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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. AURA ESSENCE |
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|
|
|
Registered Office : |
Jalan Danau Agung
Barat Block A 3 No. 28 Kelurahan Sunter Jaya, Kecamatan Tanjung Priok Jakarta
Utara, 14350 |
|
|
|
|
Country : |
Indonesia |
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|
|
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Date of Incorporation : |
February 1996 |
|
|
|
|
Com. Reg. No.: |
No. AHU-68275.AH.01.02.TH.2008 |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Perfumes and Cosmetics |
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|
|
|
No. of Employees : |
37 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 : |
Usually Correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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
P.T.
AURA ESSENCE
A
d d r e s s :
Head Office
Jalan Danau Agung Barat Block A 3 No. 28
Kelurahan Sunter Jaya, Kecamatan Tanjung Priok
Jakarta Utara, 14350
Indonesia
Phones -
(62-21) 6530 5300 (Hunting)
Fax - (62-21) 6530 5100
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
February
1996
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-68275.AH.01.02.TH.2008
Dated
23 September 2008
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.062.326.0-075.000
Related
Company :
P.T.
AURA CANTIK (Trading, Import and Distribution of Perfumes and Cosmetics)
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued
Capital :
Rp. 550,000,000.-
Paid
up Capital :
Rp. 550,000,000.-
Shareholders/Owners
:
a. Mr. Prem Bulchand Bhojwani - Rp.
275,000,000.-
Address : Jl. Sentul No. 32, RT. 007 RW. 003
Kelurahan Pasar Baru, Kecamatan Sawah
Besar, Jakarta Pusat
Indonesia
b. Mr. Bishan Prem Bhojwani - Rp.
275,000,000.-
Address :
Jl. Sentul No. 32, RT. 007 RW. 003
Kelurahan Pasar Baru, Kecamatan Sawah
Besar, Jakarta Pusat
Indonesia
Lines
of Business :
Trading,
Import and Distribution of Perfumes and Cosmetics
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1996
Brand
Name :
Aura
Essence
Technical
Assistance :
None
Number
of Employee :
37
persons
Marketing
Area :
Local - 100%
Main
Customer :
Cosmetics
Shops and Traders
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ANEKA PRIMA SEJATI
b. P.T. L’OREAL INDONESIA
c. P.T. LUXASIA INDONESIA
d.
P.T. MIRABO AYU
e.
P.T. PRESTIGE INDONESIA
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan K.H. Samanhudi No. 8
Jakarta Pusat
Indonesia
b. P.T. Bank SBI INDONESIA
Ruko Nusa
Plaza Indah Block A No. 78
Jalan Griya
Utama Sunter
Jaakrta
Utara
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 37.0 billion
2011
– Rp. 39.0 billion
2012
– Rp. 41.0 billion
Net
Profit (estimated) :
2010
– Rp. 1.8 billion
2011
– Rp. 1.9 billion
2012
– Rp. 2.1 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director
- Mr. Bishan Prem Bhojwani
Board of Commissioners :
Commissioner - Mr. Prem Bulchand Bhojwani
Signatories :
Director
(Mr. Bishan Prem Bhojwani) 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
P.T.
AURA ESSENCE (P.T. AE) was established in Jakarta in February 1996 by Mr. Prem
Bulchand Bhojwani and his son Mr. Bishan Prem Bhojwani, both of are Indonesian
business family of India descents. The company notary deed has been changed a
couple of times and according to the latest revision of notary documents of Mr.
Musa Muamarta, SH., No. 14 dated 18 April 2008 the company authorized capital
was amounted at Rp. 2,000,000,000 issued capital of Rp. 550,000,000 of which
paid up. According to the latest revision of notary documents the composition
of its shareholders are Mr. Prem Bulchand Bhojwani (50%) and his son Mr. Bishan
Prem Bhojwani (50%). The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-68275.AH.01.02.TH.2008 dated
September 23, 2008. We observe that Mr. Prem Bulchand Bhojwani and his son Mr.
