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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TARA CITRA KUSUMA |
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|
|
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Registered Office : |
Delta Silicon Industrial Park, Jl. Meranti 3 Block L 10 No. 3 & 5, Lippo Cikarang, Bekasi 17550 , West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
27.02.2002 |
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|
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Com. Reg. No.: |
No.
AHU-04898.AH.01.02.Tahun 2010 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Producer of safety helmets for motorcycle riders which are
made of fiber and special grade plastic designed for helmets. |
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No. of Employees : |
280 |
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 |
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Status : |
Satisfactory |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
P.T. TARA CITRA KUSUMA
Head Office &
Factory
Delta Silicon
Industrial Park
Jl. Meranti 3 Block L 10 No. 3 & 5
Lippo Cikarang, Bekasi 17550
West Java, Indonesia
Phone -
(62-21) 89904813, 89904777
Fax - (62-21) 89904785
Land Area - 10,000 sq.
meters
Building Area - 5,000 sq. meters
Region - Industrial
Estate
Status - Owned
Branch and
Marketing Office
Jl. Tomang Raya
No. 66
Jakarta Barat
11430
Indonesia
Phones -
(62-21) 568 6011, 5696 1309
Fax - (62-21) 5696 1369
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Owned
27 February 2002
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Justice
and Human Rights
a. No. C-08655
HT.01.01.TH.2003
Dated 22 April 2003
b. No.
AHU-04898.AH.01.02.Tahun 2010
Dated 28 January 2010
Private National Company
The Department of
Finance
NPWP No. 02.198.504.9-413.000
a. P.T. TARAKUSUMA INDAH (Safety Helmet Manufacturing)
b. P.T. INDO SAFETY MANUFACTURING (Safety Helmet Manufacturing)
c. P.T. TAMBUN WIDYO KENCANA (Trading and Distribution of Furniture)
d. P.T. TUFFINDO RAYA (General Trading)
e. P.T. UTAMA RAYA MOTOR INDUSTRI (Motorcycle Component Manufacturing)
Capital Structure :
Authorized Capital
- Rp.
20,000,000,000.-
Issued Capital - Rp. 5,000,000,000.-
Paid up Capital - Rp. 5,000,000,000.-
Shareholders/Owners :
a.
Mr. Eddy Tedjakusuma -
Rp. 2,000,000,000.- (40%)
Address : Jl. Taman Sari VIII/96
Maphar, Taman Sari
Jakarta Barat
Indonesia
b. Mr. Henry Tedjakusuma - Rp. 750,000,000.- (15%)
Address : Jl. Wuluh Blok II No. 3
Kota Bambu Utara, Palmerah
Jakarta Barat
Indonesia
c. Ms. Yuliani Tedjakusuma - Rp. 750,000,000.- (15%)
Address : Jl. Wuluh Blok VI No. 2
Kota Bambu Utara, Palmerah
Jakarta Barat
Indonesia
d. Ms. Merlina Tedjakusuma - Rp. 750,000,000.- (15%)
Address : Jl. Wuluh Blok VI No. 2
Kota Bambu Utara, Palmerah
Jakarta Barat
Indonesia
e.
Ms. Sylvia Tedjakusuma -
Rp. 750,000,000.- (15%)
Address : Jl. Wuluh Blok VI No. 2
Kota Bambu Utara, Palmerah
Jakarta Barat
Indonesia
Lines of Business
:
Safety Helmet Manufacturing
Production
Capacity :
Helmet - 1,000,000
units p.a.
Total Investment :
a. Equity Capital - Rp. 5.0
billion
b. Loan Capital - Rp. 2.0
billion
c. Total Investment -
Rp. 7.0 billion
Started Operation :
2002
Brand Name :
AGP, VEMAR,
LOCATELLI, GP ONE, STORM
Technical Assistance :
None
Number of Employee :
280 persons
Marketing Area :
Export - 90%
Domestic - 10%
Main Customers :
a. Helmet Dealers
and Distributors in the country
b. Overseas buyers
in Australia, Belgium, Brazil, Italy, Japan, Singapore and South Africa
Market Situation :
Very Competitive
Main Competitors :
a. P.T.
DANAPERSADARAYA MOTOR INDUSTRY
b. P.T. DINAHETI MOTOR
INDUSTRY
c. P.T. HELMINDO
UTAMA
d. P.T. INPLASCO
PRIMA SURYA
e. P.T. MEGA KARYA
MANDIRI
f. P.T. MAKMUR AMAN SENTOSA
g. C.V. TRIONA
MULTI INDUSTRI
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Cibinong
Citerureup, Bogor
West Java
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya Matraman
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 98.5 billion
2011 – Rp. 112.0
billion
2012 – Rp. 126.0
billion
2013 – Rp. 142.8
billion
Net Profit
(estimated) :
2010 – Rp. 6.6 billion
2011 – Rp. 7.5
billion
2012 – Rp. 8.4
billion
2013 – Rp. 9.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Eddy Tedjakusuma
Director - Mr. Henry Tedjakusuma
Board of Commissioners :
President Commissioner - Mrs. Lanny Jamin
Commissioner -
Ms Yuliani Tedjakusuma
Signatories :
President Director (Mr. Eddy
Tedjakusuma) or the Director (Mr. Henry TEdjakusuma) which must be approved by
Board of Commissioners (Mrs. Lanny Jamin and Ms. Yuliani Tedjakusuma)
Management Capability :
Good
Business Morality :
Good
P.T. TARA CITRA KUSUMA (P.T. TCK) was
established in Bekasi, West Java on 27 February 2002 with an authorized capital
of Rp. 5,000,000,000 issued capital of Rp. 3,000,000,000 entirely paid up. The
founding shareholders are Mrs. Tjong Lyanti Tedjakusuma (50%) and her younger
brother Mr. Eddy Tedjakusuma (50%), both are entrepreneurs of Chinese
extraction. The deed of establisment was made by Mr. Frans Elsius Muliawan,
SH., a public notary in Jakarta, and it was approved by the Minister of Law and
Human Right in its Decision Letter Number C-08655 HT.01.01.TH.2003, dated
February 22, 2003. The Articles of
association of the company have frequently been revised, most recently by
notarial Deed No. 30 dated December 21, 2009 made by Notary Kamelina, SH., the
authorized capital was raised to Rp. 20,000,000,000.- of which Rp.
