MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. ARTA TRISNA LESTARI |
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Registered Office : |
Jalan Kamal
Raya Outering Road, Taman Palem Lestari Block D. 10 no. 8 Jakarta Barat |
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Country : |
Indonesia |
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Date of Incorporation : |
30.01.1997 |
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Com. Reg. No.: |
C2-11655 HT.01.01.TH.1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Electroplating Chemical |
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$ 242,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. ARTA
TRISNA LESTARI
A d d r e s s
Head Office
Jalan Kamal Raya
Outering Road
Taman Palem
Lestari Block D. 10 no. 8
Jakarta Barat
Indonesia
Phones - (62-21)
55950768, 5557434
Fax - (62-21) 55950783
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
summary
Date of Incorporation :
30 January 1997
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No. C2-11655
HT.01.01.TH.1997
Dated 10 November
1997
Company
Status :
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
1.806.296.8-034
Related
Company :
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
50,000,000.-
Issued Capital : Rp.
25,000,000.-
Paid up Capital : Rp.
25,000,000.-
Shareholders/Owners
:
a. Mr. Daniel Sutrisno - Rp. 22,500,000.-
Address :
Jl. Klimbungan IV/53-A
Surabaya, East
Java
Indonesia
b. Mr. Johanes Sutrisno - Rp. 2,500,000.-
Address : Jl. Semut 2/1-A
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Distribution of Electroplating Chemical
Production
Capacity :
None
Total
Investment :
None
Started Operation
:
1998
Brand Name :
Mac Dermid
Technical
Assistance :
None
Number of
Employee :
17 persons
Marketing Area
:
Local - 100%
Main Customer
:
a. P.T. DAIDO
INDONESIA MANUFACTURING
b. P.T. FAJARINDO
FALIMAN ZIPPER
c. P.T. HOTMAL
JAYA PERKASA
d. P.T. INDOPLAT
PERKASA
e. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. METINDO
PERKASA
b. P.T. ELANG
KURNIASAAKTI
c. P.T. GARUDA
PRATAMA
d. P.T. BUKIT
KIMINDO SEJATI
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Kamal Outering Road
Jakarta Barat
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan Kamal Outering Road
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 23.5
billion
2006 – Rp. 24.5
billion
2007 – Rp. 25.6
billion
2008 – Rp. 13.0
billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 1.4
billion
2006 – Rp. 1.5
billion
2007 – Rp. 1.6
billion
2008 – Rp. 0.8
billion (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr. Daniel
Sutrisno
Board of Commissioners :
Commissioner -
Mr. Johanes Sutrisno
Signatories :
Director (Mr. Daniel
Sutrisno) which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 242,000 on 90
days D/A
OVERALL PERFOMANCE
P.T. ARTA TRISNA LESTARI (P.T. ATL) was established in Jakarta on
January 30, 1997 with the authorized capital of Rp. 50,000,000 issued capital
of Rp. 25,000,000 entirely paid up. The founding shareholders of the company
are Mr. Daniel Sutrisno and Mr. Johanes Sutrisno, both are Indonesian
businessmen of Chinese origins. The deed of amendment was made by Mrs. Ratna
Sintawati Tantudjojo, SH., was approved by the Ministry of Law and Human Right
in its Decision Letter No. C2-11655 HT.01.01.TH.1997, dated November 10, 1997.
P.T. ATL has been in operation since 1998 in trading and distribution of
specialty electroplating chemicals and electroplating equipment. The company is
the agent for Mac Dermid and Serfilco Products. The merchandising goods are
including industrial chemical (anti corrosion coating, decorative coatings,
electroless coating, hardchrome coatings, plated plastic coatings, surface
preparation, zinklad, metal working fluids, metallurgy); offshore chemicals
(oceanic, erifon, specialty products, worldwide project, environmental
information, fluid monitoring program, fluid monitoring program, material
safety data sheets); electronic chemicals (metallization, circuit formation,
imaging systems, final finishes, interconnect, emerging changes, oem & assembly,
equipment & services) and printing chemicals (photopolymer plates, offset
blankets, sleeves and rolls and colorspam).
Mr. Daniel Sutrisno, the director, pointed out the above products are
largely marketed to automotive, metal & steel manufacturing, steel
fabricating, electronic manufacturing and others. The company also makes direct
sales to end users like P.T. SURYA TOTO INDONESIA Tbk, P.T. VANADIUM MODERN
ELECTROPLATING, P.T. DAIDO INDONESIA MANUFACTURING, P.T. SHOWA INDONESIA
MANUFACTURING, P.T. FAJARINDO FALIMAN ZIPPER, P.T. HOTMAL JAYA PERKASA, P.T.
INDPLAT PERKASA, P.T. LEO INTAN BERASAUDARA, P.T. MULTI USAGE INDONESIA, P.T.
SENJAYA SOODE PRECISION, P.T. YKK ZIPPER INDONESIA, P.T. SUGITY CREATIVES, P.T.
RODA PRIMA LANCAR, P.T. ELECTROPLATING SUPERINDO and others.
The economic crisis and sharp rupiah depreciation to the US$ and other
hard foreign currencies have increased the prices of imported products
drastically, while the purchasing power of consuming industries has much
decreased. Competition is very tight due to the large number of similar
companies operating in the country. P.T. ATL is doing quite well for having
already secured customers and having built up a wide marketing network in the
country.
We find that the domestic demand for specialty electro-plating chemicals
was rising up to the middle of 2008 in line with the growth of industries using
the chemicals like the electronic industry, metalworking industry, etcetera.
But following the outbreak of the global economic crisis in October 2008 the
demand has fallen because the intake capacity of the consuming industries has
also dropped. Meanwhile, competition is quite tight on account of the many
companies operating in the same business line in the country. P.T. ATL is
considered to be doing still quite well for having already gained a clientele
and having developed a wide domestic marketing network.
Until this time P.T. ATL 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.
23.5 billion rose to Rp. 24.5 billion in 2006 increased to Rp. 25.6 billion in
2007. As from January to June 2008 the sales turnover has amounted to Rp. 13.0
billion with a net profit of Rp. 0.8 billion. It is projected the sales
turnover will be declining by at least 3% in 2009 due to the global economic
crisis. The company has an estimated total networth of at least Rp. 2.0
billion. So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
The management of P.T. ATL is led by Mr. Daniel Sutrisno (40) a
businessman and professional manager with experience in trading, and
distribution of electroplating chemicals and equipment. The management is
handled by experienced staff in this business, having maintained a wide
business relation with private businessmen at home as well as with government
sectors. So far, we did not hear 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. P.T. ARTA TRISNA LESTARI is sufficiently 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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. |
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%)