MIRA
INFORM REPORT
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Report Date : |
8th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TANDUK AIRMAS |
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Registered Office : |
Jalan Bandengan Selatan No. 84 A Block A/8 – 9, Jakarta Barat, 14450, Indonesia. |
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Country : |
Indonesia |
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Date of Incorporation : |
17.10.1991 |
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Com. Reg. No.: |
C-26919 HT.01.04.TH.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Supplies of Coloring Food. |
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$ 105,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Correct name of Company
P.T. TANDUK AIRMAS
Address
Head Office
Jalan Bandengan Selatan No. 84 A Block A/8 - 9
Jakarta Barat, 14450
Indonesia
Phone - (62-21) 6691404, 6692176, 6617565
Fax. - (62-21) 6692414
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
17 October 1991
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-26919 HT.01.04.TH.2005
Dated 29 September 2005
Company Status
Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.566.103.6-041
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 1,000,000,000.-
Issued Capital : Rp. 250,000,000.-
Paid up Capital : Rp. 250,000,000.-
Shareholders/Owners :
a.
Mr. Samsulin Halim -
Rp. 187,500,000.-
Address : Taman Kebon Jeruk G-I/25
RT. 001/RW. 011, Srengseng
Jakarta Barat
Indonesia
b.
Mr. Suherman Gunawan - Rp. 62,500,000.-
Address : Muara Karang Block A6 Selatan
No. 30, Kelurahan Pluit
Jakarta Utara, Indonesia
BUSINESS ACTIVITIES
Lines of Business
Trading, Import and Supplies of Coloring Food
Production Capacity
None
Total Investment
None
Started Operation
1992
Brand Name
None
Technical Assistance
None
Number of Employee
15 persons
Marketing Area
Local - 100%
Main Customer
a. P.T. MAYORA INDAH
b. P.T. ABC PRESIDENT ENTERPRISES
c. P.T. JAKARANA TAMA
d. P.T. NABISCO FOOD
Market Situation
Very Competitive
Main Competitors
a. P.T. KAFINDO CITRA RASA
b. P.T. QUEST INTERNATIONAL
c. P.T. ESSENCE INDONESIA
d. P.T. PACHIRA DISTRANUSA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 7.0 billion
2004 – Rp. 7.5 billion
2005 – Rp. 8.0 billion
Net Profit (Loss) :
2003 – Rp. 0.5 billion
2004 – Rp. 0.6 billion
2005 – Rp. 0.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Samsulin Halim
Board of Commissioners :
Commissioner -
Mr. Suherman Gunawan
Signatories :
Director (Mr. Samsulin Halim) 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$ 105,000.- on
the 90 days of payments
OVERALL PERFOMANCE
P.T. TANDUK AIRMAS (P.T. TA) was
established in October 1991 with an authorized capital of Rp. 1,000,000,000.-
issued and paid up capital of Rp. 200,000,000.- The original founding
shareholders of the company were Mr. Samsulin Halim, Mr. Bennie Tjahjono, Mr.
Suherman Gunawan and Mr. Frans Hidayat, they are Chinese origins Indonesian
businessmen. The notarial deed has been changed a couple of times. In September
1992, Mr. Bennie Tjahjono and Mr. Frans Hidayat resigned and their shares were
taken over by another shareholders. The latest, in July 2005, the issued
capital was raised to Rp. 250,000,000.- entirely paid up. The deed of amendment
was made by Mr. Desman, SH., M. Hum., a public notary in Jakarta under Company
Registration Number C-26919 HT.01.04.TH. 2005, dated September 29, 2005.
P.T. TA had been operating since
1992 in the trading, imports and distribution of various chemicals for food,
cosmetics, pharmacy and industry. Previously the company is an agent for WERNER
JENKINSON Chemical of the USA, and the products are sold to petrochemicals,
food, cosmetics, chemical industries and the like, among others P.T. ASAHIMAS
CHEMICAL, P.T. MAYORA INDAH, P.T. MUSTIKA RATU etc. But, since the end of 2000,
P.T. TA is an agent of coloring food (chemical for food) with NERICON brand of
India. Sometimes, the company also imported coloring food from China. Its coloring food product supplied
to various local food and beverage processing plants like instant noodles,
snack foods, edible oils and margarine processing companies among others are
P.T. MAYORA INDAH (MAYORA Group), P.T. ABC PRESIDENT ENTERPRISES INDONESIA (the
ABC Group), P.T. NABISCO FOOD, P.T. JAKARANA TAMA, etc. P.T. TA has established
many regular customers both in Jakarta, Surabaya, Tangerang, Cikarang, Bogor,
Karawang, Bekasi and surroundings. P.T. TA's operation has evidently been
running smoothly and growing.
The demand for coloring food, 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 8% 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. TA 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. We are sure that P.T. TA has high ability to
further expand its business in the future.
Until this time P.T. TA 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.
7.0 billion, increase to Rp. 7.5 billion in 2005 to Rp. 8.0 billion in 2006.
The operation in 2006 yielded an estimated net profit by at least Rp. 700
million and the company has an estimated total net worth by at Rp. 1.4 billion.
It is projected that total sales turnover of the company will increase at least
6% in 2007. We observe that P.T. TA 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 disclosed that the company
usually pays its debts punctually to suppliers.
The management of P.T. TA is led by Mr. Samsulin Halim (66) a
professional manager who has experienced for more than 16 years in the field of
trading, import and supplies of coloring food. 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 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. TANDUK
AIRMAS 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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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%)