MIRA INFORM REPORT
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Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CHAROEN POKPHAND INDONESIA TBK. |
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Formerly Known As : |
P.T. CHAROEN
POKPHAND INDONESIA |
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Registered Office : |
Jalan Ancol
VIII No. 1, Ancol Barat, Jakarta Utara 14430 |
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Country : |
Indonesia |
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Date of Incorporation : |
07.01.1972 |
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Com. Reg. No.: |
No. AHU-97521.AH.01.02.TH.2008 |
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Legal Form : |
Public Listed
Company |
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Line of Business : |
Animal Feed and
Shrimp Feed Milling |
RATING & COMMENTS
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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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Maximum Credit Limit : |
US$ 195.0 million |
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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, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Indonesia |
b1 |
b1 |
|
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 |
Full Name of Company
P.T. CHAROEN POKPHAND INDONESIA TBK.
company Address
Head Office & Jakarta Factory
Jalan Ancol VIII
No. 1, Ancol Barat
Jakarta Utara
14430
Indonesia
P.O. Box -
83 JKT
Phones - (021) 6912501 (hunting), 6902787, 6902538,
(021) 6902567, 69005640
Fax. -
(021) 6917325
Cable -
POKPHAND JAKARTA
Telex -
42659 POKPHAND IA
Website - http://www.prokar.com
E-Mail - charoen@idola.net.id
Surabaya Factory
Jalan Raya
Surabaya Mojokerto Km. 19
Desa Beringin
Bendo, Taman Sidoarjo
Surabaya, East
Java
Phones -
(031) 782183, 782509
Medan Factory
Jalan Tanjung
Morawa Km. 8.5
Medan, North
Sumatra
Phones -
(061) 751678
Tangerang Factory
Jalan Raya Serang
Km. 30
Desa Cengkudu
Balaraja,
Tangerang
West Java
Warehouse
Jalan Ir. Sutami
Km. 8.5 No. 15
Tanjung Karang
Timur
Bandar Lampung
Lampung
Phones - (0721) 350041-44
Fax. -
(0721) 350045
Date of Incorporation
a. 7 January 1972 as P.T. CHAROEN POKPHAND INDONESIA ANIMAL FEED MILL CO., LTD.
b. 8 June 1990 as
P.T. CHAROEN POKPHAND INDONESIA
c. February 1997
as P.T. CHAROEN POKPHAND INDONESIA Tbk.
Legal Form
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg.No.
The Ministry of Law and Human Rights
a. No. YA-5/197/21
Dated 8 June 1973
b. No.
C-UM.02.01.4728
Dated 14 January 2003
c. No.
AHU-97521.AH.01.02.TH.2008
Dated 18 December 2008
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
a. The
President of the Republic of Indonesia
No. B-132/Pres/II/1971
Dated 5 November 1971
b. The Capital
Investment Coordinating Board
- No. 383/III/PMA/1991
Dated 17 June 1991
- No. 299/II/PMA/2000
Dated 1 November 2000
- No. 123/II/PMA/2001
Dated 30 April 2001
Related Companies
A Member of the CHAROEN POKPHAND Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp.
400,000,000,000.-
Issued Capital - Rp.
164,228,000,000.-
Paid up Capital - Rp.
164,228,000,000.-
Shareholders (as of December 31, 2009) :
a. P.T. CENTRAL AGROMINA - 55.45%
b. PUBLICS (ownership below 5% each)
- Local - 8.41%
- Foreign -
36.14%
BUSINESS ACTIVITIES
Lines of Business
:
a. Animal Feed and Shrimp Feed Milling
b. Plastic Bag Manufacturing
c. Poultry Equipment Manufacturing
d. Investment Holding
Production
Capacity :
Initial Plant
a. Animal Feeds - 1,090,000 tons p.a.
b. Shrimp Feeds - 84,000 tons p.a.
c. Plastic Bags
- Outer Bags -
12,500,000 sheet p.a.
- Inner Bags -
12,500,000 sheet p.a.
d. Hanging Feeder Tubes - 900,000 units p.a.
e. Chicks Waters - 750,000 units p.a.
f. Egg trays - 600,000 units p.a.
g. Warehouse *) - 100,000 tons
Expansion (1998)
a. Chick Meet Raw -
4,500 tons p.a.
b. Chick Meet Frozen - 14,400 tons p.a.
c. Chick Meet Processed - 8,544 tons
p.a.
