|
Report No. : |
347481 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. UNILEVER BODY CARE INDONESIA |
|
|
|
|
Registered Office : |
Graha Unilever Building, Jl. Jend. Gatot Subroto Kav. 15, Semanggi, Setiabudi, South Jakarta 12930 |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
20.01.2011 |
|
|
|
|
Com. Reg. No.: |
AHU-13937.AH.01.02.Tahun 2014 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Cosmetic and Personal Care Products Manufacturing |
|
|
|
|
No. of Employees : |
850 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
BASIC SEARCH
|
Name of Company :
P.T.
UNILEVER BODY CARE INDONESIA
A d d r e s s :
Head
Office
Graha
Unilever Building
Jl. Jend. Gatot Subroto Kav. 15
Semanggi, Setiabudi
South Jakarta 12930
Phones -
(021) 526 2112 (hunting)
Fax. - (021) 526 2046
Building Area - 22 storey
Office Space - 2,400 sq. meters
Region - Commercial
Status - Rent
Factories
Jl. Raya Bogor Km. 27
Ciracas,
Jakarta Timur 13740
Indonesia
Phones -
(021) 2856 5100 (hunting)
Fax. -
(021) 871 4869
Land Area - 22 storey
Building Area - 2,400 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a.
11 August 1962 as P.T. PRODENTA INDONESIA
b.
24 November 1999 as P.T. SARA LEE BODY CARE INDONESIA Tbk.
c.
20 January 2011 as P.T. UNILEVER BODY CARE INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Department of
Law and Human Rights
a. No. C2-5480.HT.01.04.TH.84
Dated 02 October 1984
b. No. AHU-13937.AH.01.02.Tahun 2014
Dated 22 April
2014
Company Status :
Foreign Investment (PMA) Company
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.000.261.6-054.000
b. The Capital Investment Coordinating Board
- No. 01/II/PMA/1984
Dated
02 March 1984
- No. 92/VI/PMA/1984
Dated 28 September 1984
- No. 27/II/PMA/1992
Dated 7 April 1992
- No. 30/II/PMA/1994
Dated 22 February 1994
- No. 819/III/PMA/1998
Dated 24 June 1998
Holding Company :
UNILEVER
INDONESIA HOLDING B.V. (Investment Holding)
Affiliated/Associated Company:
A
company member of the UNILEVER Group
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized
Capital - Rp. 1,500,000,000.-
Issued
Capital - Rp. 1,500,000,000.-
Paid
up Capital - Rp. 1,500,000,000.-
Shareholders/Owners
:
a.
UNILEVER INDONESIA HOLDING B.V. - Rp. 1,474,367,000.- (98.29%)
b. Other (39 persons/participants) - Rp. 25,633,000.- ( 1.71%)
BUSINESS ACTIVITIES
|
Lines of Business
:
Cosmetic and Personal Care Products Manufacturing
Production
Capacity :
Initial Unites
a. Tooth
Pastes -
48.0 million tubes p.a.
b. Toilet
Powders -
12.5 million tins p.a.
c. Baby
Shampoo - 9.0
million bottles p.a.
d. Perfumes/Lotions - 3.0 million bottles
p.a.
e. Creams - 0.5
million tubes p.a.
f.
Deodorant Spray -
6.0 million tins p.a.
g.
Deodorant Stick -
10.5 million pcs. p.a.
h. Hair
Spray -
10.5 million tins p.a.
i.
Medicated Oil -
3.0 million bottles p.a.
j. Shoe
Care -
12.0 million cans p.a.
k. Auto Care
- 1.0 million tins p.a.
l. Household Care - 0.1 million tins p.a.
m. Hair Brushes - 3.6 million pcs. p.a.
n. Rubber Glove - 72.0 million pairs p.a.
o. Baby Powder -
25.0 million pcs. p.a.
p. Spray for Cosmetics and Anti-cold Ointment
- 20.0 million tins p.a.
Expansion Units
a.
Mouth Washers -
50 tons p.a.
b.
Mouth Fresh -
10 tons p.a.
c.
Hair Conditions/Rinse -
100 tons p.a.
d. air
Tonics -
100 tons p.a.
e.
Creams - 150
tons p.a.
f.
Medicated
Oil - 50 tons p.a.
g. Spray for Cosmetic - 100 tons p.a.
h.
Face
Cleansers - 50 tons p.a.
i.
Astringers - 50 tons p.a.
j.
Masker,
Peelings - 50 tons p.a.
k.
Eaude
Toilette - 350 tons p.a.
l.
Body
Freshers - 25 tons p.a.
m. Feminine Hygiene - 50 tons p.a.
n.
Body
Powders -
400 tons p.a.
o. Liquid Bath Soaps - 200 tons p.a.
p. Baby Soap - 50 tons p.a.
q. Make up Base - 15 tons p.a.
r.
Foundations - 20 tons p.a.
s.
Face
Powders - 15 tons p.a.
t.
Lip
Gloss & Liner - 10 tons p.a.
u.
Wed
Tissue Paper -
600 tons p.a.0
Total Investment:
a.
Owned Capital - US$ 60.0 million
b.
Loan Capital - US$ 20.0
million
c.
Total Investment - US$ 80.0 million
Started Operation
:
1 9 6 4
Brand Name :
PUROL, ZWITSAL, BRILKRIM, AMBIFUR, etc
Technical
Assistance :
UNILEVER INDONESIA HOLDING B.V., of the
Netherlands
Number of Employee
:
850 persons
Marketing Area :
Domestic
- 90%
Export
- 10%
Main Customer :
Supermarket, Hypermarket, Mini-market,
Retail Shops, Tradition Market, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. WINGS SURYA
b. P.T. SAYAP MAS
UTAMA
c. P.T. TANCHO INDONESIA
d. P.T. ABC CENTRAL FOOD INDUSTRIES
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a.
