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Report No. : |
350789 |
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Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
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Name : |
C.V. BANGKIT JAYAA |
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|
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Registered Office : |
Jalan Palem I/TC No. 24-25, Komplek Pertokoan Pondok Candra Indah, Waru, Sidoarjo 61256, East Java |
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Country : |
Indonesia
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Date of Incorporation : |
27.09.1993 |
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|
|
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Legal Form : |
Partnership With Sleeping Partners |
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Line of Business : |
Trading, Supply and Distribution of Essential Oils, Natural Specialties, Aromatic Chemical, Tobacco Flavors and Food Ingredients |
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No. of Employees : |
55 |
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 : |
Slow but correct |
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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 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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
|
Name
of Company :
C.V.
BANGKIT JAYAA
A
d d r e s s :
Head
Office
Jalan
Palem I/TC No. 24-25
Komplek
Pertokoan Pondok Candra Indah
Waru,
Sidoarjo 61256
East
Java, Indonesia
Phones - (62-31) 8663502, 8671629, 8672891,
8581336
Fax. - (62-31) 8672891, 8681336
Building Area - 3 storey
Office Area -
240 sq. meters
Region -
Commercial
Status -
Owned
Branches
a.
Kawasan Industri dan Pergudangan Marunda Center Blok E.1 No.3A
Jalan Marunda Makmur,
Bekasi 17211, West Java
Indonesia
Phones -
(62-21) 29088202, 29088203
Fax. -
(62-21) 29088204
b.
Jalan Borobudur No. 10A
Semarang 50147, Central Java
Indonesia
Phones -
(62-24) 7624722, 70387958
Fax. -
(62-24) 7624922
Date
of Incorporation :
27
September 1993
Legal
Form :
C.V.
(Commanditaire Vennotschaap) or Partnership with sleeping partners
Company
Reg. No. :
The
Ministry of Law and Human Rights
Not
required
Company
Status :
National
Private Company
Permits
by the Government Department :
The
Department of Trade and Industry
SIUP No. 425/13-17/PB/VIII/95
Dated 10 August 1995
Related/Affiliated
Company :
Not
available
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Owned Capital - Rp. 5,000,000,000.-
Partners/Owners
:
a.
Mr. Gatot Pringgondhani (as active partner)
b.
Mrs. Sarah Pik Tjia Nio (as silent partner)
BUSINESS ACTIVITIES
|
Lines
of Business :
Trading,
Supply and Distribution of Essential Oils, Natural Specialties, Aromatic
Chemical, Tobacco Flavors and Food Ingredients
Product
Items :
a.
Aroma Chemical – General & Specialty (High Impact Aroma Chemicals)
b.
Aromatic Chemicals/Raw Material
c.
Cigarette Papers
d.
Citreatt Specialties
e.
Natural Chemicals
f.
Rectified, Concentrated and Folded Essentials Oils
g.
Solvents & Humectants
h.
Starch & Chemicals
i. Sweeteners
j. Tobacco Flavours
k.
Treattarome Range
Total
Investment :
Owned Capital - Rp. 30.0 billion
Started
Operation:
February
1994
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
55
persons
Marketing Area :
Domestic - 100%
Main
Customers:
a.
Food and Beverage Industries
b.
Pharmaceutical Industries
c.
Cosmetic Industries
d.
Chemical Material Shops, etc.
Market
Situation :
Very
Competitive
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a.
P.T. Bank CENTRAL ASIA Tbk
Jl. Ahmad Yani No. 39-A
Waru, Sidoarjo, East Java
Indonesia
b.
P.T. Bank MANDIRI Tbk
Ruko Gateway Blok C-7
Waru, Sidoarjo, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No detrimental filling was recorded in the local court
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 66.0 billion
2013
– Rp. 75.0 billion
2014
– Rp. 86.0 billion
2015
– Rp. 47.0 billion (January – June)
Net
Profit (estimated) :
2012
– Rp. 4.2 billion
2013
– Rp. 4.8 billion
2014
– Rp. 5.6 billion
2015
– Rp. 3.0 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY EXECUTIVES
|
Board of Management :
Director -
Mr. Gatot Pringgondhani
Board of Commissioners :
Commissioner - None
Signatories :
Director
(Mr. Gatot Pringgondhani) is the only person who is authorized to sign the loan
on behalf of the company
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
C.V. BANGKIT JAYAA (C.V. BJ) was established
in Surabaya (East Java) on September 27, 1993, with the legal status of Commanditaire
Vennootschaf (C.V) or partnership with sleeping partner. The founding
owners of C.V. BJ are Mr. Gatot Pringgondhani as active partner and his mother
Mrs. Sarah Pik Tjia Nio as silent partner both are Indonesian businessmen of
Chinese extraction. Being as a C.V.
company, the amount of its authorized capital was not mentioned at the time of
its establishment. We estimated that
now C.V. BJ has own capital of about Rp. 5.0 billion and it will be rising in
line with the progress of its business operation.