Expansion Plant (2000)
Meet processed - 1,500 tons p.a.
Expansion Plant (2001)
Fish Feeds -
108,000 tons p.a.
Total Investment :
Initial Unit
a. Owned Capital
- Rp 60.0 billion
b. Reinvested
Profit - Rp 1.7 billion
c. Loan
Capital - Rp 100.8 billion
d. Total
Investment - Rp 162.5 billion
Expansion Unit
(1998)
a. Equity
Capital - Rp 48.6 billion
b. Loan
Capital - Rp 179.5 billion
c. Total
Investment - Rp 228.1 billion
Expansion Unit
(2000)
a. Equity
Capital - Rp --- billion
b. Loan
Capital - Rp 6.2 billion
c. Total
Investment - Rp 6.2 billion
Expansion Unit
(2001)
a. Equity
Capital - Rp --- billion
b. Loan
Capital - Rp 2.3 billion
c. Total
Investment - Rp 2.3 billion
Started Operation :
1972
Brand Name :
CHAROEN POKPHAND
Technical Assistance :
The CHAROEN POKPHAND Group
Number of Employee :
4,186 persons (as
of December 31, 2009)
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. SURYA
UNGGAS MANDIRI
b. P.T. SUMBER
TERNAK PRATAMA
c. P.T. MULTI
SARANA PAKANINDO
d. P.T. TIARA
TUNGGAL MANDIRI
e. P.T. SINAR INTI
MUSTIKA
f. P.T. SEMESTA MITRA SEJAHTERA
g. P.T. BINTANG
SEJAHTERA BERSAMA
h. P.T. MITRA
SINAR JAYA
i. P.T. INDAH TERNAK MANDIRI
j. P.T. CEMERLANG UNGGAS LESTARI
k. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. METRO FEED
INDONESIA
b. P.T. JAPFA
COMFEED INDONESIA
c. P.T. MULTI
DARANA PAKANINDO
d. P.T. MITRA
MANGGALINDO
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Wisma Bank MANDIRI
Jalan Gatot Subroto Kav. 36-38
Jakarta Barat
b. P.T. Bank PERMATA Tbk
Wisma Bank PERMATA
Jalan Jend. Sudirman Kav. 27
Jakarta Selatan
b. CITIBANK N.A.
CITIBANK Building
Jalan Jend. Sudirman Kav.
54-55
Jakarta Selatan
Auditor :
Purwantono, Sarwoko & Sandjaja
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
:
2007 – Rp. 8,767.9 billion
2008 – Rp.
13,311.1 billion
2009 – Rp.
14,559.0 billion
2010 – Rp. 6,954.3 billion (as of 30 June 2010)
Net Profit (Loss)
:
2007 – Rp. 185.4 billion
2008 – Rp. 254.0 billion
2009 – Rp. 1,612.7 billion
2010 – Rp. 941.8 billion (as of
30 June 2010)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Tjiu Thomas Affandy
Vice Pres. Directors -
a. Mr. Peraphon Prayooravong
b. Mr. Vinai Rakphongphairoj
Directors -
a. Mrs. Ong Mei Sian
b. Mr. Jemmy
c. Mr. Eddy Dharmawan
d. Mr. Ferdiansyah Gunawan Tjoe
Board of Director :
President
Commissioner - Mr. Hadi Gunawan
Tjoe
Vice Pres. Commissioners -
a. Mr. Jiacipto Jiaravanon
b. Mr. Jialipto Jiaravanon
Independent Commissioners - a. Mr. Herman Sugianto
b. Mr. Suparman S.
Signatories :
President Director (Mr. Tjiu Thomas
Affandy) or one of Vice Pres. Directors (Mr. Peraphon Prayooravong and Mr.
Vinai Rakphongphairoj) or one of directors (Mrs. Ong Mei Sian, Mr. Jemmy, Mr.
