MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. FOODTECH INDONESIA |
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Registered Office : |
Wisma RMK, 3rd Floor, Jl. Puri Kencana, Blok M-4 No. 1, Kembangan Selatan Jakarta 11610 |
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Country : |
Indonesia |
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Date of Incorporation : |
28 March 2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Ingredients |
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$ 185,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. FOODTECH INDONESIA
Address
Head Office
Wisma RMK, 3rd
Floor
Jl. Puri Kencana,
Blok M-4 No. 1
Kembangan Selatan
Jakarta 11610
Indonesia
Phones - (021) 5826548
(hunting
Fax - (021) 5821521
Building Area - 8 Storey
Office Space - 140 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
28 March 2001
Legal Form
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-03381.HT.01.01.TH.2001
Dated 16 July 2001
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.058.880.2-056.000
The Capital Investment Coordinating Board
a. No. 215/I/PMA/2001
Dated 27 March 2001
b. No. 154/APIT-U/PMA/2001
Dated 11 April 2001
Related Companies
a. D.P.O. (TRUK AND
COICOS ISLAND) of Turk (Investment Holding)
b. P.T. PERWITA
AMERTHA PRIMA (Investment Holding)
c. Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 1,032,500,000.-
Issued Capital : Rp. 258,125,000.-
Paid up Capital : Rp. 258,125,000.-
Shareholders/Owners :
a. D.P.O. (TURK AND CAICOS ISLAND) - Rp. 245,218,750.- (95%)
Address : P.O. Box, Oceanic
House
Duke Street, Grand Turk
b. P.T. PERWITA AMERTHA PRIMA - Rp. 12,906,250.- ( 5%)
Address ; Jl. Puri Kencana,
Blok M-4 No. 1
Jakarta
Selatan
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Ingredients
Production Capacity
None
Total Investment
a. Equity Capital - Rp.
258.1 million
b. Loan Capital - Rp.
0 million
c. Total
Investment -
Rp. 258.1 million
Started Operation
2002
Brand Name
None
Technical Assistance
None
Number of Employee
22 persons
Marketing Area
Domestic -
100%
Main Customers
The various
industries processing foods like chocolate, bakery, confectionery, ice cream
and others
In Jakarta, Bogor,
Depok, Tangerang, Bekasi and surroundings.
Market Situation
Competitive
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank CENTRAL ASIA Tbk.
Wisma BCA
Jl. Jend. Sudirman Kav. 22-23
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 11.0
billion
2005 – Rp. 12.8
billion
2006 – Rp. 13.5
billion
2007 – Rp. 7.6 billion (January – June)
Net Profit (Loss)
:
2004 – Rp. 715 million
2005 – Rp. 830 million
2006 – Rp. 870 million
2007 – Rp. 500 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Daniel Willem Louis Clara (Daniel Pans)
Director -
Mrs. Inneke
Board of Commissioners :
Commissioner -
Mrs. Isabelle Nelly Josephine
Signatories :
President
Director (Mr. Daniel Willem Louis) or
Directors (Mrs. Inneke) which must be approved by Board of Commissioner
(Mrs. Isabelle Nelly Jospehine)
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit can be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 185,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. FOODTECH INDONESIA (P.T. FI) was established in Jakarta on March 28, 2001 with the authorized capital of US$ 100,000 of which US$ 25,000 was issued and fully paid up. The founding shareholders of the company are D.P.O. (Turk and Caicos Island) of Turk (95%) and P.T. PERWITA AMERTHA PRIMA of Indonesia (5%). In March 2001 the authorized capital was converted from US$ to Rp 1,032,500,000 of which Rp. 258,125,000.- was issued and fully paid up. The founding and shareholders of the company are not changed. The deed of amendment was made by Mr. Irwan Sugondo, SH., a public notary in Jakarta under Company Registration Number C-03381.HT.01.01.TH.2001, dated July 16, 2001.
P.T. FI obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with trading and distribution of food ingredient products having been in operating since 2002. Initially, the company operated and developed its head office located in Petojo Selatan, Gambir, Central Jakarta. However, its head office has been relocated in the last several years. The company is an agent and distributor of offid ingredient products of PALSGAARD. The merchandise products are imported from PALSGAARD S/A of Singapore and sold to various industries processing foods like chocolate, bakery, confectionery, ice cream and others in Jakarta, Bogor, Depok, Tangerang, Bekasi (Jabodetabek) and surroundings. P.T. FI belongs to a medium sized company of its kind in the country.
The demand for food ingredient had been declining as from the mid of 1997 until the early of 2000 in line with the weakening of the industries consuming the above products as the impact of the economic crisis striking Indonesia as from the mid of 1997. Later as from the mid of 2000, the demand growth started rising by 7% to 8% per annum within the last three years. The demand of food ingredient products is estimated to remain no change incoming two years. Many product and similar companies have elicited tight competition. However, the business position of P.T. FI is favorable in line with the growing operational networks and wide product marketing coverage as well as with increasing number of customers.
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 2004 amounted to Rp. 11.0 billion rose to Rp. 12.8 billion in 2005 increased to Rp. 13.5 billion in 2006 and projected to go on rising by at least 12% in 2007. The operation in 2006 yielded an estimated net profit of at least Rp. 870 million and the company has an estimated total networth of at least Rp. 6.0 billion. We observe that P.T. FI is supported by a foreign company which has financially fairly strong behind it. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. FI is headed by Mr. Daniel Willem Louis Clara or Daniel Pans (39), a well-experience businessman in trading and distribution of food ingredient. The management is also assisted by Mrs. Inneke as Director and a number of professionals from its principal of D.P.O. (Turk and Caicos Island) of Turk. They have wide business relations among private companies at home and overseas has been maintained properly. So far, we did not hear 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. FOODTECH INDONESIA 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. |
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%)