|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GREAT GIANT PINEAPPLE |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
14.05.1979 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-50788 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Pineapple
Plantation and Canning |
|
|
|
|
No. of Employees : |
19,800 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
has grown strongly since 2010. 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, and unequal resource distribution among regions. The government
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices
|
Source
: CIA |
Name of
Company :
P.T. GREAT
GIANT PINEAPPLE
A d d r e s s
:
Head Office
Chase Plaza
Podium, 5th Floor
Jl. Jend.
Sudirman Kav. 21
Jakarta Pusat,
12920
Indonesia
Phones -
(62-21) 5706438, 5208338 (Hunting)
Fax - (62-21) 5706443, 5208332
E-mail - rtp@ggpc.co.id
Website - http://www.greatgiantpineapple.com
Building Area - 26 storey
Office Space - 280 sq. meters
Region - Commercial
Status - Rent
Plantation and
Cannery Site
Terbanggi Km. 77
Central Lampung
Lampung
Indonesia
Phones -
(62-725) 571001 (Hunting)
Fax - (62-725) 571008-009
Land Area - 330,000 sq.
meters
Building Area - 18,000 sq.
meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
14 May 1979
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No. Y.A.
5/427/19
Dated 07 October 1980
b. No.
C2-1815.HT.01.04.TH.98
Dated 13 March 1998
c. No.
AHU-35743.AH.01.02.Tahun 2009
Dated 28 July 2009
d. No.
AHU-45316.AH.01.02.Tahun 2010
Dated 23 September 2010
e. No.
AHU-AH.01.10-16285
Dated 07 May 2012
f. No.
AHU-AH.01.10-50788
Dated 26 November 2013
Company
Status :
Foreign Investment
(PMA) Company
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 1.103.626.6-321
b. The Capital Investment Coordinating Board
- No. 83/V/PMA/1998
Dated 13 October 1998
- No. 78/II/PMA/1999
Dated 04 May 1999
Related
Company :
A Member Company
of the GUNUNG SEWU Group (see attachment)
Capital
Structure :
Authorized Capital - Rp. 325,000,000,000.-
Issued Capital - Rp. 325,000,000,000.-
Paid up Capital - Rp. 325,000,000,000.-
Shareholders/Owners
:
a. P.T. SEWU AGRO INVESTAMA - Rp. 227,500,000,000.- (70.0%)
Address : Chase Plaza, 20th
Floor
Jl. Jend.
Sudirman Kav. 21
Jakarta Pusat
Indonesia
b. P.T. SETIAPRIMA AGROJAYA - Rp.
12,029,050,000.- ( 3.7%)
Address : Chase Plaza, 20th
Floor
Jl. Jend.
Sudirman Kav. 21
Jakarta Pusat
Indonesia
c. P.T. TANTIO DANAMY ANUGERAH - Rp. 15,166,694,000.-
( 4.6%)
Address : Chase Plaza, 20th Floor
Jl. Jend.
Sudirman Kav. 21
Jakarta Pusat
Indonesia
d. Mr. Setiawan Achmad - Rp.
20,470,950,000.- ( 6.3%)
Address : Jl. Purwakarta No.
4-A
Menteng,
Jakarta Pusat
Indonesia
e. Mr. Paulo Liman -
Rp. 28,166,693,500.- ( 8.7%)
Address : Jl. Kapten Tandean
No. 7
Jakarta Selatan
Indonesia
f. ETERNAL RICH ASIA LIMITED - Rp.
21,666,612,500.- ( 6.7%)
Address : 2F, Jonsim Place No.
228
Queen Road
East,
Wanchai – Hong
Kong
Lines of
Business :
Pineapple
Plantation and Canning
Production
Capacity :
A. Initial Plant
a. Pineapples - 500,000 tons p.a.
b. Canned Pineapples - 187,000 tons p.a.
c. Dried Pineapples Skins -
4,000 tons p.a.
d. Canned Pineapple Juices -
2,000 tons p.a.
e. Pineapple Concentrates -
32,370 tons p.a.
f. Pineapple Mill Juice Syrups -
43,500 tons p.a.
B. Expansion Plant (Planned)
a. Pineapples - 600,000 tons p.a.
b. Canned Pineapples - 177,000 tons p.a.
c. Canned Pineapples Juices -
3,041 tons p.a.
d. Pineapple Concentrate -
18,000 tons p.a.
e. Pineapple Mill Juice Syrups -
13,700 tons p.a.
f. Cassavas -
30,000 tons p.a.
g. Tapioca Powders - 16,000
tons p.a.
Total
Investment :
A. Initial Plant
a. Equity Capital - Rp.
12.0 billion
b. Reinvested Profit - Rp. 45.4 billion
c. Loan Capital - Rp. 157.1 billion
d. Total Investment - Rp. 214.5 billion
B. Expansion Plant (Planned)
a. Equity Capital - Rp.