Bishan Prem Bhojwani also founder and business stakes owner of P.T. AURA CANTIK
a national private company engaged in the field of trading, import and
distribution of cosmetics.
P.T.
AE started to be operating since 1996 dealing with trading, import and
distribution of perfumes and cosmetics. The company is having a history of more
than 17 yeas of business, mainly into perfumes and cosmetic. Originally the
company sells of the perfumes and cosmetics through airlines, however the
company business was focused to sells and distributes of perfumes and cosmetic
through various distributors and retailers in the country. Mr. Yegneshwara
Deekshit, Account Manager of the company said the company is an authorized
distributors all varieties of perfumes and cosmetics which imported from
France, Germany, Hong Kong, India and other European countries. The company is
an authorized distributors all various brands such as Antonio Bandera, Bugatti,
Canali, Chevignon, Creed, Dsquard2, Etienne Aigner, Fcule, Fendi, Gianfranco
Ferre, Jean Charles Brosseau, Jessica Simpson, Loewe, Lolita Lempicka, Mango,
Nafnaf, Paris Hilton and others. The whole products marketed locally through
distributors and retailers of perfumes and cosmetic in Jakarta, Bandung,
Semarang, Yogyakarta, Surabaya, Bali, Sumatera, Kalimantan and Sulawesi.
Besides, the company is also supplied the products through various beauty and
skin care in the country. We observe the operation of P.T. AE has been growing
and developing well in the last three years.
Demand
for cosmetics is increasing in line with revenue growth of community are
accompanied by changes in the lifestyle of the community. Based on the results
of the forecast Euromonitor International 2012 for next 5 years, the beauty
care industry in the country grew on average by 7% per year. Cosmetic and herbal
products industry is a bright prospect.
Use products that used only as a secondary requirement has now evolved into a
primary need, especially for
women.This suggests that the
use of cosmetics in Indonesia is very large.
Along with the times cosmetics is
as a primary need
for most women. This provides an opportunity for the cosmetic industry in Indonesia, so many
new products emerging in the market that can cause
quite a tight competition.
On the other hand consumers have their own judgments and expectations of the cosmetics they use. To be able to compete and
satisfy the customers certainly a
product must have a competitive
advantage compared to competing products and can meet the needs of consumers. Parties are required to jelly cosmetic companies in exploring information about consumer preferences and be able to implement the right marketing strategy.
Throughout 2011, Indonesian economy grew well with the support of strong personal consumption and good investment, both domestic and foreign. Amidst economic growth deceleration in other Asian NIES countries, Indonesian economy was significantly growing on a stable foundation. It was supported by the growing number of middle-class community which was in line with the increase of income as well as the growth of consumer loans and the decrease of interest rate due to controlled inflation. Therefore, personal consumption could grow stably. To date, the prices of consumer goods have become stable. This is supported by the low increase of food prices due to good harvests as well as the political and economic stability which can minimize the increase of household expenses such as electricity, fuel, etc. In order to respond to this condition, Bank Indonesia has lowered the BI rate so that at the end of December 2011 the interest rate was 6.00%. However, as an impact of the increasingly serious debt crisis in Europe, Rupiah exchange rate decreased to Rp 9,068/US$ at the end of 2011. As a reflection of the increasingly stronger growth of personal consumption, the cosmetics market has been growing stably.
Until
this time P.T. AE has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of the company 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. 37.0
billion rose to Rp. 39.0 billion in 2011 increased to Rp. 41.0 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. 2.1 billion and the company has
an estimated total networth of at least Rp. 6.0 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.
The
management of P.T. AE is led by Mr. Bishan Prem Bhojwani (33) a young
businessman and professional manager with experience in trading, import and
distribution of perfumes and cosmetics. However the prime mover of the company
is Mr. Prem Bulchand Bhojwani (72) has experienced for more than 28 years in
perfumes and cosmetics. 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. AURA ESSENCE
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.