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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. MANE INDONESIA |
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Registered Office : |
Jalan Jababeka XVI Kav. Block V No. 66, Cikarang
Industrial Estate, Cikarang, Bekasi 17530, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
12.02.1996 |
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Com. Reg. No.: |
No. AHU-AH.01.10-16849 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Flavors and Fragrances Manufacturing |
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No. of Employees : |
100 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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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 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. MANE INDONESIA
Head Office & Factory
Jalan Jababeka XVI Kav. Block V No. 66
Cikarang Industrial Estate
Cikarang, Bekasi 17530
West
Java
Indonesia
Phone -
(62-21) 893 7640 (Hunting)
Fax -
(62-21) 893 6485
E-mail - mane.indonesia@mane.com
Website - http://www.mane.com
Land Area - 12,349 sq.
meters
Factory Space - 7,500 sq. meters
Region - Industrial
Estate
Status - Owned
Sales and Marketing Office
Adhi
Graha Building 15th Floor Suite 1501
Jalan Jend. Gatot Subroto Kav. 56
Jakarta Selatan, 12950
Indonesia
Phone -
(62-21) 5264850 (Hunting)
Fax - (62-21) 5266970
Building Area - 26 storey
Factory Space - 100 sq. meters
Region - Commercial
Status - Rent
12 February 1996
P.T. (Perseroan Terbatas) or Limited Liability
Company
The Ministry
of Law and Human Rights
- No.
AHU-61980.AH.01.02.TH.2008
Dated 12
September 2008
- No.
AHU-AH.01.10-16849
Dated 6 July
2010
Foreign Investment (PMA) Company
The
Department of Finance
NPWP No. 01.071.421.0-057.000
The
Department of Industry
No. 630/T/Industri/1998
Dated 3 December 1998
The Capital
Investment Coordinating Board
- No. 86/I/PMA/1996
Dated 30
January 1996
- No. 1350/III/PMA/1998
Dated 29
September 1998
- No. 24/II/PMA/1999
Dated 23
February 1999
The MANE Group, France
Capital
Structure :
Authorized Capital :
US$ 2,000,000.-
Issued Capital :
US$ 1,200,000.-
Paid up Capital :
US$ 1,200,000.-
Shareholders/Owners
:
a. ETABLISSEMENTS V. MANE FILLS - US$ 1,188,000.-
Address : Bar Sur
Loup (06620)
Quartier Notre Dame, France
b. Mr. Jean Maurice Eugene Mane -
US$ 12,000.-
Address : Bar Sur
Loup (06620)
Quertier Notre Dame, France
Lines of Business :
Flavors and Fragrances Manufacturing
Production Capacity :
a. Flavors - 1,000 tons p.a.
b. Fragrances -
250 tons p.a.
c. General Importer of Flavor and
Fragrances - US$ 2.0 million
d. Trading
and Distribution of Flavor
and Fragrances - US$ 3.0 million
Total Investment :
a. Equity Capital -
US$ 1.2 million
b. Loan Capital -
US$ 2.8 million
c. Total Investment -
US$ 4.0 million
Started Operation :
1997
Brand Name :
Mane
Technical Assistance
:
MANE of France
Number of Employee :
100 persons
Marketing Area :
Local - 80%
Export - 20%
Main Customers :
a. P.T. INDOFOOD SUKSES MAKMUR Tbk
b. P.T. DANONE INDONESIA
c. P.T. ARNOTTS INDONESIA
d. P.T. ULTRA PRIMA PANGAN ABADI
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ESSENCE INDONESIA
b. P.T. FIRMENICH INDONESIA
c. P.T. GIVAUDAN INDONESIA
d. P.T.
JDH ERINDO JAYA
e. P.T. KABUINCO JAYA
g. P.T.
SYMRISE INDONESIA
h. P.T. QUEST INTERNATIONAL
INDONESIA
i. Etc.
Business Trend :
Growing
B
a n k e r s :
a. P.T. Bank
DANAMON INDONESA Tbk
Jalan Prof. DR. Satrio Kav. E IV No. 6
Kuningan
Jakarta
Selatan
Indonesia
b. Hongkong
and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan
Jend. Sudirman Kav. 29-31
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2010 – Rp. 131.0 billion
2011 – Rp. 136.0 billion
2012 – Rp. 140.0 billion
Net
Profit (estimated) :
2010 – Rp. 10.5 billion
2011 – Rp. 11.2 billion
2012 – Rp. 12.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Bernard Jean Pierre Rene Leynaud
Board of Commissioners :
Commissioner - Mr.
