MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. UNILEVER INDONESIA TBK |
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Formerly Known As : |
N.V. LEVER’s ZEEPFABRIEKEN INDONESIAN |
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Registered Office : |
Graha Unilever Building,
Jl.
Jend. Gatot Subroto Kav. 15, Jakarta
12930 |
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Country : |
Indonesia |
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Date of Incorporation : |
05.12.1933 |
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Com. Reg. No.: |
C-17533.HT.01.04.TH.2003 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Consumer Goods Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 170.0 million |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. UNILEVER INDONESIA Tbk
A d d r e s s
Head Office
GRAHA UNILEVER
Building
Jl. Jend. Gatot
Subroto Kav. 15
Jakarta 12930
Phones - (021) 5262112
(hunting)
Fax. - (021)
5264020
P.O. Box - 1162 JAKARTA 10011
Building Area - 22 storey
Office Space - 2,400 sq.
meters
Region - Commercial
Building
Status - Rent
Branches
All of big cities
in Indonesia
Factories
a. Jalan Ngagel No. 173-175
Surabaya, East Java
Phone - (031) 69301
b. Jalan Rungkut Industri IV/5-11
Surabaya Industrial Estate Rungkut
Surabaya, West Java
Phones - (031) 811197
c. Cikarang Industrial Estate
Kabupaten Bekasi
West Java
Phones
- (021) 8934885-6
Fax. -
(021) 8934884
Date of Incorporation
a. 5 December
1933 as N.V. LEVER’s ZEEPFABRIEKEN INDONESIAN
b. In 1980 as
P.T. UNILEVER INDONESIA
c. 30 June 1997
as P.T. UNILEVER INDONESIA Tbk.
Legal Form
P.T. Tbk
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Department of Law and Human Rights
No.
C-17533.HT.01.04.TH.2003
Dated 10 July 2003
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
a. No. Kep/77/Mekku/IX/1967
Dated 28 September 1967
b. No. 84/II/PMA/1990
Dated 23 May 1990
c.
No. 62/II/PMA/1997
Dated 21 April 1997
d.
No. 114/II/PMA/1998
Dated 5 October 1998
e.
No. 83/II/PMA/1999
Dated 11 May 1999
Related Companies
a. MAVIBEL B.V. (Investment Holding and
Production of Consumer Goods)
b. UNILEVER N.V. (Investment Holding and
Production and Consumer Goods)
c. P.T. LINTAS INDONESIA (Advertisement Agency)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp. 76,300,000,000.-
Issued
Capital - Rp. 76,300,000,000.-
Paid up
Capital - Rp. 76,300,000,000.-
Shareholders/Owners
a. Maatschappij Voor INTERNATIONALE
BELEGGINGEN (MAVIBEL) - Rp 64,848,775,000.-
b. P.T. DANAREKSA - Rp
4,065,702,000.-
c. The Publics -
Rp 7,385,523,000.-
BUSINESS ACTIVITIES
Lines of Business:
Consumer Goods Manufacturing
Production Capacity
A. Initial Unit
a. Detergent Cream Powder and Bar
- 37,200 tons p.a.
b. Detergent Liquid and Scourer - 8,600 tons p.a.
c. Toilet
Soap - 42,500 tons p.a.
d. Loundry Soap - 50,000 tons p.a.
e. Sulphonic Acid - 6,000 tons p.a.
f. Crude Glycerin - 6,750 tons p.a.
g. Refined Glycerin - 2,200 tons p.a.
h. Refined Oil - 67,000 tons p.a.
i. Margarine - 39,000 tons p.a.
j. Bakery Fat - 17,500 tons p.a.
k. Cooking Oil and Fat - 5,000 tons p.a.
l. Soupstock - 600 tons p.a.
m. Specified Coconut Cream - 1,200 tons p.a.
n. Spread - 3,000 tons p.a.
o. Tooth Paste - 15,000 tons p.a.
p. Shampoo & Conditioner - 14,000 tons p.a.
q. Hair Cream - 1,950 tons p.a.
r. Lotion - 450 tons p.a.
s. Deodorant - 3,000 tons p.a.
t. Face Care - 1,750 tons p.a.
u. Sanitary Napkin - 5,000 tons p.a.
v. Baby Set -
300,000 sets p.a.
w. Mixtalot - 1,200,000 ltrs. p.a.
x. Tooth Brush - 2,000,000 pcs. p.a.
y. Tea - 1,000 tons p.a.
z. Coffee - 1,000 tons p.a.
aa. Ice Cream - 9,000 tons p.a.
