|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDESSO AROMA |
|
|
|
|
Formerly Known As : |
C.V. INDESSO |
|
|
|
|
Registered Office : |
Jalan
Tanah Abang II No. 78, Jakarta Pusat, 10150 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.08.1968 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-0079069.AH.01.02.TH.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Industrial Essence and Distillation of Essential Oils |
|
|
|
|
No. of Employees : |
227 |
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
Name
of Company
P.T. INDESSO AROMA
Address
Head Office
Jalan
Tanah Abang II No. 78
Jakarta
Pusat, 10150
Indonesia
Phones -
(62-21) 3863974 (Hunting)
Fax - (62-21) 3580538
E-mail - lusiana.prajogo@indesso.com
Website - http://www.indesso.com
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Factories
a. Desa Karang Tengah
Kecamatan Batu Raden Km. 10
Purwokerto, Central Java
Indonesia
Phones - (62-281) 681450 (Hunting)
Fax -
(62-281) 681452
Land Area - 6,000 sq. meters
Building Space - 4,000 sq. meters
Region - Industrial Zone
Status - Owned
b. Jalan Raya Cibubur – Cileungsi Km. 9
Cileungsi, Bogor
West Java
Indonesia
Phones - (62-21) 82491808 (Hunting)
Fax -
(62-21) 8232631
Land Area - 8,000 sq. meters
Building Space - 6,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 02 August 1968 as Firma INDESSO
b. 27 November
1973 as C.V. INDESSO
c. 30 June 1992
as P.T. INDESSO AROMA
Legal
Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No.
The Ministry of Law and Human Rights
- No. C2-1826.HT.01.01.TH.93
Dated 20 March 1993
- No. AHU-38578.AH.01.02.TH.2009
Dated 11 August 2009
- No. AHU-0064541.AH.01.02.TH.2010
Dated 26 August 2010
- No. AHU-0079069.AH.01.02.TH.2011
Dated 30 September 2011
Company
Status
Private
and Domestic Investment (PMDN) Company
Permit
by the Government Department
The
Department of Finance
NPWP
No. 01.202.282.8-521.000
The
Department of Industry and Trade
SIUP
No. 26/11.07/PB/II/1992
Dated
15 February 1992
Associated
Companies
a. P.T. FIRMENICH INDONESIA (Trading and
Distribution of Industrial Chemical)
b. P.T. INDESSO NIAGATAMA (Trading and Importer
of Flavor)
c. P.T. INDESSO PRIMATAMA (Investment Holding
and Trading)
Capital
Structure
Authorized
Capital : Rp.
200,000,000,000.-
Issued
Capital :
Rp. 132,266,000,000.-
Paid
up Capital :
Rp. 132,266,000,000.-
Shareholders/Owners
a.
P.T. INDESSO PRIMATAMA -
Rp. 132,046,000,000.-
Address : Jl. Tanah
Abang II No. 78
Jakarta Pusat
Indonesia
b.
The heirs Mr. Robertus Hartanto Gunawan -
Rp. 110,000,000.-
Address :
Jl. Subang No. 16, RT. 004 RW. 004
Kelurahan Menteng, Kecamatan
Menteng
Jakarta Pusat, Indonesia
c.
Mr. Robertus Juliarto Gunawan -
Rp. 110,000,000.-
Address :
Jl. Subang No. 16, RT. 004 RW. 004
Kelurahan Menteng, Kecamatan
Menteng
Jakarta Pusat, Indonesia
Lines
of Business
a. Industrial Essence and Distillation of
Essential Oils
b. Investment Holding
Production
Capacity
a. Aromatic Chemicals (Clove extracts) - 20 tons per month
b. Natural Extract (Cocoa extract, Coffee
extract,
Tamarind extract, Green tea extract) - 15 tons per month
c. Essential Oils - 20 tons per month
e. Flavor & Fragrance (Eugenol) - 20 tons per month
Total
Investment
a. Equity Capital - Rp.
