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MIRA INFORM REPORT
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Report No. : |
502222 |
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Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDESSO AROMA |
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Formerly Known As : |
· FIRMA INDESSO ·
C.V. INDESSO |
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Registered Office : |
Jalan Tanah Abang II No. 78,Cideng, Gambir Jakarta Pusat, 10150 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.08.1968 |
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Com. Reg. No.: |
No. AHU-AH.01.03-0070696 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited
Liability Company |
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Line of Business : |
· Industrial Essence and Distillation of Essential Oils ·
Investment Holding |
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No. of Employees : |
227 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
Company name and Summery
Name of Company :
P.T. INDESSO AROMA
A d d r e s s :
Head Office
Jalan Tanah Abang II No. 78
Cideng, Gambir
Phones - (62-21) 3863974 (Hunting)
Fax - (62-21) 3580538
E-mail - lusiana.prajogo@indesso.com
Website - http://www.indesso.com
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Factories
a. Jalan
Raya Baturaden Km. 10 (Desa Karangbatur)
Karang
Tengah, Kecamatan Baturaden
Banyumas,
53151
Central
Java, Indonesia
Phones - (62-281) 681450 (Hunting)
Fax - (62-281) 681452
Land Area - 6,000 sq. meters
Building Space - 4,000 sq. meters
Region - Industrial Zone
Status - Owned
b. Jalan
Raya Cibubur – Cileungsi Km. 9
Cipeucang,
Cileungsi,
Bogor,
16820
West
Java, Indonesia
Phones - (62-21) 82491808 (Hunting)
Fax - (62-21) 8232631
Land Area - 8,000 sq. meters
Building Space - 6,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
:
a. 02
August 1968 as Firma INDESSO
b. 27 November 1973 as C.V. INDESSO
c. 30 June 1992 as P.T. INDESSO AROMA
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-1826.HT.01.01.TH.93
Dated
20 March 1993
- No.
AHU-38578.AH.01.02.TH.2009
Dated
11 August 2009
- No.
AHU-0064541.AH.01.02.TH.2010
Dated
26 August 2010
- No.
AHU-0079069.AH.01.02.TH.2011
Dated
30 September 2011
- No.
AHU-AH.01.10-24906
Dated
19 June 2013
- No.
AHU-AH.01.03-0070696
Dated
17 February 2018
Company Status :
National Private and Domestic
Investment (PMDN) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.202.282.8-521.000
The Department of Industry and Trade
SIUP No. 26/11.07/PB/II/1992
Dated 15 February 1992
Associated Companies :
a. P.T.
FIRMENICH
b. P.T.
INDESSO NIAGATAMA (Trading and Importer of Flavor)
c. P.T.
INDESSO PRIMATAMA (Investment Holding and Trading)
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
200,000,000,000.-
Issued Capital : Rp. 149,766,000,000.-
Paid up Capital : Rp. 149,766,000,000.-
Shareholders/Owners :
a. P.T. INDESSO PRIMATAMA -
Rp. 149,546,000,000.-
Address : Jl.
Tanah Abang II No. 78
Kelurahan Cideng, Kecamatan
Gambir
Jakarta Pusat, 10150,
Indonesia
b. Mr. Robertus Juliarto Gunawan - Rp.
220,000,000.-
Address : Jl. Subang No. 16, RT. 004 RW.
004
Kelurahan
Menteng, Kecamatan Menteng
Jakarta
Pusat,10310, Indonesia
BUSINESS
ACTIVITIES
Lines of Business :
a. Industrial
Essence and Distillation of Essential Oils
b. Investment
Holding
Production Capacity :
a. Aromatic
Chemicals (Clove extracts) -
20 tons per month
b. Natural
Extract (
Tamarind
extract, Green tea extract) -
15 tons per month
c. Essential
Oils -
20 tons per month
e. Flavor
& Fragrance (Eugenol) -
20 tons per month
Total Investment :
a. Equity
Capital -
Rp. 90.2 billion
b. Loan
Capital -
Rp. 25.0 billion
c. Total
Investment - Rp.
