MIRA INFORM REPORT
|
Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FILMA UTAMA SOAP |
|
|
|
|
Registered Office : |
Gedung Bina Mulia II, 5th
Floor, Jalan H.R. Rasuna Said Kav. 11, Jakarta 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
07.11.1974 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-07845.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Consumer Goods
and Household Cleaners Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 3,000,000 |
|
Status : |
Good |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. FILMA UTAMA
SOAP
company Address
Head Office
Gedung Bina Mulia II, 5th
Floor
Jalan H.R.
Rasuna Said Kav. 11
Jakarta 12950
Phones - (62-21) 5201858 (Hunting)
Fax -
(62-21) 5201857
Website - http://www.thetempogroup.net
Building Area - 22 storey
Office Space -
460 sq. meters
Region -
Commercial
Status -
Owned
Factory
Jalan Gresik No. 1-5
Krembangan,
Surabaya 60175
East Java
Indonesia
Phones -
(62-31) 3525852, 3525853-54
Fax - (62-31) 3530269
E-mail - fasogntr@sby.com
Land Area - 9,255 sq.
meters
Building Space - 8,200 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
7 November 1974
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
- No. YA.5/16/11
Dated 9 January 1980
- No. AHU-07845.AH.01.02.TH.2009
Dated 16 March 2009
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.132.953.9-063.000
The Department of Industry and Trade
- No.
1278/KANWIL.13/REG/IA/II/1988
Dated 25 July 1988
- TDP No. 09.03.1.51.25666
Dated 16 November 2007
Related Company
A Member Company
of the TEMPO Group
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
10,000,000,000.-
Issued Capital : Rp. 2,500,000,000.-
Paid up Capital : Rp. 2,500,000,000.-
Shareholders/Owners
:
a. P.T. TEMPO
SCAN PACIFIC Tbk -
Rp. 2,499,000,000.-
Address :
Bina Mulia Building
Jl. H.R. Rasuna
Said Kav. 11
Jakarta Selatan
Indonesia
b. P.T. TEMPO NAGADI -
Rp. 1,000,000.-
Address : Jl. Pulo Kambing Kav. 2
E No. 5 B
Pulogadung
Industrial Estate
Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Consumer Goods and
Household Cleaners Manufacturing
Production
Capacity :
a. Toilet Soap -
6,240 tons p.a.
b. Tooth Paste -
2,100 tons p.a.
c. Liquid Shampoo - 1,400 tons p.a.
d. Softeners -
2,500 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 2.5 billion
b. Loan Capital -
Rp. 5.0 billion
c. Total Investment - Rp. 7.5 billion
Started
Operation :
1974
Brand Name :
Filma Utama Soap
Technical
Assistance :
None
Number of
Employee :
275 persons
Marketing Area
:
Local - 100%
Main Customer
:
Distributors, Supermarkets,
etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. JOENOS
IKARNULYA
b. P.T. JOHNSON
HYGENIES INDONESIA
c. P.T. SAYAP MAS UTAMA
d. P.T. UNILEVER
INDONESIA Tbk
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Kembang Jepun No. 168-170
Surabaya, East Java
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Jend. A. Yani No. 88
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 252.0
billion
2009 – Rp. 265.0
billion
2010 – Rp. 275.0
billion
2011 – Rp. 142.5
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 16.4
billion
2009 – Rp. 17.2
billion
2010 – Rp. 17.9
billion
2011 – Rp. 9.4 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Handojo Selamet Muljadi
Directors -
a. Mrs. Dewi Murni Sukahar
b. Mrs. Irawati Sutanto
Board of Commissioners :
President Commissioner -
Miss. Dian Paramita Tamzil
Commissioners -
a. Miss. Diana Wirawan
b. Mr. Theo Budi Hertiandi
Signatories :
President Director (Mr.
Handojo Selamet Muljadi) or one of the Directors (Mrs. Dewi Murni Sukahar or
Mrs. Irawati Sutanto) 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$ 3,000,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. FILMA UTAMA SOAP (P.T. FUS) was incorporated in Jakarta based on notary deed of Mrs. Winnie Prodjo, SH., No. 74 dated November 7, 1974 with the authorized capital of Rp. 721,000,000 issued capiral of Rp. 500,000,000 fully and paid up. The founding and shareholders of the company originally were Mr. Julius Takija and Mr. Delma Juzar, both are Indonesian businessmen of Chinese origins. The deed of notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. YA. 5/16/11 dated January 9, 1980. The company notary documents had been frequently been revised. Later in February 1987 the authorized capital was increased to Rp. 2,000,000,000 issued capital to Rp. 685,000,000 entirely paid up. After that in April 1993 the authorized capital raised again to Rp. 10,000,000,000 issued capital to Rp. 2,021,000,000 fully and paid up.
