|
Report No. : |
341517 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GUNUNG MADU
PLANTATIONS |
|
|
|
|
Registered Office : |
Jalan Kebon Sirih No. 39, Kelurahan Menteng,
Kecamatan Menteng, Jakarta Pusat, 10340 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
20.10.1975 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-27680 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Sugar Plantation
and Refinery. |
|
|
|
|
No. of Employees : |
1,788 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
Name
of Company :
P.T. GUNUNG MADU PLANTATIONS
A
d d r e s s :
Head Office
Jalan
Kebon Sirih No. 39
Kelurahan
Menteng, Kecamatan Menteng
Jakarta
Pusat, 10340
Indonesia
Phones - (62-21) 3193 7575 (Hunting), 390
5683
Fax -
(62-21) 3142 159
E-mail - info@gunungmadu.co.id
Website - http://www.gunungmadu.co.id
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Branch Office
Jalan
Gatot Subroto 108
Bandar
Lampung, 35226
Lampung
Province
Indonesia
Phones - (62-721) 485369, 485267, 481898
Fax -
(62-721) 486905
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Owned
Plantation and Factory
Jalan
Gunung Batin Km. 90
Terbanggi
Besar, Gunung Batin Udik
Terusan
Nunyai, Lampung Tengah
Lampung
Province
Indonesia
Phones - (62-725) 561700 (Hunting)
Fax -
(62-725) 561800
Land Area - 18,000 sq. meters
Building Space - 12,400 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
20 October 1975
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. YA-5/268/20
Dated 10 May 1976
- No. AHU-65824.AH.01.02.TH.2008
Dated 18 September 2008
- No. AHU-AH.01.10-27680
Dated 8 July 2013
Company Status :
Foreign Investment
(PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.000.639.3-057.000
The President of the Republic Indonesia
No. B-02/Pres/I/1976
Dated 6 January 1976
The Capital Investment Coordinating Board
- No. 75/VI/PMA/1983
Dated 6 July 1983
- No. 48/II/PMA/1989
Dated 14 August 1989
- No. 69/IIIA/PMA/1990
Dated 21 April 1990
Related Companies :
a. P.T. REDJO SARI BUMI (Investment Holding)
b. A Member Company of the KUOK Group
Capital
Structure :
Authorized
Capital : US$
5,000,000.-
Issued
Capital :
US$ 5,000,000.-
Paid
up Capital :
US$ 5,000,000.-
Shareholders/Owners
:
a. KUOK INVESTMENTS (Singapore) PTE.,
LTD. - US$ 2,250,000.-
Address : 1 Kim Seng Promenade 07-10
Great World City
Singapore
b. WEALTHY ASSETS PTE., LTD. - US$
1,375,000.-
Address :
6 Temasek Boulevard 09-05
Suntec Tower
Singapore
c. P.T. REDJO SARI BUMI -
US$ 1,375,000.-
Address :
Jl. Kebon Sirih No. 39
Kelurahan Menteng, Kecamatan Menteng
Jakarta Pusat, Indonesia
Lines of Business :
Sugar Plantation and
Refinery
Production Capacity :
a. Sugar -
190,000 tons p.a.
b. Molasses - 86,961 tons p.a.
Total Investment :
a. Equity Capital - US$
5.0 million
b. Re-invested Profit - US$ 25.0 million
c. Loan Capital -
US$ 61.0 million
d. Total Investment - US$ 91.0 million
Started Operation :
1978
Brand Name :
Gunung Madu
Plantation (GMP)
Technical Assistance
:
None
Number of Employee :
1,788 persons
Marketing Area :
Local - 100%
Main Customer :
Distributors
Market Situation :
Very Competitive
Main
Competitors :
a.
P.T. GULA PUTIH MATARAM
b.
P.T. INDO LAMPUNG PERKASA
c.
P.T. LAJU PERDANA INDAH
d.
P.T. PEMUKA SAKTI MANIS INDAH
e.
