|
Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CENTRALPERTIWI BAHARI |
|
|
|
|
Formerly Known As : |
P.T. CENTRALPERTIWI BRATASENA |
|
|
|
|
Registered Office : |
Wisma GKBI, 19th Floor,
Jl. Jend. Sudirman No. 28, Jakarta 10210 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-16337 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Shrimp Breeding and Shrimp Feed Industry |
|
|
|
|
No. of Employees : |
2,800 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
b |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 |
P.T.
CENTRALPERTIWI BAHARI
Head Office
Wisma GKBI, 19th Floor
Jl. Jend. Sudirman No. 28
Jakarta 10210
Indonesia
Phones -
(62-21) 5785 1788 (hunting)
Fax - (62-21) 5785 1808
Email - info@cpbahari.com
Website - http://www.cpbahari.com
Building Area - 34 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Rent
Shrimp Culture and
Breeder Plant
Kampung Bratasena Diwarna, Kel. Menggala
Kec. Dente Teladas, Kab. Tulang Bawang
Lampung Province, Indonesia
Phone -
(62-725) 556 222
Fax - (62-725) 556 224
Land Area - 22,271 hectares
Region - Registered
Forestry
Status - Rent
Shrimp Hatchery
Plant
Desa Suak, Kelurahan Sidomulyo
Kec. Tanjung Bintang, Kab. Lampung Selatan
Lampung Province, Indonesia
Phone -
(62-721) 351 310
Fax - (62-721) 351 307
Building Area - 130 hectares
Region - Registered
Forestry
Status - Rent
Date of
Incorporation :
a. 08 June 1994 as P.T. CENTRALPERTIWI BRATASENA
b. 05 March 1998 as P.T. CENTRALPERTIWI BAHARI
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-7310.HT.01.04.TH.98
Dated 23 June 1998
b. No. AHU-52387.AH.01.02.Tahun 2011
Dated 27 October
2011
c. No. AHU-AH.01.10-16337
Dated 30 April 2013
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The
Department of Finance
NPWP No. 01.661.341.6-326.000
b. The Capital
Investment Coordinating Board
- No. 453/I/PMDN/1994
Dated 08 July 1994
- No. 017/18/V/PMA/2005
Dated 13 April 2005
- No. 77/II/PMA/2006
Dated 22 March 2006
- No. 133/II/PMA/2007
Dated 23 April 2007
Affiliated/Associated Company :
A Member Company of the CHAROEN POKPHAND INDONESIA Group
Capital Structure
:
Authorized Capital - Rp.
1,000,000,000,000.-
Issued Capital -
Rp. 593,625,345,000.-
Paid up Capital -
Rp. 593,625,345,000.-
Shareholders/Owners
:
a. P.T. CENTRAL
PROTEINPRIMA Tbk - Rp. 589,859,725,700.-
(99.37%)
Address : Jl. Ancol Barat 2 No. 18
North Jakarta
Indonesia
b. CPF INVESTMENT
LIMITED -
Rp. 3,765,619,300.- ( 0.63%)
Address : British Virgin Islands
BVI
Lines of Business
:
Integrated Shrimp Breeding and Shrimp Feed Industry
Production
Capacity :
Initial Units
a. Shrimp Feeds - 180,000 tons p.a.
b. Fry Shrimp -
6,000,000 heads
c. Frozen Shrimps - 77,700 tons p.a.
Expansion Units
a. Fry Shrimp (Rembang) -
150,000,000 heads
b. Fry Shrimp (Situbondo) -
150,000,000 heads
c. Fry Shrimp (Buleleng) -
150,000,000 heads
d. Fry Shrimp (Tulang Bawang) - 1,862,400 heads
e. Frozen Shrimps - 8,064 tons p.a.
f. Shrimp Feeds - 8,644 tons p.a.
Total Investment :
Initial Units
a. Equity Capital - Rp.
593.6 billion
b. Loan Capital - Rp.
266.4 billion
c. Total Investment - Rp.
860.0 billion
Expansion Units
a. Equity Capital -
Rp. - billion
b. Loan Capital - Rp.
511.7 billion
c. Total Investment - Rp.
511.7 billion
Started Operation
:
1997
Brand Name :
CPB
Technical
Assistance :
None
Number of Employee
:
2,800 persons
Marketing Area :
a. Local - 20%
b. Export - 80%
Main Customers :
Main Buyers in Japan, USA, Belgium and other European countries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Wachyuni Mandira
b. PT. Prayasa Mina Tirta
c. PT. Banggai Central Shrimp
d. Etc.
Business Trend :
Fluctuating
Bankers:
a. P.T. Bank CIMB NIAGA Tbk.
Gedung CIMB Niaga Bank
Jalan Jend. Sudirman Kav. 58
Jakarta Selatan
Indonesia
b.
P.T. Bank PERMATA Tbk.
