MIRA INFORM REPORT
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Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. MANE INDONESIA |
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Registered Office : |
Jalan Jababeka XVI
Kav. Block V No. 66, Cikarang Industrial Estate, Cikarang, Bekasi 17530, West
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
12.02.1996 |
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Com. Reg. No.: |
No. AHU-AH.01.10-16849 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Flavors and Fragrances Manufacturing |
RATING & COMMENTS
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MIRA’s 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$ 1,723,000 |
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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. MANE
INDONESIA
company Address
Head Office &
Factory
Jalan Jababeka XVI Kav. Block V No. 66
Cikarang Industrial Estate
Cikarang, Bekasi 17530
West Java
Indonesia
Phone -
(62-21) 893 7640 (Hunting)
Fax -
(62-21) 893 6485
E-mail - mane.indonesia@mane.com
Website - http://www.mane.com
Land Area - 12,349 sq.
meters
Factory Space - 7,500 sq. meters
Region - Industrial
Estate
Status - Owned
Sales and
Marketing Office
Adhi Graha
Building 15th Floor Suite 1501
Jalan Jend. Gatot Subroto Kav. 56
Jakarta Selatan, 12950
Indonesia
Phone -
(62-21) 5264850 (Hunting)
Fax - (62-21) 5266970
Building Area - 26 storey
Factory Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
12 February 1996
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. AHU-61980.AH.01.02.TH.2008
Dated 12 September 2008
- No. AHU-AH.01.10-16849
Dated 6 July 2010
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.071.421.0-057.000
The Department of
Industry
No. 630/T/Industri/1998
Dated 3 December 1998
The Capital
Investment Coordinating Board
- No. 86/I/PMA/1996
Dated 30 January 1996
- No. 1350/III/PMA/1998
Dated 29 September 1998
- No. 24/II/PMA/1999
Dated 23 February 1999
Related Company
The MANE Group, France
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
US$ 2,000,000.-
Issued Capital :
US$ 1,200,000.-
Paid up Capital :
US$ 1,200,000.-
Shareholders/Owners
:
a.
ETABLISSEMENTS V. MANE FILLS - US$ 1,188,000.-
Address : Bar Sur Loup (06620)
Quartier Notre
Dame
France
b. Mr. Jean
Maurice Eugene Mane - US$ 12,000.-
Address : Bar Sur Loup (06620)
Quertier Notre
Dame
France
BUSINESS ACTIVITIES
Lines of
Business :
Flavors and Fragrances Manufacturing
Production
Capacity :
a. Flavors - 1,000 tons p.a.
b. Fragrances - 250 tons p.a.
c. General Importer of Flavor and
Fragrances - US$ 2.0
million
d. Trading and Distribution of
Flavor
and Fragrances - US$ 3.0 million
Total
Investment :
a. Equity Capital -
US$ 1.2 million
b. Loan Capital -
US$ 2.8 million
c. Total Investment -
US$ 4.0 million
Started
Operation :
1997
Brand Name :
Mane
Technical
Assistance :
MANE of France
Number of
Employee :
100 persons
Marketing Area
:
Local - 80%
Export - 20%
Main Customers
:
a. P.T. INDOFOOD SUKSES MAKMUR Tbk
b. P.T. DANONE INDONESIA
c. P.T. ARNOTTS INDONESIA
d. P.T. ULTRA PRIMA PANGAN ABADI
e. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ESSENCE INDONESIA
b. P.T. FIRMENICH INDONESIA
c. P.T. GIVAUDAN INDONESIA
d. P.T. JDH ERINDO JAYA
e. P.T. KABUINCO JAYA
g. P.T. SYMRISE INDONESIA
h. P.T. QUEST INTERNATIONAL INDONESIA
i. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank DANAMON INDONESA Tbk
Jalan Prof. DR. Satrio Kav. E
IV No. 6
Kuningan
Jakarta
Selatan
Indonesia
b. Hongkong and Shanghai Banking
Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman
Kav. 29-31
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 115.0 billion
2009 – Rp. 122.0 billion
2010 – Rp. 131.0 billion
Net Profit
(estimated) :
2008 – Rp. 8.6 billion
2009 – Rp. 9.1 billion
2010 – Rp. 10.5 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Bernard Jean Pierre Rene Leynaud
Board of Commissioners :
Commissioner - Mr. Hubert F.J. Hamoir
Signatories :
Director (Mr. Bernard Jean Pierre Rene
Leynaud) 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$ 1,723,000 on the 90 days of payments
OVERALL PERFORMANCE
