MIRA
INFORM REPORT
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Report Date : |
21.04.2008 |
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 : |
24.05. 2004 |
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Com. Reg. No.: |
C-21547 HT.01.01.TH.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) |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 116,800 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. TORRYS
INDOSPICE
A d d r e s s
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)
Production Capacity
-
Total Investment
None
Started Operation
June 2004
Brand Name
None
Technical Assistance
None
Number of Employee
14 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
B a n k e r
s :
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
2007 – Rp. 8.6
billion
Net Profit
(estimated) :
2004 – Rp. 240 million
2005 – Rp. 610 million
2006 – Rp. 730 million
2007 – Rp. 820 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$ 116,800.- 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 2005 amounted to Rp. 7.0 billion increased
to Rp. 7.8 billion in 2006 and rose again to Rp. 8.6 billion in 2007. The operation in 2007 yielded an estimated
net profit at least Rp. 820 million and the company has an estimated total
networth at Rp. 1.2 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2008. 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 (37), a professional manager who has experienced for more
than 5 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. |
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%)