|
Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TIRTA BUANA KEMINDO |
|
|
|
|
Registered Office : |
Komplek Taman Pegangsaan Indah Blok
A/22 Pegangsaan Dua, Kelapa Gading Jakarta 14250 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
26.11.2002 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-44279 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Distribution and Supply
of Industrial Chemicals, such as Pharmaceutical Raw Materials, Flavours and
Food Additives |
|
|
|
|
No. of Employees : |
28 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, 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.
|
Source
: CIA |
Name of
Company :
P.T. TIRTA BUANA KEMINDO
A d d r e s s
:
Head Office
Komplek Taman Pegangsaan Indah Blok A/22
Pegangsaan dua, Kelapa Gading
Jakarta 14250
Indonesia
Phone -
(62-21) 4682 1212, 461 4216
Fax - (62-21) 4682 1717
E-mail - tbk@pttbk.com
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
Warehouse
Pergudangan Bizpark 1 Block A No.38
Jln. Raya Bekasi Km. 21, 5
Jakarta Timur 13920
Indonesia
Phone -
(62-21) 4682 1212, 461 4216
Fax - (62-21) 4682 1717
Land Area - 2,400 sq.
meters
Building Area - 2,000 sq.
meters
Region - Commercial
Status - Rent
Date of
Incorporation :
26 November 2002
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
a. No.
c-24823.HT.01.01.TH.2002
Dated 27 December 2002
b. No.
AHU-30131.AH.01.02.Tahun 2008
Dated 04 June 2008
c. No.
AHU-AH.01.10-44279
Dated 25 October 2013
Company Status
:
Private National Company
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 02.270.012.4-043.000
b. The Department of Trade and Industry
SIUP No. 04300/1.824.51
Related/Affiliated
Company :
Not available
Capital
Structure :
Authorized
Capital - Rp.
750,000,000.-
Issued
Capital - Rp.
600,000,000.-
Paid up
Capital - Rp.
600,000,000.-
Shareholders/Owners
:
a. Mrs. Veronika Vanda Hendrawan -
Rp. 360,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta
Utara
Indonesia
b. Mrs. Lies Djulistya, BA - Rp. 120,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta
Utara
Indonesia
c. Mr. Beben Subeni
- Rp. 120,000,000.-
Address : Jl. Tarian Raya Barat B.C. VIII/10
Kelapa Gading Barat
Jakarta
Utara
Indonesia
Lines of
Business :
Trading, Distribution and Supply of Industrial Chemicals, such as
Pharmaceutical Raw Materials,
Flavours and Food Additives
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2002
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
28 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Pharmaceutical
Industries
- PT. Indofarma Tbk.
- PT. Kalbe Farma Tbk.
- PT. Soho Industri Pharmasi
- PT. Dexa Medika
b. Cosmetic
Industries
- PT. Unilever Indonesia Tbk.
- PT. Lion Wings
- PT. Paragon Technology
Innovation
c. Food
Industries
- PT. Indofood Sukses Makmur
Tbk.
- PT. Mayora Indah Tbk.
- PT. Smart Tbk.
d. Veterinary
Industries
- PT. Agrinusa Jaya Sentosa
- PT. Matahari Sakti
- PT. Malindo Feedmill Tbk.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. SYMRISE INDONESIA
b. P.T. ZUELLIG SERVICES INDONESIA
c. P.T. TIGAKA DISTRINDO
PERKASA
d. P.T. PRATISTA ARJANA
e. P.T. EPSILON SULIATRACO
f. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank INTERNASIONAL
INDONESA Tbk
Jalan Raya
Kelapa Gading Boulevard
Kelapa
Gading, Jakarta Utara
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya Kelapa Gading
Boulevard
Kelapa Gading, Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 23.8 billion
2011 – Rp. 26.5 billion
2012 – Rp. 33.0 billion
2013 – Rp. 38.0 billion
Net Profit
(loss) :
2010 – Rp. 1.4 billion
2011 – Rp. 1.6 billion
2012 – Rp. 2.2 billion
2013 – Rp. 2.5 billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
Director - Mrs. Veronika Vanda Hendrawan
General Manager - Mr. Indra Hendrawan
Board of Commissioners :
President Commissioner - Mr. Beben Subeni
Commissioner -
Mrs. Lies Djulistya, BA
Signatories :
Director (Mrs. Veronika Vanda Hendrawan)
which must be approved by President Commissioner (Mr. Beben Subeni) of
Commissioner (Mrs. Lies Djulistya,BA).
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
P.T. TIRTA BUANA KEMINDO (P.T. TBK) was established
in Jakarta based on Notarial Deed of Musa Muamarta, SH., No. 5 dated November
26, 2002 with an authorized capital of Rp. 750,000,000 issued capital of Rp.