Hubert F.J. Hamoir
Signatories :
Director (Mr.
Bernard Jean Pierre Rene Leynaud) 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
P.T.
MANE INDONESIA (P.T. MI) was established in Bekasi, West Java on 12 February
1996 with an authorized capital of US$ 2,000,000.- issued and paid up capital
of US$ 1,000,000. The foundering and shareholders are ETABLISSEMENTS V. MANE
FILS and Mr. Jean Maurice Eugene Mane, both of France. The notary deed had been
changed a couple of times. In April 1999, the issued capital was increased to
US$ 1,200,000 entirely paid up. The latest in June 2008 the board of management
and board of commissioner of the company had been reelection again (see profile
of this report). However the capitalization structure of the company remained
the same. The deed of amendment was made by Mr. Azimat Widodo Sudarmawan
Soenarto, SH., M.Kn, a public notary in Jakarta with its Decision Letter No.
AHU-61980.AH.01.02.TH.2008 dated June 20, 2008. The latest in June 2010 the
board of director and the board of commissioner reappointed to lead and runs of
the company’s operation (see profile of this report). The deed of amendments
was made by Mrs. Endang Ariwati, SH, a public notary in Jakarta and was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-16849 dated July 6, 2010. We see that P.T. MI is a member company
of the MANE Group, a company group in France having subsidiaries in various
countries including in Indonesia.
P.T.
MI obtained a Foreign Investment (PMA) facility issued by Capital Investment
Coordinating Board (BKPM) for dealing with flavors and fragrances processing
whose plant located at Kawasan Industri Jababeka, Cikarang, Bekasi, West Java
standing on 12,349 square meters land. P.T. MI started with operation as from
the early 1997 and had been expansion to increasing production capacity. The
plants produce flavor of 1,000 tons and fragrances of 250 tons respectively per
annum. Besides, to support of its activities the company is also import of
flavor and fragrances from other countries and then distributed in the country.
Construction of the plants had been absorbed an investment of US$ 4.0 million
come from owned capital of US$ 1.2 million and the rest from loans. Some 80% of
the products are marketed locally to various food and beverages processing such
as P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. DANONE INDONESIA, P.T. ULTRA PRIMA
PANGAN ABADI, P.T. ARNOTTS INDONESIA and other food industries.
The
rest 20% is exported to Philippine, Thailand, India, Pakistan, Bangladesh Japan
and Asian countries. P.T. MI also supplied some of the products thorough
dealers and distributors in Jakarta, Surabaya, Semarang, Bandung, Denpasar,
Medan, Makassar, and many other independent stock points covering the whole
domestic market area. We see the operation of P.T. MI has been growing and
developing well in the last three years.
The
demand for flavor, fragrances, 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. MI in this case is not doing very badly on account of it has built a
fairly close connection with several leading food and beverages processing
plants in Indonesia. We are sure that P.T. MI has high ability to further
expand its business in the future.
P.T.
MI has not been registered with Indonesian Stock Exchange, so that they had not
obliged to announce their financial statement. The
management of P.T. MI 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. 131.0 billion increase to Rp. 136.0
billion in 2011 to Rp. 140.0 billion in 2012. The operation in 2012 yielded an
estimated net profit by at least Rp. 12.0 billion and the company has an
estimated total net worth by at least Rp. 53.0 billion. It is projected that
total sales turnover of the company will increase at least 4% in 2011. So far,
we did not hear that the company having been black listed by the Central Bank
(Bank Indonesia). The company disclosed that the company usually pays its debts
punctually to suppliers.
The management of P.T. MI is led by Mr.
Bernard Jean Pierre Rene Leynaud (51) a professional manager of its parent
company ETABLISSEMENTS V. MANE FILS, France. He has experienced for more than
22 years in trading and manufacture of flavors and fragrances. We observed that
management’s reputation in said business is fairly good. 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. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. MANE INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.