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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. TIGAKA
DISTRINDO PERKASA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10.02.1993 |
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Com. Reg. No.: |
AHU-AH.01.10-06268 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Engaged in trading, importing and distribution of raw materials for various industries such as pharmaceuticals, foods & beverage, cosmetics, fragrance, colors, packaging, veterinary industries, personal care products and industrial chemicals. Subject was appointed as sole agent by Sandoz GmbH of
Germany and Farmabios of Italy. |
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No of Employees : |
180 |
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 : |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
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Source : CIA |
P.T. TIGAKA
DISTRINDO PERKASA
Head Office
TDP Building
Jl. Tanah Abang II No. 37
Jakarta 10160
Indonesia
Phone -
(62-21) 3508980, 3508981
Fax. - (62-21) 3861847
Email - pttdp@cbn.net.id
Building Area - 5 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Warehouse &
Lab.
Jl. Rawa Gelam I No. 1
Kawasan Industri Pulo Gadung
Jakarta Timur
Indonesia
Land Area - 3,500 sq.
meters
Building Area - 2,600 sq.
meters
Region - Industrial
Estate
Status - Rent
10 February 1993
P.T. (Perseroan Terbatas) or Limited Liability Company
a. No. C-06943.HT.01.04.TH.2003
Dated 01 April 2003
b. No. C-UM.02.01.12625
Dated 21 July 2006
c. No. AHU-92433.AH.01.02.Tahun 2008
Dated 02 December 2008
d. No. AHU-AH.01.10-06268
Dated 25 February 2013
National Private Company
a. The Department
of Finance
NPWP No. 01.622.368.7-028.000
b. The Department
of Trade & Industry
SIUP No. 7228/P2/09-01/PB/VIII/2000
Dated 01 August 2000
Related/Affiliated
Company :
The GEMALA Group or the WANANDI Group Members
Capital Structure
:
Authorized Capital -
Rp. 20,000,000,000.-
Issued Capital -
Rp. 11,000,000,000.-
Paid up Capital - Rp. 11,000,000,000.-
Shareholders/Owners
:
a. Dr. Biantoro
Wanandi -
Rp. 7,150,000,000.- (65%)
Address : Jl. Taman Wijaya
Kusuma III/7-A
Cilandak,
Jakarta Selatan
Indonesia
b. Mrs. Ira
Lestari -
Rp. 550,000,000.- ( 5%)
Address : Jl. Janur Elok IV
Blok QC.B/2
Kelapa Gading,
North Jakarta
Indonesia
c. P.T. BUMIARTHA
PURNAKREASI - Rp.
3,300,000,000.- (30%)
Address : Jl. Senen Raya No.
12
Graha Atrium, Jakarta Pusat
Indonesia
Lines of Business
:
General Trading, Import and Distribution of
Raw Materials; Pharmaceuticals, Foods & Beverage, Cosmetics, Fragrance and
Chemicals
Production Capacity
:
None
Total Investment :
Equity Capital - Rp. 11.0
billion
Started Operation
:
1993
Brand Name :
TDP
Technical
Assistance :
None
Number of Employee
:
180 persons
Marketing Area :
Domestic (Local) - 100%
Main Customers :
a. P.T. Anugerah Pharmindo Lestari
b. P.T. Novartis Biochemic
c. P.T. Rohto Laboratories Indonesia
d. P.T. Glaxo Wellcome Indonesia
e. P.T. Kimia Farma Tbk.
f. P.T. Sari Husada Tbk.
g. P.T. Alpharma, etc.
Market Situation :
Very Competitive
Main Competitors:
a. PT. Pancasakti Prakarsamulya
b. PT. Hidup Makmur Lestariabadi
c. PT. Multi Citra Kimia
d. PT. Trimitra Sejati Tanindo
e. PT. Galic Bina Mada
f. PT. Colorindo Chemtra
Business Trend :
Growing
Bankers :
a. P.T. Bank
DANAMON INDONESIA Tbk
Jl. Abdul Muis No. 60
Jakarta Pusat
b. P.T. Bank
NEGARA INDONESIA Tbk
Wisma Kota BNI
Jl. Jenderal Sudirman Kav. 1
Jakarta Selatan
c. P.T. Bank MANDIRI Tbk
Mandiri Plaza
Jl. Jend. Gatot Subroto Kav.
36
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Sales Turnover
(estimated) :
2010 – Rp. 340.0 billion
2011 – Rp. 365.0 billion
2012 – Rp. 390.0 billion
2013 – Rp. 420.0 billion
Net Profit (estimated)
:
2010 – Rp. 17.2 billion
2011 – Rp. 18.4 billion
2012 – Rp. 19.6 billion
2013 – Rp. 21.0 billion
Payment Manner :
Promptly
Financial Comments
:
Fairly Strong
Board of
Management :
President
Director - Mr. Thomas
Ricky Harsono
Director - Mr.
Francis Wanandi
Board of
Commissioner :
President
Commissioner - Dr. Biantoro Wanandi
Commissioner - Mr. Michael Haryono Wanandi
Signatories
:
President Directors
(Mr. Thomas Ricky Harsono) or Director (Mr. Francis Wanandi) which must be
approved by President Commissioner (Dr. Biantoro Wanandi) or Commissioner (Mr.
