MIRA INFORM REPORT

 

 

Report Date :

01.12.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. WIRIFA SAKTI

 

 

Registered Office :

Jalan Rungkut Industri III 48-B Surabaya Industrial Estate Rungkut Surabaya, 60293 East Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

10.10.1981

 

 

Com. Reg. No.:

No. AHU-AH.01.10-35999

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Animal Feed Manufacturing

 

 

No. of Employees :

165 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 1,900,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company

 

P.T. WIRIFA SAKTI

 

 

Address

 

Head Office & Factory

Jalan Rungkut Industri III 48-B

Surabaya Industrial Estate Rungkut

Surabaya, 60293 East Java

Indonesia

Phones             - (62-21) 8438136, 8431141

Fax                   - (62-21) 8431755

E-mail               - wirifa@rad.net.id

Land Area         - 12,800 sq. meters

Building Space  - 10,000 sq. meters

Region              - Industrial Estate

Status               - Owned

 

 

Registration data

 

Date of Incorporation :

10 October 1981

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

- No. Y.A.5/12/9

  Dated 6 January 1982

- No. AHU-14175.AH.01.02.TH.2009

  Dated 20 April 2009

- No. AHU-AH.01.10-35999

  Dated 9 November 2011

 

Company Status :

Foreign Investment (PMA) Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 1.002.294.5-057.000

 

The Department of Industry

No. 218/T/Industri/1990

Dated 17 July 1990

 

The President of the Republic of Indonesia

No. 306/Pres/12/1993

Dated 23 December 1993

 

The Capital Investment Coordinating Board

- No. 03/V/PMA/1994

  Dated 11 January 1994

- No. 471/III/PMA/1998

  Dated 6 April 1998

- No. 765/III/PMA/1999

  Dated 21 June 1999

 

Related Companies :

a.   AMS, France (Investment Holding)

b.   INVIVO, NSA, France (Investment Holding)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 5,474,000,000.-

Issued Capital                                  : Rp. 5,474,000,000.-

Paid up Capital                                : Rp. 5,474,000,000.-

 

Shareholders/Owners :

a. INVIVO, NSA                                                       - Rp. 4,927,000,000.-

    Address : Talhouet, 56250 Saint-Nolff

                    56006 Vannes Cedex

                    France           

b. AMS                                                                  - Rp.    547,000,000.-

    Address : Talhouet, 56250 Saint-Nolff

                    56006 Vannes Cedex

                    France           

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Animal Feed Manufacturing

 

Production Capacity :

Compound Feed                              - 100,000 tons p.a.

 

Total Investment :

a.   Equity Capital                            - Rp. 5.5 billion

b.   Loan Capital                              - Rp. 4.1 billion

c.   Total Investment                         - Rp. 9.6 billion

 

Started Operation :

1982

 

Brand Name :

Wirifa Sakti

 

Technical Assistance :

INVIVO, NSA France

 

Number of Employee :

165 persons                                   

 

Marketing Area :

Local    - 100%

 

Main Customer :

Animal Feed Distributors

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ALLIED FEEEDS INDONESIA

b. P.T. BINTANG TERANG GEMILANG

c. P.T. CARGILL INDONESIA

d. P.T. CENTRAL PROTEINAPRIMA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a.   P.T. Bank BNP PARIBAS INDONESIA

      Menara BCA 35th Floor

      Jalan M.H. Thamrin No. 1

      Jakarta Pusat

      Indonesia

b.   P.T. Bank MANDIRI Tbk

      Jalan Rungkut Industri Raya No. 10

      Surabaya, East Java

      Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 125.0 billion

2009 – Rp. 132.0 billion

2010 – Rp. 145.0 billion

2011 – Rp.   76.0 billion (January – June)

 

Net Profit (estimated) :

2008 – Rp.   8.7 billion

2009 – Rp. 10.0 billion

2010 – Rp. 11.1 billion

2011 – Rp.   5.8 billion (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Pierre Toussaint Denis Mourice Bruwier

Director                                           - Mr. Felix Marie Segalen

 

Board of Commissioners :

President Commissioner                   - Mr. Hubert Roquefeuil

Commissioners                                - Mr. Mugino Kristyohadi

 

Signatories :

President Director (Mr. Pierre Toussaint Denis Mourice Bruwier) or the Director (Mr. Felix Marie Segalen) which must be approved by Board of Commissioner

