MIRA INFORM REPORT

 

 

Report Date :           

07.07.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. TATARASA PRIMATAMA

 

 

Registered Office :

Sentra Niaga Puri Indah Block T2/23, Puri Kembangan, Jakarta Barat, 11610

 

 

Country :

Indonesia

 

 

Date of Incorporation :

05.10.2000

 

 

Com. Reg. No.:

No. AHU-66639.AH.01.02.TH.2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Importer, Supplying and Distribution of Pharmaceutical Basic Material, Food Ingredients and Cosmetic Raw Materials

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 125,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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. TATARASA PRIMATAMA

 

 

company Address

 

Head Office

Sentra Niaga Puri Indah Block T2/23

Puri Kembangan

Jakarta Barat, 11610

Indonesia

Phones             - (62-21) 581 9123 (Hunting)

Fax                   - (62-21) 580 5558, 581 9258

Building Area     - 2 storey

Office Space      - 500 sq. meters

Region              - Commercial Building

Status               - Rent

 

 

Date of Incorporation

 

5 October 2000

 

                             

Legal Form

 

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

 

                                                       

Company Reg.No.

 

The Ministry of Law and Human Rights

No. AHU-66639.AH.01.02.TH.2008

Dated 22 September 2008

 

 

Company Status

 

Private National Company

Permit by the Government Department

 

The Department of Finance

NPWP No. 1.998.077.0-035

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 300,000,000.-

Issued Capital                                  : Rp. 300,000,000.-

Paid up Capital                                : Rp. 300,000,000.-

 

Shareholders/Owners :

a. Mr. Soekiandi Alia AKA Tan Soon Hock                       - Rp. 270,000,000.-

    Address : Jl. Mangga Dua Raya No. 39

                    Pinangsia, Taman Sari

                    Jakarta Barat

                    Indonesia1111      

b. Mrs. Chandrayani Hardiyati                                         - Rp.    30,000,000.-

    Address : Jl. P. Gebang Permai A5/9

                    Pulo Gebang, Cakung, Jakarta Timur

                    Indonesia                   

 

 

BUSINESS ACTIVITIES

                             

Lines of Business :

Trading, Importer, Supplying and Distribution of Pharmaceutical Basic Material, Food Ingredients and Cosmetic Raw Materials

 

Production Capacity :

None

 

Total Investment :                         

None

 

Started Operation :

2001

 

Brand Name :                               

None

 

Technical Assistance :                  

None

 

Number of Employee :

11 persons                                     

 

Marketing Area :                           

Domestic (Local)    - 100%

 

Main Customer :

a. P.T. PYRIDAM FARMA Tbk

b. P.T. SANBE FARMA

c. P.T. BINTANG TOEJOE

d. P.T. NESTLE INDONESIA

e. Etc.

 

Market Situation :                         

Very Competitive

 

Main Competitors :                       

a. P.T. LAWSIM ZECHA

b. P.T. WARIS

c. P.T. WAHANA CHEMICAL INDONESIA

d. P.T. BINTANG INTI TALENTA

e. C.V. SUMBER MITRA NIAGA

f. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank INTERNATIONAL INDONESIA Tbk

    Jalan Pintu Barat No. 69

    Jakarta Barat

    Indonesia

b. P.T. Bank CENTRAL ASIA Tbk

    Jalan Jend. Sudirman Kav. 22-23

    Jakarta Pusat

    Indonesia

 

Auditor :

Internal Auditor

           

Litigation :                                    

No litigation record in our database

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :            

2008 – Rp. 8.6 billion

2009 – Rp. 9.0 billion

2010 – Rp. 9.5 billion

 

Net Profit (Loss) :                          

2008 – Rp. 516 million

2009 – Rp. 540 million

2010 – Rp. 570 million

           

Payment Manner :                        

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :                

Director                                           - Mr. Soekiandi Ali AKA Tan Soon Hock

Manager                                          - Mr. Kien Hen Lie

 

Board of Commissioner :              

Commissioner                                 - Mrs. Chandrayani Hardiyati

 

