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Report No. : |
341515 |
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Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. HEINZ ABC INDONESIA |
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Registered Office : |
Jalan Daan Mogot Km. 12 Cengkareng Jakarta Barat, 11710 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.02.1999 |
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Com. Reg. No.: |
AHU-AH.01.10-14348 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Food
Processing Industry |
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No. of Employees : |
3,560 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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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 |
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.
HEINZ ABC INDONESIA
Address
:
Head Office & Factory I
Jalan
Daan Mogot Km. 12
Cengkareng
Jakarta
Barat, 11710
Indonesia
Phones -
(62-21) 6191612 (Hunting)
Fax - (62-21) 6195126
E-mail - abc@abcfood.com
Land Area - 12,500 sq.
meters
Building Space - 10,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Desa
Walahar, Kecamatan
Karawang,
West
Java
Indonesia
Phones -
(62-267) 431431 (Hunting)
Fax - (62-267) 43143
Land Area - 14,500 sq.
meters
Building Space - 12,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory III
Jalan
Bintaro
Gunung
Gangsir, Kecamatan Beki
Pasuruan
East
Java
Indonesia
Phones -
(62-343) 656640-42, 656648-56
Fax - (62-343) 656969
Land Area - 15,000 sq.
meters
Building Space - 13,000 sq. meters
Region - Industrial
Zone
Status - Owned
Marketing Office
Jalan Peta Selatan
No. 48 - A
Kalideres
Jakarta Barat, 11840
Indonesia
Phones -
(62-21) 6197530, 6195354
Fax
- (62-21) 6197538,
6197531
Building Area - 3 storey
Office Space -
300 sq. meters
Region -
Commercial
Status -
Owned
Date of Incorporation :
2 February 1999
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-67125.AH.01.02.TH.2008
Dated 22 September 2008
- No. AHU-AH.01.10-17513
Dated 13 October 2009
- No.
AHU-AH.01.10-14348
Dated 3 April 2014
Company Status :
Foreign Investment
(PMA) Company
Permit by the Government
Department :
The Department of Finance
NPWP No.
01.882.487.0-092.000
The Department of Industry and Trade
No.
46/T/Industri/2001
Dated 5 February 2001
The Capital Investment Coordinating Board
- No. 42/1/PMA/1999
Dated 26 January 1999
- No. 224/II/PMA/2001
Dated 4 September 2001
- No. 449/III/PMA/2003
Dated 25 April 2003
Related Company :
A Member Company of
the ABC Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
50,000,000.-
Issued
Capital :
US$ 28,000,000.-
Paid
up Capital :
US$ 28,000,000.-
Shareholders/Owners
:
a. HEINZ ASEAN PTE, LTD. - US$
21,000,000.-
Address : 50 Raffles Place No. 31-01
Singapore
b. WHELEER RESOURCES (S) PTE, LTD. - US$ 7,000,000.-
Address :
1 Scotts Road #24-10
Singapore
Lines
of Business :
Food
Processing Industry
Production
Capacity :
A. Initial
Plant
a. Sweet Soy Sauces - 46,100,000 liters p.a.
b. Chili Sauces - 14,500,000 liters p.a.
c. Salty Soy Sauces - 2,600,000
liters p.a.
d. Other Sauces - 10,600,000 liters p.a.
e. Tomato Ketchups - 9,700,000
liters p.a.
f. Syrups Squashes - 58,200,000 liters p.a.
g. Tetrapack -
5,400,000 liters p.a.
h. Canned Juice/Spices Powder -
400,000 liters p.a.
i. Edible Oil -
200,000 liters p.a.
B. Expansion
Plant
a. Sweet Soy Sauces - 68,930,000 liters p.a.
b. Salty Soy Sauces - 4,310,000
liters p.a.
c. Chili Sauces - 18,850,000 liters p.a.
d. Other Sauces - 13,780,000 liters p.a.
e. Tomato Ketchups - 12,610,000 liters p.a.
