MIRA
INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
KEITH HARRIS INDONESIA |
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Registered Office : |
Jalan Lintang Raya Kav. E-3,
Kawasan Industri Sentul, Bogor 16810 West Java, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
11.03.2002 |
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Com. Reg. No.: |
C-05840
HT.01.01.TH.2002 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Manufacture
of Fragrances, Flavours, Colours & Aromatic Chemical |
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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Maximum Credit Limit : |
US$
300,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Name of Company
P.T. KEITH HARRIS INDONESIA
Address
Head Office & Factory
Jalan Lintang Raya Kav. E-3
Kawasan Industri Sentul
Bogor 16810
West Java
Indonesia
Phone - (62-21) 87900-778 (Hunting)
Fax. -
(62-21) 8700-723
E-mail - info@keith.com
Land
Area - 2,700 sq. meters
Building
Area - 1,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
11 March
2002
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Justice and Human Rights
No. C-05840 HT.01.01.TH.2002
Dated 9 April 2002
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Capital
Investment Coordinating Board
No. 94/I/PMA/2002
Dated 15
February 2002
The
Department of Finance
NPWP No.
02.192.820.5-057.000
The
Department of Trade & Industry
TDP No.
102011502194
Dated 18
April 2002
Related Company
a. P.T.
BINTANG KREASI AROMA (Food Ingredients and Natural Extract Manufacturing)
b. P.T.
DJASULA WANGI (Trading and Exporter of Essential Oil and Vanilla Beans)
c. P.T.
JUTA RASA ABADI (Trading and Distribution of Food Ingredients)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$ 600,000.-
Issued Capital : US$
300,000.-
Paid up Capital : US$
300,000.-
Shareholders/Owners :
a. KEITH HARRIS AND COMPANY FARS
EAST PRIVATE LIMITED of
Singapore - US$
270,000.-
Address : 19 Wen
Lee Road Jurong Town
(627948) Singapore
b. P.T. JUTA RASA ABADI
- US4 30,000.-
Address : Jl Rawa Udang No. 3
Kawasan Industri Pulo
Gadung
Rawa Terate, Cakung
Jakarta Timur, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Manufacture of Fragrances, Flavours, Colours
& Aromatic Chemical
Production Capacity :
a. Liquid Flavours -
20,000 Kg. p.a.
b. Powder Flavours -
10,000 Kg. p.a.
c. Seasoning and Savoury - 5,000 Kg. p.a.
Total Investment :
a. Equity Capital -
US$ 300,000.-
b. Loan Capital -
US$ 300,000.-
c. Total Investment -
US$ 600,000.-
Started Operation :
2003
Brand Name :
KEITH HARRIS
Technical Assistance :
KEITH
HARRIS Singapore
Number of Employee :
32 persons
Marketing Area :
Local - 80%
Export - 20%
Main Customer :
a. P.T. HEINZ ABC INDONESIA
b. P.T. ABC PRESIDENT ENTERPRISES
INDONESIA
c. P.T. JAKARANA TAMA
d. P.T. MARTINA BERTO
e. P.T. KIMIA FARMA Tbk
f. P.T. MARIZARASA
g. P.T. MUSTIKA RATU
h. P.T. TRIPLE ACE INDONESIA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ISLAND SUND INDONESIA
b. P.T. MANE INDONESIA
c. P.T. ESSENCE INDONESIA
d. P.T. FIRMENICH INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T.
Bank DANAMON INDONESA Tbk
Jalan Prof. DR. Satrio Kav. E IV No. 6
Kuningan
Jakarta Selatan
Indonesia
b.
Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
Auditor :
Internal
Auditor
Litigation :
No
litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 23.0 billion
2004 – Rp. 24.0 billion
2005 – Rp. 25.0 billion
Net Profit (Loss) :
2003 –
Rp. 1.8 billion
2004 –
Rp. 1.9 billion
2005 –
Rp. 2.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr.
