|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MIWON |
|
|
|
|
Registered Office : |
Jl. Perintis
Kemerdekaan No. 1-3 Pulogadung, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
09.11.1973 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Subject is
engaged in integrated food seasoning processing. |
|
|
|
|
No. of Employees |
909 |
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 |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
P.T. MIWON INDONESIA
Head Office
Jl. Perintis
Kemerdekaan No. 1-3
Pulogadung,
Jakarta Timur
Jakarta 13260
Indonesia
Phones -
(62-21) 4786 3124 (hunting)
Fax - (62-21) 4786 3146
Email - headoffice@miwonindonesia.co.id
Website - http://www.miwonindonesia.co.id
Building Area - 3 storey
Office Space - 48sq. meters
Region - Commercial
Status - Owned
Factory
Kec. Driyorejo
Km. 24
Kab. Gresik 6177
East Java
Phones -
(62-3) 7507888, 7590040
Fax - (62-3) 7507595, 7590039
Land Area - 34.0 hectares
Building Area - 12.8 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
09 November 1973
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Laws and Human Rights
a. No.
Y.A.5/348/4
Dated 26 April 1973
b. No.
C2-9041.HT.01.04.Th.95
Dated 27 July 1995
c No.
AHU-393311.02.Tahun 2008
Dated 8 July 2008
d No.
AHU-AH.01.10-25319
Dated 21 June 2013
Company Status
:
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The President
of the Republic of Indonesia
No. B/32/Pres/4/1973
Dated 26 April 1973
b. The Capital
Investment Coordinating Board
- No. 28/II/PMA/1980
Dated 10 December 1980
- No. 2/II/PMA/1985
Dated 9 January 1985
- No. 50/III/PMA/1987
Dated 3 March 1987
- No. 47/II/PMA/1987
Dated 19 August 1987
- No. 6/II/PMA/1989
Dated
1 March 198
- No. 94/II/PMA/1993
Dated 17 September 1993
- No. 82/II/PMA/1995
Dated 19 April 1995
- No. 18/II/PMA/1996
Dated 23 January 1996
Holding
Company :
DAESANG
CORPORATION of South Korea (Investment holding)
Affiliated/Associated
Companies :
a. P.T. JICO
AGUNG (Trading and Investment holding)
b. P.T. MIWON
AGROKENCANA SAKTI (Corn Plantation)
c. P.T. ANEKA
BOGA NUSANTARA (Food and Beverage Industry)
c. P.T. SINTANG
RAYA (Palm Oil Plantation)
d. Etc.
Capital Structure
:
Authorized Capital - Rp.
250,000,000,000.-
Issued Capital - Rp.
158,149,550,000.-
Paid up Capital - Rp.
158,149,550,000.-
Shareholders/Owners
:
a. Daesang Corporation of South Korea - Rp. 132,697,300,000.- (83.91%)
b. PT. Jico Agung of Indonesia - Rp.
25,349,000,000.-
(16.03%)
c. Others -
Rp. 103,250,000.- ( 0.06%)
Lines of
Business :
Integrated Food
Seasoning Processing
Production
Capacity :
A. Initial Units
a. Glutamic Acids - 45,000 tons p.a
b. Monosodium Glutamates - 45,000 tons p.a.
c. Caustic Soda - 12,000 tons p.a.
d. Chloride Acids (HCL) - 10,500 tons p.a.
e. Organik Fertilizers -
180,000 kiloliters p.a.
f. Gypsums - 1,800 tons p.a.
g. Bleaches - 1,500 kiloliters p.a.
h. Porcelain Cleaners - 1,200 kiloliters p.a.
i. Spice Liquid - 6,000 tons p.a.
j. Tomato Sauces -
6,000 tons p.a.
k. Seaweads - 620 tons p.a.
l. Mineral Waters - 50 million liters p.a.
m. DOC - 40
million heads p.a.
n. Flex - 3,500
tons p.a.
o. Animal Feeds -
300,000 tons p.a.