Eddy Dharmawan and Mr. Feerdiansyah Gunawan Tjoe) which must be approved by
Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 195.0 million on the 90 days of payments
OVERALL PERFORMANCE
Initially named P.T. CHAROEN POKPHAND INDONESIA ANIMAL FEED MILL Co., Ltd., the company was set up in 1972 with an authorized capital of US$ 1,000,000.- and issued capital of US$ 300,000.- of which US$ 30,000.- was paid up. The founders and original shareholders are Mr. Sumet Jiaravanon, Mr. Jaran Chiaravanont, Mr. Montri Chiaravanont (the three are Thai businessmen of Chinese extraction) and Mr. Johannes Purnama Sudarma SH (an Indonesian businessman of Chinese origin). In 1990 the company was renamed to P.T. CHAROEN POKPHAND INDONESIA. In February 1991 the company sold out 25% of its shares to the public through the Jakarta Stock Exchange (BEJ). Its articles of association have subsequently been changed for several times. In February 1997, the authorized capital was increased to Rp. 400,000,000,000.- issued capital to Rp. 140,766,917,500.- entirely paid-up and concurrently a word Terbuka (Tbk) was added behind its name to comply with new law on publicly listed company to P.T. CHAROEN POKPHAND INDONESIA Tbk., is abbreviated P.T. CPIT.
Pursuant to annual report of the company, as of December 2009 the issued capital was raised to Rp. 164,228,000,000.- and fully paid up. The shareholders of the company are P.T. CENTRAL AGROMINA (55.45%) and Publics (8.41% is owned by local publics and 36.14% is owned by foreign publics). We observed that P.T. CENTRAL AGROMINA is a private company whose majority business stakes is controlled by Mr. Slamet Jiaravanon and his family members. Mr. Jiaravanon is also founder and majority business stakes owner of the CHAROEN POKPHAND Group, the largest business group in Indonesia in animal feed milling and distribution.
P.T. CPIT is a Foreign Capital Investment (PMA) company dealing with animal feed milling by managing a plant originally located at Jalan Ancol VIII/1, Ancol Barat (North Jakarta). Its operation has been expanding rapidly by establishing two other factories respectively in Surabaya (East Java) and Medan (North Sumatra). Furthermore, they also operate the same plant in Tangerang (West Java). At present, P.T. CPIT has several business segments with different characteristics. From the perspective of consolidated net sales, the biggest contribution was from the poultry feed segment, followed by DOC, processed chicken and others, which consist of poultry equipment, packaging and others at amounts to immaterial to be included in the analysis.
Comparison of Net
Sales Contribution from Each Segment 2008 – 2009 ( in million Rupiah)
|
Products |
Sales Value |
Proportion of Sales |
% Increased |
||
|
2009 |
2008 |
2009 |
2008 |
||
|
Poultry Feed |
11,119,822 |
10,310,462 |
76.38% |
77.46% |
7.85% |
|
Day Old Chicks (DOC) |
2,192,585 |
1,895,753 |
15.06% |
14.24% |
15.66% |
|
Processed Chicken |
1,202,626 |
1,0444,816 |
8.26% |
7.85% |
15.10% |
|
Poultry Equipment |
18,654 |
26,178 |
0.135 |
0.20% |
-28.74% |
|
Packaging |
18,576 |
33,932 |
0.13% |
0.025% |
-45.26% |
|
Others |
6,742 |
-- |
0.045 |
-- |
100.00% |
|
TOTAL |
14,559,005 |
13,311,141 |
100.00% |
100.00% |
9.37% |
Source: Annual Report in 2008/2009
P.T. CPIT is also engaged in investment holding by controlling 99.99% shares of P.T. CHAROEN POKPHAND JAYA FARM dealing with chicken hatcheries and breeding, 99.96% shares of P.T. PRIMAFOOD INTERNATIONAL dealing with food processing industry, 99.92% shares of P.T. VISTA GRAIN dealing with animal feed distribution and industry, 99.99% shares of P.T. POLY PACKAGING INDUSTRY dealing with plastic packaging industry, 99.32% shares of P.T. FEPROTAMA PERTIWI dealing with animal feed raw material distribution, and 99.90% shares of P.T. AGRICO INTERNATIONAL dealing with general trading. Beside that, P.T. CPIT owns indirect shares in P.T. CENRALAVIAN PERTIWI (100%), P.T. SATWA UTAMA RAYA (99.98%), P.T. VISTA AGUNG KENCANA (99.96%), P.T. ISTANA SATWA BORNEO (99.96%), P.T. CIPTA KHATULISTIWA (50%) and P.T. AGRICO INTERNATIONAL (0.10%).
P.T. CPIT at present is the largest poultry feed, DOC and processed chicken producer in the country with annual production capacity in 2009 is 4.5 million poultry feed tons, 615 million DOC and 62,400 tons slaughter house and processed chicken per year. In 2009, P.T. CPIT successfully maintained its position as the market leader in the agribusiness industry, especially in poultry feed and DOC (Day Old Chicks), with market share of 39% and 37%, respectively.
