MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P T TARA CITRA KUSUMA |
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Registered Office : |
Delta Silicon Industrial Park, Jalan Meranti 3 Block L 10 No. 3 & 5, Lippo Cikarang, Bekasi 17550 , West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
27.02.2002 |
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Com. Reg. No.: |
C-08655
HT.01.01.TH.2003 |
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Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
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Line of Business : |
Manufacturer of Safety Helmet |
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$ 328,000 |
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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. TARA CITRA
KUSUMA
Address
Head Office & Factory
Delta Silicon
Industrial Park
Jalan Meranti 3 Block L 10 No. 3 & 5
Lippo Cikarang, Bekasi 17550
West Java
Indonesia
Phone - (62-21)
89904813, 89904777
Fax - (62-21) 89904785
Land Area - 10,000 sq.
meters
Building Area - 5,000 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
27 February 2002
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No. C-08655
HT.01.01.TH.2003
Dated 22 April
2003
Company Status
Private National Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 02.198.504.9-413.000
Related Company :
a. P.T. DANAPERSADARAYA MOTOR INDUSTRY (Safety Helmet Manufacturing)
b. P.T. DINAHETI MOTOR INDUSTRY (Safety Helmet Manufacturing)
c. P.T. TAMBUN WIDYO KENCANA (Trading and Distribution of Furniture)
d. P.T. TUFFINDO RAYA (General Trading)
e. P.T. TARAKUSUMA INDAH (Safety Helmet Manufacturing)
f. P.T. UTAMA RAYA MOTOR INDUSTRI (Motorcycle Component Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
5,000,000,000.-
Issued Capital : Rp.
3,000,000,000.-
Paid up Capital : Rp. 3,000,000,000.-
Shareholders/Owners :
a. Mrs. Tjong Lyanti Tedjakusuma - Rp. 1,500,000,000.-
Address : Jl. Palmeriam No. 3
Palmeriam, Matraman
Jakarta Timur
Indonesia
b. Mr. Eddy
Tedjakusuma - Rp. 1,500,000,000.-
Address : Jl. Taman Sari VIII/96
Taman Sari
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Safety Helmet Manufacturing
Production
Capacity :
Helmet - 1,000,000
units p.a.
Total Investment :
a. Equity Capital - Rp. 3.0
billion
b. Loan Capital - Rp. 2.0
billion
c. Total
Investment - Rp. 5.0 billion
Started Operation :
2002
Brand Name :
AGP, VEMAR
Technical Assistance :
None
Number of Employee :
263 persons
Marketing Area :
Export - 90%
Domestic - 10%
Main Customers :
a. TRIJAYA MOTOR
b. Others Dealers
(After Market)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DINAHETI
MOTOR INDUSTRY
b. P.T. EKA HELMET
c. P.T. HELMINDO
UTAMA
d. P.T. JAKARTA
HELM INDUSTRY
e. P.T. JAYA
MANDALA MOTORINDO
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Cibinong
Citerureup, Bogor
West Java
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya Matraman
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 22.5
billion
2006 – Rp. 23.5
billion
2007 – Rp. 25.0
billion
Net Profit (Loss)
:
2005 – Rp. 1.6 billion
2006 – Rp. 1.9
billion
2007 – Rp. 2.0
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Eddy Tedjakusuma
Director - Mr. Henry Tedjakusuma
Board of Commissioners :
President Commissioner - Mrs. Tjong Lyanti Tedjakusuma
Commissioner -
Ms Tjung Ursula Cokrodiharjo
Signatories :
President Director (Mr. Eddy
Tedjakusuma) or the Director (Mr. Henry TEdjakusuma) which must be approved by
Board of Commissioners.