B. Expansion Units
a. Glutamic Acid -
12,000 tons p.a.
b. Liquid Organic Fertilizers - 48,000 tons p.a.
c. Gypsum - 480 tons p.a.
Total
Investment :
A. Initial Units
a. Equity Capital -
Rp 14.3 million
b. Loan Capital -
Rp 91.0 million
c. Total Investment -
Rp 105.3 million
B. Expansion Units (1996)
a. Equity Capital -
Rp 21.0 million
b. Loan Capital -
Rp 31.3 million
c. Total Investment -
Rp 52.3 million
Started
Operation :
1 9 7 6
Brand Name :
MIWON INDONESIA
Technical
Assistance :
Daesang
Corporation of South Korea
Number of
Employee :
909 persons
Marketing Area
:
a. Local (Domestic) - 74%
b. Export - 26%
Main Customers
:
a. Supermarket,
Hypermarket and Mini-markets
b. Traditional markets
c. Overseas buyer
in Asia, Europe, Africa, Middle East and Australia
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Sasa
Indonesia
b. PT. Ajinomoto
Indonesia
c. PT. Unilever
Indonesia
d. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank KEB
Indonesia
Wisma GKBI, 20th Floor
Jl. Jend. Sudirman kav. 28
Jakarta Selatan
b. P.T. Bank
WOORI Indonesia
Jakarta Stock Exchange
Building
Jl. Jend. Sudirman Kav. 52-53
Jakarta Selatan
Auditor :
Teramihardja, Pradhono & Chandra
Litigation :
No detrimental filling was recorded in the local courts
Total
Sales/Revenues :
2010 – Rp.
1,121.5 billion
2011 – Rp.
1,253.6 billion
2012 – Rp.
1,402.5 billion
2013 – Rp.
1,592.1 billion
Net Profit
(loss) :
2010 – Rp. 104.5
billion
2011 – Rp. 66.2 billion
2012 – Rp. 100.7
billion
2013 – Rp. 96.4 billion
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Kim, Du-Rean
Directors -
a. Mr. Lee, Sang-Woo
b. Mr. Lim, Duk-Jin
c. Mr. Lim, Chyol-Hee
d. Mr. Sukamso
e. Mr. Lee, Dong-Won
f. Mr.
Kim, Hyun Woo
Board of Commissioners :
President Commissioner -
Mr. Yoo, Chul-Han
Commissioners -
a. Mr. Kim, Keum-Bae
b. Mr. Kim, Gun-Hong
Signatories :
President Director (Mr.
Kim, Du-Rean) or one of the directors (Mr. Liie, Sang-Woo, Mr. Lim, Duk-Jin,
Mr. Lim, Chyol-Hee, Mr. Sukamso, Mr. Lee, Dong-Won or Mr. Kim, Hyun Woo) which
must be approved by Board of Commissioners (Mr. Yoo, Chul-Han, Mr. Kim,
Keum-Bae and Mr. Kim, Gun-Hong)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T.
MIWON INDONESIA (P.T. MI) was established on November 9, 1973 with an
authorized capital of Rp. 673,300,000.- issued capital of
Rp._134,460,000.- of which Rp. 13,446,000.- was paid up. The founding shareholders
of the company are MIWON Co. Ltd., of South Korea and Mr. Kayo Salim, an
Indonesian businessman of Korean extraction. The deed of establishment was
approved by the Ministry of Justice of the Republic of Indonesia in its
decision letter No. Y.A.5/348/4 dated September 21, 1974. In October 1995, the
authorized capital was raised to Rp. 100,000,000,000.- issued capital to Rp.
42,500,000,000.- entirely paid-up. The Company’s article of association has
been amended for several times. In 2008
based on notarial deed of Fathiah Helmi, SH., No. 74 dated May 29, 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-39331.AH.01.02.Tahun 2008 dated July 8, 2008.