90.2 billion
b. Loan Capital -
Rp. 25.0 billion
c. Total Investment - Rp. 115.2 billion
Started
Operation
August
1968
Brand
Name
Indesso
Aroma
Technical
Assistance
None
Number
of Employee
227
persons
Marketing
Area
Export - 85%
Local -
15%
Main
Customer
Buyers
in Europe Union and the USA
Market
Situation
Very
Competitive
Main
Competitors
a.
P.T. AROMCO INDONESIA
b.
P.T. ESSENCE INDONESIA
c.
P.T. ISLAND SUND INDONESIA
d. P.T. TAKASAGO INDONESIA
Business
Trend
Growing
Bankers
a. P.T. Bank PANIN Tbk
Jalan Jend.
Sudirman No. 1
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Tanah Abang
II
Jakarta Pusat
Indonesia
Auditor
KAP Tanubrata, Sutanto Fahmi & Rekan (BDO)
Litigation
No
litigation record in our database
Annual
Sales
2010
– Rp. 330.4 billion
2011
– Rp. 681.5 billion
2012
– Rp. 712.0 billion (estimated)
Net
Profit
2010
– Rp. 17.8 billion
2011
– Rp. 70.4 billion
2012
– Rp. 78.3 billion (estimated)
Payment
Manner
Average
Financial
Comments
Satisfactory
Board of Management :
President Director - Mr. Robertus Juliarto Gunawan
Directors -
a. Mr. Wien Permadhi Gunawan
AKA Tan Hong Tie
b. Mr. Petrus Eko Soelarso
c. Mr.
Rossano Sutanto
d. Mr. Drs. Efendi
Board of Commissioners
Commissioner - Mr. Sutanto
Djaja Gunawan
AKA Tan Hong Gwan
Signatories
President
Director (Mr. Robertus Julianto Gunawan) or one of the Directors (Mr. Wien
Permadhi Gunawan AKA Tan Hong Tie, Mr. Petrus Eko Soelarso, Mr. Rossano Sutanto
or Mr. Drs. Efendi) 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
Originally named Firma
INDESSO established in Semarang, Central Java based on notary deed of Mr.
Kahirman Gondowirjo, SH., No. 2 dated 2 August 1968. The change of Company’s name to C.V. INDESSO
with a legal status of commanditaire Venootschaap or partnership with sleeping
partner. Founders are Mr. Robertus Hartanto Gunawan AKA Tan Hong Tjay as active
partner and his wife Mrs. Dewi Mariani Gunawan AKA Ong Liang Nio as sleeping
partner and its domicile moved to Purwokerto by the deed of Mr. Subagio
Reksodipuro, SH., No. 46 dated 27 November 1973. Further as of 30 June 1992,
the company renamed to P.T. INDESSO AROMA (P.T. IA) a Limited Liability Company
with an authorized capital of Rp. 20,000,000,000 issued capital of Rp.
4,200,000,000 wholly paid-up. Its
articles of association has subsequently been changed for a couple of times.
Later in March 1998, the authorized capital was increased to Rp. 75,000,000,000
issued capital of Rp. 24,300,000,000
wholly paid-up. On the same occasion the shareholders are P.T. INDESSO
PRIMATAMA, Mr. Robertus Hartanto Gunawan, Mrs. Dewi Mariani Gunawan, his son
Mr. Robertus Juliarto Gunawan his wife Mrs. Hanny Mayanti Gunawan, Mr. Wien
Permadhi Gunawan, and Mr. Yahya Gunawan AKA Tan Hong Djien, they are Indonesian
busines family of Chinese origins. In
April 2008 the company domicile was changed as from Purwokerto into Jakarta and
Purwokerto.
Concurrently the issued
capital was increased to Rp. 35,376,000,000 entirely paid up and Mrs. Dewi
Mariani Gunawan, Mr. Wien Permadhi Gunawan, Mrs. Hanny Mayanti Gunawan and Mr.
Yahya Gunawan pulled out and the whole shares sold to P.T. INDESSO PRIMATAMA,
Mr. Robertus Hartanto Gunawan and Mr. Robertus Juliarto Gunawan.
Further in July 2009 the
authorized capital was raised to Rp. 200,000,000,000 issued capital to Rp.
