|
Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RECKITT BENCKISER |
|
|
|
|
Formerly Known As : |
P.T. RECKITT & COLMAN |
|
|
|
|
Registered Office : |
Gedung Artha Graha 20th Floor, Jalan Jend. Sudirman Kav. 52-53, Jakarta Selatan, 12190 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1991 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-47009 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Manufacturing of Household and Personal Hygiene
Products ·
Investment Holding |
|
|
|
|
No. of Employees : |
308 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
|
Source
: CIA |
Name of Company :
P.T. RECKITT BENCKISER INDONESIA
A d d r e s s :
Head Office
Gedung Artha Graha 20th Floor
Jalan Jend. Sudirman Kav. 52-53
Jakarta Selatan, 12190
Indonesia
Phones -
(62-21) 5140 0177 (Hunting)
Fax - (62-21) 5140 0178, 5140 0189
Building Area - 28 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya Narogong Km. 15
Pangkalan 8, Desa Limus Nunggal
Cileungsi, Bogor
West Java
Indonesia
Phones -
(62-21) 8230 290, 8230 291, 8230 611
Fax - (62-21) 8230 613
Land Area - 20,455 sq.
meters
Building Area - 15,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 7 June 1993 as P.T. RECKITT & COLMAN INDONESIA
b. 10 August 2000 as P.T. RECKITT BENCKISER INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-AH.01.10-16465
Dated 30 September 2009
- No.
AHU-10046.AH.01.02.TH.2012
Dated 24 February 2012
- No. AHU-AH.01.10-47009
Dated 7 November 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
a. The Department of Finance
NPWP No. 01.070.714.9-052.000
b. The President of the Republic of Indonesia
No. B-73/Pres/3/1992
Dated 13 March 1992
c. The Capital Investment Coordinating Board
- No. 75/I/PMA/1992
Dated 31 March 1992
No. 248/III/PMA/1993
Dated 18 May 1993
No. 473/III/PMA/1993
Dated 9 August 1993
No. 1387/II/PMA/1998
Dated 5 October 1998
No. 09/II/PMA/2000
Dated 18 January 2000
No. 635/III/PMA/2003
Dated 12 June 2003
No. 1152/III/PMA/2003
Dated 2 October 2003
No. 251/III/PMA/2004
Dated 19 March 2004
No. 142/II/PMA/2006
Dated 10 May 2006
Related Companies :
a. P.T. CHANDRA MULIA
PERMAI (Trading and Distribution of Mosquito Repellent Basic
Materials)
b. RECKITT COLMAN CHISWICK
(OTC) LTD (Investment Holding)
c. RECKITT BENKISER NV
(Investment Holding)
Capital Structure :
Authorized Capital : US$
18,800,000.-
Issued Capital : US$
11,728,000.-
Paid up Capital : US$
11,728,000.-
Shareholders/Owners :
a. RECKITT BENCKISER N.V. -
US$ 11,726,828.-
Address : 1118 BH Luchthaven Schiphol
Boulevard 229
Netherlands
b. Mr. Chander Mohan Sethi -
US$ 586.-
Address : India
c. RECKITT COLMAN CHISWICK (OTC) LD. -
US$ 686.-
Address : 1 (3-10) Bath Road, Slough
Berkshire 3UH
United Kingdom
Lines of Business :
a. Manufacturing of Household and Personal Hygiene Products
b. Investment Holding
Production Capacity :
a. Aerosol Products
(Household Insecticides
&
Laundry Oil) - 800 tons p.a.
b. Metal Polishes - 600,000 liters p.a.
c. Liquid Toilet Soaps -
1,100,000 liters p.a.
d. Multipurpose Cleaners - 300,000 liters p.a.
e. Antiseptics -
2,300,000 liters p.a.
f. Liquid Lavatory
Cleaners -
8,100,000 liters p.a.
g. Liquid Insecticides - 303,000 liters p.a.
h. Air Freshness - 8 tons p.a.