B. Expansion Unit
a. Waterbased Adhesive - 4,000 tons p.a.
b. Hotmelt Adhesive - 3,000 tons p.a.
c. Solventbased Adhesive - 3,000 tons p.a.
d. Food Processed -
30,000 tons p.a.
Total Investment :
A. Initial Unit
a. Owned Capital - US$
154.15 million
b. Loan Capital -
US$ 10.00 million
c. Total Investment -
US$ 164.15 million
B. Expansion Unit
a. Owned Capital - ---
b. Loan Capital -
US$ 12.0 million
c. Total Investment -
US$ 12.0 million
Started Operation
1 9 3 3
Brand Name
UNILEVER INDONESIA
Technical Assistance
MAVIBEL B.V., of the Netherlands
Number of Employee
6,114 persons
Marketing Area
Domestic -
95%
Export -
5%
Main Customer
Supermarket,
Hypermarket, Mini-market, Retail Shops, Tradition Market, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. WINGS
SURYA
b. P.T. SAYAP MAS
UTAMA
c. P.T. TANCHO
INDONESIA
d. P.T. ABC
CENTRAL FOOD INDUSTRIES
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank Mandiri Tbk.
b. P.T. Bank Negara
Indonesia Tbk.
c. CITIBANK
d. CHASE Manhattan
Bank
e. ABN-AMRO
Bank
Auditor :
KAP Haryanto Sahari & Rekan
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2004 – Rp. 8,984.8 billion
2005 – Rp. 9,992.1 billion
2006 – Rp.
11,335.2 billion
2007 – Rp.
12,544.9 billion
Net Profit :
2004 – Rp. 1,488.3 billion
2005 – Rp. 1,440.5 billion
2006 – Rp. 1,721.6 billion
2007 – Rp. 1,964.7 billion
Payment Manner :
Promptly
Financial Comments :
Very healthy
KEY EXECUTIVES
Board of Management :
President Director - Mr. Maurits D.R. Lalisang
Directors - a. Mr. Desmond Gerard Dempsey
b. Mr. Josef Bataona
c. Mr. Surya Dharma Mandala
d. Mrs. Debora Herawati Sadrach
e. Mr. Mohammad Effendi Soeparsono
f.
Mr. Muhammad Saleh
g. Mr. Andreas Morits Egon Rompis
h. Mr. Laercio de Holanda Cardoso Junior
i.
Mr. Bernadette Mary Wake
Board of Commissioners :
President Commissioner - Mr. Louis Willem Gunning
Commissioners - a. Mr. Theodore Permadi Rachmat
b. Mr. Kuntoro Mangkusubroto
c. Mr. Cyrillus Harinowo
d. Mr. Bambang Subianto
Signatories :
President Director (Mr. Maurits D.R.
Lalisang) or one of the Directors (Mr. Desmond Gerard Dempsey, Mr. Josef
Bataona, Mr. Surya Dharma Mandala, Mrs. Debora Herawati Sadrach, Mr. Mohammad
Effendi Soeparsono, Mr. Muhammad Saleh, Mr. Andreas Morits Egon Rompis, Mr.
