|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RUDY SOETADI |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
03.02.1976 |
|
|
|
|
Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Personal Care
and Cosmetic Manufacturing |
|
|
|
|
No. of Employees : |
280 |
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$ 6.5 million |
|
Status : |
Good |
|
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 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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. RUDY
SOETADI
A d d r e s s
:
Head Office
Gedung Tempo Scan
Tower
Jl. H.R. Rasuna Said Kav. 3-4
Kuningan Timur, Setiabudi
Jakarta Selatan 12950
Indonesia
Phones -
(62-21) 5201858, 5201951
Fax - (62-21) 5201957
Building Area - 34 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Raya Bekasi
Km. 28
Medan Satria, Pondok Ungu
Bekasi 17132, West Java
Indonesia
Phones - (62-21) 8822114, 8850909, 88850644
Fax - (62-21) 8842115
Land Area - 15,000 sq.
meters
Building Area - 8,920 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
03 February 1976
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. AHU-12647.AH.01.02.Tahun 2010
Dated 11 March 2010
b. No.
AHU-AH.01.10-26099
Dated
11 August 2011
Company Status
:
National Private
Company
Permit by the Government Department :
The Department of Finance
NPWP No.
01.311.858.3-063.000
Related
Company :
A member of the
TEMPO Group (see attachment)
Capital
Structure :
Authorized Capital - Rp. 6,250,000,000.-
Issued Capital - Rp. 2,812,500,000.-
Paid up Capital - Rp. 2,812,500,000.-
Shareholders/Owners
:
a. P.T. AGUNG ADI -
Rp. 1,406,250,000.- (50%)
Address: Gedung Bina Mulia
Jl. H.R. Rasuna
Said Kav. 10-11
Jakarta Selatan
b. P.T. BARCLAY PRODUCTS - Rp. 1,406,250,000,- (50%)
Address: Gedung Bina Mulia
Jl. H.R. Rasuna
Said Kav. 10-11
Jakarta Selatan
Lines of
Business :
Personal Care and
Cosmetic Manufacturing
Production
Capacity :
a. Cleansing Mils - 12,000
kgs p.a.
b. Cleansing Creams - 12,000 kgs
p.a.
c. Day Creams -
8,000 kgs p.a.
d. Night Creams -
8,000 kgs p.a.
e. Lipstick Creams - 2,000
kgs p.a.
f.
Skin Lightening Creams - 3,000 kgs p.a.
g. Deodorant Sticks - 12,000 kgs
p.a.
h. Heir Creams -
3,000 kgs p.a.
i.
Nail Enamels - 30,000 kgs p.a.
j. Shampoos - 180,000 kgs p.a.
k. Conditioners - 180,000 kgs p.a.
l. Lotion Perfumes - 90,000
kgs p.a.
m. Tonic Formula - 90,000
kgs p.a.
n. Liquid Foundations - 120,000 kgs p.a.
o. Face Tonics - 120,000 kgs p.a.
p. Hand & Body Lotions -
60,000 kgs p.a.
q. Nail Polish Removers -
30,000 kgs p.a.
r.
Face Powders - 60,000 kgs p.a.
s. Compact Powders - 60,000 kgs
p.a.
t.
Creams - 60,000 kgs p.a.
u. Liquid - 300,000 kgs
p.a.
v. Powder -
210,000 kgs p.a.
w. Bath Soap - 90,000 kgs p.a.
Total
Investment :
a. Equity Capital - Rp. 20.0 billion
b. Loan Capital - Rp
20.0 billion
c. Total Investment - Rp. 40.0 billion
Started
Operation :
1 9 7 7
Brand Name :
RUDY SOETADI
Technical
Assistance :
None
Number of
Employee :
280 persons
Marketing Area
:
Domestic (Local) - 90%
Export - 10%
Main Customers
:
Supermarkets,
Hypermarkets, Mini-markets, Cosmetic Shops, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Avon
Indonesia
b. PT. Mirabellla
Cosmetic
c. PT. Martha
Tilaar Tbk.
d. PT. Mustika Ratu
e. PT. Viva Cosmetic
f. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
b. The Bank of
Tokyo Mitsubishi UFJ Ltd.
MidPlaza Building
Jl. H.R. Rasuna Said Kav. 10-11
Jakarta Selatan
c. P.T. Bank CIMB
NIAGA Tbk.
Niaga Tower
Jl. Jend.