P.T. Bank MANDIRI Tbk.
Jl. Gatot Subroto Kav. 36-38
Jakarta SElatan
b. P.T.
Bank NEGARA INDONESIA Tbk
Jl. Jend. Sudirman Kav.1
Jakarta Pusat
c. CITIBANK
N.A.
Jl. Jend. Sudirman 1
Jakarta Pusat
d. ABN-AMRO Bank NV
Jl. Jend. Sudirman Kav. 52-53
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Net Sales/Turnover
:
2012 Rp. 490.0 billion
2013 Rp. 520.0 billion
2014 Rp. 580.0 billion
2015 Rp. 330.0 billion (January June)
Net Profit :
2012 Rp. 32.0 billion
2013 Rp. 33.0 billion
2014 Rp. 38.0 billion
2015 Rp. 21.0 billion (January June)
Payment Manner :
Almost promptly
Financial Comments
:
Fairly
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Franky Jamin
Directors - a. Mr. Maulana Wahyu Jumantara
b. Mr. Ir. Rudy Afandi
Board of Commissioners :
President Commissioner - Mr. Raghuraman Ramakrishnan
Commissioners - a. Mrs. Debora Herawati Sadrach
b. Prof. Dr. Farid Anfasa Moeloek
Signatories :
President Director (Mr. Fanky Jamin) or
one of the Directors (Mr. Maulana Wahyu Jumantara or Mr. Ir. Rudy Afandi) which
must be approved by the Board of Commissioners
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Initially named P.T. PRODENTA INDONESIA, it was established on August
11, 1962 with the authorized capital of Rp. 10,000,000 of which Rp. 2,640,000 was
issued and fully paid up. The founding shareholders of the company are N.V.
PRODENTS FABRIEKEN INDONESIA (99.92%), a private company, Mr. Willem Johan
Mager (0.04%) and Mr. Raden Soewarso Tirtowiogjo (0.04%), both are indigenous
businessmen. The articles of association of the company have frequently been
revised. In 1984, the company went public by selling 20% of its shares to the
public and the rest was owned by N.V. INTRADAL, a company based in the
Netherlands. In 1986, N.V. INTRADAL sold all of its shares in this company to
SARA LEE Corp of Canada (80%) and the public (20%). Then, on November 24, 1999, the company
renamed to P.T. SARA LEE BODY CARE INDONESIA TBK. But since 2009, the
company was delisted from the stock exchange Indonesia. Furthermore, the company's name be changed
again into P.T. UNILEVER BODY CARE
INDONESIA on January 20, 2011.
The most recently by Notary Deed No. 01
dated February 14, 2014 of Ferry Mahendra Permana, SH., the authorized capital
was raised to Rp. 1,500,000,000.- entirely was issued and fully paid up. Since then, the shareholders of the company
are P.T. UNILEVER INDONESIA (98.29%) and other (1.71%). This amendment to Deed has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through its Decree No.
AHU-13937.ah.01.02.Tahun 2014 dated April 22, 2014. Since then, no changes have been effected in
term of its shareholding composition and capital structure to date.
P.T. UNILEVER BODY CARE INDONESIA (P.T. UBCI) has been in operation
since 1964 dealing with industry producing toothpastes, cosmetics and other
consumer goods such as shampoos, deodorants, hairsprays, medicated oils, baby
care, skin care and hair care products. Its plant was initially located at
Jalan Kalibutuh No. 195-197, Surabaya, East Java. The company products are sold
using popular brands like PRODENT toothpastes, PUROL antibiotics, ZWITSAL baby
powder, BRILKRIM hair creams and others. In line with its growing business, the
company relocated its plant to Jalan Raya Bogor Km. 27, Cibubur, East Jakarta.
P.T. UBCI then produces several other new brands including SHE teenager
perfumes, AMBIFUR automotive perfumes and others. Meanwhile, the company was
forced to cease the production of PRODENT toothpastes on account of less demand
for these products. The company is marketed by its affiliated company P.T.
UNILEVER INDONESIA and P.T. WICAKSANA OVERSEAS IMPORT, a distributor having
established wide marketing network in abroad. The operation of the company has
been fluctuating in the last five years.
Generally, the demand for cosmetic and personal care products in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of life styles and purchasing power. But, as from October 2008, the demand growth for cosmetics and personal care products 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 PT. Kao
Indonesia, PT. Johnson & Sons, PT. Wings Surya, PT. Sayap Mas Utama, etc.
Business position of P.T. UBCI is favorable for it has controlled a wide
marketing network at home and abroad and their product has been widely known
among consumers in the country.
Until this time P.T. UBCI has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial
statement publicly. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. P.T. UBCIs management is
very reclusive to outsider and rejecting to disclose its financial condition
but we estimated the total sales turnover of the company in 2012 amounted to
Rp. 490.0 billion increased to Rp. 520.0 billion in 2013 and rose again to Rp. 580.0
billion in 2014. The operation in 2014
yielded a net profit at least Rp. 21.0 billion and the company has a total net
worth of Rp. 380.0 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2015. So far we did not hear that P.T.
UBCI has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court.
The management of the company is headed by Mr. Franky Jamin (63) as the
president director. In his daily activities, he is assisted by two directors
namely Mr. Maulana Wahyu Jumantara (50) and Mr. Ir. Rudy Afandi (47). The management is handled by experienced
professional managers being fully supported by the UNILEVER Group, a large
sized company group based in Canada and the USA. The management has wide
relation with overseas and national businessmen as well as with the government
sectors.
P.T. UBCI is appraised to be good for business transaction. However, in view of the 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.65.57 |
|
|
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
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
SCs 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.