MIRA
INFORM REPORT
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Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. CITRA INA FEEDMILL |
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Formerly Known As : |
P.T. CITRA INDONESIA FEEDMILL |
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Registered Office : |
Jl. Suci Km. 24 (Jl. Raya Bogor Km. 24) Kp. Susukan, Pasar Rebo, Jakarta 13750 |
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Country : |
Indonesia |
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Date of Incorporation : |
28.06.1994 |
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Com. Reg. No.: |
No. AHU-AH.01.10-14933 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Animal Feed Milling Industry |
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No. of Employees : |
280 |
RATING & COMMENTS
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MIRAs 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$ 7.6 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. CITRA INA
FEEDMILL
Address
Head Office & Factory
Jl. Suci Km. 24
(Jl. Raya Bogor
Km. 24)
Kp. Susukan,
Pasar Rebo,
Jakarta 13750
Indonesia
Phones - (62-21) 840 0844 (hunting)
Fax. -
(62-21) 8413748
Email - guyofeed@centrin.net.id
Land Area - 2.5 hectares
Building Space - 1.1 hectares
Region - Industrial Zone
Status - Owned
Registration data
Date of
Incorporation :
28 June 1994 as
P.T. CITRA INDONESIA FEEDMILL, changed its name to P.T. CITRA INA FEEDMILL on
May 9, 1996.
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-17230.AH.01.02.Tahun 2009
Dated 30 April 2009
b. No.
AHU-AH.01.10-14933
Dated 19 May 2011
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
a. The
Department of Finance
NPWP No. 01.662.848.9-007.000
b. The
Capital Investment Coordinating Board
- No. 663/I/PMDN/1994
Dated 14 October 1994
- No. 79/III/PMDN/1995
Dated 21 February 1995
- No. 64/V/PMA/2006
Dated 20 April 2006
c. The
Department of Industry
No. 529/T/INDUSTRI/2000
Dated 11 August 2000
Holding Companies :
a. P.T. WIRA NARENDRA (Investment Holding)
b. P.T. TUNAS SAKTI PERSADA (Investment Holding)
c. P.T. WIRIFA SAKTI (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital - Rp. 15,000,000,000.-
Issued Capital - Rp. 10,155,000,000.-
Paid up Capital - Rp. 10,155,000,000.-
Shareholders/Owners :
a. P.T. WIRA NARENDRA -
Rp. 6,211,000,000.- (61.16%)
b. P.T. TUNAS SAKTI PERSADA - Rp. 2,444,000,000.- (24.07%)
c. P.T. WIRIFA SAKTI -
Rp. 1,500,000,000.- (14.77%)
BUSINESS ACTIVITIES
Lines of Business
:
Animal Feed
Milling Industry
Production
Capacity :
Animal Feeds - 96,000 tons
p.a.
Total Investment :
a. Owned Capital
- Rp 10.2 billion
b. Loan
Capital - Rp 8.5 billion
c. Total
Investment - Rp 18.7 billion
Started Operation :
1995
Brand Name :
Guyofeed, Proxial
and Royal Horse
Technical Assistance :
None
Number of Employee :
280 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. BINA SATWA
b. P.T. SINAR INTI MUSTIKA
c. P.T. SEMESTA MITRA SEJAHTERA
d. P.T. BINTANG SEJAHTERA BERSAMA
e. P.T. MITRA SINAR JAYA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CHAROEN
POKPHAND INDONESIA Tbk.
b. P.T. JAPFA
COMFEED INDONESIA
b. P.T. CHEIL
JEDANG SUPERFEED
c. P.T. SIERAD
PRODUCE
d. P.T. CENTRAL
PROTEINA PRIMA
e. P.T. CARGILL
INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Wisma Bank MANDIRI
Jalan Gatot Subroto Kav. 36-38
Jakarta Barat
Indonesia
b. P.T. Bank BNI Tbk
Wisma BNI Kota 46
Jalan
Jend. Sudirman
Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
:
2007 Rp. 390.0
billion
2008 Rp. 440.1
billion
2009 Rp. 480.0
billion
2010 Rp. 550.0
billion
2011 Rp. 310.0
billion (January June)
Net Profit (Loss)
:
2007 Rp. 19.5 billion
2008 Rp. 22.0 billion
2009 Rp. 24.5 billion
2010 Rp. 28.0 billion
2011 Rp. 15.8 billion (January June)
Payment Manner :
Average
Financial Comments :
Fairly
KEY EXECUTIVES
Board of Management :
President
Director - Mr. Ir.
Airlangga Hartarto, MBA
Directors -
a. Mr. Felix Marie Segalen
b. Mrs. Venny Sutedja
c. Mr. Mugino Kristyohadi
Board of Director :
President
Commissioner - Mr. The Nicholas
Commissioners - a. Mr. Luc Peligry
b. Mr. Piere Toussaint Denis Mourice Bruwier
Signatories :
President Director (Mr. Ir. Airlangga
Hartarto, MBA) or one of directors (Mr.
