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Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDUSTRI
PERIKANAN TERPADU CHIU SHIH |
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Registered Office : |
Jalan Ikan Tuna
Raya Barat II Pelabuhan
Benoa, Denpasar Bali 12790 |
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Country : |
Indonesia |
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Date of Incorporation : |
04.07.1996 |
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Com. Reg. No.: |
No. C2-2180.HT.01.01.TH.1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Integrated Fishery Industry |
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No. of Employees : |
160 persons |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
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 |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T. INDUSTRI PERIKANAN TERPADU CHIU SHIH
Head Office & Cold Storage
Jalan Ikan Tuna Raya Barat II
Pelabuhan Benoa, Denpasar
Bali 12790
Indonesia
Phones - (62-361) 724761, 724763, 724872
Fax - (62-361) 724762
Land Area - 5,200 sq.
meters
Building Area - 1,280 sq.
meters
Region - Commercial
Status - Owned
Date of Incorporation :
04 July 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No. C2-2180.HT.01.01.TH.1997
Dated 31 March 1997
Company Status
:
Foreign Investment
Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 1.071.640.5-052
b. The President of the Republic of Indonesia
No. B-397/Pres/6/1996
Dated 03 June 1996
c. The Investment Coordinating Board
- No. 484/I/PMA/1996
Dated 25 June 1996
- No. 1353/III/PMA/1998
Dated 29 September 1998
- No. 277/II/PMA/1999
Dated 21 December 1999
- No. 1299/III/PMA/2002
Dated 20 December 2002
Related
Company :
CHIU SHIH
INTERNATIONAL OCEANIC DEVELOPMENT ENTERPRISE Co Ltd. of Taiwan
Capital
Structure :
Authorized
Capital - US$.
2,000,000.-
Issued Capital - US$.
2,000,000.-
Paid up Capital - US$.
2,000,000.-
Shareholders/Owners
:
a. Chiu Shih International Oceanic
Development
Enterprise Co. Ltd., of Taiwan -
US$ 600,000
b. Mr. Chiu When Ching of Taiwan -
US$ 400,000
c. Mr.
Chiu Wen Li of Taiwan -
US$ 400,000
d. Mr.
Chiu Chung Jen of Taiwan -
US$ 400,000
e. Mrs.
Yen Lai Chin of Taiwan -
US$ 200,000
Lines of
Business :
Integrated
Fishery Industry
Production
Capacity :
a. Fresh Fishes - 5,260 tons p.a.
b.
Frozen Fishes - 160 tons
p.a.
c. Processing Fishes - 160 tons p.a.
d. Dry Ices -
21,600 tons p.a.
Total
Investment :
a. Equity Capital -
US$. 2.0 million
b.
Loan Capital - US$. 9.0
million
c. Total Investment - US$. 11.0 million
Started
Operation :
1 9 9 7
Brand Name :
Chiu Shih
Technical
Assistance :
Chiu Shih International
Oceanic Development Enterprises Co. Ltd. of Taiwan
Number of
Employee :
160 persons
Marketing Area
:
Export - 80%
Local - 20%
Main Customers
:
Foreign buyers in
Japan, Australia, Hong Kong, Singapore and USA
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Shorin Bali
b. PT. Bali Mina Utama
c. PT. Central Bali Bahari
d. PT. Dae Do Raya Utama
e. PT. Super Saku
Bali
f. PT. Sari Segar Laut Indonesia
Business Trend
:
Fluctuating
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Denpasar
Branch
Jl. Veteran
No. 1
Denpasar, Bali
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Denpasar Branch
Jl. Hasanuddin
No. 58
Denpasar,
Bali
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 190.0
billion
2010 – Rp. 226.0
billion
2011 – Rp. 240.0
billion
2012 – Rp. 228.0
billion
Net Profit
(estimated) :
2009 – Rp. 12.8
billion
2010 – Rp. 15.4
billion
2011 – Rp. 16.2
billion
2012 – Rp. 15.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Chiu Wen Ching
Directors -
a. Mr. Chiu Wen Li
b. Mr. Chiu Chung Jen
c. Mrs. Yen Lai Ching
d. Mrs. Chiu Mei Ling
Board of Commissioners :
President Commissioner -
Mr. Chiu Chin Chen
Commissioners -
a. Mr. Chiu Chin Chu
b. Mrs. Chiu Mei Hsiu
Signatories :
President Director (Mr.
