|
Report No. : |
323921 |
|
Report Date : |
30.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TROUW NUTRITION
INDONESIA |
|
|
|
|
Registered Office : |
MM2100 Industrial Town, Jalan Selayar Block A3 No. 2, Cikarang Barat, Cibitung Bekasi, 17845, West Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
01.05.2007 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-11664 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Animal
Health Manufacturing |
|
|
|
|
No. of Employees : |
87 |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
TROUW NUTRITION INDONESIA
A
d d r e s s :
Head Office & Factory
MM2100
Industrial Town
Jalan
Selayar Block A3 No. 2
Cikarang
Barat, Cibitung
Bekasi,
17845
West
Java
Indonesia
Phones -
(62-21) 8998 3325, 8998 3359, 8998 3361
Fax -
(62-21) 8998 3326
E-mail - info@trouwnutrition.co.id
Website - http://www.trouwnutrition.co.id
Land Area - 17,000 sq.
meters
Building Space - 12,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
1
May 2007
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. W7-05918 HT.01.01.TH.2007
Dated 29 May 2007
- No. AHU-38151.AH.01.02.TH.2010
Dated 2 August 2010
- No. AHU-AH.01.10-11664
Dated 18 March 2014
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.193.183.7-057.000
The Department of Industry and Trade
TDP
No. 090311552775
Dated
18 June 2007
The Capital Investment Coordinating
Board
No.
498/I/PMA/2007
Dated
24 April 2007
Related
Companies :
a. NUTRECO INTERNATIONAL B.V., (Investment
Holding)
b. NUTRECO INVESTMENTS B.V., (Investment
Holding)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
5,000,000.-
Issued
Capital :
US$ 2,000,000.-
Paid
up Capital :
US$ 2,000,000.-
Shareholders/Owners
:
a. NUTRECO INTERNATIONAL B.V. - US$
1,980,000.-
Address : Veerstraat 38
5831 JN Boxmeer
Indonesia
b. NUTRECO INVESTMENTS B.V. - US$ 20,000.-
Address :
Veerstraat 38
5831 JN Boxmeer
Indonesia
BUSINESS ACTIVITIES
|
Lines
of Business :
Animal
Health Manufacturing
Production
Capacity :
Animal
Health -
5,000 tons p.a.
Total
Investment :
a.
Equity Capital - US$ 2.0 million
b. Loan Capital - US$ 3.0 million
c. Total Investment - US$ 5.0 million
Started
Operation :
2008
Brand
Name :
Trouw
Nutrition Indonesia
Technical Assistance
:
None
Number of Employee :
87 persons
Marketing Area :
Local - 100%
Main Customer :
Livestock
Market Situation :
Very Competitive
Main Competitors :
a. P.T. FKS MULTI AGRO
Tbk
b. P.T. LUXE UTAMA
INDONESIA
c. P.T. NUSANTARA
FEED INDONESIA
d. P.T. SURYA HIDUP
SATWA Tbk
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a.
ABN AMRO Bank N.V.
Indonesia
Stock Exchange Building
Jalan
Jend. Sudirman Kav. 50-51
Jakarta
Selatan
Indonesia
b.
DEUTSCHE Bank AG
Wisma
Deutsche Bank
Jalan
Imam Bonjol 85
Jakarta
Pusat
Indonesia
c.
P.T. Bank CENTAL ASIA Tbk
Jalan
Jend. Sudirman Kav. 22-23
Jakarta
Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 118.0 billion
2013
– Rp. 125.0 billion
2014
– Rp. 138.0 billion
Net
Profit (estimated) :
2012
– Rp. 9.4 billion
2013
– Rp. 11.0 billion
2014
– Rp. 13.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Haiko Wirtje Zuidhoff
Vice President Director -
Mr. Nabil Chinniah
Director -
Mr. Eka Suhartono
Board of Commissioners :
President Commissioner - Mr. Hendrikus Van Westendorp
Commissioners - a. Mr. Hugues Le Ruz
b. Mr. Laurent Henri Marie Genet
Signatories :
President
Director (Mr. Haiko Wirtje Zuidhoff) or Vice President Director (Mr. Nabil
Chinniah) or the Director (Mr. Eka Suhartono) which must be approved by Board
of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Based on search and investigation result the correct name
of the Subject is P.T. TROUW NUTRITION INDONESIA not P.T. NUTRITION INDONESIA
as stated in your order ref. no. 323921 dated 21 May 2015.