P.T. SWEET INDO LAMPUNG
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
b. P.T. Bank PERMATA Tbk
Permata Bank Tower I
Jalan Jend. Sudirman Kav. 27
Jakarta Selatan, 12920
c. P.T. Bank CIMB NIAGA Tbk
Graha Niaga 1st – 15th
Floor
Jalan Jend. Sudirman Kav. 58
Jakarta Selatan, 12190
Auditor
:
Kosasih
Nudiyaman Tjahjo & Rekan (Crowe Horwath)
Litigation
:
No
litigation record in our database
Annual
Sales :
2012
– Rp. 1,438.9 billion
2013
– Rp. 1,935.3 billion
2014
– Rp. 2,120.0 billion (estimated)
Net
Profit :
2012
– Rp. 340.1 billion
2013
– Rp. 655.6 billion
2014
– Rp. 686.0 billion (estimated)
Payment
Manner :
No Complaints
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Indra Rukmana Kowara
Directors -
a. Mr. Kuok Khoon Ho
b. Mr. Anthony Huray
c. Mr. Lee Weng Kean
d. Mr. Muhammad Jimmy Goh Mahshun
Board of Commissioners :
President Commissioner - Mrs. Susanti Haryanto Huray
Commissioners - a. Mr. Sigit Harjojudanto
b. Mr. Kuok Khoon Ean
c. Mr. Kuok Khoon Chen
Signatories :
President
Director (Mr. Indra Rukmana Kowara) or one of the Directors (Mr. Kuok Khoon Ho,
Mr. Anthony Huray, Mr. Lee Weng Kean or Mr. Muhammad Jimmy Goh Mahshun) which
must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. GUNUNG MADU PLANTATIONS (P.T. GMP) was incorporated
in Jakarta based on notary deed Mr. Ridwan Suselo, SH., no. 131 dated 20
October 1975 with an authorized capital of US$ 5,000,000 issued capital of US$
2,500,000 entirely paid up. The founding and shareholders of the company are
P.T. REDJO SARI BUMI, P.T. PIPIT INDAH as local partners and KUOK INVESTMENTS
(Singapore) Pte., Ltd., of Singapore. The company notary deed had been changed
a couple of times and according to revision of notary deed in May 2005 the
company authorized capital was increased to US$ 25,000,000 wholly issued and
paid up.
Later based on notary deed Mrs. Irene Yulia, SH., no. 8
dated 8 September 2008 the company authorized capital was reduced at US$
5,000,000 entirely issued and paid up. On the same occasion P.T. PIPIT INDAH of
Indonesia pulled out and into the company entered by WEALTHY ASSETS PTE., LTD.,
of Singapore as new shareholder. With this time the composition of its
shareholders has been changed to become KUOK INVESTMENTS (Singapore) PTE.,
LTD., (45.00%), P.T. WEALTHY ASSETS PTE., LTD., (27.50%) and P.T. REDJO SARI
BUMI (27.50%). The latest according to revision of notary deed Mr. Haji Syarif
Siangan Tanudjaja, SH., no. 1 dated 3 July 2013 the shareholders was approved
to restructured of the board of director and the board of commissioner. So that
the deed of amendments was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-AH.01.10-27680 dated July 8, 2013.
P.T. GMP is a Foreign Investment (PMA) company facility
to deal with sugar plantation and refinery. The Company is domiciled in Jakarta
and its factory and plantations are located in Gunung Batin, Lampung Province.
P.T. GMP managed acreage of 36,000 ha, with an area of approximately 26,359 ha
of orchard production.
P.T. GMP started commenced commercial production in 1978 by produce of sugar
and molasses. The rest of the land outside the garden produce is the roads,
rivers, conservation areas, factory buildings, offices and employee
housing. In addition there are about 4,000 ha of sugarcane acreage
in partnership with P.T. GMP sugarcane acreage is still growing. The Company is
engaged in the operation of sugar cane plantations with total planted areas of
26,359 hectares in 2013 and 27,382 hectares in 2012 and manufacturing of white
sugar with sugar mill production capacity of 12,000 tons of cane per day
(unaudited). The Company started its commercial operations in 1978.
Season cut and milled first implemented in 1978. The
factory follows the double carbonation process on the production of sugar SHS.
Installed milling capacity of 4,000 early TCD (tons of cane per
day), then start gradually enlarged in 1994 to 12,000 TCD. Since 2007 began to
be developed further
to 16,000 TCD. Advanced technologies applied in the garden and in the factory, including
the use of agricultural machinery
is widely and automation
at several stations in the factory. The level of production has now reached
an average of 2 million tons of sugarcane and about
190,000 tons of sugar per year. Sugar quality are
routinely tested and certified by
the Indonesian Sugar Plantation Research
Center as a laboratory of the National Accreditation Committee.
P.T. GMP, sugar marketed in Southern
Sumatra (Lampung, South Sumatra and Bengkulu),
Jakarta, West Java and Banten. By products (co
product) in the form of drops (molasses) are
sold directly to the downstream industries sector and has a high economic
value. Molasses is the raw
material of ethanol, monosodium
glutamate (MSG), pellets,
soy sauce, and lysine.
Most drops are
exported to Thailand, Taiwan,
Japan, and the European Union. Some had bought the
animal feed industry in the country. P.T. GMP
customers are P.T. TRADEKON MULTI PRIMA, P.T. SASCO INDONESIA, P.T. STARINDO
MITRA UTAMA, P.T. SUMBER BUMI PRATAMA and others distributors. We observe P.T.