Then in February 1998 the issued capital raised to Rp. 2,500,000,000 entirely paid up. With this development the whole share had been taken over by P.T. TEMPO SCAN PACIFIC Tbk and P.T. TEMPO NAGADI, both are member of the TEMPO Group. According to notary deed of Mr.Petrus Suandi Halim, SH., No. 14, dated February 9, 2009 the composition of its shareholders are P.T. TEMPO SCAN PACIFIC Tbk (99.96%) and P.T. TEMPO NAGADI (0.04%). With this time the composition of the board of directors and the board of commissioner 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-07845.AH.01.02.TH.2009 dated March 16, 2009.
We observe the both shareholders P.T. TEMPO SCAN PACIFIC Tbk is a public listed company dealing with pharmaceutical manufacturing, and P.T. TEMPO NAGADI is a private national company engaged in bath and toilet soap manufacturing. Both of the company is a member company of the TEMPO Group, a big business group in the pharmaceutical and cosmetic industry and trade in Indonesia. The group is headed by Mrs. Kartini Muljadi SH, a former leading Indonesian public notary who now has taken up legal consulting as her profession.
P.T. FUS is a medium-size company dealing with consumer goods and household cleaners manufacturing. The plant is located at Jalan Gresik No. 1-5, Krembangan, Surabaya, East Java standing on a 9,255 sq. meters land. The plant has been operating since 1974 by produces of toilet soap, tooth paste, liquid shampoo and softeners. The whole products is sold to local markets especially through distributors, supermarket, mini market, wholesales in East Java, Central Java, West Java, Sumatera, Kalimantan, Sulawesi and Papua by using Claudia Beauty Soap (Pink, White, Green), Claudia Shower Lotion (Silky White, Suncare, Creamy Massage), Handy Body, MARINA and SOS (cleaner) brands. Besides, P.T. FUS has appointed P.T. TEMPO as authorized distributor and marketer of the whole products.
In the bar soap category specifically its beauty soap and baby soap segments, this division’s leading brands are estimated to hold number 5 and number 2 positions respectively, despite the notoriously intense competition in the said category and compounded by the rising commodities price in particular the palm oil.
Similarly, in the household care products category specifically in its floor cleaners segment, this division’s leading brand equity with its antibacterial protective positioning was able to sustain its growth momentum and its volume grew approximately by 16% year on year. This division’s Cosmetics which is mostly comprised of the license international brands had also registered growth of 7.5% year on year, such result was a mixture of strong sales growth particularly its license brands with popular price positioning. While on the other hand its license brands with premium price positioning had experienced lackluster sales performance which was partly caused by out of stock situation due to products registration delays, nonetheless it had been improved toward the end of 2010. We observe the operation of P.T. FUS has been operating and developing well in the last three years.
We generally note that the demand of consumer good and household cleaner products has kept on increasing in line with the growth of household needs. However, the global economic crisis battering Indonesia since October 2010, the demand had been declining. Since 2009 the demand had gone up and it is estimated to keep increasing at least 5% to 7% in two or three years to come. Meanwhile, the competition is very tight on account of many similar companies operating in the country. The business position of P.T. FUS is good on account of the company’s products are well known and having wide marketing networks in big cities in the country.