Felix Marie Segalen, Mrs. Venny Sutedja and Mr. Mugino Kristyohadi) which must
be approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 7.6 million on the 90 days of payments
OVERALL PERFORMANCE
Originally named
P.T. CITRA INDONESIA FEEDMILL, the company was established on June 28, 1994
with an authorized capital of Rp 10,000,000,000.- of
which Rp 4,350,000,000.- was
issued and paid up. The
founding and original shareholders of the company are P.T. BINA SATWA (50%) and
P.T. WIRA NARENDRA (50%), both are private companies. On May 9, 1996 the company's name was
changed to P.T. CITRA INA FEEDMILL (P.T. CIF).
On February 20, 2009, the authorized capital was raised to Rp.
15,000,000,000.- of which Rp. 10,155,000,000.- was issued and fully paid up.
Concurrently, the shareholders of the company P.T. WIRA NARENDRA (61.16%), P.T.
TUNAS SAKTI PERSADA (24.07%) and P.T. WIRIFA SAKTI (14.77%). The latest
amendment to Articles of Association was made by Mr. Misahardi Wilamarta, SH.,
a notary public in Jakarta based on natarial deed No. 41 dated April 13, 2011,
and it was approved by the Minister of Law and Human Rights through Decision
Letter No. AH-AH.01.10-14933 dated May 19, 2011. No changes have been effected
in term of its shareholding composition and capital structures to date.
P.T. WIRIFA
SAKTI is a subsidiary company of Evialis International of France (in vivo
NSA-France), which is one company engaged in animal nutrition and distribution
of feed and livestock. In Indonesia Evialis International has been operating
since the year 1983 started with a factory in Surabaya (PT Wirifa Sakti), which
serves the needs of farmers in Indonesia's eastern area.
Originally, P.T. CIF obtained a Domestic Investment (PMDN) facility
issued by the Capital Investment Coordinating Board (BKPM) in 1994 to deal with
livestock feed milling. But since April
2006, the facility status is changed to Foreign Investment Company (PMA). Its plant is located at Jl. Suci Km. 24 (Jl.
Raya Bogor Km. 24), Kampung Susukan, Pasar Rebo, East Jakarta on a land of 2.5
hectares. According to its license, the
plant has annual production capacity of 96,000 tons of animal feed. The plant
has been in operation since 1995 with production capacity of 5,000 to 7,000
tons per month. The development of the plant has absorbed an investment of Rp. 18.7 billion coming from own capital of
Rp. 10.2 billion and the rest from loans.
Mr. Toto, an administrative staff of the company explained that
PT CIF produce animal feeds for broiler chicken, layer chicken, duck, quail,
pork, beef and lab products (rabbit, cavia, rat, and monkey) as well as horse
feed. The brands of products currently
being produced and marketed by P.T. CIF, among others: Guyofeed, Proxial and
Royal Horse. Guyofeed feed raw material
dip roses through strict QC and formulation of balanced so as to produce
quality feed with a balanced and appropriate to the needs of livestock. Mr. Toto went on to say that whole products
of the company are marketed locally among breeders in West Java, Central Java,
East Java and South Sumatra. We observe
that P.T. CIF 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.
In overall views
we find the demand for animal feed 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 such as PT. Charoen Pokphand
Indonesia, PT. Japfa Comfeed Indonesia, PT. Cheil Jedang Superfeed, PT. Sierad
Produce, PT. Central Proteina Prima, PT. Cargill Indonesia and others. Its 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. CIF is appraised to be favorable for
having established wide marketing networks within and outside the country.
The management of P.T. CIF is very
reclusive towards outsiders and rejected to disclose its financial condition.
However, we estimated that sales turnover of the company in its initial
operation in 2008 amounted to Rp. 440.0 billion increased to Rp 480.0 billion
in 2009 and rose again to Rp 550.0 billion in 2010 and estimated will increase
again at least 10% in 2011. It is
estimated that P.T. CIFs operation has in 2010 yielded a total net profit of
Rp 28.0 billion with a total networth of Rp 240.0 billion. The payment habit of
the company has been running smoothly ranging from 1 to 3 months. We did not
hear that the company having been black listed by Bank Indonesia (Central Bank)
and registered in the court for detrimental cases.
The management
of P.T. CIF is led by Mr. Ir. Airlangga Hartarto, MBA (49), an indigenous
businessman 19 years of experience in various business. He is a son of the late Ir. Hartarto, a
former Minister of Industry in Soeharto era.
In daily activities, he is assisted by three directors namely Mr. Felix
Marie Segalen (60) of France, Mrs. Venny Sutedja (52) and Mr. Mugino
Kristyohadi (58), both from Indonesia. The management of the company has wide
relation with overseas and national private businessmen as well as with the
government sectors. The company's
management has wide relations in private business circles within and outside
the country and in the ranks of high-ranking government officials as well. So far, we have never yet heard of the
company's management having been involved in business malpractices.
P.T. CIF is
appraised to be good for business transaction. However, in view of the unstable
economic condition, we recommend to treat prudently in extending a new loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
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|
1 |
Rs.82.44 |
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Euro |
1 |
Rs.71.08 |
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 |
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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NB |
New Business |
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This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.