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Report Date : |
22.03.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. TEGUH INDORINTA ORPIT |
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Formerly Known As : |
P.T. TEGUH INDO ORIENTAL |
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Registered Office : |
Jalan Kol. Sugiono No. 5 A / 21, Medan, 20151, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
10.03.1990 |
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Com. Reg. No.: |
No. AHU-41019.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of
Seasoning and Spices |
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No. of Employees : |
35 |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
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, 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 |
Name of Company :
P.T. TEGUH INDORINTA ORPIT
A d d r e s s :
Head Office
Jalan Kol. Sugiono No. 5 A
/ 21
Medan, 20151
North Sumatra
Indonesia
Phone -
(62-61) 453-8282, 453 8686
Fax - (62-61) 453-6500, 844 4929
E-mail - tioni@indosat.net.id
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
a. 10
March 1990 as P.T. TEGUH INDO ORIENTAL
b. 20
April 1993 as P.T. TEGUH INDORINTA ORPIT
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-5939 HT.01.01.TH.93
Dated
13 July 1993
- No.
C-20118 HT.01.04.TH.2001
Dated
12 December 2001
- No.
C-UM.02.01.12228
Dated
18 July 2006
- No.
AHU-41019.AH.01.02.TH.2009
Dated
24 August 2009
Company Status :
Private National Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.501.343.6-121.000
The Department of Industry and Trade
TDP No. 02.12.1.51.02733
Dated 19 December 2005
Related Company :
P.T. SINDOMAS INTI PERKASA (Plastic Packaging
Manufacturing)
Capital Structure :
Authorized Capital : Rp. 1,000,000,000.-
Issued Capital :
Rp. 300,000,000.-
Paid up Capital : Rp.
300,000,000.-
Shareholders/Owners :
a. Mr. Benny Sunjaya Tio -
Rp. 150,000,000.-
Address : Jl. Samanhudi No. 14-A,
Kel. Jati, Medan, North
Sumatra
Indonesia
b. Mr. Ardy Sandjaya Tiomaulana
- Rp.
150,000,000.-
Address : Jl. Slamet Riady No. 22
Kel. Jati, Medan, North
Sumatra
Indonesia
Lines of Business :
Trading, Import and Distribution of Seasoning
and Spices
Production Capacity :
None
Total Investment :
None
Started Operation :
1996
Brand Name :
Teguh Indorinta Orpit
Technical Assistance :
None
Number of Employee :
35 persons
Marketing Area :
Local
- 100%
Main Customer :
Traditional markets
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADI SAMPOERNO
b.
P.T. ALAM INDORONA
c.
P.T. DAKAI IMPEX
d.
P.T. GOROM KENCANA
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Jalan Dr. Sutomo No.120
Medan, North Sumatra
Indonesia
b. P.T.
Bank PERMATA Tbk
Jalan KH. Zainul Arifin No. 49-51
Medan, North Sumatra
Indonesia
c. P.T.
Bank MANDIRI Tbk
Jalan Imam Bonjol No. 7
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 18.0 billion
2012 – Rp. 20.0 billion
2013 – Rp. 22.0 billion
Net Profit (estimated) :
2011 – Rp. 1.4 billion
2012 – Rp. 1.5 billion
2013 – Rp. 1.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Benny Sunjaya Tio
Manager - Mr. Jensen Tio
Board of Commissioners :
Commissioner -
Mr. Ardy Sandjaya Tiomaulana
Signatories :
Director (Mr.
Benny Sunjaya Tio) which must be approved by Supervisory Board
Management Capability :
Good
Business Morality :
Good
Originally named P.T. TEGUH INDO ORIENTAL, the company was established
in Medan (North Sumatra), on March 10, 1990 with an authorized capital of Rp.
1,000,000,000 of which Rp. 200,000,000 was issued and paid up. The founding
shareholders of the company are Mr. Benny Sunjaya Tio (50%) and his older
brother Mr. Ardy Sanjaya Tiomualana (50%), both are Indonesian businessmen of
Chinese extraction. The company notary deed has been changed a couple of times.
