|
Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GUNANUSA ERAMANDIRI |
|
|
|
|
Registered Office : |
Jalan Pluit Barat IV No. 4, Jakarta Utara, 14450 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
05.08.1993 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-26967 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Snack Food
(Roasted Peanut, Slay) |
|
|
|
|
No. of Employees : |
510 |
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 |
|
Payment Behaviour : |
No complaints |
|
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 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
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, grew more than 6% annually in 2010-12. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%, 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 in 2013 faces the ongoing challenge of improving Indonesia''s insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of high oil prices.
|
Source : CIA |
Name of
Company
P.T. GUNANUSA ERAMANDIRI
Address :
Head Office
Jalan Pluit Barat IV No. 4
Jakarta Utara,
14450
Indonesia
Phones -
(62-21) 6690922 (Hunting)
Fax - (62-21) 6602411
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Inti 1
Block C3 No. 3
Bekasi International Industrial Estate
Lippo City, Cikarang
Bekasi, 17550
West Java
Indonesia
Phones -
(62-21) 8972003, 8974043
Fax - (62-21) 8972779
E-mail - gunanusa.hrd@gmail.com
Land Area - 8,700 sq.
meters
Building Area - 5,800 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
5 August 1993
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-14.584.HT.01.01.TH.94
Dated 27 September 1994
- No. C2-28382.HT.01.04.TH.1998
Dated 18 December 1998
- No. AHU-17172.AH.01.02.TH.2008
Dated 7 April 2008
- No. AHU-AH.01.10-26967
Dated 3 July 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.593.826.9-407.000
The Department of Industry and Trade
TDP No.
10071300509
Dated 14 June
1999
Related
Company :
A Member Company
of the DYNAPLAST Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
20,000,000,000.-
Issued Capital : Rp.
15,000,000,000.-
Paid up Capital : Rp.
15,000,000,000.-
Shareholders/Owners
:
a. Mr. Gunawan Tjokro, MBA - Rp. 6,000,000,000.-
Address :
Jl. Pluit Barat IV No. 14
Jakarta Barat
Indonesia
b. Mrs. Cecilia Lanny Budiman - Rp. 6,000,000,000.-
Address : Jl. Pluit Barat IV
No. 14
Jakarta Barat
Indonesia
c. Mrs. Bernice Cokrosaputro - Rp. 1,500,000,000.-
Address : Jl. Pluit Barat IV
No. 14
Jakarta Barat
Indonesia
d. Mr. Ivan Cokro Saputra - Rp. 1,500,000,000.-
Address : Jl. Pluit Barat IV No. 14
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
Snack Food (Roasted Peanut, Slay)
Manufacturing
Production Capacity :
a. Roasted Peanuts - 1,200 tons p.a.
b. Slay - 10 tons p.a.
Total Investment :
Owned Capital - Rp. 20.0 million
Started Operation :
1994
Brand Name :
Kaya King and John Farmer
Technical Assistance :
None
Number of Employee :
510 persons
Marketing Area :
Local - 20%
Export -
80%
Main Customers :
a. P.T. DUNKINDO LESTARI
b. P.T. WENDYS CITRA RASA
c. Buyers in Singapore and Malaysia
d. Etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AGROFOOD PROPRANINDO
b. P.T. DWI KELINCI
c. P.T. GARUDAFOOD PUTRA PUTRI JAYA
d.
P.T. MANOHARA ASRI
e.
Etc.
Business Trend :
Growing
BANKER, AUDITOR
& LITIGATION
|
B a n k e r s
:
a. P.T. Bank CIMB NIAGA Tbk.
Menara Asia
Jalan Raya
Lippo
Lippo
Cikarang, West Java
Indonesia
b. ABN-AMRO Bank N.V.
Jakarta Stock Exchange Tower II
Jalan Jend.
Sudirman Kav. 52-53
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2010 – Rp. 83.2
billion
2011 – Rp. 86.0
billion
2012 – Rp. 89.0
billion
2013 – Rp. 48.0
billion (January – June)
Net Profit
(estimated) :
2010 – Rp. 6.6
billion
2011 – Rp. 6.9
billion
2012 – Rp. 7.6
billion
2013 – Rp. 4.1
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Gunawan Tjokro, MBA
Director -
Mr. Ivan Cokro Saputra
Board of Commissioners :
President Commissioner -
Mrs. Cecilia Lanny Budiman
Commissioner -
Mrs. Bernice Cokrosaputro
Signatories :
President Director (Mr.