GMP operations has been growing and developing well in the last three years.
The domestic sugar
refineries are facing big problem due to the flooding of the legal and illegal
imported sugar circulating in Indonesia since the opening of the free import
policy in the last several years but as from 2002 it has been limited. To
protect the local sugar cane farmers, the Indonesian government issued new
sugar trading pattern by issuing the decision of the Ministry of Trade and
Industry No. 043/MPP/Kep/9/2002 stipulated that the import of sugar which has
been previously freed is now allowed only to registered importers namely sugar
producers whose raw material is 75% gained from local farmers or under
cooperation with farmers.
The demand for
refined sugar has kept on rising by about 12% to 14% per annum in the last five
years in line with the growth of various industrial sectors as consumers
respectively food and beverage processing industry, pharmaceutical,
confectionery and traditional herb processing industry. It is estimated that
the demand growth will continue on rising by 8% within the next two years. Market competition is very tough on account
of many other similar companies and imported sugar being offered for sales in
the country. P.T. GMP's business position is still good because most of its
production is well known in the country.
According to financial statement of P.T. GMP as per 31
March 2012 the sales turnover of has amounted of Rp. 1,438.9 billion with a net
profit of at least Rp. 340.1 billion increased to Rp. 1,935.3 billion with a
net profit of at least Rp. 655.6 billion in 2013. We estimated the sales turnover
in 2014 amounted at Rp. 2,120.0 billion with a net profit of at least Rp. 686.0
billion in 2014 and projected to go on rising by at least 5% in 2015. The
company has an estimated total networth of at least Rp. 620.0 billion. So far,
we did not heard that the company having been black listed by the Central Bank
(Bank Indonesia). The company usually pays its debts punctually to suppliers.
The financial figure as of 31 March 2012 and 2013 is attached below.
(In million
Rp)
|
Descriptions |
31 March |
|
|
2013 |
2012 |
|
|
A. ASSETS |
|
|
|
a. Current Assets |
479,927 |
394,772 |
|
b. Non Current
Assets |
1,349,063 |
1,286,322 |
|
c. Other Assets |
- |
903 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
1,828,991 |
1,681,094 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
a. Current
Liabilities |
903,768 |
1,102,333 |
|
b. Non Current
Liabilities |
109,113 |
98,249 |
|
c. Stockholder’s
Equity : - Paid Up
Capital - Foreign
Exchange rate difference - Retained
Earnings Total
Stock holder’s Equity |
10,375 10,680 795,055 816,110 |
10,375 20,680 459,457 480,512 |
|
C. INCOME STATEMENT |
|
|
|
a. Sales Net |
1,935,270 |
1,438,785 |
|
b. Income From
Operation |
939,921 |
520,723 |
|
c. Net Profit
(loss) |
655,598 |
340,110 |
Notes: 31 March 2012 and 2013 by KAP Kosasih, Nurdiyaman,
Tjahjo & Rekan
(Crowe Horwath)
a. Criminal Check
Based information from Jakarta District
Police that, P.T. GUNUNG MADU PLANTATIONS has never involved in criminal
report. Therefore there is no criminal report that registered on the name of
P.T. GUNUNG MADU PLANTATIONS.
b. Bankruptcy Check
We have observed to the Commercial
Court in Indonesia, there is no bankruptcy report that registered on the name
of P.T. GUNUNG MADU PLANTATIONS. No found nationwide for the previous several
years.
c. Litigation Checks
We have observed to the Court in
Indonesia, there is no litigation report that registered on the name of the
Subject. P.T. GUNUNG MADU PLANTATIONS and his companies are not engaged in any
material litigation, claims and/or arbitration, either as plaintiff or
defendant and have no knowledge of any proceedings, pending or threatened, or
of any facts likely to give rise to any proceedings which might materially and
adversely affect the financial position business of the companies.
No detrimental were found with the
applicant involved during the investigation. Based on some information from some reliable sources, no detrimental
records were found with the applicant involved during the investigation.
d. Local Media Checks
We have checked several local media
such as, among others: Kompas, Bisnis Indonesia, Koran Tempo, Media Indonesia,
Republika, Koran Neraca, Merdeka, the Jakarta Post, Warta Ekonomi Magazine, SWA
Magazine and others. From the mentioned above media, there is no local media
reported article on P.T. GUNUNG MADU PLANTATIONS.
The management of P.T. GMP is led by Mr. Indra Rukmana
Kowara (67) a businessman and professional manager with experience in sugar
cane plantation and refinery. He is the husband of Mr. Siti Hardiyanti Rukmana,
a daughter the late President Soeharto. The company's management is handled by
professional staff in the above business. 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. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. GUNUNG MADU PLANTATIONS is sufficiently fairly good for business
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.63 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.