Total Investment :
a. Equity Capital - US$
18.8 million
b. Loan Capital -
US$ 8.4 million
c. Total Investment - US$
27.2 million
Started Operation :
1991
Brand Name :
Dettol, Harpic, Brasco, Airwick, Mortein, Aerosol etc.
Technical Assistance :
RECKITT BENKISER NV., Netherlands
Number of Employee :
308 persons
Marketing Area :
Local - 100%
Main Customer :
Distributors, Supermarket, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. JOHNSON HOME PRODUCTS INDONESIA
b. P.T. BUKIT PERAK
c. P.T. SINAR ANTJOL
d. P.T. BUDI EKAREKSA
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. STANDARD CHARTERED BANK
Wisma Standard Chartered Bank
Jalan Jend. Sudirman Kav. 33 A
Jakarta
Pusat
Indonesia
b. CITIBANK N.A
Plaza
Bapindo
Jalan Jend.
Sudirman Kav. 55-56
Jakarta
Selatan
Indonesia
c. P.T. Bank CENTRAL ASIA
Tbk
Wisma BCA
Jalan Jend.
Sudirman Kav. 22-23
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 487.0 billion
2012 – Rp. 498.0 billion
2013 – Rp. 512.0 billion
Net Profit (estimated) :
2011 – Rp. 34.1 billion
2012 – Rp. 37.3 billion
2013 – Rp. 40.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Ratanjit Das
Director - Mr. Raman Chawla
Board of Commissioners :
President Commissioner - Mr. Chander Mohan Sethi
Commissioner - Mr. Frederic Albert Michel Duranton
Signatories :
President Director (Mr. Ratanjit Das) or
the Director (Mr. Raman Chawla) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Originally named P.T. RECKITT & COLMAN INDONESIA, the company was
established in 1993 with an authorized capital of US$ 4,000,000 of which US$
2,000,000 was issued and paid up. The company was founded by RECKITT, COLMAN,
CHISWICK Ltd. of the UK (80%) and Mr. Sanitioso of Indonesia (20%) as the
original shareholders. In 1994 Mr. Sanitioso withdrew and his shares were taken
over by RECKITT, COLMAN, CHISWICK Ltd. In July 2000 the company's name was
changed to P.T. RECKITT BENCKISER INDONESIA (P.T. RBI) and its authorized
capital was increased to US$ 11,728,000 fully issued and paid up. The company's
shareholders are RECKITT COLMAN CHISWICK Ltd., (99.66%) and Mr. Grahame Jones,
a British businessman (0.34%).
RECKITT, COLMAN, CHISWICK Ltd., also has won a tender for the purchase
of P.T. SINAR PLATACO, a mosquito coil repellent industry previously being a
subsidiary of P.T. HOLDIKO PERKASA. The mosquito coil repellent plant was
bought at end 2000 at the price of Rp. 610 billion.
P.T. SINAR PLATACO is one of the big-size mosquito coil repellent
companies in the country using the well- known TIGA RODA as its brand. In
October 2006 the whole shares has been controlled by RECKITT COLMAN CHISWICK
Ltd., of United Kingdom (99.98), Mr. Dennis Tsakiris of Singapore (0.01%) and
Mr. Chander Mohan Sethi of India (0.01%). Later in May 2008 Mr. Dennis Tsakiris
pullet out and replaced by RECKITT BENCKISER N.V., of Netherlands. The
composition and shareholders of the company are RECKITT BENCKISER N.V.,
(99.99), RECKITT COLMAN CHISWICK (OTC) LTD., (0.00%) and Mr. Chander Mohan
Sethi (0.00%). Then according to the latest revision of notary deed Mr. Recky
Francky Limpele, SH., No. 13 dated 10 October 2013 the company board of
director and the board of commissioner had been restructured to lead and runs
of the company’s operation. The deed of amendments was approved by the Ministry
of Law and Human Rights in its decision letter No. AHU-AH.01.10-47009 dated
November 7, 2013.
