MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. JAPFA
SANTORI INDONSIA |
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Formerly Known As : |
P.T. JAPFA OSI FOOD INDUSTRIES |
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Registered Office : |
Jalan Raya Serang Km. 20.2, Cibadak, Cikupa, Tangerang
15710, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
25.06.1977 |
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Com. Reg. No.: |
W7-01258.HT.01.04.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Food Processing 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$ 1,850,000 |
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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. JAPFA SANTORI
INDONSIA
A d d r e s s
Head Office & Factory
Jalan Raya Serang
Km. 20.2
Cibadak, Cikupa
Tangerang 15710
Banten Province
Indonesia
Phone - (62-21) 5961284
(Hunting)
Fax - (62-21) 5961285
Land Area - 50,120 sq.
meters
Office Space - 12,800 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 25 June 1977 as P.T. JAPFA OSI FOOD INDUSTRIES
b. 27 August 2003 as P.T. JAPFA SANTORI INDONESIA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No.
W7-01258.HT.01.04.TH.2007
Dated 05 February
2007
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Capital
Investment Coordinating Board
- No. 135/I/PMA/1997
Dated 28 February 1997
- No. 785/III/PMA/2003
Dated 11 July 2003
- No. 182/II/PMA/2003
Dated 20 August 2003
- No. 1349/III/PMA/2004
Dated 12 December 2004
Related Companies
The JAPFA COMFEED Group of
Companies Member
- P.T. SUPRA SUMBER CIPTA (Investment Holding)
- P.T. CIOMAS ADISATWA (Investment Holding)
- P.T. SANTOSA AGRINDO (Investment Holding)
- P.T. JAFA COMFEED INDONSIA (Animal Feed Milling and Investment
Holding)
- P.T. MULTIPHALA AGRINUSA (Agribusiness)
- P.T. SURI TANI PEMUKA (Integrated Shrimp Freezing, Chicken Freezing
and Flake Ice)
- P.T. JAPFAFOOD SENTRA DISTRIBUTISI (Distribution of Animal Feed)
- P.T. JAVA CITRA INDONUSA
(Shipping Services)
- P.T. JAPFA SANTORI INDONESIA (Food Processing Industry)
- P.T. KRAKSAAN WINDU (Shrimp Culture)
- P.T. INDOJAYA AGRINUSA (Poultry Breeding and Poultry feed
Processing)
- P.T. MULTIBREEDER ADIRAMA INDONESIA Tbk., (Poultry Breeding)
- P.T. WABIN JAYATAMA (Plantation and Farming)
- P.T. JAPFA INDOLAND (Real Estate Management)
- P.T. MULTIPHALA ADIPUTRA (Poultry Breeding)
- P.T. JAPFA INTITRADA (General Trading)
- P.T. SUPRA SUMBER CIPTA (General Trading)
- P.T. BUMIASRI LESTARI (Shrimp Culture)
- P.T. ARTHA LAUTAN MULYA (Shrimp Culture)
- P.T. JAPFAFOOD NUSANTARA (Food Processing Industry)
- P.T. LINDONESSIA PELLETING (Pellet Industry)
- P.T. SUPRA ANEKA BOGA (Food Processing Industry)
- P.T. KARYA CIPTANYATA WISESA (Beverage Processing)
- P.T. SEPTATRADA HARDAGUNA (Food Processing)
- P.T. EMKL BINTANG LAUT TIMUR (Shipping and Freight Forwarding
Services)
- JAPFA COMFEED LONG AN LTD. (Trading)
- JAPFA COMFEED VIETNAM LTD., (Trading and Poultry Breeding)
- JAPFA COMFEED INDIA LTD., (Poultry Breeding and Trading)
- JAPFA COMFEED INTERNATIONAL PTE LTD (Trading of Animal Feed)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 75,060,502,625.-
Issued Capital : Rp. 75,060,502,625.-
Paid up Capital : Rp. 75,060,502,625
Shareholders/Owners :
a. P.T. SUPRA
SUMBER CIPTA - Rp.
60,991,477,625.-
Address : Jl. Daan Mogot Km. 12 No. 5
West Jakarta
Indonesia
b. P.T. CIOMAS
ADISATWA -
Rp. 7,034,512,500
Address : Jl. Daan Mogot Km. 12 No. 5
West Jakarta
Indonesia
c. P.T. SANTOSA
AGRINDO -
Rp. 7,034,512,500
Address : Jl. M.T. Haryono Kav. 4
South Jakarta
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Food Processing Industry
Production Capacity
a. Breaded Chicken Patties (Nuggets) - 5,550 tons p.a.
b. Bone in Chicken -
19,500 tons p.a.
c. Ground Beef Patties - 5,400 tons p.a.
d. Fillet of Fish - 1,500 tons p.a.
e. Been Seed Processed - 500 tons p.a.
f. Potato Processed - 500 tons p.a.
g. Food Products - 6,000 tons p.a.
