MIRA INFORM REPORT

 

 

Report Date :           

29.10.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. KAIROS TRITUNGGAL

 

 

Registered Office :

Ruko Inkopau Ujung Menteng Block A No. 8-9, Jalan Sultan Hamengkubuwono IX, Cakung, Jakarta Timur, 13960

 

 

Country :

Indonesia

 

 

Date of Incorporation :

September 2008

 

 

Com. Reg. No.:

No. AHU-76677.AH.01.01.TH.2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading and Distribution of Pharmaceutical Raw Materials

 

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$ 121,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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. KAIROS TRITUNGGAL

 

 

company Address

 

Head Office

Ruko Inkopau Ujung Menteng Block A No. 8-9

Jalan Sultan Hamengkubuwono IX

Cakung

Jakarta Timur, 13960

Indonesia

Phones             - (62-21) 4680 2216-19

Fax                   - (62-21) 4680 2187

Building Area     - 2 storey

Office Space      - 200 sq. meters

Region              - Industrial Zone

Status               - Rent

 

 

Date of Incorporation

 

September 2008

 

 

Legal Form

 

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

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

No. AHU-76677.AH.01.01.TH.2008

Dated 22 October 2008

 

 

Company Status

 

Private National Company

 

Permit by the Government Department

 

The Department of Finance

Not Available

 

 

Related Company

 

P.T. SANDI ANEKA WARNA (Trading and Distribution of Pesticides)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 600,000,000.-

Issued Capital                                  : Rp. 600,000,000.-

Paid up Capital                                : Rp. 600,000,000.-

 

Shareholders/Owners :

a. Mr. Michael Andre Widjajanto                           - Rp. 405,000,000.-

    Address : Jl. Alamanda Bawah Block VIII No. 12

                    Semarang, Central Java        

                    Indonesia  

b. Mr. Indra Sardjono Puspawidjaja                      - Rp. 135,000,000.-

    Address : Jl. Mahkota IV Block E4

                    Kota Modernland, Tangerang

                    Jakarta Barat

                    Indonesia

c. Mr. Kompri                                                         - Rp.   60,000,000.-

    Address : Jl. Simponi Mas V B-8/10 B

                    Pegangsaan, Jakarta Utara

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading and Distribution of Pharmaceutical Raw Materials

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

September 2008

Brand Name :

Kairos Tritunggal

 

Technical Assistance :

None

 

Number of Employee :

12 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customer :

Pharmaceutical Industries

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. BINTANG INTI TALENTA

b. P.T. DIVA MITRA BOGATAMA

c. P.T. LAWSIM ZECHA

d. C.V. SUMBER MITRA NIAGA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank CENTRAL ASIA Tbk

Jalan Kelapa Gading Boulevard Raya Block No. 1

Kelapa Gading, Jakarta Utara

Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 3.0 billion (September – December)

2009 – Rp. 8.0 billion

2010 – Rp. 9.2 billion

 

Net Profit (estimated) :

2008 – Rp. 150 million

2009 – Rp. 400 million

2010 – Rp. 506 million

           

Payment Manner :                        

Average

 

Financial Comments :                    

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :                

President Director                            - Mr. Kompri

Director                                           - Mr. Indra Sardjono Puspawidjaja

Marketing Manager                          - Miss. Prilia Hadijojo

 

Board of Commissioner :              

Commissioner                                 - Mr. Michael Andre Widjajanto

 

Signatories :                                 

President Director (Mr. Kompri) or the Director (Mr. Indra Sardjono Puspawidjaja) which must be approved by Board of Commissioners

 

 

CAPABILITIES

 

Management Capability :             

Satisfactory

 

Business Morality :                        

Satisfactory

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

Proposed Credit Limit :

Small amount – periodical review

 

Maximum Credit Limit :

US$ 121,000 on the 90 days of payments

 

 

OVERALL PERFORMANCE

 

P.T. KAIROS TRITUNGGAL (P.T. KT) was established in Jakarta, in September 2008 with the authorized capital of Rp. 600,000,000 wholly issued and paid up. The founding shareholders of the company are Mr. Michael Andre Widjajanto, Mr. Indra Sardjono Puspawidjaja and Mr. Kompri, they are Indonesian businessmen of Chinese origins. The deed of amended was approved by the Ministry of Law and Human Right in its decision letter Number AHU-76677.AH.01.01.TH.2008, dated October 22, 2008.

 

P.T. KT is engaged in the field of trading and distribution of pharmaceutical raw materials. The above merchandise products are pharmacy additive raw material and OTC such as Amlodipine Besylate, Attapulgite, Allylestrenol, Analgin, Betahistine Mesylate, Betamethason Dipropionate, Bupiyacaine Monohydrate, Calcium Pidolate, Clommiphene Citrate, Cefuroxime Axetil Amorphous, Cefadroxil Monohydrate BP Compacted and others.

 

Mrs. Titin, marketing executive of the company added that the whole products imported from India, China, Tiawan, Europe Union, USA and others counties. Besides, some of the pharmaceutical raw materials is also bought from P.T. EUTHICA UNGGUL JAYA. The whole products are supplied to pharmaceutical industries such as P.T. TRIYASA NAGAMAS FARMA, P.T. MEDIFARMA LABORATORIES INC., P.T. PYRIDAM PHARMA Tbk, P.T. MERCK INDONESIA Tbk, P.T. MEIJI INDONESIA, P.T. MERSIFARMA TIRMAKU MERCUSANA, P.T. NOVELL PHARMACEUTICAL LABORATORIES and others. Meanwhile the finished products like OTC (non ethical drugs) are supplied to various dispensaries, hospitals, drug stores and various other consumers. We observe the operation of P.T. KT has been growing slowly in the last three years.

 

Generally, demand for pharmaceutical raw materials, 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. KT 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. KT has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. KT is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first year operation September to December 2008 amounted to Rp. 3.0 billion rose to Rp. 8.0 billion in 2009 to Rp. 9.2 billion in 2010 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 506 million and the company has an estimated total networth of at least Rp. 1.2 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. KT is headed by Mr. Kompri (52) as president director and Mr. Indra Sardjono Puspawidjaja (65) as director. Both of are has experienced in trading, distribution and supply of pharmaceutical raw materials. 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. KAIROS TRITUNGGAL is sufficiently fairly good for business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.