115.2 billion
Started Operation :
August 1968
Brand Name :
Indesso Aroma
Technical Assistance :
None
Number of Employee :
227 persons
Marketing Area :
Export - 85%
Local -
15%
Main Customer :
Buyers in Europe Union and the
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AROMA INDONESIA
b. P.T. ESSENCE
c.
d. P.T.
TAKASAGO INDONESIA
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B a n k e r s :
a. P.T.
Bank PANIN Tbk
Jalan Jend. Sudirman No. 1
Jakarta Pusat, Indonesia
b. P.T.
Bank
Jalan Tanah Abang II
Jakarta Pusat, Indonesia
Auditor :
KAP Tanubrata,
Sutanto Fahmi & Rekan (BDO)
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated) :
2015 – Rp. 748.0 billion
2016 – Rp. 792.0 billion
2017 – Rp. 831.6 billion
Net Profit (estimated) :
2015 – Rp. 59.8 billion
2016 – Rp. 63.4 billion
2017 – Rp. 66.2 billion
Payment Manner :
Regular
Financial Comments :
Fairly strong
KEY
EXECUTIVES
Board
of Management :
President
Director - Mr. Robertus Juliarto Gunawan
Directors - a.
Mr. Drs. H. Efendi, MM, MP
b. Mr. Fransiscus Xaverius Rudy Mulyono
c. Mr. Ir. Leo Seno Broto
d. Mr. Petrus Eko Soelarso
e. Mr. Rossano Sutanto
Board
of Commissioners :
President Commissioner -
Mr. Budi Setiadharma
Commissioners -
a. Mr. Wien Permadhi Gunawan AKA Tan Hong Tie
b. Mrs. Hanny Mayanti Gunawan
Signatories
:
President Director (Mr. Robertus
Juliarto Gunawan) or one of the Directors (Mr. Drs. H. Efendi, MM, MP, Mr.
Fransiscus Xaverius Rudy Mulyono, Mr. Leo Seno Broto, Mr. Petrus Eko Soelarso
or Mr. Rossano Sutanto) which must be approved by Board of Commissioner
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
OVERALL
PERFORMANCE
Originally named
Firma INDESSO established in Semarang, Central Java based on notary deed of Mr.
Kahirman Gondowirjo, SH., No. 2 dated 2 August 1968. The change of Company’s name to C.V. INDESSO
with a legal status of commanditaire Venootschaap or partnership with sleeping
partner. Founders are Mr. Robertus Hartanto Gunawan AKA Tan Hong Tjay as active
partner and his wife Mrs. Dewi Mariani Gunawan AKA Ong Liang Nio as sleeping
partner and its domicile moved to Purwokerto by the deed of Mr. Subagio
Reksodipuro, SH., No. 46 dated 27 November 1973. Further as of 30 June 1992,
the company renamed to P.T. INDESSO AROMA (P.T. IA) a Limited Liability Company
with an authorized capital of Rp. 20,000,000,000 issued capital of Rp.
4,200,000,000 wholly paid-up. Its
articles of association has subsequently been changed for a couple of times.
Later in March 1998, the authorized capital was increased to Rp. 75,000,000,000
issued capital of Rp. 24,300,000,000
wholly paid-up. On the same occasion the shareholders are P.T. INDESSO
PRIMATAMA, Mr. Robertus Hartanto Gunawan, Mrs. Dewi Mariani Gunawan, his son
Mr. Robertus Juliarto Gunawan his wife Mrs. Hanny Mayanti Gunawan, Mr. Wien
Permadhi Gunawan, and Mr. Yahya Gunawan AKA Tan Hong Djien, they are Indonesian
busines family of Chinese origins. In April 2008 the company domicile was
changed as from Purwokerto into Jakarta and Purwokerto.
Concurrently the
issued capital was increased to Rp. 35,376,000,000 entirely paid up and Mrs.
