|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GIVAUDAN FLAVOURS AND FRAGRANCES INDONESIA |
|
|
|
|
Registered Office : |
Gedung Menara
Anugrah 7th, 8th & 9th Floor, Kantor
Taman E.3.3, Jalan
Mega Kuningan Lot 8.6 – 8.7, Jakarta Selatan, 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Com. Reg. No.: |
No. AHU-23247.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Flavor and
Fragrance Manufacturing |
|
|
|
|
No. of Employees : |
158 |
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 |
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in
2010 and 2011, respectively. The government made economic advances under the
first administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, and historically low rates of inflation. Fitch and Moody's
upgraded Indonesia's credit rating to investment grade in December 2011.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among regions. The government in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
Source
: CIA
Name of
Company :
P.T.
GIVAUDAN FLAVOURS AND FRAGRANCES INDONESIA
A d d r e s s
:
Head Office
Gedung Menara
Anugrah 7th, 8th & 9th Floor
Kantor Taman E.3.3
Jalan Mega Kuningan Lot 8.6 – 8.7
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 2995 5700 (Hunting)
Fax - (62-21) 2995 5766, 299 5577, 299 55788
Building Area - 25 storey
Office Space - 200 sq. meters
Region - Commercial
Status -
Rent
Factory
Jalan Raya Jakarta Bogor Km. 35
Cimanggis, Depok
West Java
Indonesia
Phones -
(62-21) 874-0379 (Hunting)
Fax - (62-21) 874-1524
Land Area - 12,300 sq.
meters
Building Area - 10,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 5 August 1992 as P.T. GIVAUDAN ROURE
b. 19 June 2000 as P.T. GIVAUDAN INDONESIA
c. 19 February 2009 as P.T. GIVAUDAN FLAVOURS
AND FRAGRANCES INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-20218.HT.01.04.TH.98
Dated 15 October 1998
- No. AHU-AH.01.10-12042
Dated 16 May 2008
- No. AHU-23247.AH.01.02.TH.2009
Dated 27 May 2009
Company Status
:
Foreign
Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No.
01.070.612.5.052.000
The President of the Republic of Indonesia
No.
B-122/Pres/5/1992
Dated 25 May 1992
The Capital Investment Coordinating Board
- No.
112/I/PMA/1992
Dated 5 June 1992
- No.
197/III/PMA/1993
Dated 16 April 1993
- No.
1086/III/PMA/1998
Dated 11 August 1998
- No.
189/II/PMA/2002
Dated 5 September 2002
- No.
1424/III/PMA/2003
Dated 19 December 2003
The Department of Industry
No.
821/Industri/1994
Dated 9 September
1994
Related
Companies :
a. P.T. QUEST
INTERNATIONAL INDONESIA (Essence, Flavor and Fragrance Manufacturing)
b. A member of
the GIVAUDAN Group of Switzerland
Capital
Structure :
Authorized
Capital : Rp.
801,217,155,000.-
Issued Capital : Rp.
801,217,155,000.-
Paid up Capital : Rp.
801,217,155,000.-
Shareholders/Owners
:
a. GIVAUDAN S.A. - Rp. 801,196,895,000.-
Address : 5
Chemin De La Parfumerie 1214
Vernier-Geneva
Switzerland
b. PRODIGA AG -
Rp. 20,260,000.-
Address : Jl. Glaris, Switzerland
Switzerland
Lines of
Business :
a. Flavor and Fragrance Manufacturing
b. Investment Holding
Production
Capacity :
a. Flavor
Compounds - 500
tons p.a.
b. Fragrances
Compounds - 400 tons p.a.
c. Distribution
Products - US$ 800,000
d. Trading,
Import of Fragrances
and
Flavors -
US$ 35.5 million
Total
Investment :
a. Owned Capital - Rp. 5.7 billion
b. Reinvested
Profit - Rp. 15.2
million
c. Loan Capital - Rp. 28.5
million
d. Total
Investment - Rp.
49.4 million
Started
Operation :
1993
Brand Name :
Givaudan Flavours
and Fragrances Indonesia
Technical
Assistance :
GIVAUDAN
Switzerland
Number of
Employee :
158 persons
Marketing Area
:
Domestic
(Local) - 100%
Main Customers
:
a. P.T. MARTINA
BERTO
b. P.T. GUDANG GARAM Tbk
c. P.T. DJARUM
d. P.T. MUSTIKA
RATU
e. Others
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ESSENCE
INDONESIA
b. P.T. FIRMENICH
INDONESIA
c. P.T. FOODEX
INGREDIENT INDONESIA
d. P.T. INDESCO AROMA
e. P.T. MANE INDONESIA
f. P.T. OGAWA
INDONESIA
g. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan Jend. Gatot
Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. ABN AMRO Bank
N.V.
Jakarta Stock Exchange
Jalan Jend. Sudirman
Kav. 53-55
Jakarta Pusat
Indonesia
Auditor :
Oesman Bing Satrio & Rekan (Delloitte)
Litigation :
No litigation record
in our database
Annual Sales :
2009 – Rp.
1,152.2 billion
2010 – Rp.
1,122.3 billion
2011 – Rp.
1,162.0 billion (estimated)
2012 – Rp. 585.0 billion (January – June) estimated
Net Profit
(loss) :
2009 – (Rp. 126.9
billion)
2010 – (Rp. 155.5
billion)
2011 – Rp. 58.1
billion (estimated)
2012 – Rp. 35.1
billion (January – June) estimated
Payment Manner
:
Average
Financial Comments :
Satisfactory
Board of
Management :
President
Director -
Mrs. Maria Ernestina Velasco Elizalde
Directors -
a. Mrs. Dra. Rina Adianti Suherman, MBA
b. Mr. Prayoga Wahyudianto
c. Mr. Muhammad Ali Butt
Board of
Commissioner :
Commissioner -
Mr. Lee Sa Hean
Signatories :
President Director (Mrs. Maria Ernestina Velasco Elizalde) or one of the
Directors (Mrs. Dra. Rina Adianti Suherman, MBA, Mr. Prayoga Wahyudianto or Mr.
