|
Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PZ CUSSONS INDONESIA |
|
|
|
|
Formerly Known As : |
P.T. CUSSONS INDONESIA |
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|
|
Registered Office : |
Cyber Building, 9th Floor Jalan Kuningan Barat No. 8 Jakarta Selatan, 12710 |
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Country : |
Indonesia |
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Date of Incorporation : |
14.01.1988 |
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|
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Com. Reg. No.: |
No. AHU-AH.01.10-14446 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and Marketing of Soaps, Toiletries, Baby Products, Powders, Shampoo and Lotions |
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No. of Employees : |
675 persons |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T. PZ CUSSONS
INDONESIA
Head Office
Cyber Building, 9th
Floor
Jalan Kuningan
Barat No. 8
Jakarta Selatan,
12710
Indonesia
Phones -
(62-21) 5269227 (Hunting)
Fax - (62-21) 5269218
Building Area - 8 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Halim
Perdanakusumah Km. 19.8
Batuceper,
Tangerang
Banten Province
Indonesia
Phones -
(62-21) 6197611, 5523472
Fax - (62-21) 5522257
Land Area - 40,000 sq.
meters
Building Area - 27,200 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 14 January
1988 as P.T. CUSSONS INDONESIA
b. 18 February
2003 as P.T. PZ CUSSONS INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-641.HT.01.01.TH.88
Dated 29 January 1988
- No. AHU-42897.AH.01.02.TH.2008
Dated 18 July 2008
- No. AHU-44407.AH.01.02.TH.2010
Dated 16 September 2010
- No. AHU-AH.01.10-14446
Dated 17 April 2013
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.061.682.9.052.000
b. The President of the Republic of
Indonesia
No. B-103/Pres/12/1987
Dated 31 December 1987
c. The Capital Investment Coordinating Board
- No. 07/I/PMA/1988
Dated 14 January 1988
- No. 12/II/PMA/1993
Dated 4 February
1993
- No. 537/III/PMA/1993
Dated 20 September
1993
- No. 143/II/PMA/1996
Dated 25 July 1996
- No. 185/III/PMA/1998
Dated 11 February
1998
- No. 791/III/PMA/1999
Dated 24 June 1999
- No. 1108/III/PMA/1999
Dated 31 August 1999
Related
Company :
A Member Company
of the PZ CUSSON Group, United Kingdom
Capital
Structure :
Authorized
Capital : US$
13,567,200.-
Issued Capital : US$
13,567,200.-
Paid up Capital : US$
13,567,200.-
Shareholders/Owners
:
a. PZ CUSSONS (HOLDINGS) LIMITED - US$ 13,561,200.-
Address :
Manchester Business Park 3500
Aviator Way Manchester
England
b. PZ CUSSONS (INTERNATIONAL) LIMITED - US$ 6,000.-
Address : Manchester Business
Park 3500
Aviator Way
Manchester
England
Lines of
Business :
Manufacture and
Marketing of Soaps, Toiletries, Baby Products, Powders, Shampoo and Lotions
Production
Capacity :
a. Household Soap - 24,000 tons p.a.
b. Tooth Paste - 5,500,000
dozens p.a.
c. Make-up for
Face - 957,000 dozens p.a.
d. Perfume - 313,000 dozens p.a.
e. Hair
Preparation -
1,471,000 dozens p.a.
f. Face
Preparation - 248,000 dozens p.a.
g. Skin
Preparation -
1,300,000 dozens p.a.
h. Body
Preparation - 40,000 dozens p.a.
i. Shaving
Preparation - 120,000 dozens p.a.
k. Soap by
Products :
- Glycerine - 1,600 tons p.a.
- Spent Diatomaceous - 900 tons p.a.
- Refined Glycerine -
350 tons p.a.
l. Household
Diswashing - 1,000,000
liters p.a.
m. Household
Antiseptic - 24,000 liters p.a.
Total
Investment :
a. Equity Capital - US$ 13.6 million
b. Reinvested
Profit - US$ 1.8 million
c. Loan
Capital -
US$ 13.2 million
d. Total
Investment - US$
28.6 million
Started
Operation :
1990
Brand Name :
CUSSONS, IMPERIAL
LEATHER, ASOKA, KIDS, SWEET SEVENTEEN, MORNING FRESH
Technical
Assistance :
PZ CUSSONS of
United Kingdom
Number of
Employee :
675 persons
Marketing Area
:
Local - 90%
Export - 10%
Main Customer
:
a. CARREFOUR
b. GIANT
c. ALFAMART
d. INDOMARET
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BINA
KARYA PRIMA
b. P.T. BUKIT
PERAK
c. P.T. SAYAP MAS
UTAMA
d. P.T. WINGS
SURYA
e. Etc
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
NEGARA INDONESIA Tbk
Wisma 46-Kota
BNI
Jalan Jend.
Sudirman No. 1
Jakarta Pusat
Indonesia
b. STANDARD
CHARTERED Bank
Menara
Standard Chartered
Jalan Prof.
DR. Satrio No. 164
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 340.0
billion
2011 – Rp. 352.0
billion
2012 – Rp. 360.0
billion
Net Profit
(estimated) :
2010 – Rp. 27.2
billion
2011 – Rp. 29.0
billion
2012 – Rp. 30.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Panagiotis Mouchteros
Vice President Director -
Mr. George Sntonius Kanellis
Directors -
a. Mr. Simon Paul Plant
b. Mrs. Elsina Fransina Mustamu
c. Mr. Mark John Davey
d. Mr. Davis Christopher Graham
Board of Commissioners :
Commissioner -
Mr. Brandon Howard Leigh
Signatories :
President Director (Mr.
