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Report No. : |
306960 |
|
Report Date : |
07.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. JEBSEN JESSEN INGREDIENTS |
|
|
|
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Formerly Known As : |
P.T. ADHIKA MITRA KIMIA |
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|
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Registered Office : |
Graha Inti Fauzi 7th Floor, Jalan Buncit Raya No. 22,
Pejaten Barat, Pasar, Minggu, |
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Country : |
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|
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Date of Incorporation : |
11.04.1997 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Subject is engaged in trading and distribution of specialty chemicals |
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No. of Employee : |
67 |
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 |
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|
|
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Payment Behaviour : |
No complaints |
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|
|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
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, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
|
Source
: CIA |
P.T. JEBSEN JESSEN
INGREDIENTS INDONESIA
HEAD OFFICE
Graha Inti Fauzi
7th Floor
Jalan Buncit Raya
No. 22
Pejaten Barat,
Pasar Minggu
Jakarta Selatan,
12510
Indonesia
Phones -
(62-21) 2753 7177 (Hunting)
Fax - (62-21) 2753 7188, 2753 7189
E-mail - info_jjchi@jjsea.com
Website - http://www.chemicals.jjsea.com
Building Area - 12 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
BRANCH OFFICE
Graha Pena 7th
Floor
Jalan Jend. A.
Yani 88 Suite 703
Surabaya, 60234
East Java
Indonesia
Phones -
(62-31) 829 4681 (Hunting)
Fax - (62-31) 829 4684
Building Area - 1 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
DATE OF INCORPORATION :
a. 11 April 1997 as P.T. ADHIKA MITRA KIMIA
b. 19 July 1999 as P.T. JJ-DEGUSSA-HULS
c. 21 June 2001 as P.T. JJ-DEGUSSA CHEMICALS
d. 20 August 2008 as P.T. JEBSEN & JESSEN
CHEMICALS INDONESIA
e. 5 January 2015 as P.T. JEBSEN JESSEN
INGREDIENTS INDONESIA
LEGAL FORM :
P.T. (Perseroan
Terbatas) or Limited Liability Company
COMPANY REG.
NO. :
The Ministry of Law and Human Rights
- No.
C-UM.02.01.7153
Dated 3 March 2006
- No.
AHU-67578.AH.01.02.TH.2008
Dated 22 September 2008
- No.
AHU-AH.01.10-11549
Dated 18 March 2014
COMPANY STATUS
:
Foreign Investment
(PMA) Company
PERMIT BY THE
GOVERNMENT DEPARTMENT :
The Department of Finance
NPWP No.
01.821.310.8-059.000
The Department of Industry and Trade
- TDP No.
09.03.1.46.29002
- SIUP No.
1328/09-01/PB/IV/97
Dated 28 April 1997
The Capital Investment Coordinating Board
- No.
93/V/PMA/1999
Dated 11 June 1999
- No.
S-482/DU6-BKPM/2001
Dated4 July 2001
RELATED
COMPANIES :
a. P.T. JEBSEN & JESSEN BUSINESS SERVICES
INDONESIA (Trading and Business Services)
b. P.T. JEBSEN & JESSEN COMMUNICATION
INDONESIA (Trading and Distribution of
Telecommunication Equipment)
c. P.T. JEBSEN & JESSEN TECHNOLOGY INDONESIA
(Trading, Sole Agent and Distribution of
Industrial Pumps, Process Engineering,
Healthcare and Auto ID)
d. P.T. JJ-LAB CABLE INDONESIA (Trading and
Distribution of Electric Cable)
e. P.T. LORRAINE (Investment Holding)
f. P.T. MHE DEMAG INDONESIA (Trading and
Distribution of Material Handling Equipment)
CAPITAL
STRUCTURE :
Authorized
Capital : Rp.
