MIRA INFORM REPORT
|
Report No. : |
341508 |
|
Report Date : |
28.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FRISIAN FLAG INDONESIA |
|
|
|
|
Formerly Known As : |
P.T. FRIESCHE VLAG INDONESIA |
|
|
|
|
Registered Office : |
Jl. Raya Bogor Km.
5 Pasar Rebo, Jakarta 13760 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.10.1968 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-11540 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject produces sweet condensed milk,
liquid milk and powdered milk. It also produces infant foods, yoghurt,
cereals, ice cream mixes. |
|
|
|
|
No. of Employees : |
1,720 Persons |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
BASIC
SEARCH
Name
of Company :
P.T.
FRISIAN FLAG INDONESIA
Address
:
Head
Office & Factory
Jl. Raya Bogor Km. 5
Pasar Rebo, Jakarta
13760
Indonesia
Phones - (62-21) 8400611 (10 lines),
8410945
Fax. -
(62-21) 8400225
Email - info@frislandfoods.com
Website - http://www.frislandfoods.com
Land Area -
3.8 hectares
Building Space - 1.2 hectares
Region -
Industrial Zone
Status -
Owned
Ciracas
Plant
Jl. Raya Bogor Km. 26
Ciracas, Jakarta
13740
Indonesia
Phones - (62-21) 871 0511, 8770 0975, 8770
1002
Fax. -
(62-21) 871 0515
Land Area -
2.2 hectares
Building Space - 1.0 hectares
Region -
Industrial Zone
Status -
Owned
Date of Incorporation :
18
October 1968 as P.T. FRIESCHE VLAG INDONESIA, changed its name to P.T. FRISIAN
FLAG INDONESIA, on May 2, 2002.
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No. AHU-16690.AH.01.02.Tahun 2009
Dated 29 April 2009
b. No. AHU-AH.01.10-13573
Dated 20 August 2009
c. No.
AHU-AH.01.10-22767
Dated 21 June 2012
d. No.
AHU-AH.01.10-22767
Dated 21 June 2012
e. No.
AHU-AH.01.10-11540
Dated 18 March 2014
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
a. The
Department of Finance
NPWP No. 01.000.168.3-092.000
b. The President of the Republic of
Indonesia
No.
B-95/Pres/8/1968
Dated
5 August 1968
c. The
Capital Investment Coordinating Board
- No.
350/DJAI/IUT-I/PMA/XII/1981
Dated 11 December
1981
- No. 01/II/PMA/1983
Dated 10 January 1983
- No. 09/VI/PMA/1984
Dated 07 February 1984
- No. 1528/III/PMA/2001
Dated 19 November 2001
- No. 999/III/PMA/2003
Dated 28 August 2003
- No. 02/31/II/PMA/2004
Dated 25 February 2004
- No. 1390/III/PMA/2006
Dated 10 October 2006
Affiliated
Companies :
a.
P.T.
BAHTERA WIRANIAGA INTERNUSA (Investment Holding)
b.
FRISIAN
FLAG SINGAPORE (Holding) Pte. Ltd. (Investment Holding)
c.
FRISIAN
FLAG SINGAPORE (Services) Pte Ltd. (Investment Holding)
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized Capital - US$. 24,440,000.- (Rp. 7,478,640,000.-)
Issued Capital - US$. 24,440,000.- (Rp. 7,478,640,000.-)
Paid up Capital - US$. 24,440,000.- (Rp. 7,478,640,000.-)
Shareholders/Owners
:
a. P.T. BAHTERA WIRANIAGA INTERNUSA - US$ 1,222,000.- ( 5%)
Address : Jl. Jatinegara Barat No. 124
Jakarta 13320
Indonesia
b. FRISIAN FLAG SINGAPORE (Holding) Pte Ltd. - US$ 17,108,000.- (70%)
Address : 61 Quality Road,
Jurong
Industrial Estate
Singapore
618818
c. FRISIAN FLAG SINGAPORE (Services) Pte Ltd. - US$
6,110,000.- (25%)
Address : 61 Quality Road
Jurong
Industrial Estate
Singapore
618818
BUSINESS
ACTIVITIES
Lines
of Business :
Milk
and Infant Food Processing Industry
Production
Capacity :
a.
Condensed Sweetened Milks -
120,000 tons p.a.
b. Milk Powders
- 25,000 tons p.a.
c. Liquid Milk
d. Infant Foods
e. Beverages -
25,000 tons p.a.
f. Ice Creams Powders
g. Yoghurts
Total
Investment :
a. Equity Capital -
US$ 24.4 million
b. Loan
Capital - US$ -- million
c. Total
Investment - US$ 24.4 million
Started
Operation :
1970
Brand
Name :
CAP
BENDERA
Technical
Assistance :
Friesland
Brands B.V., of the Netherlands
Number
of Employee :
1,720
persons
Marketing
Area :
a. Domestic - 95%
b. Export -
5%
Main
Customers :
a.
