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Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDESSO NIAGATAMA |
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|
|
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Registered Office : |
Jalan
Tanah Abang II/78, Jakarta 10150 |
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Country : |
Indonesia |
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Date of Incorporation : |
27.10.1997 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-28886 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading,
Import and Distribution of Flavor and Fragrance |
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No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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|
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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 – 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 |
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High |
B2 |
|
Very High |
C1 |
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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. INDESSO NIAGATAMA
Head Office
Jalan
Tanah Abang II/78
Jakarta
10150
Indonesia
Phones -
(62-21) 3863974 (Hunting)
Fax - (62-21) 3851864
E-mail - info@indesso.com
Website - http://www.indesso.com
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
27
October 1997
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
a. No.
AHU-49279.AH.01.02.TH.2008
Dated 11 August 2008
b. No.
AHU-AH.01.10-28886
Dated 13 September 2011
National
Private Company
The Department of
Finance
NPWP
No. 01.849.619.0-073.000
a. P.T. FIRMENICH INDONESIA (Trading and
Distribution of Industrial Chemical)
b. P.T. INDESSO
AROMA (Citronella Distillation Industry)
c. P.T. INDESSO PRIMATAMA (Investment Holding
and Trading)
d. Etc.
Capital
Structure :
Authorized Capital - Rp. 4,000,000,000.-
Issued Capital - Rp. 1,000,000,000.-
Paid up Capital - Rp. 1,000,000,000.-
Shareholders/Owners
:
a. P.T. INDESSO PRIMATAMA - Rp. 994,000,000.- (99.4%)
Address : Jl. Tanah Abang II No. 78
Jakarta Pusat
Indonesia
b. Mr. Robertus Hartanto Gunawan - Rp.
3,000,000.- ( 0.3%)
Address :
Jl. Subang No. 16, RT. 004 RW. 004
Kel. Menteng, Kec. Menteng
Jakarta Pusat
Indonesia
c. Mr. Wien Permadhi Gunawan - Rp. 3,000,000.- ( 0.3%)
Address :
Jl. Kembangwangi III K5/8
Kelurahan Menteng, Kecamatan Menteng
Jakarta Barat
Indonesia
Lines
of Business :
Trading,
Import and Distribution of Flavor and Fragrance
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1998
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
45
persons
Marketing
Area :
Local - 100%
Main
Customers :
a.
PT. Mustika Citra Rasa (Holland Bakery)
b.
PT. Nippon Indosari Corpindo (Sari Roti)
c.
PT. Sinar Sostro (Teh Sosro)
d.
PT. Martina Berto Tbk. (Sari Ayu)
e. PT. Mustika Ratu Tbk. (Mustika Ratu)
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Givaudan Indonesia
b.
PT. Essence Indonesia
c.
PT. Harumsari Suryaampuh
d.
PT. Jeerinco Sari Utama
e.
PT. Mane Indonesia
Business
Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Menara BCA
Jl. M.H.
Thamrin No. 1
Jakarta Pusat,
Indonesia
b. P.T. Bank DANAMON Tbk
Jalan Abdul Muis
No. 60
Jakarta Pusat,
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 39.5 billion
2011
– Rp. 48.0 billion
2012
– Rp. 56.0 billion
Net
Profit (estimated) :
2010
– Rp. 2.2 billion
2011
– Rp. 2.7 billion
2012
– Rp. 3.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Mr. Robertus Juliarto Gunawan
Directors -
a. Mr. Wien Permadhi Gunawan
b. Mr. Petrus Eko Soelarso
c. Mr. Rossano Sutanto
d. Mr. Drs. Efendi, MM
Business Development Manager - Mr. Erwin Febryanto
Board of Commissioners :
President Commissioner - Mr. Robertus Hartanto
Gunawan
Commissioner - Mr. Sutanto Djaja Gunawan
Signatories :
President
Director (Mr. Robertus Juliarto Gunawan) or one of the the Directors (Mr. Wien
Permadhi Gunawan, Mr. Petrus Eko Soelarso, Mr. Rossano Sutanto or Mr. Drs.
Efendi,MM) which must be approved by Board of Commissioners (Mr. Robertus
Hartanto Gunawan and Mr. Sutanto Djaja Gunawan)
Management Capability :
Good
Business Morality :
Good
P.T. INDESSO
NIAGATAMA was established in October
1997 with an authorized capital of Rp. 10,000,000.- of which Rp. 6,000,000.-
was issued and fully paid up. The
founding shareholders of the company are Mr. Robertus Hartanto Gunawan and his
brother Mr. Wien Permadhi Gunawan, both are Indonesian businessmen of Chinese
extraction. The company's notarial act was since revised a number of
times. In April 2008 the authorized capital was raised to Rp. 4,000,000,000.- of
which Rp. 1,000,000,000.- was issued and paid up. By the same time a new shaeholder joined in
namely PT. INDESSSO PRIMATAMA, a private company which majority business stakes
is controlled by Gunawan family. Since
April 2008, the shareholders of the company are PT. INDESSO PRIMATAMA (99.4%),
Mr. Robertus Juliarto Gunawan (0.03%) and Mr. Wien Permadhi Gunawan
(0.3%).
Most recently by notarial deed of FX Budi Santoso Isbandi, SH.,
No. 17 dated July 7, 2011 the Company’s board of directors and commissioners
had been changed. However, no
changes have been effected in term of its shareholding composition and capital
structures to date. The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-28886 dated September 13, 2011.
P.T. INDESSO NIAGATAMA (P.T. IN) had been operating since 1998 in trading, importing and distribution of flavor and fragrance. Miss Puriani, an administrative staff of P.T. IN explained that the products are imported from Switzerland and France. Then, the products are marketed locally to several food industries like PT. Mustika Citra Rasa (Holland Bakery), PT. Nippon Indosari Corpindo (Sari Roti), soft drink industries like PT. sinar Sostro (The Sosro), PT. Pepsi Cola Indo (Pepsi Cola), cosmetic industries like PT. Martina Berto Tbk. (Sari Ayu), PT. Mustika Ratu Tbk. (Mustika Ratu), cigarette industries and others. P.T. IN is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, the demand for flavor, fragrance, essential oil, and food ingredients 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. Business position of P.T. IN 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.
Until this time P.T. IN has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of
P.T. IN is very reclusive towards outsiders and rejected to disclose its
financial condition. We estimated that total sales turnover of the
company in 2010 amounted to Rp. 39.5 billion increased to Rp. 48.0 billion in
2011 rose again to Rp. 56.0 billion in 2012 and projected to go on rising by at
least 10% in 2013. The operation in 2012 yielded an estimated net profit of at
least Rp. 3.2 billion and the company has a total asset of at least Rp. 20.0
billion. 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.
Since in July 2011, the management of P.T.
IN is led by Mr. Robertus Juliarto Gunawan (48) a businessman with more than 20
years experience in trading and importing of flavor and fragrance. Daily activity he is assisted by four
directors namely Mr. Wien Permadhi Gunawan (66), Mr. Petrus Eko Soelarso (57),
Mr. Rossano Sutanto(48) and Mr. Drs. Efendi, MM (44). The company's management is handled by a
number professional staffs 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. INDESSO NIAGATAMA is
appraised to be good for business transaction.
However,
in view of the economic condition in the country is still unstable,
we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
UK Pound |
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
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.