MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. FOURTUNE INDOPUTRA |
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Registered Office : |
Jalan Sunter Nirwana Asri II
Block A 4/41, Sunter Paradise, Sunter Nirwana
II, Jakarta Utara |
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Country : |
Indonesia |
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Date of Incorporation : |
12
December 2005
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Sea Freight Forwarding, Custom Clearances
and Export-Import Services |
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$
39,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct name of company
P.T. FOURTUNE INDOPUTRA
Address
Head Office
Jalan Sunter Nirwana Asri II
Block A 4/41
Sunter Paradise, Sunter Nirwana
II
Jakarta
Utara
Indonesia
Phone - (62-21) 651-6969
Fax. -
(62-21) 651-8142
Building
Area - 3 storey
Office
Space - 180 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
12
December 2005
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No. C-00502 HT.01.01.TH.2006
Dated 6 January 2006
Company Status
Private
Company
Permit by the
Government Department
The Department of Finance
NPWP No.
02.504.439.7-042
Related Company
1.
P.T.
GEMA CIPTA MKMUR (General Trading) Inactive
2.
P.T.
ANEKA PRIMA SEGAR (General Trading, Export Import of Fresh Fruits)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 500,000,000.-
Issued Capital : Rp.
300,000,000.-
Paid up Capital : Rp.
300,000,000.-
Shareholders/Owners
a. Mr. Koko Mulyanto -
Rp. 150,000,000.-
Address : Jl. Tanah 80, Rt. 06/08
Klender, Duren Sawit
Jakarta Timur, Indonesia
b. Mr. Agus -
Rp. 150,000,000.-
Address : Jl. Bantargebang Selatan
Rt. 001/01, Bantargebang
Bekasi, West Java, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Sea Freight Forwarding, Custom Clearances
and Export-Import Services
Production Capacity
None
Total Investment
None
Started Operation
January 2006
Brand Name
None
Technical Assistance
None
Number of Employee
7 persons
Marketing Area
Domestic (Local) - 100 %
Main Customer
a. P.T.
ANEKA PRIMA SEGAR
b.
Trading and Export Import Companies
Market Situation
Very Competitive
Main Competitors
a. P.T. EMKL SENOPATI
b. P.T. UNIVERSAL EXPORT
c. P.T. C&P LOGISTIC
d. P.T. FREIGHT EXPRES INDONESIA
Business Trend
Growing
Slowly
BANKER, AUDITOR &
LITIGATION
Banker :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Sunter Nirwana Asri II Block A
4/55
Sunter Paradise, Jakarta Utara
Indonesia
b. P.T. Bank LIPPO Tbk
Jalan
Wahid hasyim No. 177A
Jakarta
Pusat,
Indonesia
Auditor :
Internal
Auditor
Litigation :
No
litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 3.0 billion
Net Profit (Loss) :
2006 –
Rp. 120 million
Payment Manner :
Average
Financial Comments :
Weak
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Koko Mulyanto
Board of
Commissioner :
Commissioner - Mr. Agus
Signatories
:
Director (Mr.
Koku Mulyanto) which must be approved by the Board of Commissioner (Mr. Agus)
CAPABILITIES
Management
Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under guarantee
Proposed Credit Limit
C.O.D. To small
amount
Maximum Credit Limit
US$
39,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. FOURTUNE INDOPUTRA (P.T. FI) was established in Jakarta on 12 December 2005, with an authorized capital of Rp. 500,000,000.- issued capital of Rp. 300,000,000.- entirely paid up. The founding shareholders of the company are Mr. Koko Mulyanto and Mr. Agus, they are Indonesian businessmen of Chinese extraction. The deed of amended was made by Mrs. Ingrid Lannywaty, SH, a public notary in Jakarta, under Company Registration Number C-00502 HT.01.01.2006, dated January 6, 2006. We see, that in the office of P.T. FI, also registered under the other company such as P.T. GEMA CIPTA MAKMUR dealing with general trading (inactive) and P.T. ANEKA PRIMA SEGAR dealing with trading and export-import of fresh fruits.
