MIRA
INFORM REPORT
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Report Date : |
16th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TEGUH INDORINTA ORPIT |
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Registered Office : |
Jalan
Kol. Sugiono No. 5 A / 21, Medan, 20151, North Sumatera, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
C-20118
HT.01.04.TH.2001 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
a.
Trading, Import and Distribution of Lubricating Oil (Inactive) b.
Plastic Packaging Manufacturing |
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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Maximum Credit Limit : |
US$
90,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
NOTE
Refer to
your clarification and complaint on P. T. TEGUH INDORINTA ORPIT. Firstly, we
have conducted investigation on 27th October 2006 through his staff
Mrs. Ming Min and told us that the company has been ceased operation since
2002. He explained that the company previously operates in trading and
distribution of lubricating oil. So, there is no business relation with trading
company in abroad especially in India. He doesn’t explain that the company has
been changes its operation in to manufacture of plastic packaging and plastic
metallizing.
But,
after we received your complaint and clarification on 13th November
2006, we reinvestigated again to the company. Mrs. Ming Min, has convey
apologized for us and told the company has been changes its operation in to
plastic packaging and plastic metallizing manufacturing. Some basic materials
are imported from South Korea and India. We will send the revision of P. T.
TEGUH INDORINTA ORPIT as soon as possible.
Thank you very
much for your attention and cooperation to our business reporting system and
investigation. We also very glad to receive criticism, clarification and any
complaint to improve of our services.
Name of Company
P.T.
TEGUH INDORINTA ORPIT
Address
Head
Office
Jalan
Kol. Sugiono No. 5 A / 21
Medan,
20151
North
Sumatera
Indonesia
Phone - (62-61) 453-8282
Fax. -
(62-61) 453-6500
Building
Area - 1 storey
Office
Space - 200 sq. meters
Region - Commercial Area
Status - Rent
Factory
Jalan
Sei Belumai 103 A
Tanjung
Morawa
Medan,
North Sumatera
Indonesia
Phones - (62-61) 7942220
Fax - (62-61) 7942230
Land
Area - 5,000 sq. meters
Building
Area - 3,500 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
1996
Legal Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The
Ministry of Justice and Human Rights
No.
C-20118 HT.01.04.TH.2001
Dated 12
December 2001
Company Status
Private
Company
Permit by the Government
Department
The
Department of Finance
NPWP No.
01.501.343.6-121.000
Related Company
None
CAPITAL
AND OWNERSHIP
Capital
Structure
Authorized
Capital : Rp. 300,000,000.-
Issued
Capital : Rp. 100,000,000.-
Paid up
Capital : Rp. 100,000,000.-
Shareholders/Owners
:
a. Mr.
Benny Sunjaya Tio -
Rp. 50,000,000.-
Address : Jl. Samanhudi No. 14-A,
Kel. Jati, Medan, North Sumatera
Indonesia
b. Mr.
Ardy Sandjaya Tiomaulana - Rp. 50,000,000.-
Address : Jl. Slamet Riady No. 22
Kel. Jati, Medan, North Sumatera
Indonesia
BUSINESS
ACTIVITIES
Lines
of Business
a.
Trading, Import and Distribution of Lubricating Oil (Inactive)
b.
Plastic Packaging Manufacturing
Production
Capacity :
a. Plastic Packaging - Based on job orders
b. Plastic Metallizing - Based on job order
Total
Investment :
a. Owned Capital -
Rp. 300.0 million
b. Loan Capital -
Rp. 700.0 million
c. Total Investment -
Rp. 1,000.0 million
Started
Operation :
a. 1996
but ceased operation since 2002 in trading of lubricating oil
b. 2003
trial production in plastic sheet manufacturing
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
35
person
Marketing
Area :
Local - 100%
Main
Customer :
a. P.T.
ABC PRESIDENT INDONESIA (Instant Noodle)
b. P.T.
SWEET INDOLAMPUNG (Sugar Refinery)
c. P.T.
INDOLAMPUNG PERKASA (Sugar Refinery)
d. P.T.
GUNUNG MADU PLANTATION (Sugar Refinery)
e. Food
Processing in Medan, North Sumatera
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T.
KEMAS ELOK PLASTINDO
b. P.T.
ULTRA PRIMA PLAST
c. P.T.
PANVERTA CAKRAKENCANA
d. P.T.
SIMOPLAS
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers
:
a. P.T. Bank CENTRAL ASIA Tbk
Medan Main Branch
Medan, North Sumatera
Indonesia
b. P.T.
Bank MANDIRI Tbk.
Jalan
Imam Bonjol No. 7
Medan,
North Sumatera
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
a. 2003 – Rp. 6.2 billion
b. 2004 – Rp. 6.6 billion
c. 2005 – Rp. 7.0 billion
Net
Profit (Loss) :
a. 2003
– Rp. 0.4 billion
b. 2004
– Rp. 0.5 billion
c. 2005
– Rp. 0.6 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
Board of
Management :
Director - Mr.
Benny Sunjaya Tio
Board of
Commissioners :
Commissioner - Mr. Ardy
Sandjaya Tiomaulana
Signatories
:
Director (Mr. Benny Sunjaya Tio) which must be
approved by Supervisory Board.