Laercio de Holanda Cardoso Junior, Mr. Bernadette Mary Wake) which must be
approved by the Board of Commissioners
CAPABILITIES
Management Capability :
Excellent
Business Morality
Good
Credit Risk
Low
Credit Recommendation
Credit can be proceeded promptly
Proposed Credit Limit
Fairly large amount
Maximum Credit Limit
US$ 170.0 million on the 90 days
of payments
OVERALL PERFOMANCE
Originally named N.V. LEVER's ZEEPFABRIEKEN INDONESIAN, the company was
established in 1933 with an authorized capital of N.Fl. 1,000,000.- and an
issued capital of N.Fl. 200,000.-
entirely paid up. The company was
founded by LEVER BROTHERS Limited of the United Kingdom and N.V. MARGARINE UNIE
of the Netherlands as the original shareholders. Its notarial articles of
association were revised several times.
In 1980 the company was merged
with two affiliated companies (P.T. VAN DENBERGH'S Fabrieken Indonesia and P.T.
OLIEFABRIEK ARCHA) and was renamed P.T. UNILEVER INDONESIA. On this occasion its capital structure was
converted into Rupiah, and the authorized capital was set at Rp 76,300,000,000.- with the issued and
paid up capital amounting Rp 71,517,000,000.-. Then in 1980, P.T. UI was
approved to go public and sold 15% of its shares to the Indonesia community. On
30 June 1997 the word Terbuka (Tbk) was added behind the name of being P.T.
UNILEVER INDONESIA Tbk., or P.T. UIT.
P.T. UIT is engaged in consumer goods manufacturing. The company operates three big plants, two
of them are located in Surabaya, East Java and one in West Jakarta. The plants produce various types of
cosmetics and toiletries, including toilet soap, shampoo, conditioner,
deodorant, perfumes, skin preparations, tooth paste, pomade, washing soap, food
seasoning, cooking oil, margarine, various floor cleansing materials and other
products. In 1992, P.T. UIT expanded
to build a new factory in Cikarang Industrial Estate, Bekasi, West Java. Besides, the company has diversified its
business in the field of ice cream manufacturing. The products are marketed under WALLS brand with a success
marketing strategy to compete with other well-known brands. Since the early 1997, the whole activities
in west Jakarta factory have been moved to the new factory in Cikarang, West
Java. P.T. UIT commands a very wide marketing network through out the
country. Some 5% of the products is
exported to various Southeast Asian countries (ASEAN), the Middle East, Hong
Kong, the Netherlands, Australia, etc.
Besides, P.T. UIT is also in cooperation with P.T. AQUA GOLDEN
MISSISSIPPI for LIPTON Tea production
and marketing, with P.T. SARIWANGI TEA for tea production and marketing, and
with P.T. CIPTA YASA PANGAN
MANDIRI for Goldfrost frozen dough
production and marketing. By standards
applying to companies in Indonesia, P.T. UIT is now the biggest in the
cosmetics and toiletries industry and in the production of several food-related
products such as cooking oil, margarine, food spices and other items.
In September 2003, P.T. UIT acquired light food plant of TATO and its
facilities in Bogor, West Java. They plan to invest US$ 4,500 million in coming
ten years particularly in modernizing supply facilities in the frame of export
planning. Other steps are by ceasing unpopular brands in the market. Consequently the brands will be lessening from 60
brands to only 30 brands.
In January 2004, P.T. UIT acquired 99.99% shares of P.T. KNORR
INDONESIA, a producer of processed food under BESTFOODS brand worth US$ 516,032.- In April 2004, P.T.UIT acquired the rest of
the shares of P.T. KNORR INDONESIA of which its entire (100%) shares are owned
by P.T. UIT. Furthermore, the business
of P.T. KNORR INDONESIA is merged into P.T.UIT with the expectation of is sales
value and profit obtained by P.T. UIT will increase in the coming years.
We observe that P.T. UIT is a large sized company in Indonesia dealing
with consumer goods industry and distribution.
Presently the company is a big player in its tea drink under brand of
LIPTON Tea, FRESH Tea and SARI WANGI Dip Tea.
SARI WANGI is the pioneer of dip tea products in the country. LIPTON and FRESH Tea gained tight
competition from The Botol SOSRO, Teh KITA, S-Tea and others. Beside, WALL’S Ice Cream has to face tightly
with ice cream of CAMPINA, DIAMOND, MEIJI, WOODY brands and others. We observe that 80% of P.T. UIT’s income is
the contributions of the sales of house-ware and body treatment products, while
the rest 20% is obtained from the sales of food products and ice cream.