P.T. FI has been in operating in early of 2006 in sea freight forwarding, custom clearances and export import services, customs formalities brokerage, etc. Most of the companies using P.T. FI's services are P.T. ANEKA PRIMA SEGAR in importing of fresh fruits, export import companies operating in Jakarta and surrounding particularly in the imported of the basic materials and the exporting of its products. The company manages and handled an export import services especially in Tanjung Priok Port. Mrs. Shinta, explained that the company manages and handled an export import services such as cargoes, merchandising goods such as textile products, shoes, hand bag, beauty case, luggage, travel bag, orange, machinery, dyestuff and other industrial chemical from China and India. The company’s services usually used by their clients such as P.T. ANEKA PRIMA SEGAR, and export import companies. Furthermore, it was explained that P.T. FI operation has been growing slowly and the company is classified as small company in the country.
The domestic demand for custom clearances services has kept on fluctuating in the last five years in line with the growth of export and import of various Indonesian products including oil and gas. According to the Central Bureau of Statistic (BPS), Indonesian export in 1999 amounted to US$ 48,665.4 million increased to US$ 62,124.0 million in 2000 dropped to US$ 56,320.9 million in 2001 surged to US$ 57,158.8 million in 2002, to US$ 61,058.0 million in 2003, to US$ 71,584.6 million in 2004 and to US$ 70,650.8 million in 2005 (January-October). In the meantime, Indonesian import in 1999 amounted to US$ 24,003.3 million, increased to US$ 33,514.8 million in 2000 dropped to US$ 30,962.1 million in 2001 rose to US$ 31,288.9 million in 2002 to US$ 32,550.7 million in 2003 to US$ 46,524.5 million in 2004 and to US$ 48,720.6 million in 2005 (January-October). In the meantime, we realized that market competition is very tough on account of many other similar companies operating in the country.
Development of foreign cargo loading-unloading volumes in 4 main ports, 1999 – 2005
(Thousand
tons)
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Year |
Belawan |
Tanjung Priok |
Tanjung Perak |
Ujung Pandang |
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Loading |
Unloading |
Loading |
Unloading |
Loading |
Unloading |
Loading |
Unloading |
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1999 |
3,483 |
1,562 |
5,792 |
9,112 |
4,904 |
6,988 |
787 |
1,009 |
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2000 |
2,957 |
1,680 |
2,509 |
7,540 |
1,301 |
4,932 |
1,236 |
1,274 |
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2001 |
3,746 |
1,806 |
5,209 |
10,844 |
1,365 |
5,470 |
1,646 |
632 |
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2002 |
3,685 |
1,829 |
4,440 |
11,813 |
648 |
5,417 |
1,028 |
620 |
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2003 |
3,838 |
1,543 |
4,329 |
11,330 |
618 |
5,289 |
1,059 |
683 |
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2004 |
4,514 |
1,214 |
5,676 |
12,161 |
771 |
5,565 |
1,073 |
754 |
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2005 |
4,251 |
2,152 |
7,623 |
11,689 |
1,166 |
5,570 |
1,027 |
780 |
Source : Central Statistic Bureau (BPS)
Until this time P.T. FI 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 January to December 2006 amounted to Rp. 3.5 billion and projected to go on rising by at least 6% in 2007. The operation in 2006 yielded an estimated net profit at least Rp. 120.0 million and the company has an estimated total networth at Rp. 100.0 million. It is forecasted that total sales turnover of the company will increase at least 6% in 2006. We observe that P.T. PCMK is supported by financially not strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia).
The company is led by Mr. Koko Mulyanto (49), a businessman who experienced for more than 3 years in the field of sea freight forwarding, custom clearances services and export import services. We observed that management’s reputation in said business is sufficiently fairly good. The company has had wide relation in the realm of the private businessmen within and outside the country. 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. FOURTUNE INDOPUTRA is sufficiently 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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