurants
c. Hospitals, etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Air Tech
Refrigeration Industries
b. PT. Gaya Tehnik
Engineering
c. PT. Maspion
Electronic
d. PT. Sanken
Argadwija
e. Etc.
Business Trend :
Growing
B
a n k e r :
DEUTSCHE
BANK
Deutsche
Bank Building
Jl.
Imam Bonjol No. 80
Jakarta
Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 68.0 billion
2011
– Rp. 75.2 billion
2012
– Rp. 87.0 billion
2013
– Rp. 102.0 billion
2014
– Rp. 114.0 billion
Net
Profit (estimated) :
2010
– Rp. 3.4 billion
2011
– Rp. 3.7 billion
2012
– Rp. 4.2 billion
2013
– Rp. 4.9 billion
2014
– Rp. 5.5 billion
Payment
Manner :
Almost
promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Peter Friedrich Eugen Schaufler
Directors -
a. Mr. Gimin Simbolon
b. Mr. Robert Charles De Bruyn
Board of Commissioners :
President Commissioner - Mr. Christian Klaus Arthur
Gustav Wahlers
Commissioner - Mr. Jurgen Kleiner
Signatories :
President
Director (Mr. Peter Friedrich Eugen Schaufler) or one of Directors (Mr. Gimin
Simbolon or Mr. Robert Charles De Bruyn) which must be approved by Board of
Commissioners (Mr. Christian Kalus Arthur Gustav Wahlers and Mr. Jurgen
Kleiner)
Management Capability :
G o o d
Business Morality :
G o o d
P.T. BITZER COMPRESSORS INDONESIA (P.T. BCI)
was established on August 28, 2002 with the authorized capital of US$.
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$. 400,000.- was
issued and fully paid up. But, no
changes have been effected in term of its shareholding composition and capital
structures to date. The
amendment to notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-03522 dated
February 6, 2013. The most
recently by notarial Deed of Quoriena Julia Sari, SH dated 2 March 2014, the
board of director was changed, Mr. Gianbattista Parlanti withdrew and replaced
by Mr. Robert Charles De Bruyn. The amendment to notarial Deed
has been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-09826 dated 10 March 2014.
P.T. BCI was established within the
framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) in 2002 in
the field of electrical household industry, trading, import and
distributor. According to business permit issued by
the BKPM, its production capacity
of 800 units of refrigerators,
and import and distributor of refrigerator with respectively value US$
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.
The operation in 2014 yielded an estimated net profit of at least Rp.
5.5 billion and the company has an estimated total networth 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.63.90 |
|
|
1 |
Rs.98.16 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.