In 2010 the authorized capital was
raised to Rp. 250,000,000,000.- of which Rp. 158,149,550,000.- was issued and
fully paid up. Since then, the
shareholders of the company are Daesang Corporation of South Korea (83.91%),
PT. Jico Agung of Indonesia (16.03%) and Others below 1% each (0.06%). Most recently by notarial deed number 26
dated May 22, 2013 drawn up by notary Irene Yulia, SH., the company’s board of
directors and board of commissioner was changed. The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-25319
dated May 22, 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. MI was established within the framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM)
engaged in integrated food seasoning processing industry, such
as Monosodium glutamate (MSG) and Dry glutamic acid. Its plant
located at Jalan Driyorejo Km. 24, Gresik (East Java) over 34 hectares wide
land has expanded frequently for increasing its total production
capacity. Monosodium Glutamate is better
known by the wideer community flavor begins production of 3600 tons per year in
1978. However, the current has reached
more than 50,000 tons per year. Dry
glutamic acid which is a semi-finised products of MSG, its capacity also
increased in line with the development of the current demand capacity reached
12,000 per year. Some 26% of its
products are exported to including Asia, Europe, Africa, Middle East and
Australia, while the rest 74% for domestic purpose. Besides, P.T. MIT has also engaged in
the investment holding, it controls 50% shares of P.T. ANEKA BOGA
NUSANTARA (Ex. P.T. MIWON MINA SAMUDRA) engaged in food and beverage
industry. Product categories include
Seasoning Flour, Wheat Agar-Agar, Seasonings Instant, Instant Powder drinks and
Paste. We noticed that P.T. MI is a large-scale foreign company,
which its operation developed slowly in the last
three years.
Generally
the demand for Indonesian MSG and Dry Glutamic Acid 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 fast foods 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, Mikimoto, Indomoto, Mi Pung and
others. We consider P.T. MI to be in a
quite favorable position for having already got hold of a steady clientele in
the country.
According
to the financial statement of the company having been audited by Tanudiredja,
Wibisana & Rekan, a public accountant, the net sales/revenues of P.T. MI in
2011 amounted to Rp. 1,253.6 billion with a net profit of Rp. 66.2 billion,
increased to Rp. 1,402.5 billion with a net profit of Rp. 100.7 billion in 2012
and rose again to Rp. 1,592.1 billion with a net profit of Rp. 96.4 billion. We estimated the company’s net revenues will
be higher by at least 8% in 2013. So
far, we did not heard that the company having been black listed by the Central
Bank (Bank Indonesia). The financial statement as of December 31, 2011, 2012
and 2013 is attached. So far we did not hear that the P.T. MI has been black
listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court.
The
management of P.T. MI is headed by Mr. Kim, Du-Rean (55) , a professional
manager from South Korea as President Director.
In daily activities, he is assisted by six directors namely Mr. Lee,
Sang-Woo (49), Mr. Lim, Duk-Jin (53), Mr. Lim,Chyol-Hee (46), Mr. Lee, Dong-Won
(41), Mr. Kim, Hyun Woo (47), all of South Korea and Mr. Sukamso (55) of
Indonesia. The company is managed by
experienced professional managers in the above business. They are widely
connected in domestic and foreign private business circles and are also on
quite good terms with the government sector. So far, we did not hear that the
management of the company being filed to the district court for detrimental
cases or involved in business malpractices.
P.T.
MIWON INDONESIA is sufficiently fairly good for business transaction. However,
in view of the economic slowdown and political situation in the country is
warming, we recommend to treat
prudently in extending a loan to the company.