Dewi Mariani Gunawan, Mr. Wien Permadhi Gunawan, Mrs. Hanny Mayanti Gunawan and
Mr. Yahya Gunawan pulled out and the whole shares sold to P.T. INDESSO
PRIMATAMA, Mr. Robertus Hartanto Gunawan and Mr. Robertus Juliarto Gunawan.
Further in July 2009
the authorized capital was raised to Rp. 200,000,000,000 issued capital to Rp.
90.266,000,000 fully and paid up. With this development the composition of its
shareholders has been changed to become P.T. INDESSO PRIMATAMA (99.76%), Mr.
Robertus Hartanto Gunawan (0.12%) and Mr. Robertus Juliarto Gunawan (0.12%). Then according to revision of notary documents of Mr. FX
Budi Santoso Isbandi, SH., No. 69 dated 24 May 2011 the company issued capital
was raised to Rp. 132,266,000,000 fully and paid up. With this development the
composition of its shareholders has been changed to become P.T. INDESSO
PRIMATAMA (99.83%), Mr. Robertus Hartanto Gunawan AKA Tan Hong Tjay (0.1%) and
his son Mr. Robertus Juliarto Gunawan (0.1%). On 26 February 2013 Mr. Robertus
Hartono Hartono Gunawan was died and the whole share took over by his son Mr.
Robertus Juliarto Gunawan. Later according to notary deed Mr. FX. Budi Santoso
Isbandi, SH., no. 50 dated 12 June 2013 the company issued capital was raised
to Rp. 149,766,000,000 fully and paid up. With this development the composition
of its shareholders has been changed to become P.T. INDESSO PRIMATAMA (99.85%)
and Mr. Robertus Juliarto Gunawan (0.15%). Lastly according to revision notary
deed DR. Irawan Soerodjo, SH., no. 79 dated 17 January 2018 the shareholders
approved changed the board of director and commissioner of the Company. The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.03-0070696 dated February 17, 2018.
The
majority shareholder of P.T. IA namely P.T. INDESSO PRIMATAMA is a national
private company whose majority business stakes are controlled by the late Mr.
Robertus Hartanto Gunawan and his family members. They also founders of P.T.
FIRMENICH
P.T. INDESSO AROMA (
The company continually upgrades and
expands its facilities in order to bring you products that are the very best
the industry has to offer. From raw material acquisition to distribution of the
final products all aspects of the company are scrutinized for strict adherence
to internationally recognized quality standards. At present, P.T. IA produces
of Aromatic Chemicals (clove extract); Natural Extract (cocoa extract, coffee
extract, tamarind extract); Essential Oils with raw materials from cloves,
flowers, seed, bark; and Flavor & Fragrances (Eugenol). Some 85% of product
is exported to the USA, French, Germany, Japan and other countries and the rest
15% is marketed domestically to various cigarettes manufacturing plant, food
and beverages processing plants.
Besides the products is also marketed
to sister company P.T. INDESSO NIAGATAMA and P.T. FIRMENICH INDONESIA. Besides,
P.T. IA also engaged in investment holding by controls 15% shares of P.T.
FIRMENICH
The
demand for essential oil, ingredients and food ingredients and food seasoning
products has kept on rising by 10% to 12% per annum in the last three years in
line with the sustained growth in food and beverage processing industry in
Until
this time P.T. IA has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management of P.T. IA is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2015 amounted to Rp. 748.0 billion
increased to Rp. 792.0 billion in 2016 rose to Rp. 831.60 billion in 2017 and
projected to go on rising by at least 5% in 2018. The operation in 2017 yielded
an estimated net profit of at least Rp. 66.0 billion and the company has an
estimated total networth of at least Rp. 255.0 billion. We observe that P.T. IA
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
The
management of P.T. IA is led by Mr. Robertus Juliarto Gunawan (53) a
businessman and professional manager with experience in industrial essence and
distillation of essential oils. 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. INDESSO AROMA is sufficiently fairly good for
business cooperation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.96 |
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Euro |
1 |
INR 79.51 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.