MIRA INFORM REPORT

Report Date :

19.01.2011

IDENTIFICATION DETAILS

Name :	P.T. TECKINDO PRIMA GEMILANG JAYA
Registered Office :	Komplek Pergudangan Pantai Indah Kapuk, Jalan Raya Perancis No. 2 Block G-3, Dadap, Tangerang, Jakarta Barat, 15211
Country :	Indonesia
Date of Incorporation :	17.04.2002
Com. Reg. No.:	No. AHU-AH.01.10-11838
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Technical Goods Equipments

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 361,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Indonesia	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Name of Company

P.T. TECKINDO PRIMA GEMILANG JAYA

company Address

Head Office

Komplek Pergudangan Pantai Indah Kapuk

Jalan Raya Perancis No. 2 Block G-3

Dadap, Tangerang

Jakarta Barat, 15211

Indonesia

Phones - (62-21) 555 1990 (Hunting)

Fax - (62-21) 555 5930

E-mail - sales@teckindo.com

Website - http://www.teckindo.com

Building Area - 2 storey

Office Space - 210 sq. meters

Region - Commercial Building

Status - Owned

Date of Incorporation

17 April 2002

Legal Form

P.T. (Perseroan Terbatas) or Limited Liability Company

Company Reg. No.

The Ministry of Law and Human Rights

- No. C-16195 HT.01.01.TH.2002

Dated 26 August 2002

- No. AHU-30060.AH.01.02.TH.2008

Dated 4 June 2008

- No. AHU-AH.01.10-11838

Dated 30 July 2009

Company Status

National Private Company

Permit by the Government Department

a. The Department of Finance

NPWP No. 02.155.273.2-411.000

b. The Department of Industry and Trade

TDP No. 300312904625

Dated 3 June 2003

Related Company

C.V. TECKINDO JAYA (Trading and Distribution of Technical Goods)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 5,000,000,000.-

Issued Capital : Rp. 2,550,000,000.-

Paid up Capital : Rp. 2,550,000,000.-

Shareholders/Owners :

a. Mr. Trisno Widjaya - Rp. 1,272,500,000.-

Address : Jl. Raya Perancis No. 2 G7/3-5

Tangerang, Jakarta Barat

Indonesia

b. Mrs. Susan - Rp. 1,272,500,000.-

Address : Jl. Raya Perancis No. 2 G/3-5

Tangerang, Jakarta Barat

Indonesia

c. Mrs. Sudiati - Rp. 5,000,000.-

Address : Jl. Satria IV/27

Pademangan Barat, Jakarta Utara

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Technical Goods Equipments

Production Capacity :

None

Total Investment :

None

Started Operation :

June 2002

Brand Name :

Teckindo Prima Gemilang Jaya

Technical Assistance :

None

Number of Employee :

27 persons

Marketing Area :

Local - 100%

Main Customer :

Industrial Manufacturing

Market Situation :

Very Competitive

Main Competitors :

a. P.T. BADJA TEKNIK MACHINERY

b. P.T. FATA METAL MANDIRI SEJATI

c. P.T. KENCANA TEKINDO

d. P.T. SURYA BAJA SENTRAL ANUGERAH

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank INTERNATIONAL INDONESIA Tbk

Jalan Daan Mogot No. 33

Jakarta Barat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 27.0 billion

2009 – Rp. 28.0 billion

2010 – Rp. 29.5 billion

Net Profit (estimated) :

2008 – Rp. 2.4 billion

2009 – Rp. 2.6 billion

2010 – Rp. 2.8 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Hartono Lailani

Director - Mr. Gunawan

Board of Commissioners :

Commissioner - Mr. Trisno Widjaya

Signatories :

President Director (Mr. Hartono Lailani) or the Director (Mr. Gunawan) which must be approved by Board of Commissioner

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$ 361,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. TECKINDO PRIMA GEMILANG JAYA (P.T. TPGJ) was established in Jakarta on April 17, 2002 with an authorized capital of Rp. 200,000,000 issued capital of Rp. 50,000,000 entirely paid up. The founding and shareholders of the company is Mr. Trisno Widjaya, his wife Mrs. Susan and Mrs. Sudiati, they are Indonesian businessmen of Chinese origins. The company notary deed has been changed and in April 2008 the authorized capital was raised to Rp. 5,000,000,000 issued capital to Rp. 2,550,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Trisno Widjaya (49.90%), his wife Mrs. Susan (49.90%) and Mrs. Sudiati (0.2). The deed of amendment was made by Mrs. Melyani Noor Shandra, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. C-16195 HT.01.01.TH.2002, dated August 26, 2002 and No. AHU-30060.AH.01.02.TH.2008 dated June 04, 2008. The latest in April 2009 the board of directors of the company had been changed (see profile of this report). The latest revision of notary documents was made by Mr. Sakti Lo, SH., was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-11838 dated July 30, 2009.

We observe the majority share of the company is controlled by Mr. Trisno Widjaya and his wife. They also founder and majority business stakes of C.V. TECKINDO JAYA dealing with trading and distribution of technical goods equipment.

P.T. TPGJ had been operating since June 2002 in trading and distribution of technical goods equipment. The company sells and marketing many variety of machinery such as chainsaw, multi purpose gasoline engine, water pump, diesel engine, agricultural pump, gasoline fire fighting pump, brusher cutler, chainsaw, household electric pump, deep well pump, submersible pump, industrial pump, water well screen, chainsaw spare parts etc by using FIRMAN, SATOO, PENTAX, OLEO-MAC, TECOGOLD, TECOMEC, GILARDONI, TILLOTSSON, STAR, AGUISTAR, EAST WEST and OSE. The whole technical goods product all imported from Italy, Japan, South Korea, PR. China and Taiwan. The whole products are sold to several logging contacting, furniture industries, industrial, agribusiness and home purpose. Besides, some of the products is also supplied to various trading and shop of technical goods in Jakarta, Medan (North Sumatera), Semarang, Bandung, Surabaya and Bali. The company is also operates showroom opened in Jakarta. P.T. TPGJ is the market leader in machinery product for industrial, agricultural, and home purpose. We observe the operation of P.T. TPGJ has been running and growing well.

The demand for technical equipment including machinery, chainsaw, diesel engine, gasoline engine, water pumps, multi purpose gasoline engine and other has kept on rising by 8% to 10% per annum in the last five years. Such condition was in line with the growth of general mining industry sectors logging contracting, agribusiness, industrial manufacturing, refineries, fertilizer industry, electricity, office building, chemical industry, pharmaceutical industry, pulp and paper, cement and other sectors requiring the above products. It is projected that the demand growth will be rising within the next five years. Market competition is very tough on account of many other similar companies operating in Indonesia. P.T. TPGJ’s business position in this case is not too badly because it has established regular customers and extensive marketing network.

P.T. TPGJ 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 2008 amounted to Rp. 27.0 billion rose to Rp. 28.0 billion in 2009 increased to Rp. 29.5 billion in 2010 and projected to go on rising by at least 5% in 2011. It is projected the company has yielded a net profit of Rp. 2.8 billion and the company has an estimated total networth of at least Rp. 5.0 billion. So far, we did not heard 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. TPGJ is led by Mr. Hartono Lailani (44) a businessman and professional manager with experience in trading, import and distribution of technical goods equipment. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. TECKINDO PRIMA GEMILANG JAYA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.53
UK Pound	1	Rs.72.56
Euro	1	Rs.60.62

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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%)

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