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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. FOODEX INTI INGREDIENTS |
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Registered Office : |
Jl. Soka Blok F 18 No. 11 & 12,
Kawasan Industri Delta Silicon 3, Lippo Cikarang, Bekasi 17816, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
21.12.1994 |
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Com. Reg. No.: |
No.
AHU-93290.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturer of Food Seasonings, Flavor
Ingredients, Functional Ingredients and Meat Extract |
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No. of Employees : |
280 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
Indonesia ECONOMIC OVERVIEW
Indonesia, a
vast polyglot nation, grew more than 6% annually in 2010-12. 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
fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source : CIA |
P.T. FOODEX INTI INGREDIENTS
Head Office &
Factory
Jl. Soka Blok F 18 No. 11 & 12
Kawasan Industri Delta Silicon 3,
Lippo Cikarang
Bekasi 17816, West Java
Indonesia
Phone -
(62-21) 2928 8650 (hunting)
Fax -
(62-21) 2928 8649
Email - fooded@centrin.net.id
Land Area - 10,800 sq.
meters
Building Space - 8,500 sq. meters
Region - Industrial
Estate
Status - Rent
21 December 1994
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No.
C2-6818.HT.01.01.TH.1998
Dated 30 May 1995
c. No.
C2-9464.HT.01.04.TH.1998
Dated 22 July 1998
d. No.
AHU-93290.AH.01.02.Tahun 2008
Dated 03 December 2008
National Private Company
a. The Department of Finance
NPWP No. 01.713.565.8-414.000
b. The Department of Trade and Industry
TDP No. 10071500905
Dated 20 June 2005
P.T. MITINDO
USAHASEJATI (Trading and Investment Holding)
Capital Structure :
Authorized Capital
- Rp. 3,000,000,000.-
Issued Capital - Rp. 1,000,000,000.-
Paid up Capital - Rp. 1,000,000,000.-
Shareholders/Owners :
a. P.T. MITINDO USAHASEJATI - Rp. 950,000,000.- (95%)
Address : Komplek Mangga Dua
Plaza Blok H/25
West Jakarta
Indonesia
b. Mr. Indirea Surjati - Rp. 50,000,000.- ( 5%)
Address : Jl. Kampung Malela,
RT.01, RW.18
Pancoran,
South Jakarta
Indonesia
Lines of Business
:
Food Seasonings and Flavor Ingredients
Manufacturing
Production
Capacity :
a. Food Seasoning - 12,500 tons p.a.
b. Flavor Ingredients - 10,800 tons p.a.
c. Meat Extracts - 8,500 tons p.a.
Total Investment :
a. Equity Capital - Rp. 20.0 billion
c. Loan Capital - Rp. 40.0 billion
d. Total Investment - Rp. 60.0 billion
Started
Operation :
1995
Brand Name :
FOODEX and REZTO
Technical
Assistance :
None
Number of Employee :
280 persons
Marketing Area
:
a. Local (Domestic) - 80%
b. Export - 20%
Main Customers
:
a. Food Industries
b. Meat Processing Industries
c. Hotel, Restaurant, Café, Catering, etc.
c. Foreign buyers in Africa, United Arab Emirates and South East Asia
Countries
Market Situation :
Competitive
Main
Competitors :
a. PT. Sasa Inti
b. PT. Ajinomoto
Indonesia
c. PT. Miwon
Indonesia
d. PT. Unilever
Indonesia
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Mall Mangga Dua Blok No. 12A
Jl. Mangga
Dua Raya
Jakarta
Pusat
a. P.T. Bank MANDIRI Tbk
Ruko Roxy Blok E No. 1
Jl. M.H.
Thamrin, Lippo Cikarang
Bekasi,
West Java
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 290.0 billion
2010 – Rp. 330.0 billion
2011 – Rp. 380.0 billion
2012 – Rp. 420.0 billion
Net Profit
(estimated) :
2008 – Rp. 18.8 billion
2010 – Rp. 21.4 billion
2011 – Rp. 24.6 billion
2012 – Rp. 27.2 billion
Payment Manner :
Almost Promptly
Financial Comments
:
Satisfactory
Board of
Management :
Director - Mr. Charles Willy Siwi
Board of
Commissioners :
President Commissioner -
Mr. Hendy Rusli
Commissioner - Mr. Sutono Nitisastro
Signatories
:
Director (Mr.
Charles Willy Siwi) which must be approved by Board of Commissioners (Mr. Hendy
Rusli and Mr. Sutono Nitisastro)
Management
Capability :
Good
Business Morality
:
Good
P.T. FOODEX INTI INGREDIENTS (P.T. FII) was
established based on Notarial Deed No. 126 dated December 21, 1994 drawn up by
notary Frans E. Muliawan, SH., with the authorized capital of Rp
1,000,000,000.- of which Rp 500,000,000.- was issued and fully paid up. The
founding shareholders of the company are Mr. Hendry Rusli and his wife Mrs.
