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Report Date : |
07.07.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. TRIGRAHA
SEALINDO |
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Registered Office : |
Jl. Mayor Oking Jayaatmaja No. 88, Cibinong, Kab. |
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Country : |
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Date of Incorporation : |
07.10.1989 |
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Com. Reg. No.: |
No. AHU-AH.01.10-30143 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Insulating
Products Manufacturing |
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No. of Employees : |
140 |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Correct Name of Company :
P.T. TRIGRAHA SEALINDO
A d d r e s s :
Head Office & Factory
Jl. Mayor Oking Jayaatmaja No. 88
Cibinong, Kab. Bogor, West Java
Indonesia
Phone - (62-021) 8753870 (hunting)
Fax. -
(62-021) 8753871, 8755933
Email - hotline@trigraha.com
or trigraha@hotmail.com
Website - http://www.trigraha.com
Land Area - 1.2 hectares
Building Area - 6,500 sq.
meters
Region - Commercial
Status - Owned
Date of
Incorporation :
07 October 1989
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-6558.HT.01.01.TH.90
Dated 18 December 1990
b. No. AHU-99406.AH.01.02.Tahun 2008
Dated 23 December
2008
c. No. AHU-AH.01.10-30143
Dated 22 September 2011
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government Department :
a. The Department of Finance
NPWP No. 01.345.846.8-403.000
b. The Capital Investment Coordinating Board
No. 72/I/PMDN/1990
Dated 23 January 1990
Affiliated/Associated Companies :
a. P.T. KORINDO STAINLESS STEEL (Ornamental Pipe Manufacturing)
b. P.T. HIDROFLEX INDONESIA (Stainless Steel and Carbon Steel
Fabricating Works)
c. P.T. FAJAR BENUA INDOPACK (Trading and Distribution of Mechanical
packing, Mechanical
Seals and Heat Insulating
Products)
d. P.T. JEIL FAJAR INDONESIA (Machinery and Component Manufacturing)
Capital Structure :
Authorized
Capital -
Rp. 6,000,000,000.-
Issued
Capital - Rp.
2,000,000,000.-
Paid up
Capital - Rp.
2,000,000,000.-
Shareholders/Owners :
a. Mr. Handoko
Darmawan - Rp. 1,000,000,000.-
(50%)
Address: Jl. Katalia II No. 4
West Jakarta
Indonesia
b. Mrs. Sujanti Setiawan - Rp. 1,000,000,000.- (50%)
Address: Lingkungan Harum Manis, RT.02/02
Cibinong, West Java
Indonesia
Lines of Business
:
Insulating
Products Manufacturing
Production
Capacity :
a. Insulation Materials - 150,000 kgs. p.a.
b. Mechanical Gaskets - 150,000 kgs. p.a.
c. Mechanical Seals -
5,200 sets per annum
Total Investment :
a. Equity Capital - Rp. 2.0 billion
b. Loan Capital - Rp. 4.0 billion
c. Total Investment - Rp. 6.0 billion
Started Operation :
1991
Brand Name :
Trigraha Sealindo
Number of Employee :
140 persons
Marketing Area :
a. Domestic - 60%
b. Export - 40%
Main Customers :
a. Oil and Gas Industries
b. Fertilizer Industries
c. Petrochem / Chemical Plants
d. Sugar Mills Industries
e. Power Stations
f. Pulp and Paper Industries
g. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. WESTECH
INDONESIA
b. P.T. HAZA KREASINDO
c. P.T. MANUNGGAL ALAM SEJAHTERA
d. P.T. INDORAYA KURNIA ABADI
e. Etc.
Business Trend:
Growing
B a n k e r s :
a. PT. Bank INTERNASIONAL INDONESIA Tbk
Wisma BII
Jl. M.H. Thamrin
No. 51
Central
Jakarta
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Citeureup Branch
Jl. Mayor Oking No. 10-11
Bogor, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Sales (estimated) :
2009 – Rp. 66.0 billion
2010 – Rp. 74.0 billion
2011 – Rp. 82.5 billion
Net Profit (estimated) :
2009 – Rp. 5.2 billion
2010 – Rp. 5.8 billion
2011 – Rp. 6.5 billion
Payment Manner :
Almost Promptly
Financial Comments :
Fairly
Board of Management :
President Director - Mr. Handoko Darmawan
Director - Mr. Alfo Nugraha Handoko
Board of Commissioner :
Commissioner - Mrs. Sujanti Setiawan
Signatories :
President Director (Mr. Handoko
Darmawan) or Director (Mr. Alfo Nugraha Handoko) which must be approved by
Board of Commissioner (Mrs. Sujanti Setiawan)
Management Capability :
Fairly good
Business Morality :
Fairly good
Credit Risk
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. TRIGRAHA
SEALINDO (P.T. TGS) was incorporated on October 7, 1989 with an authorized capital
of Rp. 6,000,000,000.- of which Rp. 2,000,000,000.- was issued and fully paid
up. The founding shareholders of the company are Mrs. Suyanti Setiawan, Mr.
