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Report No. : |
309265 |
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Report Date : |
27.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FUGUI FLOUR &
GRAIN INDONESIA |
|
|
|
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Registered Office : |
Jl. Raya Sukomulyo Km.
24, Kav. 5, Manyar, Gresik 61151, East Java |
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Country : |
Indonesia
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Date of Incorporation : |
08.07.2005 |
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Com. Reg. No.: |
AHU-AH.01.10-20382 |
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Wheat
Flour Mills Industry |
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No. of Employees : |
1,820 |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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, 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 |
BASIC
SEARCH
|
Name
of Company :
P.T.
FUGUI FLOUR & GRAIN INDONESIA
A
d d r e s s :
Head
Office & Factory
Jl. Raya Sukomulyo
Km. 24, Kav. 5
Manyar, Gresik 61151
East Java
Indonesia
Phones - (62-31) 7095 6989, 3990547
Fax - (62-31) 3930679
Land Area - 5.5 hectares
Building Area - 2.3 hectares
Region - Industrial Zone
Status - Owned
Date of Incorporation :
08
July 2005
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C-25137 HT.01.01.TH.2005
Dated
12 September 2005
b. No. AHU-86497.AH.01.02.Tahun 2008
Dated 17 November 2008
c. No.
AHU-AH.01.10-20382
Dated
16 November 2009
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
a. The Department of Finance
NPWP No. 02.193.052.4-057.000
b. The Investment Coordinating Board
No. 262/I/PMA/2005
Dated 29 March 2005
Affiliated/Associated
Companies :
a. FUGUI FLOUR & GRAIN (Hongkong) Ltd., of Hong
Kong (Investment Holding)
b. YU HONG ENTERPRISES Ltd., of British Virgin Islands
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - US$. 12,500,000.- (Rp. 117,812,500,000.-)
Issued Capital - US$. 12,500,000.- (Rp.
117,812,500,000.-)
Paid up Capital - US$. 12,500,000.- (Rp.
117,812,500,000.-)
Shareholders/Owners
:
a. FUGUI FLOUR & GRAIN (Hongkong) Ltd. - US$. 12,490,000.- (99.92%)
Address : Suites 2012-13 LT 20TWO
Pacific Place 88
Queensway – Hong Kong
Indonesia
b. YU HONG ENTERPRISES Ltd., - US$.
10,000.- ( 0.08%)
Address : PO BOX 957 Road Town Tortola
British Virgin Islands
BUSINESS
ACTIVITIES
|
Lines
of Business :
Wheat
Flour Mills Industry
Production
Capacity :
Wheat Flour - 324,000 tons p.a.
Total
Investment :
a. Equity Capital - US$. 12,500,000
b. Loan Capital - US$. 25,000,000
c. total Investment - US$. 37,500,000
Started
Operation :
May
2007
Brand
Name :
FUGUI
Technical
Assistance :
FUGUI FLOUR & GRAIN (Hong Kong) Ltd., of Hong
Kong
Number
of Employee :
1,820
persons
Marketing Area :
Local -
100%
Main Customers :
a. P.T. KARUNIA ALAM SEGAR (Mie Sedaap) – Gresik,
East Java
b. P.T. PRAKARSA ALAM SEGAR (Mie Sedaap) - Jakarta
Market Situation :
Very Competitive
Main Competitors :
a. PT. ISM Bogasari Flour Mills
b. PT. Eastern Pearl Flour Mills
c. PT. Sriboga Ratu
Raya flour Mills
d. PT. Panganmas
Inti Persada
e. PT. Purnomo
Sejati Flour Mills, etc
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T.
Bank NEGARA INDONESIA Tbk.
Jalan Rajawali
No. 10
Surabaya, East Java, Indonesia
b. P.T.
Bank MANDIRI Tbk.
Jalan Slompretan No. 43
Surabaya, East Java, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Income (estimated) :
2010
– Rp. 1,040.0 billion
2011
– Rp. 1,160.0 billion
2012
– Rp. 1,290.0 billion
2013
– Rp. 1,440.0 billion
2014
– Rp. 1,620.0 billion
Net
Profit (estimated) :
2010
– Rp. 68.0 billion
2011
– Rp. 76.0 billion
2012
– Rp. 84.5 billion
2013
– Rp. 93.8 billion
2014
– Rp.105.0 billion
Payment
Manner :
Almost
promptly
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
Director -
Mr. Ir. Kayata Abadi
Board of Commissioners :
Commissioner - Mr. Utomo Tanto
Signatories :
Director
(Mr. Ir. Kayata Abadi) which must be approved by Board of Commissioners (Mr.
Utomo Tanto)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. FUGUI FLOUR & GRAIN INDONESIA (P.T. FFGI) was
established on July 8, 2005 with an authorized capital of US$.12,500,000.- (Rp. 117,812,500,000.-)
entirely was issued and fully paid up.
The founding shareholders of the company are FUGUI FLOUR & GRAIN (Hong
Kong) Ltd., of Hong Kong (99.92%) and YU HONG ENTERPRISES Ltd., of British
Virgin Islands (0.08%). The Deed of
establishment was approved by the Minister of Law and Human Rights through its
Decree No. C-25137 HT.01.01.TH.2005 dated September 12, 2005. Initially, the composition of the board of
directors and the board of commissioners shall be as follows:
President Director - Mr. Utomo Tanto
Director -
Miss Tin Wai Ting
President Commissioner - Mr. Cheung Sik Fei
Commissioner - Mrs. Cheung Oi Gyn
On August 8, 2008 the composition of the board of
directors and the board of commissioner was changed. The amendment to Deed has obtained
registration number from the Department of Law and Human Rights under No. AHU-86497.AH.01.02.Tahun
2008 dated November 17, 2008.
