MIRA
INFORM REPORT
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Report Date : |
10th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. DANONE BISCUIT INDONESIA |
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Registered Office : |
Desa Walahar Klari, Karawang Timur 41371, West Java, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
03.10.1994 |
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Com. Reg. No.: |
C-14119.HT.01.04.TH.99 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Biscuits Manufacturing |
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$ 6.0 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. DANONE BISCUIT INDONESIA
Address
Head Office & Factory
Desa Walahar Klari,
Karawang Timur 41371
West Java
Indonesia
Phone - (62-267) 431443 (hunting)
Fax. - (62-267) 431440
Land Area - 7.0 hectares
Building Space - 1.2 hectares
Region - Industrial Zone
Status - Owned
Jakarta Branch
Cawang Kencana Building, 4th Floor
Jl. Mayjen Sutoyo Kav. 22
Jakarta 13630
Indonesia
Phone - (62-21) 80888123 (hunting)
Fax. - (62-21) 80888120
Building Area - Office Building
Office Space - 380 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
03 October 1994
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-14119.HT.01.04.TH.99
Dated 04 August 1999
Company Status
Foreign Investment (PMA)Company
Permit by the Government
Department
The
Capital Investment Coordinating Board
a. No. 293/I/PMA/1994
Dated 29 September 1994
b. No. 586/III/PMA/2000
Dated 05 May 2000
c. No. 993/III/PMA/2001
Dated 27 July 2001
d. No. 1707/III/PMA/2001
Dated 14 December 2001
Related Company
The DANONE Group
Members
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital - US$
30,000,000.-
Issued Capital - US$
27,795,000.-
Paid up Capital - US$
27,795,000.-
Shareholders/Owners
a. DANONE ASIA Pte., Ltd.,
of Singapore - US$ 27,794,000.-
b. BRITANNIA BRANDS (KUAN)
Pte. Ltd., of Singapore - US$ 1,000.-
BUSINESS ACTIVITIES
Lines of Business:
Biscuits Manufacturing
Production Capacity
Biscuits – 16,000 tons p.a.
Total Investment
a. Owned Capital - US$. 27.8
million
b. Loan Capital -
US$. 27.8 million
c. Total Investment -
YS$. 27.8 million
Started Operation
1995
Brand Name
DANONE BISCUIT (Prince, Planeto, Tiki, Chit, Chat, Tuc and Vitamarie, etc.)
Technical Assistance
DANONE ASIA Pte. Ltd., of Singapore
Number of Employee
650 persons
Marketing Area
a. Domestic (Local Market) - 80%
b. Export (Overseas Market) - 20%
Main Customers
a. Supermarkets
b. Wholesalers of Food and Beverages
c. Overseas (Malaysia, Singapore, Thailand and Philippines)
Market Situation
Very Competitive
Main Competitors
a. P.T. KHONG GUAN BISCUIT
b. P.T. MAYORA INDAH Tbk.
c. P.T. MONDE BISCUIT INDONESIA
d. P.T. ARNOTT’S INDONESIA.
e. P.T. NABISCO FOOD
f. P.T. NISSIN BISCUIT
g. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. CITIBANK N.A.
Citibank Tower
Jl. Jenderal Sudirman Kav. 54-56
Jakarta Selatan
Indonesia
b. P.T. Bank CREDIT
LYONNAIS INDONESIA
Jl. Gatot Subroto Kav. 9-11
Jakarta Selatan
Indonesia
c. P.T. PANIN Bank
Tbk.
Jl. Jenderal Sudirman 1
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 210.0 billion
2004 – Rp. 280.0 billion
2005 – Rp. 360.0 billion
2006 – Rp. 440.0 billion
Net Profit (Loss) :
2003 – Rp. 11.6 billion
2004 – Rp. 15.0 billion
2005 – Rp. 19.8 billion
2006 – Rp. 24.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Steven Tan
Board of Commissioners :
President Commissioner - Mr. Simon
Claude Israel
Commissioner - Mr. Francois Xavier Michel
Marie Roger
Signatories :
President Director (Mr. Steven Tan) which must be approved by the
president commissioner (Mr. Simon Claude Israel) or the commissioner (Mr.