600,000,000 was paid up. The foundering shareholders are Mrs. Veronika Vanda
Hendrawan (60%) and her mother Mrs. Lies Djulistya, Bachelor of Arts (40%),
both are Indonesian businesswomen of Chinese extraction. The Deed of establishment was approved by the
Minister of Law and Human Rights of the Republic of Indonesia through its
Decision Letter No. C-24823.HT.01.01.TH.2002 dated December 27, 2002.
The articles of association of the company
have frequently been changed. In June
2008, based on amendment to Deed of Musa Muamarta, SH., concerning changes of
the whole article of association of the Company’s to conform with Law No. 40
Year 2007 concerning Limited Liability Company.
Concurrently, Mr. Beben Subeni entered into the company as new
shareholder. Since at the time, the
shareholders of the company are Mrs. Veronika Vanda Hendrawan (60%), Mrs. Lies
Djulistya BA (20%) and Mr. Beben Subeni (20%). This Deed of amendment to Deed
was approval by the Minister of Law and Human Rights of Republic of Indonesia
through its Decree No. AHU-30131.AH.01.02.Tahun 2008 dated June 4, 2008. The latest amendment to Deed was approved by
the Minister of Law and Human Rights through its Decree No.
AHU-AH.01.10-344279, dated October 25, 2013.
But, no changes have been effected in term of its shareholding
composition and capital structures to date.
P.T. TBK had been operating since 2002 in
trading, distribution and supply of industrial chemicals. The company sells of
pharmaceutical raw materials and others basic materials for pharmacy, cosmetic,
food, veterinary and others industries.
The merchandising goods products such as Dextrose Monohydrate, Potassium
Sorbate, Citric Acid Anhydrous, Citric Acid Monohydrate, Chondroitine Suplhate,
Glucosamine, Nicotinamide, Collagen Chondroitine, Rifampicin, Ketoconazole, Dex
Chlorpeniramine Maleate, Ciprofloxacine, Chlorpenirane Maleate, Butea Ekstrak,
Pureraria Liquid, BHT, Sodium Ascorbic Phosphate, Lanolin Anhydrous, etc. The
whole product is imported from China, India, Thailand, Russia, USA and the rest
from Europe Union. The whole commodities are sold to pharmaceutical, cosmetic,
food and beverages industries, veterinary industries and others such as; PT.
Indofarma Tbk., PT. Kalbe Farma Tbk., PT. Soho Industries, PT. Dexa Medika, PT.
Sanbe Farma, PT. Unilever Indonesia, PT. Lion Wings, PT. Paragon, PT. Indofood
Sukses Makmur Tbk., PT. Mayora Indah Tbk., PT. Smart Tbk., pt. Agrinusa, PT.
matahari Sakti, PT. Malindo Feedmill Tbk., and others. The products are marketed in Surabaya,
Semarang, Bandung, Makassar, Denpasar, Medan and surrounding areas. We observe that P.T. TBK 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.
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 pharmaceutical industries, cosmetic industries, food and beverage
industries, veterinary and others in the above period of times as the
consumers. Generally, Indonesia’s economic
growth in 2013 showed a slower progress.
The decrease of mining and plantation related primary products have
resulted in a higher current account deficit and suppressed the foreign
exchanges. Therefore, the Government and
Bank Indonesia must took actions by forming new regulations, namely investment
improvement.
The solid and steady domestic economy,
increased government activity in infrastructure development and improving
investment climate in Indonesia with the rising of Country Rating to Investment
Grade, and also supported by Indonesia’s economic indicators such as inflation,
exchange rates and interest rates are expected to encourage the business
sectors. The global
economy is expected to grow faster in 2014 than it did in 2013, although it still
face risks stemming from the slowing economic growth in developed countries and
the on going crisis in Europe. Despite
the slowing global economy, Indonesia’s economy still grew quite briskly in
2013. Indonesia’s economic growth
reached 5.8% in 2013, or slightly below the projection contained in the 2013
Revised State Budget and 2012’s economic growth of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross
Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government
Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Until this time P.T. TBK has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. The management of P.T. TBK
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. 26.5 billion increased to Rp. 33.0 billion in 2012 rose again
to Rp. 38.0 billion in 2013 and projected to go on rising by at least 8% in
2014. The operation in 2013 yielded an estimated net profit of at least Rp. 2.5
billion and the company has an estimated total networth of at least Rp. 14.0
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. TBK is led by Mrs.
Veronika Vanda Hendrawan (45) a businesswoman with has experienced for more
than 18 years in trading, distribution, supply of chemicals and other basic
materials for pharmaceutical, cosmetic, food, veterinary and other
industrials. Daily operation, she is
assisted by husband Mr. Indra Hendrawan (48) as general manager. We observed
that management’s reputation in said business is fairly good. 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. TIRTA BUANA KEMINDO is sufficiently
fairly good for business transaction. However, in view of the economic slowdown
and political situation in the country is warming we recommend to treat prudently in extending a loan to the
company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
NIT |
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.