80.0 billion
b. Loan Capital - Rp. 257.9 billion
c. Total Investment - Rp. 337.9 billion
Started
Operation :
1989
Brand Name :
GGP
Technical Assistance :
TAIWAN PINEAPPLE Corporation of
Taiwan
Number of Employee :
19,800 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Asia Pacific, Middle East,
Europe Union, USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BEST FOOD INDONESIA
b. Others
Business Trend :
Growing
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk
Jalan
Cut Mutiah
Bandar Lampung
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
c. BANGKOK Bank Ltd.
Jalan M.H. Thamrin No. 3
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp.
2,620.0 billion
2011 – Rp.
2,980.0 billion
2012 – Rp.
3,390.0 billion
2013 – Rp.
3,860.0 billion
Net Profit
(estimated) :
2010 – Rp. 228.0
billion
2011 – Rp. 260.0
billion
2012 – Rp. 298.0
billion
2013 – Rp. 340.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Harold Koh AKA Koh Kong Joo
Directors -
a. Mr. Ruslan Krisno
b. Mr. Wayan Ardana
Board of Commissioners :
President Commissioner -
Mr. Husodo Angkosubroto AKA Go Ang Tiong Heuw
Vice President Commissioner -
Mr. Setiawan Achmad
Commissioners -
a. Mrs. Lanny Angkosubroto
b. Mr. Hsieh Mon Chang
c. Mr. Joseph Hubertus Ronnen
Signatories :
President Director (Mr.
Harold Koh AKA Koh Kong Jo) or one of the Directors (Mr. Ruslan Krisno or Mr.
Wayan Ardana) which must be approved by Board of Commissioners (Mr. Husodo Angkosubroto,
Mr. Setiawan Achmad, Mrs. Lanny Angkosubroto, Mr. Hsieh Mon Chang and Mr.
Joseph Hubertus Ronnen)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T.
GREAT GIANT PINEAPPLE (P.T. GGP) was established in Jakarta on May 14, 1979
with an authorized capital of Rp. 3,000,000,000.- of which Rp. 900,000,000.-
was issued and fully paid up. The
founding shareholders of the company are Mr. Dasuki Angkosubroto AKA Go Soei
Kie, his wife Mrs. Tatiek Sunarni AKA Tan San May, Mrs. Kamirah, Mr. Hadi
Sutanto, Mr. Bule Ciptowijaya, Mr. Sudamo Darmo and Mr. Setiawan Achmad. They
are all Indonesian businessmen and businesswomen of Chinese extraction. The Deed of establishment was approved by the
Minister of Justice of the Republic of Indonesia through its Decree No. Y7.A.
5/427/19 dated October 7, 1980.
The
articles of association of the company have frequently been revised. In June 1996 the authorized capital was
raised to Rp. 300,000,000,000 issued capital to Rp. 75,000,000,000 fully paid
up. In October 1998 new shareholders RICHBURG INVESTMENTS LTD of British Virgin
Islands and HSIEH CHONG PIE of Taiwan joined in. Later in April 1999 again new
shareholder ASIAN SPECIAL OPPORTUNITIES INVESTMENT LTD., of British Virgin
Islands entered, and concurrently the issued capital was increased to Rp.
200,000,000,000 fully paid up.
Most
recently by notarial deed number 386 dated November 19, 2013 drawn up by notary
Rudy Siswanto, SH., the authorized capital was raised again to Rp.
325,000,000,000.- entirely was issued and fully paid up. The latest
shareholders of P.T. GGP are P.T. SEWU AGRO INVESTAMA (70.0%), P.T. SETIAPRIMA
AGROJAYA (3.7%), P.T. TANTIO DANAMY ANUGERAH (4.6%), Mr. Setiawan Achmad
(6.3%), Mr. Paulo Liman (8.7%) and ETERNAL RICH ASIA LIMITED of Hong Kong
(6.7%). The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-50788
dated November 26, 2013.
The
shareholders of the company, P.T. SEWU AGRO INVESTAMA, P.T. SETIAPRIMA AGROJAYA
and P.T. TANTIO DANAMY ANUGERAH are national private companies of which their
majority business stakes are controlled by Mr. Dasuki Angkosubroto AKA Go Soei
Kie, Indonesian businessman of Chinese extraction. He is the founder and prime-mover of GUNUNG SEWU
Group or DUTA ANGGADA Group, a growing big business group in Indonesia.
P.T.
GGP obtained Foreign Capital Investment (PMA) facility issued by Capital
Investment Coordinating Board (BKPM) to deal with integrated pineapple
plantation by managing an estate and factory located at Terbanggi, Central
Lampung, Lampung Province on 30,000 hectares land operating since 1989. The company has been expanded frequently,
later in October 1998 by adding production capacity for pineapple, canned
pineapple, dried pineapple skins, canned pineapple juices, pineapple
concentrates and pineapple mill juice syrups.
The
Company also provides processing, packaging, and canning services. The
plantation and cannery has absorbed an investment of Rp. 214.5 billion, come
from owned capital of Rp. 12.0 billion, reinvested profit of Rp. 45.4 billion
and the balance from loans. The company gained technology assistance from
TAIWAN PINEAPPLE CORP of Taiwan. The present installed capacity is as
stipulated in profile of this report. In May 1999 the company got license from
BKPM to expand in cassava plantation equipped with processing units for
producing tapioca flour. The cassava plant (53,000 hectares) is planned to be
adjacent with the pineapple plant. But the expansion plant has yet been
operation due to economic crisis occurred in the country.
