|
Report No. : |
351149 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BENGAWAN SOLO
GARMENT INDONESIA |
|
|
|
|
Registered Office : |
Dukuh Butuh, RT.004, W.002, Desa Butuh – Kec. Mojo Songo, Kabupaten Boyolali 57371, Central Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
22.01.2001 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-46860 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment
Manufacturing |
|
|
|
|
No. of Employees : |
1,010 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
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
|
Complete
Name of Company :
P.T.
BENGAWAN SOLO GARMENT INDONESIA
A d d r e s s :
Head
Office & Factory
Dukuh
Butuh, RT.004, W.002
Desa
Butuh – Kec. Mojo Songo
Kabupaten
Boyolali 57371
Central
Java
Indonesia
Phones - (62-276) 324 888 (hunting)
Fax - (62-276) 324 889
Land Area - 30,000 sq.
meters
Building Area - 18,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
22
January 2001
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-06182 HT.01.01.TH.2001
Dated
20 August 2001
- No. C-06413.HT.01.04.TH.2003
Dated
25 March 2003
- No. AHU-59505.AH.01.02.TH.2011
Dated 5
December 2011
- No. AHU-AH.01.10-46860
Dated 6
November 2013
Company Status :
Foreign Investment Company (PMA)
Permits by the Government Department :
a. The Department of Finance
NPWP No. 02.014.260.0-526.000
b. The Capital Investment Coordinating
Board
No. 467/KJRI/OSAKA/PMA/2000
Dated 20 December 2000
Related/Affiliated Companies :
a. NIPPON STEEL & SUMIKIN BUSSAN CORPORATION
- Japan (Investment Holding)
b. SUMIKIN BUSSAN INTERNATIONAL (HK) LTD., -
Hong Kong (Investment Holding)
c. P.T. NIPPON STEEL AND SUMIKIN MATERIALS
(Automotive Parts Manufacturing)
CAPITAL AND OWNERSHIP
|
Capital Structure :
Authorized
Capital - Rp.
14,100,000,000.-
Issued
Capital -
Rp. 14,100,000,000.-
Paid
up Capital -
Rp. 14,100,000,000.-
Shareholders/Owners
:
a. NIPPON STEEL & SUMIKIN BUSSAN
CORPORATION - Rp 13,959,000,000 (99.0%)
Address: 5 – 27
Akasaka 8-Chome Minato-Ku
Tokyo 107-8527
Japan
b. SUMIKIN BUSSAN INTERNATIONAL (HK) LTD., - US$ 141,000,000 ( 1.0%)
Address: Canton
Road, Tsimshatsui,
Kowloon,
Hong Kong
BUSINESS ACTIVITIES
|
Lines of Business :
Garment
Manufacturing
Production Capacity :
Men’s and Lady’s Shirts,
Suits, Vests and Slacks - 5,000,000 pieces per annum
Total Investment :
a. Equity Capital -
Rp 14.100 million
b. Loan Capital -
Rp. 7,050 million
c. Total Investment -
Rp.21,150 million
Started Operation :
2 0 0 2
Brand Name :
On the order basis
Technical Assistance :
SUMIKIN BUSAN
CORPORATION of Japan
Number of Employee :
1,010 persons
Marketing Area :
Export - 100%
Main Customers :
Garment Retail Shops
and Department Stores in Japan
Market Situation :
Very Competitive
Main Competitors :
a. PT. Apac Inti
Corpora
b. PT. Argo Pantes Tbk.
c. PT. Ungaran Sari Garment
d. PT. Panasia Indosyntex Tbk
e. PT. Candratex Sejati
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a. PT. Sumitomo Mitsui Banking Corporation
Jakarta
Branch
Summitmas Building II, 9th Floor
Jalan Jend. Sudirman Kav. 61-62
Jakarta
Selatan
b. The Bank of Tokyo- Mitsubishi UFJ, Ltd.
Jakarta
Branch
Mid
Plaza, 1-3rd Floor
Jalan Jend. Sudirman Kav.
10-11
Jakarta Selatan
c. Sumitomo Mitsui Trust Bank, Ltd.
Jakarta
Branch
Summitmas Building II, 9th Floor
Jalan Jend. Sudirman
Kav. 61-62
Jakarta
Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 268.0 billion
2012 – Rp. 302.0 billion
2013 – Rp. 340.0 billion
2014 – Rp. 390.0 billion
2015 – Rp. 212.0 billion (January – June)
Net Profit
(estimated) :
2011 – Rp. 16.5 billion
2012 – Rp. 18.6 billion
2013 – Rp. 21.0 billion
2014 – Rp. 24.0 billion
2015 – Rp. 13.0 billion (January – June)
Payment Manner :
Average
Financial Comments
:
Fairly
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Toshihiko Ogino
Directors - a. Mr. Ayumu Kuga
b. Mr. Fumihiro Ueda
c. Mr. Yoshimura Minoru
Board of Commissioners :
Commissioner - Mr. Kojima Shigeru
Signatories :
President Director (Mr. Toshihiko
Ogino) or one of the Directors (Mr. Ayumu Kuga, Mr. Fumihiro Ueda or Mr.
