|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TIRTA WANA
SEMESTA KENCANA |
|
|
|
|
Registered Office : |
Komplex Pergudangan Westgate Diamond B 35-37 Jl. Raya Ketajen, Gedangan, Sidaorjo 61253 East Java |
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|
|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
16.01.1998 |
|
|
|
|
Com. Reg. No.: |
No. AHU-11846.AH.01.02.Tahun 2013 |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
Trading and Distribution of Industrial Chemical Products |
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|
|
No. of Employees : |
90 persons |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
P.T. TIRTA WANA SEMESTA KENCANA
Head
Office
Komplex Pergudangan Westgate Diamond B 35-37
Jl. Raya Ketajen, Gedangan,
Sidaorjo 61253
East Java - Indonesia
Phone -
(62-31) 8014500 (hunting)
Fax - (62-31) 8014545
Email - sales-sby@tirtawana.com
Website - http://www.tirtawana.com
Land Area - 2,200 sq.
meters
Office Space - 1,800 sq. meters
Region - Industrial
Zone
Status - Rent
Branches
a. Jl.Solo Tawangmangu Km.
7,2
Solo, Central Java
Indonesia
Phones -
(62-271) 827797, 827798
Fax. -
(62-271) 827796
b. Taman Kopo Indah Blok
III/A-20
Bandung, West Java
Indonesia
Phones - (62-22) 5419900 (hunting)
Fax. - (62-22) 5419877
c. Pergudangan Arcadia G7
No. 3-5
Jl. Daan Mogot Km. 21
Jakarta
Barat
Indonesia
Phones - (62-21) 5536999 (hunting)
Fax. - (62-21) 5538999
Date of
Incorporation :
16 January 1998
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Law of Law and
Human Rights
a. No. C2-10.832.HT.01.01.TH.1998
Dated 11 August 1998
b. No. AHU-21093.AH.01.02.Tahun 2008
Dated 25 April
2008
c. No. AHU-11846.AH.01.02.Tahun 2013
Dated 08 March 2013
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.829.254.0-641.000
Related Company :
Not Available
Capital Structure
:
Authorized Capital - Rp.
16,000,000,000.-
Issued Capital - Rp.
16,000,000,000.-
Paid up Capital - Rp.
16,000,000,000.-
Shareholders/Owners
:
a.
Mr. Ir. Kwee Hendro Kuncoro -
Rp. 4,000,000,000.- (25%)
Address : Jl. Wonorejo Permai 5 No.17
Surabaya, East Java
ndonesia
b.
Mr. Drs. Budi Hartanto -
Rp. 4,000,000,000.- (25%)
Address : Jl. Pakis Bukit Akasia Blok N-2
Surabaya, East Java
Indonesia
c.
Mr. Heru Santoso, SH. - Rp. 4,000,000,000.-
(25%)
Address : Jl. Rambutan II Blok D-226
Sidoarjo, East Java
Indonesia
d. Mr. Ir. Albertus Harijanto Tedjakusuma - Rp. 4,000,000,000.- (25%)
Address : Jl. Jemur Andayani XIX No.33
Surabaya, East Java
Indonesia
Lines of Business
:
Trading and Distribution of Industrial
Chemical Products
Agents
of:
a. AIR PRODUCTS, Epoxy Curing Agent &
Diluents of the USA
b. CHANG CHUN PETROCHEMICALS, Polyvinyl
Alcohol for Adhesive, etc. of Taiwan
c. EMSLAND STARKE GmbH, Potato Starch Native
and Modified for Adhesive, etc. of Germany
d. FROMATECH Flavor and Seasoning for
various food industry of Netherlands
e. GUANGFU, Micro Calcined Clay of China
f.
MITSUBISHI CHEMICAL SINGAPORE Pte. Ltd, Acrylamide Monomer for Adhesive
of Singapore
g. SARDA GUMS & CHEMICAL Guar gum, CMC,
Psyllium Husk of India
h. UNITED PERFORMANCE MATERIALS, Petroleum
resin for coating & printing of Taiwan
i.