Nancy Inggrawati, both are Indonesian entrepreneurs of Chinese extraction. The deed of establishment was approved by the
Minister of Justice of the Republic of Indonesia through Decision Letter No.
C2-6818 HT.01.01.Th.95 dated May 30, 1995.
The articles of association of the company have frequently been revised.
In March 1998, the authorized capital was raised to Rp 3,000,000,000.- of which
Rp 1,000,000,000.- was issued and fully paid up. Concurrently, the founding shareholders
pulled out and replaced by P.T. MITINDO USAHASEJATI (95%) and Mrs. Indira
Surjati (5%). The amendment to Deed has
been approved by the Minister of Justice and Human Rights through its Decision
Letter No. C2-9464 dated July 22, 1998.
Most recently by notarial deed of Notary
Frans Elsius Muliawan, SH., No. 94 dated August 28, 2008 concerning changes of
the whole article of association of the Company’s to conform with Law No. 40
Year 2007 concerning Limited Liability Company. The notarial
Deed has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia through Decree No. AHU-93290.AH.01.02.Tahun 2008 dated December 3,
2008. No changes have been effected in term of its shareholding
composition and capital structures to date.
P.T. FII known by its trading style “Foodex”
has been in operation since 1995 dealing with food seasoning and flavor
ingredients industry. Its plant
located at Jl. Soka Blok F 18 No. 11-12, Kawasan Industri Delta Silicon 3,
Lippo Cikarang, Bekasi, West Java. In
2005, Foodex expanded and built a new capability to produce meat reaction
flavor, one of the key ingredients in making seasoning. In 2008, Foodex has achieved ISO 22000:2005
certification, an international standard of food safety management system. Their products are categorized into four
categories; seasoning, flavor ingredients, functional ingredients and meat
extract. P.T. FII is alliance with
Ghuangzhou Ri-Ri Xiang Food Products Co., Ltd. of China to natural meat
Enhancer. Foodex Meat Enhancer is a
natural yeast extract made through an enzyme hydrolysis and maillard
reaction. P.T. FII guarantees all
products have HALAL certificate authorized by Majelis Ulama Indonesia (MUI).
Some 80% of P.T. FII's products are marketed
domestically (food industries, meat prcessing industries, hotel, restaurant,
cafe and catering services) under Foodex and Rezto brand while the rest 20% are
exported to Africa and United Arab Emirates (noodle seasonings), and South East
Asia Countries (snack seasoning). We observed that
P.T. FII is a medium-sized company of its kind in the country of which the
operation has been growing in the last three years.
Generally the demand for Indonesian food seasoning (MSG), flavor
ingredients and meat extract has been rising by the average 6% to 7% per year
within the last five years, in line with the people's growing consumption of
various foods and drinks particularly restaurant, fast food and snacks. But, as from October 2008, the demand growth
for food products has kept on dwindling as an impact of global economic crisis
as told above. The demand was
increasing in the early 2009 due to economic condition was gradually recovery
in the country. The growth rate is now estimated at 5% to 7% per year. Market
competition is very tight due to a large number of similar companies operating
in the country such as Sasa, Ajinomoto, Miwon, Rayco, Mikimoto, Indomoto and
others. Business position of P.T. FII
is favorable for it has controlled a wide marketing network at home and abroad
and their product has been widely known among consumers in the country.
Until this time P.T. FII has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. Therefore, the company has no obligation
to publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. P.T.
FII’s management is very reclusive to outsider and rejecting to disclose its
financial condition. We estimated that
total sales of the company in 2010 amounted to Rp 290 billion, increased to Rp
330 billion in 2011 to Rp 380 billion in 2012 and rose again to Rp 420 billion
in 2013. The operation in 2013 yielded
an estimated net profit of at least Rp 27.2 billion. It is estimated the company has a total net
worth at least Rp 220 billion. So far we
have never heard that the company registered with the black list of Bank of
Indonesia (Central Bank) or involved in the civil case that settled through the
local court.
The management of P.T. FII is headed by Mr. Charles Willy Siwi (62) as
Director and CEO of the company, a businessman who experienced for more than 20
years in the field of food seasoning industry and trading. In daily activities, he is assisted by his
business partners Mr. Hendy Rusli (60) as President Commissioner and Mr. Sutono
Nitisastro (61) as Commissioner. We observed that the company's management is
handled by professional staffs 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 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. FOODEX INTI INGREDIENTS is appraised to be good for
business transaction. However, in view
of the 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.61.59 |
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UK Pound |
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
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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 |
-- |
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.