Signatories :                                 

Director (Mr. Soekiandi Ali AKA Tan Soon Hock) 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$ 125,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. TATARASA PRIMATAMA (P.T. TP) was established in Jakarta on 5 October 2000 with the authorized capital of Rp. 300,000,000 of which Rp. 75,000,000 was issued and fully paid up. The founding shareholders are Mr. Soekiandi Ali AKA Tan Soon Hock and his wife Mrs. Chandrayani Hardiyati, a business family of Chinese origin. The company notary deed has been changed. In November 2005, the issued capital was raised to Rp. 300,000,000 wholly fully and paid up. The deed of amended was made by Mr. Haji Rakhmat Syamsul Rizal, SH, MH., a public notary in Jakarta, under Company Registration Number C-UM.02.01.17423, dated December 1, 2005. The latest in August 2008 the board of director and the board of commissioner reappointed to lead and run of the company’s operation. The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-66639.AH.01.02.TH.2008 dated September 22, 2008.

 

P.T. TP started with operation since 2001 dealing with trading, importer, supplier and distribution of pharmaceutical basic materials and food ingredients. Mr. Soekiandi Ali AKA Tan Soon Hock, the director and owner of the company, said that whole pharmaceutical basic materials and food ingredients are imported from Malaysia, India and China with various types and specification. The merchandising goods products are pharmaceutical products, food ingredients, bulk drugs, food additives, cosmetic raw materials such as INOSIL, DRIED CHIVES, GOS, FEED, Lysine Feed Grade. She went on to say that whole merchandise products are supplied among food processing industries and pharmaceutical industries especially operating in Java. The company also supplies food ingredient basic materials to P.T. DANONE INDONESIA, P.T. NESTLE INDONESIA, cosmetic raw materials to P.T. UNZA VITALIS, P.T. MARTINA BERTO, pharmaceutical basic materials to P.T. PYRIDAM PHARMA Tbk, P.T. SANBE FARMA, P.T. BINTANG TOEDJOE, P.T. ARMOXINDO INDONESIA and other food and pharmaceutical industries. The company had established the strong relationship with the major drug formulation and food & beverages manufacturers. We observe that P.T. TP has been growing in the last three years and is classified as a small sized company of its kind in the country.

 

Generally, demand for laboratory and medical equipment and various pharmaceutical products had been growing in the last five years up to the end 2007 as pictured in sales value of national pharmaceutical products, import value and export value issued by the Food and Drug Controlling Board (BPOM). The national pharmaceutical sales, export and import value of products are estimated to be rising by 6% to 8% in the next year. The competition is very tight on account many similar companies operating in the country. The business position of P.T. BSP is a sufficiently fairly good because the company has captive market namely the state-owned hospital and private hospital in the country. According the BPOM that national pharmaceutical sales as shown are as the following table.

 

National Market Trend of Drugs, 2001-2010 (Billion Rupiah)

 

Year

Total Market

Ethical Drugs

Generic Drugs

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12.850

15.483

17.458

20.872

23.629

23.173

25.600

29.981

33.965

37.531

  7.891

  9.618

10.829

12.706

14.675

13.834

13.959

16.969

19.225

21,142

1.547

1.694

1.819

2.136

2.529

2.390

2.295

3,213

3.420

3.610

          Source: Food and Drug Controlling Board (BPOM)

 

Until this time P.T. TP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. TP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 8.6 billion rose to Rp. 9.0 billion in 2009 increased to Rp. 9.5 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 570 million and the company has an estimated total networth of at least Rp. 1.5 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 company is led by Mr. Soekiandi Ali AKA Tan Soon Hock (42), a businessman and professional manager with has experienced for more than 11 years in the field of trading, importer, supplying and distribution of pharmaceutical raw materials, food ingredient and cosmetic raw materials. We observed that management’s reputation in said business is sufficiently fairly good. The company has had wide relation in the realm of the 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. TATARASA PRIMATAMA is sufficiently fairly good for business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.71.24

Euro

1

Rs.64.16

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.