P.T. TOSARI MULYA as a sold distributor
b.
Supermarkets and Hypermarkets
c.
Mini-markets and Traditional Markets
d.
Food and Beverages Retails
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Indolakto
b.
PT. Unilever Indonesia
c.
PT. Ultrajaya Milk Industry
d.
PT. Diamond Cold Storage
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B a n k e r s :
a.
P.T. Bank CENTRAL ASIA Tbk.
Gedung Chase Plaza
Jl. Jend. Sudirman Kav. 21
South Jakarta
b.
The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
South Jakarta
c.
CITIBANK N.A.
Citibank Tower
Jl. Jend. Sudirman Kav.
54-55
South Jakarta
Auditor
:
Siddharta &
Widjaja (Registered Public Accountants), a member of KPMG)
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Net
Sales/Revenues :
2010
– Rp. 6,620.1 billion
2011
– Rp. 6,627.0 billion
2012
– Rp. 7,119.5 billion
2013
– Rp. 8,398.6 billion
2014
– Rp. 9,406.0 billion (estimated)
Net
Profit (loss) :
2010
– Rp. 542.3 billion
2011
– Rp. 426.3 billion
2012
– Rp. 430.6 billion
2013
– Rp. 379.7 billion
2014
– Rp. 425.0 billion (estimated)
Total
Assets :
2010
– Rp. 1,897.6 billion
2011
– Rp. 2,052.9 billion
2012
– Rp. 2,692.4 billion
2013
– Rp. 3,078.8 billion
2014
– Rp. 3,448.0 billion (estimated)
Payment
Manner :
No Complaints
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Marco Lambertus Spits
Directors -
a. Mrs. Sri Megawati
b. Mr. Henri Patrick Van Deraa
c. Mr.
Danny Chew Kar Wai
d. Mr. Jan Frederik Wegenaar
e. Mr. Tom Cornelis Gerardus Van Der
Board of Commissioners :
President Commissioner - Mr. Budi Soetantyo
Commissioners - a. Mr. Cahyadi Heriantio
b. Mr. Foo Swee Leng
c. Mr. Freek Rijna
d. Mr. Carnelis Christiaan T. Hart
e. Mr. Peter Van Der Hoek
Signatories :
President
Director (Mr. Marco Lambertus Spits) or one of the Directors (Mrs. Sri
Megawati, Mr. Henri Patrick Van Deraa, Mr. Danny Chew Kar Wai, Mr. Jan Frederik
Wevenaar or Mr. Tom Cornelis Gerardus Van Der) which must be approved by
President Commissioner (Mr. Budi Soetantyo) and one of the commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
Initially named P.T. FRIESCHE VLAG INDONESIA,
it was established on 18 October 1968 with the authorized capital of US$
1,750,000 of which US$ 800,000 was issued and fully paid up. The previous founding shareholders of the
company are P.T. MANTRUST of Indonesia and COOPERATIVE CONDENSFABRIEK FRIESLAND
of the Netherlands. The Deed of
establishment has been approved by the Minister of Justice through its Decision
Letter No. J.A.5/142/22 on December 5, 1969.
The company’s notarial Deed has frequently been changed. In 1989 the
authorized capital was raised to US$ 11,000,000.- entirely issued
and paid up. In
1997 the authorized capital was raised again to US$ 11,755,000.- (Rp
3,597,030,000) entirely issued and paid up.
Since then the entire shares of COOPERATIVE CONDENSFABRIEK FRIESLAND was
handed over to its affiliated FRIESLAND INTERNATIONAL B.V. also of the
Netherlands. On 2 May 2002, the company
renamed to P.T. FRISIAN FLAG INDONESIA (P.T. FFI). At the end of October 2005,
the authorized capital was raised to US$ 24,440,000 entirely issued and paid up
and the founding shareholders were FRIESLAND INTERNATIONAL B.V of the
Netherlands (56%) and P.T. MANTRUST of Indonesia (44%).
According to the articles of association of the
company in December 2006, the shareholders of the company are FRISIAN FLAG
SINGAPORE (HOLDING) Pte., Ltd. (70%), FRISIAN FLAG SINGAPORE (SERVICES) Pte.,
Ltd. (25%), both of Singapore and P.T. BAHTERA WIRANIAGA INTERNUSA of Indonesia
(5%). No changes have been effected in term of its shareholding composition and
capital structures to date. The Articles of Association amendment was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
by virtue of Decision Letter No. AHU-AH.01.10-13573 dated 20 August
2009. The composition of the board of
directors and the board of commissioners were since revised a number of
times. Later according to the latest
revision of notary Deed No. 43 dated June 21, 2013 of Notary Edward Suharjo
Wiryomartani , SH., the company board of commissioners had been changed. The
deed of amendment has been approved by the Minister of Law and Human Rights in
its Decision Letter No. AHU-AH.01.10-29336 dated July 17, 2013 and No.
