MIRA INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. THERMOASRI MAKMUR |
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Registered Office : |
Menara Batavia, 9th Floor, Jl. K.H. Mas Mansyur
Kav. 126, Jakarta 10220 |
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Country : |
Indonesia |
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Date of Incorporation : |
03.01.1990 |
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Com. Reg. No.: |
No. AHU-49059.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Service of Thermo King Air Conditioner and Spare Parts |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
US$ 1,490,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Correct Name of Company
P.T.
THERMOASRI MAKMUR
COMAPANY Address
Head
Office
Menara Batavia, 9th Floor
Jl. K.H. Mas
Mansyur Kav. 126
Jakarta 10220
Indonesia
Phone - (62-21) 572 7301 (Hunting)
Fax - (62-21) 572 7302
Building Area - 32 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
03 January 1990
Legal Form
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No. C2-6962.HT.01.01.TH.94
Dated 24 August 1994
b. No.
AHU-49059.AH.01.02.Tahun 2008
Dated 05 August 2008
Company Status
Private National
Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
01.509.435.2-407.000
Affiliated/Associated Companies
a. P.T. VARIA PERDANA KARYA (Trading and Distribution of Air
Conditioner)
b. P.T. MARK IV INDONESIA (Import of Air Conditioner)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 2,000,000,000.-
Issued Capital - Rp. 1,000,000,000.-
Paid up Capital - Rp. 1,000,000,000.-
Shareholders/Owners
:
a.
Mrs. Lasmiati -
Rp. 635,000,000.- (63.5%)
Address : Jl. Kampung Sidamukti, RT.02, RW.08
Kel. Sukamaju, Kec.
Sukmajaya
Depok, Bogor, West Java
Indonesia
b.
Mrs. Hartati Santoso -
Rp. 230,000,000.- (23.0%)
Address : Jl.
Kampung Sidamukti, RT.02, RW.08
Kel. Sukamaju,
Kec. Sukmajaya
Depok, Bogor,
West Java
Indonesia
c.
Mr. Sjaftari Santoso -
Rp. 101,000,000.- (10.1%)
Address : Jl.
Simprug Golf XV No. 35
Kel. Grogol Selatan, Kabayoran Lama
South Jakarta
Indonesia
d.
Mr. Agus Hindarto -
Rp. 34,000,000.- ( 3.4%)
Address : Jl. Taman Gading Indah Blok C No. 25
Kel. Kelapa Gading Timur
North Jakarta
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Trading and Service of Thermo King Air Conditioner and Spare Parts
Production Capacity :
None
Total Investment :
None
Started
Operation :
1990
Brand
Name :
THERMO KING Air Conditioner of the USA
Technical
Assistance :
None
Number
of Employee :
80 persons
Marketing
Area :
Domestic - 100%
Main Customers :
a. Inter-province
Bus Transportation Companies
b. Tourist bus and
Travel Companies, Food and Drink Industries, etc.
Market Situation :
Very Competitive
Main
Competitors :
a. PT. DENSO SALES INDONESIA
b. PT. KIKIJAYA AIRCONINDO
c. PT. BANGUN TEKINDO PURNAMA
d. PT. MITRAGUNA
SEJATI LESTARI
e. PT. SURYA
CITRA INTRAPERSADA
f. PT. TEMCOOL INDONESIA
g. PT.
PRATAMA ALAM SEGAR
h. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank PERMATA Tbk
Permata Tower
Jl. Jend. Sudirman Kav. 27
South Jakarta
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend.
Sudirman Kav. 1
Central Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation
:
No litigation record
in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2007 – Rp.
76.0 billion
2008 – Rp.
85.2 billion
2009 – Rp.