2,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
SHAREHOLDERS/OWNERS
:
a. JEBSEN & JESSEN CHAMICALS HOLDINGS PTE. LTD. - Rp. 990,000,000.-
Address :
2 Corporation Road #03-06
Corporation
Place, Main Lobby
Singapore
b. P.T. LORRAINE -
Rp. 10,000,000.-
Address : Graha Inti Fauzi
Jl. Buncit Raya
No. 22
Kelurahan
Pejaten Barat, Kecamatan Pasar Minggu
Jakarta Selatan
Indonesia
LINES OF BUSINESS :
Trading and Distribution of
Specialty Chemicals
STARTED OPERATION :
June 1997
BRAND NAME :
Jebsen Jessen Ingredients Indonesia
NUMBER OF EMPLOYEE :
67 persons
MARKETING AREA :
Local - 100%
MAIN CUSTOMER :
Industrial manufacturing
MARKET SITUATION :
Very Competitive
MAIN COMPETITORS :
a. P.T. DOW CHEMICALS INDONESIA
b. P.T. INDOKEMIKA JAYATAMA
c. P.T. LAUTAN LUAS Tbk
d. P.T. PINTUMAS MULIA KIMIA
e. P.T. TRITUNGGAL ARTHAMAKMUR
BUSINESS TREND :
Growing
BANKERS :
a. P.T. Bank CENTRAL ASIA Tbk
Graha Inti Fauzi Ground Floor
Jalan Buncit Raya No. 22
Jakarta Selatan
b. DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Imam Bonjol No. 80
Jakarta Pusat
AUDITOR :
Internal Auditor
LITIGATION :
No litigation
record in our database
ANNUAL SALES
(ESTIMATED) :
2012 – Rp. 118.0
billion
2013 – Rp. 125.0
billion
2014 – Rp. 132.0
billion
NET PROFIT
(ESTIMATED) :
2012 – Rp. 5.9
billion
2013 – Rp. 6.2
billion
2014 – Rp. 6.6
billion
PAYMENT MANNER
:
Average
FINANCIAL
COMMENTS :
Satisfactory
BOARD OF MANAGEMENT :
President Director - Mr. Soenke Gloede
Director -
Mrs. Linda Antonius
BOARD OF COMMISSIONERS :
Commissioner -
Mr. Marc Deschamp
SIGNATORIES :
President Director (Mr.
Soenke Gloede) or the Director (Mrs. Linda Antonius) 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
MAXIMUM CREDIT LIMIT :
US$ 1,300,000 on
90 days D/A
Originally named P.T. ADHIKA MITRA KIMIA established on 11 April 1997 in
Jakarta with an authorized capital of Rp. 2,000,000,000 issued capital of Rp.
1,000,000,000 wholly paid-up. Founders and original shareholders are P.T. TIGA
IKAN and Mr. Johny Aloysius Korompis, an indigenous businessman. It’s articles
of association has subsequently been changed for a couple of times. In July
1999, Mr. Johny Aloysius Korompis withdrew as the shareholder and replaced by
new shareholder namely JJ-DEGUSSA-HULS (S) PTE., LTD., of Singapore. On the
same occasion renamed to P.T. JJ-DEGUSSA-HULS and its status changed to be a
foreign investment company (PMA). Later in June 2001 the company was renamed to
P.T. JJ-DEGUSSA CHEMICALS. In August 2008 the company renamed P.T. JEBSEN &
JESSEN CHEMICALS INDONESIA. On the same occasion P.T. TIGA IKAN withdrew and
replaced by P.T. LORRAINE as new shareholder. With this time the composition of
its shareholders has been changed to become JEBSEN & JESSEN CHEMICALS HOLDING
PTE., LTD., Singapore (99%) and P.T. LORRAINE (1%). In March 2014 the company
board of director and the board of commissioner had been changed. The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-11549 dated March 18, 2014. Later in January 2015 the
company changed again P.T. JEBSEN JESSEN INGREDIENTS INDONESIA (P.T. JJII).
