|
Report Date : |
31.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TITIAN ABADI
LESTARI |
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|
|
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Registered Office : |
Jalan Agung Karya III Block D Kav. 6, Sunter
Agung Podomoro, Jakarta Utara, 14340 |
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Country : |
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Date of Incorporation : |
26.11.1985 |
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|
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Com. Reg. No.: |
No. AHU-29958.AH.01.02.TH.2011 |
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|
|
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Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
a. Trading and
Distribution of Industrial and Specialty Chemical b. Investment Holding |
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No. of Employees : |
95 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 |
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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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
Name of Company :
P.T. TITIAN ABADI LESTARI
Address :
Head Office
Jalan Agung Karya III Block D Kav. 6
Sunter Agung Podomoro
Jakarta Utara, 14340
Indonesia
Phones -
(62-21) 6511017, 6510857, 6510893, 6510028
Fax - (62-21) 6510889, 6510825
E-mail - titian@rad.net.id
Website - http://www.titian-abadi.com
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
26 November 1985
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No.
C2-13662.HT.01.04.TH.98
Dated 11 September 1998
- No.
AHU-29958.AH.01.02.TH.2011
Dated 15 June 2011
Company Status :
Private National Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.392.746.2-042.000
Related Companies :
A Member Company of the TITIAN ABADI LESTARI Group (see attachment)
Capital Structure :
Authorized Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 250,000,000.-
Paid up Capital : Rp. 250,000,000.-
Shareholders/Owners :
a. Mr. Chandra Widjaja -
Rp. 75,000,000.-
Address : Jl.
Parang Tritis IV/7, RT. 003 RW. 011
Kelurahan Ancol, Kecamatan
Pademangan
Jakarta Utara
Indonesia
b. Mr. Djony AKA Theo Khian Hung -
Rp. 50,000,000.-
Address : Taman Kebon Jeruk CII-12, RT. 005 RW. 009
Kelurahan Srengseng,
Kecamatan Kebon
Jeruk, Jakarta Barat
Indonesia
c. Mr. Haryono Kamajaya -
Rp. 50,000,000.-
Address : Jl. Pulomas
Utara III C/2, RT. 005 RW. 014
Kelurahan Kayu Putih,
Kecamatan Pulo
gadung, Jakarta Timur
Indonesia
d. Mr. Ignatius Waskito Nugroho -
Rp. 50,000,000.-
Address : Jl. Pulomas II F/7, RT. 004 RW. 012
Kelurahan Kayu Putih, Kecamatan Pulogadung
Jakarta Timur
Indonesia
e. Mr. Sugianto Halim - Rp. 25,000,000.-
Address : Green Garden Block M-4/23, RT. 002 RW. 010
Kelurahan Kedoya Selatan,
Kecamatan Kebon
Jeruk, Jakarta Barat
Indonesia
Lines of Business :
a. Trading and Distribution
of Industrial and Specialty Chemical
b. Investment Holding
Production Capacity :
None
Total Investment :
None
Started Operation :
December 1985
Brand Name :
Titian Abadi Lestari
Technical Assistance :
None
Number of Employee :
95 persons
Marketing Area :
Local - 100%
Main Customer :
Industrial Manufacturing
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DUNIA KIMIA UTAMA
b. P.T. MATA PELANGI
CHEMINDO
c. P.T. TIMURAYA TUNGGAL
d. P.T. UNITED CHEMICALS INTER ANEKA
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T.
Bank EKONOMI RAHARDJA
Jalan Suryo Pranoto 29-31
Jakarta
Barat
Indonesia
b. P.T.
Bank PERMATA Tbk
Jalan
Hayam Wuruk 84
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 66.0 billion
2011 – Rp. 70.0 billion
2012 – Rp. 75.0 billion
2013 – Rp. 40.0 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 3.9 billion
2011 – Rp. 4.2 billion
2012 – Rp. 4.5 billion
2013 – Rp. 2.4 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Djony AKA Theo Khian Hung
Director - Mr. Haryono Kamajaya
Board of Commissioners :
President Commissioner - Mr. Chandra Widjaja
Commissioner - Mr.
Ir. Ignatius Waskito Nugroho
Signatories :
President Director (Mr. Djony AKA Theo
Khian Hung) or the Director (Mr. Haryono Kamajaya) 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
P.T. TITIAN ABADI LESTARI (P.T. TAL) was established in November 1985
with an authorized capital of Rp. 200,000,000 issued capital of Rp. 40,000,000
wholly paid-up. Founders and shareholders are Mr. Djony AKA Thoe Khian Hung,
Mr. Dipl. Ing. Haryono Kamajaya, Mr. Chandra Widjaja, Mr. Ir. Sugianto Halim,
and Mr. Ir. Ignatius Waskito Nugroho, all of them are Chinese origin Indonesian
businessmen. The company notary deed has been changed and in March 1998, the
authorized capital was increased to Rp. 1,000,000,000 issued capital of Rp.
