MIRA
INFORM REPORT
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Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. BRAGA
TRADING COMPANY (P.T. BRATACO) |
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Registered Office : |
Brataco Building, Jalan Cideng Barat No. 78,
Jakarta 10150 |
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Country : |
Indonesia |
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Date of Incorporation : |
05.02.1937 |
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Com. Reg. No.: |
No. AHU-AH.01.10-04245 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Holding Company and Management Trust |
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No. of Employees : |
15 persons |
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 : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source
: CIA |
BASIC SEARCH
Name of Company :
P.T. BRAGA TRADING COMPANY (P.T. BRATACO)
Address :
Head Office
Brataco Building
Jalan Cideng Barat No. 78
Jakarta 10150
Indonesia
Phones -
(62-21) 3522733 (Hunting), 3511994
Fax - (62-21) 3452625, 3522729, 3522734
E-mail - btcsis@cbn.net.id
Website - http://www.brataco.com
Building Area - 8 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
a. 5 February 1937 as N.V. BRAGA’s Import Maatschappij
b. 14 August 1962 as P.T. BRAGA TRADING COMPANY (P.T. BRATACO)
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No.
AHU-28898.AH.01.02.TH.2008
Dated 29 May 2008
- No. AHU-AH.01.10-04245
Dated 22 April 2009
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.130.689.1-441.000
Related Company :
A Member Company of the BRATACO Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
200,000,000.-
Issued Capital : Rp. 65,000,000.-
Paid up Capital : Rp. 65,000,000.-
Shareholders/Owners :
a. P.T. BRATACO INTIMAS -
Rp. 50,000,000.-
Address : Jl. Pulogadung Raya No. 29
Jakarta Timur
Indonesia
b. Mrs. Eliza Arlena Winata -
Rp. 5,000,000.-
Address : Jl. Merdekaa No. 44
Bandung, West Java
Indonesia
c. Mrs. Janita Winata -
Rp. 5,000,000.-
Address : Jl. Merdekaa No. 44
Bandung, West Java
Indonesia
b. Mrs. Agustina Winata -
Rp. 5,000,000.-
Address : Jl. Merdekaa No. 44
Bandung, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Holding Company and Management Trust
Production Capacity :
None
Total Investment :
None
Started Operation :
1937
Brand Name :
Brataco
Technical Assistance :
None
Number of Employee :
15 persons
Marketing Area :
Local - 100%
Main Customer :
Buyers in Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDOKEMIKA JAYATAMA
b. P.T. INDORENUS CHEMICAL
c. P.T. BENETO ABADI
d. P.T. HADI PUTRA JAYA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank NISP Tbk
Jalan Gunung Sahari No. 88
Jakarta
Pusat
Indonesia
b. P.T. Bank PAN INDONESIA Tbk
Jalan Kopi No. 52
Jakarta
Kota
Indonesia
c. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav.
29-31
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2010 – Rp. 170.0 billion
2011 – Rp. 176.0 billion
2012 – Rp. 180.0 billion
Net Profit (estimated) :
2010 – Rp. 11.2 billion
2011 – Rp. 12.3 billion
2012 – Rp. 13.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Drs. Titianus Winata
AKA Oey Thein Hoey
Director - Mr. Dipl. Ing. Rainandi Tanudjaja
Board of Commissioners :
Commissioner - Mrs. Dra. Maudy Ratna Winata
Signatories :
President Director (Mr. Drs. Titianus
Winata) or the Director (Mr. Dipl. Ing. Rainandi Tanudjaja) 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
OVERALL PERFORMANCE
Initially named C.V. BRAGA's Import Maatschappij which was established
in 1937 by Mr. Tan Kia Jang, a Chinese-Indonesian businessman, and N.V.
TJITARUM, a national private company. In 1962 it was renamed P.T. BRAGA TRADING
COMPANY or P.T. BRATACO INDONESIA or PT. BRATACO for short, with an authorized
capital of Rp. 50,000,000 issued and paid up capital of Rp. 10,000,000. The
founding shareholders are Mr. Drs. Titianus Winata AKA Oey Thian Hoey and his
wife Mrs. Dra. Maudy Ratna Winata, they are Chinese-Indonesian business family.
The company notary deed has been changed a couple of times. In 1998 the
company’s authorized capital was raised to Rp. 200,000,000 issued capital to
Rp. 65,000,000 wholly paid-up. After that in April 2008 Mrs. Dra. Maudy Ratna
Winata and her husband Mr. Drs. Titianus Winata pulled out and replaced by
their daughters namely Mrs. Eliza Arlena Winata 97.7%), Mrs. Janita Winata
(7.7%), Mrs. Agustina Winata (7.7) and P.T. BRATACO INTIMAS (76.9%), as new
shareholders. The deed of amendment was made by Mrs. Lien Tanudirdja, SH., was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-28898.AH.01.02.TH.2008, dated May 29, 2008. Then according to the latest
revision of notary documents of Mr. Lien Tanudirdja, SH., No. 4 dated 20 March
2009 the company board of director and the board of commissioner had been
changed (see profile of this report). The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-04245 dated April 22, 2009.
