MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TOYA INDO MANUNGGAL |
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Registered Office : |
Jalan Raya
Surabaya – Mojokerto Km. 33, (By Pass Krian), Sidoarjo, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
16 June 2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Industrial and
Specialty Chemicals |
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$ 98,600 |
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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. TOYA INDO MANUNGGAL
Address
Head Office &
Warehouse
Jalan Raya
Surabaya – Mojokerto Km. 33
(By Pass Krian)
Sidoarjo
East Java
Indonesia
Phone - (62-31) 787
3475, 787 9807
Fax. - (62-31) 788 7112
E-mail -
sales@tm.co.id
Land Area - 3,700 sq.
meters
Office Space - 1,500 sq.
meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
16 June 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-17705
HT.01.01.TH.2004
Dated 15 July 2004
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 02.370.260.8-603
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. Ir. Yan Suhirmanto - Rp. 150,000,000.-
Address : Citra Harmoni A.1/55
Desa Sidodadi, Kec. Taman
Sidoarjo, East Java
Indonesia
b. DR. Sri Rejeki Andayani - Rp.
62,500,000.-
Address : Citra Harmoni A. 1/55
Desa Sidodadi, Kec. Taman
Sidoarjo, East Java
Indonesia
c. Mr. Cipto
Basuki Hermawan -
Rp. 25,000,000.-
Address : Dusun Ngerco RT.
01/ RW. 02
Desa Jombang, Pojokrejo
Kesamben, Jombang, East Java
Indonesia
d. Mr. Alim Safaat -
Rp. 12,500,000.-
Address : Kendaldoyong RT.
01/ RW. 01
Banjarejo, Ngadiluwih, Kediri
East Java, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Industrial and
Specialty Chemicals
Production Capacity
None
Total Investment
a. Owned Capital - Rp. 1.0 billion
b. Loan Capital - None______
c. Total
Investment - Rp. 1.0 billion
Started Operation
2005
Brand Name
None
Technical Assistance
None
Number of Employee
29 persons
Marketing Area
Domestic - 100 %
Main Customer
a. P.T. SEMEN
GRESIK
b. P.T. BOC GASES
c. P.T. ANEKA
TAMBANG Tbk
d. P.T. COCA COLA
AMATIL INDONESIA
e. P.T. POWERGEN
JAWA TIMUR
f. ETC.,
Market Situation
Very Competitive
Main Competitors
a. P.T. GALIC BINA
MADA
b. P.T. HADI PUTRA
JAYA
c. P.T. INDOKEMIKA
JAYATAMA
d. P.T. RADIANCE
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
P.T. Bank CENTRAL ASIA Tbk
Jalan Pemuda
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 7.0
billion
2006 – Rp. 7.5
billion
Net Profit (Loss)
:
2005 – Rp. 0.4 billion
2006 – Rp. 0.5 billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Cipto Basuki Hermawan
Director -
Mr. Ir. Yan Suhirmanto
Board of
Commissioners :
President Commissioner -
DR. Sri Rejeki Andayani
Commissioner - Mr. Alim Safaat
Signatories :
President Director (Mr. Cipto Basuki Hermawan) or the Director
(Mr. Ir. Yan Suhirmanto) 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$ 98,600.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. TOYA INDO MANUNGGAL (P.T. TIM) was established in June 2004 in
Surabaya, East Java with an authorized capital of Rp. 1,000,000,000.- issued
capital of Rp. 250,000,000.- entirely paid up. The founders shareholders are
Mr. Ir. Yan Suhirmanto, DR. Sri Rejek Andayani, Mr. Cipto Basuki Hermawan and
Mr. Alim Safaat, they are Indonesian businessmen of Chinese extraction. The
deed of amendment was made by Mr. G. Mochtar Rudy, SH., a public notary in
Sidoarjo under Company Registration Number C-17705 HT.01.01.TH. 2004, dated
July 15, 2004.
P.T. TIM had been in operation since 2005 in trading, and distribution
of industrial and specialty chemicals. The company imported general chemical
such as hydrochloric acid, caustic soda, activated alumina, sulfuric acid, sodium
borax, sodium hypochloride, chlorine, hydrazine, soda ash, sodium meta
bisulphate, ammonium bifluoride, phosphoric acid, aquadest, calsium carbonate,
calsium oxide, ion exchange resin, citric acid, carbon active, poly aluminum
chloride, aluminum sulfat, fertilizer urea, ZA, TSP and other. The specialty
chemical such as water treatment, waste water treatment, cooling water
treatment, feed boiler water treatment and chemical cleaning agent. The company
has distributes thousand of tons of chemical materials per month and they awns
chemical materials back up which guarantees the products availability in the
market in various form (bulk, bag, tube, pail, drum and tank). The whole
products is imported from Europe Union, the USA, China, India and Japan. The whole
products supplied to several industries like P.T. SEMEN GRESIK, P.T. ANEKA
TAMBANG Tbk, P.T. ADISON MISSION OPERATION & MAINTENANCE, P.T. BOC GASES,
P.T. PERTAMINA BALONGAN, P.T. COCA COLA AMATIL INDONESIA, P.T. POWERGEN JAWA
TIMUR, P.T. PEMBANGKITAN JAWA BALI, P.T. SURABAYA AGUNG KERTAS INDONESIA, P.T.
MASPION, P.T. SAMATOR GAS, P.T. PABRIK KERTAS TJIWI KIMIA, P.T. NEWMONT NUSA
TENGGARA, P.T. AGIP LUBRINDO PRATAMA, P.T. ETERINDO NUSA GRAHA and other
industries. We figure out the operation of P.T. TIM has been running well and
growing in the last two years.
In overall views we find the demand for industrial and specialty
chemical has been rising by at least 8% to 10% per years within the last five
years. It links closely with the rapid growth of textile industries at home. It
estimated will be higher by at least 6% within the coming five years. While
competition is very tight due to a large number of similar companies operating
in the country at present. We consider P.T. TIM to be in a quite favorable
position for having already got hold of a steady clientele in Surabaya, East
Java.
Import Value of Basic Materials
Chemicals for Food and Beverages and
Basic Material for Industry,
2000-2005*
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Year |
Food and Beverages Mainly for Industry
(Million US$) |
Raw Materials for Industry
(Million US$) |
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Primary |
Processed |
Primary |
Processed |
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2000 |
1,009.8 |
507.6 |
2,020.3 |
12,421.4 |
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2001 |
797.1 |
503.6 |
2,228.9 |
10,970.2 |
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2002 |
1,096.5 |
441.2 |
1,758.6 |
10,541.7 |
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2003 |
1,127.4 |
531. |
1,697.8 |
10,570.8 |
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2004 |
1,456.7 |
568. |
2,236.3 |
15,357.8 |
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2005 |
1,082.5 |
699.6 |
1,776.9 |
14,714.8 |
Source : Central Bureau
of Statistic
*) January - October
Until this time P.T. TIM 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 2005 amounted to Rp. 7.0 billion increased to Rp. 7.5 billion in 2006 and projected to go on rising by at least 7% in 2007. The operation in 2006 yielded an estimated net profit at least Rp. 0.5 billion and the company has an estimated total networth at Rp. 1.0 billion. We observe that P.T. TIMM 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). Mr. Cipto Basuki Hermawan, President Director of the company disclosed that the company usually pays its debts punctually to suppliers.
P.T. TIM management is led by Mr. Cipto Basuki Hermawan (41), a businessman who experienced for more than 12 years in the field of trading and distribution of industrial and specialty 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 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. TOYA INDO MANUNGGAL 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%)