MIRA
INFORM REPORT
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Report Date : |
30.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TIGAKA DISTRINDO PERKASA |
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Registered Office : |
TDP Building, Jl. Tanah Abang II No. 37, Jakarta 10160 |
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Country : |
Indonesia |
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Date of Incorporation : |
10 February 1993 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Trading and Distribution of Chemicals,
Pharmaceutical raw materials, food stuff, beverages, etc. |
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$ 3.260,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of company
P.T. TIGAKA DISTRINDO PERKASA
Address
Head
Office
TDP Building
Jl. Tanah Abang II No. 37
Jakarta 10160
Indonesia
Phone - (62-21) 3508980, 3508981
Fax. - (62-21) 3861847
Email - pttdp@cbn.net.id
Building Area - 5 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
10 February 1993
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
a. No. C-06943.HT.01.04.TH.2003
Dated 01 April 2003
b. No. C-UM.02.01.12625
Dated 21 July 2006
Company Status
National Private Company
Permit by the
Government Department
a. The Department of Finance
NPWP No. 1.622.368.7-028
Related Company
The GEMALA Group or the WANANDI Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 20,000,000,000.-
Issued Capital : Rp. 11,000,000,000.-
Paid up Capital : Rp. 11,000,000,000.-
Shareholders/Owners :
a. Mr. Harijanto Subedjo - Rp. 1,650,000,000.-
Address : Komp. Bumi Sarinah Estate Blok T-5
Pancoran, Jakarta Selatan
Indonesia
b. Miss Ina Lestari -
Rp. 550,000,000.-
Address : Jl. Pulo Mas V.D/6
Pulogadung, Jakarta Timur
Indonesia
c. Dr. Biantoro
Wanandi -
Rp. 5,390,000,000.-
Address : Jl. Taman Wijaya Kusuma III/7-A
Cilandak, Jakarta Selatan
Indonesia
d. Mr. Michael
Haryono Wanandi -
Rp. 1,760,000,000.--
Address : Jl. Taman Wijaya Kusuma III/7-A
Cilandak, Jakarta Selatan
Indonesia
e. P.T. SANTINI
LUWANSA LESTARI - Rp. 1,650,000,000.-
Address : Jl. Tanah Abang II No. 37
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
General Trading and Distribution of Chemicals, Pharmaceutical raw materials, food stuff, beverages, etc.
Production Capacity
None
Total Investment
Equity Capital - Rp. 11.0 billion
Started Operation
1993
Brand Name
TDP
Technical Assistance
None
Number of Employee
155 persons
Marketing Area
Domestic (Local) - 100%
Main Customers
a. P.T. Anugerah Pharmindo Lestari
b. P.T. Novartis Biochemic
c. P.T. Rohto Laboratories Indonesia
d. P.T. Glaxo Wellcome Indonesia
e. P.T. Kimia Farma Tbk.
f. P.T. Sari Husada Tbk.
g. P.T. Alpharma, Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. PANCASAKTI PRAKARSAMULYA
b. P.T. HIDUP MAKMUR LESTARIABADI
c. P.T. MULTI CITRA KIMIA
d. P.T. TRIMITRA SEJATI TANNINDO
e. P.T. GALIC BINA MADA
f. P.T. COLORINDO CHEMTRA, Etc.
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers
:
a. P.T. Bank
DANAMON INDONESIA Tbk.
Jl. Abdul Muis No. 60
Jakarta Pusat
b. P.T. Bank
Negara Indonesia Tbk
Wisma Kota BNI
Jl. Jenderal Sudirman Kav. 1
Jakarta Selatan
c. P.T. Bank MANDIRI Tbk
Mandiri Plaza
Jl. Jend. Gatot Subroto Kav.
36
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Sales Turnover (estimated) :
2004 – Rp. 202.0 billion
2005 – Rp. 215.0 billion
2006 – Rp. 240.0 billion
Net Profit (Loss) :
2004 – Rp. 9.2 billion
2005 – Rp. 11.5 billion
2006 – Rp. 12.6 billion
Payment Manner :
Promptly
Financial Comments :
Fairly Strong
KEY EXECUTIVES
Board of Management :
President Director - Mr. Harijanto
Subedjo
Directors - a. Mr. Michael Haryono
Wanandi
b. Mr. Sugiyanto
Board of Commissioner :
President Commissioner -
Dr. Biantoro Wanandi
Commissioners - a. Miss Ira
Lestari
b. Mr. Lukito Wanandi
Signatories :
President Directors (Mr. Harijanto Subedjo) or one of the
Directors (Mr. Michael Haryono Wanandi or Mr. Sugiyanto) which must be approved by President Commissioner
(Dr. Biantoro Wanandi) or one of the Commissioner (Miss Ira Lestari and Mr.
