|
Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ESSENCE |
|
|
|
|
Formerly Known As : |
N.V. ESSENCE INDONESIA LTD. |
|
|
|
|
Registered Office : |
Jalan Otto Iskandardinata No. 74, |
|
|
|
|
Country : |
|
|
|
|
|
Year of Establishment : |
1956 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-06031 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Flavor and Fragrances Manufacturing |
|
|
|
|
No. of Employees : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. ESSENCE INDONESIA
Head Office &
Factory
Jalan Otto Iskandardinata No. 74
Jakarta 13330
Phone -
(021) 8500074 (hunting)
Fax -
(021) 8190116, 8569329
Email - iffindonesia@iff.com
Website - www.iff.com
Land Area - 15,000 sq.
meters
Building Space - 9,200 sq. meters
Region - Commercial
Status - Owned
a. 1956 as N.V. ESSENCE INDONESIA LTD.
b. 18 July 1970 as P.T. ESSENCE INDONESIA
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No.
C2-2535.HT.01.04.TH.1998
Dated 27 March 1998
b. No.
C-UM.02.01.9070.TH.2006
Dated 01 June 2006
c. No. AHU-03033.AH.01.02.Tahun 2010
Dated 20 January 2010
d. No.
AHU-54997.AH.01.02.Tahun 2011
Dated 11 November 2011
e. No.
AHU-AH.01.10-06031
Dated 21 February 2012
Foreign Investment (PMA) Company
a. The Department of Finance
NPWP No. 01.000.080.0-092.000
b. The Department of Trade and Industry
No. 28/M/SK/I/1970
Dated 24 January 1970
c. The Capital Investment Coordinating Board
- No. 911/III/PMA/1997
Dated 10 July 1997
- No. 08/II/PMA/1998
Dated 13 January 1998
- No. 107/III/PMA/2002
Dated
28 January 2002
INTERNATIONAL
FLAVORS AND FRAGRANCES Inc., (IFF) of the USA
A member of IFF
Group of Companies
Capital Structure :
Authorized Capital
- US$. 650,000 (Rp. 211,910,000.-)
Issued Capital - US$. 650,000 (Rp.
211,910,000.-)
Paid up Capital - US$. 650,000 (Rp. 211,910,000.-)
Shareholders/Owners :
a. INTERNATIONAL FLAVORS AND
FRAGRANCES Inc. of the USA -
37.058%
Address : 521 West
Fifty-Seventh Street
New York
10019, USA
b. INTERNATIONAL FLAVORS AND
FRAGRANCES IFF of the Netherlands -
62.937%
Address : Liebergerweg 72-76
(1221 JT)
Hilversum
–Tthe Netherlands
c. Mr. Rudy Subagio Kiswandono
of Indonesia - 0.005%
Address : Jl. Dr. Muwardi II
No. 19
Jakarta Barat
Indonesia
Lines of Business
:
Flavor and Fragrances Manufacturing
Production
Capacity :
Flavors and Fragrances – 37,000 tons p.a.
Total Investment :
a. Equity Capital -
US$. 650,000.-
b. Re-invested
Profit - US$. 3,700,000.-
c. Total
Investment - US$. 4,350,000.-
Started Operation :
1956 when it was
named N.V. ESSENCE INDONESIA Ltd
Brand Name :
None
Technical Assistance :
International Flavors and Fragrances Inc., of the USA
Number of Employee :
180 persons
Marketing Area :
Domestic - 70%
Export -
30%
Main Customers :
Overseas Buyers in
USA, Philippines, Thailand, Japan and other European countries
Domestic Buyers:
PT. Coca Cola Indonesia, PT. Indofood Sukses Makmur, PT. Wing Surya, Etc.
Market Situation :
Competitive
Main Competitors :
a. P.T. GIVAUDAN
INDONESIA
b. P.T. INDESSO AROMA
c. P.T. HARUMSARI SURYAAMPUH
d. P.T. JEERINDO SARI UTAMA
e. P.T. MANE INDONESIA,
Etc.
Business Trend :
Growing
Banker s :
a. P.T. Bank MANDIRI Tbk
Jl. Imam Bonjol No. 61
Jakarta Pusat
b. CITIBANK N.A.