Sudirman Kav. 58
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp. 340.0
billion
2009 – Rp. 382.0
billion
2010 – Rp. 435.0
billion
2011 – Rp. 480.0
billion
Net Profit
(estimated) :
2008 – Rp. 18.5
billion
2009 – Rp. 21.0
billion
2010 – Rp. 23.0
billion
2011 – Rp. 26.5
billion
Payment Manner
:
Prompt
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Handojo Selamet Muljadi
Directors -
a. Mrs. Irawati Sutanto
b. Mrs. Hartaty Susanto
c. Mr. Philips Gunawan
Board of
Commissioner :
President Commissioner -
Mrs. Dian Paramita Tamzil
Commissioners -
a. Mrs. Dwi Murni Sukahar
b. Mrs. Dian Wirawan
Signatories :
President Director (Mr. Handojo Selamet
Muljadi) or one of the Director (Mrs. Irawati Sutanto, Mrs. Hartaty Susanto and
Mr. Philips Gunawan) which must be approved by Board of Commissioner (Mrs. Dian
Paramita Tamzil)
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Low
Credit
Recommendation :
Credit can be proceeded promptly
Proposed Credit Limit :
Fairly large
amount
Maximum Credit
Limit :
US$ 6.5 million on 90 days D/A
P.T. RUDY SOETADI (P.T. RS)
was established in Jakarta in February 1976 with an authorized capital of Rp.
25,000,000.- issued capital of Rp. 5,000,000.- was entirely paid-up. The
founding shareholders of the company are Mr. Rudy Soetadi AKA Oei A Liong and
Mrs. Kwang Sioe Lan, both are Indonesian entrepreneurs of Chinese
extraction. The articles of association
has frequently been revised and in May 1993, the authorized capital was raised
to Rp. 6,250,000,000.- of which Rp. 1,250,000,000.- was issued and fully paid
up. Concurrently, Mr. Rudy Soetadi and
Mrs. Kwang Sioe Lan pulled out and the whole shares are sold to P.T. AGENG ADI
and Mrs. Dian Paramita Tamzil. Lastly in
June 2011, the issued and paid up capital was raised to Rp. 2,812,500,000.- Since then, the shareholders of the company
are P.T. AGENG ADI (50%) and P.T. BARCLAY PRODUCTS (50%), both are private
companies, which the majority business stakes of its is controlled by P.T.
TEMPO SCAN PACIFIC Tbk., a public listed company. The notary deed of amendment was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-26099 dated August 11, 2011.
No changes have been effected in term of its shareholding composition
and capital structures to date.
P.T. RS is
engaged in personal care and cosmetic manufacturing, with its plant located at
Jl. Raya Bekasi Km. 28, Bekasi, West Java on a land of some 15,000 sq.
meters. The plant had been operating
since 1977 producing various personal care and cosmetic products (see page 3-4
this report for details). Besides, the
company was licensed by a number of foreign cosmetics companies like Revlon, My
baby, Marina, Ultima II, Max Factor, Alfred Dunhill, Maurer & Wirtz and
others. The company also trades other
imported cosmetic products licensed to PT. Eres Revco like Azzaro cosmetics of
France, Tabac Cosmetic of Germany, Guess Cosmetic of the USA, Charlie Cosmetics
of the USA and others. We observed that
P.T. RS is classified as a medium sized company of its kind in the country of
which the operation has been growing in the last three years.
In overall we
find the demand for personal care and cosmetic products has been rising by the
average 8% to 10% per year within the last five years. But since the global economic crisis and
tight money policy being imposed by Bank Indonesia in October 2008 the demand
was decreased within due to a poor economic condition, decreasing income per
capita and a weak in public purchasing power. The demand was increasing in the
early 2009 due to economic condition was gradually recovery in the country. The
growth rate is now estimated at 6% to 7% per year. Market competition is very
tight due to a large number of similar companies operating in the country.
Business position of P.T. RS is favorable for it has controlled a wide
marketing network at home and its brand has been widely known among consumers
in the country.
Until this time P.T. RS has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management is very reclusive
to outsider and rejected to disclose its financial condition. But we estimate
the total sales turnover of P.T. RS in 2009 amounted to Rp 382.0 billion
increased to Rp 435.0 billion in 2010 to Rp 480.0 billion in 2011 and projected
it will be higher by 10% in 2012. The
operation in 2011 yielded an estimated profit at about Rp 26.5 billion and the
company has an estimated total asset at around to Rp 140.0 billion. We observe that P.T. RS is supported by
financially strong 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.