However the latest revision of notary deed under still processing at the
Ministry of Law and Human Rights for legalization.
P.T. JJII is engaged in trading and distribution of specialty chemicals.
Its merchandising goods including Coatings & Resins (pigments, resins),
Plastics & Rubbers (flame retardants, fillers), Performance Chemicals likes
Building & Living (fine chemicals, surfactants), Chemicals Industry
(catalysts, enzymes, textile, paper & mining, bleaching & leaching
agents, metals – plating chemicals, brazing alloys) and Nutrition (feed – animo
acids, proteins, food – emulsifier, food ingredients). P.T. JJII is the sole
agent right holder for Jebsen & Jessen Chemical, SOLVAY Barium Strontium
GmbH, ROHM GmbH-Pharma Polymers wholly of Germany, SUD-Chemie AG/Nissan Girdler
of Japan and ALBEMARLE of the USA. All of the above merchandising goods are
sold to various chemical products distributors operating in various Indonesian
major cities.
The company also sells the above products directly to textile companies,
paint, industrial electronics, plastic industry & rubber, pharmaceutical
industry, animal feed milling, food and beverage processing plants, chemical
formulation industries, oil and gas drilling and others.
The company markets and distributes a broad range of specialty chemical
and nutrition products to the key industries of Indonesia. Specialty chemicals
include Coating & Resins (pigments, resins); Plastic & Rubbers (flame,
retardants, fillers) and Performance Chemicals likes Building & Living
(fine chemicals, surfactants), Chemical Industry (catalysts, enzymes), Textile,
Paper & Mining (bleaching & leaching agents) and Metals (plating
chemicals, brazing alloys). We observe the operation of P.T. JJII has been
growing and developing well in the last three years.
The domestic demand for various types of chemical products had been
rising by 8% to 10% on the average per annum in the last five years in line
with the rapid growth of various industrial sectors including textile chemical
in the above period of times as the consumers. But, later dwindled as the
global economic slowdown since October 2008, followed by tight money policy
imposed by Indonesian Central Bank (Bank Indonesia) and also heated by
political issue in the country. The demand growth started to awake in June 2009
in line with the amelioration of economic condition in the country. Market
competition is very tough on account of large number of other similar companies
operating in the country. P.T. JJII business position in this case is not too
badly because it has built regular customers and extensive marketing network
all across the country.
Imports of Raw Materials
and Auxiliary Goods, 2007-2013
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
|
2013 |
3,863,7 |
3,381,5 |
5,737.6 |
52,871.5 |
|
Until this time P.T. JJII has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. JJII is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated
that total sales turnover of the company in 2012 amounted to Rp. 118.0 billion
increased to Rp. 125.0 billion in 2013 rose to Rp. 132.0 billion in 2014 and
projected to go on rising by at least 6% in 2015. The operation in 2014 yielded
an estimated net profit of at least Rp. 6.6 billion and the company has an
estimated total networth of at least Rp. 12.0 billion. We observe that P.T.
JJII 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. JJII is led by Mr. Soenke Gloede (50) a
professional manager with experience in trading, import and distribution of
specialty chemicals. The Group welcomes Soenke Gloede who will take over from
Lim Siew Tin. He will take on the dual roles of Country Head Indonesia and
Regional Business Development. Prior to joining the Group, he worked with
Ferrostaal and held several leadership positions in the Headquarters in
Germany, in the UK and in Indonesia during his 23 years with Ferrostaal. This
includes serving as Ferrostaal Group Chief Representative (CEO) in Jakarta for
eight years.
Daily activity he is assisted by Mrs. Linda Anthonius (35) a
professional manager of Indonesia with experienced in the above business. She
graduated and earned a Bachelor Degree in Accounting from University of
Catholic Atmajaya, Jakarta. 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. JEBSEN JESSEN INGREDIENTS INDONESIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.73 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
ASH |
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.