P.T.
GGP manufactures all of the cans used for its pineapple and tropical fruit
salad products, and the drums used for its pineapple juice concentrate. They
have a variety of sizes to suit different requirements, ranging from 8 oz. Cans
to 55 gallon steel drums. P.T. GGP is Indonesia's leading pineapple producer
and the company is the 3rd largest producer of canned pineapple in
the world. All of P.T. GGP’s products are exported to over 30 countries in Asia
Pacific, South America, Middle East and Europe. We observe the operation of
P.T. GGP is the largest-sized company of its kind in the country of which the
operation has been growing in the last three years.
Generally, the
demand for pineapple and tropical fruit salad products has been growing
in the last five years in the country. The solid and steady domestic economy,
increased government activity in infrastructure development and improving
investment climate in Indonesia with the rising of Country Rating to Investment
Grade, and also supported by Indonesia’s economic indicators such as inflation,
exchange rates and interest rates are expected to encourage the business
sectors.
The global economy is expected to grow faster
in 2014 than it did in 2013, although it still face risks stemming from the
slowing economic growth in developed countries and the on going crisis in
Europe. Despite the slowing global
economy, Indonesia’s economy still grew quite briskly in 2013. Indonesia’s economic growth reached 5.8% in
2013, or slightly below the projection contained in the 2013 Revised State
Budget and 2012’s economic growth of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Source:
Central Bureau of Statistics and bank of Indonesia
Until
this time P.T. GGP has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 2,980.0 billion increased to Rp. 3,390.0
billion in 2012 to Rp. 3,860.0 billion
in 2013 and projected to go on rising by at least 8% in 2014. The operation in
2013 yielded an estimated net profit of at least Rp. 340.0 billion and the
company has an estimated total networth of at least Rp. 850.0 billion. We
observe that P.T. GGP is supported by the GUNUNG SEWU Group with has
financially strong and sound. So far, we
did not heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The
management of P.T. GGP is led by Mr. Harold Koh AKA Koh Kong Joo (53), a
professional manager of Singapore with has experience in various business. In his daily operation he is assisted by Mr.
Ruslan Krisno (53) and Mr. Wayan Ardana (53), both as director
respectively. However the prime-mover is
Mr. Husodo Angkosubroto AKA Go Ang Tiong Heuw (58), a son of Mr. Dasuki
Angkosubroto AKA Go Soei Kie (92), the founder of the GUNUNG SEWU Group. The management is handled by professional managers,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sectors. So far, we did not hear that the
company’s management involved in a dirty business practice 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.
GREAT GIANT PINEAPPLE is sufficiently fairly good for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a loan to the company.
Attachment:
List of the
GUNUNG SEWU Group Members
1.
P.T. ASURANSI JIWA SEQUISHLIFE (Life Insurance Services)
2.
P.T. BANGUN SARANA REALTINDO (Real Estate Development)
3.
P.T. BARA MUTIARA PRIMA (Coal Mining)
4.
P.T. CENTRALINDO ANUGRAH JAYA (Investment Holding)
5.
P.T. DUTA ANGGADA INTI PERKASA (Architect Design Consultant)
6.
P.T. DUTA BUANA PERMAI DEVELOPMENT (Property Development)
7.
P.T. DUTA ENERGI INDONESIA (Energy Services
8.
P.T. DUTA ENERGY TRANSPORTER (Energy Services)
9.
P.T. DUTA PLANTATION INDONESIA (Oil Palm Plantation)
10. P.T. DUTA PLANTATION NUSANTARA (Oil Palm
Plantation)
11. P.T. DUTA SEWU RAYA (Insurance Broker
Services)
12. P.T. FAIRPOINT REALTY (Property Development)
13. P.T. GRAHABAKTI ABADI (Property Development)
14. P.T. GRAHA SARANA INTI MANAGEMENT (Building
Management)
15. P.T. GREAT GIANT LIVESTOCK (Cattle &
Fattening)
16. P.T. GREAT GIANT PINEAPPLE (Pineapple
Plantation and Canning)
17. P.T. GUNUNG SEWU KENCANA (Investment
Holding/Holding Company)
18. P.T. INDO KERAMIK INTI WIDYA (Ceramic
Household Products Manufacturing)
19. P.T. MEGA KUNINGAN INTERNATIONAL PROPERTY
(Property Development)
20. P.T. NATIONAL LABEL UMAS DAYA MANUFACTURER
(Label Knitting)
21. P.T. NUSANTARA TROPICAL FRUIT (Cultivation
Cavendish Bananas)
22. P.T. PRATESIS (Information Technology
Services)
23. P.T. SEPATU MAS IDAMAN (Shoes Manufacturing
24. P.T. UMAS JAYA AGROTAMA (Tapioca Starch
Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.86 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.