Total
Investment :
A. Initial
Plant
a. Equity Capital - US$ 28.0 million
b. Loan Capital - US$ 10.0 million
c. Total Investment - US$ 38.0 million
B. Expansion
Plant
a. Equity Capital - None
b. Loan Capital - US$ 42.2 million
c. Total Investment - US$ 42.2 million
Started Operation :
1975 when it was
operated by P.T. ABC CENTRAL FOOD INDUSTRY
Brand Name :
Heinz ABC
Technical Assistance
:
HEINZ Asean Pte,
Ltd., Singapore
Number of Employee :
3,560 persons
Marketing Area :
Local - 80%
Export - 20%
Main Customer :
P.T. ASIATIC UNION
PERDANA (Distributorships)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. FOODEX INTI
INGREDIENTS
b. P.T. GUNACIPTA
MULTIRASA
c. P.T. INDOFOOD
SUKSES MAKMUR Tbk
d. P.T. NESTLE
INDONESIA
Business Trend :
Growing
B
a n k e r s :
a. P.T. Bank PANIN Tbk
Jalan Jend. Sudirman Kav. 11
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Barclays Building
Jalan Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
d. ABN AMRO Bank NV.
AC No. 20030835
Indonesia Stock Exchange Building
Jalan Jend. Sudirman Kav. 52-53
Jakarta Selatan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 2,115.0 billion
2013
– Rp. 2,230.0 billion
2014
– Rp. 2,418.0 billion
Net
Profit (estimated) :
2012
– Rp. 147.0 billion
2013
– Rp. 152.2 billion
2014
– Rp. 165.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Wishnu Pramuji
Directors -
a. Mr. Anthony John Corthan Clark
b. Mr. Chu Jack Son
c. Mr. Vincent Kus Chu
d. Mr. Mohan Vegulaparanan
e. Mr. Pudjiono Djojonegoro
f. Mr. Parag Sachdeva
Board of Commissioners :
President Commissioner - Mr. Choo Kok Guan
Commissioners - a. Mr. Henricus Martinus Adrianus
Schumacher
b. Mr. Karunakaran Mohanasundaram
Signatories :
President
Director (Mr. Wishnu Pramuji) or one of the Directors (Mr. Anthony John Corthan
Clark, Mr. Chu Jack Son, Mr. Vincent Kus Chu, Mr. Mohan Vegulaparanan, Mr.
Pudjiono Djojonegoro or Mr. Parag Sachdeva) which must be approved by Board of
Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. HEINZ ABC INDONESIA (P.T. HAI) was established in
Jakarta in February 1999 with an authorized capital of US$ 50,000,000 issued
and paid up capital of US$ 28,000,000. The founding shareholders are ASIA
INVESTMENT CORPORATION of the USA and WHEELER RESOURCES LIMITED of British
Virgin Island. The company notary deed had been changed a couple of times. In
April 2003, both shareholders withdrew and into the company entered new
shareholders namely WHEELER RESOURCES LTD., of British Virgin Island and HEINZ
SINGAPORE PTE, LTD., of Singapore. The latest in September 2009, WHEELER
RESOURCES LTD., of British Virgin Island pulled out and the whole share sold to
WHEELER RESOURCES (S) PTE, LTD., of Singapore as new shareholder. With this
time the composition of its shareholders has been changed to become HEINZ
SINGAPORE PTE, LTD., of Singapore (65%) and WHEELER RESOURCES (S) PTE, LTD., of
Singapore (35%). The latest according to notary deed Mrs. Ritasari, SH., M.Kn.,
in March 2014 HEINZ SINGAPORE PTE, LTD., pulled out and replaced by HEINZ ASEAN
PTE., LTD., as new shareholder. With this time the composition of its
shareholders has been changed to become HEINZ ASEAN PTE., LTD., Singapore (75%)
and WHEELER RESOURCES (S) PTE, LTD., Singapore (25%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-14348 dated April 3, 2014.
WHEELER RESOURCES (S) PTE, LTD., Singapore is a private
company based in Singapore dealing with investment management and business
stakes is controlled by the ABC Group. The ABC Group or the INTERCALIN Group,
is a large private business group in the country with main business in
manufacturing and distribution of food products, dry cell battery, metal
printing.
The Group is also dealing with sanitary napkin making,
cosmetic manufacturing, offset printing. Meanwhile HEINZ ASEAN PTE, LTD., is a
member company of the HEINZ Group, a large sized business group based in the
United States of America dealing with food processing industries.