90.266,000,000 fully and paid up. With this development the composition of its
shareholders has been changed to become P.T. INDESSO PRIMATAMA (99.76%), the late
Mr. Robertus Hartanto Gunawan (0.12%) and Mr. Robertus Juliarto Gunawan
(0.12%). The
revision of notary deed was made by Mr. Fransiscus Xaverius Budi Santoso
Isbandi, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-38578.AH.01.02.TH.2009, dated August 11, 2009.
Then according to the latest revision of notary documents
of Mr. FX Budi Santoso Isbandi, SH., No. 69 dated 24 May 2011 the company
issued capital was raised to Rp. 132,266,000,000 fully and paid up. With this
development the composition of its shareholders has been changed to become P.T.
INDESSO PRIMATAMA (99.83%), the heirs Mr. Robertus Hartanto Gunawan AKA Tan
Hong Tjay (0.1%) and his son Mr. Robertus Juliarto Gunawan (0.1%). The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-0079069.AH.01.02.TH.2011 dated September 30, 2011.
The majority shareholder of P.T. IA namely P.T. INDESSO
PRIMATAMA is a national private company whose majority business stakes are
controlled by the late Mr. Robertus Hartanto Gunawan and his family members.
They also founders of P.T. FIRMENICH INDONESIA engaged in industrial chemical
trading, P.T. INDESSO PRIMATAMA in trading and investment holding and P.T.
INDESSO NIAGATAMA in trading and importer of flavor.
P.T. INDESSO AROMA (P.T. IA) is one of the producer of
industrial essence and distillation of essential oils. Initially P.T. IA
started with operation in August 1968 in citronella distillation, trading and
export whose plant located in Desa
Karang Tengah, Batu Raden Km. 10, Purwokerto, Central Java, standing on 0.6
hectares land. The plant has a capacity
to produce 25 tons of citronella per month. Mrs. Lusiana Prajogo (P.T. IA's
marketing staff) disclosed that the above mentioned business has been declining
badly within the last five years due to the lack of the demand and the hardship
in getting the basic materials for citronella oil. In 1992 P.T. Indesso Aroma
took a large step toward becoming a leader in the flavor and fragrance
ingredient industry by producing Eugenol and its derivatives from clove leaf
oil. P.T. IA is now a leading producer in this field.
P.T. IA is now also fully compliant with the standards
required for the manufacture of both Halal and Kosher products. The company
continued to position itself as a world-class producer of fine chemicals by
building a new aromatic chemical plant in September 2001. Four years later an
additional, one-of-a-kind facility was added at Cileungsi, West Java for the processing
of natural extracts like clove, cocoa, and coffee. Both plants are equipped
with the latest high-tech equipment and environmentally-friendly technologies
including fully-automatic computerized control systems. P.T. IA continues to
strive for the highest quality possible at all levels.
The company continually upgrades and expands its
facilities in order to bring you products that are the very best the industry
has to offer. From raw material acquisition to distribution of the final
products all aspects of the company are scrutinized for strict adherence to
internationally recognized quality standards. At present, P.T. IA produces of
Aromatic Chemicals (clove extract); Natural Extract (cocoa extract, coffee
extract, tamarind extract); Essential Oils with raw materials from cloves,
flowers, seed, bark; and Flavor & Fragrances (Eugenol). Some 85% of product
is exported to the USA, French, Germany, Japan and other countries and the rest
15% is marketed domestically to various cigarettes manufacturing plant, food
and beverages processing plants.
Besides the products is also marketed to sister company
P.T. INDESSO NIAGATAMA and P.T. FIRMENICH INDONESIA. Besides, P.T. IA also
engaged in investment holding by controls 15% shares of P.T. FIRMENICH INDONESIA
dealing with seasoning, natural essence and aromatic chemical manufacturing.
P.T. IA's operation has been growing and developing well in the last three
years.
The demand for essential oil, 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. GI 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. IA has high ability to further expand its
business in the future.
According to financial statement of P.T. IA which audited
by Public Accountant the sales turnover of the company in 2010 amounted at Rp.