We observe the majority shareholder P.T. BRATACO INTIMAS is a private
national company dealing with investment holding which majority shares is
controlled by Mr. Drs. Titianus Winata and his wife Mrs. Dra. Maudy Ratna
Winata. They are also founder and majority business stakes owner of the BRATACO
Group, a small sized business group dealing with trading and distribution of
industrial chemical, pharmaceutical manufacturing and trading, food seasoning
manufacturing.
Previously P.T. BRATACO had been operating since 1937 in trading,
imports, and supplies of chemicals for pharmaceutical, cosmetic, food &
drink, bakery, perfume, essence and dairy product, fiber glass industries,
electro plating and laboratory equipment. The chemicals are imported from the
USA, Germany, Australia, the UK, and other European countries. The products are
sold to local end users in Jakarta, Bogor (West Java), Bandung (West Java),
Cirebon (West Java), Yogyakarta & Solo (Central Java), Semarang (Central
Java), Surabaya (East Java), Malang (East Java) and Medan (North Sumatra). As a
Nationwide chemical raw materials and ingredients distributor, Brataco has
established branch offices in 7 provinces and sub branch offices in 24 cities
through out Indonesia. To serve all branches and sub branches in all areas,
Brataco has established a Distribution Center in Tangerang Banten covering an
area of 6.500 m2 with 2.500 m2 warehouse space. The Distribution Center is
completed with modern warehousing facilities. Since February 2008 the
Distribution Center is operated according to the ISO 9001-2000 management
system.
Besides, the company is also dealing with trading and distribution of
feeding bottle, hair care, food seasoning, pharmaceuticals and chemical raw
materials. The feeding bottle products are Kokita, Baby Huki and Mylea brands.
Mr. Dipl. Ing. R. Tanuwidjaja, Director of the company explained that, P.T.
BRATACO now engaged in the field of
holding company and management trust.
%20-%20231293%2016-Aug-2013_files/image002.gif)
P.T. BRATACO manages the BRATACO Group members
in manufacturer of pharmaceutical and personal care products; trading and
distribution of pharmaceutical product, personal care and consumer goods
products; trading and distribution of chemical raw materials for
pharmaceutical, food & cosmetic companies and manufacturer of specialty
food products. P.T. BRATACO will continue to strengthen member companies to keep its
lead in providing quality pharmaceutical, personal care and package food
products. Investment in formulation and development will bring about new and
innovative products to meet the needs of the Indonesian and overseas markets.
Investment in people will be equally emphasized, with consistent upgrades to Human
Resources Development Programs and even greater emphasis on training of all key
personnel to achieve international level of expertise. Through new partnerships
and joint project agreements, the Group will continue to pursue expansion
domestically as well as at international level. We observe the operation of P.T. BRATACO has been growing in the last
three years.
Generally, demand for laboratory and medical equipment and various
pharmaceutical products had been growing in the last five years up to the end
2007 as pictured in sales value of national pharmaceutical products, import
value and export value issued by the Food and Drug Controlling Board (BPOM).
The national pharmaceutical sales, export and import value of products are
estimated to be rising by 6% to 8% in the next year. The competition is very
tight on account many similar companies operating in the country. The business
position of P.T. BRATACO is a sufficiently fairly good because the company has
captive market namely the state-owned hospital and private hospital in the
country. According the BPOM that national pharmaceutical sales as shown are as
the following table.
National Market
Trend of Drugs, 2001-2012* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 |
Source: Food and Drug Controlling Board (BPOM) *) Estimated
Until this time P.T. BRATACO has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. Brataco is very reclusive towards outsiders and rejected
to disclose its financial condition. We observed that total sales turnover of
the company in 2010 amounted to Rp. 170.0 billion rose to Rp. 176.0 billion in
2011 increased to Rp. 180.0 billion in 2012. We estimated the operation is
figured to have a net profit of Rp. 13.5 billion. It is projected the sales
turnover will be higher by at least 5% in 2013. 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 management of P.T. BRATACO is led by Mr. Drs. Titianus Winata AKA
Oey Thian Hoey (78), a businessman and professional manager with experience
management trust, trading and distribution of chemical, pharmacy, consumer
goods etc. The management is handled by experienced staff in this business,
having maintained a wide business relation with private businessmen at home and
abroad as well as with 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. BRAGA TRADING COMPANY or BRATACO is sufficiently fairly good for business
transaction.
Attachment:
List of the
BRATACO Group Members
BRAGA TRADING COMPANY, P.T. (General Trading, Management Trust and
Holding Company)
BRATACO CHEMICA, P.T. (Trading Distribution of Chemical Raw Materials)
BRATACO INTIMAS, P.T. (Investment Holding)
DISTRI VERSA BUANAMAS, P.T. (Trading and Distribution of Pharmaceutical
and Consumer Goods Products)
IKAFOOD PUTRAMAS, P.T. (Food Seasoning Manufacturing)
IKAPHARMINDO PUTRAMAS, P.T. (Pharmaceutical Manufacturing)
Etc
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.51 |
|
|
1 |
Rs.94.98 |
|
Euro |
1 |
Rs.81.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
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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.