|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TAWANG SWASTI RAWIKARA |
|
|
|
|
Registered Office : |
Graha STR 4th Floor Suite 408 Jalan Ampera Raya No. 11-B Kemang, Pasar Minggu Jakarta Selatan, 12550 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
24.08.1994 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-10306 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Holding Company and Management Trust Services |
|
|
|
|
No. of Employees : |
17 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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.
Source : CIA
P.T. TAWANG
SWASTI RAWIKARA
Head Office
Graha STR 4th
Floor Suite 408
Jalan Ampera Raya No. 11-B
Kemang, Pasar Minggu
Jakarta Selatan, 12550
Indonesia
Phones -
(62-21) 781 3708 (Hunting), 781 3631
Fax - (62-21) 781 3657, 788 36677
E-mail - info@tsr.co.id
Website - http://www.tsr.co.id
Building Area - 4 storey
Office Space - 320 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
24 August 1994
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-17.808.HT.01.01.TH.94
Dated 2 December 1994
- No. AHU-52500.AH.01.02.TH.2008
Dated 19 August 2008
- No. AHU-AH.01.10-10306
Dated 29 April 2010
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.661.528.8-016.000
Related
Company :
A Member Company
of the TAWANG SWASTI RAWIKARA Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued Capital : Rp. 25,000,000,000.-
Paid up Capital : Rp. 25,000,000,000.-
Shareholders/Owners
:
a. Mr. Haji Teddy Rusdy - Rp. 14,750,000,000.-
Address :
Jl. Bukit Golf I PC-18, RT. 012 RW. 015
Kelurahan Pondok Pinang, Kecamatan
Kebayoran Lama, Jakarta
Selatan
Indonesia
b. Mrs. Hajjah Sri Suryati, SH - Rp. 10,000,000,000.-
Address : Jl. Bukit Golf I
PC-18, RT. 012 RW. 015
Kelurahan Pondok Pinang, Kecamatan
Kebayoran Lama, Jakarta
Selatan
Indonesia
c. Mr. Drs. Syamsul Arifin, MBA -
Rp. 250,000,000.-
Address : Komplek DPR RI No. 5,
Kelurahan Palmerah,
Kecamatan Palmerah
Jakarta
Barat
Indonesia
Lines of
Business :
a. Holding Company and Management Trust Services
b. Outbond, Outing and Gathering Management
Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1995
Brand Name :
Tawang Swasti
Rawikara
Technical
Assistance :
None
Number of
Employee :
17 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Sectors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ABACUS
CAPITAL INDONESIA
b. P.T. BAKRIE INVESTINDO
c. P.T. PANDU ALAM PERSADA
d. P.T. SAPTA PANJI MANGGALA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Gedung
STR
Jalan Ampera
Raya No. 11
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Ampera Raya No. 7
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 60.0
billion
2011 – Rp. 65.0
billion
2012 – Rp. 68.0
billion
Net Profit
(estimated) :
2010 – Rp. 4.8
billion
2011 – Rp. 5.4
billion
2012 – Rp. 5.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Haji Teddy Rusdy
Director -
Mr. Drs. Syamsul Arifin, MBA
Board of Commissioners :
Commissioner -
Mrs. Hajjah Sri Suryati, SH
Signatories :
President Director (Mr.
Haji Teddy Rusdy) or the Director (Mr. Drs. Syamsul Arifin, MBA) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Based on
investigation the complete address of the Subject is located at Graha TSR 4th
Floor Suite 408, Jalan Ampera Raya No. 11-B, South Jakarta, not Jalan Ampera
Raya No. 118 as stated in your order ref. no. 206124 dated 3 January 2013.
P.T. TAWANG
SWASTI RAWIKARA (P.T. TSR) was incorporated in Jakarta on notary deed of Mrs.
Hartati Marsono, SH., No. 21 dated 24 August 1994 with the authorized capital
of Rp. 100,000,000,000 issued capital of Rp. 25,000,000,000 entirely paid up.
The founding shareholders of the company are Mr. Haji Teddy Rusdy and his wife
Mrs. Hajjah Sri Suryati, SH., both are indigenous business family. The company
notary deed has been changed and according to the revision of notary documents
in July 2008 Mr. Drs. Syamsul Arifin, MBA entered into the company as new
shareholder. With this time the composition of its shareholders has been
changed to become Mr. Haji Teddy Rusdy (59%), his wife Mrs. Hajjah Sri Suryati,
SH (40%) and Mr. Drs. Syamsul Arifin, MBA (1%).
