MIRA INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. FIRMENICH INDONESIA |
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Registered Office : |
Jalan Tanah
Abang II No. 78, Jakarta Pusat, 10150 |
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Country : |
Indonesia |
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Date of Incorporation : |
10.03.1994 |
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Com. Reg. No.: |
No.
AHU-93699.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Seasoning,
Natural Essence and Aromatic Chemical Manufacturing |
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No. of Employees
: |
64 Persons |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 2,789,000 |
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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 September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Name of
Company
P.T. FIRMENICH
INDONESIA
company Address
Head Office
Jalan Tanah Abang
II No. 78
Jakarta Pusat,
10150
Indonesia
Phones -
(62-21) 3863977 (Hunting)
Fax - (62-21) 3451910
E-mail - info@firmenich.com
Website - http://www.firmenich.com
Building Area - 3 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Alternatif
Cibubur Cileungsi Km. 9
Cileungsi, Bogor
16820
West Java
Indonesia
Phones -
(62-21) 823 3306 (Hunting)
Fax - (62-21) 823 3307
Land Area - 12,500 sq.
meters
Building Space - 8,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
10 March 1994
Legal Form
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C2-15.263.HT.01.01.TH.94
Dated 11 October 1994
- No. AHU-93699.AH.01.02.TH.2008
Dated 4 December 2008
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.070.830.3-052.000
The Department of Industry
No.
36/T/Industri/1999
Dated 15 January
1999
The President of the Republic of Indonesia
No.
B-11/Pres/01/1994
Dated 22 January 1994
The Capital Investment Coordinating Board
- No. 45/I/PMA/1994
Dated 8 February 1994
- No. 1132/III/PMA/1996
Dated 18 December 1996
- No. 73/II/PMA/1999
Dated 27 April 1999
Related Companies
a. P.T. INDESCO AROMA (Industrial Essence and
Distillation of Essential Oils and Investment
Holding)
b. P.T. INDESSO NIAGATAMA (Trading and Importer
of Flavor)
c. P.T. INDESSO PRIMATAMA (Investment Holding
and Trading)
d. FIRMENICH TRADING CO, Switzerland (Investment
Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
2,500,000.-
Issued Capital : US$
2,500,000.-
Paid up Capital : US$
2,500,000.-
Shareholders/Owners
:
a. FIRMENICH
TRADING CORPORATION - US$
2,125,000.-
Address :
Route Des Jeunes 1
1227 Geneva
Swiss
b. P.T.
INDESCO AROMA -
US$ 375,000.-
Address : Jl. Tanah Abang II/78
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Seasoning,
Natural Essence and Aromatic Chemical Manufacturing
Production
Capacity :
a. Liquid Fragrance - 500 tons p.a.
b. Liquid Flavor -
700 tons p.a.
c. Solid Flavor -
100 tons p.a.
d. Distribution -
US$ 21 million
Total
Investment :
a. Equity Capital - US$ 2.5 million
b. Reinvested Profit - US$ 1.0 million
c. Loan Capital -
US$ 4.9 million
d. Total Investment - US$ 8.4 million
Started
Operation :
1996
Brand Name :
Firmenich
Indonesia
Technical
Assistance :
Firmenich Trading
Corporation, Swiss
Number of
Employee :
64 persons
Marketing Area
:
Local - 100%
Main Customer
:
Food Processing
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AROMCO
INDONESIA
b. P.T. ESSENCE
INDONESIA
c. P.T. SYMRISE
d. P.T. TAKASAGO
INDONESIA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
PANIN Tbk
Jalan
Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Tanah Abang II
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 Rp. 185.0
billion
2009 Rp. 198.0
billion
2010 Rp. 212.0
billion
2011 Rp. 113.0
billion (January June)
Net Profit
(estimated) :
2008 Rp. 12.9
billion
2009 Rp. 13.9
billion
2010 Rp. 14.8
billion
2011 Rp. 8.1 billion (January June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Jorgen Hejl
Directors -
a. Mr. Roi Robert Ramli
b. Mrs. Wendy Tan Chua
Board of Commissioners :
President Commissioner -
Mr. Patrick Roger Firmenich
Commissioners -
a. Mr. David Carlton Shipman
b. Mr. Paul Michel Louis Gay
c. Mr. Robertus Juliarto Gunawan
d. Mr. Rossano Sutanto
Signatories :
President Director (Mr.