Mardiyanto and Mr. Sugianto, wholly Indonesian business persons of Chinese
extraction. The Articles of Association
was approved by the Minister of Law and Human Rights through its Decision
Letter No. C2-6558.HT.01.01.TH.90 dated 18 December 1990. The Company’s
Articles of Association have been amended several times. The latest amendment was based on Natarial
Deed No. 40 dated 24 August 2011 of Elizabeth Widyawati Santosa, SH., a notary
in Cibinong, Mr. Mardiyanto and Mr. Sugianto pulled out and whole shares are
sold to Mr. Handoko Darmawan. Since
then, the shareholders of the company are Mr. Handoko Darmawan (50%) and Mrs.
Suyanti Setiawan (50%). The amendment to Article of
Association was approved by the Ministry of Law and Human Right in its Decision
Letter No. AHU-AH.01.10-30143 dated 22 September 2011. No changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. TGS
acquired a Domestic Investment (PMDN) facility for dealing with the
manufacturing of mechanical gasket and seal insulation materials. Its plant
located at Jalan Mayor Oking Jayaatmaja No. 88, Cibinong, Bogor (West Java)
over 1.2 hectares wide land has started with operation in May 1991 with a total
production capacity of 150,000 kg of insulation materials, 150,000 kg
mechanical gasket and 3,240 sets of mechanical seals per annum. Mr. Feliks, a Local Purpose staff of P.T.
TGS disclosed that his company is now producing mechanical seal products, heat
insulation products, metal hose products, grand packing products and expansion
joint fabric products. The manufacturing
of the above products is aided with Technical Assistance and Technological
Guidance under Technical Assistance Agreement (TAA) from an established Korean
Company named Jeil E&S Co. Ltd., and also an American Company named
Textiles Coated International Co. Ltd., (TCI).
Around 60% of its products are marketed locally to oil and gas
industries, fertilizer industries, chemical plants, sugar mills industries,
power stations, pulp & paper industries and others, while the rest 40% is
exported to Japan, Korea, Middle East, Australia and the USA. We observe that P.T. TGS is classified as a
small sized company of its kind in the country of which the operation has been
growing in the last three years.
We observed that the demand for insulation
materials, mechanical gasket and mechanical seals had been rising by the
average 6% to 8% per year within the last five years in line with the growth of
various industrial sectors as the consumers.
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 5% 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.
TGS is favorable for it has controlled a wide marketing network at home and
abroad and its brand has been widely known among consumers in the country.
Until this time P.T. TGS has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. TGS is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimate that sales turnover of the
company in 2009 amounted to Rp. 66.0 billion increased to Rp. 74.0 billion in
2010 rose again to Rp. 82.5 billion in 2011 and projected to be increasing by
10% in 2012. We estimate that the
operation of the company in 2011 gained a net profit of Rp. 6.5 billion with a
total assets of Rp. 45.0 billion. So
far we did not hear that P.T. TGS has been black listed by Bank Indonesia
(Central Bank) or having detrimental cases being settled in local district
court. The company usually pays its
debts punctually to suppliers.
Pursuant
to notary deed, the
management of P.T. TGS is headed by Mr. Handoko Darmawan (60), a businessman
with experience for some 23 years in manufacturing and trading of mechanical
gasket and seal insulation products.
Daily, he is assisted by his son Mr. Alfo Nugraha handoko (31) as director
and a number of professional staffs having wide relation with private
businessmen of home and overseas as well as with the government sectors. 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. TRIGRAHA SEALINDO is
appraised fairly good for business transaction.
But, since this company just about three years in
operation commercially, so we recommend caution when going to provide fresh
loans to them.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.41 |
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|
1 |
Rs.86.04 |
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Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
-- |
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.