MIRA
INFORM REPORT
|
Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TEMBAKAU DJAJASAKTI SARI |
|
|
|
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Registered Office : |
Jalan Pattimura No. 50-54, Rampal Celaket – Klojen, Malang, 65111,
East Java |
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
12.02.1951 |
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Com. Reg. No.: |
No.
AHU-17218.AH.01.02.TH.2009 |
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|
|
|
Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
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|
|
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Line of Business : |
Clove Cigarette
Manufacturing |
|
|
|
|
No. of Employees : |
2,600 |
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$ 1,900,000 |
|
Status : |
Good |
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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
|
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. TEMBAKAU
DJAJASAKTI SARI
Company Address
Head Office &
Factory
Jalan Pattimura No. 50-54
Rampal Celaket – Klojen
Malang, 65111
East Java
Indonesia
Phones -
(62-341) 354160, 358990, 358282
Fax - (62-341) 324657
Land Area - 25,000 sq.
meters
Building Space - 8,700 sq. meters
Region - Industrial
Zone
Status - Owned
Branch &
Marketing Office
Jalan Tanjungsari
No. 102
Surabaya
East Java
Indonesia
Phones -
(62-31) 748 3861 (Hunting)
Fax - (62-31) 748 3853
Building Area - 2 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Rent
Date of Incorporation :
a. 12 February 1951 as N.V. THE DJIE SIANG
HANDEL MAATSCHAPPIJ
b. 10 June 1966 as P.T. PERUSAHAAN DAGANG DAN
PABERIK ROKOK TEMBAKAU
DJAJASAKTI SARI abbreviated P.T. TEMBAKAU
DJAJASAKTI SARI
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. J.A. 8/10/1
Dated 12 February 1951
- No. C-26704 HT.01.04.TH.2003
Dated 7 November 2003
- No. AHU-04576.AH.01.02.TH.2008
Dated 29 January 2008
- No. AHU-17218.AH.01.02.TH.2009
Dated 30 April
2009
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.122.952.3-651.000
Related
Companies :
a. P.T. NUSANTARA
INDAH MAKMUR (Trading, Distribution and Marketing of Clove Cigarettes)
b. P.T. SENTOSA
ABADI PURWOSARI (Clove Cigarette Manufacturing)
c. P.T. TRISAKTI
PURWOSARI MAKMUR (Clove Cigarette Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
40,000,000,000.-
Issued Capital : Rp.
11,000,000,000.-
Paid up Capital : Rp.
11,000,000,000.-
Shareholders/Owners
:
a. Mr. Budijanto Sukihardjo - Rp. 7,700,000,000.-
Address :
Jl. Ikan Bandeng No. 22, RT. 001 RW.
001, Kel. Perak Barat, Kec. Kembangan
Surabaya, East Java
Indonesia
b. Mr. Rusman
Juarsa -
Rp. 1,100,000,000.-
Address :
Jl. Raya Surabaya RT. 001 RW. 004
Kecamatan Purwosari, Pasuruan
East Java
Indonesia
c. Mr. Soegianto Juarsa - Rp. 1,100,000,000.-
Address : Jl. Raya Surabaya RT.
001 RW. 004
Kecamatan
Purwosari, Pasuruan
East Java
Indonesia
d. Mr. Joko Wahyono -
Rp. 1,100,000,000.-
Address : Jl. Bondowoso No. 21,
RT. 11 RW. 02
Kel.
Gadingkasri, Kec. Klojen,
Malang, East
Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Clove Cigarette
Manufacturing
Production
Capacity :
Clove Cigarette - 1.5 billion
sticks p.a.
Total
Investment :
a. Equity Capital - Rp. 11.0 billion
b. Loan Capital - Rp. 39.0 billion
c. Total Investment - Rp. 50.0 billion
Started
Operation :
1951
Brand Name :
Tembakau
Djajasakti Sari
Technical
Assistance :
None
Number of
Employee :
2,600 persons
Marketing Area
:
Local - 100%
Main Customer
:
Trading and
Distributors of Cigarettes
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KOMPAS
AGUNG
b. P.T. LAKSANA SUKSES MANDIRI
c. P.T. MENARA KARTIKA BUANA
d. P.T. NOTODJOJO MULYO
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
MANDIRI Tbk
Jalan
Jend. A. Yani 50 C-D
Malang, East Java
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. Basuki Rachmat 75
Malang, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 127.0
billion
2010 – Rp. 132.0
billion
2011 – Rp. 148.0
billion
Net Profit
(estimated) :
2009 – Rp. 8.9 billion
2010 – Rp. 9.2 billion
2011 – Rp. 11.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Budijanto Sukihardjo
Director -
Mr. Bing Tjondro Oeinoto
Board of Commissioners :
Commissioner -
Mr. Budiono Adam
Signatories :
President Director (Mr.
Budijanto Sukihardjo) or the Director (Mr. Bing Tjondro Oeinoto) which must be
approved by Board of Commissioner
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$ 1,900,000 on
90 days D/A
OVERALL PERFORMANCE
Originally named N.V. THE DJIE SIANG HANDEL MAATSCHAPPIJ was established
in Malang, East Java on February 12 1951 with the authorized capital of Rp.