Jorgen Hejl) or one of the Directors (Mr. Roi Robert Ramli or Mrs. Wendy Tan
Chua) which must be approved by Board of Commissioner
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$ 2,789,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. FIRMENICH INDONESIA (P.T. FI) was incorporated in Jakarta based on notary deed of Mr. Mohamad Arif Safir, SH., No. 66 dated 10 March 1994 with the authorized capital of US$ 1,500,000 wholly issued and paid up. The founding shareholders of the company are FIRMENICH TRADING CORPORATION of Switzerland and P.T. INDESCO AROMA of Indonesia. The deed of notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. C2-15.263.HT.01.01.TH.94 dated October 11, 1994. The company notary deed has been changed a couple of times. Later based on notary deed of Mr. Singgih Susilo, SH., No. 27 dated 22 October 1997 the authorized capital was increased to US$ 2,500,000 wholly issued and paid up. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. C2-11014.HT.01.04.TH.97 dated October 22, 1997. The latest based on notary deed of Mrs. Yayuk Sri Wahyuningsih, SH., No. 3, dated 7 November 2008 the board of directors and the board of commissioners had been changed (see profile of this report). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-93699.AH.01.02.TH.2008 dated December 4, 2008.
We observe the partner local namely P.T. INDESCO AROMA is a private national company engaged in essence and distillation of essential oils and investment holding which majority shares are controlled by Mr. Robertus Hartanto Gunawan and his family members. He is also founders of P.T. INDESSO PRIMATAMA engaged in trading and investment holding and P.T. INDESSO NIAGATAMA in trading and importer of flavor.
P.T. FI acquired a Foreign Investment (PMA) license issued by Capital Investment Coordinating Board (BKPM) to deal with seasoning, natural essence and aromatic chemical manufacturing. The plant has been operating since 1996 by manages a plant located a Jalan Alternatif Cibubur Cileungsi Km. 9, Cileungsi, Bogor, West Java on a land of 12,500 sq. meters. The plant has a capacity to annually produce 500 tons of liquid fragrance, 700 tons of liquid flavor, 100 tons of solid flavors per years. The basic materials for fragrances used are 90% of basic materials for flavor are imported from Switzerland, the USA, the Netherlands and the rest of local products. P.T. FI products are Blended Flavor, Cheese Powder with CULINAROMA brand. The whole products are all marketed locally and supplied to various food processing, bakery and cheese manufacturing, snack food processing, instant noodles industries, food seasoning industries, and others industries among others are P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. NIPPON INDOSARI CORPORATION Tbk, P.T. KHONG GUAN, P.T. NABISCO FOOD, P.T. KRAFT FOOD COMPANY INDONESIA, P.T. KRAFT FOOD INDONESIA, P.T. KRAFT ULTRAJAYA INDONESIA, P.T. INDOFOOD CBP SUKSES MAKMUR Tbk, and other companies. It seems the operation of P.T. FI has been running and growing well in the last three years.
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. FI 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. FI has high ability to further expand its business in the future.
Until this time P.T. FI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. FI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 185.0 billion rose to Rp. 198.0 billion in 2009 increased to Rp. 212.0 billion in 2010. As from January to June 2011 the sales turnover has reached at least Rp. 113.0 billion with a net profit of Rp. 8.1 billion and projected to go on rising by at least 5% in 2012. The company has an estimated total net worth of at least Rp. 57.0 billion. We observe that P.T. FI 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. FI is led by Mr. Jorgen Hejl (47) a businessman and professional manager with experience in seasoning, natural essence and aromatic chemical manufacturing and trading. Prior he is a professional manager of FIRMENICH Singapore, Sales driven leader with 20 years' experience in the flavour industry and with more than 15 years of international business exposure within Asian, Middle Eastern and European markets. Solid commercial background combined with strong leadership and interpersonal skills and in depth understanding of cultural differences.
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 companys litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. FIRMENICH INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
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UK Pound |
1 |
Rs.81.06 |
|
Euro |
1 |
Rs.69.51 |
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 |
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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NB |
New Business |
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This score serves as a reference to assess SCs 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.