330.4 billion with a net profit of Rp. 17.8 billion soaring to Rp. 681.5
billion with a net profit of Rp. 70.4 billion in 2011. We estimate the sales
turnover has reached at Rp. 712.0 billion with a net profit of Rp. 78.3 billion
in 2012 and projected to go on rising by at least 6% in 2013. 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 financial statement as per
31 December 2010 and 2011 is attached below.
The management of P.T. IA is led by Mr. Robertus Juliarto
Gunawan (48) a businessman and professional manager with experience in
industrial essence and distillation of essential oils. Daily activity he is
assisted by Mr. Wien Permadhi Gunawan AKA Tan Hong Tie (66), Mr. Petrus Eko
Soelarso (57), Mr. Rossano Sutanto (48) and Mr. Drs. Efendi (49) as Directors.
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. INDESSO AROMA is
sufficiently fairly good for business transaction.
Per 31 December
2010 and 2011
(In Million Rupiah)
|
Descriptions |
31 December |
|
|
|
2011 |
2010 |
||
|
A.
ASSETS |
|
|
|
|
a.
Current Assets |
|
|
|
|
- Cash and Cash
Equivalent |
23,138 |
13,969 |
|
|
- Trade Receivable |
|
|
|
|
* Third Parties |
104,647 |
81,857 |
|
|
* Related Parties |
4,397 |
15,625 |
|
|
- Other Account
Receivable |
|
|
|
|
* Third Parties |
486 |
854 |
|
|
* Related Parties |
361 |
123 |
|
|
- Employee |
259 |
382 |
|
|
- Inventories |
239,214 |
99,797 |
|
|
- Prepaid Tax |
377 |
- |
|
|
- Other Advances |
2,721 |
10,944 |
|
|
- Total Current Assets |
375,780 |
223,552 |
|
|
a. Non Current Assets |
|
|
|
|
- Investment in share of
stock |
838 |
838 |
|
|
- Estimate claim for tax
refund |
238 |
753 |
|
|
- Deferred tax assets |
3,073 |
2,390 |
|
|
- Property, plant and
equipment-net |
136,601 |
115,707 |
|
|
- Total Non Current
Assets |
140,751 |
119,689 |
|
|
Total Assets |
516,531 |
343,241 |
|
|
B. LIABILITIES & STOCKHOLDERS’
EQUITY |
|
|
|
|
a. Current Liabilities |
|
|
|
|
- Short-term bank loan |
198,966 |
125,556 |
|
|
- Account payable trade |
|
|
|
|
* Third Parties |
8,766 |
13,400 |
|
|
* Related Parties |
1,598 |
533 |
|
|
- Other account payable |
|
|
|
|
* Third Parties |
4,676 |
6,505 |
|
|
* Related Parties |
- |
15,087 |
|
|
- Accrued expenses |
821 |
664 |
|
|
- Unearned revenue |
26 |
378 |
|
|
- Tax payable |
17,822 |
2,388 |
|
|
- Total Current Liability |
232,676 |
164,512 |
|
|
b. Non Current Liabilities |
|
|
|
|
- Long-term bank loan |
11,000 |
- |
|
|
- Post employee benefit |
10,660 |
7,981 |
|
|
Total Non Current Liability |
21,660 |
7,981 |
|
|
c. Stockholders Equity |
|
|
|
|
- Share Capital |
132,266 |
111,266 |
|
|
- Retained earning |
129,929 |
59,481 |
|
|
- Total Equity |
262,195 |
170,747 |
|
|
-
Total Liability & Equity |
516,531 |
343,241 |
|
|
|
|
|
|
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales – Net
|
681,510 |
330,360 |
|
|
b. Cost of Goods Sold |
(540,361) |
(278,728) |
|
|
c. Gross Profit |
141,149 |
51,631 |
|
|
d. Operating Expenses |
43,025 |
34,187 |
|
|
e. Profit Before Income Tax |
92,931 |
23,005 |
|
|
f. Total Income Tax Expenses |
(22,483) |
(5,183) |
|
|
g. Net Profit |
70,448 |
17,821 |
|
Notes:
Ended 31 December 2011 and 2010 Audited by KAP Tanubrata Sutanto Fahmi &
Rekan (BDO)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.