However the
capitalization structure of the company remained the same. Then according to
the latest revision of notary documents of Mr. Periasman Effendi, SH., No. 04
dated 14 April 2010 the board of director and the board of commissioner
reappointed to lead and runs of the company’s operation. The latest revision of
notary documents was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-10306 dated April 29, 2010.
We observe that
Mr. Haji Teddy Rusdy and his wife Mrs. Hajjah Sri Suryati, SH, both of are the
founders and business stakes owners of the TAWANG SWASTI RAWIKARA Group, a
small sized business group engaged in the field of property, manufacturing,
trading, services, publishing, information technology and others.
P.T. TSR is a
private national company dealing with holding company and management trust. The
company provides services and manages all the activities of the members company
under the TAWANG SWASTI RAWIKARA Group. Besides, P.T. TSR is a holding
company/investment holding by controls shares in the TAWANG SWASTI RAWIKARA
Group members. P.T. TSR started in operation since 1995 and the current
financial strength and growth has made Tawang Swasti Rawikara into a holding
company with many subsidiaries that engaged in various business fields such as
property, manufacturing, trading, services, publishing, information technology
and others. Combine with excellent and well experiences staffs, and with our
overseas offices in Singapore and Australia has helped the group to enter and
challenges the global market competition. Based on professionalism, honesty and
spirit of innovation the group of P.T. Tawang Swasti Rawikara committed to
satisfy their customers and clients.
In industrial
manufacturing P.T. TSR is also handled steel doors & window frame
manufacturing through sister company P.T. TAWANG SWASTI BANGUN GAPURA. The TSR
through P.T. KURNIA ABADI NIAGA CITRA INDAH LESTARI engaged in the field of
automotive manufacturing by developed its own design, engineering, production,
marketing and after sales services of a city car called KANCIL. Besides, P.T.
TSR through sister company P.T. IMANI WICAKSANA engaged in trading and
distribution of BALMEROL greases & lube oil of India; P.T. TAWANG SWASTI
MOTORINDO in Hero Puch motorcycle Mallika brand. We observe that P.T. TSR as
holding company and management trust has been growing and developing well in
the last three years.
The Indonesian
economy has weathered the storm and is currently accelerating. As for the
global economy, it is also in a recovery phase and this recovery is expected to
continue in 2010. Overall, the prospects for the Indonesian economy in 2010 are
brighter than in 2009. The global economic recession has exerted significant
downward pressures on the Indonesia economy. In the first quarter of 2009 the
economy grew by 4.4 percent, or significantly lower than in the fourth quarter
of 2008 when the economy grew by 5.2 percent and lower than in the third
quarter of 2008 when the economy grew by 6.4 percent.
Eventually, the
impact of the fiscal and monetary stimuli on the economy could be seen. This
was reflected in the brisker pace of growth in Indonesia despite the global
economic recession. In the second quarter of 2009 the Indonesian economy grew
by 4.0 percent, and in the third quarter of the year it grew by 4.2 percent.
The economic is expected to accelerate further in the fourth quarter of 2009.
Ant for the whole of 2009 the Indonesian economy is expected tot grow by 4.7
percent and 6.0 percent in 2010. Several factors support brisker economic
growth in 2010. First, the global economic conditions are expected to be better
in 2010 than in 2009. This is evident in the global economic recover that is
expected to continue well into 2010.
The US economy,
for example, is expected to grow by 2.5 percent in 2010 compared to a
contraction of 2.4 percent in 2009.
Meanwhile, the Japanese economy is predicted to grow by around 1.2
percent in 2010 in contrast to an expected contraction of around 5.7 percent in
2009. As for Europe, it is expected to grow by 1.1 percent in 2010 compared to
an expected contraction of around 3.8 percent in 2009. It is estimated that
demand for analysis and testing services will keep on increasing in five years
to come. The competition is very tight on account of many similar companies
operating in the country. Against this backdrop, Indonesian exports are expected
to grow by 12.9 percent 2010.
In the third
quarter of 2011 Indonesia’s economy grew at 6.5%, and in the fourth quarter of
the year the figure is expected to stay at the same level. Thus, in 2011 the
country’s economy grew at 6.5%, higher than 6.1% in 2010. The good news is that
the manufacturing sector showed better growth.