PT. MIWON
INDONESIA AND SUBSIDAIRY
Consolidated Statements of Financial Position
As of December 31, 2011, 2012 and 2013
(in
million Rupiah)
|
DESCRIPTION |
2013 |
2012 |
2011 |
|
A. ASSETS |
|
|
|
|
a. Current Assets |
|
|
|
|
- Cash and cash equivalent |
245,476.3 |
131,942.4 |
89,445.8 |
|
- Time deposit |
-- |
-- |
40,945.6 |
|
- Accounts receivables |
|
|
|
|
* Trade |
257,891.5 |
228,037.2 |
172,459.7 |
|
* Others |
1,247.1 |
1,730.2 |
4,674.2 |
|
- Inventories |
272,390.1 |
233,814.4 |
206,635.2 |
|
- Advances |
1,397.2 |
8,002.2 |
9,948.6 |
|
- Prepaid taxes |
2,954.3 |
8,655.1 |
6,483.3 |
|
- Prepaid expenses |
422.8 |
148.6 |
441.1 |
|
Total Current Assets |
781,779.4 |
612,330.1 |
531,033.5 |
|
b. Non Current Assets |
|
|
|
|
- Investment property, net |
6,487.3 |
7,279.9 |
7,636.3 |
|
- Property, Plant and
equipments |
378,187.2 |
345,259.8 |
269,557.5 |
|
- Other non-current assets |
1,298.5 |
1,363.3 |
1,331.5 |
|
Total Non Current Assets |
385,973.0 |
353,903.0 |
278,524.4 |
|
TOTAL
ASSETS = TOTAL LIABILITEIS AND EQUITY |
1,167,752.3 |
966,233.1 |
809,557.9 |
|
|
|
|
|
|
B. LIABILITIES AND EQUITY |
|
|
|
|
a. Short-term Liabilities |
|
|
|
|
- Short-term loans |
481,855.1 |
371,797.0 |
306,167.3 |
|
- Account payables |
|
|
|
|
* Trade |
97,781.4 |
113,156.0 |
129,896.2 |
|
* Others |
26,136.6 |
16,511.3 |
17,935.0 |
|
- Advances received |
1,899.8 |
924.3 |
988.2 |
|
- Taxes payable |
3,464.1 |
12,557.5 |
6,424.5 |
|
- Accrued expenses |
22,168.1 |
15,053.7 |
15,189.7 |
|
Total short-term
liabilities |
633,305.1 |
529,999.9 |
476,600.9 |
|
b. Long Term Liabilities |
|
|
|
|
- Deferred tax liabilities,
net |
3,950.2 |
4,527.0 |
6,090.2 |
|
- Estimated liabilities for
employee benefit |
21,082.9 |
18,668.4 |
14,512.1 |
|
Total long-term
Liabilities |
25,033.1 |
23,195.4 |
20,602.3 |
|
Total Liabilities |
658,338.2 |
553,195.3 |
497,203.2 |
|
C. EQUITY |
|
|
|
|
- Issued and paid-up
capital |
158,149.6 |
158,149.6 |
158,149.6 |
|
- Additional paid in
capital |
30,116.1 |
30,116.1 |
36,309.0 |
|
- Differences arising from
changes in equity |
(106.6) |
(106.6) |
(106.6) |
|
- Differences in value of
restructuring transaction |
-- |
-- |
(6,192.9) |
|
- Retained Earnings
(deficit) |
299,527.2 |
204,700.9 |
106,682.3 |
|
- Non-controlling interests |
21,727.9 |
20,177.9 |
17,513.3 |
|
Total Equity |
509,414.1 |
413,037.8 |
312,354.6 |
|
D. INCOME STATEMENTS |
|
|
|
|
a. Net Sales |
1,592,121.1 |
1,402,486.0 |
1,253,582.5 |
|
b. Cost of Goods Sold |
(1,292,419.9) |
(1,188,038.7) |
(1,095,708.3) |
|
c. Gross Profit |
299,701.3 |
214,447.2 |
157,874.2 |
|
d. Operating Expenses |
(66,705.3) |
(47,274.8) |
(48,157.8) |
|
e. Operating Profit |
232,996.0 |
167,172.4 |
109,716.4 |
|
f. Other Income (Expenses) |
(102,711.4) |
(30,386.9) |
(20,133.8) |
|
g. Profit before Income Tax |
130,284.6 |
136,785.5 |
89,582.7 |
|
h. Income Tax Expense, net |
(33,908.3) |
(36,102.3) |
(23,417.2) |
|
i. Profit before Minority Interest |
96,376.3 |
100,683.2 |
66,165.5 |
|
j. Minority Interest |
-- |
-- |
-- |
|
k. Net Profit |
96,376.3 |
100,683.2 |
66,165.5 |
Note: Audited by Teramihardja,
Pradhono & Chandra, a public accountant
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.