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Report Date : |
12.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GREAT GIANT PINEAPPLE |
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Registered Office : |
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Country : |
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Date of Incorporation : |
14.05.1979 |
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Com. Reg. No.: |
AHU-AH.01.10-50788 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
·
Engaged in · manufacturer of the cans used for its pineapple and Tropical Fruit Salad Products, and the Drums used for its Pineapple Juice Concentrate. · Engaged producing of pineapple · Subject also Provides Processing, Packaging, and Canning Services. |
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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 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
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Source : CIA |
P.T. GREAT GIANT PINEAPPLE
Head Office
Jl.
Jend. Sudirman Kav. 21
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
Terbanggi
Km. 77
Lampung
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
14
May 1979
P.T.
(Perseroan Terbatas) or Limited Liability Company
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
Foreign
Investment (PMA) Company
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
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 :
Jl. Jend. Sudirman Kav. 21
b. P.T. SETIAPRIMA AGROJAYA - Rp. 12,029,050,000.- ( 3.7%)
Address :
Jl. Jend. Sudirman Kav. 21
c. P.T. TANTIO DANAMY ANUGERAH - Rp.
15,166,694,000.- ( 4.6%)
Address :
Jl. Jend. Sudirman Kav. 21
d. Mr. Setiawan Achmad - Rp. 20,470,950,000.- ( 6.3%)
Address :
Jl. Purwakarta No. 4-A
Menteng,
e. Mr. Paulo Liman -
Rp. 28,166,693,500.- ( 8.7%)
Address : Jl. Kapten Tandean No. 7
f. ETERNAL RICH ASIA LIMITED - Rp. 21,666,612,500.- ( 6.7%)
Address :
2F,
Queen Road East,
Wanchai – Hong Kong
Lines
of Business :
·
Engaged in
· manufacturer of the cans used for its pineapple and Tropical Fruit Salad Products, and the Drums used for its Pineapple Juice Concentrate.
· Engaged producing of pineapple
·
Subject also Provides Processing, Packaging, and
Canning Services.
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
Number of Employee :
19,800 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Asia
Pacific, Middle East, Europe
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BEST FOOD
b. Others
Business Trend :
Growing
Bankers
:
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
2014
– Rp. 2,088.0 billion (January – June)
Net
Profit (estimated) :
2010
– Rp. 228.0 billion
2011
– Rp. 260.0 billion
2012
– Rp. 298.0 billion
2013
– Rp. 340.0 billion
2014
– Rp. 184.0 billion (January – June)
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 :
Good
Business Morality :
Good
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 was approved by the Minister
of Law and Human Rights through its Decree No. AHU-AH.01.10-50788 dated
November 26, 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
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 economic
condition in the country slowdown, 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.62.21 |
|
UK Pound |
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.77.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.