|
Report Date : |
15.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TERANG TATA SAKTI |
|
|
|
|
Registered Office : |
Jalan Gelong Baru No. 10 Tomang, Kebon Jeruk Jakarta Barat, 11440 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
27.01.2004 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-01465 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Textile Chemicals |
|
|
|
|
No. of Employees : |
13 persons |
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$ 111,800 |
|
Status : |
Satisfactory |
|
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 (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 |
P.T. TERANG
TATA SAKTI
Head Office
Jalan Gelong Baru
No. 10
Tomang, Kebon
Jeruk
Jakarta Barat,
11440
Indonesia
Phones -
(62-21) 5694 3356 (Hunting)
Fax - (62-21) 5694 3386
E-mail - terang.tatasakti@gmail.com
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
27 January 2004
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-05728.HT.01.01.TH.2004
Dated 9 March 2004
- No. AHU-56631.AH.01.02.TH.2008
Dated 29 August 2008
- No. AHU-AH.01.10-01465
Dated 10 March 2009
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.188.662.7-036.000
The Department of Trade and Industry
TDP No.
090215127072
Dated 14 April
2004
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
500,000,000.-
Issued Capital : Rp.
500,000,000.-
Paid up Capital : Rp.
500,000,000.-
Shareholders/Owners
:
a. Mrs. Jeslyne Tjokro Rahardjo - Rp.
400,000,000.-
Address :
Jl. Wuluh Block III No. 1, RT. 009 RW. 006
Kel. Kota Bambu Utara, Kec. Palmerah
Jakarta Barat
Indonesia
b. Mr. Sutikno Tjokro Rahardjo - Rp. 100,000,000.-
Address : : Jl. Wuluh Block III
No. 1, RT. 009 RW. 006
Kel. Kota Bambu Utara, Kec. Palmerah
Jakarta Barat
Indonesia
Lines of
Business :
Trading, Import
and Distribution of Textile Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2004
Brand Name :
Terang Tata Sakti
Technical
Assistance :
None
Number of
Employee :
13 persons
Marketing Area
:
Local - 100%
Main Customer
:
Batik Home
Industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CBA
CHEMICAL INDUSTRY
b. P.T. DUMACO
CHEMICALS
c. P.T. FUCOLOR
CHEMICALS INDUSTRY
d. P.T. JENSHIANG
NUSANTARA
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Tomang Raya
64
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 7.6
billion
2010 – Rp. 8.0
billion
2011 – Rp. 8.5
billion
Net Profit
(estimated) :
2009 – Rp. 0.3
billion
2010 – Rp. 0.4
billion
2011 – Rp. 0.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Jeslyne Tjokro Rahardjo
Directors -
a. Mr. Phiong Foe Sen
b. Mr. Sutikno Tjokro Rahardjo
Board of Commissioners :
Commissioner -
Mrs. Tan Yannie Sunarto
Signatories :
President Director (Mrs.
Jeslyne Tjokro Rahardjo) or one of the Directors (Mr. Phiong Foe Sen or Mr.
Sutikno Tjokro Rahardjo) which must be approved by Board of Commissioner
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$ 111,800 on 90
days D/A
P.T. TERANG TATA
SAKTI (P.T. TTS) was established in Jakarta based on notary deed of Mrs.
Ratnawati Moeljono, SH., No. 9 dated 27 January 2004 with the authorized
capital of Rp. 500,000,000 issued capital of Rp. 125,000,000 entirely paid up.
The founding shareholders of the company are Mr. Sutikno Tjokro Rahardjo, Mr.
Erwin Harsono, Mr. Hidayat Gunawan and Mr. Phiong Foe Sen, they are Indonesian
businessmen of Chinese origins. The company notary deed was approved by the
Ministry of Law and Human Rights in its decision letter No. C-05728
HT.01.01.TH.2004 dated March 9, 2004. The company notary deed has been changed
and the latest based on notary deed of Mrs. Ratnawati Moeljono, SH., No. 16
dated 18 December 2008 the issued capital was increased to Rp. 500,000,000
entirely paid up. With this development the composition of its shareholders has
been changed to become Mrs. Jeslyne Tjokro Rahardjo and her husband Mr. Sutikno
Tjokro Rahardjo, both are Indonesian business family of Chinese extraction. The
latest revision of notary documents was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-01465 dated March 10,
2009.
P.T. TTS has been in
operation since 2004 dealing with trading, distribution and supply of textile
chemical products. The merchandise goods products are dyestuff, coloring
matters, sizing agent, conning oil, softeners, and other products for textile
industries. The whole textile chemicals like dyestuff, coloring matter, sizing
agent, conning oil, softeners imported from India. P.T. TTS explained that
dyestuff sold by the company is in the form of powder that imported by the
company from India. A large part of the company’s products are directly
supplied to the Batik traditionally industry (batik home industry) who are
stayed in Jakarta, Solo and Pekalongan, Central Java. Other than, a little part
of the company’s products supplied to the garment industries in Tangerang,
Karawang and Bandung, West Java. Furthermore, it was explained that P.T. TTS
has made business relation as dyestuff supplier for along time with the Batik
traditionally industries (batik home industries), garment industries and until
this time the business relation still tied in with them. We observed that the
company’s business operation is growing up slowly and the company is classified
as small company in the country.
Generally, the
demand for textile chemicals such as dyestuff, textile auxiliaries, and others
tended to be fluctuating within the last five years in line with the
fluctuating of Indonesian textile industry in general. There are eleven
domestic dyestuff producers which are still active with a combined production
capacity of 45,620 tons per annum. Some of the largest producers are P.T.
DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA
CHEMICAL. The country’s garment industry is facing serious marketing problem
not only in the country but also abroad. According to the Central Bureau of
Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons
(US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300
tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in
2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$
5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008
declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$
6,598.0 million) in 2010. The Indonesia textile products export in 2002
amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6
million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons
(US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to
1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9
million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to
1,525.9 tons (US$ 4,721.8 million) in 2010.
The domestic
textile producers are pessimism the textile export in 2009 could match the
export numbers in 2008. The blow of the global economic crisis is resulted in
the reduced of demand from the export destination countries like the United
States (U.S.), Japan, and European Union region. The Export Textiles and the
Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent compared to
the last year. In the year 2008 the export value reached 10.8 billion US
dollars. While this year’s the exports expected fall into US$ 9.7 billion. The
Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said
that the decline in global purchasing power caused of the demand in the
Indonesian textile products could not be able to grow as tight as 2008. The
export volume and value of the national TPT products in 2002 to 2010 are
pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau of
Statistic
Until this time P.T.
TTS has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of P.T. TTS
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. 7.6 billion rose to Rp. 8.0 billion in 2010 increased to Rp.
8.5 billion in 2011 and projected to go on rising by at least 4% in 2012. The
operation in 2011 yielded an estimated net profit of at least Rp. 0.5 billion
and the company has an estimated total net worth 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. TTS is led by Mrs. Jeslyne Tjokro Rahardjo (29) a businesswoman and
professional manager with experience in trading, import and distribution of
textile chemicals. Daily activity she assisted by Mr. Phiong Foe Sen (62), Mr.
Sutikno Tjokro Rahardjo (56) as Directors. 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. TERANG TATA SAKTI is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.84 |
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.