Composition of the board of directors and the board of commissioner
shall be as follows:
President
Director - Mr. Thomas
Suseno
Director - Mr. Ir.
Kayata Abadi
President
Commissioner - Mr. Ronald
Suciawan
Commissioner - Mr. Utomo Tanto
Latest
on September 8, 2009 the composition of the board of directors and the board of
commissioner was changed. But, no
changes have been effected in term of its shareholding composition and capital
structures to date. The amendment to
Deed has obtained registration number from the Department of Law and Human
Rights under No. AHU-AH.01.10-20382 dated November 16, 2009. Latest composition
of the board of directors and the board of commissioner shall be as follows:
Director - Mr. Ir.
Kayata Abadi
Commissioner - Mr. Utomo Tanto
We are extremely difficult to trace or investigate the
shareholders of FUGUI FLOUR & GRAIN (Hong Kong) Ltd., as this company is
incorporated under law of the Republic of Hong Kong. But we allege or estimate that the owners of this
company are Mr. Johannes Ferdinand Katuari AKA Oen Jong Khing and
Mr. Harjo Sutanto AKA Tan Siek Miauw, both are the founders and majority
business stakes owners of the WINGS Group, a large business group specializing
in detergent product industry in the country.
P.T. FFGI was
established within the framework
of foreign investment (PMA),
which has received permit from the Investment Coordinating Board (BKPM)
in 2005 in the field of wheat
flour industry. The company operates
a plant located at Jl. Raya Sukomulyo Km. 24 Kav. 5, Manyar, Gresik 61151, East
Java situated on 25 km north from Surabaya city. According to business permit
issued by the BKPM,
its production capacity of 270,000
tons of wheat flour per annum or 1,000 tons per
day. The plant has absorbed an investment of US$
37.5 million come from owned capital of US$ 12.5 million and the rest come from
loans. The company has been operating since May 2007 and the annual production
capacity of the plant has frequently been expanded. Today, the plant has annual
production capacity of 324,000 tons of wheat flour per annum. Main customers of the company are instant
noodle manufacturing such as; Mie Sedaap (produced by PT. Karunia Alam Segar - Gresik and PT. Prakarsa Alam Segar - Jakarta), both
are the member of WINGS Group, a large-size business group in Indonesia. Mie Sedaap, an Indonesia’s second largest
instant noodles after Indomie (produced by PT. ISM Bogasari Flour Mills). We observed that P.T. FFGI 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.
We note that generally the domestic demand for wheat
flour has kept on increasing in the last five years. The increasing demand was
in keeping with the development and growth of domestic industries processing
food materials like instant noodles, bread, biscuit, etc. from wheat flour as
the main raw material. However since 2008, the wheat flour industries have
facing problem because there are lot of cheap wheat flour imports marketed in
the country especially from Turkey. Indonesian Flour Producers Association
(APTINDO) has accused flour importers of intervening with the Government to
avoid imposition of antidumping duties against flour from Turkey. Cheap flour
imported from Turkey continued to flood the Indonesian market has brought bad
impact to the Indonesian producer of wheat flour industries.
Besides that, competition is very sharp in the wheat
flour trade with 15 companies now operating in this industry in Indonesia and
the largest are PT. ISM Bogasari Flour Mills (4,338,000 tons per annum), PT.
Eastern Pearl Flour Mills, (675,000 tons per annum), PT. Sriboga Ratu Raya
Flour Mills (420,000 tons per annum), PT. Fugui Flour & Grain Indonesia
(324,000 tons per annum), PT. Pundi Kencana (324,000 tons per annum), PT.
Panganmas Inti Persada (300,000 tons per annum and PT. Cerestar Flour Mills
(150,000 tons per annum).
Until this time P.T. FFGI has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. We observed that total sales turnover of the company in
2012 amounted to Rp. 1,290.0 billion increased to Rp. 1,440.0 billion in 2013
rose again to Rp. 1,620.0 billion in 2014 and projected to go on rising by at
least 8% in 2015. The operation in 2014 yielded an estimated net profit of at
least Rp. 105.0 billion and the company has an estimated total networth of at
least Rp. 560.0 billion. We observe that
P.T. FFGI is supported by foreign partner with has financially strong and sound
behind it and the WINGS Group of Indonesia. 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.
P.T. FFGI's management headed by Mr. Ir. Kayata Abadi
(60), a professional manager having experienced for more than 7 years in wheat
flour mills industry. He is a former commissioner of PT. Bank CENTRAL ASIA
Tbk., one of the largest private banks in Indonesia. In daily operations, he is assisted by Mr.
Utomo Anto (47) as commissioner and a number of professional staff, having
maintained a wide business relation with private businessmen at home and abroad
as well as with government sector. So far, we did not hear that the company’s
management involved in the business malpractices or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia.
We appraise that P.T. FUGUI FLOUR & GRAIN INDONESIA is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.96.24 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
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 |
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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.