The Growth of
Detergent Production, 2005-2010
(Ton)
|
Year |
Powder |
Cream |
Bar |
Liquid |
Total |
|
2005 2006 2007 2008 2009 2010 |
130,703 144,548 155,714 165,057 174,960 186,332 |
380,573 399,928 424,960 450,458 477,485 507,089 |
66,674 70,065 74,451 78,918 83,653 88,672 |
48,125 50,572 53,738 56,962 60,379 64,002 |
626,075 665,113 708,862 751,395 796,477 846,095 |
Source: Processed by ICB
Until this time P.T. FUS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. FUS 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. 252.0 billion rose to Rp. 265.0 billion in 2009 increased to Rp. 275.0 billion in 2010. As from January to June 2011 the sales revenue has reached at least Rp. 142.5 billion with a net profit of at least 9.4 billion and projected to go on rising by at least 6% in 2012. The company has an estimated total networth of at least Rp. 25.0 billion. We observe that P.T. FUS is supported by the TEMPO Group, a large sized business group 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. FUS is led by Mr. Handojo Selamet Muljadi (47) a professional manager graduated from New York University, USA, majoring in business and financing. He is a also a top figure of the TEMPO Group, which is founded by one of Indonesian richest businesswoman Kartini Muljadi. Tempo Group is led by Kartini's son, Handojo Selamet Muljadi as the President Director. The group has four main businesses, pharmaceutical, personal care and cosmetics, distribution, and supporting division. Besides, he is also assisted by Mrs. Dewi Murni Sukahar (57) and Mrs. Irawati Sutanto (59) as directors.
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 company’s litigation
record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. FILMA UTAMA SOAP is sufficiently fairly good for business transaction.
Attachment:
List of the
PANORAMA LEISURE GROUP Members
1.
AGENG ADI, P.T. (Investment Holding)
2.
ATAP MULIA, P.T. (Investment Holding)
3.
BARCLAY PRODUCTS LIMITED, P.T. (Cosmetic Industry)
4.
BEIERSDORF INDONESIA, P.T. (Pharmaceutical and Cosmetics
Industry)
5. BINA MULIA MANUNGGAL, P.T. (Property)
6.
BLUECHIPS MULIA, P.T. (Securities)
7.
BOGAMULIA NAGADI, P.T. (Investment Holding)
8.
ERES REVCO, P.T. (Distribution and Trading of Cosmetic
Products)
9.
FILMA UTAMA SOAP, P.T. (Soap Industry and Distribution of
Tooth Brush and Paste)
10.
FORTIUS, P.T. (Trading and Distribution of Cables and
Accessories for Electrical and Telecommunication and Investment Holding)
11.
GLOBAL ERAMAS, P.T. (Trading and Distribution of Baby Food,
Pharmaceutical Products, Medical and Laboratory Equipment)
12.
INDONESIAN PHARMACEUTICAL INDUSTRY, P.T. (Pharmaceutical
Industry)
13.
KIAN MAKIN MULIA, P.T. (Softdrink Industry)
14.
KONDANG SUBURJAYA, P.T. (Trading and Import of Speed Boats)
15.
KRONE INDONESIA, P.T. (Telecommunication Equipment
Manufacturing)
16.
KUMPULAN MULIA, P.T. (Investment Holding)
17.
NAGADI WALUYO, P.T. (Property)
18.
NAGAMUKTI ADI, P.T. (Investment Holding)
19.
PRITHO INDUSTRIAL CORPORATION LTD., P.T. (Tooth Brushes Manufacturing)
20. POLARI LIMUNUSA INTI, P.T. (Softdrink Industry)
21.
PULAU MAHONI, P.T. (Cosmetics Manufacturing)
22.
RUDY SOETADI & CO., P.T. (Cosmetics Manufacturing)
23.
SARANA EKACITRA INDONESIA, P.T. (Contracting and Consulting
of Telecommunication Network System and Electrical Appliances)
24. SUPRA FERBINDO FARMA, P.T. (Pharmaceutical Industry)
25.
SUPRA USADHATAMA, P.T. (Distribution of Pharmaceutical
Products)
26.
TEMPO LAND, P.T. (Office Building Development and
Management)
27.
TEMPO NAGADI, P.T. (Baby Soaps Manufacturing and investment
holding)
28.
TEMPO NAGADI TRADING, P.T. (Buying and Importing Services)
29.
TEMPO NASIONAL LIFE, P.T. (Life Insurance)
30.
TEMPO Perusahaan Dagang, P.T. (Trading and Distribution
Pharmaceutical and Cosmetic Products)
31.
TEMPO SCAN PACIFIC, P.T. (Pharmaceutical Industry)
32.
TEMPO UTAMA FINANCE, P.T. (Financing Services)
33.
TYFOUNTEX INDONESIA, P.T. (Integrated Textile Industry &
Garment Manufacturing)
34.
UPJOHN INDONESIA, P.T. (Pharmaceutical Industry)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.72 |
|
UK Pound |
1 |
Rs.81.42 |
|
Euro |
1 |
Rs.68.89 |
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.