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Report No. : |
308184 |
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Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ORSON INDONESIA |
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Registered Office : |
Kawasan Berikat Nusantara (KBN) Marunda Jl. Madiun Blok C2 No. 22, Kelurahan Cilincing Jakarta Utara 14120 |
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Country : |
Indonesia |
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Date of Incorporation : |
31.07.2002 |
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Com. Reg. No.: |
AHU-AH.01.10-14108 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Manufacturing of Consumer Goods. |
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No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 |
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Moderate |
B1 |
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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, 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. ORSON INDONESIA
Head Office &
Factory
Kawasan
Berikat Nusantara (KBN) Marunda
Jl. Madiun Blok C2 No. 22, Kelurahan Cilincing
Jakarta Utara 14120
Indonesia
Phones -
(62-21) 4485 3839 (hunting)
Fax. -
(62-21) 4485 3840
Email - marketing@orosnindonesia.com
Land Area - 10,500 sq.
meters
Building Area - 7,000 sq. meters
Region - Industrial
Bonded
Status - Rent
31
July 2002
P.T. (Perseroan Terbatas) or Limited Liability Company
The Department of
Law and Human Rights
a. No. C-00223.HT.01.01.TH.2003
Dated 07 January 2003
b. No. AHU-52529.AH.01.02.Tahun 2009
Dated 29 October
2009
c. No. AHU-AH.01.10-14108
Dated 11 May 2011
Foreign Investment (PMA) Company
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 02.026.561.7-052.000
b. The Capital Investment Coordinating Board
No. 507/I/PMA/2002
Dated 26 July 2002
Not
available
Capital Structure
:
Authorized
Capital - US$. 1,000,000.- (Rp. 9,018,000,000.-)
Issued Capital -
US$. 600,000.- (Rp. 5,410,000,000.-)
Paid up Capital -
US$. 600,000.- (Rp. 5,410,000,000.-)
a. Mr. Kalidas
Kishinchand Nathani - US$. 300,000.-
(50%)
Address : Jl. Senen Raya No. 135, Apt. Oasis
RT.01 RW.02
Senen, Central Jakarta
Indonesia
b. Mr. Vaswani
Parshotam Shambhunath - US$.
300,000.- (50%)
Address : C-23, Vidyanagor Society
Sant Kanwar Colony
India
Lines of Business
:
Consumer Goods Manufacturing
Production
Capacity :
a. Soap Products -
5,200 tons p.a.
b. Shampoo -
2,600 tons p.a.
c. Body Lotion - 1,600 tons p.a.
d. Soap Noodle -
2,400 tons p.a.
Total Investment :
a. Owned Capital -
US$ 1.0 million
b. Loan
Capital - US$ 3.0 million
c. Total
Investment - US$ 4.0 million
Started Operation
:
2 0 0 3
Brand Name :
Royal Orchard, Joli, SoftPearl, Mediplus,
Soft Pearl Medicated, Neo Medicated, Risasi Black, Blossom White & Pink,
Gold Leather, Super, Tati
Technical
Assistance :
None
Number of Employee
:
350 persons
Marketing Area :
Domestic
- 60%
Export
- 40%
Main Customers :
a. Supermarket, Hypermarket, Mini-market,
Retail Shops, Tradition Market, etc
b. Overseas buyers in Eastern Asia, Middle
East, Africa, Southeast Asia, South America, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. UNILEVER INDONESIA Tbk.
b. P.T. WINGS SURYA
c. P.T. SAYAP MAS
UTAMA
d. P.T. TANCHO INDONESIA
e. P.T. MUSIM MAS
Business Trend :
Growing
Bankers:
a. P.T.
Bank NEGARA INDONESIA Tbk
Marunda
Branch
Jl. Raya Marunda No. 1
KBN Marunda, North Jakarta
Indonesia
b.
P.T. Bank MANDIRI Tbk.