Francois Xavier Michel Marie Roger).
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 6.0 million on
the 90 days of payments
OVERALL PERFOMANCE
P.T DANONE BISCUIT INDONESIA (P.T DBI) was established in October 1994
with an authorized capital of US$ 20,000,000.- of which US$ 12,000,000.- was issued
and paid up. The company was founded by P.T ANEKA BINA CIPTA CENTRAL FOOD
INDUSTRIES, a national private company and DANONE ASIA PTE.LTD of Singapore.
The company’s notarial act has been amended frequently. In December 2001 the
company’s authorized capital was increased to US$ 30,000,000.- with the issued
and paid up capital amounting to US$ 27,795,000.-. On this occasion all the
company’s shares went over into the control of DANONE ASIA PTE. LTD above and
BRITANIA BRANDS (KUAN) PTE. LTD, of Singapore. The company’s notarial act
amendment is under process at the Department of Justice for legalization. P.T DBI is a member of the DANONE Group, a
big business group in dairy products, biscuits and beverages with headquarter
in French.
P.T DBI operates under Foreign Investment Facilities (PMA) issued by
BKPM (Investment Coordinating Board) to deal with biscuit processing with its
factory located on a some 7.0 hectare land area in Desa Walahar , Klari,
Karawang West Java. The plant, which has a licensed production capacity of
16,000 tons of biscuits per year, has been in operation since 1995, producing
various types of biscuits such as of the sandwich, wafer, cracker and marie
types. The company’s realized production has now come to about 60% to 65% of its
installed capacity. Some 80% of the company’s production is marketed in the
country using the brands of Prince, Prince Planeto, Tiki, Chit, Chat, Tuc and
Vitamarie, etc. The remaining some 20% is exported to Malaysia, Singapore,
Thailand and Philippines. We consider
P.T DBI to be classified as the medium-sized category in the biscuit industry
and trade in the country with the operation has kept on growing in the last two
years.
The local demand of biscuits has been fluctuating within the last two
years as evident from figures issued by Department of Trade and Industry
showing that the total production of national biscuit industry in 2003 reached
176,980 tons increased to 185,740,000 tons in 2004 to 209,053 tons in 2005 and estimated rose again to 228,675 tons
in 2006. The production of biscuits in
the country is estimated to keep on increasing by 5% to 6% in the next two or
three years. Meanwhile, the competition is very tight on account of lot similar
companies operating in the country including P.T MAYORA INDAH, P.T NABISCO
FOODS, P.T KHONG KUAN, P.T ARNOTT’S INDONESIA, P.T MONDE BISCUIT INDONESIA,
etc. P.T DBI positions is good and it controls 12% of biscuit market shares in
the country.
P.T DBI’s management is very closed to outsiders and rejected to
disclose its financial conditions but we estimated that the company’s sales
turnover in 2003 reached Rp. 210.0 billion increased to Rp. 280.0 billion in
2004 to Rp. 360.0 billion in 2005 to
Rp. 440,0 billion in 2006 and projected
to increase by at least 12% in 2007. The company’s net profit in 2006 reached Rp. 24.0 billion with a
total networth of Rp. 300.0 billion. We noted that P.T DBI is financially
strong being backed by DANONE Group a financially strong business group of Singapore. So far, We have never heard of the company
having been black listed by Bank Indonesia (Central Bank) and registered in the
court for detrimental cases.
P.T DBI’s management is headed by Mr. Steven Tan (appr. 48) with 12
years experience in biscuits processing and trading. In day-to-day operations,
he is assisted by several professional managers with know-how in the above
business. They have wide relations with private businessmen within and outside
the country and with the government authorities as well. So far, we have never heard P.T DBI’s
management having been involved in business malpractices.
P.T DANONE BISCUIT INDONESIA is considered to be good for normal
business transaction.
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%)