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Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. TITIAN ANUGERAHAGUNG |
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Formerly Known As : |
P.T. TITIAN ANUGERAH AGUNG LESTARI, |
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Registered Office : |
Jl. Palem II, Kav. DS-9 Lippocity Cikarang Industrial Estate Cikarang, Bekasi 17550 West Java |
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Country : |
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Date of Incorporation : |
27.08.1993 |
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Com. Reg. No.: |
No. AHU-AH.01.10-14382 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Formulation of Textile Chemicals |
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No. of Employees : |
90 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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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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 |
P.T. TITIAN
ANUGERAHAGUNG
Head Office & Warehouse
Jl. Palem II, Kav. DS-9
Lippocity Cikarang Industrial Estate
Cikarang, Bekasi 17550
Phones -
(62-21) 8972125-7
Fax. - (62-21) 8972128
Land Area - 1.2 hectares
Building - 3,600 sq.
meters
Region -
Industrial Estate
Status -
Rent
Jakarta Office
Jl. Agung Karya III Block D Kav. 6
Sunter Agung Podomoro
Jakarta Utara, 14340
Phones -
(62-21) 6511017, 6510857, 6510893, 6510028
Fax - (62-21) 6510889, 6510825
Date of
Incorporation :
27 August 1993 as P.T. TITIAN ANUGERAH AGUNG LESTARI, changed its name
to P.T. TITIAN ANUGERAHAGUNG, on September 20, 1993.
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C2-13648.A1.04.TH.98
Dated
11 September 1998
b. No. AHU-40637.AH.01.02.Tahun 2008
Dated 14 July 2008
c. No.
AHU-AH.01.10-14382
Dated
10 June 2010
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.603.510.7-414.000
A member of the
TITIAN ABADI LESTARI Group (see attachment)
Capital Structure :
Authorized Capital
- Rp. 1,000,000,000.-
Issued Capital - Rp. 500,000,000.-
Paid up Capital - Rp. 500,000,000.-
Shareholders/Owners :
a. P.T. TITIAN
ABADI LESTARI - Rp. 450,000,000.- (90%)
Address : Jl. Agung Karya III
Blok D Kav. 6
Kel. Papango, Sunter Agung Podomoro
North Jakarta - Indonesia
b. Mr. Chandra
Widjaya - Rp. 15,000,000.- ( 3%)
Address : Jl. Parang Tritis IV/7
Kel. Ancol,
c. Mr. Ir.
Ignatius Waskito Nugroho - Rp. 10,000,000.- ( 2%)
Address : Jl. Pulomas II F/7
Kel. Kayu Putih, East Jakarta
Indonesia
d. Mr. Haryono Kamajaya -
Rp. 10,000,000.- ( 2%)
Address : Jl. Pulomas Utara III
C-2
Kel. Pulomas,
e. Mr. Djony Thio - Rp. 10,000,000.- ( 2%)
Address :
Kel. Kebon Jeruk,
Indonesia
f. Mr. Ir. Sugianto Halim - Rp.
5,000,000.- ( 1%)
Address : Grren Garden Blok M-4/23
Kel. Kebon Jeruk,
Lines of Business
:
Trading and Formulation of Textile Chemicals
Agent and
Distributor of : :
a. Emsland Starke GmbH., of the
b. CHT – Textile Auxiliaries of
c. CHT/BEZEMA AG., Textile Dyestuff and Pigments of
Total Investment :
Owned Capital - Rp. 1.0 billion
Started Operation :
1 9 9 4
Brand Name :
Titian
Anugerahagung
Technical Assistance :
None
Number of Employee :
90 persons
Marketing Area :
Local - 100%
Main Customers :
Textile and Paint Industries
in Jakarta, West Java, Central Java and East Java
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. DYSTAR
COLOURS INDONESIA
b. P.T. COLORINDO
ANEKA CHEMICAL
c. P.T.
MATSUMOTOYUSHI INDONESIA
d. P.T. POLKRIK
INDONESIA
e. P.T. CLARIANT
INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank EKONOMI
RAHARJA Tbk
Jl. Suryo Pranoto No. 29-31
Jakarta Pusat
Indonesia
b. P.T. Bank
PERMATA Tbk
Jl. Hayam Wuruk No. 84
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation case in our database or the local court in Indonesia.