AHU-AH.01.10-11540 dated March 18, 2014.
P.T. FFI (“the Company’) or known by its trading style “SUSU
BENDERA” has been operating since 1970 in milk processing
industry. Its plant is located at Jalan Raya Bogor Km.5, Cijantung, East
Jakarta. It produces sweet condensed milk, liquid milk and powdered milk.
Besides, it also produces infant foods, yoghurt, cereals, ice cream mixes.
According to the Capital Investment Coordinating Board (BKPM) P.T. FFI has a
production capacity of 120,000 tons sweet condensed milk, 25,000 tons powdered
milk and 25,000 tons liquid milk, infant foods, beverages, ice cream powders
and yoghurts per year. In July 2003, the
Company entered into a know-how license and Trademark License Agreement with
Friesland Brands B.V., of the Netherlands where Friesland Brands B.V., grants
the Company the exclusive rights to use the know-how solely and trademarks in
connection with manufacturer, distribution, marketing and sale of the product
within territory (Indonesia) and to the members of the group, which are located
outside the territory.
The production is now about 90% to 95% of
its installed capacity. The products are using a well-known brand CAP BENDERA,
which is also produced by its sister company P.T. FOREMOST INDONESIA. The above both companies have appointed P.T.
TOSARI MULYA as a sole distributor. But,
in August 2003, P.T. FOREMOST INDONESIA and P.T. TOSARI MULYA merger into P.T.
FFI and P.T. FFI as surviving company.
Some 95% of the products of P.T. FFI are sold locally and the rest 5% is
exported to Malaysia and Taiwan. It has controlled a very wide marketing
network and being supported by marketing agents spread nation-wide. P.T. FFI is the pioneer and the largest
producer of sweet condensed milk and has controlled 45% milk market segment in
the country.
Mrs. Sri Megawati, the director of P.T. FFI,
said that his company would increase the export volume of powdered milk to
Malaysia and Vietnam because the need of powdered milk in both countries has so
far been supplied by Frisian Flag of the Netherlands. She added that the
powdered milk products exported to Malaysia and Vietnam would be packed in 25
kg sizes and then repacked in its affiliated companies in both countries. Mrs.
Megawati also explained that the export value of P.T. FFI reached just Rp. 100
billion or 2.5% of total sales of the company reaching Rp. 4.0 trillion per
annum. She estimated that the export volume could be increased to 10% if the
supply of powdered milk products of Malaysia and Vietnam were supplied from
Indonesia. By the increasing export volume, P.T. FFI will add the production
volume up to 10% and P.T. FFI itself has allocated an investment of Rp. 150
billion every years. We observed that
P.T. FFI is the largest sized company of its kind in the country of which the
operation has been growing in the last three years.
According to statement of income (audited by
Siddharta & Widjaja), the net revenue of P.T. FFI per 31 December 2010
amounted to Rp 6,620.1 billion with a net profit of Rp 542.3 billion increased
to Rp 6,627.0 billion with a net profit of Rp 426.3 billion in 2011 to Rp.
7,119.5 billion with a net profit of Rp. 430.6 billion in 2012 and rose again
to Rp. 8,398.6 billion with a net profit of Rp. 379.7 billion in 2013. Up to present, we have yet to gain the
statement of income of P.T. FFI in fiscal 2014.
However, we estimated that net income of the company in 2014 rose again
to Rp. 9,406.0 billion with a net profit of Rp. 425.0 billion. The company’s
balance sheets and statement of income in fiscal 2010, 2011, 2012 and 2013 are
attached below.
So far we did not hear that the P.T. FFI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
a. Criminal
Check
Based information from Jakarta District
Police P.T. FRISIAN FLAG INDONESIA has never involved in criminal report.
Therefore there is no criminal report that registered on the name of P.T.
FRISIAN FLAG INDONESIA.
b. Bankruptcy
Check
We have observed to the Commercial Court in
Indonesia, there is no bankruptcy report that registered on the name of P.T.
FRISIAN FLAG INDONESIA. No found nationwide for the previous several years.
c. Past
and Current Litigations
We have observed to the Court in Indonesia,
there is no litigation report that registered on the name of the Subject. P.T.
FRISIAN FLAG INDONESIA is not engaged in any material litigation, claims and/or
arbitration, either as plaintiff or defendant and has no knowledge of any
proceedings, pending or threatened, or of any facts likely to give rise to any
proceedings which might materially and adversely affect the financial position
of business of companies.
No detrimental were found with the applicant
involved during the investigation. Based on some information from some reliable
sources, no detrimental records were found with the applicant involved during
the investigation. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia.