Lukito Wanandi)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit
Limit
Moderate Amount
Maximum Credit Limit
US$ 3.260,000.- on the 90 days of payment
OVERALL PERFOMANCE
P.T. TIGAKA DISTRINDO PERKASA (P.T. TDP) was established on 10 February 1993 with an authorized capital of Rp. 5,000,000,000.- with an issued and paid-up capital of Rp. 1,000,000,000.- Founders and original shareholders were P.T. TIGAKA and Mr. Indarto Tanuhadi. Its articles of association has frequently changed for a couple of times. In July 1994, the authorized capital was increased to Rp. 20,000,000,000.- with an issued and paid-up capital to Rp. 5,000,000,000.- and concurrently Mr. Indarto Tanuhadi withdrawn as the shareholder of P.T. TP. He was then respectively replaced by P.T. BINATAMA SARANA PARAMITRA (P.T. BSP), Mr. Sofyan Wanandi AKA Lim Bian Khoen and his older brother Dr. Biantoro Wanandi AKA Lim Bian Tiat.
Since April 2003, the issued and paid up capital of the company was increased to Rp. 11,000,000,000.- Lastly, the capital structures and shareholder composition of P.T. TP are Mr. Harijanto Suebdjo (15%), Miss Ira Lestari (5%), Dr. Biantoro Wanandi (49%), Mr. Michael Haryono Wanandi (16%) and P.T. Santini Luwansa Lestari (15%). The deed of amended was made by Mr. Tse Min Suhardi, SH, a public notary in Jakarta, under Company Registration Number C-U.02.01.12625, dated July 21, 2006. P.T. TDP is a member of the GEMALA Group or the WANANDI Group, a national large company group of which its majority shares are controlled by the Wanandi family members.
P.T. TDP started with operation in 1993 in trading and distribution of industrial chemicals, pharmaceutical raw materials, food stuff, beverages, etc. Around 80% of its merchandising from goods are imported the UK, Switzerland, the USA, etc. Meanwhile, the rest 20% is local made products particularly the one produces by its sister companies. Apart from selling to its sister companies which are engaged in pharmaceutical industries, part of its merchandises is also sold to its sister company like P.T. ANUGERAH PHARMINDO LESTARI, P.T. NOVARTIS BIOCHEMI, P.T. ROHTO LABORATORIES INDONESIA, P.T. GLAXO WELLCOME INDONSIA and others like P.T. KIMIA FARMA Tbk., P.T. SARI HUSADA Tbk., P.T. ALPHARMA, etc. P.T. TDP has established many regular customers both in Jakarta, Tangerang, Bekasi, Cikarang, Karawang and surroundings. P.T. TDP's operation has evidently been running smoothly and growing in the last five years.
The demand for
industrial chemicals, pharmaceutical raw materials, food stuff and beverages
has kept on rising by 8% to 10% 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 6% to 7%% per annum in the next three years. Market competition is very
sharp considering many other similar imported products offering on the local
markets. However, the business position of P.T. TDP is favorable for the
company has established wide operational networks. The operation of P.T. TDP has been running smoothly in the last
five years being supported by companies in the WANANDI Group’s circle in the
form of marketing networks and merchandise products. There is indication that
the operation of the company keeps on increasing in the future.
Until this time P.T. TDP 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. 202.0 billion increased to Rp. 215.0 billion in 2005 to Rp. 240.0 billion in 2006 and projected to go on rising by at least 10% in 2007. The operation in 2006 yielded an estimated net profit at least Rp. 12.6 billion and the company has an estimated total networth by at least Rp. 55.0 billion. We observe that P.T. TDP 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. Harijanto Subedjo, the president director of the company disclosed that the company usually pays its debts punctually to suppliers.
The management of P.T. TDP is led by Mr. Harijanto Subedjo (58) a professional manager who has experienced for more than 20 years in trading and distribution of chemical products for pharmaceutical and cosmetics. In his daily activities, he is assisted by Mr. Michael Haryono Wanandi (39) is the first son of Dr. Bintoro Wanandi (68), with wide experience in various businesses and Mr. Sugiyanto (38) a professional manager of the WANANDI Group. But we believe that Dr. Williem Bintoro Wanandi is the primover of the company and a top figure of the WANANDI Group. He is a scholar of Bandung Technology Institute (ITB) majoring in pharmaceutical. He is a pharmaceutical Doctoral of Federal Institute of Technology, Zurich, Switzerland in 1972. The company’s management 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. We believe that PT. TIGAKA DISTRINDO PERKASA 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%)