7,500,000 wholly issued and paid up. The founding shareholders of the company
originally the late Mr. Han Tiong Khwee and the late Mr. Bambang Sugiharto,
both are Indonesian businessmen of Chinese descent. The company notary deed has
been changed a couple of times. Later on June 10, 1965 the company was changed
to P.T. PERUSAHAAN DAGANG DAN PEBERIK ROKOK TEMBAKAU DJAJASAKTI SARI or
abbreviated P.T. TEMBAKAU DJAJASAKTI SARI (P.T. TDS). Later based on notary
deed of Mr. Eko Handoko Widjaja, SH., No. 314 dated 29 November 2000 the
company authorized capital was increased to Rp. 900,000,000 wholly issued and
paid up. With this time the composition of its shareholders has been changed to
become Mr. Budijanto Sukihardjo and Mr. Rusman Juarsa both are Indonesian
businessmen of Chinese origins. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. C-26704
HT.01.04.TH.2003 dated November 7, 2003. The latest based on notary documents
of Mr. Rusdi Muljono, SH., No. 45 dated 24 March 2009 the authorized capital
was raised to Rp. 40,000,000,000 issued capital to Rp. 11,000,000,000 entirely
paid up. With this development the composition of its shareholders has been
changed to become Mr. Budijanto Sukihardjo (70%), Mr. Rusman Juarsa (10%), Mr.
Soegianto Juarsa (10%) and Mr. Joko Wahyono (10%). The latest revision of
notary documents was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-17218.AH.01.02.TH.2009 dated April 30, 2009.
We observe that
majority share is controlled by Mr. Budijanto Sukihardo, Mr. Rusman Juarsa and
Mr. Soegianto Juarsa. They also business stakes owners of P.T. NUSANTARA INDAH
MAKMUR engaged in trading, distribution and marketing of clove cigarettes; P.T.
SENTOSA ABADI PURWOSARI engages in clove cigarette manufacturing and P.T.
TRISAKTI PURWOSARI MAKMUR engages in clove cigarette manufacturing.
P.T. TDS is one
of the producers of clove cigarettes in Malang, East Java. The company operates
in the clove (kretek) cigarette industry, having started since 1951. The
company's plant is located on a 2.5 hectare land plot at Jalan Pattimura No.
50-54, Rampal Celaket – Klojen, Malang, East Java. The plant produces
1,500,000,000 sticks of mechanically rolled clove cigarettes per year. The
company's entire production is marketed in Java, Medan, Padang, Pekanbaru,
Palembang, Lampung, Samarinda, Banjarmasin, and Sulawesi under the SURRY MAS,
MASTER MILD, APOKAT, RANDU AGUNG, ADAMAS brands. The whole products marketed
locally through sister company P.T. NUSANTARA INDAH MAKMUR. Mr. Bing Tjondro
Oeinoto, the company's director, said the company's market segment is the
middle to lower class groups of the community. The raw material like tobacco is
largely derived from local production. Meanwhile, another raw material is
imported from China, India and Singapore. We find that P.T. TDS's has been declining
since October 2008 due to the global economic crisis. The real production has
been turning since 2009 and now amounted to 85% of the production capacity. The
global economic crisis has much affected the company for having resulted in
rising production costs, and drastically increased prices of basic materials in
the form of cigarette paper and cigarette chemicals. We observe the operation
of P.T. TDS has been growing slowly in the last three years.
In overall we
find the clove cigarette industries kept on rising in the last five years and
nothing wrong with the global economic crisis occurred in October 2008 because
they used mostly local contents. The cigarette industries will keep going down
within the coming four year years. Competition is very tight as there are 73
cigarette producers operating in the country. The most leading producers are
P.T. GUDANG GARAM Tbk., of 35.5% market segment, P.T. HM SAMPOERNA Tbk., of
15.2% market segment, P.T. DJARUM of 11.9% market segment, P.T. BENTOEL PRIMA
of 1.5% and the rest is controlled by other small producers. The growth
cigarette industries in Indonesia is seen from the table as below:
The Growth of
Cigarettes in Indonesia Period 2007 – 2010
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Total Production (billion stick) |
225.5 |
242.2 |
245.2 |
240.0 |
|
Number of Companies (unit) |
4,793 |
4,900 |
3,255 |
3,000 |
|
Number of Employee (person) |
629,517 |
660,000 |
687,224 |
700,000 |
|
Tax Receivable (trillion Rupiah) |
42.03 |
45.80 |
53.3 |
54.3 |
Source: GAPPRI (Indonesia Cigarette
Producers Association)
Until this time
P.T. TDS has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. TDS 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. 127.0 billion
rose to Rp. 132.0 billion in 2010 increased to Rp. 148.0 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. 11.1 billion and the company has an
estimated total net worth of at least Rp. 65.0 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. TDS is led by Mr. Budijanto Sukihardjo (62) a businessman and
professional manager with experience in clove cigarettes manufacturing and
trade. Daily activities he is assisted by Mr. Bing Tjondro Oeinoto (39) as
director. 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. TEMBAKAU DJAJASAKTI SARI is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.64 |
|
|
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.05 |
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.