|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ESSENCE INDONESIA |
|
|
|
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Registered Office : |
Jalan Otto Iskandardinata No. 74, Jakarta 13330 |
|
|
|
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Country : |
Indonesia |
|
|
|
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Date of Incorporation : |
18.07.1970 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-29116 |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Flavor and Fragrances |
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|
|
|
No. of Employees : |
190 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. ESSENCE
INDONESIA
A d d r e s s :
Head Office & Factory
Jalan Otto Iskandardinata No. 74
Jakarta 13330
Phone - (021) 8500074 (hunting)
Fax - (021) 8190116, 8569329
Email - iffindonesia@iff.com
Website - www.iff.com
Land Area - 15,000 sq.
meters
Building Space - 9,200 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
a. 1956 as N.V. ESSENCE INDONESIA LTD.
b. 18 July 1970 as P.T. ESSENCE INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
a. No. C2-2535.HT.01.04.TH.1998
Dated 27 March 1998
b. No. C-UM.02.01.9070.TH.2006
Dated 01 June 2006
c. No. AHU-03033.AH.01.02.Tahun 2010
Dated 20 January
2010
d. No. AHU-54997.AH.01.02.Tahun 2011
Dated 11 November 2011
e. No. AHU-AH.01.10-06031
Dated 21 February 2012
f. No. AHU-AH.01.10-29116
Dated 07 August 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.000.080.0-092.000
b. The Department of Trade and Industry
No. 28/M/SK/I/1970
Dated 24 January 1970
c. The Capital Investment Coordinating
Board
- No. 911/III/PMA/1997
Dated 10 July 1997
- No. 08/II/PMA/1998
Dated 13 January 1998
- No. 107/III/PMA/2002
Dated 28 January 2002
Holding Companies
:
a. INTERNATIONAL FLAVORS AND FRAGRANCES Inc., (IFF) of the USA
b. INTERNATIONAL FLAVORS AND FRAGRANCES IFF of the Netherlands
Affiliated Company
:
A member of IFF Group of Companies
Capital Structure
:
Authorized Capital - US$.
650,000 (Rp. 211,910,000.-)
Issued Capital -
US$. 650,000 (Rp. 211,910,000.-)
Paid up Capital - US$.
650,000 (Rp. 211,910,000.-)
Shareholders/Owners
:
a. INTERNATIONAL
FLAVORS AND
FRAGRANCES Inc. of the USA -
37.058%
Address : 521 West
Fifty-Seventh Street
New York
10019, USA
b. INTERNATIONAL
FLAVORS AND
FRAGRANCES IFF of the Netherlands - 62.937%
Address : Liebergerweg 72-76
(1221 JT)
Hilversum –
The Netherlands
c. Mr. Rudy
Subagio Kiswandono
of Indonesia - 0.005%
Address : Jl. Dr. Muwardi II
No. 19
Jakarta Barat
Indonesia
Lines of Business
:
Flavor and Fragrances Manufacturing
Production
Capacity :
Flavors and Fragrances - 37,000
tons p.a.
Total Investment :
a. Equity Capital -
US$. 650,000.-
b. Re-invested Profit - US$.
3,700,000.-
c. Total Investment - US$. 4,350,000.-
Started Operation
:
1956 when it was named N.V. ESSENCE INDONESIA Ltd
Brand Name :
None
Technical
Assistance :
International Flavors and Fragrances Inc., of the USA
Number of Employee
:
190 persons
Marketing Area :
Domestic - 70%
Export - 30%
Main Customers :
Overseas Buyers in USA, Philippines, Thailand, Japan and other European
countries
Domestic Buyers: PT. Coca Cola Indonesia, PT. Indofood Sukses Makmur,
PT. Wing Surya, Etc.
Market Situation :
Competitive
Main Competitors :
a. P.T. GIVAUDAN INDONESIA
b. P.T. INDESSO AROMA
c. P.T. HARUMSARI SURYAAMPUH
d. P.T. JEERINDO SARI UTAMA
e. P.T. MANE INDONESIA
f. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Mandiri Plaza (Ex. BBD Plaza)
Jl. Imam Bonjol No. 61
Jakarta Pusat
b. CITIBANK N.A.
CITIBANK Tower
Jl. Jend. Sudirman Kav. 54-55
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 218.0 billion
2011 – Rp. 232.0 billion
2012 – Rp. 269.0 billion
2013 – Rp. 295.0 billion
Net Profit
(estimated) :
2010 – Rp. 12.0 billion
2011 – Rp. 12.8 billion
2012 – Rp. 14.5 billion
2013 – Rp. 15.9 billion
Payment Manner :
Almost Promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Christopher James Osborne
Directors - a. Mr. Rudy Subagio Kiswandono
b. Mr. Eduardo Dagondon Alejandrino
c. Mrs. Wong Yee Foon (Yvonne Wong)
Board of Commissioners :
President Commissioner -
Mr. Teo Chee Wee
Commissioner - Mr. Chandy Cheeran Thambi
Signatories :
President Director (Mr. Christopher
James Osborne) or one of the Directors (Mr. Rudy Subagio Koswandono, Mr.