Initially, the company’s management is
headed by Mr. Cornelis Hubertus Maria Ruijgrok AKA Cees Ruijgrok (63) as
president director. But since June 2011,
he is replaced by Mr. Marco Lambertus Spits (65), a professional manager of the
Netherlands. In his daily activities, he
is assisted by five directors namely Mrs. Sri Megawati (55), Mr. Henri Patrick
Van Deraa (43), Mr. Danny Chew Kar Wai (42), Mr. Jan Frederik Wegenaar (49) and
Mr. Tom Cornelis Gerardus Van Der (46).
The management has good reputation in milk trading and industry and 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 P.T. FFI has
involved in any detrimental cases being settled in the court 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. FRISIAN FLAG INDONESIA is sufficiently
fairly good for business transaction. However,
in view of the economic condition in the country is still unstable and
slowdown, we recommend to treat prudently in extending any new loan to the
company.
Attachment
PT. FRISIAN FLAG
INDONESIA
STATEMENTS OF
FINANCIAL POSITION
Per 31 December 2010,
2011, 2012 and 2013
(in million of Rupiah)
|
DESCRIPTION |
31 December |
|||
|
2013 |
2012 |
2011 |
2010 |
|
|
ASSETS |
|
|
|
|
|
a. Current
Assets |
|
|
|
|
|
- Cash and cash equivalents |
222,021 |
536,316 |
103,398 |
48,339 |
|
- Trade and other
receivables, net |
653,486 |
489,434 |
375,818 |
421,994 |
|
- Inventories |
1,030,028 |
578,715 |
537,434 |
578,233 |
|
- Prepayments |
26,218 |
12,345 |
14,797 |
7,848 |
|
Total Current Assets |
1,931,753 |
1,616,810 |
1,031,447 |
1,056,414 |
|
b. Non-Current
Assets |
|
|
|
|
|
- Fixed assets, net |
997,361 |
914,461 |
858,711 |
728,799 |
|
- Claims for tax refund |
131,227 |
109,541 |
125,564 |
85,045 |
|
- Deferred tax assets, net |
4,727 |
18,621 |
34,406 |
24,244 |
|
- Other non-current assets |
13,726 |
2,997 |
2,794 |
3,062 |
|
Total Non Current Assets |
1,147,041 |
1,075,620 |
1,021,475 |
841,150 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY |
3,078,794 |
2,692,430 |
2,052,922 |
1,897,564 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
a. Current
Liabilities |
|
|
|
|
|
- Trade and other payables |
1,805,595 |
1,356,015 |
810,113 |
780,656 |
|
- Corporate Income Tax
Payable |
10,136 |
14,953 |
11,769 |
37,702 |
|
- Other taxes payable |
9,231 |
32,677 |
-- |
-- |
|
Total Current Liabilities |
1,824,962 |
1,403,645 |
821,882 |
818,358 |
|
b. Non-Current
Liabilities |
|
|
|
|
|
- Post-employment benefits
obligation |
259,933 |
224,576 |
176,784 |
156,101 |
|
- Other Long-term Employee
Benefits Obligation |
-- |
-- |
20,669 |
15,864 |
|
Total Non-Current Liabilities |
259,933 |
224,576 |
197,453 |
171,965 |
|
c. Equity |
|
|
|
|
|
- Share capital |
7,479 |
7,479 |
7,479 |
7,479 |
|
- Other Equity Component |
16,662 |
16,662 |
16,662 |
16,662 |
|
- Retained Earnings |
969,758 |
1,010,068 |
1,009,446 |
883,100 |
|
Total Equity |
993,899 |
1,064,209 |
1,033,587 |
907,241 |
|
INCOME STATEMENT |
|
|
|
|
|
- Net Sales /
Revenues |
8,398,556 |
7,119,477 |
6,626,950 |
6,620,088 |
|
- Cost of Sales |
(6,135,650) |
(5,051,690) |
(4,641,764) |
(4,582,287) |
|
- Gross Profit |
2,262,906 |
2,067,787 |
1,985,186 |
2,037,801 |
|
- Other Expenses |
(1,748,609) |
(1,467,401) |
(1,433,215) |
(1,318,139) |
|
- Operating Profit |
514,297 |
600,386 |
551,971 |
719,662 |
|
- Net Finance Income (Cost) |
3,629 |
5,955 |
694 |
10,538 |
|
- Profit Before Income Tax |
517,926 |
606,341 |
552,665 |
730,200 |
|
- Income Tax Expense |
(138,236) |
(175,719) |
(126,319) |
(187,883) |
|
- Net Profit
(Loss) |
379,690 |
430,622 |
426,346 |
542,267 |
Notes: Audited by Siddharta & Widjaja
(Registered Public Accountants)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
UK Pound |
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.