250,000,000 wholly paid-up. The company notary deed was made by Mrs. Tutik
Danakusuma, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. C2-13662.HT.01.04.TH.98, dated September 11, 1998.
According to the latest revision of notary documents of Mr. David, SH., No. 1
dated 1 June 2011 the board of director and the board of commissioner reappointed
to lead and run 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-29958.AH.01.02.TH.2011 dated June 15, 2011.
We observe that Mr. Chandra Widjaya and Mr. Djony AKAn Thoe Khian Hung,
both are alos business stakes owners of the TITIAN ABADI LESTARI Group, s small
size business group engaged in trading, import and distribution of industrial
chemicals, warehouse and transportation services.
P.T. TAL started with operation in 1985 in trading, supplying and
distribution of industrial and specialty chemicals for plastics & PVC, pulp
& paper, rubber, lubricant, cosmetics, food and pharmaceutical industries.
P.T. TAL sells and distributing rubber chemicals such as Accelerators,
Antidegradants, Processing Aids, Waxes (Paraffin & Microcrystalline),
Scorch Inhibitors, Silane Coupling Agents, Stearic Acid, Synthetic Rubber. The
products supplied to automotive component manufacturing, outsole, belt and vender
industries. Plastic chemicals such as PVC resins, Stabilizers, Stearic Acid,
Waxes etc and supplied to cable industries, leather industries, PVC products
industries, compound and master batches industries. Lubricant additive among
others are Antifoam, Dewaxing Aids, Viscosity Index Improver, Pour Point
Depressant, Dyes for Fuel and Lubricant and Additive packages and lubricant
additives are used to produce finished lubricant used in cars, diesel trucks,
ships and motorcycles.
Besides, P.T. TAL is also sells and suppliers for food and beverages,
pharmaceuticals companies such as Non dairy Creamer, Foamer, Fruits Juice
Products, Premix Vitamin & Minerals, Sweetener, Natural Conlor, Oat Flake
Instant, Textured Vegetable Protein (VTP), Isolate Soya Protein, Natural
Dietary Fiber (wheat, oats, and bamboo), Fat Powder & Bakery Ingredient,
Natural Extract and Nutraceutical Ingredients and Active Pharma Ingredients.
The above industrial and specialty chemical substances are imported from
Germany, the USA, the UK, France, Japan, Hong Kong and Singapore.
Some of the products are also imported through BAY VALLEY FOODS. To
support the marketing of its products, P.T. TAL established its branch in
Bandung, West Java, and the largest province in textile industry. The above
merchandising goods are directly sold to textile rubber industries, pulp and
paer industries, plastic industries, automotive component and lubricant
industries, milling plants, paper making industry, cosmetic manufacturing,
detergent, etc. Besides, P.T. TAL is dealing with investment holding
controlling 90% shares of P.T. TITIAN ANUGERAH AGUNG dealing with industrial
chemical processing. We observe the operation of P.T. TAL has been growing and
developing well 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 textile chemical
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. TAL business position in this case is not too
badly because it has built regular customers and extensive marketing network
all across the country.
Imports of Raw
Materials and Auxiliary Goods, 2007-2012
|
Year |
Food and
Beverages Mainly for Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
Source: Central Bureau
of Statistic (BPS)
Until this time P.T. TAL has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. TAL 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. 66.0 billion rose to Rp. 70.0 billion in 2011
increased to Rp. 75.0 billion in 2012. As from January to June 2013 the sales
turnover has amounted at Rp. 40.0 billion with a net profit of Rp. 2.4 billion.
It is projected the sales turnover will be rising by at least 5% in 2014. The
company has an estimated total networth of at least Rp. 6.0 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. TAL is led by Mr. Djony AKA Thoe Khian Hung (61),
a businessman with 29 years experience in industrial chemical trading. In his
day-to-day activities, he is assisted by Mr. Dipl. Ing Haryono Kamajaya (61), a
chemical engineer graduated from Fachochschule Krefeld, Germany. 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 ABADI LESTARI
is sufficiently fairly good for business transaction.
Attachment:
List of the TITIAN
ABADI LESTARI Group Members
ATLANTIC LESTARI, P.T. (Trading and Distribution of Industrial Chemical)
HASTA SAMPURNA NITYATAMA, P.T. (Trading and Distribution of Industrial
Chemical)
KEMIRA NITYATAMA, P.T. (Paint Chemical Distribution)
TALINDO ASRI, P.T. (Trading and Distribution of Industrial Chemical)
TALINDO LESTARI, P.T. (Trading and Distribution of Industrial Chemical)
TITIAN ANUGERAH AGUNG, P.T. (Industrial Chemical Processing)
TRILESTARI URETHAN, P.T. (Polyurethane Chemical Distribution)
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.