P.T. HAI is a Foreign Capital Investment Company (PMA) to
deal with food products industry such as syrup, soy-sauce, chili- sauce,
tomato-sauce, juices, brewed and sweetened tea. Basically, P.T. HAI took over
and continued the activities of its holding company P.T. ABC CENTRAL FOOD
INDUSTRY which had been operating since 1975. It manages three plants each
located at West Jakarta, 1 unit, Klari (West Java), 1 unit and Pasuruan (East
Java), 1 unit. Before the taking over, the three plants had frequently been
expanded to increase production capacity. The plant produces of sweet soy
sauces, chili sauces, salty soy sauces, other sauces, tomato ketchups, syrups
squashes, tetra pack, canned juices/spices powders and edible oils. All
products are using well-known brand ABC. It has appointed its affiliated
company P.T. ASIATIC UNION PERDANA as sole distributor and by which all ABC
food products are distributed to dealers, sub-agents in all over big and small
cities in the country. Particularly for fruit-juice is marketed with brand Del
Monte under the licenses of DEL MONTE CORPORATION of San Francisco, the USA.
Some 20% of the product is exported to Saudi Arabia, Taiwan, Australia, Holland,
the USA, Singapore, New Zealand and other countries.
In September 2001 P.T. HAI got an expansion permit from
the Capital Investment Coordinating Board (BKPM) to increase production of the
above three plants, namely sweet soy sauces of 49.93 million liters for West
Jakarta plant and 22.0 million liters for Pasuruan plant, East Java, salty soy sauces of 2.34 million liters for
West Jakarta plant and 1.97 million liters for Pasuruan plant, East Java, chili sauces of 18.85 million liters, other
sauces of 13.78 million liters, tomato ketchups of 12.61 million liters, the
later three products for Karawang plant, West Java, per year respectively. This
expansion has absorbed a total investment of US$ 42.25 million entirely coming
from loans. The expansion plant has been operating gradually. P.T. HAI is the
largest company in soy sauce, chili sauce and syrup industry. It has controlled
a wide marketing network in all big and small cities in the country and its
brand has been widely known among consumers.
In overall we find the demand for food products like soy
sauce, chili sauce, tomato sauce, fruit juice and the likes had been rising by
the average 6% to 8% per year within the last five years in line with the
growth of supermarkets and a stable economic growth in the period. Based on the
forecast from some economists, Indonesia’s economic growth in 2015 is still
challenging. Bank Indonesia has decided to maintain the BI Rate at 7.75% based
on the evaluation of the 2015 economic outlook. This is also in line with the
efforts to steer inflation around 4% by 2015, while supporting the control of
the current account deficit to a more healthy level. The Rupiah currency is
predicted to be in the average range of Rp. 12,500 per US dollar until mid
2015. Bank Indonesia estimates that Indonesia’s economic growth will be around
5.4 to 5.8% in 2015. The above conditions indicate that in general, Indonesia’s
economic condition is not growing optimally and mainly focuses on maintaining
economic stability. Indonesia National Budget Plans 2015, the government has
predicted the following 2015 global economic challenges which cover; uncertain
global economy triggered by either economic downturn or economic crisis in many
countries; the risk caused by the fluctuating global commodity prices,
especially the raw oil price; commitment to support the ASEAN Economic
Community (AEC); and implementation of the global development agenda post 2015.
Meanwhile, the forecasted 2015 domestic economic
challenges will cover: An increase in the slowing down of economic growth; risk
in the domestic financial market; imbalanced payment balance sheet; and reduced
social gap. This condition potentially impacts both the industry and the market
in which P.T. HAI is engaged. It is estimated that industrial growth equal to
or less compared to the previous year
Until this time P.T. HAI has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. HAI is
very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2012
amounted to Rp. 2,115.0 billion increased to Rp. 2,230.0 billion in 2013 rose
to Rp. 2,418.0 billion in 2014 and projected to go on rising by at least 5% in
2015. The operation in 2014 has yielded a net profit of at least Rp. 165.0
billion and the company has an estimated total networth of at least Rp. 325.0
billion. We observe that P.T. HAI is supported by foreign partner with has
financially strong and sound behind it. 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.
a. Criminal Check
Based information from Jakarta District Police that, P.T. HEINZ ABC INDONESIA has never involved in criminal report. Therefore there is no criminal report that registered on the name of P.T. HEINZ ABC INDONESIA.
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. HEINZ ABC INDONESIA. 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. HEINZ ABC INDONESIA 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. HEINZ ABC INDONESIA.
The management of P.T. HAI is led by Mr. Wishnu Pramuji (51)
a professional manager with experience in food and spices processing industry
and trading. He graduated from Bandung Institute of Technology in industrial
engineering. 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. HEINZ ABC INDONESIA is sufficiently fairly good for business cooperation.
List of the ABC or
INTERCALLIN Group Members
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
UK Pound |
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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 |
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|
-- |
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.