Michael Haryono Wanandi)
Management
Capability :
Good
Business Morality
:
Good
P.T. TIGAKA DISTRINDO PERKASA (P.T. TDP) was established on 10 February 1993 with an authorized capital of Rp. 5,000,000,000.- with an issued and paid-up capital of Rp. 1,000,000,000.- Founders and original shareholders were P.T. TIGAKA and Mr. Indarto Tanuhadi. Its articles of association have frequently changed for a couple of times. In July 1994, the authorized capital was increased to Rp. 20,000,000,000.- with an issued and paid-up capital to Rp. 5,000,000,000.- and concurrently Mr. Indarto Tanuhadi withdrawn as the shareholder of P.T. TP. He was then respectively replaced by P.T. BINATAMA SARANA PARAMITRA (P.T. BSP), Mr. Sofyan Wanandi AKA Lim Bian Khoen and his older brother Dr. Biantoro Wanandi AKA Lim Bian Tiat.
Since April 2003, the issued and paid up capital of the company was increased to Rp. 11,000,000,000.- The shareholder composition of P.T. TDP are Mr. Harijanto Suebdjo (15%), Miss Ira Lestari (5%), Dr. Biantoro Wanandi (49%), Mr. Michael Haryono Wanandi (16%) and P.T. Santini Luwansa Lestari (15%). The deed of amended was made by Mr. Tse Min Suhardi, SH, a public notary in Jakarta, under Company Registration Number C-U.02.01.12625, dated July 21, 2006 and No. AHU-92433.AH.01.02.Tahun 2008, dated December 2, 2008.
Most recently by notarial Deed No. 5 dated January 29, 2013 was made by notary Tjong trisnawati, SH., the latest shareholders composition of P.T. TDP are Dr. Biantoro Wanandi (65%), Ms. Ira Lestari 5%) and P.T. BUMIARTHA PURNAKREASI (30%). The amendment to deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-06268 dated February 25, 2013. No changes have been effected in term of its shareholding composition and capital structures to date. P.T. TDP is a member of the GEMALA Group or the WANANDI Group, a national large company group of which its majority shares are controlled by the Wanandi family members.
P.T. TDP started with operation in 1993 in trading, importing and distribution of raw materials for various industries such as; pharmaceuticals, foods & beverage, cosmetics, fragrance, colors, packaging, veterinary industries, personal care products and industrial chemicals. In 2001, the company was appointed as sole agent by Sandoz GmbH of Germany and Farmabios of Italy. In 2003, the company was appointed as sole agent by Centralys of France and Tianjin Tianyao of China. In 2005, the company was appointed as sole agent by Sandoz Private Ltd., of India, Shanghai Ethyparm of China and Sensient Cosmetic Technologiest of France. Besides, P.T. TDP also imported its merchandising goods from United Kingdom, Switzerland, the USA, etc.
Most of the merchandises sold to its sister
company like P.T. ANUGERAH PHARMINDO LESTARI, P.T. NOVARTIS BIOCHEMI, P.T.
ROHTO LABORATORIES INDONESIA, P.T. GLAXO WELLCOME INDONSIA and others like P.T.
KIMIA FARMA Tbk., P.T. SARI HUSADA Tbk., P.T. ALPHARMA, etc. P.T. TDP has
established many regular customers both in Jakarta, Tangerang, Bekasi,
Cikarang, Karawang and surroundings.
The operation of P.T. TDP has been running smoothly in the last five
years being supported by companies in the WANANDI Group’s circle in the form of
marketing networks and merchandise products.
We observed that P.T. TDP is classified as a large-sized company of its
kind in the country of which the operation has been growing in the last three
years.
Generally, the demand for raw materials for various industries like pharmaceutical, food & beverage, cosmetics, fragrance, colors, packaing, veterinary industries, personal care products and other industrial chemicals in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of pharmaceutical industries 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. TDP is favorable because its merchandise products have already been popular in the country.
Until this time P.T. TDP 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. 358.0 billion increased to Rp. 402.0 billion in 2012 and rose again to Rp. 448.0 billion in 2013. The operation in 2013 yielded an estimated net profit at least Rp. 26.7 billion and the company has an estimated total net worth at Rp. 170.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2014. We observe that P.T. TDP is supported by financially strong foreign partners behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
Since January 2013, the company’s management is led by Mr. Thomas Ricky Harsono (40) replaces Mr. Harijanto Subedjo (65) as President Director. Mr. Harsono graduated from Universitas Kristen Satya Wacana, Jakarta majoring in Electrical Engineering (1992-1995), and gained Bachelor of Science, Finance from State University of New York at New Paltz (1996-1998), gained Diploma, Credit Analysis from New York University (1999-2001) and gaind MBA from The University of Chicago – Booth School of Business (2007-2008). In daily his activities, he is assisted by Mr. Francis Wanandi (45) as director. The management of the company has wide relation with private businessmen within and outside the country and with the government sectors as well. So far, we have never heard that the company’s management involved in the business malpractices 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. TIGAKA DISTRINDO PERKASA is sufficiently fairly good for business transaction. However, in view of the political situation in the country is warming we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
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UK Pound |
1 |
Rs.102.78 |
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Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.