We observe that RECKITT BENCKISER N.V., is also business stakes owners
of P.T. CHANDRA MULIA PERMAI dealing with trading and distribution of mosquito
repellent raw materials.
P.T. RBI already obtained a PMA license from Capital Investment
Coordinating Board (BKPM) in 1992 to operate in the household and personal
hygiene products industry. While planning to build a new plant, P.T. RBI
concluded a manufacturing contract with P.T. TENSIA MANUFACTURING INDONESIA
(P.T. TMI), a household & personal hygiene product manufacturer, for the
production of insecticide liquid of the MORTEIN brand and antiseptic liquid and
liquid soap of the DETTOL brand and also metal polish of the BRASSO brand. The
above products are sold in the local market by P.T. Eresindo Jaya Trading Co.,
a large-scale wholesaler company in the country. In 1995 P.T. RBI diversified
operations by producing (through P.T. TMI) air freshness liquid and aerosol of
the HASE brand and insecticide liquid & aerosol of the SHELTOK brand. Then
at the end of 1995 P.T. RBI started to build a new plant on an 8,537 sq. meter
land in the Jababeka Industrial Estate, Block J-10E/F, Cikarang, West Java which
has been operating since 1997.
However since 2005 the plant has moved to a new plant located at Jalan
Raya Narogong Km. 15, Pangkalan 8, Desa Limus Nunggal, Cileungsi, Bogor, West
Java on a land of 20,455 sq. meters. The plant was completed in early 2006 and
since the middle of that year P.T. RBI started using its own plant. In the
meantime, the manufacturing contract with P.T. TMI was discontinued. Since then
the company's products have been marketed by P.T. UNIRAMA DUTANIAGA as
distributor. The plant has been expanding frequently to increasing production
capacity. The plant produces of Aerosol Products (Household Insecticides &
Laundry Oil) of 800 tons, Metal Polishes of 600,000 liters, Liquid Toilet Soaps
of 1,100,000 liters, Multipurpose Cleaners of 300,000 liters, Antiseptics of
2,300,000 liters, Liquid Lavatory Cleaners of 8,100,000 liters, Liquid
Insecticides of 303,000 liters and Air
Freshness of 8 tons per annum. The above plant has absorbed an investment of
US$ 27.2 million coming from owned capital of US$ 18.8 million and the rest
from loans.
The whole products marketed locally by using DETTOL, HARPIC, BRASCO,
AIRWICK, AEROSOL, MORTEIN, STREPSIL brands. Based to our investigation that P.T.
RBI is also dealing with investment holding by controlling 1% shares of P.T.
CHANDRA MULIA PERMAI engaged in the field of trading and distribution of
mosquito repellent basic materials. We observe the operation of P.T. RBI has
been growing in the last three years.
We generally note that the demand of consumer products has kept on
increasing in line with the growth of household needs. However, the global
economic crisis since October 2008, the demand had been declining. Since 2009
the demand had gone up and it is estimated to keep increasing at least 5% to 6%
in two or three years to come. Meanwhile, the competition is very tight on
account of many similar companies operating in the country. The business
position of P.T. RBI is good on account of the company’s products are well
known and having wide marketing networks in big cities in the country.
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 |
Until this time P.T. RBI has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The
management of P.T. RBI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 487.0 billion rose to Rp. 498.0 billion in 2012
increased to Rp. 512.0 billion in 2013 and projected to go on rising by at
least 5% in 2014. The operation in 2013 yielded an estimated net profit of at
least Rp. 40.9 billion and the company has an estimated total networth of at
least Rp. 117.0 billion. We observe that P.T. RBI 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. RBI is led by Mr. Ratanjit Das (49) a
professional manager of India with experience in household and personal hygiene
products manufacturing. Daily operation in Indonesia he is assisted by Mr.
Raman Crawla (44) as a director. The management is handled by experienced
professional and 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. RECKITT BENCKISER
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.49 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.