Total Income/Revenue (estimated) :
2008 – Rp. 42.3
billion
2009 – Rp. 48.0
billion
2010 – Rp. 55.0
billion
2011 – Rp. 62.8
billion
Net Profit (Loss)
:
2008 – Rp. 1.8
billion
2009 – Rp. 2.0
billion
2010 – Rp. 2.4
billion
2011 – Rp. 2.7
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Ir. Ignatius Waskito
Nugroho
Director -
Mr. Ir. Sugianto Halim
Board of
Commissioners :
President
Commissioner - Mr. Chandra Widjaya
Commissioners - a. Mr. Haryono
Kamajaya
b. Mr. Djony Thio
Signatories
:
President Director
(Mr. Ir. Ignatius Waskito Nugroho) or Director (Mr. Ir. Sugianto Halim) which
must be approved by President Commissioner (Mr. Chandra Widjaya) and
Commissioners (Mr. Haryono Kamajaya and Mr. Djony Thio)
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
Originally named
P.T. TITIAN ANUGERAH AGUNG LESTARI, the company was established in 1993 Jakarta
with an authorized capital of Rp 500,000,000.- of which Rp 100,000,000.- was
issued and paid up. The founding shareholders of the company are P.T. TITIAN
ABADI LESTARI (a private company) and Mr. Chandra Widjaja (an Indonesian
businessman of Chinese extraction). In September 1993 the company's name was
changed to P.T. TITIAN ANUGERAHAGUNG (P.T. TA). The articles of association of
the company have frequently been revised. In March 1998, the authorized capital
was raised to Rp. 1,000,000,000 of which Rp. 500,000,0000 was issued and fully
paid up and concurrently the founding shareholders of P.T. TA were P.T. TITIAN
ABADI LESTARI (90%), Mr. Chandra Widjaja (3%), Mr. Ir. Ignatius Waskito Nugroho
(2%), Mr. Haryono Kamajaya (2%), Mr. Djony Thio (2%) and Mr. Ir. Sugianto Halim
(1%). The capital structures and
shareholders composition of the company in details are as shown on page-3 of
this report. The latest amendment to Articles of Association was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-14382 dated June 10, 2010.
No changes have been effected in term of its shareholding composition
and capital structures to date.
We note that holding
company of P.T. TA is P.T. TITIAN ABADI LESTARI. The company was established in 1985 as a
chemical trading company and the whole shares is owned by Mr. Chandra Widjaja
(30%), Mr. Haryono Kamajaya (20%), Mr. Ir. Ignatius Waskito Nugorho (20%), Mr. Djony
Thio AKA Theo Khian Hung (20%) and Mr. Ir. Sugianto Halim (10%). All of its affiliates are sheltered under the
TITIAN ABADI LESTARI Group. The Group's spearhead is the industrial and
specialty chemicals businesses and they also operate production facility.
P.T. TA has been
operating since 1994 in formulation of industrial chemicals. Its plant is located at Jalan Palem II
Kav.DS-9, Lippocity Industrial Estate, Cikarang, Bekasi, West Java, on a land
of some 1.2 hectare. The plant produces
various industrial chemicals like softener, resin, textile auxiliaries,
acrylic, paint chemicals, glue, etc. Ms.
Ina, an administrative staff of the company said that whole products of the
company are locally marketed to various textile industries and paint industries
in West Java, Central Java and East Java.
Beside that, P.T. TA engaged in trading and supply of textile
chemicals. The company is as agent and
distribution of modified starch from EMSLAND Starke GmbH of Netherlands,
textile auxiliaries from CHT Germany and textile dyestuff from CHT/BEZEMA AG of
Switzerland. To support the marketing of
its products, P.T. TA and its holding company P.T. TITIAN ABADI LESTARI
established its branch in Bandung, West Java.
P.T. TA is classified as a medium-sized company of its kind in the
country of which the operation had been running smoothly and growing steadily
in the last three years.
Generally,
demand for textile chemicals such as dyestuff, textile auxiliary, pigments and
textile raw materials has been fluctuating in the last five years. 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 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to
393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 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 1,477.800 tons (US$ 3,908.6 million) in 2006
to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$
4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 and
rose again to 1,525,900 tons (US$ 4,721.8 million) in 2010. 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. TA has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of P.T. TA 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. 48.0 billion increased to Rp. 55.0 billion in 2010 rose again
to Rp. 62.0 billion in 2011 and projected to go on rising by at least 6% in
2012. The operation in 2011 yielded an estimated net profit of at least Rp. 2.7
billion and the company has an estimated total networth of at least Rp. 20.0
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. TA is led by Mr. Ir. Ignatius Waskito Nurgoho (61) as president
director, a businessman with 27 years experience in trading and distribution of
industrial chemicals. He is a chemical
engineer graduate from a private university in Germany. In his day-to-day
activities, he is assisted by Mr. Ir. Sugianto Halim (59) as director of the
company. 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. TITIAN
ANUGERAHAGUNG is sufficiently fairly good for business transaction. But owing
to economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
Attachment:
List of the TITIAN ABADI
LESTARI Group Members
1.
AMANLANCAR ABADILESTARI, P.T. (Warehouse and Transportation
facilities)
2.
ATLANTIC LESTARI, P.T. (Trading and Supplier of textile
Printing Pastes, Effect-print and Auxiliaries)
3.
KEMIRA NITYATAMA, P.T. (Trading and Supplier of Paint and
Printing Ink)
4.
TITIAN ABADI LESTARI, P.T. (Trading and Supplier of
Industrial & Specialty Chemicals)
5.
TITIAN ANUGERAHAGUNG, P.T. (Trading and Supplier of Textile
Chemicals)
6.
TRILESTARI URETAN, P.T. (Trading and Supplier of
Polyurethane Foam)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.