MIRA
INFORM REPORT
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Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. QUEST INTERNATIONAL INDONESIA |
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Formerly Known As : |
P.T. NAARDEN INDONESIA |
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Registered Office : |
Jalan Raya Jakarta Bogor Km. 35, Cimanggis 16415, Jakarta Timur |
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Country : |
Indonesia |
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Date of Incorporation : |
18.06.1968 |
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Com. Reg. No.: |
C2-9213.HT.01.04.TH.1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Essence, Flavors and Fragrance
Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$ 4,144,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. QUEST
INTERNATIONAL INDONESIA
A d d r e s s
Head Office & Factory
Jalan Raya Jakarta
Bogor Km. 35
Cimanggis 16415
Jakarta Timur
Indonesia
Phone - (62-21) 8740378,
8740379
Fax - (62-21) 8741552, 8741524
Land Area - 9,000 sq.
meters
Building Area - 7,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 18 June 1968 as P.T. NAARDEN INDONESIA
b. 21 June 1996 as P.T. QUEST INTERNATIONAL INDONESIA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No.
C2-9213.HT.01.04.TH.1997
Dated 9 September
1997
Company Status
Private National and Domestic Investment (PMDN) Company
Permit by the Government
Department
The President of
the Republic of Indonesia
No. B-56/Pres/5/1984
Dated 27 July 1984
The Capital
Investment Coordinating Board
- No. 12/I/PMA/1984
Dated 27 July 1984
- No. 45/II/PMA/2000
Dated 10 March 2000
The Department of
Industry
No. 686/T/INDUSTRI/1996
Dated 22 October 1996
The Department of
Finance
NPWP No. 1.002..681.6-652
Related Companies
ERGON INVESTMENT INTERNATIONAL Ltd., of the UK
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$ 15,000,000.-
Issued Capital : US$
8,000,000.-
Paid up Capital : US$
8,000,000.-
Shareholders/Owners :
a. ERGON
INVESTMENT INTERNATIONAL Ltd., of the UK -
US$ 7,920,000.-
b. Mr. Koentoro
Wreksoatmodjo of Indonesia -
US$ 80,000.-
BUSINESS ACTIVITIES
Lines of Business:
Essence, Flavors and Fragrance Manufacturing
Production Capacity
Essence, Flavors and Fragrances -
10,000 tons p.a.
Total Investment
a. Equity Capital - US$ 8.0
million
b. Reinvested
Profit - US$
0.1 million
c. Loan Capital - None________
d. Total
Investment - US$ 8.1 million
Started Operation
1973
Brand Name
Quest
Technical Assistance
None
Number of Employee
138 persons
Marketing Area
Domestic - 60%
Export - 40%
Main Customer
a. P.T. UNILEVER
INDONESIA Tbk
b. P.T. RUDY
SOETADI & CO.
c. P.T. MARTINA
BERTO
d. P.T. MUSTIKA
RATU
e. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. ISLAND SUN
INDONESIA
b. P.T. ESSENCE
INDONESIA
c. P.T. JUTARASA
ABADI
d. P.T. MANE
INDONESIA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. ABN AMRO Bank N.V.
Jakarta Exchange Stock
Building
Jalan Jend. Sudirman Kav.
52-53
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 305.0
billion
2006 – Rp. 310.0
billion
2007 – Rp. 315.0
billion
Net Profit (Loss)
:
2005 – Rp. 18.0 billion
2006 – Rp. 18.6 billion
2007 – Rp. 20.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Benjie Elizalde
Director - Mrs. Dra. Rina Adianti
Suherman
Board of Commissioners :
President Commissioner - Mr. Mike Van Breugel
Commissioner -
Mr. Koentoro Wreksoatmodjo
Signatories :
President Director (Mrs. Benjie
Elizalde) or the Director (Mrs. Dra. Rina Adianti Suherman) which must be
approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 4,144,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. NAARDEN INDONESIA, the company was established in June
1968 with an authorized capital of US$ 560,000 issued capital of US$ 420,000 of
which US$ 42,000 was paid up. Founders and original shareholders are N.V.
CHEMICHE FABRIEK NAARDEN of the Netherlands and P.T. MANTRUST, a private
company. The company notary deed has subsequently been revised for several
times. In June 1996, its name changed into P.T. QUEST INTERNATIONAL INDONESIA
(P.T. QII). In June 1997, the authorized capital was increased to US$
15,000,000 issued capital to US$ 8,000,000 wholly paid-up. On the same
occasion, its entire shares were taken over by NAARDEN INTERNATIONAL N.V. of
the Netherlands and P.T. AMERTA RATUSAKTI, a private company. On 12 September
2005, P.T. AMERTA RATUSAKTI sold its whole shares to ERGON INVESTMENT
INTERNATIONAL LTD., and Mr. Koentoro Wreksoatmojo, an indigenous businessman.
The deed of amendment was made by Mr. Singgih Susilo, SH., a public notary in
Jakarta under Company Registration Number C2-9213.HT.01.04.TH.1997, dated
September 9, 1997.