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$ 328,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. TARA CITRA KUSUMA (P.T. TCK) was established in Bekasi, West Java
on 27 February 2002 with an authorized capital of Rp. 5,000,000,000 issued
capital of Rp. 3,000,000,000 entirely paid up. The founding shareholders are
Mrs. Tjong Lyanti Tedjakusuma, her younger brother Mr. Eddy Tedjakusuma, both
are entrepreneurs of Chinese extraction. The deed of amendment was made by Mr.
Frans Elsius Muliawan, SH., a public notary in Jakarta, was approved by the
Ministry of Law and Human Right in its Decision Letter Number C-08655
HT.01.01.TH.2003, dated February 22, 2003.
We observe that Mrs. Tjong Lyanti Tedjakusuma and younger brother Mr.
Eddy Tedjakusuma are also founder and business stakes owner of P.T.
DANAPERSADARAYA MOTOR INDUSTRY, P.T. DINAHETI MOTOR INDUSTRI, P.T. TARAKUSUMA
INDAH all dealing with safety helmet manufacturing, P.T. TAMBUN WIDYO KENCANA
dealing with trading and distribution of furniture, P.T. TUFFINDO RAYA dealing
with general trading and P.T. UTAMA RAYA MOTOR INDUSTRI dealing with motorcycle
component manufacturing.
P.T. TCK has been in operation since 2002 in safety helmet
manufacturing. Its plant is located in Delta Silicon Industrial Park, Jalan
Meranti 3 Block L 10 No. 3 & 5, Lippo Cikarang, Bekasi, West Java on a land
of 1.0 hectares. The plant has been expanded to step up its production
capacity, and now has a production capacity of 1,000,000 units of helmets per
year. The safety helmets produced by the company are especially for motorcycle
riders and are made of fiber and special grade plastic designed for helmets.
Some of the basic materials used for producing its products is still imported
from China, Singapore and some of which are from local products. About 90% of
the company's production has already been exported to several European
countries, Asian countries, Africa, and the USA, with the rest being marketed
in the country through stores selling spare parts, show rooms and motorcycle
repair shops in the big cities of the country under the AGP and VEMAR brands.
P.T. TCK's helmets are of quite good quality and are priced at varying levels
of relatively low prices. We observe P.T. TCK is classified as a big sized
company in Indonesia in safety helmet manufacturing whose business operation
had kept on running stable in the last three years.
We observed that the domestic demand
for safety helmet especially for motorcycle drivers had kept on rising by about
5% to 6% on the average per annum within the last five years in line with the
growth of motorcycle population in the country. Business position of P.T. TCK
is at present appraised to be favorable because 90% of the products is
exported. The development of motorcar and motorcycle industry in the country
can be seen from the Indonesian growth of motorcycle sales as follow :
Sales of Motorcars & Motorcycles in Indonesia
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Y e a r |
Motorcar (units) |
Motorcycle (units) |
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1997 |
386,691 |
1,852,906 |
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1998 |
58,303 |
492,626 |
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1999 |
93,842 |
517,912 |
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2000 |
300,964 |
587,402 |
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2001 |
299,634 |
979,422 |
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2002 |
317,780 |
1,650,770 |
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2003 |
354,208 |
2,814,054 |
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2004 |
472,190 |
3,887,675 |
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2005 |
456,822 |
3,830,847 |
Source : AISI
Until this time P.T. TCK 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. 22.5
billion increased to Rp. 23.5 billion in 2006 to Rp. 25.0 billion in 2007. The
operation in 2007 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 6% in
2008. We observe that P.T. TCK is supported by financially strong business
family behind it. So far, we did not hear that 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. TCK is led by Mr. Eddy Tedjakusuma (65) as
president director. He is also the president director of its sister company
P.T. DINAHETI MOTOR INDUSTRI. Daily operation, she is assisted by Mr. Henry
Tedjakusuma (42) a professional and businessman with 5 years of experience
safety helmet manufacturing and trading. The management is quite creative and
dynamic, having maintained a wide business relation with private businessmen at
home and abroad and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. 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. TARA CITRA KUSUMA 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. |
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%)