P.T. TROUW NUTRITION INDONESIA (P.T. TNI) was established
in Bekasi, West Java based on notary deed Mr. Gunawan Santoso Muljadi, SH., no.
1 dated 1 May 2007 with an authorized capital of US$ 5,000,000 issued capital
of US$ 2,000,000 entirely paid up. The founding and shareholders of the company
originally are NUTRECO INTERNATIONAL B.V., and HENDRIX INTERNATIONAL
INVESTMENTS B.V., both of are of Netherlands. Its article of association had
been changed a couple of times. In July 2010 HENDRIX INTERNATIONAL INVESTMENTS
B.V., pulled out and into the company entered by NUTRECO INVESTMENTS B.V., of
Netherlands as new shareholder. With this time the composition of its
shareholders has been changed to become NUTRECO INTERNATIONAL BV., (99%) and
NUTRECO INVESTMENTS B.V., (1%). The latest according to revision of notary deed
Mrs. Irene Yulia, SH., in February 2014 the company board of director and the
board of commissioner had been changed. The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-11664 dated March 18, 2014.
P.T. TNI has obtained Foreign Investment (PMA) company
facility to deal with animal health manufacturing. Its plant is located at
MM2100 Industrial Town, Jalan Selayar Block A3 No. 2, Cikarang Barat, Bekasi,
West Java standing on a land of 17,000 sq. meters. P.T. Trouw Nutrition
Indonesia supplies a wide range of innovative nutritional products and services
for livestock and aquaculture industry and it is the largest manufacturers of
premix, vitamin and minerals for livestock and aquaculture in Indonesia. The
company produces of animal health among others are Premix, Basemix, Feed
Additives and Animal Health Products. The company produces the animal health
products for poultry, ruminants, pigs and aquaculture. According information
the whole products marketed locally to various poultry farming, animal feed
manufacturing among others P.T. QL AGROFOOD, P.T. QL FEED INDONESIA, P.T. QL
TRIMITRA, P.T. GOLD COIN INDONESIA, P.T. WIRIFA SAKTI, P.T. WONOKOYO JAYA
CORPORATION, P.T. USAHA TANI MAJU, P.T. PAECO AGUNG and others. We observe the
operation of P.T. TNI has been growing and developing well in the last three
years.
The demand for animal health, animal feed, fish meal,
fish oil and feather meals had been rising by 8% to 10% 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 2007 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. Beside that the
competition is very tight due to a large number of similar companies operating
in the country. The feed production in Indonesia in 2011 amounted at 11.3
million tons increased to 12.7 million tons in 2012. Increasing demand for meat
and eggs has seen driving domestic feed production.
The business position of P.T. TNI is appraised to be
favorable for having established wide marketing networks within the country.
This has encouraged expansion and entry of new players to feed industry. It’s
projected the demand for fish meal, fish oil and feather meals will be rising
in the future at least 6% per annum.
DOC (Day Old Chicken), Meat and Eggs production, 2012 –
2015*
|
Products |
2012 |
2013 |
2014 |
2015* |
|
DOC (Million Birds) |
1.800.000 |
2.200.000 |
2.500.000 |
3.000.000 |
|
Meat (Million Metric
Tons) |
2.691 |
2.852 |
3.023 |
3.210 |
|
Eggs (Million Metric
Tons) |
1.541 |
1.634 |
1.737 |
2.046 |
Until this time P.T. TNI has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. TNI is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total sales turnover of the company in 2012 amounted to Rp. 118.0 billion
increased to Rp. 125.0 billion in 2013 rose to Rp. 138.0 billion in 2014 and
projected to go on rising by at least 6% in 2015. The operation in 2014 yielded
an estimated net profit of at least Rp. 13.2 billion and the company has an
estimated total networth of at least Rp. 55.0 billion. We observe that P.T. TNI
is supported by foreign partner with has financially strong and sound behind
it. 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. TNI is led by Mr. Haiko Wirtje
Zuidhoff (51) a professional manager with experience in animal health
manufacturing. The company's management is handled by professional staff 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. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. P.T. TROUW NUTRITION INDONESIA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
-- |
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.