MIRA
INFORM REPORT
|
Report Date : |
19.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. GRANITOGUNA
BUILDING CERAMICS |
|
|
|
|
Registered Office : |
Alia Building, 3rd Floor, Jl. Ridwan Rais No. 10-18,
Jakarta 10110 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
14 January 1995 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Granite Ceramic Tile Manufacturing |
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 |
|
Maximum Credit Limit : |
US$ 3,020, 000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. GRANITOGUNA BUILDING CERAMICS
Address
Head Office
Alia Building, 3rd Floor
Jl. Ridwan Rais No. 10-18
Jakarta 10110
Indonesia
Phones - (62-21) 3867707
(hunting)
Fax. - (62-21)
3867708
Email - info@granitoguna.com
Website - http://www.granitoguna.com
Building Area - 17 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Raya Lemah Abang Km. 59
Desa Kedung Waringin, Cikarang
Bekasi 17530, West Java
Indonesia
Phones - (62-21)
89143660, 89143662
Fax. - (62-21)
89143664
Land Area - 80,000 sq.
meters
Building Space - 28,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
14 January 1995
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C2-7179.HT.01.01.TH.95
Dated 08 June 1995
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
a. The President of the Republic of Indonesia
No. B-03/Pres/I/1995
Dated 5 January 1995
b. The Capital Investment Coordinating Board
- No. 37/I/PMA/1995
Dated 20 January 1995
- No. 382/III/PMA/1998
Dated 20 March 1998
Related Companies
a. P.T. DJABESMEN
Ltd., of Indonesia (Investment Holding)
b. POLY INVESTMENT
Co. Ltd., of Hong Kong (Investment Holding)
c. The DJABESMEN
Group Member
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$. 10,000,000.-
Issued Capital : US$. 10,000,000.-
Paid up Capital : US$. 10,000,000.-
Shareholders/Owners :
a. POLY INVESTMENT Co. Ltd., of Hong
Kong - US$. 5,000,000.-
b. P.T. DJABESMEN Ltd., of Indonesia - US$. 3,420,000.-
c. Mr. Fu Sau Kwok Barry of
Australia - US$. 1,580,000.-
BUSINESS ACTIVITIES
Lines of Business:
Granite Ceramic Tile Manufacturing
Production Capacity
Granite Ceramic Tiles -
1,000,000 sq. meters p.a.
Total Investment
a. Equity Capital - US$. 10.0 million
b. Loan Capital - US$.
8.5 million
c. Total
Investment -
US$. 18.5 million
Started Operation
December 1996
Brand Name
GRANITO
Technical Assistance
Poly Investment Co. Ltd., of Hong Kong
Number of Employee
190 persons
Marketing Area
Domestic
(Local) - 60%
Overseas
(Export) - 40%
Main Customer
- Local : Building
Material Supermarkets, Building Material Shops, etc.
- Export to
Australia, Philippines, Spain, South Korea and others
Market Situation
Competitive
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank INTERNASIONAL INDONESIA Tbk
Juanda Branch
Jl. Ir. H. Juanda
No. 28
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 172.0
billion
2005 – Rp. 190.0
billion
2006 – Rp. 220.0
billion
2007 – Rp. 135.0
billion (January – June)
Net Profit
(estimated) :
2004 – Rp. 12.5 billion
2005 – Rp. 15.0 billion
2006 – Rp. 18.0 billion
2007 – Rp. 12.0 mill (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Fu Sau Kwok Barry
Directors -
a. Mr. Steven Widjaja
b. Mr. Djony Widjaja
Board of Commissioner :
President Commissioner - Mr. Hadijuda Widjaja
Commissioners - a. Mr. Latif Kusuma
b. Mr. Gerd Rainer Bullerjahn
Signatories :
President
Director (Mr. Fu Sau Kwok Barry) or one of Directors (Mr. Steven Widjaja or Mr.
Djony Widjaja) which must be approved by Board of Commissioner (Mr. Hadijuda Widjaja,
Mr. Latif Kusuma and Mr. Gerd Rainer Bullerjahn).
