MIRA INFORM REPORT
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Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. TIRTA BUANA KEMINDO |
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Registered Office : |
Komplek Taman
Pegangsaan Indah Blok A/22, Pegangsaan dua, Kelapa Gading, Jakarta 14250 |
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Country : |
Indonesia |
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Year of Establishment : |
1999 |
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Com. Reg. No.: |
No. AHU-30131.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution and Supply of Industrial Chemicals, such as Pharmaceutical Raw Materials, Flavours and Food Additives |
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No. of Employees
: |
22 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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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 |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
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Source : CIA |
P.T. TIRTA BUANA KEMINDO
Head Office
Komplek Taman Pegangsaan Indah Blok A/22
Pegangsaan dua, Kelapa Gading
Jakarta 14250
Indonesia
Phone -
(62-21) 4682 1212, 461 4216
Fax - (62-21) 4682 1717
E-mail - tbk@pttbk.com
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
1999
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
No. AHU-30131.AH.01.02.Tahun 2008
Dated 04 June 2008
Private National Company
a. The
Department of Finance
NPWP No. 02.270.012.4-043.000
b. The
Department of Trade and Industry
SIUP No. 04300/1.824.51
Not available
Capital
Structure :
Authorized
Capital - Rp. 750,000,000.-
Issued
Capital - Rp. 600,000,000.-
Paid up
Capital - Rp. 600,000,000.-
Shareholders/Owners
:
a. Mrs. Veronika Vanda
Hendrawan -
Rp. 360,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta Utara
Indonesia
b. Mrs. Lies Djulistya, BA -
Rp. 120,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta Utara
Indonesia
c. Mr. Beben Subeni
- Rp.
120,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta Utara
Indonesia
Lines of
Business :
Trading, Distribution and Supply of Industrial Chemicals, such as
Pharmaceutical Raw Materials,
Flavours and Food Additives
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1999
Brand Name :
None
Technical Assistance
:
None
Number of
Employee :
22 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. P.T. DARYA VARYA LABORATORIES Tbk
b. P.T. ABC PRESIDENT ENTERPRISES INDONESIA
c. P.T. JAKARANA TAMA
d. P.T. MARTINA BERTO
e. P.T. KIMIA FARMA Tbk
f. P.T. MARIZARASA
g. P.T. MUSTIKA RATU
h. P.T. TRIPLE ACE INDONESIA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. SYMRISE INDONESIA
b. P.T. ZUELLIG SERVICES INDONESIA
c. P.T. TIGAKA DISTRINDO
PERKASA
d. P.T. PRATISTA ARJANA
e. P.T. EPSILON SULIATRACO
f. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank INTERNATIONAL
INDONESA Tbk
Jalan Raya
Kelapa Gading Boulevard
Kelapa
Gading
Jakarta Utara
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan
Raya Kelapa Gading Boulevard
Kelapa
Gading
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 21.0 billion
2010 – Rp. 23.8 billion
2011 – Rp. 26.5 billion
Net Profit
(loss) :
2009 – Rp. 1.2 billion
2010 – Rp. 1.4 billion
2011 – Rp. 1.6 billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
Director - Mrs. Veronika Vanda Hendrawan
General Manager - Mr. Indra Hendrawan
Board of Commissioners :
President Commissioner - Mr. Beben
Subeni
Commissioner -
Mrs. Lies Djulistya, BA
Signatories :
Director (Mrs. Veronika
Vanda Hendrawan) which must
be approved by President Commissioner (Mr. Beben Subeni) of Commissioner (Mrs. Lies Djulistya,BA).
Management Capability :
Good
Business Morality :
Good
P.T. TIRTA BUANA KEMINDO (P.T. TBK) was established in Jakarta in 1999 with an authorized capital of Rp. 500,000,000 issued capital of Rp. 200,000,000 was paid up. The foundering shareholders are Mrs. Veronika Vanda Hendrawan and her mother Mrs. Lies Djulistya, Bachelor of Arts, both are Indonesian business family of Chinese origins. The article of association has been changed a couple of times. In August 2006, the authorized capital was increased to Rp. 750,000,000 issued capital of Rp. 600,000,000 entirely paid up. The deed of amendment was made by Mr. Musa Muamarta, SH., a public notary in Jakarta under Company Registration Number W7-01967 HT.01.04.TH. 2006, dated October 20, 2006. The latest in June 2008, Mr. Beben Subeni entered into the company as new shareholder. With this time the composition of its shareholders has been changed to become Mrs. Veronika Vanda Hendrawan (60%), Mrs. Lies Djulistya BA, (20%) and Mr. Beben Subeni (20%). The latest revision of notary deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-30131.AH.01.02.Tahun 2008, dated June 4, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. TBK had been operating since 1999 in trading, distribution and
supply of industrial chemicals. The company sells of pharmaceutical raw
materials and others basic materials for cosmetic, food, veterinary and other
industrials. The merchandising goods products
such as Nicotinamid (Lasons),
NIpagin, Nipasol, Hydantoin, Allantoin (Salysilates), Cooper Sulfat,
Sodium Bicarbonat, MgO (Kurnz), Piperazin Citra (Adani), Dextrose, Maltodextrin,
Fructose (xywang), Collagen, Glucosamin,
Heparin (Shanghai Al Amin), Nitric Acid (Brentaag) and others.
The whole product is imported from India, China and the rest from Europe
Union. The whole commodities are sold to cosmetic, food and beverages
industries, personal care industries, household, pharmaceutical and nutraceutical industries in Indonesia such as P.T. DARYA
VARYA LABORATORIES Tbk, P.T. ABC PRESIDENT FOOD
INDUSTRY, P.T. HEINZ ABC INDONESIA, P.T. MUSTIKA RATU, P.T. MARTINA BERTO, P.T.
JAKARANATAMA, P.T. TRIPLE ACE INDONESIA, etc. Besides, some of the products are
marketed in Surabaya, Semarang, Bandung,
Makassar, Denpasar, Medan and surrounding areas. We observe that P.T. TBK 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.
The domestic demand for various types of chemical products had been
rising by 8% to 10% on the average per annum in the last five years in line
with the rapid growth of various industrial sectors including paint industry,
plastic, ink, textile, rubber, printing and others in the above period of times
as the consumers. But, later dwindled as the global economic slowdown since
October 2008, followed by tight money policy imposed by Indonesian Central Bank
(Bank Indonesia) and also heated by political issue in the country. The demand
growth started to awake in June 2009 in line with the amelioration of economic
condition in the country. Market competition is very tough on account of large
number of other similar companies operating in the country. P.T. TBK business position
in this case is not too badly because it has built regular customers and
extensive marketing network all across the country.
Until this time P.T. TBK has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. TBK 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. 21.0 billion increased to Rp.
23.8 billion in 2010 rose again to Rp. 26.5 billion
in 2011 and projected to go on rising by at least 8% in 2012. The operation in
2011 yielded an estimated net profit of at least Rp.
1.6 billion and the company has an estimated total networth
of at least Rp. 12.5 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. TBK is led by Mrs. Veronika
Vanda Hendrawan (43) a businesswoman
with has experienced for more than 17 years in trading, distribution, supply of
pharmaceutical raw materials and other basic materials for cosmetic, food,
veterinary and other industrials. Daily
operation, she is assisted by husband Mr. Indra Hendrawan (46) as general manager. We observed that
management’s reputation in said business is fairly good. 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. TIRTA BUANA
KEMINDO is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
UK Pound |
1 |
Rs.88.49 |
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Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.