|
Report No. : |
351120 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TEGUH INDORINTA
ORPIT |
|
|
|
|
Registered Office : |
Jalan Kol. Sugiono
No. 5 A / 21, Kelurahan Alur, Kecamatan Medan Maimun, Medan, 20151, North
Sumatra |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.04.1993 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-15533 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Seasoning and
Spices |
|
|
|
|
No. of Employees : |
35 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
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
Kelurahan Alur, Kecamatan Medan Maimun
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
- No.
AHU-AH.01.10-15533
Dated 1 May
2012
Company
Status :
National Private 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 Tiomualana -
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 :
Fluctuating
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) :
2012 – Rp. 20.0 billion
2013 – Rp. 22.0 billion
2014 – Rp. 15.0 billion
Net
Profit (estimated) :
2012 – Rp. 1.5 billion
2013 – Rp. 1.6 billion
2014 – Rp. 0.9 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 Tiomualana
Signatories :
Director (Mr.
Benny Sunjaya Tio) which must be approved by Supervisory Board
Management Capability :
Good
Business Morality :
Good
Based on search and investigation the correct name of
Subject is P.T. TEGUH INDORINTA ORPIT not P.T. TEGUH INDONESIA ORPIT as stated
in your order ref. no. 351120 dated 19 November 2015.
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). 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 latest according to revision of notary deed Mr.
Jhon Langsung, SH., no. 92 dated 15 March 2012 the company board of director
and the board of commissioner re-elected to lead and runs of the company’s
operation. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-15533 dated May 1, 2012.
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 product 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 fluctuating 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 2012
amounted to Rp. 20.0 billion increased to Rp. 22.0 billion in 2013 drop to Rp.
15.0 billion in 2014 and projected to go on rising by at least 4% in 2015. The
operation in 2014 yielded an estimated net profit of at least Rp. 0.9 billion
and the company has an estimated total net worth of at least Rp. 1.5 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 (60) a businessman which experienced for more than 11 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.