MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TORRYS
INDOSPICE |
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Registered Office : |
Jalan Magnolia 2 Block C No. 5, Sektor 1-2, Bumi Serpong
Damai, Tangerang 15318, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
24 May 2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export – Import of Agricultural
Products (Cocoa Product and Spices)
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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$ 105900 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
P.T. TORRYS INDOSPICE
Address
Head Office
Jalan Magnolia 2
Block C No. 5
Sektor 1-2, Bumi
Serpong Damai
Tangerang 15318
Banten Province
Indonesia
Phone - (62-21)
531-60591 (Hunting)
Fax. - (62-21) 531-60592
Building Area - 2 storey
Office Space - 300 sq. meters
Region - Residential
Status - Owned
Date of Incorporation
24 May 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-21547
HT.01.01.TH.2004
Dated 26 August
2004
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 02.289.604.7-411.000
Dated 25 June 2004
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
80,000,000.-
Issued Capital : Rp.
20,000,000.-
Paid up Capital : Rp.
20,000,000.-
Shareholders/Owners :
a. Mr. Ir. Mangihut Sanggam
Mardohar
Simanjuntak, MM -
Rp. 9,000,000.-
Address : Jl. Magnolia 2 Block C/5 Sektor 1-2
Rt. 01, Rw. 04, Kelurahan Rawa Batu
Kec. Serpong, Tangerang,
Banten Province, Indonesia
b. Mr. Auw Joek Men -
Rp. 9,000,000.-
Address : Jelambar TPI Block PH No. 12 A
Rt. 001, Rw. 007, Kelurahan Pejagalan
Kec. Penjaringan, Jakarta Utara
Indonesia
c. Mr. Marthen Torrys - Rp. 2,000,000.-
Address : Bandengan Utara Gang Langgar
Rt. 009, Rw. 012, Kelurahan Pekajon
Kec. Tambora, Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Export – Import of Agricultural
Products (Cocoa Product and Spices)
Total Investment
None
Started Operation
June 2004
Brand Name
None
Technical Assistance
None
Number of Employee
12 persons
Marketing Area
Local/Domestic - 80%
Overseas/Export - 20%
Main Customer
Buyers in the
India, Bangladesh, China, and food & snack processing industries
Market Situation
Very Competitive
Main Competitors
a. P.T. DAKAI
INPEX
b. P.T. ALAM
INDORAMA
c. P.T. ADI
SAMPOERNO
d. P.T. SUPA SURYA
NIAGA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank INTERNATIONAL INDONESA Tbk
Jalan Ir. H. Juanda No. 37-38
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Bumi Serpong Damai
Tangerang, Banten Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 3.0 billion
2005 – Rp. 7.0
billion
2006 – Rp. 7.8
billion
Net Profit (Loss)
:
2004 – Rp. 240 million
2005 – Rp. 610 million
2006 – Rp. 730 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Ir. Mangihut Sanggam Mardohar Simanjuntak, MM
General Manager - Mrs. Khelementina Torrys
Board of Commissioners :
President Commissioner -
Mr. Auw Joek Men
Commissioner - Mr. Marthen Torrys
Signatories :
Director (Mr. Ir. Mangihut Sanggam
Mardohar Simanjuntak, MM) which must be approved by the President Commissioner
(Mr. Auw Joek Men) or Commissioner (Mr. Marthen Torrys)
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$ 105,900.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. TORRYS INDOSPICE (P.T. TI) was established in Jakarta in May 2004
with an authorized capital of Rp. 80,000,000.- issued capital of Rp.
20,000,000.- entirely paid up. The founding shareholders are Mr. Ir. Mangihut
Sanggam Mardohar Simanjuntak, MM, an indigenous businessman, Mr. Auw Joek Men
and Mr. Marthen Torrys both are Indonesia businessmen of Chinese extraction.
The deed of amendment was made by Mr. Musrifah Irfan Soekardi, SH. MS, a public
notary in Jakarta under Company Registration Number C-21547 HT.01.01.TH. 2004,
dated August 26, 2004.
P.T. TI has been operating since June 2004 engaged in the field of
trading and export-import of agricultural products. Export import and general
trading in agricultural commodities spice like dried chilly, garlic, ginger,
gambiar, cashew nuts, spices, etc. Mr. Ir. Mangihut Sanggam Mardohar
Simanjuntak, MM, Director of the company explained that the whole agricultural
products likes dried chilly, garlic and other spices is imported from India and
China. Sometimes they also exported the agricultural products likes cocoa
products, gingers, gambiar to Bangladesh, India and Bolivia. Then, the whole products supplied food
processing industries such as P.T. GARUDAFOOD PUTRA PUTRI JAYA, P.T. INDOFOOD
SUKESE MAKMUR Tbk, P.T. ULTRA PRIMA ABADI, P.T. PACIFIC MILLENIA PANGAN MAKMUR
(ORANG TUA Group), and other instant noodles processing operating in Jakarta,
Surabaya and other cities. We observed that the company’s operation has been
growing in the last two 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.
TI to be in a quite favorable position for having already got hold of a steady
clientele in the country and abroad.
Until this time P.T. TI 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 the first operation as from June to December 2004 amounted to Rp. 3.0 billion increased to Rp. 7.0 billion in 2005 and rose again to Rp. 7.8 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 730 million and the company has an estimated total networth at Rp. 920 million. It is projected that total sales turnover of the company will increase at least 10% in 2007. We observe that P.T. TI is supported by financially fairly strong behind it. 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.
The management of P.T. TI is led by Mr. Ir. Mangihut Sanggam Mardohar Simanjuntak , MBA (36), a professional manager who has experienced for more than 4 years in the field of trading, export import and distribution of agricultural products. He is an engineer graduated from University of Gajah Mada (UGM), Yogyakarta and awarded Magister Management from IPWI, Jakarta. In his day-to-day activities, he is assisted by Mrs. Khelementina Torrys as general manger. 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.
PT. TORRYS INDOSPICE 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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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%)