In general, the demand for consumer goods and cosmetic products has kept
on rising despite dropped in the end of
1997 until the middle of 1999 due to the incessant economic crisis battering
Indonesia.
In general, the demand for consumer goods and cosmetic products has kept
on rising despite dropped in the end 1997 until the middle of 1999 due the
economic crisis battering Indonesia.
The economic crisis in 1997 has slowed down the Indonesian economic growth
from minus (-13.01) in 1998 to 0.71% in 1999 rose to 4.77% in 2000. In 2001 it declined to 3.83%, rose to 4.37% in 2002, to 4.87% in 2003 and
its estimated to 5.13% in 2004 to 5.60% in 2005 and to 5.55% in 2006. While the inflation rate in 1998 was 77.63%
declined to 2.01% in 1999 and rose to 9.35% in 2000. In 2001 it rose again to
12.55%, declined to 10.03% in 2002, to
5.06% in 2003, to 6.40% in 2004 to 17.11% in 2005 and 6.60% in 2006. See the
following table for details :
The Growth of Indonesian Several Economic Indicators
2002-2006
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No. |
Indicator |
2002 |
2003 |
2004 |
2005 |
2006 |
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1. |
Economic Growth (%) |
4.37 |
4.87 |
5.13 |
5.60 |
5.55 |
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2. |
Inflation (%) |
10.03 |
5.06 |
6.40 |
17.11 |
6.60 |
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3. |
Gross growth based on constant
price 1993 (billion Rp) |
1,506,124.4 |
1,579,558.9 |
1,660,578.8 |
1,753,903.0 |
1,846,654 |
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4. |
Foreign Trade Balance (million
US$) |
23,104.6 |
24,142.3 |
25,614.6 |
27.202.7 |
39,733.0 |
|
5. |
Export (million US$) |
57,159 |
61,058 |
71,585 |
83,314 |
100,798 |
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6. |
Import (million US$) |
31,289 |
32,551 |
46,525 |
58,329 |
61,065 |
Source : Central Bureau of Statistic
According to financial statement audited by Haryanto Sahari & Rekan,
a noted public accountant, the total sales turnover of P.T. UI in 2005 amounted
to Rp. 9,992.1 billion with a net profit of Rp. 1,440.5 billion, increased to
Rp. 11,335.2 billion with a net profit of Rp. 1,721.6 billion and rose to Rp.
12,544.9 billion with a net profit of Rp. 1,964.7 billion in 2007 with total
assets of Rp. 5,333.4 billion.
So far we have never heard that P.T. UI has been black listed by Bank
Indonesia (central bank) or detrimental cases being settled in local district
court. Payment condition for domestic and overseas suppliers is good with the
credit payment system of 1 month to 3 months.
Previously the president director of P.T. UIT was Mr. Nihal Vijaya
Devadas Kaviratne (62). But since December 2003 he was replace by Mr. Maurits
D.R. Lalisang (58), has been working for Unilever Indonesia for 25 years and
has held various senior positions. He
was appointed as a member of the board of directors in 1991. Daily he is assisted by Mr. Desmond Gerard Dempsey, Josef Bataona,
Mr. Muhammad Saleh, Mr. Surya Dharma Mandala, Mrs. Debora Herawati Sadrach, Mr.
Mohammad Effendi Soeparsono, Mr. Andreas Morits Egon Rompis, Mr. Laercio de
Holanda Cardoso Junior and Mr. Bernadete Mary Wake, all are as directors. They have excellent reputation in consumer
goods industry and trade. The management has maintained a wide business
relation among private businessmen at home and abroad as well as among
government sectors. So far we have
never yet heard of the company’s management having been involved in business
malpractices.
We are sure that P.T. UNILEVER INDONESIA Tbk., is very feasible for normal
business transaction.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
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 |
|
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%)