On April 20, 1993 the company’s name was changed to P.T. TEGUH INDORINTA ORPIT
(P.T. TIO). The deed of the company was made by Mrs. Yanty Suliman Sihotang,
SH., a public notary in Medan and it was approved by the Ministry of Law and
Human Right in its Decision Letter No. C2-5939 HT.01.01.Th.93 dated July 13,
1993. On July 14, 2000 the issued capital was raised to Rp. 300,000,000 and
fully paid up by Mr. Benny Sunjaya Tio (50%) and Mr. Ardy Sanjaya Tiomualana
(50%). The deed of amendment was made by Mrs. Rahanum, SH., a public notary in
Medan and it was approved by the Ministry of Law and Human Right in its
Decision Letter No. C-20118 HT.01.04.TH.2001 dated November 9, 2001 and No.
C-UM.02.01.12228 dated July 18, 2006. The latest based on notary deed of Mrs.
Yanty Sulaiman Sihotang, SH., No. 44 dated 25 March 2009 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-41019.AH.01.02.TH.2009
dated August 24, 2009.
We observe that Mr. Benny Sunjaya Tion is also business stakes owner of
P.T. SINDOMAS INTI PERKASA, a private national company dealing with plastic
packaging manufacturing.
Previously P.T. TIO has been operating since 1990 as a trader and
distributor of oil lubricating oil. The
company holds the distributor for GULF Oil & Lubricant of the United State
and AMT Oil of Australia. The merchandize products include such items as
Synthetic, Mineral, Petrol, Octan, Carburetor Cleaner, etc. All the above
products are sold in the ranks of lubricating oil dealers & traders and
automotive repair workshops in Medan, North Sumatra and surroundings. Based on
our investigation through Mrs. Susani, a marketing staff of the company said
that the company operation in trading and distribution of lubricating oil was
ceased operation since 2002. Then, in 2003, P.T. TIO has been changes operation
into the field of plastic sheet packaging manufacturing. The plant is located
at Jalan Sei Belumai 103 A, Tanjung Morawa, Medan, North Sumatra, where it
stands on a 5,000 sq. meters land. The plant produces plastic sheet packaging
based on job order from their buyers especially in Lampung and Medan. The whole
product is marketed to food processing industries, sugar refinery and snack
food industries in Medan (North Sumatra) and Lampung provinces. However since
the end 2010 the plastic packaging division and factory was shifted to sister
company namely P.T. SINDOMAS INTI PERKASA. Currently P.T. TIO operates in
trading, import and distribution of seasoning and spices. The agricultural
commodities products likes garlic and ground nuts imports from India and China.
The product is sold to traditional markets and supermarkets in Medan, Lampung
and Riau Province. We observe that P.T.
TIO 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.
We have noticed that the demand for agricultural products had increased
some 10% to 11% per annum in the last five years in line with the growth of industrial
manufacturing in the country and international market. In the coming years, the
growth rate of demand is estimated at about 6% to 7% per annum. The present
market situation for agricultural products is very competitive for a large
number of similar companies operating in the country.
Meanwhile, competition is quite heavy in the export import of
agricultural products with many companies now doing business in this field in
Indonesia. We consider P.T. TIO to be in a quite favorable position for having
already got hold of a steady clientele in the Medan, North Sumatera.
Until this time P.T. TIO has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. TIO is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 18.0 billion rose to Rp. 20.0 billion in 2012
increased to Rp. 22.0 billion in 2013 and projected to go on rising by at least
5% in 2014. The operation in 2013 yielded an estimated net profit of at least
Rp. 1.6 billion and the company has an estimated total net worth of at least
Rp. 3.0 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. TIO is led by Mr. Benny Sunjaya Tio (59) a
businessman who experienced for more than 9 years in the field of trading,
import and distribution of garlic, spices and seasoning products. 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. TEGUH INDORINTA ORPIT is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.05 |
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1 |
Rs.100.81 |
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Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
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 |
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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.