Gunawan Tjokro, MBA) or the Director (Mr. Ivan Cokro Saputra) which must be approved
by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
OVERALL PERFORMANCE
|
P.T. GUNANUSA ERAMANDIRI
(P.T. GEM) was established in Bekasi, West Java on 5 August 1993 with the
authorized capital of Rp. 2,000,000,000 issued capital of Rp. 400,000,000 fully
and paid up. The founding shareholders of the company are Mr. Gunawan Tjokro,
MBA, his wife Mrs. Cecilia Lanny Budiman and Mrs. Linda Puspawati, they are
Indonesia businessmen of Chinese extraction. The company notary deed has been
changed and in October 1998 the issued capital was raised to Rp. 500,000,000
fully and paid up. On the same occasion Mrs. Linda Puspawati pulled out and
replaced by Mrs. Grace Anggreine Robots, an Indonesian businesswoman of Chinese
origin. The deed of amendment was made by Mr. Samsu Hadi, SH., was approved by
the Ministry of Law and Human Right in its Decision Letter No.
C2-28383.HT.01.04.TH.1998, dated December 18, 1998. Then March 2008 the company
authorized capital was increased to Rp. 20,000,000,000 issued capital to Rp.
15,000,000,000 fully and paid up. On the same occasion Mrs. Grace Anggraeni
Robots withdrew and into the company entered by Mrs. Bernic Cokrosaputro and
Mr. Ivan Cokro Saputra as new shareholders. With this development the
composition of its shareholders has been changed to become Mr. Gunawan Tjokro,
MBA (40%), his wife Mrs. Cecilia Lanny Budiman (40%) and their son and daughter
Mrs. Bernice Cakrosaputro (10%) and Mr. Ivan Cokro Saputra (10%). Later
according to the latest revision of notary deed Mrs. Rizka Noviarni, SH., No. 4
dated 15 May 2013 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.01.10-26967 dated July 3,
2013.
We see that both
shareholders Mr. Gunawan Tjokro, MBA and his wife Mrs. Cecilia Lanny Budiman
are also primemover of the DYNAPLAST Group, a large business group in plastic
industry.
P.T. GEM started
with operation in 1994 in snack food (roasted peanuts and slay) manufacturing
whose plant is located at Jalan Inti 1 Blocl C 3 No. 3, Bekasi International
Industrial Estate, Lippo City Cikarang, West Java standing on 8,700 sq. meters
land. The plant has production capacity of 1,200 tons of roasted peanuts and
slay of 10 tons per annum. The construction of the plant absorbed an investment
of Rp. 20.0 billion wholly own capital. The major raw materials in the form of
fresh peanuts are purchased from peanut traders in Solo, Tuban, Malang, Madiun
and sorted with grading machine. Besides that, a small amount of peanut is also
imported from India. All of its products are marketed under well-known brands
namely Kaya King and John Farmer. Some 80% company products is exported to
Malaysia, Singapore, Hong Kong, the Philippines and Australia. Besides, some
20% of its products distributed locally through retails, wholesalers and also
to bakery processing such as P.T. DUNKINDO LESTARI, P.T. WENDY CITRA RASA and
others. Sharp Rupiah depreciation against the US$ and other hard foreign
currencies has good impact to P.T. GEM's financial condition because around 80%
of its products is exported as told above on the other hand the incessant
economic crisis also affected bad impact to P.T. GEM's operation because the
production cost and imported raw materials rose sharply.
Generally we
find that food industries in the country had been growing by 10% to 12% per
year within the last five years until 2012 in line with the increasing income
of the people and rising demand for export. The long-term prospect of snack
food, biscuit product, health drink is favorable. However, the competition is
very tight on account of many similar companies operating in the country. The
company has competitors not only from the local products but also the imported
ones. The long-term prospect of the company is favorable once unstable economic
condition starts recovery. Business position of P.T. GEM remains quite well for
it has controlled a wide export network and the products have been widely known
in the country.
