MIRA
INFORM REPORT
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Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. TEGUH INDORINTA ORPIT |
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Formerly Known As : |
P.T. TEGUH INDO ORIENTAL |
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Registered Office : |
Jalan Kol. Sugiono No. 5 A / 21 Medan, 20151 North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
10.03.1990 |
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Com. Reg. No.: |
No. AHU-41019.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Seasoning and Spices |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 236,000 |
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Status : |
Satisfactory |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Name of Company
P.T. TEGUH
INDORINTA ORPIT
Address
Head Office
Jalan Kol. Sugiono No. 5 A / 21
Medan, 20151
North Sumatra
Indonesia
Phone -
(62-61) 453-8282, 453 8686
Fax - (62-61) 453-6500, 844 4929
E-mail - tioni@indosat.net.id
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
a. 10 March 1990 as P.T. TEGUH
INDO ORIENTAL
b. 20 April 1993 as P.T. TEGUH
INDORINTA ORPIT
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
- No. C2-5939 HT.01.01.TH.93
Dated 13 July 1993
- No. C-20118 HT.01.04.TH.2001
Dated 12 December 2001
- No. C-UM.02.01.12228
Dated 18 July 2006
- No. AHU-41019.AH.01.02.TH.2009
Dated 24 August 2009
Company Status
:
Private National Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.501.343.6-121.000
The Department of Industry
and Trade
TDP No. 02.12.1.51.02733
Dated 19 December 2005
Related
Company :
P.T. SINDOMAS INTI PERKASA (Plastic Packaging Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
Rp. 1,000,000,000.-
Issued Capital :
Rp. 300,000,000.-
Paid up Capital :
Rp. 300,000,000.-
Shareholders/Owners
:
a. Mr. Benny Sunjaya Tio - Rp. 150,000,000.-
Address : Jl. Samanhudi No.
14-A,
Kel. Jati,
Medan, North Sumatra
Indonesia
b. Mr. Ardy Sandjaya Tiomaulana -
Rp. 150,000,000.-
Address : Jl. Slamet Riady No.
22
Kel. Jati,
Medan, North Sumatra
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading, Import and Distribution of Seasoning and Spices
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1996
Brand Name :
Teguh Indorinta Orpit
Technical
Assistance :
None
Number of
Employee :
35 persons
Marketing Area
:
Local - 100%
Main Customer
:
Traditional markets
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ADI SAMPOERNO
b. P.T. ALAM INDORONA
c. P.T. DAKAI IMPEX
d. P.T. GOROM KENCANA
e. Etc.
Business Trend
:
Declining
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Dr. Sutomo No.120
Medan, North Sumatra
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan KH. Zainul Arifin No. 49-51
Medan, North Sumatra
Indonesia
c. P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 7
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 48.5 billion
2010 – Rp. 50.0 billion
2011 – Rp. 18.0 billion
Net Profit
(Loss) :
2009 – Rp. 2.4 billion
2010 – Rp. 2.6 billion
2011 – Rp. 1.4 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Benny Sunjaya Tio
Manager -
Mr. Jensen Tio
Board of Commissioners :
Commissioner -
Mr. Ardy Sandjaya Tiomaulana
Signatories :
Director (Mr. Benny Sunjaya Tio) which
must be approved by Supervisory Board
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$ 236,000 on 90 days D/A
OVERALL PERFORMANCE
Originally named P.T. TEGUH
INDO ORIENTAL, the company was established in Medan (North Sumatra), on March
10, 1990 with an authorized capital of Rp. 1,000,000,000 of which Rp. 200,000,000
was issued and paid up. The founding shareholders of the company are Mr. Benny
Sunjaya Tio (50%) and his older brother Mr. Ardy Sanjaya Tiomualana (50%), both
are Indonesian businessmen of Chinese extraction. The company notary deed has
been changed a couple of times. On April 20, 1993 the company’s name was
changed to P.T. TEGUH INDORINTA ORPIT (P.T. TIO). The deed of the company was
made by Mrs. Yanty Suliman Sihotang, SH., a public notary in Medan and it was
approved by the Ministry of Law and Human Right in its Decision Letter No.