P.T. MANE INDONESIA (P.T. MI) was established in Bekasi, West Java on 12 February 1996 with an authorized capital of US$ 2,000,000.- issued and paid up capital of US$ 1,000,000. The foundering and shareholders are ETABLISSEMENTS V. MANE FILS and Mr. Jean Maurice Eugene Mane, both of France. The notary deed had been changed a couple of times. In April 1999, the issued capital was increased to US$ 1,200,000 entirely paid up. The latest in June 2008 the board of management and board of commissioner of the company had been reelection again (see profile of this report). However the capitalization structure of the company remained the same. The deed of amendment was made by Mr. Azimat Widodo Sudarmawan Soenarto, SH., M.Kn, a public notary in Jakarta with its Decision Letter No. AHU-61980.AH.01.02.TH.2008 dated June 20, 2008. The latest in June 2010 the board of director and the board of commissioner reappointed to lead and runs of the company’s operation (see profile of this report). The deed of amendments was made by Mrs. Endang Ariwati, SH, a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-16849 dated July 6, 2010.
We see that P.T. MI is a member company of the MANE Group, a company group in France having subsidiaries in various countries including in Indonesia. P.T. MI obtained a Foreign Investment (PMA) facility issued by Capital Investment Coordinating Board (BKPM) for dealing with flavors and fragrances processing whose plant located at Kawasan Industri Jababeka, Cikarang, Bekasi, West Java standing on 12,349 square meters land. P.T. MI started with operation as from the early 1997 and had been expansion to increasing production capacity. The plants produce flavor of 1,000 tons and fragrances of 250 tons respectively per annum. Besides, to support of its activities the company is also import of flavor and fragrances from other countries and then distributed in the country. Construction of the plants had been absorbed an investment of US$ 4.0 million come from owned capital of US$ 1.2 million and the rest from loans. Some 80% of the products are marketed locally to various food and beverages processing such as P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. DANONE INDONESIA, P.T. ULTRA PRIMA PANGAN ABADI, P.T. ARNOTTS INDONESIA and other food industries.
The rest 20% is exported to Philippine, Thailand, India, Pakistan, Bangladesh Japan and Asian countries. P.T. MI also supplied some of the products thorough dealers and distributors in Jakarta, Surabaya, Semarang, Bandung, Denpasar, Medan, Makassar, and many other independent stock points covering the whole domestic market area. We see the operation of P.T. MI has been growing and developing well in the last three years.
The demand for flavor, fragrances, 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. MI in this case is not doing very badly on account of it has built a fairly close connection with several leading food and beverages processing plants in Indonesia. We are sure that P.T. MI has high ability to further expand its business in the future.
P.T. MI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MI 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. 115.0 billion increase to Rp. 122.0 billion in 2009 to Rp. 131.0 billion in 2010. The operation in 2010 yielded an estimated net profit by at least Rp. 10.5 billion and the company has an estimated total net worth by at least Rp. 53.0 billion. It is projected that total sales turnover of the company will increase at least 4% in 2011. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company disclosed that the company usually pays its debts punctually to suppliers.
The management of P.T. MI is led by Mr. Bernard Jean Pierre Rene Leynaud (49) a professional manager of its parent company ETABLISSEMENTS V. MANE FILS, France. He has experienced for more than 20 years in trading and manufacture of flavors and fragrances. We observed that management’s reputation in said business is fairly good. 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. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. MANE INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
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UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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 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.