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit Limit
Moderate Amount
Maximum Credit Limit
US$ 3,020, 000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. GRANITOGUNA BUILDING CERAMICS (P.T. GBC) was established on 14 February 1995 with an authorized capital of US$ 10,000,000.- issued and paid up capital of US$. 4,200,000.- The previous founding shareholders are POLY INVESTMENT Co. Ltd., of Hong Kong and P.T. DJABESMEN Ltd., of Indonesia. In January 1996 a new shareholders joined in the company, namely Mr. Fu Sau Kwok Barry, an Australian citizen. In March 1998 the issued capital raised to US$ 10,000,000.- fully paid up. The notary deed of the company was made by Ms. Nurul HIdajati Handoko, SH., a public notary in Jakarta under Company Registration Number C2-7179.HT.01.01.TH.95, dated June 8, 1995.
It seems that local partner P.T. DJABESMEN Ltd., of parent company of the DJABESMEN Group, a medium-sized business group in building materials industry and trade. The majority business stakes owner and prime-mover of the DJABESMEN Group is Mr. Hadijuda Widjaja and family, a Chinese Indonesian business family.
Another foreign partner of P.T. GBC is Mr. Fu Sau Kwok Barry. He is the majority business stakes owner of AUSTRLIAN BUILDING CERAMIC Pty. Ltd., of Australia dealing with business ceramic manufacturing.
P.T. GBC is a foreign capital investment (PMA) company dealing with ceramic building material industry. Its plant is located in Cikarang, Bekasi, West Java, on a land of some 80,000 sq. meters. The plant has been operating since December 1996 with an investment of US$ 18.5 million coming form company’s capital of US$ 10.0 million and the remainder from loans. It produces ceramic tiles made of granite materials using GRANITO brand. Some 30% of basic material are imported from Italy and the rest is bought locally. Some 40% of the company products are exported to several countries including Australia, the Philippines, Spain, South Korea and others and the rest is locally marketed in several major cities in the country through its distributors and building materials shops. P.T. GBC is classified as a large sized company in the country dealing with ceramic building materials industry of which the operation had been running smoothly and growing steadily in the last five years up to end 2006.
Generally, local demand for ceramic building materials had been increasing by
7% to 9% on the average per annum up to mid-1997 having close relation with the
growing development of various industrial sectors including the development of
office buildings, hotels, housings, education institutions and others in the
above period as consumers. However, the
economic crisis in the country and tight money policy imposed by Bank Indonesia
1997 had caused the operation to decline up to end 1999 and started increasing
again since 2000 in line with the amelioration of the economic condition in the
country. The demand is estimated to be
rising by 7% to 8% next year. The
competition is very tight on account of lots of similar companies operating in
the country. The business position of
P.T. GBC is appraised to be favorable for having established wide marketing
networks within and outside the country.
We believe that P.T. GBC is in position to thrive its business in the
future.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statements publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. We estimated that total sales turnover of P.T. GBC in 2004 amounted to Rp. 172.0 billion soared to Rp. 190.0 billion in 2005 to Rp. 220.0 billion in 2006 to and projected to be rising by at least 15% in 2007. The operation of the company in 2006 is estimated to have gained a net profit of Rp. 18.0 billion with a total networth of Rp. 140.0 billion. So far we have never heard that P.T. GBC has been black listed by Bank Indonesia (central bank) or detrimental cases being settled in local district court. The company has a punctual payment manner within 1 to 3 months.
The management of P.T. GBC is head by Mr. Fu Sau Kwok Barry, an Australian citizen and a professional of POLY INVESTMENT Co. Ltd., of Hong Kong. In his daily activities, he is assitd by Mr. Steven Widjaja dan Mr. Djony Widjaja respectively as director. The management is handled by professional managers of home and overseas having wide relation with domestic and foreign private businessmen as well as with the government sector. So far, we did not hear that the management of the company having been involved in business malpractices.
P.T. GBC is appraised to be good for normal 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.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)