C2-5939 HT.01.01.Th.93 dated July 13, 1993. On July 14, 2000 the issued capital
was raised to Rp. 300,000,000 and fully paid up by Mr. Benny Sunjaya Tio (50%)
and Mr. Ardy Sanjaya Tiomualana (50%). The deed of amendment was made by Mrs.
Rahanum, SH., a public notary in Medan and it was approved by the Ministry of
Law and Human Right in its Decision Letter No. C-20118 HT.01.04.TH.2001 dated
November 9, 2001 and No. C-UM.02.01.12228 dated July 18, 2006. The latest based
on notary deed of Mrs. Yanty Sulaiman Sihotang, SH., No. 44 dated 25 March 2009
the board of director and the board of commissioner reappointed to lead and
runs 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-41019.AH.01.02.TH.2009 dated August 24, 2009.
We observe that Mr. Benny
Sunjaya Tion is also business stakes owner of P.T. SINDOMAS INTI PERKASA, a
private national company dealing with plastic packaging manufacturing.
Previously P.T.
TIO has been operating since 1990 as a trader and distributor of oil
lubricating oil. The company holds the
distributor for GULF Oil & Lubricant of the United State and AMT Oil of
Australia. The merchandize products include such items as Synthetic, Mineral,
Petrol, Octan, Carburetor Cleaner, etc. All the above products are sold in the
ranks of lubricating oil dealers & traders and automotive repair workshops
in Medan, North Sumatra and surroundings. Based on our investigation through
Mrs. Susani, a marketing staff of the company said that the company operation
in trading and distribution of lubricating oil was ceased operation since 2002.
Then, in 2003, P.T. TIO has been changes operation into the field of plastic
sheet packaging manufacturing. The plant is located at Jalan Sei Belumai 103 A,
Tanjung Morawa, Medan, North Sumatra, where it stands on a 5,000 sq. meters
land. The plant produces plastic sheet packaging based on job order from their
buyers especially in Lampung and Medan. The whole product is marketed to food
processing industries, sugar refinery and snack food industries in Medan (North
Sumatra) and Lampung provinces. However since the end 2010 the plastic
packaging division and factory was shifted to sister company namely P.T.
SINDOMAS INTI PERKASA. Currently P.T. TIO operates in trading, import and
distribution of seasoning and spices. The agricultural commodities products
likes garlic and ground nuts imports from India and China. The product is sold
to traditional markets and supermarkets in Medan, Lampung and Riau Province. We
observe that P.T. TIO 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.
We have noticed that the demand
for agricultural products had increased some 10% to 11% per annum in the last
five years in line with the growth of industrial manufacturing in the country
and international market. In the coming years, the growth rate of demand is
estimated at about 6% to 7% per annum. The present market situation for
agricultural products is very competitive for a large number of similar
companies operating in the country.
Until this time
P.T. TIO has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
TIO is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2009
amounted to Rp. 48.5 billion rose to Rp. 50.0 billion in 2010 declined to Rp.
18.0 billion in 2011. The decreased of turnover in 2011 due to the shifted of
its plastic packaging to sister company. It is projected to go on rising by at
least 4% in 2012. The operation in 2011 yielded an estimated net profit of at
least Rp. 1.4 billion and the company has an estimated total net worth of at
least Rp. 3.0 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. TIO is led by Mr. Benny Sunjaya Tio (57) a businessman who experienced
for more than 9 years in the field of trading, import and distribution of
garlic, spices and seasoning products. 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. TEGUH INDORINTA ORPIT is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.53 |
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|
1 |
Rs.77.95 |
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Euro |
1 |
Rs.64.66 |
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.