MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TANINDO SUBUR PRIMA |
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Registered Office : |
Charoen Pokphand Building, Jalan Raya Surabaya-Mojokerto Km. 19 Bringin Bendo Taman, Sidoarjo 61257, Surabaya, East Java, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
20.04.1987 |
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Com. Reg. No.: |
C2-22827 HT.01.04.TH.2000 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Supply and Distribution of Seed
and Agrochemicals Business |
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$
394,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Name of Company
P.T. TANINDO SUBUR PRIMA
Address
Head Office
Charoen Pokphand Building
Jalan Raya Surabaya-Mojokerto Km. 19
Bringin Bendo Taman, Sidoarjo 61257
Surabaya, East Java
Indonesia
Phone - (62-31) 788 2528, 788 2529
Fax. - (62-31) 788 2856
Building Area - 2 storey
Office Space - 500 sq. meters
Region - Industrial Zone
Status - Owned
Branch
Surya Hidup Satwa Building
Jalan Ancol Barat Block A 5E No. 10
Parang Tritis
Jakarta Utara, 14430
Indonesia
Phone - (62-21) 691 2808 (Hunting)
Fax. - (62-21) 691 5223
Building Area - 6 storey
Factory Space - 250 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
20 April 1987
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C2-22827 HT.01.04.TH.2000
Dated 20 October 2000
Company Status
Private Company
Permit by the Government
Department
The Department of Trade & Industry
TDP No. 131715100233
Dated 21 March 2001
The Department of Finance
NPWP No. 1.441.095.5-603
Dated 22 October 1998
Related Company
The
CHAROEN POKPHAND Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 2,360,000,000.-
Issued Capital : Rp. 2,360,000,000.-
Paid up Capital : Rp. 2,360,000,000.-
Shareholders/Owners :
a. P.T. SURYA HIDUP SATWA - Rp. 2,352,200,000.-
Address : Jl. Ancol Barat Block A 5E No. 10, Parang
Tritis, Ancol, Jakarta Utara, Indonesia
b. P.T. INDOVETRACO MAKMUR
ABADI - Rp. 7,800,000.-
Address : Jl. Ancol Barat Block A 5E No. 10, Parang
Tritis, Ancol, Jakarta Utara, Indonesia
BUSINESS ACTIVITIES
Lines
of Business:
Trading, Supply and Distribution of Seed and Agrochemicals Business
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 2.4 billion
b. Loan Capital - None
c. Total Investment - Rp. 2.4 billion
Started Operation
1987
Brand Name
Cap Kapal Terbang
Technical Assistance
a. CHIA TAI SEED Co. Ltd., of Thailand
b. BANGKOK SEED Co. Ltd., of Thailand
c. GRIFN Corporation of USA
d. SANONDA International of China
Number of Employee
500 persons
Marketing Area
Domestic - 100%
Main Customer
Vegetable plantations company, shop of vegetable, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. SHANG HYANG SERI
b. P.T. PIONEER HIBRIDA INDONESIA
c. P.T. DUPONT AGRICULTURAL PRODUCTS INDONESIA
d. P.T. PRATAMA SUMBER MILINDO
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. CITI BANK N.A.
Jalan Basuki Rachmat No. 86
Surabaya, East Java
Indonesia
b. P.T.
Bank MANDIRI Tbk.
Jalan Basuki Rachmat No. 122
Surabaya, East Java
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 26.0 billion
2005 – Rp. 28.0 billion
2006 – Rp. 30.0 billion
Net Profit (Loss) :
2004 – Rp. 1.6 billion
2005 – Rp. 1.7 billion
2006 – Rp. 1.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Junaedi Sungkono
Board of Commissioners :
President Commissioner - Mr. Sumet Jiaravanon
Commissioner -
Mr. Eddy Susanto Zaoputra
Signatories :
Director (Mr. Junaedi Sungkono) 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$
394,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. TANINDO SUBUR PRIMA (P.T. TSP) was established
in Surabaya, East Java in April 1987 with the authorized capital of Rp.
50,000,000 of which Rp. 20,000,000 was issued and fully paid up. The founding
shareholders of the company are Mr. Fabrianus Eddy Susanto, an Indonesian
businessman of Chinese extraction, and P.T. TUNGGAL EKA SAKTI, a private
company dealing with animal feed industry. In January 1988, Mr. Fabrianus Eddy
Susanto withdrew and into the company entered Mr. Sumet Jiaravanon, an Indonesian
businessman of Chinese-Thai extraction. In September 1989, P.T. TUNGGAL EKA
SAKTI withdrew and into the company entered P.T. VISTA GRAIN CORPORATION as a
new shareholder. In September 1992, the authorized capital was raised to Rp.
150,000,000 entirely issued and paid up. The articles of association of the
company have frequently been revised. In April 1998, the authorized capital was
increased to Rp. 2,360,000,000 wholly issued and paid up and concurrently the
shareholders of the company were P.T. SURYA HIDUP SATWA and P.T. INDOVETRACO
MAKMUR ABADI. The deed of amendment was made by Mr.
Rachmad Umar, SH., a public notary in Bekasi, West Java under Company
Registration Number C2-22827 HT.01.04.TH. 2000, dated October 20, 2000.
The majority shareholder of P.T. TSP namely P.T. SURYA HIDUP SATWA (P.T.
SHS) is a private company dealing with manufacturing, importing and
distribution of branded animal health products and poultry equipment. P.T. TSP
is a member of the CHAROEN POKPHAND Group, a major and growing business group
in Indonesia to day.
P.T. TSP has been in operation since 1987 dealing
with trading, agency, supplying and distribution of seed and agrochemicals and
horticulture cultivations. The company is the agent of KOCIDE of the USA for
pesticides and MAMIGRO of Thailand for fertilizers and other chemical and
fertilizer from China. Besides, the company is also dealing with fruit and
vegetable nurseries being imported from Thailand like watermelons, mangoes,
papayas, tomatoes, spinaches, leafy vegetables, corn and others. The company
manages fruit and vegetable nurseries being located on Jalan Raya Parewates,
Sumber Agung, Kediri, East Java on a land of 3.0 hectares. Whole company
products are locally marketed to fruit and vegetable plantation companies and
shops selling fruit and vegetable seeds spreading in big cities in Indonesia.
P.T. TSP is classified as a large sized company in the country dealing with
fruit and vegetable nurseries of which the operation had been running smoothly
and growing steadily in the last five years. P.T. TSP’s
products are distributed by 750 customers across the country.
Generally, local demand for vegetable seeds has been increasing by 7% to
8% on the average per annum in the last five years having close relation with
the growing fruit and vegetable plantation companies. The demand is estimated
to be rising by 7% in the coming years. The competition is very tight on
account of lots of similar company operating in the country. The business
position of P.T. TSP is appraised to be favorable for having established
regular customers and wide marketing networks in several big cities in the
country. We believed that the company is in position to thrive its business in
the future.
Until this
time P.T. TSP 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. 26.0 billion
increased to Rp. 28.0 billion in 2005 and to Rp. 30.0 billion in 2006. The
operation in 2006 yielded an estimated net profit at least Rp. 1.8 billion and
the company has an estimated total net worth at Rp. 7.5 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2007. We observe that P.T. TSP is supported by financially fairly strong behind
it. 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. TSP is led by Mr. Junaedi Sungkono, (47) with 5
years of experience in the trading, supply and distribution of seed and
agrochemical business. The management of the company is handled by professional
managers having wide relation with private businessmen within and outside the
country and with the government sectors as well. We observed that management’s
reputation in said business 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. PT. TANINDO
SUBUR PRIMA 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/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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