Marunda Branch
Jl. Ujung Pandang, KBN Marunda
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Net Sales/Turnover
:
2011 – Rp. 190.0 billion
2012 – Rp. 218.0 billion
2013 – Rp. 246.0 billion
2014 – Rp. 280.0 billion
Net Profit :
2011 – Rp. 16.0 billion
2012 – Rp. 18.6 billion
2013 – Rp. 21.0 billion
2014 – Rp. 24.0 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Kalidas Kishinchand Nathani
Director - Mr. Vaswani
Parshotam Shambhnathu
Board of Commissioners :
Commissioner - Mr. Nitin Narain Nataatmaja
Signatories :
President Director (Mr. Kalidas
Kishinchand Nathani) or Director (Mr. Vaswani Pashotam Shambhnathu) which must
be approved by the Board of Commissioner (Mr. Nitin Narain Nataatmaja
Management Capability :
Fairly good
Business Morality :
Good
P.T. ORSON INDONESIA (P.T. ORSIN) was
incorporated in Jakarta, based on notary deed of Frans Elsius Muliawan, SH.,
No. 65 dated 31 July 2002 with an authorized capital of US$. 1,000,000.- of
which US$. 200,000.- was issued and fully paid up. The founding shareholders of
the company are Mr. Kalidas Kishinchand (33.333%), Mr. Omprakash Lalchand
Phulwani (33.333%) and Mr. Vaswani Parshotam Shambhunath (33.333%), they are
Indian businessmen. The Deed of
establishment was approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decision Letter No. C-00223.HT.01.01.TH.2003
dated 7 January 2003.
The Company’s article of association has been amended for several times, most
recently by notarial Deed No. 22 dated 5 April 2011 was made by Iswandono
Poerwodinoto, SH., the issued capital was raised from US$. 200,000.- to US$
600,000.- and fully paid up. The amendment to Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-14108
dated 11 May 2011. Since then, no
changes have been effected in term of its shareholding composition and capital
structure to date.
P.T. ORSIN obtained a foreign investment
company (PMA) facility issued by Investment Coordinating Board (BKPM) in July
2002 for dealing with consumer goods manufacturing. The company produces skincare products like
soaps, shampoo, body lotion and soap noodles and its plant is located in
Kawasan Berikat Nusantara (KBN) Marunda, Jl. Madiun Blok C2 No. 22, Cilincing,
North Jakarta. P.T. ORSIN offers a wide
range of soaps namely Toilet Soaps (Fruity Soap, Beauty Soap, Medicated Soap
and Whitening Soap), Laundry Soaps and Multipurpose Soaps, with many brands
like Royal Orchard, Jolie, SoftPearl, Mediplus, Soft Pearl Medicated, Neo
Mediated, Risasi Black, Blossom White & Pink, gold Leather, Super, Tati,
etc. In 2013, P.T. ORSI imported top of
the line, state of the Art Mazzoni Machines from Italy to manufacture their
soaps. Some 60% of its products is sold to local market and the rest 40% of the
products are exported Eastern Asia, Middle East, Africa, Southeast Asia, South
America, etc. We observe that P.T. ASI
is classified a medium-size company of its kinds which operation has been
growing and developing well in the last two years.
In overall we find the demand for soap
products (toilet soap, multipurpose and laundry soap), shampoo, body lotion and
others had been rising by the average 6% to 8% per year within the last five
years in line with the growth of supermarkets, mini-markets and a stable
economic growth in the period. Amidst
unstable global economic conditions, Indonesia is estimated to be able to
record an economic growth of over 6% in 2012. The solid and steady domestic
economy, increased government activity in infrastructure development and
improving investment climate in Indonesia with the rising of Country Rating to
Investment Grade, and also supported by Indonesia’s economic indicators such as
inflation, exchange rates and interest rates are expected to encourage the
business sectors. The
global economy is expected to grow faster in 2015 than it did in 2013 and 2014,
although it still face risks stemming from the slowing economic growth in
developed countries and the on going crisis in Europe. Despite the slowing
global economy, Indonesia’s economy still grew quite briskly in 2013.
Indonesia’s economic growth reached 5.8% in 2013, or slightly below the
projection contained in the 2013 Revised State Budget and 2012’s economic growth
of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Source:
Central Bureau of Statistics and bank of Indonesia
Until this time P.T. ORSI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of
P.T. ORSI is very reclusive towards outsiders and rejected to disclose its
financial condition. We estimated
that total income or revenues of the company in 2012 amounted to Rp. 218.0
billion increased to Rp. 246.0 billion in 2013 rose again to Rp. 280.0 billion
in 2014 and projected to go on rising by at least 8% to 10% in 2015. The operation in 2014 yielded an estimated
net profit of at least Rp. 24.0 billion
and the company has an estimated total net-worth of at least Rp. 120.0
billion. 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. ORSI is led by Mr.
Kaliodas Kishinchand Nathani (54) as president director and CEO of the
company. He is a businessman of India
with more than 13 years experience in manufacturing of soaps, shampoo, bodty
lotion and soap noodles. In his daily activities, he is assisted by Mr. Vaswani
Parshotam Shambhnathu (50) as director and Mr. Nitin narain Nataatmadja (32) as
commissioner. 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. ORSON INDONESIA is sufficiently fairly
good for business transaction. But owing to economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.