5,000,000,000.- was issued and fully paid up.
Concurrently, Mrs. Tjong Lyanti Tedjakusuma pulled out and her shares
are sold to Mr. Eddy Tedjakusuma and his family members. Since at the time, the shareholders of the
company are Mr. Eddy Tedjakusuma (40%) and his son and daughters namely Mr.
Henry Tedjakusuma (15%), Ms. Yuliani Tedjakusuma (15%), Ms. Merina Tedjakusuma
(15%) and Ms. Silvia Tedjakusuma (15%). 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-04898.AH.01.02.Tahun 2010 dated January 28, 2010.
We observe that Mr. Eddy Tedjakusuma and his family are also founder and business stakes owners of P.T. TARAKUSUMA INDAH (Safety Helmet Manufacturing), P.T. INDO SAFETY MANUFACTURING (Safety Helmet Manufacturing), P.T. TAMBUN WIDYO KENCANA (Trading and Distribution of Furniture), P.T. TUFFINDO RAYA (General Trading) and P.T. UTAMA RAYA MOTOR INDUSTRI (Motorcycle Component Manufacturing).
P.T. TCK has been in operation since 2002 in safety helmet manufacturing. Its plant is located in Delta Silicon Industrial Park 1, Jalan Meranti 3 Block L 10 No. 3 & 5, Lippo Cikarang, Bekasi, West Java on a land of 1.0 hectares. The plant has been expanded to step up its production capacity, and now has a production capacity of 1,000,000 units of helmets per year. The safety helmets produced by the company are especially for motorcycle riders and are made of fiber and special grade plastic designed for helmets. Some of the basic materials used for producing its products are still imported from China, Singapore and some of which are from local products. About 90% of the company's production has already been exported to Australia, Belgium, Brazil, Italy, Japan, Singapore and South Africa, and the rest being marketed in the country through stores selling spare parts, show rooms and motorcycle repair shops in the big cities of the country under the AGP, VEMAR, LOCATELLI, GP ONE, STORM brands. P.T. TCK's helmets are of quite good quality and are priced at varying levels of relatively low prices. We observe P.T. TCK is classified as a big sized company in Indonesia in safety helmet manufacturing whose business operation had kept on running stable in the last three years.
We observed that the domestic demand for safety helmet especially for motorcycle drivers had kept on rising by about 5% to 6% on the average per annum within the last five years in line with the growth of motorcycle population in the country. Business position of P.T. TCK is at present appraised to be favorable because 90% of the products are exported.
According to the Indonesian Motorcycle Manufacturer Association (AISMI) explained that the total of motorcycle sales in 2007 amounted to 4,688 thousand units increased to 6,216 thousand units in 2008 and declined to 5,852 thousand units in 2009. But, the total of motorcycle sales in 2010 rose again to 7,383 thousand units to 8,034 thousand units in 2011 and decline again to 7,141 thousand units in 2012. The growth of motorcycle and car sales in Indonesia in 2007 to 2012 is pictured on the following table:
|
Year |
Domestic Motorcycle Sales (‘000 units) |
Domestic Car Sales (‘000 units) |
|
2007 |
4,688 |
434 |
|
2008 |
6,216 |
608 |
|
2009 |
5,852 |
486 |
|
2010 |
7,383 |
765 |
|
2011 |
8,034 |
894 |
|
2012 |
7,141 |
1,116 |
Source: Tthe Indonesian
Motorcycle Manufacturer Association (AISMI) and Gaikindo
Until this time P.T. TCK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2011 amounted to Rp. 112.0 billion increased to Rp. 126.0 billion in 2012 and rose again to Rp. 142.8 billion in 2013. The operation in 2013 yielded an estimated net profit at least Rp. 9.5 billion and the company has an estimated total net worth at Rp. 80.0 billion. It is projected that total sales turnover of the company will increase at least 6% in 2014. We observe that P.T. TCK is supported by financially strong business family behind it. So far, we did not hear 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. TCK is led by Mr. Eddy Tedjakusuma (71) as president director, a businessman with more than 34 years of experience in safety helmet manufacturing and trading. In daily his operation, he is assisted by Mr. his son Mr. Henry Tedjakusuma (39) as director and a number of professional managers and expert in safety helmet manufacturing. The management is very creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. 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. TARA CITRA KUSUMA is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
UK Pound |
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.