Muhammad Ali Butt) which must be approved by Board of Commissioners
Management Capability
:
Good
Business Morality
:
Good
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
Originally named
P.T. GIVAUDAN ROURE was established in Jakarta on 5 August 1992 with the
authorized capital of US$ 600,000 entirely was issued and paid up. The founding
shareholders of the company are GIVAUDAN ROURE (INTERNATIONAL) S.A., of
Switzerland and local partner Mr. Gino Sakiris AKA Lauw Oen Hok. The company
notary deed has frequently been revised. In June 2000 the company renamed to
P.T. GIVAUDAN INDONESIA. In March 2008, the whole shares had been controlled by
GIVAUDAN S.A., and PRODIGA AG both of Switzerland. Concurrently the authorized
capital was converted into Rupiah and increased to Rp. 801,217,155,000 wholly
fully and paid up. The latest shareholders of the company are GIVAUDAN S.A. of
Switzerland (99.99%) and PRODIGA AG of Switzerland (0.01%). The deed of amended
was made by Mrs. Irene Yulia, SH, a public notary in Jakarta, was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-12042, dated May 16, 2008.
Then according to
the latest revision of notary documents Mr. Haji Syarif Siangan Tanudjaja, SH.,
No. 19 dated 19 February 2009 the company name was changed to P.T. GIVAUDAN
FLAVOURS AND FRANGRANCES INDONESIA (P.T. GFAFI). The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-23247.AH.01.02.TH.2009 dated May 27, 2009.
P.T. GFAFI
acquired a Foreign Investment (PMA) license issued by Capital Investment
Coordinating Board (BKPM) to deal with flavors and fragrance manufacturing
whose plant located at Jalan Raya Jakarta Bogor Km. 35, Cimanggis, Depok, West
Java on a land of 2,300 sq. meters. The company is basically to continue the
activities of its sister company P.T. ASTANA SARA INDAH operating since 1983.
The plant has been operating in 1993 and underwent several expansions to
increasing production capacity. The plant has a capacity to annually produce
500 tons of flavor compound and 400 tons of fragrances compound per years. The
basic materials for fragrances used are 90% of basic materials fro flavor are
imported from Switzerland, the USA, the Netherlands and the rest of local
products. P.T. GFAFI flavourist create for beverages, sweet goods, savoury and
dairy products, as well as ingredients systems. The whole products are all
marketed locally and supplied to P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. GUDANG
GARAM Tbk, P.T. DJARUM, P.T. MUSTIKA RATU, P.T. MARTINA BERTO and other
companies. It seems the operation of P.T. GI has been running and growing well
in the last three years. Besides, P.T. GI is also engaged in investment holding
by controlling 99% shares of P.T. GIVAUDAN INDONESIA (ex P.T. QUEST
INTERNATIONAL INDONESIA) dealing with essence, flavor and fragrant
manufacturing.
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. GFAFI
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. GFAFI has high ability to further expand
its business in the future.
According to
financial statement which audited by Oesman Bing Satrio & Rekan public
accountant that sales the total sales turnover of the company in 2009 amounted
to Rp. 1,152.2 billion with a net loss of Rp. 126.9 billion decrease to Rp.
1,122.3 billion with a net loss of Rp. 155.5 billion in 2010. We estimated the
sales turnover in 2011 amounted at Rp. 1,162.0 billion with a net profit of Rp.
58.1 billion. As from January to June 2012 the sales turnover has reached at
Rp. 585.0 billion with a net profit of Rp. 35.1 billion and projected to go on
rising by at least 5% in 2013. The company has an estimated total net worth of
at least Rp. 801.2 billion. We observe that P.T. GFAFI 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
condense financial statement is shown.
(In million Rp)
|
Descriptions |
31 December |
|
|
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
a. Current Assets |
451,300 |
450,803 |
|
b. Non Current Assets |
338,671 |
490,835 |
|
c. Other Assets |
852 |
853 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
789,971 |
941,634 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
a. Current Liabilities |
454,908 |
455,095 |
|
b. Non Current
Liabilities |
27,187 |
23,184 |
|
c. Stockholders Equity
: -
Paid Up Capital -
Foreign Exchange -
Retained Earnings Total Stock holders Equity |
801,217 24 243 307,173 |
801,217 24 243 462,712 |
|
C. INCOME STATEMENT |
|
|
|
a. Sales Net |
1,122,261 |
1,152,221 |
|
b. Income from
operation |
102,747 |
52,166 |
|
c. Net Loss |
155,539 |
126,864 |
Notes: 31 December 2009 and 2010 Audited by
KAP Oesman Bing Satrio & Rekan
P.T. GFAFI’s management
is led by Mrs. Maria Ernestina Velasco Elizalde (56) a professional manager of
Philippine with has 17 years of experience in essence, flavor and fragrance
manufacturing and trade. Daily operation, she is assisted by three directors
namely Mrs. Dra. Rina Adianti Suherman, MBA (50), Mr. Ir. Prayoga Wahyudianto
(49) and Mr. Muhammad Ali Butt (38) as Directors. They also registered as
directors of sister company P.T. QUEST INTERNATIONAL INDONESIA. 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. We observed that management’s reputation in said
business is sufficiently fairly good. The company’s litigation record is clean
and it has not registered with the black list of Bank of Indonesia. P.T.
GIVAUDAN FLAVOURS AND FRAGRANCES INDONESIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.