Peter Raymond Robinson
Directors -
a. Mr. Ong Khen Chuan Peter
b. Mr. Hendra Kristiady Narpati
c. Mr. Nicolas Narpati
Board of Commissioners :
President Commissioner - Mr. Robert
Donson Millner
Commissioner -
Mr. Ong Theng Whee
Signatories :
President Director (Mr. Peter Raymond Robinson) or
one of the Directors (Mr. Ong Khen Chuan Peter, Mr. Hendra Kristiady Narpati or
Mr. Nicolas Narpati) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Maximum Credit Limit :
US$ 300,000.-
on the 90 days of payments
OVERALL PERFOMANCE
P.T. KEITH HARRIS INDONESIA (P.T. KHI) was established in Jakarta on 11
March 2002 with an authorized capital of US$ 600,000.- issued capital of US$
300,000.- entirely paid up. The founding shareholders are KEITH HARRIS AND
COMPANY FAR EAST PRIVATE LIMITED of Singapore and P.T. JUTA RASA ABADI of
Indonesia. The deed of amendment was made by Mr. Haji Rakhmat Syamsul Rizal,
SH., a public notary in Jakarta under Company Registration Number C-05840 HT.01.01.TH.
2002, dated April 9, 2002. We see the local partner P.T. JUTA RASA ABADI is a
national private company in trading and distribution of food ingredient and
investment holding and majority business stakes is controlled by Mr. Hendra
Kristiady Narpati. He is also founder and majority business stakes of P.T.
BINTANG KREASI AROMA dealing with food ingredients and natural extract
manufacturing and P.T. DJASULA WANGI dealing with trading and exporter of
essential oil and vanilla beans.
P.T. KHI
acquired a Foreign Investment (PMA) license issued by Capital Investment
Coordinating Board (BKPM) to deal with manufacture of fragrances, flavours,
colours and aromatic chemical. The plant located at Jalan Lintang Raya Kav.
E-3, Kawasan Industri Sentul, Bogor, West Java on a land of 2,700 sq. meters.
The plant had been operating since 2003 by produce liquid flavours of 20,000
Kg, powder flavours of 10,000 Kg and seasoning & savoury of 5,000 Kg
respectively per annum. The plant has absorbed an investment of US$ 600,000.-
come from owned capital of US$ 300,000.- and the rest is loan. Some 80% of its
products are marketed domestically to various cosmetic and personal care,
perfume and household, pharmaceutical manufacturing firms including P.T. ABC
PRESIDENT FOOD INDUSTRY, P.T. HEINZ ABC INDONESIA, P.T. MUSTIKA RATU, P.T.
MARTINA BERTO, P.T. RUDI SOETADI & CO., P.T. KALBE FARMA Tbk, P.T. KIMIA
FARMA etc., and the rest is exported to Singapore, Australia, the Philippines
and several other countries. For local market, the products is also distributed
by sister company named P.T. JUTA RASA ABADI dealing with trading and
distributor of food ingredients. P.T. KHI’s operation has evidently been
running smoothly and growing.
The demand for ingredients and food ingredients and food seasoning
products has kept on rising by 10% to 12% per annum in the last three years in
line with the sustained growth in food and beverage processing industry in
Indonesia as well as the improving of population income. The demand growth will
go on rising by 10% per annum in the next three years. Market competition is
very sharp considering many other similar imported products offering on the
local markets. P.T. KHI in this case is not doing very badly on account of it
has built a fairly close connection with several leading food and beverages
processing plants in Indonesia. We are sure that P.T. KHI has high ability to
further expand its business in the future.
Until this time P.T. KHI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in 2003 amounted to Rp.
23.0 billion, increase to Rp. 24.0 billion in 2004 to Rp. 25.0 billion in 2005.
The operation in 2005 yielded an estimated net profit by at least Rp. 2.0
billion and the company has an estimated total net worth by at Rp. 5.5 billion.
It is projected that total sales turnover of the company will increase at least
8% in 2006. So far, we have never heard of the company having been black listed
by the Central Bank (Bank Indonesia). The company disclosed that the company
usually pays its debts punctually to suppliers. We observed that P.T. KHI’s
operation is backed by foreign partner KEITH HARRIS AND COMPANY FAR EAST
PRIVATE LIMITED of Singapore, a financially strong behind it.
The management of P.T. KHI is led by Mr. Peter Raymond Robinson (54) a
professional manager of Australia who has experienced for more than 8 years in
manufacture of fragrances, flavours, colours and aromatic chemical. We observed
that management’s reputation in said business is fairly good. The company has
had wide relation in the realm of the private businessmen inside and outside
the country. Their relation with the government is fairly good. So far, we have
never heard that the company’s management involved in a dirty business practice
or detrimental cases that settled in the country. The company’s litigation
record is clean and it has not registered with the black list of Bank of
Indonesia. P.T. KEITH HARRIS INDONESIA is fairly good for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a loan to the company.
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 |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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