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Satisfactory
Credit
Risk :
Above Average
Credit
Recommendation :
Credit should be extended under guarantee
Proposed Credit Limit :
C.O.D.
To small amount
Maximum
Credit Limit :
US$
90,000 on 90 days D/A
OVERALL
PERFOMANCE
P.T.
TEGUH INDORINTA ORPIT (P.T. TIO) was established in Medan, North Sumatera in
1996 with an authorized capital of Rp. 300,000,000.- issued capital of Rp.
100,000,000.- entirely paid up. The founding shareholders are Mr. Benny Sunjaya
Tio and Mr. Ardy Sandjaya Tiomaulana, both are Indonesian businessmen of
Chinese extraction. The deed of amendment was made by Mr. Rahanum, SH., a
public notary in Medan under Company Registration Number C-20118 HT.01.04.TH.
2001, dated December 12, 2001.
Previously
P.T. TIO has been operating since 1996 as a trader and distributor of oil
lubricating oil. The company holds the distributor for GULF Oil & Lubricant
of the United State and AMT Oil of Australia. The merchandize products include
such items as Synthetic, Mineral, Petrol, Octan, Carburator Cleaner, etc. All
the above products are sold in the ranks of lubricating oil dealers &
traders and automotive repair workshops in Medan, North Sumatera and
surroundings. Based on our investigation through Mrs. Ming Min the company
staff, said that the company operation in trading and distribution of lubricating
oil was ceased operation since 2002.
Then, in
2003, P.T. TIO has been changes operation into the field of manufacturing of
plastic packaging (sheet) and plastic metallizing. The plant is located at
Jalan Sei Belumai 103 A, Tanjung Morawa, Medan, North Sumatera, where it stands
on a 5,000 sq.m. rented land. The plant produces plastic sheet (packaging) and
plastic metallizing based on job order from their buyers especially in Lampung
and Medan. The whole products is marketed to food processing industries, sugar
refinery and snack food industries such as P.T. ABC PRESIDENT INDONESIA, P.T.
SIANTAR TOP Tbk, P.T. SWEET INDOLAMPUNG, P.T. INDOLAMPUNG PERKASA, P.T.
GUNUNGMADU PLANTATIONS, and others snack food processing operating in Medan,
Pematang Siantar, Lampung and surroundings. Besides, the company products are
also marketed among plastic rotogravure printing operating in Medan. Raw
materials like OPP, PP and other basic materials are imported from South Korea,
India and Singapore. P.T. TIO 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.
We note
that the demand for flexible packaging has been volatile in the last five years
in line with the development of industries requiring such packaging like
industries producing instant noodles, peppermint, candy, chocolate, snacks,
powdered coffee as well as pharmaceuticals, cosmetics and other consumer
products. Competition is very tight on account of the many such type of
companies in operation in the country. Development of the Indonesian flexible
packaging production is shown in table below.
The
Volume and Value of Flexible Packaging Production, 1999-2004
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Year |
Volume
(Ton) |
Trend
(%) |
Value (US$
000) |
Trend
(%) |
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1999 2000 2001 2002 2003 2004 |
67,912 74,788 81,143 88,755 93,203 103,095 |
- 10.1 8.5 9.4 5.0 10.6 |
180,515 133,080 121,909 151,586 227,545 200,317 |
(26.3) (8.4) 24.3 50.1 (12.0) |
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Rata-rata |
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8.7 |
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5.6 |
The
growth production of plastic sack and plastic bag, 1998-2004
(Ton)
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Year |
Plastic Sack |
Plastic Bag |
Total |
Trend (%) |
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1998 1999 2000 2001 2002 2003 2004 |
82,806 132,833 144,589 168,617 175,105 187,340 204,428 |
132,154 184,304 203,650 232,852 258,323 282,537 313,110 |
214,960 317,137 348,239 401,469 433,428 469,877 517,538 |
47.5 9.8 15.3 8.0 8.4 10.1 |
Source :
Department of Industry, processed by ICB
Until
this time P.T. TIO has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. P.T. TIO's
management is very reticent to outsiders particularly about finances. We
estimate the company's sales turnover in 2003 amounted to Rp. 6.2 billion,
rising successively to Rp. 6.6 billion in 2004 to Rp. 7.0 billion in 2005 and
projected to increase further by at least 8% in 2006. The company is figured to
have made a net profit of at least Rp. 0.6 billion in 2005. P.T. TIO has an
estimated net worth of at least Rp. 1.2 billion. So far, we have never heard of
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. TIO is led by Mr. Benny Sunjaya Tio (40) a businessman who
experienced for more than 3 years in the field of manufacture of plastic
packaging (sheet) and plastic metallizing. The company has had wide relation in
the realm of the private businessmen inside and outside the country. Their
relation with the government is fairly good. So far, we have never heard 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. TEGUH
INDORINTA ORPIT is sufficiently fairly good for business transaction. In view
of vacillating economic condition in the country, we recommend to treat
prudently in extending loan to the company.
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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