|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TITIAN ANUGERAHAGUNG |
|
|
|
|
Registered Office : |
Jl. Palem II, Kav. DS-9 Lippocity Cikarang
Industrial Estate Cikarang, Bekasi 17550 West Java |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1994 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Formulation of Textile
Chemicals |
|
|
|
|
No. of Employees |
95 |
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 : |
Slow but correct |
|
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 |
B1 |
|
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 |
P.T.
TITIAN ANUGERAHAGUNG
Head Office &
Warehouse
Jl. Palem II, Kav. DS-9
Lippocity Cikarang Industrial Estate
Cikarang, Bekasi 17550
West Java
Indonesia
Phones -
(62-21) 8972125-7
Fax. - (62-21) 8972128
Land Area - 1.2 hectares
Building - 3,600 sq.
meters
Region -
Industrial Estate
Status -
Rent
Jakarta Office
Jl. 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
Date of
Incorporation :
27 August 1993 as P.T. TITIAN ANUGERAH AGUNG LESTARI, changed its name
to P.T. TITIAN ANUGERAHAGUNG, on September 20, 1993.
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-13648.A1.04.TH.98
Dated 11 September 1998
b. No. AHU-40637.AH.01.02.Tahun
2008
Dated 14 July 2008
c. No. AHU-AH.01.10-14382
Dated 10 June 2010
d. No. AHU-40637.AH.01.02.Tahun 2008
Dated 14 July 2008
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.603.510.7-414.000
A member of the
TITIAN ABADI LESTARI Group (see attachment)
Capital Structure
:
Authorized Capital - Rp.
1,000,000,000.-
Issued Capital - Rp.
1,000,000,000.-
Paid up Capital - Rp.
1,000,000,000.-
Shareholders/Owners
:
a.
P.T. TITIAN ABADI LESTARI - Rp. 900,000,000.-
(90%)
Address :
Jl. Agung Karya III Blok D Kav. 6
Kel. Papango, Sunter Agung Podomoro
North Jakarta - Indonesia
b.
Mr. Chandra Widjaya -
Rp. 30,000,000.- ( 3%)
Address : Jl. Parang Tritis IV/7
Kel. Ancol,
North Jakarta
Indonesia
c.
Mr. Ir. Ignatius Waskito Nugroho -
Rp. 20,000,000.- ( 2%)
Address : Jl. Pulomas II F/7
Kel. Kayu Putih, East Jakarta
Indonesia
d. Mr. Haryono Kamajaya - Rp.
20,000,000.- ( 2%)
Address :
Jl. Pulomas Utara III C-2
Kel.
Pulomas, East Jakarta
Indonesia
e.
Mr. Djony Thio -
Rp. 20,000,000.- ( 2%)
Address : Taman Kebon Jeruk
CII/12
Kel. Kebon
Jeruk, West Jakarta
Indonesia
f. Mr. Ir. Sugianto Halim - Rp.
10,000,000.- ( 1%)
Address : Grren Garden
Blok M-4/23
Kel.
Kebon Jeruk, West Jakarta
Indonesia
Lines of Business
:
Trading and Formulation of Textile Chemicals
Agent and
Distributor of :
a. Emsland Starke GmbH., of the Netherlands
b. CHT – Textile Auxiliaries of Germany
c. CHT/BEZEMA AG., Textile Dyestuff and Pigments of Switzerland
Total Investment :
Owned Capital - Rp. 1.0 billion
Started Operation
:
1 9 9 4
Brand Name :
Titian Anugerahagung
Technical
Assistance :
None
Number of Employee
:
95 persons
Marketing Area :
Local - 100%
Main Customers :
Textile and Paint Industries in Jakarta, West Java, Central Java and
East Java
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. DYSTAR
COLOURS INDONESIA
b. P.T. COLORINDO
ANEKA CHEMICAL
c. P.T. MATSUMOTOYUSHI
INDONESIA
d. P.T. POLKRIK
INDONESIA
e. P.T. CLARIANT INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank EKONOMI
RAHARJA Tbk
Jl. Suryo Pranoto No. 29-31
Jakarta Pusat, Indonesia
b. P.T. Bank PERMATA Tbk
Jl. Hayam Wuruk No. 84
Jakarta Pusat, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation case in our database or the local court in Indonesia.
Total
Income/Revenue (estimated) :
2010 – Rp. 55.0 billion
2011 – Rp. 63.0 billion
2012 – Rp. 72.0 billion
2013 – Rp. 81.8 billion
Net Profit (Loss)
:
2010 – Rp. 2.4 billion
2011 – Rp. 2.8 billion
2012 – Rp. 3.2 billion
2013 – Rp. 3.6 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of
Management :
President Director - Mr. Ir. Ignatius Waskito
Nugroho
Director -
Mr. Ir. Sugianto Halim
Board of
Commissioners :
President
Commissioner - Mr. Chandra Widjaya
Commissioners - a. Mr. Haryono
Kamajaya
b. Mr. Djony Thio
Signatories
:
President
Director (Mr. Ir. Ignatius Waskito Nugroho) or Director (Mr. Ir. Sugianto
Halim) which must be approved by President Commissioner (Mr. Chandra Widjaya)
and Commissioners (Mr. Haryono Kamajaya and Mr. Djony Thio)
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Average
Originally
named P.T. TITIAN ANUGERAH AGUNG LESTARI, the company was established in 1993 Jakarta
with an authorized capital of Rp 500,000,000.- of which Rp 100,000,000.- was
issued and paid up. The founding shareholders of the company are P.T. TITIAN
ABADI LESTARI (a private company) and Mr. Chandra Widjaja (an Indonesian
businessman of Chinese extraction). In September 1993 the company's name was
changed to P.T. TITIAN ANUGERAHAGUNG (P.T. TA). The articles of association of
the company have frequently been revised. In March 1998, the authorized capital
was raised to Rp. 1,000,000,000 of which Rp. 500,000,0000 was issued and fully
paid up and concurrently the founding shareholders of P.T. TA were P.T. TITIAN
ABADI LESTARI (90%), Mr. Chandra Widjaja (3%), Mr. Ir. Ignatius Waskito Nugroho
(2%), Mr. Haryono Kamajaya (2%), Mr. Djony Thio (2%) and Mr. Ir. Sugianto Halim
(1%). The amendment to Deed was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-14382 dated June 10, 2010.