Permata Plaza
Jalan Jend. Sudirman Kav.27
Jakarta Selatan
Indonesia
c. Standard Chartered Bank
Wisma Standard Chartered Bank
Jalan Jend. Sudirman Kav. 33 A
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation case in the local commercial courts
Annual Sales
(estimated) :
2010 – Rp. 2,880.0 billion
2011 – Rp. 3,480.0 billion
2012 – Rp. 3,030.0 billion
Net Loss
(estimated) :
2010 – Rp. 293.0 billion
2011 – Rp. 940.0 billion
2012 – Rp. 193.0 billion
Payment Manner :
Sometime delay
Financial Comments
:
Weak
Board of Management :
President Director - Mr. Mahar Atanta
Sembiring
Directors - a. Mr. Arman Zakaria Diah
b. Mr. Sutanto Surjadjaja
c. Mr. Drs. Isman Hariyanto
Board of Commissioners :
President Commissioner - Mr. K.R.T. Franciscus Affandy
Commissioner -
Mr. Saleh
Signatories :
President Director (Mr. Mahar Atanta
Sembiring) or one of the Directors (Mr. Arman Zakaria Diah, Mr. Sutanto
Surjadjaja or Mr. Drs. Isman Hariyanto) which must be approved by Board of
Commissioner (Mr. K.R.T. Franciscus Affandy or Mr. Saleh)
Management Capability :
Fairly
Business Morality :
Fairly
Credit Risk :
Above average
Credit Recommendation :
Credit should be extended under
guarantee
Proposed Credit Limit :
C.O.D. To small amount
Originally named P.T. CENTRAPERTIWI BRATASENA it was established in June
1994 with an authorized capital of Rp. 200,000,000,000.- issued capital of Rp. 8,000,000,000.- wholly
paid-up. The founding shareholders of the Company are P.T. CENTRAL PERTIWI, a
private company and Mr. Drs. Tarsisius Widjaja Sendra, an Indonesian
businessman of Chinese extraction. Its articles of association have been
frequently changed for a couple of times. In July 1995, the original
shareholders pulled out and replaced by P.T. CENTRALAVIAN PERTIWI and P.T.
BRATASENA PERKASA KENCANA, both are private companies. On the same occasion,
the authorized capital was increased to Rp. 400,000,000,000.- with the issued
capital to Rp. 86,800,000,000.- wholly
paid-up.
In March 1998, the company renamed to P.T. CENTRALPERTIWI BAHARI. On the same occasion, its entire shares have
been taken over by SPLENDID EAGLE CORP., of British Virgin Islands, CHAROEN
POKPHAND FEEDMILL PUBLIC Co. Ltd., of Thailand, P.T. CENTRALPROTEINAPRIMA Tbk.,
and P.T. BRATASENA PERKASA KENCANA, both of Indonesia. The authorized capital
has been constantly remaining the same meanwhile the issued and paid-up capital
was increased to Rp. 186,800,000,000.-
In 2000 P.T. BRATASENA PERKASA KENCANA withdrew and its shares were
taken over by CHAROEN POKPHAND FEEDMILL PUBLIC Co. Ltd. Since May 2006, the entire shares of the
company are controlled by P.T. CENTRAL PROTEINAPRIMA Tbk., (99.37%) and CHAROEN
POKPHAND FOODS PUBLIC Co. Ltd. of Hong Kong (0.63%). Most recently by notarial deed No. 18 dated
April 5, 2013 of public notary Yulia, SH., the authorized capital was raised to
Rp. 1,000,000,000,000.- of which Rp. 593,625,345,000.- was issued and fully
paid up. Since at the time, the
shareholders of the company are P.T. CENTRAL PROTEINAPRIMA Tbk. (99.37%) and
CPF INVESTMENT Ltd., of British Virgin Islands (0.63%). The amendment to notarial Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-16337
dated October 27, 2013.
P.T. CENTRALPERTIWI BAHARI (P.T. CPB) is engaged in integrated shrimp
culture business. Its business is covering the development of shrimp culture
for selling to the plasma shrimp cultures, shrimp feed industry, hatchery
center, shrimp processing and cold
storage. Beside that P.T. CPB also provides supported facility to plasma
through the operation of electrical power station and water processors. The
major guide lines of P.T. CPB's business is as shown below:
- Developing of shrimp culture at Bratasena Adiwarna Village, Menggala
Sub-district, Dente
Teladas District, Tulang Bawang
Regency, Lampung Province.
- Providing services to shrimp breeder at Bratasena Adiwarna Village,
Menggala Sub-district,
Dente Teladas District, Tulang Bawang Regency, Lampung Province.
- Managing electric power plant
at Bratasena Adiwarna Village, Menggala Sub-district, Dente
Teladas District, Tulang Bawang
Regency, Lampung Province.
- Managing freezing process at Bratasena Adiwarna Village, Menggala
Sub-district, Dente Teladas
district, Tulang Bawang Regency,
Lampung Province.
- Managing a shrimp hatchery center at Suak Village, Sidomulyo
Sub-district, Tanjung Bintang
District, Lampung Selatan
Regency, Lampung Province.
- Managing a shrimp feed milling plant at Sindangsari Village, Sidomulyo
Sub-district, Tanjung
Bintang District, Lampung
Selatan Regency, Lampung Province.