Panagiotis Mouchteros) Or Vice President Director (Mr. George Antonius
Kanellis) or one of the Directors (Mr. Simon Paul Plant, Mrs. Elsina Fransina
Mustamu, Mr. Mark John Davey, or Mr. Davis Christopher Graham) which must be
approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Initially named P.T.
CUSSONS INDONESIA, it was established in Jakarta in January 1988 with the
authorized capital of US$ 10,800,000 entirely issued and paid up. The founding
shareholders of the company are CUSSONS GROUP LIMITED of the UK and P.T.
FINCONESIA, a merchant bank of Indonesia. In May 1994, the authorized capital
was raised to US$ 16,800,000 wholly issued and paid up and concurrently P.T.
FINCONESIA withdrew and into the company entered a new shareholder namely Mr.
Ir. Bambang Indratmoko. In February 2003, the company renamed to P.T. PZ
CUSSONS INDONESIA (P.T. PCI) and concurrently the authorized capital was
increased to US$ 22,612,000 entirely issued and paid up. At the same time, the
shareholders of P.T. PCI were PZ CUSSONS (HOLDINGS) LIMITED and PZ CUSSONS (INTERNATIONAL)
LIMITED, both of the UK. The capital structures and shareholder composition of
the company in details are as shown on profile of this report. The deed of
amendment was approved by the Ministry of Law and Human Right in its Decision
Letter No. AHU-42897.AH.01.02.TH.2008, dated July 18, 2008. Then according to
the latest revision of notary documents of Mrs. Sri Irmiati, SH., No. 8 dated
27 March 2013 the company authorized capital was reduced to US$ 13,567,200
which of issued and paid up. With this time the composition of its shareholders
has been changed to become PZ CUSSONS (Holdings) LTD (99.95%) and PZ CUSSONS
(International) LTD (0.05%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-14446
dated April 17, 2013.
The shareholders
of P.T. PCI namely PZ CUSSONS (HOLDING) LIMITED and PZ CUSSONS (INTERNATIONAL)
LIMITED both are subsidiaries of the PZ CUSSONS Group, a large sized company
group based in the UK dealing with cosmetics, toiletries, and other household
appliances.
P.T. PCI
obtained a Foreign Capital Investment (PMA) facility issued by the Capital
Investment Coordinating Board (BKPM) to deal with cosmetic industry of with
main products are soaps, shampoos, talcum and medicated powders. Its plant is
located at Jalan Halim Perdana Kusumah Km. 18.9, Batu Ceper, Tangerang, Banten
Province on a land of 4.0 hectares having been in commercial operation since
1990. Previously, the plant was owned by P.T. DJAYA MAKMUR RAYA and sold to
P.T. PCI in 1988. The plant initially just owned old machinery and then it was
gradually modernized. The plant has frequently been expanded to increase the
annual production capacity. According to its license issued by the BKPM, the
plant has annual production capacity Household Soap of 24,000 tons, Tooth Paste
of 5,500,000 dozens, Make-up for Face of 957,000 dozens, Perfume of 313,000
dozens, Hair Preparation of 1,471,000 dozens, Face Preparation of 248,000
dozens, Skin Preparation of 1,300,000 dozens, Body Preparation of 40,000
dozens, Shaving Preparation of 120,000 dozens, Soap by Products : (Glycerine 1,600 tons, Spent Diatomaceous 900 tons,
Refined Glycerine 350 tons), Household Diswashing of 1,000,000 liters and
Household Antiseptic of 24,000 liters per year respectively. Some 10% of the
company products is exported to several Asian and European countries while the
rest is locally marketed using CUSSONS, IMPERIAL LEATHER, KIDS, ASOKA, SWEET
SEVENTEEN, MORNING FRESH brands. To reach wider markets in Indonesia, PZ
CUSSONS GROUP decided to build a plant in Indonesia. P.T. PCI is classified as
a large sized company of its kind in the country of which the operation had
been running smoothly and growing stable in the last five years.
Generally
outlook we find that detergent industry had been increasing within the last
five years, but soap industry declining since mid-1997 to the end 1998 and
since then rose again. But competition is very tight due to a large number of
similar companies operating in the country, among others, P.T. UNILEVER
INDONESIA, P.T. KAO INDONESIA, P.T. FILMA UTAMA SOAP, P.T. SAYAP MAS UTAMA,
P.T. WINGS SURYA, P.T. MUSIM MAS, etc. The following table shows the detergent
and soap production in Indonesia:
Development of Detergent Production, 2005 – 2012*
(Ton)
|
Year |
Powder |
Cream |
Bar |
Liquid |
|
2005 2006 2007 2008 2009 2010 2011 2012* |
165,057 174,960 185,457 196,213 207,789 220,256 231,279 245,156 |
450,460 477,460 504,108 529,108 560,854 594,505 624,230 661,684 |
78,918 83,653 88,583 93,898 99,531 104,507 110,777 117,424 |
56,962 60,380 64,003 67,843 71,913 75,509 80,039 84,841 |
Source: ICB
Processing, 2012* (projected)
P.T. PCI has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. The management of P.T. PCI is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2010 amounted to Rp.
340.0 billion rose to Rp. 352.0 billion in 2011 increased to Rp. 360.0 billion
in 2012 and projected to go on rising by at least 5% in 2013. The operation in
2012 yielded an estimated net profit of at least Rp. 30.1 billion and the
company has an estimated total networth of at least Rp. 105.0 billion. We
observe that P.T. PCI 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. PCI is led by Mr. Panagiotis Mouchteros (49) a professional
manager of Greek with experience in manufacturing and marketing of soaps,
toiletries, baby products, powders, shampoo and lotions. The management is
handled by experienced staff in this business, having maintained a wide
business relation with private businessmen at home and abroad as well as with
government sectors. 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. PZ CUSSONS INDONESIA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.