Indonesia’s economic growth in 2009, 2010 and forecast for 2011 (Q 3)
|
No. |
Sector |
2009 |
2010 |
2011 (Q 3) |
|
1. |
Agriculture |
3.6 |
3.3 |
2.7 |
|
2. |
Mining and Quarrying |
3.7 |
3.7 |
0.3 |
|
3. |
Manufacturing |
2.2 |
2.2 |
6.6 |
|
4. |
Electricity, Gas, and Clean Water |
13.4 |
13.4 |
5.2 |
|
5. |
Construction |
7.1 |
7.0 |
6.4 |
|
6. |
Trade, Hotel, and Restaurant |
1.2 |
5.8 |
10.1 |
|
7. |
Transportation and Communication |
17.4 |
16.7 |
9.5 |
|
8. |
Finance, Leasing and Business Services |
5.5 |
6.3 |
7.0 |
|
9. |
Services |
6.7 |
6.9 |
7.8 |
|
Gross Domestic Product (GDP) |
4.7 |
6.0 |
6.5 |
|
Source: Indonesia Economic Almanac
2012 by Bisnis Indonesia
Until this time
P.T. TSR has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
TSR 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. 60.0 billion rose to Rp. 65.0 billion in 2011 increased to Rp.
68.0 billion in 2012 and projected to go on rising by at least 4% in 2013. The
operation in 2012 yielded an estimated net profit of at least Rp. 5.8 billion
and the company has an estimated total networth of at least Rp. 30.0 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. TSR is led by Mr. Haji Teddy Rusdy (74) a businessman and professional
manager with various business field and he is top figure of the TAWANG SWASTI
RAWIKARA Group. He has build his career in the Indonesian Air Force, retired in
1993 as Air Vice Marshall and held various strategic position in the Indonesian
Armed Forces Head Quarter, especially in Planning, Programming and Budgeting
System. He was also Member of People Consultative Body (Majelis Permusyawaratan
Rakyat) Republic Indonesia in 1988 - 1993. Received various honors from the
Government of Indonesia, Republic of Singapore, Republic of Korea, the People
Republic of China.
Daily activity
he is assisted by Mr. Drs. Syamsul Arifin, MBA (59) as Finance Director. His
first career was with Bank Dagang Negara, one of the Indonesia State Owned
Banks for nearly twenty years. He was ever positioned in the Bank's New York
Agency and Cayman Island Branch from 1989 to 1995 after gaining his Master
degree in Business Administration from University of Nebraska in the United
States of America.
He resigned from
Bank Dagang Negara to assume his career in the Insurance Industry. He was
appointed as President Director of PT. Gelora Karya Jasatam, a general
insurance broker and consultant affiliated with PT. Bank Mandiri Tbk, the
largest bank in Indonesia. After his six years tenure in the Insurance
Industry, then he joined PT. Tawang Swasti Rawikara in last August of 2007.
P.T. TAWANG
SWASTI RAWIKARA is dealing with investment holding, controlling shares of
companies in the TAWANG SWASTI RAWIKARA Group those engaged in property,
manufacturing, trading, services, publishing, information technology and
others. 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. TAWANG SWASTI
RAWIKARA is sufficiently fairly good for business transaction.
Attachment:
List of the TAWANG
SWASTI RAWIKARA Group Members
1.
ANGKASA TARUNA MATARAM, P.T. (General Trading and Agency
Services)
2.
ATLAS ENERGISE INDONESIA, P.T. (Trading and Distribution of
Arnco’s Flat Tireproofing Products)
3.
AVIA JAYA INDAH, P.T. (Cleaning Services Specializes)
4.
BALMER LAWRIE INDONESIA, P.T. (Lube Blending
Oils/Lubricating Oils)
5.
CISKADA PERKASA, P.T. (Taman Cikas/Real Estate Development)
6.
GIRBAH GEMA SWARA, P.T. (Art Gallery, Café & Restaurant
and Entertainment Services)
7.
IMANI PRIMA, P.T. (Multimedia & Information Technology
Services)
8.
IMANI WICAKSANA, P.T. (Trading and Distribution of Grease
and Lube Oils and Investment Holding)
9.
KARYA TARUNA CARAKA INDONESIA, P.T. (Man Power Supply
Services)
10. KURNIA ABADI NIAGA INDAH, P.T. (Kancil/Automotive
Assembling)
11.
PERISAI SAKTI INDONESIA, P.T. (Trading and Distribution of
LLUMAR Window Films)
12. SOKKA AGUNG PRATAMA, P.T. (Antariksa Permai
Estate/Real Estate Development)
13.
TAWANG SECURITY INDONESIA, P.T. (Security Guards, Security
Consultancy Services, Security Training and Education and Security Cash In
Transit Services)
14.
TAWANG SWASTI BANGUN GAPURA, P.T. (Steel Door and Window
Frame Manufacturing)
15.
TAWANG SWASTI MOTORINDO, P.T. (Trading and Distribution of
Motorcycle)
16.
TAWANG SWASTI RAWIKARA, P.T. (Holding Company)
17.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
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.