MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
FORTA LARESE |
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Registered Office : |
Jalan Musi No. 16 Jakarta 10150 |
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Country : |
Indonesia |
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Date of Incorporation : |
28.03. 1972 |
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Com. Reg. No.: |
C-UM. 02.01.13752 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Safety Shoes Industry |
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$ 2,900,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of company
P.T. FORTA LARESE
A d d r e s s
Head Office
Jalan Musi No. 16
Jakarta 10150
Indonesia
Phones - (021) 3861018, 3859845
Fax. - (021) 3849409
Email - marketing@cheetahforta-larese.com
Website - http://www.cheetahforta-larese.com
Building Area - 2 storey
Office Space - 860 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Raya Bogor
Km. 50
Bogor, West Java
Indonesia
Phones - (0251) 652785
Fax. - (0251) 652786
Land Area - 20,500 sq.
meters
Building Space - 12,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
28 March 1972
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No. C-UM.
02.01.13752
Dated 19
September 2005
Company Status
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 1.001.828.1-028
The Department of Industry and Trade
No. 227/DJAI/IUT-6/PMDN/VI/1988
Dated 20 June 1988
Related Company
:
P.T. FORTA DWIJAYATAMA (Distribution of Fire and Safety Protective
Equipment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp.
750,000,000.-
Issued Capital - Rp.
750,000,000.-
Paid up Capital - Rp.
750,000,000.-
Shareholders/Owners
a. Mrs. Della Aristya Tjitra -
Rp. 712,500,000.- (95%)
Address : Jl. Angsana X Blok D 13/5
Kebon Jeruk
Jakarta
Barat – Indonesia
b. Mr. Daniel Tjitra - Rp. 37,500,000.- (5%)
Address : Jl. Angsana X Blok D 13/5
Kebon Jeruk
Jakarta
Barat – Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Safety Shoes
Industry
Production Capacity
Safety Shoes -
850,000 pair p.a.
Total Investment
a. Owned Capital - Rp. 12.5
billion
b. Loan Capital
- Rp. 10.0 billion
c. Total Investment - Rp. 22.5
billion
Started Operation
1973
Brand Name
CHEETAH Safety
Shoes
Technical Assistance
None
Number of Employee
320 persons
Marketing Area
Domestic
(Local) - 90%
Export (Overseas) - 10%
Main Customers
- P.T.
PERTAMINA, state oil and gas company
- Automotive
Industries, Hotels and any other industrial companies that require full
food
Protection.
Market Situation
Very Competitive
Main Competitors
a. P.T. OSHA ASIA
b. P.T. HENGTRACO
PROTECSINDO
c. P.T. MITRA
GABATA DINAMIKA
d. C.V. GRAND SHOE
INDUSTRY
e. P.T. BUANA
PANDU CAHAYA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk.
Jalan Suryopranoto No. 48C-D
Jakarta Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Ir H. Juandar No. 28
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 160.0
billion
2005 – Rp. 190.0
billion
2006 – Rp. 220.0
billion
Net Profit (Loss)
:
2004 – Rp. 9.9 million
2005 – Rp. 11.4 million
2006 – Rp. 13.6 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mrs. Della Aristya Tjitra
Finance
Manager - Miss Yolanda M. Tjitra
Board of
Commissioner :
Commissioner - Mr.
Daniel Tjitra
Signatories
:
Director (Mrs. Della Aristya Tjitra) which must be approved by
board of commissioner (Mr. Daniel Tjitra)
CAPABILITIES
Management
Capability :
G o o d
Business Morality
G o o d
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 2,900,000 on the 90 days of
the payment
OVERALL PERFOMANCE
P.T. FORTA LARESE (P.T. FLR) was established in March 1972 with the
authorized capital of Rp. 200,000,000.- wholly fully issued and f paid up. The founding shareholders of the company are
Mrs. Della Aristya Tjira and her
husband Mr. Hendra Wijaya Tjitra, both are Indonesian business woman and
businessman of Chinese extraction. The
company’s notary deed has frequrently been revised. Lastly in September 2005 the authorized capital was raised to Rp. 750,000,000.- wholly fully issued and
paid up. By the same time Mr. Hendra
Wijaya Tjitra pulled out and the whole shares sold to his son Mr. Daniel
Tjitra. The deed of amendment was made
by Mr. Buntario Tigris, SH., a public notary in Jakarta under Company
Registration Number C-UM. 02.01.13752, dated September 19, 2005.
Initially, P.T. FLR produced sandal shoes for the local marketplace and
Army Boots for the Republic of Indonesia Defense Ministry and other
institutions. Its plant is located at
Jalan Raya Bogor Km. 50, Bogor, West Java.
In 1982, P.T. FLR diversified its business in safety shoes using a new
brand name “CHEETAH” as their product brand.
P.T. FLR produces its owns line of footwear beginning form design
process, cutting, stitching, insole, molding and injection. With support from the local industry,
experience, tight quality control and utilizing high technology directly from
Italy, P.T. FLR has successfully developed safety shoes with an emphasis on
safety and comport. P.T. FLR has also
received certification from SII (Standard of Indonesian Industry), SNI
(Standard Nasional Indonesia), DIN and European Norm. Its main clients are in and off shore oil companies, factories,
hotels, and any other industrial companies that require full foot protection. Some 90% of its products is locally marketed
and the rest of 10% is exported to Brunei Darussalam, Malaysia, Philippine, and
others.
Generally, demand for safety shoes has been increasing by 5% to 6% in
the last five years in which it had drastically been decreasing as the impact
of the economic crisis in the country in 1997. However, the competition is very
tight on account of lots of similar companies dealing with shoe safety
manufacturing such as P.T. OSHA ASIA, P.T. HENGTRACO PROTECSINDO, P.T. MITRA
GABATA DINAMIKA, C.V. GRAND SHOE INDUSTRY, P.T. KINGS SAFETY SHOES and others.
Beside in domestic markets, the safety shoes of the company are also exported
to Asia, Europe and the USA. The
business position of P.T. FLR is favorable for having established wide
marketing networks within and outside the country.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to
publish financial statements publicly.
We estimated that total sales turnover of P.T. PLR in 2005 amounted to
Rp. 160.0 billion soared to Rp. 190.0 billion in 2006 to Rp. 220.0 billion in
2007 and projected to be rising by at least 8% in 2008. The operation of the company in 2007 is
estimated to have gained a net profit of Rp. 13.6 billion with a total networth
of Rp. 60.0 billion. So far we have
never heard that P.T. PLR has been black listed by Bank Indonesia (central
bank) or detrimental cases being settled in local district court. Payment condition for domestic and overseas
suppliers is good with the credit payment system of 1 month to 3 months.
The management
of P.T. FLR is led by Mrs. Della Aristya Tjitra (49) a businesswoman with more
than 20 years of experience in sandal and safety shoes manufacturing. Daily
operation, she is assisted by his son Mr. Daniel Tjitra (24) as commissioner
and his daughter Miss Yolanda M. Tjitra (23) as financial manager. The management is quite creative and
dynamic, having maintained a wide business relation with private businessmen at
home and abroad and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. 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. FLR is
appraised to be good for normal 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%)