Production Growth of Bread, Biscuits, Snack Foods and
Other Foods, in Indonesia, 2005 – 2012*
|
Year |
Bread (Ton) |
Biscuits (Ton) |
Snack (Ton) |
Others (Ton) |
|
2005 |
1,299,242 |
212,660 |
168,279 |
708,085 |
|
2006 |
1,352,755 |
232,377 |
175,484 |
735,804 |
|
2007 |
1,384,388 |
249,118 |
182,518 |
756,104 |
|
2008 |
1,372,420 |
238,225 |
176,902 |
738,884 |
|
2009 |
1,392,456 |
255,445 |
182,755 |
757,061 |
|
2010 |
1,503,852 |
275,881 |
197,375 |
817,626 |
|
2011 |
1,594,083 |
292,434 |
209,217 |
866,683 |
|
2012* |
1,689,728 |
309,980 |
221,770 |
918,684 |
Source:
Central Bureau of Statistics (BPS) processed by ICB *) Projected
Until this time
P.T. GEM has not been registered with Indonesian Stock Exchange, so that they had
not obliged to announce their financial statement. The
management of the company is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover
of the company in 2010 amounted to Rp. 83.2 billion rose to Rp. 86.0 billion in
2011 increased to Rp. 89.0 billion in 2012. As from January to June 2013 the
sales turnover has amounted at Rp. 48.0 billion with a net profit of Rp. 4.1
billion. It is projected the total sales turnover will be higher by at least 6%
in 2014. Besides, the company has a punctual payment habit within 1 to 2
months.
So far, we did
not heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of
P.T. GEM is led by Mr. Gunawan Tjokro, MBA (61) a businessman and professional
manager with experience in snack food manufacturing and trading. He graduated
with degrees in Mathematics and Accountancy from the Indonesian Advent
University in Bandung in 1975, and 1977 respectively. He also obtained his MBA
in 1979 from the Philippine Christian University in Manila. He entered Top
Management Program at the Asian Institute of Management in Manila in 1994.
Prior to assuming his Director position, he worked as a Management Information
Manager at PT Unilever Indonesia, and as Corporate Development Manager in the
Kalbe Group. So far, we did not hear that the company’s management involved in
a any business malpractice or detrimental cases that settled in the country.
The company’s litigation record is clean and it has not registered with the
black list of Bank of Indonesia. P.T. GUNANUSA ERAMANDIRI is sufficiently
fairly good for business transaction.
Attachment:
List of the DYNAPLAST Group Members
1.
ANDALAN CITRA MANUNGGAL, P.T.
(Investment Holding)
2.
CIPTADANA ASSET MANAGEMENT, P.T.
(Investment Manager Services)
3.
CIPTADANA CAPITAL, P.T. (Holding
Company and Management Trust)
4.
CIPTADANA
MULTIFINANCE, P.T. (Multi Finance Services)
5.
CIPTADANA SECURITIES, P.T. (Underwriter
and Stock Brokerage Services)
6.
DYNAPLAST, P.T. (Plastic Goods
Manufacturing and Investment Holding)
7.
DYNAPLAST CUBICS INDONESIA, P.T.
(Cubic Printing)
8.
DYNAPLAST PACKAGING INDIA LTD.,
India (Plastic Packaging Manufacturing)
9.
DYNAPLAST PERMATA UTAMA, P.T.
(Jewelry Trading)
10.
GUNANUSA ERAMANDIRI, P.T. (Roasted
Peanut and Slay Processing Industry)
11.
HAMBALI DINA MITRA, P.T. (Investment
Holding)
12.
PANCA GRAHA SENTOSA, P.T. (Trading
and Investment Holding)
13.
PRECISION MOULD INDUSTRIES, P.T.
(Mould & Dies Manufacturing)
14.
REXPLAST CORPORATION, P.T. (Plastic
Goods Manufacturing)
15.
SANPACK UNGGUL, P.T. (Plastic
Packaging Manufacturing)
16.
SUMMITPLAST INTERBUANA, P.T.
(Plastic Electronic Component Manufacturing)
17.
Etc
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
UK Pound |
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)