Total Investment
a. Equity Capital - US$. 3.8 million
b. Loan Capital - US$. 13.9
million
c. Total Investment -
US$. 17.7 million
Started Operation
1998
Brand Name
SO GOOD
Technical Assistance
None
Number of Employee
220 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. SUPRA
SUMBER CIPTA as sole distributor
b. CARREFOUR
Hypermarkets
c. GIANT
Hypermarkets
d. MATAHARI
Hypermarket and Supermarkets
e. ALFA
Supermarkets
f. TIP-TOP
Supermarkets,
g. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. SUKANDA
DJAYA
b. P.T. JAYA
FERMEX
c. P.T. LAWSIM
ZECHA
d. P.T. INDOMARCO
ADI PRIMA
e. P.T. INTI
MARINA NETTING
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Wisma Bank MANDIRI
Jalan Jend. Gatot Subroto
Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 93.0 billion
2005 – Rp. 106.0
billion
2006 – Rp. 120.0
billion
2007 – Rp. 136.0
billion
Net Profit (Loss)
:
2004 – Rp. 7.4 billion
2005 – Rp. 8.5 billion
2006 – Rp. 9.3 billion
2007 – Rp. 11.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Heru Wibowo Sumali
Director s -
a. Mr. Drs. Yusuf Paulus
b. Mr. Ir. Yulius Putut Djagiri
Board of Commissioners :
President Commissioner - Mr. Dirk Budianto Wahjudi Djatmiko
Commissioners - a.
Mr. Leo Handoko Laksono
b. Mr. Samuel Budiharso Wibisono
Signatories :
President Director (Mr. Ir. Heru Wibowo
Sumali) or one of the Directors (Mr. Drs. Yusuf Paulus or Mr. Ir. Yulius Putut
Djagiri) which must be approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 1,850,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T. JAPFA-OSI FOOD INDUSTRIES it was established in
June 1997 with the authorized capital of
US $ 2,500,000.- wholly issued
of which US $ 1,250,000.- was paid up.
Founders and original shareholders
are P.T. CIOMAS ADISATWA and LEGES
CORPORATION of the USA. Its
articles of association has frequently been changed for a couple of times. In
August 2003, the company renamed to P.T. JAPFA SANTORI INDONESIA (P.T.
JSI). In January 2004, the authorized
capital was increased to US $ 5,312,877 entirely issued and paid-up. On the same occasion, its entire shares
were taken over by P.T. CIOMAS
ADISATWA, P.T. SUPRA SUMBER CIPTA and
P.T. SANTOSA AGRINDO. On December 26, 2006 the authorized
capital of the company was increased and converted to Rp. 75,060,502,625.-
entirely issued and paid up. The deed
of amendment was made by Mr. Buntario Tigris, SH., a public notary in Jakarta
under Company Registration Number W7-01258.HT.01.04.TH.2007, dated February 05,
2007.
P.T. CIOMAS ADISATWA and P.T. SUPRA SUMBER CIPTA are subsidiary companies of P.T. JAPFA
COMFEED INDONESIA Tbk., a public listed
and foreign investment company.
P.T. JAPFA COMFEED INDONESIA Tbk., is parent company of the JAPFA
COMFEED Group, a medium sized business group in Indonesia.
P.T. JSI obtained a Foreign Investment
(PMA) facility issued by BKPM
(Investment Coordinating Board) for dealing with meat and fish processing by
managing a plant located at Jalan Raya
Serang Km. 20.2, Cibadak, Tangerang, Banten Province standing on 5.0 hectares
land operating as from 1998. According to its license P.T. JSI’s products are
including breaded chicken patties of 5,500 tons, bone in chicken of 19,500 tons, ground beef patties of 5,400 tons and
fillet of fish of 1,500 tons respectively per annum. In August 2003, P.T. JSI
got expansion permit for increasing production capacity of its
canned food of 6,000 tons per annum.
The total investment reached US $ 17.7
million originating from own capital
of US $ 3.8 million and the rest is
loan.
Mrs. Sriyati, a senior staff of the company, disclosed that whole
products of the company are supplied to various hypermarkets, supermarkets,
mini-markets in major cities in the country under SO GOOD Brand and its
marketing is handled by its holding company P.T. SUPRA SUMBER CIPTA. P.T. JSI is classified as a medium sized company of its kind in the
country of which the operation has been growing in the last three years.
The demand for processed meat
had been rising until the middle of
1997, but later declining until the end of 1999 as the impact of the
economic crisis striking Indonesia since mid 1997. It is estimated that the demand growth will be rising in the next two or three years. In the meantime,
we realized that market competition is
very tough on account of many other
similar companies operating in the country.
P.T. JSI current business position is good because it has established
wide marketing networks in major cities in the country.
Until this time P.T. JSI 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. 106.0 billion, increased to Rp. 120.0
billion in 2005 and rose again to Rp. 136.0 billion in 2007. P.T. JSI’s operation in 2007 booked total
net profit of Rp. 11.0 billion withy a total networth at least Rp. 130.0
billion. It is projected that total
sales turnover of the company will increase at least 10% in 2008. We observe
that P.T. JSI is supported by financially strong behind it. So far, we did not
hear that the company having been black listed by the Central Bank (Bank
Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. JSI is led by Mr. Ir. Heru Wibowo Sumali (50) a
businessman with 16 years of experience in food processing and trading. Daily
operation, he is assisted by two directors namely Mr. Drs. Yusuf Paulus (50)
and Mr. Ir. Yulius Putut Djagiri (44). 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 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. JSI 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%)