Eduardo Dagondon Alejandrino or Mrs. Wong Yee Foon) which must be approved by
Board of Commissioners (Mr. Teo Chee Wee and Mr. Chandy Cheeran Thambi)
Management Capability :
Good
Business Morality :
Good
Originally named N.V. ESSENCE INDONESIA, the company was established in 1956
with legal status of N.V. (Naamloze Vennootschap) equivalent with P.T.
(Perseroan Terbatas) or Limited Liability Company. In July 1970 the company
name was changed to P.T. ESSENCE INDONESIA (P.T. EI). Its notarial act
subsequently underwent further revisions. By the term of the notarial act
revision 1970, the authorized capital was set at US$ 650,000.- entirely issued
and paid up. The shares are wholly controlled by INTERNATIONAL FLAVORS &
FRAGRANCES Inc., of New York, USA. In December 1997 the authorized capital was
converted from US$ to Rp 211,910,000.- and by the same time Mr. Drs. Kurnia
Irwansyah Rais joined in as a new shareholder of P.T. EI. On November 2009, Mr. Drs. Kurnia Irwansyah
Rais pulled out and it whole shares is sold to Mr. Rudy Subagio Kiswantodno, is
also of Indonesia. The deed of amendment
was made by Singgih Susilo, SH., a public notary in Jakarta under Company
Registration Number AHU-03033.AH.01.02.Tahun 2010, dated January 20, 2010.
On January 2012, INTERNATIONAL FLAVORS & RAGRANCES I.F.F. of the
Netherlands entered into the Company as new shareholder. Since the time, the shareholders of the
company are INTERNATIONAL FLAVORS & FRAGRANCES Inc., of the USA (37.058%),
INTERNATIONAL FLAVORS & FRAGRANCES IFF of the Netherlands (62.937%) and Mr.
Rudy Subagio Kiswandono of Indonesia (0.005%). The latest amendment to Notarial
Deed has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia through Decision Letter No. AHU-AH.01.10-29116 dated August 7,
2012. No changes have been effected in
term of its shareholding composition and capital structures to date.
P.T. EI is a foreign capital investment company (PMA) dealing with
flavor, fragrance and aroma chemical industry. Its plant is located at Jalan
Otto Iskandarwinata No. 74, East Jakarta, on a land of some 1.5 hectares. The
plant has been operating since 1956 with a production capacity of 12,000 tons
flavor, fragrance and aroma chemical per year, with an investment of US$
650,000. In January 1998 it was licensed for plant expansion to pro-duce 25,000
tons flavor, fragrance and aroma chemical per year. Mrs. Fia Amelia, a staff of the company said
to our inquiry that some 70% of the products is marketed locally to a number of
food and drink industries like P.T. COCA COLA, P.T. INDOFOOD SUKSES MAKMUR,
etc. The other 30% is exported to the USA, Philippines, Thailand, Japan and
other European countries. We observed
that P.T. EI is classified as a large sized company of its kind in the country
of which the operation has been growing in the last three years.
In overall we find the demand for essence, flavor and fragrance had been
rising by the average 6% to 8% per year within the last five years in line with
the growth of cosmetic industries, food and beverages, pharmaceutical and a
stable economic growth in the period.
But, as from October 2008, the demand growth for essence, flavor and
fragrances has kept on dwindling as an impact of global economic crisis as told
above. The demand was increasing in the
early 2009 due to economic condition was gradually recovery in the country. The
growth rate is now estimated at 5% to 7% per year. Market competition is very
tight due to a large number of similar companies operating in the country such
as P.T. GIVAUDAN INDONESIA, P.T. INDESSO AROMA, P.T. HARUMSARI SURYAAMPUH, P.T.
JEERINDO SARI UTAMA, P.T. MANE INDONESIA, P.T. JUTARASA ABADI, P.T. MULTI
FRAGRANCE, etc. Business position of
P.T. EI is quite favorable for it has controlled a wide marketing chains and
customers in several major cities in the country.
Until this time P.T. EI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in 2010 amounted to Rp.
218.0 billion increased to Rp. 232.0 billion in 2011 to Rp 269.0 billion in
2012 and rose again to Rp.295.0 billion in 2013 and projected to go on rising
by at least 6% in 2014. The operation in
2013 yielded an estimated net profit of at least Rp. 15.9 billion and the
company has an estimated total networth of at least Rp. 132.0 billion. We observe that P.T. EI is supported by a
foreign company which has financially fairly strong 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. EI is headed by Mr. Christopher James Osborne
(44) as president director, a professional manager of the USA with has
experienced for more than 16 years in flavor and fragrances manufacturing. In daily activities, he is assisted by three
directors namely Mr. Rudy Subagio Kiswandono (55) of Indonesia, Mr. Eduardo Dagondon
Alejandrino (51) of Filipina and Mrs. Wong Yee Foon AKA Yvonne Wong (48) of
Singapore. The management’s reputation in said business is sufficiently fairly
good. The company has had wide relation in the realm of the private businessmen
within and outside the country. So far, we did not hear that the company’s
management involved in a dirty business practice or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. P.T. ESSENCE INDONESIA is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.