Generally, the business position of P.T CPIT is favorable for having wide marketing networks in the country. The company is the largest animal feed industry in Indonesia. The operation of the company is backed up by the CHAROEN POKPHAND Group based in Thailand.
According to financial statement the total sales turnover of P.T. CPIT in 2007 amounted to Rp 8,767.9 billion with a net profit of Rp 185.4 billion, increased to Rp 13,311.1 billion with a net profit of Rp 254.0 billion in 2008 and rose again to Rp 14,559.0 billion with a net profit of Rp 1,612.7 billion in 2009 with total asset of Rp. 5,349.4 billion. As per 30 June 2010 company’s sales turnover was Rp 6,954.3 billion with a net profit of Rp. 941.8 billion. It is projected that total sales turnover of the company will be higher by at least 8% in 2011. So far, we have never heard that P.T. CPIT has been black listed by Bank Indonesia (Central Bank) or involved in detrimental cases being settled in the local court. Financial highlights as of 31 December 2007, 2008, 2009 and as per 30 June 2010 are below:
(In million of
Reupiah)
|
Description |
30 June 2010 |
31 December |
||
|
2009 |
2008 |
2007 |
||
|
Statement
of Income |
|
|
|
|
|
- Net Sales |
6,954,253 |
14,559,005 |
13,311,141 |
8,767,900 |
|
- Gross Profit |
1,517,628 |
2,869,085 |
1,743,423 |
1,202,405 |
|
- Income from Operations |
1,183,712 |
2,056,881 |
958,934 |
479,747 |
|
- Net Profit |
941,781 |
1,612,710 |
253,977 |
185,448 |
|
Balance
Sheet |
|
|
|
|
|
- Total Assets |
5,605,666 |
5,349,375 |
5,178,540 |
4,760,491 |
|
- Total Liabilities |
2,355,900 |
2,397,701 |
3,844,198 |
3,682,496 |
|
- Total Equity |
3,231,027 |
2,933,018 |
1,320,308 |
1,066,331 |
Source: PT. Charoen Pokphand Indonesia Tbk
The management of P.T. CPIT is led by Mr. Tjiu Thomas Affandy (53) as president
director. Acquired his Master of
Business Administration of the University of the City of Mania, Philippines in
1994. Started his career in the Company
in 1980 and appointed President Director of the Company in 2008. In daily activities, he is assisted by Mr.
Peraphon Prayooravong (58) and Mr. Vinai Rakphongphairoj (55), both as vice
president directors and four directors namely Mrs. Ong Mei Sian (49), Mr. Jemmy
(35), Mr. Eddy Dharmawan (35) and Mr. Ferdiansyah Gunawan Tjoe (36). The management reputation is the above
business is excellent. The management
maintains wide relation with home and overseas private businessmen. So far, we
have never yet heard of the company’s management having been involved in business
malpractices.
P.T. CPIT is sufficiently fairly good for business transaction. However,
in view of the unstable political condition in the country we recommend to
treat prudently in business transaction and in extending a loan to the company.
Attachment:
List of the CHAROEN POKPHAND Group Members
1. CENTRAL PROTEINA PRIMA, P.T. (Investment
Holding)
2. CENTRAL PERTIWI BAHARI, P.T. (Integrated
Shrimp Culture)
3. CHAROEN POKPHAND INDONESIA Tbk., P.T. (Animal
Feed Milling)
4. CHAROEN POKPHAND JAYA FARM, P.T. (Chicken
Hatcheries and Breeding)
5. CHAROEN POKPHAND FOODS PUBLIC Co., Ltd., of
HK (Investment Holding)
6. C.P. POKPHAND Co. Ltd., of Bermuda (General
Trading and Investment Holding)
7. LOTUS DISTRIBUTION INTERNATIONAL Ltd., of BVI
(General Trading)
8. SUMBER ENERGINDO MANDIRI, P.T. (Poultry
Products Distribution)
9. UDANGMAS INTIPERTIWI, P.T. (Animal Feed
Distribution).
10. MITSUI
LEASING & CAPITAL INDONESIA, P.T. (Finance and Leasing Services)
11. NIAGA
CATU DATA SCANINDO, P.T. (Trading, Sole Agent of Scanner)
12. Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.08 |
|
UK Pound |
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.30 |
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.