MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TIRTA BUANA
KEMINDO |
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Registered Office : |
Jalan Tarian
Raya Barat Block C-8/10, Kelapa Gading, Jakarta Utara, 14250 |
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Country : |
Indonesia |
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Date of Incorporation : |
1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution and Supply of
Industrial Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 65,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. TIRTA BUANA KEMINDO
Address
Head Office
Jalan Tarian Raya
Barat Block C-8/10
Kelapa Gading
Jakarta Utara,
14250
Indonesia
Phone - (62-21) 452 1212
(Hunting)
Fax. - (62-21) 458 47971
E-mail - tbk@pttbk.com
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
1999
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. W7-01967
HT.01.04.TH.2006
Dated 20 October
2006
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.270.012.4-043.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
750,000,000.-
Issued Capital : Rp. 600,000,000.-
Paid up Capital : Rp.
600,000,000.-
Shareholders/Owners :
a. Mrs. Veronika Vanda Hendrawan - Rp. 360,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta Utara
Indonesia
b. Mrs. Lies Djulistya, BA - Rp. 240,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Distribution and Supply of
Industrial Chemicals
Production Capacity
None
Total Investment
None
Started Operation
1999
Brand Name
None
Technical Assistance
None
Number of Employee
17 persons
Marketing Area
Local - 100%
Main Customer
a. P.T. DARYA
VARYA LABORATORIES Tbk
b. P.T. ABC
PRESIDENT ENTERPRISES INDONESIA
c. P.T. JAKARANA
TAMA
d. P.T. MARTINA
BERTO
e. P.T. KIMIA
FARMA Tbk
f. P.T. MARIZARASA
g. P.T. MUSTIKA
RATU
h. P.T. TRIPLE ACE
INDONESIA
Market Situation
Very Competitive
Main Competitors
a. P.T. SYMRISE
INDONESIA
b. P.T. ZUELLIG
SERVICES INDONESIA
c. P.T. TIGAKA
DISTRINDO PERKASA
d. P.T. PRATISTA
ARJANA
e. P.T. EPSILON
SULIATRACO
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank DANAMON INDONESA Tbk
Jalan Raya Kelapa Gading Boulevard
Kelapa Gading
Jakarta Utara
Indonesia
b. P.T. Bank NIAGA Tbk
Jalan Raya Kelapa Gading
Boulevard
Kelapa Gading
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 4.3
billion
2005 – Rp. 4.7
billion
2006 – Rp. 5.0
billion
2007 – Rp. 2.6
billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 0.3 billion
2005 – Rp. 0.4 billion
2006 – Rp. 0.5 billion
2007 – Rp. 0.2 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mrs. Veronika Vanda Hendrawan
Board of Commissioners :
Commissioner -
Mrs. Lies Djulistya, BA
Signatories :
Director (Mrs. Veronika Vanda Hendrawan)
which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 65,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. TIRTA BUANA KEMINDO (P.T. TBK) was established in Jakarta 1999 with an authorized capital of Rp. 500,000,000 issued capital of Rp. 200,000,000 was paid up. The foundering shareholders are Mrs. Veronika Vanda Hendrawan and her mother Mrs. Lies Djulistya, Bachelor of Arts, both are Indonesian business family of Chinese origins. The article of association has been changed a couple of times. The latest in August 2006, the authorized capital was increased to Rp. 750,000,000 issued capital of Rp. 600,000,000 entirely paid up. The deed of amendment was made by Mr. Musa Muamarta, SH., a public notary in Jakarta under Company Registration Number W7-01967 HT.01.04.TH. 2006, dated October 20, 2006.
P.T. TBK had been operating since 1999 in trading, distribution and supply of industrial chemicals. The company sells of pharmaceutical, chemical for industrial basis and food industry. The merchandising goods products such as raw material (carnitine, green tea extract, creatine, glutamic, grape seed, aspartame, maltodextrin), feed additives, bulk drug, vetinary, food and chemicals raw material. The whole product is imported from India, China and the rest from Europe Union. The whole commodities are sold to cosmetic, food and beverages industries, personal care industries, household, pharmaceutical and nutraceutical industries in Indonesia such as P.T. DARYA VARYA LABORATORIES Tbk, P.T. ABC PRESIDENT FOOD INDUSTRY, P.T. HEINZ ABC INDONESIA, P.T. MUSTIKA RATU, P.T. MARTINA BERTO, etc. Besides, some of the products are marketed in Surabaya, Semarang, Bandung, Makassar, Denpasar, Medan and surrounding areas. We see the operation of P.T. TBK has been growing and developing well in the last three years.
The demand for industrial chemicals like food chemicals, food ingredients and food seasoning products has kept on rising by 10% to 12% per annum in the last three years in line with the sustained growth in food and beverage processing industry in Indonesia as well as the improving of population income. The demand growth will go on rising by 10% per annum in the next three years. Market competition is very sharp considering many other similar imported products offering on the local markets. P.T. TBK in this case is not doing very badly on account of it has built a fairly close connection with several leading food and beverages processing plants in Indonesia.
Until this time P.T. TBK 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 2004 amounted to Rp. 4.3 billion increase to Rp. 4.7 billion in 2005 to Rp. 5.0 billion in 2006. As from January to June 2007 the sales turnover of the company amounted to Rp. 2.6 billion with a net profit of Rp. 0.2 billion and the company has an estimated total net worth by at Rp. 1.0 billion. It is projected that total sales turnover of the company will increase at least 6% in 2008. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company disclosed that the company usually pays its debts punctually to suppliers.
The management of P.T. TBK is led by Mrs. Veronika Vanda Hendrawan (38) a businesswoman with has experienced for more than 12 years in trading, distribution, supply of industrial chemicals. We observed that management’s reputation in said business is fairly good. 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 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. TIRTA BUANA KEMINDO is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a 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. |
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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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%)