94.5 billion
2010 – Rp. 105.0 billion
Net Profit (estimated) :
2007 – Rp. 2.0 billion
2008 – Rp. 2.5 billion
2009 – Rp. 2.8 billion
2010 – Rp. 3.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Sjaftari Santoso
Director - Mr. Budiman Santoso
General Manage - Mr. Taslan Teguh
Board of Commissioner :
President Commissioner - Mrs. Hartati Santoso
Commissioner - Mr. Agus Hindarto
Signatories :
Director (Mr. John Pangalela Hiantoro)
which must be approved by the 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$ 1,490,000.- on the 90 days of payments
OVERALL PERFORMANCE
P.T. THERMOASRI MAKMUR (P.T. TM) was established in January 1990 with an authorized capital of Rp 500,000,000.-, entirely was issued and paid up. The original founding shareholders are Mrs. Lasmiati (50%), Mrs. Hartati Santoso (25%) and Mr. Agus Hindarto (25%), all Chinese-Indonesian entrepreneurs. The articles of association (notary deed) of the company were made by Mr. Januar Hamid, SH., a notary in Jakarta. The notary deed has obtained registration number from the Ministry of Justice under No. C2-6962 HT.01.01.Th.92 dated August 24, 1992.
The articles of association of the company have frequently been changed. In February 1991, Mr. Sjfatari Santoso joined in as a new shareholder. In July 2008, the authorized capital was raised to Rp. 2,000,000,000.- of which Rp. 1,000,000,000.- was issued and fully paid up. Since that time, shareholders of the company are Mrs. Lasmiati (63.5%), Mrs. Hartati Santoso (23.0%), Mr. Sjaftari Santoso (10.1%) and Mr. Agus Hindarto (3.4%). The amendment Articles of Association has obtained registration number from the Department of Law and Human Rights under No. AHU-48059.AH.01.02.Tahun 2008, dated August 5, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. TM known by its trading style “Thermo King” has been operating since 1990 dealing with the trading and distribution of Thermo King Air Conditioner of the USA. Besides, P.T. TM provides repairing and after sales service of Thermo King AC and accessories and parts. Its customers are companies dealing with tourist bus and inter-province transportation, food and drink industries, distribution in all over Java. PT. TM operates and manages a number workshop in Jakarta, Bekasi (West Java), Yogyakarta, Semarang, Sukoharjo (third in Central Java), Sidoarjo (East Java) and others. We observed that PT. TM or “Thermo King” is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
We note that the demand for air conditioner, automotive components and part, workshop and services has kept on rising by at least 10% per year in the last five years in line with the growth and development of the automotive and motorcycle industry in the country. According to the Indonesia Car Manufacturers Association (GAIKINDO) explained that the total of car sales in 2006 amounted to 318,904 units increased to 433,341 units in 2007 and rose again to 603,774 in 2008. But the total of car sales in 2009 dropped to 483,548 units rose again to 764,710 units in 2010 and as of 30 February 2011 amounted to 143,355 units. Competition is very tight due to large number of similar companies and brands found in the country. Business position of P.T. TM is quite unfavorable due to lack of demand and such condition is estimated will keep going on until next year.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. The management has extremely refused to inform its financial condition. But it is estimated the total sales turnover of P.T. TM in 2008 amounted to Rp 85.2 billion increased to Rp 94.5 billion in 2009 and rose again to Rp 105.0 billion in 2010. The operation in 2010 yielded an estimated net profit at least Rp 3.2 billion and the company has an estimated total net worth at least Rp 45.0 billion. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Besides, the company usually pays its debts punctually to suppliers.
P.T. HJS's management headed by Mr. Sjaftari Santoso (63), a businessman with more than 20 years experience in trading and services of Bus Air Conditioner. In daily activities he is assisted by Mr. Budiman Santoso (53) as Director and Mr. Taslan Teguh (46) as General Manager. It is also handled by a number of professionals in the business, having maintained a wide business relation among private businessmen at home and abroad. So far, we did not hear that the company’s management involved in business malpractices 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. THERMOASRI MAKMUR is appraised fairly good for business transaction. But owing to economic condition in the country is still unstable, we recommend to treat prudently in extending any new 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.44.72 |
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UK Pound |
1 |
Rs.71.96 |
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Euro |
1 |
Rs.64.79 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.