MIRA
INFORM REPORT
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Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. GRAFIKA NUSANTARA |
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Registered Office : |
Jalan Jelambar Barat No. 10 F, Jakarta Barat |
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Country : |
Indonesia |
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Date of Incorporation : |
15.10.2005 |
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Com. Reg. No.: |
W2-00002 HT.01.04.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Continuous Form, Printing and Stationery |
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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Maximum Credit Limit : |
US$ 355,200 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T.
GRAFIKA NUSANTARA
A d d r e s s
Head Office
Jalan Jelambar
Barat No. 10 F
Jakarta Barat
Indonesia
Phones - (62-21) 5665057,
5676917
Fax - (62-21) 5677691
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Kawasan Industri
Medan
Jalan Pulau Irian
No. 9-B KIM 1
Mabar – Medan
North Sumatra
Indonesia
Phones - (62-61) 6859666,
6859777, 6858585, 6859888
Fax - (62-61) 6851849
Land Area - 8,500 sq.
meters
Building Area - 6,500 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
15 October 2005
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. W2-00002
HT.01.04.TH.2007
Dated 2 January
2007
Company Status
Private National
Company
Permit by the Government Department
The Department of Finance
NPWP No.
02.415.105.2-036.000
Related Company
a. P.T. ASIA
CREDITAMA SUKSES (Investment Holding)
b. P.T. ROYAL
STANDARD (Paper Products, Binding Plant and General Printing)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized
Capital : Rp.
2,500,000,000.-
Issued Capital : Rp.
2,500,000,000.-
Paid up Capital : Rp.
2,500,000,000.-
Shareholders/Owners
:
a. P.T. ASIA CREDITAMA SUKSES - Rp. 2,000,000,000.-
Address :
Jl. Jelambar Ilir No. 10 F
Jakarta Barat
Indonesia
b. Mrs. Herawaty Anwar - Rp. 300,000,000.-
Address : Jl. Pukat VI No. 26
Kelurahan
Bantan Timur
Medan, North
Sumatra
Indonesia
c. Mr. Sarpin Setiadjii - Rp. 200,000,000.-
Address : Taman Surya 2 Block
C-4/6
Kalideres
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Manufacturing of
Continuous Form, Printing and Stationery
Production Capacity
a. Continuous
Form - 10,000
tons p.a.
b. Envelopes - 2,500 tons p.a.
c. Printed
Matters - 1,000 tons p.a.
d. Paper Roll - 2,000 tons p.a.
e. Thermal Roll /
Fax Paper - 1,000 tons p.a.
Total Investment
a. Equity Capital - Rp. 2.5 billion
b. Loan
Capital -
Rp. 2.5 billion
c. Total
Investment - Rp.
5.0 billion
Started Operation
November 2005
Brand Name
Grafika
Technical Assistance
None
Number of Employee
135 persons
Marketing Area
Local - 100%
Main Customers
a. P.T.
TELEKOMUNIKASI INDONESIA Tbk
b. P.T.
TELEKOMUNIKASI SELULER
c. P.T.
PERUSAHAAN LISTRIK NEGARA Tbk
d. P.T.
PERKEBUNAN NUSANTARA IV
e. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. GRAFIKA
NADA SEKAWAN
b. P.T. DJAKARTA
COMPUTER SUPPLIES
c. P.T.