The production capacity of fry (baby) shrimps, frozen shrimps and shrimp
feed is as shown on page-4 of this report.
Most of its frozen shrimp products are exported to USA, Japan, Belgium
and other European countries. We
observed that P.T. CPB is classified as a large-sized company of its kind in
the country of which the operation has been declining and loss in the last
three years.
In overall views we find the demand for shrimp and fish (fresh &
frozen) had been rising by 5% to 6% per year in the last five years. The
Indonesian water particularly in Indonesian Economic Zone is still dominated by
foreign fishing boats who catching fish illegally. The Indonesian fisheries products export
including shrimp, tuna and others has yet to make any progress in 2008. The
protective law on export of Indonesian fisheries products imposed by developed
countries including the United States and the European countries through
embargo and or very strict security check (must be carried-out through
Singapore) will adversely Indonesian 2005's fisheries business. Beside that the
steep hike of fuel prices has also made domestic fisheries industry to bottom.
The export volume and value of the national fish fresh/frozen and shrimps
frozen products in 2005 to 2012 are pictured on the following table.
|
Year |
Fish (Fresh
& Frozen) |
Shrimps (Fresh
& Frozen) |
||
|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
|
|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
|
2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
|
2010 |
584.6 |
825.4 |
114.0 |
861.9 |
|
2011 |
595.0 |
979.6 |
119.8 |
1,065.8 |
|
2012 |
644.5 |
1,136.5 |
122.9 |
1,065.3 |
Source: Central Bureau of Statistic (BPS)
Amidst unstable global economic conditions, Indonesia is still predicted
to be able to record an economic growth of over 6% in 2013. In 2012 the Central
Statistics Agency (BPS) recorded that Indonesia’s economy grew by 6.23%. Although slightly below the 2012 APBN target
of 6.5%, this achievement should be appreciated in the midst of global economic
slowdown. Considering the positive trend
recorded in each quarter, the growth performance of the Indonesia economy is
considered stable. BPS also revealed
that during the year 2012 inflation is amounted to 4.30%. In the past three years, inflation in 2012 is
the second lowest percentage which is under 5 percent. The interest rate of bank Indonesia is also
relatively stable, amounting to 5.75%.
The interest rate is calculated is consistent with low and controlled
inflation pressure.
The Rupiah exchange rate against the US dollar is depreciated during
2012. The exchange rate continues to
decline due to balance of payments deficit in the first and the second quarter
of 2012. By the end of the third quarter
of 2012, the movement of Rupiah has declined 2.26 percent to the level of Rp
9,491 per dollar form Rp 9, 277 per US dollar.
In November 2012, the Rupiah weakened to Rp 9,605 per US dollar,
compared to the beginning of the year which is Rp 9,000 per US dollar. The weakening is occurred again at the
closing end of 2012 where the Rupiah is closed at Rp 9,680 to Rp 10,950 per US
dollar at present.
P.T. CPB is neither public listed nor bond issued company. Therefore,
the company has no obligation to publish financial statement publicly. The
management of P.T. CPB is very closed to outsiders and rejected to disclose its
financial conditions. The sales turnover
in 2010 is estimated to have reached Rp. 2,880 billion with a net loss of Rp.
293 billion increased to Rp 3,480 billion with a net loss of Rp. 940 billion in
2011 and dropped to Rp 3,030 billion with a net loss of Rp 193 billion in
2012. The company has an estimated total
asset at least Rp 1,240 billion and it is estimated that operation of the
company will be loss again in 2013. So
far, we have never heard that the company has been black listed by Bank
Indonesia (Central Bank).
P.T. CPB is a subsidiary of P.T. CENTRAL PROTEINAPRIMA Tbk. (P.T. CP
PRIMA), a public listed company.
According to the financial statement of P.T. CP PRIMA, the total sales
turnover of the company in 2009 amounted to Rp. 6,832.7 billion with a net loss
of Rp. 217.2 billion decreased to Rp. 6,243.9 billion with a net loss of Rp.
636.0 billion in 2010 increased to Rp. 7,529.4 billion with a net loss of Rp.
2,036.2 billion in 2011 and dropped again to Rp. 6,835.8 billion with a net
loss of Rp. 436.0 billion in 2012 with total asset of Rp. 7,128.9 billion.
The management of P.T. CPB is led by Mr. Mahar Atanta Sembiring (39),
graduated with a Bachelor of Science degree from Syracuse University, New York
in 1995, Master of Engineering from Cornell University, New York in 1996 and
Master of Science from Stanford University, California in 1997. He is also as
President Director of PT. Central Proteinaprima Tbk., (2011 – now). Previously, he became the Vice President in the
Strategic Planning and Marketing of PT. Charoen Phokpand Indonesia Tbk.,
(2003-2006). In daily activities, he is
assisted by three directors namely Mr. Arman Zakaria Diah (42), Mr. Sutanto
Surjadjaja (41) and Mr. Drs. Isman Hariyanto (57). 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.
Considering P.T. CBP having suffering from loss in the last three years
and also economic condition in the country is unstable, we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.