P.T. QII acquired a Foreign Investment (PMA) license issued by Capital
Investment Coordinating Board (BKPM) to deal with Essence, Flavors and
Fragrance manufacturing whose plant located at Jalan Jakarta Bogor Km. 35,
Cimanggis, East Jakarta on a land of 9,000 sq. meters. The plant has been
operating in 1973 and underwent several expansion to increasing production
capacity. At present, the plant has a capacity to annually produce 10,000 tons
of essence, flavor and fragrance. The plant has absorbed an investment of US$
8.1 million, come from owned capital of US$ 8.0 million and reinvested profit
of US$ 0.1 million. That around 60% of its products are marketed domestically
to various cosmetic, perfume and
household cleaning agent manufacturing firms including P.T. UNILEVER
INDONESIA, P.T. RUDI SOETADI & CO., P.T. MARTINA BERTO, P.T. MUSTIKA RATU,
P.T. KIMIA FARMA etc., and the rest is
exported to Australia, the Philippines and several other European countries.
P.T. QII’s operation has evidently been running smoothly and growing.
The demand for ingredients and food ingredients and food seasoning
products has kept on rising by 10% to 12% per annum in the last three years in
line with the sustained growth in food and beverage processing industry in
Indonesia as well as the improving of population income. The demand growth will
go on rising by 10% per annum in the next three years. Market competition is
very sharp considering many other similar imported products offering on the
local markets. P.T. QII in this case is not doing very badly on account of it
has built a fairly close connection with several leading food and beverages,
cosmetics processing plants in Indonesia. We are sure that P.T. QII has high
ability to further expand its business in the future.
Until this time P.T. QII 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 2005 amounted to Rp.
305.0 billion, increased to Rp. 310.0 billion in 2006 to Rp. 315.0 billion in
2007 and estimated to go on rising by at least 7% in 2008. We estimated the
company gained a net profit at least Rp. 20.4 billion in 2007 and the company
has an estimated total networth at least Rp. 149.0 billion.
We observe that P.T. QII is supported by foreign partner with has
financially strong behind it. So far, we did not hear 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. QII is led by Mrs. Benjie Elizalde (37) a
professional manager with has 9 years of experience in essence, flavor and
fragrance manufacturing and trade. Daily operation, she is assisted by Mrs.
Dra. Rina Adianti Suherman (38) as director. The management is quite creative
and dynamic, having maintained a wide business relation with private
businessmen at home and abroad and with the government sectors as well. We
observed that management’s reputation in said business is fairly good. So far,
we did not hear that the company’s management involved in a dirty business
practice 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. P.T. QUEST INTERNATIONAL INDONESIA is sufficiently fairly
good for business transaction. However, in view of the unstable economic
condition in the country we recommend to treat prudently in extending a loan to
the company.
Attachment :
List of the W I N G S Group Members
1.
ADYABUANA
PERSADA, P.T. (Ceramic Floor Tile Manufacturing)
2.
AKTIF
INDONESIA INDAH, P.T. (Industrial Chemicals Processing)
3.
ASPIRASI
LUHUR, P.T. (Investment Holding)
4.
BIMA MAS
SEJATI JAYA, P.T. (General Trading)
5.
BIMA
NUSA RAJAWALI, P.T. (General Trading)
6.
CIPTA
SEGAR HARUM, P.T. (Cosmetic Manufacturing)
7.
DIAN
LESTARI PERDANA, P.T. (Office Block Rental Management)
8.
EKA
TATA MAKMUR, P.T. (Real Estate and Housing Development)
9.
EKATAMA
RAYAINDAH, P.T. (Housing Development)
10. EKONOMI RAHARJA, P.T. Bank (Banking)
11. FOSFINDO, P.T. (Investment Holding)
12. FINDECO JAYA, P.T. (Alkyl Benzene
Sulfonate Processing)
13. LIONINDOJAYA, P.T. (Cosmetic, Detergent,
Toothpaste and Sanitary Napkin Manufacturing)
14. MULTI INDOMANDIRI, P.T. (Glass
Tablewares Manufacturing)
15. MULTINUSA LESTARI, P.T. (Housing
Development)
16. MULTIPACK UNGGUL, P.T. (Corrugated
Box, Printing and Soft Packaging Manufacturing)
17. PETRO CENTRAL, P.T. (Industrial
Chemical Processing)
18. PONDOK PALEMINDAH, P.T. (Housing
Development)
19. PONDOK PALEM INDAH PERMAI, P.T.
(Housing Development)
20. PONDOK PALEM INDAH RAYA, P.T.
(Housing Development)
21. SAYAP MAS UTAMA, P.T. (Soap and
Cosmetic Industry)
22. SADHANAGRAHA ADHIKA, P.T.
(Investment Holding)
23. SARANAGRIYA LESTARI KERAMIK, P.T.
(Ceramic Industry)
24. SATYAWADA MITRAUSAHA (Investment
Holding)
25. SIAM-INDO GYPSUM INDUSTRY, P.T.
(Gypsum Plasters and Compound Manufacturing)
26. UNGGUL INDAH CORPORATION,
(Industrial Chemical Processing)
27. VARIA INDOWIN PERKASA, P.T.
(Integrated Shrimp Culture)
28.
WINGS
SURYA, P.T. (Soap, Detergent, Waterglass and Plastic Packaging Industry)
RATING
EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)