Chiu Wen Ching) or one of the Directors (Mr. Chiu Wen Li, Mr. Chiu Chung Jen,
Mrs. Yen Lai Ching or Mrs. Chiu Mei Ling) which must be approved by Board of
Commissioners.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. INDUSTRI PERIKANAN
TERPADU CHIU SHIH (P.T. IPTCS) was established in Denpasar, Bali in July 1996
with the authorized capital of US$ 2,000,000.- of which US$ 1,000,000 was
issued and fully paid up. The founding shareholders of the company are CHIUH
SHIH INTERNATIONAL OCEANIC DEVELOPMENT ENTERPRISE CO.,LTD, Mr. Chiu When Ching,
Mr. Chiu Wen Li, Mr. Chiu Chung Jen and Mrs. Yen Lai Chin, all are from
Taiwan. The Articles of association has
been approved by the Minister of Law and Human Rights through Decision Letter
No. C2-2180 HT.01.01.TH.97 dated March 31, 1997. The Company’s article of association has been
amended for several times. In December 1999, the issued capital was raised to
US$ 2,000,000 fully paid up. The capital structures and shareholder composition
of P.T. IPTCS in details are as shown on page-3 of this report.
P.T. IPTCS
obtained a Domestic Capital Investment (PMA) facility issued by the Capital
Investment Coordinating Board (BKPM) to deal with integrated fishery industry
by managing a coldstorage/plant located at Jalan Tuna Raya Barat II, Benoa
Seaport, Denpasar, Bali on a land of 10,500 square meters having been in
commercial operation since 1997. The plant has frequently been expanded to
increase its annual production capacity. According to its license from the
BKPM, the plant has annual production capacity of 5,260 tons of fresh fishes,
160 tons of frozen fishes, 160 tons of processed fishes and 21,600 tons of
dried fishes. The development of the plant has absorbed an investment of US$
11.0 million coming from own capital of US$ 2.0 million while the rest from
loans. To support the continuous supply of tuna fish as the basic materials the
company owns and operates 21 units of long line ships sized 60 GT to 150 GT and
the company is also in cooperation with fishermen in Denpasar, Bali. The fish
catching area of P.T. IPTCS is ZEEI Hindia Ocean bordered in East with 120”000’ East longitude towards West
until 06” 00’ North latitude and ZEEI Pacific Ocean bordered with coordinate
point 127”00’ West longitude. Miss Rita, an administrative staff of P.T. IPTCS
said that some 80% of the products are exported to various countries including
Japan, Australia, Hong Kong, Singapore and USA while the rest is locally
marketed.
We observe that
P.T. IPTCS is classified as a medium-sized company in the country particularly
in Denpasar, Bali dealing with integrated fishery industry of which the
operation has been running smoothly and fluctuating in the last five years.
Generally,
demand for cold storage and frozen seafood processing industry and exporting
has been growing some 10% to 12% per year in the last five years in line with
the growth of international hotels, sea food restaurant, food court,
supermarkets, hypermarkets and other fishes retail shops. In the coming years, the growth rate of
demand is estimated at about 6% to 8% per annum. The present market situation
for fish processing and canning industry is very competitive for a large number
of similar companies operating in the country.
Pursuant to
media local, in 2012 Bali`s exports of tuna fish
dropped 20.29 percent year-on-year to US$42.86 million in the first seven
months of the year. The fall in the export earning followed a 28.02 percent
decline in the export volume from 10,451.9 tons to 7,523.8 tons in the same
period, I Ketut Teneng, the chief spokesman of the provincial administration,
said. Japan has been the main export
destination for fresh and frozen tuna from Bali with a smaller part to Europe,
I Ketut Teneng said here on Wednesday.
He attributed the decline to weak demand from Japan which has not yet
fully recover from last year’s tsunami and shrinking production. P.T. IPTCS is considered to be in a favorable
business position in view of the company's experience in the above
business.
Until this time P.T. IPTCS
has not been registered with Indonesian Stock Exchange, so that they shall not
obliged to announce their financial statement. The management of P.T. IPTCS is
very reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2010 amounted to Rp.
228.0 billion increased to Rp.240.0 billion in 2011 and declined to Rp. 228.0
billion in 2012. It’s projected to go on
rising again by at least 5% in 2013. The operation in 2012 yielded an estimated
net profit of at least Rp. 15.3 billion and the company has an estimated total
net worth of at least Rp. 120.0 billion. 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. IPTCS is headed by Mr. Chiu Wen Ching (48), a businessman of Taiwan
with more than 16 years experience in integrated fishery industry. In his daily
activities, he is assisted by Mr. Chiu Wen Li (47), Mr. Chiu Chung Jen (41),
Mrs. Yen Lain Chin (62) and Mrs. Chiu Mei Ling (45) respectively as director.
The management is handled by professional
managers having wide relation with private businessmen of home and
overseas as well as with the government sectors. So far, we did not hear that the management of the company having been
involved in business malpractices 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. IPTCS is
sufficiently fairly good for business transaction. But owing to economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.