MIRA
INFORM REPORT
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Report Date : |
26.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. ZI-TECHASIA |
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Registered Office : |
Wisma Budi, 2nd Floor, Jalan H.R. Rasuna Said Kav. C-6, Jakarta Selatan, 12940 |
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Country : |
Indonesia |
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Date of Incorporation : |
08 March 1974 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Supplying and Distribution of Technical Goods and Chemical Products |
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$ 526,000 |
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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. ZI-TECHASIA
Address
Head Office
Wisma Budi, 2nd Floor
Jalan H.R. Rasuna Said Kav. C-6
Jakarta Selatan, 12940
Indonesia
Phone - (62-21) 52961448 (Hunting), 52961458, 52961468
Fax. - (62-21) 52961450
Building Area - 18 storey
Office Space - 600 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
a. 08 March 1974 as P.T. FRIASHA
b. 21 November 2001 as P.T. ZUELLIG SERVICES INDONESIA
c. 25 July 2006 as P.T. ZI-TECHASIA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. W7-HT.01.04-2603
Dated 19 October 2006
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
- No. 125/V/PMA/2001
Dated 6 November 2001
The Department of Finance
NPWP No. 01.304.327.8-059
Related Company
a. The SOEDARJO
Group
b. The ZUELLIG
INDUSTRIAL Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 1,000,000,000.-
Issued Capital : Rp. 750,000,000.-
Paid up Capital : Rp. 750,000,000.-
Shareholders/Owners :
a. INTEROCEAN HOLDNGS GROUP (BVI) LTD.,
of British Virgin Island -
Rp. 525,000,000.-
b. Mr. Soedarjo of Indonesia - Rp.
112,500,000.-
c. Mr. Sasongko Soedarjo, MBA of Indonesia - Rp. 112,500,000.-
BUSINESS ACTIVITIES
Lines of Business:
Trading, Supplying and Distribution of Technical Goods and Chemical Products
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 1.0 billion
b. Loan Capital - None
c. Total Investment - Rp. 1.0 billion
Started Operation
1974
Brand Name
None
Technical Assistance
None
Number of Employee
36 persons
Marketing Area
Domestic - 100%
Main Customer
Soap and Detergent Industries such as P.T. SAYAP MAS UTAMA, P.T. UNILEVER INDONESIA Tbk, P.T. DINOKAO INDONESIA etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. ANPRESS PRAMESTI
b. P.T. BETA PRAMESTI
c. P.T. RHEEM INDONESIA
d. P.T. ADITYA SARANA GRAHA
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12930
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 34.0 billion
2005 – Rp. 37.0 billion
2006 – Rp. 40.0 billion
Net Profit (Loss) :
2004 – Rp. 1.7 billion
2005 – Rp. 1.8 billion
2006 – Rp. 2.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director
- Mr. Volker Braun
Directors -
a. Mr. William Stuart Mc Arthur
b. Mr. Sasongko Soedarjo, MBA
Board of Commissioners :
President Commissioner - DR. Thomas
Zuellig
Commissioner - Mr. Soedarjo
Signatories :
President Director (Mr. Volker Braun) or one of the Directors (Mr.
William Stuart Mc Arthur, or Mr. Sasongko Soedarjo, MBA) 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$ 526,000.- on
the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. FRIASSHA, it was established in Jakarta in March 1974 with the authorized capital of Rp. 50,000,000 of which Rp. 10,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Soedardjo, Mr. Jufri Mulia, Mr. Anwar Salim, the three are indigenous businessmen, and Mr. Hamid Baidowy, an Indonesian businessman of Arabic extraction. In July 1988, the authorized capital was raised to Rp. 600,000,000 of which Rp. 450,000,000 was issued and fully paid up. In July 1997, the authorized capital was increased again to Rp. 1,000,000,000 of which Rp. 750,000,000 was issued and fully paid up and at the same time the shareholders of the company were Mr. Drs. Santoso Reksoatmodjo, Mr. Soedardjo and his son Mr. Sasongko Soedardjo, MBA. The articles of association of the company have been changed for a couple of times. In November 2001, the company renamed to P.T. ZUELLIG SERVICES INDONESIA and concurrently Mr. Drs. Santoso Reksoatmodjo withdrew and replaced by INTEROCEAN HOLDINGS GROUP (PBVI) LTD of British Virgin Island. The latest in July 2006, the company renamed to P.T. ZI-TECHASIA. The deed of amendment was made by Mrs. Imas Fatimah, SH., a public notary in Jakarta under Company Registration Number W7-HT.01.04-2603, dated 19 October 2006. The Soedardjo family are the main founders, prime movers and the majority business stakes of the SOEDARDJO Group, a medium sized company group.
P.T. ZI-TECHASIA has been in operation since 1974 dealing with trading and distribution of technical goods and chemicals. The company was initially a non facility (non PMA/PMDN) company but by the entering INTEROCEAN HOLDINGS GROUP (BVI) LTD of British Virgin Island in November 2001, the company obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM). The company used to be an agent of various technical goods such industrial water treatment, communication equipments, welding equipments and others. However, in 1993 the agency of the above brands in Indonesia was gradually not extended. Mr. M. Kosasih, a general manager of the company, said that his company is just as the agent of several brands like MARCHESINI pharmaceutical machines of Italy, BTICINO Electronic Accessories, Balestra Soap Making Machines, Mazoni Soap and Cocoa Making Machines, Sarnafil Waterproofing, the four of Italy, Hilti Construction Parts of Switzerland and Drew Ameroid International Water Treatment of the USA. He went on to say that P.T. ZI-TECHASIA is also trading various chemical products being imported from several European countries and others for the need of industrial sectors. He added that the merchandise products are sold to various soap and detergent industrial sectors including P.T. SAYAP MAS UTAMA, P.T. UNILEVER INDONESIA Tbk, P.T. DINOKAO INDONESIA and among contracting companies. P.T. ZI-TECHASIA is classified as a medium sized company of its kind in the country of which the operation had been running smoothly and growing gradually in the last four years.
Generally, local demand for technical goods including pharmaceuticals, soap and cocoa machines, industrial water treatments and construction parts had been increasing by 7% to 8% on the average per annum up to mid 1997 having close relation with the rapidly growing industries of pharmaceuticals, soaps, detergents and others in the above period as consumers. However, since the prolonged economic crisis in the country and tight money policy imposed by Bank Indonesia since mid 1997, the demand had been declining up to end 1999 and started increasing since 2000 in line with the amelioration of the economic condition in the country. The demand is estimated to be rising by 7% next year. The competition is very tight on account of lots of similar company operating in the country. The business position of P.T. ZI-TECHASIA is appraised to be favorable for having established regular customers and wide marketing networks in Indonesia.
Until this time P.T. ZI-TECHASIA 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. 34.0 billion increased to Rp. 37.0 billion in 2005 and to Rp. 40.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 2.0 billion and the company has an estimated total net worth at Rp. 11.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. ZI-TECHASIA 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. ZI-TECHASIA is led by Mr. Volker Braun (42) a professional manager who was born in Stuttgart, Germany with 14 years of experience in trading, supplying and distribution of technical goods and chemical products. 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. ZI-TECHASIA 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%)