C.V. BJ started with operation in February 1994 dealing
with trading, supplying and distribution of industrial chemicals, essential
oil, natural products, food colors and others.
The Company has established good cooperation with suppliers and
distributors from other countries such China, India, Singapore, Malaysia,
Vietnam, etc. A marketing staff of the
company said that his company was appointed to be a distributor for Indonesian
market by RC Treatt & Co., Ltd., of the UK for ingredients, essential oil,
aromatic chemicals and by Pyosa S.A. De of Mexico for food colors. Then C.V. BJ was also appointed as
distributor for Tobacco Flour for Indonesia market by VMC Mane Fils S.A., one
of the worldwide leaders in the fragrance and flavor design industry with its
headquarters in Bar Sur Loup, France.
In 2003, C.V. BJ also appointed as the distributor within Indonesian
market by PT. Tripper Nature of Indonesia, a supplier of all spices, such as
Vanilla, Cinnamon, cloves, Cardamon, Ginger, etc. It was further explained that
a large extent of the products is supplied to a number of food and beverage
industries, drink industries, cosmetic industries, pharmaceutical industries
and chemical material shops in East Java and Eastern Indonesia. We observe that C.V. BJ is classified as a
medium sized company of its kind in the country particularly East Java of which
the operation has been running smoothly and growing in the last five years.
Generally, the demand for essential oils,
natural specialties, aromatic chemical, tobacco flavors and food ingredients
had significantly rising by 6% to 8% per year in the last five years, in line
with the growth of food and beverage industries, cosmetic and pharmaceutical
industries, etc. The growth rate is now
estimated at 4% to 5% per year. The solid and steady domestic economy,
increased government activity in infrastructure development and improving
investment climate in Indonesia with the rising of Country Rating to Investment
Grade, and also supported by Indonesia’s economic indicators such as inflation,
exchange rates and interest rates are expected to encourage the business
sectors.
Macroeconomic indicators from China showed
downward trend. In contrary,
macroeconomic indicators of the US and India showed improvement. Both of these indicated continued
uncertainties. In Europe, concerns on
the development of Greece’s economy are also expected to add uncertainties in
the global economy environment. Despite
these uncertainties, many analysts expected positive outlook for the Asian
region. OECD and IMF have predicted that
the China’s economy will grow 7.1% while India is expected to grow between 6.4
– 6.6%. The global economic
crisis that accompanied the decline of the Indonesian Rupiah (IDR) against the
US Dollar in the past two months, resulting in Indonesian people's purchasing
power declined sharply. The value of the Rupiah from Rp. 9,500.- per US dollar,
has now slumped to Rp. 13.800 per US Dollar. It is estimated that the financial
crisis will continue until the end of 2015.
Until this time C.V. BANGKIT JAYAA has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. 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. C.V. BJ’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover of the company in
2012 amounted to Rp. 66.0 billion increased to Rp. 75.0 billion in 2013 and
rose again to Rp. 86.0 billion in 2014.
The operation in 2014 yielded a net profit at least Rp. 5.6 billion and
the company has a total net worth of Rp. 30.0 billion. It is projected that total sales turnover of
the company will increase at least 8% in 2015. So far we did not hear that C.V. BJ has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management of C.V. BANGKIT JAYAA is led by Mr. Gatot
Pringgondhani (54) sits as director and CEO of the company. He is an Indonesian businessman of Chinese
extraction with 22 years experience in trading and distribution of essential oils,
aromatic chemical, tobacco flavors and food ingredients. They have extensive relationships with many
private businessmen at home and abroad as well as with government sector. So
far we have never heard that the board of directors and commissioners of the
company involved in business malpractices or detrimental cases that settled
through the court.
C.V. BANGKIT JAYAA is appraised to be 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.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
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.