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Tuesday, November 23, 2010

Tigaraksa seals three distribution contract worth IDR100 bio

BI/exchange
31/10/2010
Irvin Avriano A.
Bisnis Indonesia

Tigaraksa seals three distribution contract worth IDR100 bio

JAKARTA: PT Tigaraksa Satria Tbk signed a distribution and sale project contract of three company's principal brands are predicted can give contribute to their income to IDR100 billion next year.

Director & Corporate Secretary Tigaraksa Troy Parwata said the three companies are manufacturers of health products PT Galanesium Pharmasia Laboratories, Modena household equipment, and the DSG which is a manufacturer of Fitti baby diapers.

"This year there could be contributions from the three principals, but the nominal is not big and not significant to our financial statements," said him when contacted to his cellphone.

He said the products from Galanesium already started to be distributed because the contract was signed earlier than the two other companies, namely in September. Several of Galanesium products are JP Sulfur soap products and Calladine sulfur powder.

According to him, the contracts distribution with two other companies, Modena and DSG, obtained in October and products from both companies were immediately distributed as soon as possible.

He also said the company had just secured a loan from Bank of Tokyo Mitsubishi UFJ worth IDR50 billion. The loan, he said, will be used by the company to repay its debt to Citibank with the same value.

"The loan from Bank of Tokyo had not yet booked into September financial statements that newly published, maybe later in December financial statements."

The September financial statements from the stock issuers coded TGKA shows the company also recently have extended credit facilities from PT Bank Niaga Tbk and PT Bank Central Asia Tbk (BCA) worth a total of IDR142 billion.

The loan was extended for one year from September this year to the same month next year, with the amount of the facility amounting to IDR132 billion and IDR10 billion. The facility was just used by the company for IDR106.8 billion, amounting to IDR102.7 billion of CIMB Niaga and IDR4.1 billion from the BCA.

The loan from CIMB Niaga is divided into two overdraft credit facility (pinjaman rekening koran/PRK) for a total of IDR17 billion and the fixed credits worth IDR65 billion loan, which is applied as working capital.

The first PRK interest set at deposit interest rates plus a margin of 1.5% per year. Then for PRK 2 and the fixed loan set at SBI tenured 1 month plus margin of 4% per year.

In March last year, the issuer has received an additional fixed loan credit facility amounting to IDR50 billion, bringing the total throughout the facility received a IDR132 billion. The first PRK loans still charged the same interest rate that is equal to interest on time deposits plus a margin of 1.5% per year.

However, interest expense for both PRK and loan credit increased by the SBI (one month) plus a margin of 6.02% per annum.

Apart from the two banks, the company also approved the extension of credit facilities from PT ANZ Panin Bank in the middle of this year worth IDR100 billion to be paid next year, with the use of loans that have been taken as much as IDR45.99 billion.

The company is engaged in commerce, industry, mining, transportation, agriculture, contractors, administration, agents, and printing, with the main activity is the distribution of some brands. The company also obtained trademark rights for Blue Gaz.

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