Latest
based on Notarial Deed of David, SH., No. 3 dated December 10, 2013 the issued
capital was raised to Rp. 1,000,000,000 and fully paid up. But, no changes have been effected in term of
its shareholding composition and capital structures to date. The capital structures and shareholders
composition of the company in details are as shown on page-3 of this report.
The latest amendment to Deed was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-00749 dated January 8, 2014.
We
note that holding company of P.T. TA is P.T. TITIAN ABADI LESTARI, a chemical
trading company. The company was
established in 1985 by Mr. Chandra Widjaja (30%), Mr. Haryono Kamajaya (20%),
Mr. Ir. Ignatius Waskito Nugorho (20%), Mr. Djony Thio AKA Theo Khian Hung
(20%) and Mr. Ir. Sugianto Halim (10%).
All of its affiliates are sheltered under the TITIAN ABADI LESTARI
Group. The Group's spearhead is the industrial and specialty chemicals
businesses and they also operate production facility.
P.T.
TA has been operating since 1994 in formulation of industrial chemicals. Its plant is located at Jalan Palem II
Kav.DS-9, Lippocity Industrial Estate, Cikarang, Bekasi, West Java, on a land
of some 1.2 hectare. The plant produces
various industrial chemicals like softener, resin, textile auxiliaries,
acrylic, paint chemicals, glue, etc. Ms.
Ina, an administrative staff of the company said that whole products of the
company are locally marketed to various textile industries and paint industries
in West Java, Central Java and East Java.
Beside that, P.T. TA engaged in trading and supply of textile
chemicals.
The
company is as agent and distribution of modified starch from EMSLAND Starke
GmbH of Netherlands, textile auxiliaries from CHT Germany and textile dyestuff
from CHT/BEZEMA AG of Switzerland. To
support the marketing of its products, P.T. TA and its holding company P.T.
TITIAN ABADI LESTARI established its branch in Bandung, West Java. P.T. TA is classified as a medium-sized
company of its kind in the country of which the operation had been running
smoothly and growing steadily in the last three years.
Generally,
demand for textile chemicals such as dyestuff, textile auxiliary, pigments and
textile raw materials has been fluctuating in the last five years. According to the Central Bureau of Statistics
(BPS) the Indonesian textile products
export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons
(US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to
1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6 million)
in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200
tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in
2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 declined to 1,493,3000
tons (US$ 5,563.3 million) in 2011 rose again to 1,508,500 tons (US$ 5,278.1
million) in 2012 and as of 30 November 2013 amounted to 1,360.7 thousand tons
(US$ 4,833.1 million). The export volume
and value of the national TPT products in 2002 to as of 30 November 2013 are
pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 * |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 398.0 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 6,847.7 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,360.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 4,833.1 |
*) January to November 2013
Until
this time P.T. TA has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The management of P.T. TA 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. 63.0 billion
increased to Rp. 72.0 billion in 2012 rose again to Rp. 81.8 billion in 2013
and projected to go on rising by at least 6% in 2014. The operation in 2013
yielded an estimated net profit of at least Rp. 3.6 billion and the company has
an estimated total net worth of at least Rp. 40.0 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. TA is led by Mr. Ir. Ignatius Waskito Nurgoho (63) as
president director, a businessman with 29 years experience in trading and
distribution of industrial chemicals. He
is a chemical engineer graduate from a private university in Germany. In his
day-to-day activities, he is assisted by Mr. Ir. Sugianto Halim (61) as
director of the company. 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 ANUGERAHAGUNG is sufficiently fairly good for business transaction. But
owing to economic condition in the country is still unstable, we recommend to
treat prudently in extending any new loan to the company.
List of the TITIAN ABADI LESTARI
Group Members
1.
AMANLANCAR ABADILESTARI, P.T. (Warehouse and Transportation
facilities)
2.
ATLANTIC LESTARI, P.T. (Trading and Supplier of textile
Printing Pastes, Effect-print and Auxiliaries)
3.
KEMIRA NITYATAMA, P.T. (Trading and Supplier of Paint and
Printing Ink)
4.
TITIAN ABADI LESTARI, P.T. (Trading and Supplier of Industrial
& Specialty Chemicals)
5.
TITIAN ANUGERAHAGUNG, P.T. (Trading and Supplier of Textile
Chemicals)
6.
TRILESTARI URETAN, P.T. (Trading and Supplier of
Polyurethane Foam)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.42 |
|
|
1 |
Rs.97.24 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.