GRAFIMATRA TATAMEDIA
d. P.T. ROYAL
STANDARD
e. P.T. SURYA
KERTAS
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank
MANDIRI Tbk
Jalan Bukit Barisan
Medan, North Sumatera
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Pemuda No. 28
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 5.5 billion (November-December)
2006 – Rp. 25.0
billion
2007 – Rp. 27.0
billion
Net Profit
(estimated) :
2005 – Rp. 0.6
billion
2006 – Rp. 2.0
billion
2007 – Rp. 2.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr. Sarpin
Setiadjii, SE
Board of Commissioners :
Commissioner -
Mrs. Herawaty Anwar
Signatories :
Director (Mr. Sarpin
Setiadjii, SE) which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
G o o d
Business Morality
G o o d
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 355,200 on 90
days D/A
OVERALL PERFOMANCE
P.T. GRAFIKA NUSANTARA (P.T. BBI) was established in Jakarta on 15 October
2005 with the authorized capital of Rp. 2,000,000,000 entirely issued and paid
up. The founding shareholders of the company are P.T. ASIA CREDITAMA SUKSES,
Mr. Sarpin Setiadjii, SE and Mrs. Herawaty Anwar, both are Indonesian
businessmen of Chinese extraction. The company notary deed has been changed and
in June 2006 the authorized capital was raised to Rp. 2,500,000,000 wholly
fully and paid up. The deed of amendment was made by Mr. Tjong Deddy Iskandar,
SH., was approved by the Ministry of Law and Human Right in its Decision Letter
No. W2-00002 HT.01.04.TH.2007, dated January 2, 2007. We observe the majority
shareholder namely P.T. ASIA CREDITAMA SUKSES is a private national company
dealing with in investment holding and majority business stakes is controlled
by Mr. Sarpin Setiadjii, SE. He is also founder and minority business stakes
owner of P.T. ROYAL STANDARD dealing with paper product, binding plant and
general printing services.
P.T. GN has been in operation since November 2005 dealing with manufacturing
of continuous form, printing and stationery. Its plant was initially located on
Kawasan Industri Medan, Jalan Pulau Irian No. 9-B KIM 1, Mabar – Medan, North
Sumatra on a land of 8,500 sq. meters. The plant produces of various paper
products such as continuous computer paper (continuous form) of 10,000 tons,
envelopes of 2,500 tons, printed matters of 1,000 tons, paper roll of 2,000
tons and thermal roll / fax paper of 1,000 tons respectively per annum. Some of
basic materials in the form of paper used local products from P.T. INDAH KIAT
PULP AND PAPER, P.T. TOBA PULP SUMATRA Tbk and others. The plant has absorbed
an investment of Rp. 5.0 billion come from owned capital of Rp. 2.5 billion and
the rest from loans. The products of P.T. RS are wholly marketed locally
through paper wholesalers in big cities in the country by using GRAFIKA brand.
Besides, the company receives orders to make continuous forms of P.T.
PERUSAHAAN LISTRIK NEGARA Tbk (PLN), P.T. TELEKOMUNIKASI INDONESIA Tbk (P.T.
TELKOM), P.T. TELEKOMUNIKASI SELULER (P.T. TELKOMSEL), P.T. PERKEBUNAN
NUSANTARA II, P.T. PERKEBUNAN NUSANTARA III, P.T. PERKEBUNAN NUSANTARA IV, P.T.
PERKEBUNAN NUSANTARA V, the ASIA PULP & PAPER Group, banking services and
other various companies in North Sumatra. We note that P.T. GN is classified as
a medium sized company in the country of which its operation is running
smoothly and growing.
Generally outlook we find the demand for paper products had been rising
by 6% to 8% per year within the last five years in line with the increasing
computerization system applied by offices and personals. But it has declined
since monetary crisis and tight banking liquidity. It is estimated the rate of
demand will be higher by 3% to 4% within the coming two or three years. Competition
is very tight due to a large number of similar companies operating in the
country. The business position of P.T. GN is good on account of having already
had fixed customers and wide marketing networks in several big cities in the
country.
Until this time P.T. GN has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in the first year
operation from November to December 2005 amounted to Rp. 5.5 billion rose to
Rp. 25.0 billion in 2006 increased to Rp. 27.0 billion in 2007 and projected to
go on rising by at least 6% in 2008. The operation in 2007 yielded an estimated
net profit of at least Rp. 2.3 billion and the company has an estimated total
networth of at least Rp. 7.5 billion. We observe that P.T. GN is supported by
businessmen with has financially fairly 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 management of P.T. GN is led by Mr. Sarpin Setiadjii, SE (48) a
businessman and professional manager with experience in manufacturing of
continuous from, printing and stationery. The management is handled by
experienced staff in this business, having maintained a wide business relation
with private businessmen at home and abroad as well as with government sectors.
We observed that management’s reputation in said business is sufficiently
fairly good. 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. GRAFIKA NUSANTARA 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.20 |
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UK Pound |
1 |
Rs.81.48 |
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Euro |
1 |
Rs.64.27 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)