 

 

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$ 1,900,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. WIRIFA SAKTI (P.T. WS) was incorporated in Surabaya, East Java based on notary deed of Mr. H.E. Gewang, SH., No. 101 dated 10 October 1981 with an authorized capital of Rp. 120,000,000 wholly issued and paid up. The founding shareholders of the company are Mr. Makmur Prawirakusumah and Mr. Oerip Wirantono, both are Indonesian businessmen of Chinese origins. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. Y.A.5/12/9 dated January 6, 1982. The company notary deed has been changed a couple of times. Then based on notary deed of Mr. H.E. Gewang, SH., No. 16 dated 23 January 1996 the authorized capital was increased to Rp. 1,000,000,000 issued capital to Rp. 680,000,000 entirely paid up. On the same occasion Mr. Oerip Wirantono withdrew and replaced by GUYOMARCH NUTRITION ANIMALE of France and P.T. AMYANG MAKMUR of Indonesia as new shareholders.

 

Concurrently the company status was changed into Foreign Investment (PMA) company facility. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. C2-1334 HT.01.04.TH.96 dated February 1, 1996. Later based on notary deed of Mr. Alexandra Pudentiana Wignjodigdo, SH., No. 65 dated 23 February 2009 the authorized capital was raised to Rp. 5,474,000,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become EVIALIS of France (90%) and AMS of France (10%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-14175.AH.01.02.TH.2009 dated April 20, 2009. The latest based on notary deed of Mr. Alexandra Pudentiana Wignjodigdo, SH., No. 16 dated 15 August 2011 EVIALIS of France was changed into INVIVO, NSA France and so the shareholders company in Indonesia has been changed to become INVIVO, NSA of France (90%) and AMS of France (10%). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-35999 dated November 9, 2011.

 

P.T. WS operates under Foreign Investment (PMA) facilities in the animal feed manufacturing. The plant is located at Jalan Rungkut Industri III/48-B, Surabaya Industrial Estate Rungkut, Surabaya, East Java standing on 12,800 sq. meters landsite. The plant has been in operating since 1982 by produces of compound feed of 100,000 tons per year respectively with an investment of Rp. 9.6 billion come from owned capital of Rp. 5.5 billion while the rest is loans. Previously P.T. WS products uses Galina brand. However on 6 June 2000 the company uses GUYOFEED brand in partnership with INVIVO, NSA (ex EVIALIS) which is the largest animal feed factory in France. GUYOFEED continue to innovate to produce all the feed well. P.T. WS main products is a concentrate feed and feed another layer of broilers, ducks, quail, pig, bird, cow, fish and horse. The company's production is entirely marketed in the country under the GUYOFEED brand through animal feed distributors appointed in several big cities of the country. We observe the operation of P.T. WS has been growing and developing well in the last three years. 

 

 

 

 

In overall views we find the demand for animal feed, fish meal, fish oil and feather meals had been rising by 5% to 6% per year in the last five years, in line with the growth of animal feed industry in the country. We observed that the national poultry industry in 2008 is having a difficult time as production cost has been increasing due to the high prices of the basic materials for animal feed triggered by bad weather conditions and the world crude oil price hike. Besides that the competition is very tight due to a large number of similar companies operating in the country. It’s projected the demand for animal feed, fish meal, fish oil and feather meals will be rising in the future at least 5% per annum. The business position of P.T. WS is appraised to be favorable for having established wide marketing networks within and outside the country.

 

Until this time P.T. WS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. WS is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 125.0 billion rose to Rp. 132.0 billion in 2009 increased to Rp. 145.0 billion in 2010. As from January to June 2011 the sales turnover has reached at Rp. 76.0 billion with a net profit of Rp. 5.8 billion and projected to go on rising by at least 5% in 2012. The company has an estimated total networth of at least Rp. 50.0 billion. We observe that P.T. WS is supported by foreign partner with has financially strong and sound behind it. So far, we did not heard 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. WS is led by Mr. Pierre Toussaint Denis Mourice Bruwier (54) a professional manager of INVIVO NSA, France with experience in animal feed milling manufacturing and trading. In his daily activity, he is assisted by Mr. Felix Marie Segalen (60) of France as Director. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. WIRIFA SAKTI is sufficiently fairly good for business transaction.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.16

UK Pound

1

Rs.81.29

Euro

1

Rs.69.47

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.