P.T. RS's
management is led by Mr. Handojo Selamet Muljadi (48), a professional manager
with more than 15 years experience in trading and manufacturing of personal
care and cosmetic products. In his
day-to-day business operation he is respectively assisted by Mrs. Irawati
Sutanto (60), Mrs. Hartaty Susanto (52) and Mr. Philips Gunawan (49), all as
directors. We observed that the management is also handled by professional
management team having wide relation with home and overseas private businessmen
as well as with the government sectors.
So far, we did not hear that the company’s management involved in the
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. RUDY
SOETADI is appraised quite feasible for normal business transaction.
The table of P.T. TEMPO SCAN PACIFIC Tbk’s subsidiary companies shall be
as follows:
(In million Rp)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Total Assets (30 Sept. 2011 |
|
PT. Perusahaan Dagang TEMPO |
Pharmaceutical Distribution |
1953 |
89.7 |
1,216,467 |
|
Tempo Pacific Holding Ltd. (Malaysia) |
Investments |
2002 |
100.0 |
519,227 |
|
PT. Tempo Land |
Construction and rental of office building |
1994 |
100.0 |
450,616 |
|
PT. Barclay Products |
Consumer products and cosmetics |
1977 |
100.0 |
283,899 |
|
PT. Supra Ferbindo Farma |
Pharmaceutical Manufacturing |
1987 |
100.0 |
192,880 |
|
PT. Supra Usadhatama |
Distribution services |
1987 |
89.7 |
156,314 |
|
PT. Rudy Soetadi |
Personal Care and Cosmetic Manufacturing |
1977 |
99.5 |
138,688 |
|
PT. Eres Revco |
Cosmetic trading |
1989 |
99.5 |
121,579 |
|
PT. Ageng Adi |
Investments |
1993 |
99.0 |
95,832 |
|
International Beauty Products Ltd. (Thailand) |
Cosmetics trading |
1978 |
100.0 |
73,219 |
|
PT. Polari Limunusainti |
Beverage Industry |
1987 |
51.0 |
64,107 |
|
PT. Pulau Mahoni |
Cosmetic trading |
1971 |
96.0 |
57,009 |
|
PT. Tempo Nagadi |
Soap Manufacturing |
1991 |
100.0 |
49,355 |
|
PT. Tempo Data System |
Computer system services |
1998 |
99.2 |
48,643 |
|
PT. Pritho |
Plastic packaging Mfg |
1978 |
99.0 |
45,577 |
|
RT Beauty Care Ltd. (Thailand) |
Cosmetic Manufacturing |
1985 |
100.0 |
43,246 |
|
PT. Tempo Natural Products |
Food supplement, food and beverage manufacturing |
2006 |
99.98 |
40,033 |
|
PT. Filma Utama Soap |
Consumer products and cosmetic manufacturing |
1974 |
100.0 |
38,092 |
|
PT. Tempo Promosi |
Advertising and promotion services |
1999 |
100.0 |
28,547 |
|
PT. Tempo Logistics |
Distribution services |
2000 |
89.7 |
26,839 |
|
PT. Tempo Research |
Research and development services |
1997 |
99.99 |
25,699 |
|
PT. Tempo Rx Farma |
Pharmaceutical and medical devices trading |
1968 |
99.96 |
20,080 |
|
PT. Tempo Nagadi Trading |
Purchasing services |
1991 |
100.0 |
16,573 |
|
PT. Kendaga Isi Mulia |
Distribution of beverage |
1979 |
51.0 |
13,413 |
|
PT. Tri Nagaharda Satria |
Distribution of beverage |
1990 |
51.0 |
11,171 |
|
PT. Global Eramas |
Trading business |
1987 |
97.2 |
10,160 |
|
Tempo Scan Pacific Philippines Inc. |
Distribution and marketing services |
2007 |
100.0 |
4,545 |
|
PT. Kian Mulia Manunggal |
Rental of Building |
1981 |
51.0 |
3,669 |
|
PT. Tempo Mahoni |
Export and import, trading, distribution and agent |
2006 |
99.96 |
3,183 |
|
Tempo Nagadi Asia Pte. Ltd. (Singapore) |
Trading business and purchasing services |
1992 |
100.0 |
624 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.