VORAWAN SYNDICATE Co. Ltd., Phosphate and Derivatives of Hong Kong
j.
FORMOSAN UNION CHEMICAL Corp., Hydrogenated C9 Hydrocarbon Resin of
Taiwan
k. LUZHUO BIO-CHEM TECHNOLOGY Ltd.,
Maltodextrine, Maltitol, Dextrose Powder of China
l.
QINHUANGDAO LIHUA STARCH Co. Ltd., Com Starch of Textile of China
m. ZHUCHENG XINGMAO CORN DEVELOPING Co.
Ltd., Com Starch for Textile of China
n. BASF PETRONAS CHEMICALS Sdn Bhd., Acylic
Acid Glacial for Gummed Tape Adhesive of
Malaysia.
o. LG, Acrylic Acid Glacial for Gummed Tape
Adhesive of Korea
p. NIPPON SHOKUBAI, Acrylic Acid Glacial for
Chemical Processing of Indonesia
q. DIA-NITRIX Co. Ltd., Acrylamide Powder
for Chemical Processing of Japan
r.
FASINDO, Acrylic Size for Sizing Agent of Indonesia
Production
Capacity :
None
Total Investment :
None
Started Operation
:
1998
Brand Name :
Based on Principal’s brand name
Technical
Assistance :
None
Number of Employee
:
90 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. Nachindo Tape Industry
b. P.T. Sinar Epoxindo
Sejati
c. P.T. Fajr Abadi Masindo
d. P.T. Garuda Twinjaya
e. P.T. Karunia Segar Utama
f. P.T. Supra Sumber Cipta
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Cognis Indonesia
b. P.T. Haldin Pacific Semesta
c. P.T. Mutiara Chemical Industry
d. P.T. Sinar Permata Halim Swadaya
e. P.T. Unio Ajidharma
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank RAKYAT
INDONESIA Tbk
Surabaya Branch
East Java – Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Surabaya Branch
East Java – Indonesia
c. CITIBANK N.A.
Surabaya Branch
East Java - Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 87.0 billion
2010 – Rp. 99.0 billion
2011 – Rp. 112.0 billion
2012 – Rp. 128.0 billion
Net Profit (Loss)
:
2009 – Rp. 3.0 billion
2010 – Rp. 3.4 billion
2011 – Rp. 3.9 billion
2012 – Rp. 4.5 billion
Payment Manner :
Almost Promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Kwe Hendro Kuncoro
Director - Mr. Drs. Budi
Hartono
Board of Commissioners :
President Commissioner - Mr. Heru Santoso, SH.
Commissioner -
Mr. Ir. Albertus Harijanto Tedjakusuma
Signatories :
President Director (Mr. Kwe Hendro
Kuncoro) or the Director (Mr. Drs. Budi Hartono) which must be approved by
Board of Commissioners (Mr. Heru Santoso, SH. and Mr. Ir. Albertus Harijanto
Tedjakusuma)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T.
TIRTA WANA SEMESTA KENCANA (P.T. TWSK) was established in January 1998 with the
authorized capital of Rp. 100,000,000 of which Rp. 25,000,000 was issued and fully
paid up. The founding shareholders of the company are Mr. Ir. Kwe Hendro
Kuncoro (25%), Mr. Drs. Budi Hartono (25%), Mr. Heru Santoso, SH., (25%) and
Mr. Ir. Kwe Albertus Kuncoro (25%), all are Indonesian businessmen of Chinese
extraction. The Deed of establishment
has been approved by the Minister of Justice of the Republic of Indonesia
through its Decision Letter No.C2-10.832.HT.01.01.TH.1998 dated August 11,
1998.
The
articles of association of the company have frequently been revised. In April 2008, the authorized capital of the
company was raised to Rp. 3,000,000,000.- entirely was issued and fully paid
up. The notary deed of amendment was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-21093.AH.01.02.Tahun 2008, dated April 25, 2008.