Jl. Jend. Sudirman Kav. 1
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2008 – Rp. 180.0
billion
2009 – Rp. 202.0
billion
2010 – Rp. 218.0
billion
2011 – Rp. 232.0
billion
Net Profit (estimated)
:
2008 – Rp. 9.8 billion
2009 – Rp. 11.1
billion
2010 – Rp. 12.0
billion
2011 – Rp. 12.8
billion
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
Board of
Management :
President Director
- Mr. Christopher James Osborne
Director -
Mr. Rudy Subagio Kiswandono
Board of
Commissioners :
President Commissioner -
Mr. Robert Burns
Commissioner - Mr. Teo Chee Wee
Signatories
:
President Director
(Mr. Christopher James Osborne) or Director (Mr. Rudy Subagio Koswandono) which
must be approved by Board of Commissioners
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below Average
Originally named N.V. ESSENCE INDONESIA, the company was established in 1956 with legal status of N.V. (Naamloze Vennootschap) equivalent with P.T. (Perseroan Terbatas) or Limited Liability Company. In July 1970 the company name was changed to P.T. ESSENCE INDONESIA (P.T. EI). Its notarial act subsequently underwent further revisions. By the term of the notarial act revision 1970, the authorized capital was set at US$ 650,000.- entirely issued and paid up. The shares are wholly controlled by INTERNATIONAL FLAVORS & FRAGRANCES Inc., of New York, USA. In December 1997 the authorized capital was converted from US$ to Rp 211,910,000.- and by the same time Mr. Drs. Kurnia Irwansyah Rais joined in as a new shareholder of P.T. EI. On November 2009, Mr. Drs. Kurnia Irwansyah Rais pulled out and it whole shares is sold to Mr. Rudy Subagio Kiswantodno, is also of Indonesia. The deed of amendment was made by Singgih Susilo, SH., a public notary in Jakarta under Company Registration Number AHU-03033.AH.01.02.Tahun 2010, dated January 20, 2010.
Latest on January 2012, INTERNATIONAL FLAVORS & RAGRANCES I.F.F. of the Netherlands entered into the Company as new shareholder. Since the time, the shareholders of the company are INTERNATIONAL FLAVORS & FRAGRANCES Inc., of the USA (37.058%), INTERNATIONAL FLAVORS & FRAGRANCES IFF of the Netherlands (62.937%) and Mr. Rudy Subagio Kiswandono of Indonesia (0.005%). The deed of amendment was made by Haji Syarif Siangan Tanudjaja, SH., a public notary in Jakarta under Company Registration Number AHU-AH.01.10-06031 dated February 21, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. EI is a foreign capital investment company (PMA) dealing with flavor, fragrance and aroma chemical industry. Its plant is located at Jalan Otto Iskandarwinata No. 74, East Jakarta, on a land of some 1.5 hectares. The plant has been operating since 1956 with a production capacity of 12,000 tons flavor, fragrance and aroma chemical per year, with an investment of US$ 650,000. In January 1998 it was licensed for plant expansion to pro-duce 25,000 tons flavor, fragrance and aroma chemical per year.
Mrs. Fia Amelia, a staff of the company said to our inquiry that some 70% of the products is marketed locally to a number of food and drink industries like P.T. COCA COLA, P.T. INDOFOOD SUKSES MAKMUR, etc. The other 30% is exported to the USA, Philippines, Thailand, Japan and other European countries. We observed that P.T. EI is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
In overall we find the demand for essence, flavor and fragrance had been rising by the average 6% to 8% per year within the last five years in line with the growth of cosmetic industries, food and beverages, pharmaceutical and a stable economic growth in the period. But, as from October 2008, the demand growth for essence, flavor and fragrances has kept on dwindling as an impact of global economic crisis as told above. The demand was increasing in the early 2009 due to economic condition was gradually recovery in the country. The growth rate is now estimated at 5% to 7% per year. Market competition is very tight due to a large number of similar companies operating in the country such as P.T. GIVAUDAN INDONESIA, P.T. INDESSO AROMA, P.T. HARUMSARI SURYAAMPUH, P.T. JEERINDO SARI UTAMA, P.T. MANE INDONESIA, P.T. JUTARASA ABADI, P.T. MULTI FRAGRANCE, etc. Business position of P.T. EI is quite favorable for it has controlled a wide marketing chains and customers in several major cities in the country.
Until this time P.T. EI 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 2009 amounted to Rp. 202.0 billion increased to Rp. 218.0 billion in 2010 and rose again to Rp.232.0 billion in 2011 and projected to go on rising by at least 8% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 12.8 billion and the company has an estimated total networth of at least Rp. 120.0 billion. We observe that P.T. EI is supported by a foreign company which has financially fairly strong 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. EI is led by Mr. Christopher James Osborne (42) as president director, a professional manager of the USA with has experienced for more than 14 years in flavor and fragrances manufacturing. In daily activities, he is assisted by Mr. Rudy Subagio Kiswandono (53) of Indonesia as director. We observed that management’s reputation in said business is sufficiently fairly good. The company has had wide relation in the realm of the private businessmen within and outside the country. 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. ESSENCE INDONESIA is sufficiently fairly good for business
transaction. However, in view of the unstable political condition in the
country we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
|
UK Pound |
1 |
Rs.86.89 |
|
Euro |
1 |
Rs.67.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.