Yoshimura Minoru) which must be approved by the
Board of Commissioner (Mr. Kojima Shigeru)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFOMANCE
|
P.T. BENGAWAN SOLO GARMENT INDONESIA (P.T.
BSGI) was established in Boyolali (Central Java) on January 22, 2001 with an
authorized capital of Rp. 9,400,000,000 (US$.1,000,000) entirely was issued and
fully paid up. The founding shareholders
of the company are SUMIKIN BUSSAN CORPORATION of Japan (99%) and Mr. Eiichi
Nakamura of Japan (1%). The Deed of establishment was approved by the Minister
of Justice of the Republic of Indonesia through its Decree No.
C-06182.HT.01.01.TH.2001 dated August 20, 2001. The Articles of association was
converted for several times. The most
recently by Notary Deed No. 29 dated October 29, 2013 of Adang Tri Sunoko, SH.,
the authorized capital was raised to Rp. 14,100,000,000 (Rp.1,500,000) was
issued and fully paid up. Since then,
the shareholders of the company are NIPPON STEEL & SUMIKIN BUSSAN
CORPORATION of Japan (99%) and SUMIKIN BUSSAN INTERNATIONAL (HK) Ltd., of Hong
Kong (1%). This amendment
to Deed has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia through Decree No. AHU-AH.01.10-46860 dated November 6, 2013.
We observe that NIPPON STEEL & SUMIKIN BUSSAN CORPORATION is a large-size company is engaged in marketing and import/export of steel, industrial supply and infrastructure, textiles, foodstuffs and others. SUMIKIN INTERNATIONAL (HK) Ltd., is engaged in wholesales and distributes men’s and boys’ apparel and furnishings.
P.T. BSGI obtained a foreign investment
company (PMA) facility issued by Investment Coordinating Board (BKPM) in 1995
for dealing with garment manufacturing with its plant located at Boyolali,
Central Java. For the first time, the
production process of cutting, sewing up to finish started only with 80
employees. The Company only produces
Men’s shirts with a simple style and small capacity. Then, the Company
continues to invest in the most up-date technology with automatic machine to
satisfy customer demands. In 2012, the
Company build new factory Suites located at Desa Butuh. RT.004, RW.002, Mojo
Songo District, Boyolali Regency, Central Java Province and now a company with
a total of 1000 employees.
Manufacturing business continue to flourish, the company begin producing
various styles, both men’s and lady’s shirts, but also suits, vest and
slack. The brands and types of garment
products being produced by P.T. BSGI are based on the customers’ request like;
Mazzo, Nissen, Marui, Onward, Belluna, Oaki, Orihica, Aeon and Murotani. The customers of the company entirely come
from Japan such as; Orihica, Les Mues, Enter G, Rochi and Intimage. We observed that P.T. BSGI 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, demand for textile and textile
products including polyester synthetic fiber, polyester textured yarn, finished
fabrics, garment, textile chemicals and raw materials has been fluctuating in
the last five years. 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 to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013 and to 1,815.6
thousand tons (US$ 5,379.9 million) in 2014. The export volume and value of the
national TPT products in 2002 to as of January 2015 are pictured on the
following table.
|
Year |
Textile Products |
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* |
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 1,815.6 153.0 |
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 5,379.9 421.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 35.4 |
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 7,450.9 594.5 |
The business position of P.T. BSGI is
appraised to be favorable for having established regular customers and wide marketing
networks in Japan. We believe that P.T.
BSGI is in position to thrive its business in the future.
Until this time P.T. BSGI has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. We observed
that total sales turnover of the company in 2012 amounted of Rp. 302.0 billion
increased to Rp. 340.0 billion in 2013 and rose again to Rp. 390.0 billion in
2014. The operation in 2014 yielded an
estimated net profit at least Rp. 24.0 billion and the company has an estimated
total net-worth at Rp. 180.0 billion. It is forecasted that total sales
turnover of the company will increase at least 8% in 2015. So far we did not hear that the P.T. BSGI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management of
the company is led by Mr. Toshihiko Ogino (55) as president director. In daily activities he is assisted by three
directors namely Mr. Ayumu Kuga (48), Mr. fumihiro Ueda (53) and Mr. Yoshimura
Minoru (51). The management, which is
evaluated quite creative and dynamic, also has succeeded in expanding their
overseas marketing network. We consider the management is quite capable of
further developing business in the future. They have close relations with many
high-ranking government officials as well as with private businessmen within
and outside the country. So far, we did not hear that the company’s management
involved in the business malpractices 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. BSGI is
appraised good for business transaction. But owing to 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.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
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.