Most
recently by notarial deed of public notary Maria Tjandra, SH., No. 57 dated
September 14, 2012 the authorized capital was raised again to Rp.
16,000,000,000.- entirely was issued and fully paid up. However, no changes have been effected in
term of its shareholding composition and capital structures to date. The amendment to notarial Deed has been approved by
the Minister of Law and Human Rights of the Republic of Indonesia through
Decree No. AHU-11846.AH.01.02.Tahun 2013 dated March 8, 2013.
P.T.
TWSK has been in operation since end 1998 dealing with trading and distribution
of industrial chemicals. Mrs. Ingrid, a staff of the company, said that the
chemical products being traded consist of epoxy curing agent & diluents, polyvinyl
alcohol for adhesive, epoxy resin adhesive and coating, melamine resin and
acrylic resin for coating, flavor and seasoning for various food industry,
micro calcined clay, acrylamide monomer for adhesive, petroleum resin for
coating & printing, guar gum, cmc, psyllium husk, phosphate and
derivatives, com starch for textile, food and paper industries, acylic acid
glacial for gummed tape adhesive, etc.
She added that the chemical materials are imported from various
countries including Air Products Corp., of the USA, Chang Chun Petrochemicals
of Taiwan, Emsland Starke GmbH., of Germany, Promatech of Netherlands, Guangfu
of China, Mitsubishi Chemical Pte., Ltd., of Singapore, Sarda Gums &
Chemical of India, United Performance Materials of Taiwan, Verowan Syndicate
Co. Ltd., of Hong Kong, Formosan Union Chemical Corp., of Taiwan, Basf Petronas
Chemicals Sdn. Bhd., of Malaysia, Dia-Nitrix Co. Ltd., of Japan, etc. She went on to say that the merchandise
products are sold to various manufacturing industrial sectors in the country.
To support its operation, the company opens branch and marketing offices in
Jakarta, Solo and Bandung. We observe
that P.T. TWSK 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.
Generally,
demand industrial chemical such as epoxy curing agent & diluents, polyvinyl
alcohol and epoxy resin for adhesive, flavor & seasoning for food industry,
melamine resin & acrylic resin for coating, phosphate and derivatives, com
starch for textile and others has kept on rising in the last five years in the
country in line with the activities of paint industry, textile industry,
furniture industry and other industries in the country. The demand is estimated to be fluctuating in
the coming three years. The competition is very tight on account of lots of
original and synthetic leather products being sold in international and
domestic markets. The long business
prospect of the company is favorable once the unstable economic condition
starts recovery. The demand is estimated to be increasing by 5% to 6% per annum
in the next three years. The competition is very tight on account of many
similar companies operating in the country. The business position of P.T. TWSK
is sufficiently fairly good for it has established wide marketing networks in
the country.
Until
this time P.T. TWSK has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore, the company has no obligation to
publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. P.T.
TWSK’s management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover in 2008 amounted
to Rp. 138.5 billion increased to Rp. 155.0 billion in 2009 to Rp. 174.0
billion in 2010 and estimated it will be higher by at least 10% in 2011. The
operation in 2010 yielded a net profit at least Rp. 8.5 billion and the company
has a total net worth of Rp. 60.0 billion.
So
far, we have never heard of the company having been black listed by the Central
Bank (Bank Indonesia). Besides, the company usually pays its debts punctually
to suppliers.
P.T.
TWSK’s management is headed by Mr. Ir. Kwe Hendro Kuncoro (48) as president
director, a businessman with more than 15 years experienced in trading and
distribution of chemical products.
Daily activity, he is assisted by Mr. Drs. Budi Hartono (49) as
director. The management of the company
is handled by experienced professional managers having wide relation with
overseas and national private businessmen as well as with the government sectors.
So far, we did not hear that the company’s management involved in a dirty
business practice or detrimental cases that settled in the country. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
P.T.
TWSK is appraised quite feasible for business transaction. But owing to economic condition in the
country to remain unstable, we recommend to treat prudently in extending any
new loans to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.73 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.85.07 |
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.