MIRA INFORM REPORT
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Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. GROWTH |
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Registered Office : |
Jalan KL. Yos Sudarso
Km. 10.5, Medan 20242, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
03.11.1989 |
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Com. Reg. No.: |
No. AHU-AH.01.10-08638 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Iron and Steel
Foundry |
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No. of Employees
: |
310 |
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$. 4,480,000 |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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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 |
P.T. GROWTH ASIA
Head Office &
Factory
Jalan KL. Yos
Sudarso Km. 10.5
Medan 20242
North Sumatra
Indonesia
Phones -
(62-61) 6850206, 6850207
Fax - (62-61) 6850208
E-mail - enquiry@growthasia.com
Website - http://www.growthasia.com
Land Area - 70,000 sq.
meters
Building Area - 43,000 sq.
meters
Region -
Industrial Zone
Status -
Owned
Jakarta Office
Komplek Puri Kencana
Jl. Kencana Elok Barat II Blok 1-9 No. 16
West Jakarta - Indonesia
Indonesia
Phone -
(62-21) 5821517
Fax
- (62-21) 5821518
GROWTH STEEL Australia Pty Ltd
Slacks Creek, QLD 4127
Phone: +61 (0) 7 3208 9012
Fax: +61 (0) 7 3290 1586
Website: www.growthsteel.com
Newcastle Office 25 Halewood Close,
Jewells,
NSW 2280
Phone: +61 (0) 2 4965 7736
Fax: +61 (0) 2 4948 6039
Website: www.growthsteel.com
Phone: +61 (0) 8 9434 4733
Fax: +61 (0) 8 9434 4645
Website: www.growthsteel.com
PT. GROWTH ASIA
Libradene Boksburg 1459
South Africa
Phone: +27 11 913 3566
Fax: +27 11 913 0317
Website: www.growthsteel.com
19
Phone:
86-25-83176816
Fax: 86-25-83176819
Website: www.growthsteel.com
03 November 1989
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
a. No.
AHU-21540.AH.01.02.Tahun 2008
Dated 28 April 2008
b. No.
AHU-AH.01.10-08638
Dated 22 March 2011
Company Status
:
Domestic Investment
Company (PMDN)
Permit by the
Government Department :
The Department of
Finance
NPWP No.
01.516.375.1-123.000
The Capital
Investment Coordinating Board
No.
359/I/PMDN/1990
Dated 19 April
1990
Related
Companies :
The GROWTH STEEL
Group Members:
a. AGRO JAYA
PERDANA, P.T. (Cassava Palletizing and Chip Manufacturing)
b. GROWTH ASIA,
P.T. (Iron and Steel Foundry)
c. GROWTH
PACIFIC, P.T. (Shrimp Culture and Cold Storage)
d. GROWTH
SUMATRA INDUSTRY LTD., P.T. (Steel
Milling)
e. LUBUK NAGA,
P.T. (Shrimp Culture)
Capital
Structure :
Authorized Capital - Rp. 5,000,000,000.-
Issued Capital - Rp. 5,000,000,000.-
Paid up Capital - Rp. 5,000,000,000.-
Shareholders/Owners
:
a. Mr. Fadjar
Suhendra - Rp.
3,000,000,000.- (60%)
Address : Jl. Taman Polonia II No.
27
Medan, North
Sumatra
Indonesia
b. Mr. Sugih
Suhendra - Rp.
2,000,000,000.- (40%)
Address : Jl. Taman Polonia II
No. 3
Medan, North
Sumatra
Indonesia
Lines of
Business :
Iron and Steel
Foundry
Production
Capacity :
a. Iron and Steel Casting -
9,600 tons p.a.
b. Fabricated Steel Structures - 12,000 tons p.a.
c. Machinery and Equipments -
6,000 tons p.a.
d. Automotive Parts - 1,000 tons p.a.
e. Mining Machinery Parts -
3,250 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 5.0 billion
b. Loan Capital - Rp. 17.4 billion
c. Total Investment - Rp. 22.4 billion
Started
Operation :
April 1990
Brand Name :
GROWTH ASIA
Technical
Assistance :
None
Number of
Employee :
310 persons
Marketing Area
:
Export - 30%
Local - 70%
Main Customers
:
a. Industry
companies in Mining, Quarry, Rubber, Palm Oil, Cement, Power and Steel Mills
b. Overseas buyers
in Asian, Australian, American, African and European Markets
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Baja
Pertiwi Industri
b. PT. Jaya Pari
Steel Tbk.
c. PT. Gunawan
Dianjaya Steel Tbk.
d. PT. Gunung
Raja Paksi
e. PT. Maju Warna Steel
f. PT. Metalina
Tunggal
Business Trend
:
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
Jend. A. Yani 100
Medan, North
Sumatra
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan Balaikota
No. 10 A-P
Medan, North
Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp. 192.0
billion
2009 – Rp. 220.0
billion
2010 – Rp. 270.0
billion
2011 – Rp. 330.0 billion
Net Profit
(estimated) :
2008 – Rp. 9.0 billion
2009 – Rp. 10.8
billion
2010 – Rp. 13.2
billion
2011 – Rp. 16.5
billion
Payment Manner
:
Fairly good
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Catherine Widjaja
Directors -
a. Mr. Sasioso
b. Mrs. Kolina
Board of Commissioners :
President Commissioner -
Mr. Fajar Suhendra
Commissioner -
Mr. Sugih Suhendra
Signatories :
President Director (Mrs.
Catherine Widjaja) or one of the Directors (Mr. Sasioso and Mrs. Kolina) which
must be approved by Board of Commissioners (Mr. Fajar Suhendra and Mr. Sugih
Suhendra)
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$. 4,480,000 on
90 days
P.T. GROWTH ASIA (P.T. GA) was established in 1989 with the authorized capital of Rp. 5,000,000,000 of which Rp. 2,000,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Soe Tjoei, his wife Mrs. Joe A Kam and his four sons Mr. Fadjar Suhendra, Mr. Trisno Suhendra, Mr. Surya Suhendra and Mr. Sugih Suhendra, an Indonesian business family of Chinese extraction. However, in 1998 whole shares of P.T. GA were taken over by Mr. Fadjar Suhendra (60%) and his younger brother Mr. Sugih Suhendra (40%). On April 2008, the issued and paid up capital was increased to Rp. 5,000,000,000.-. This Articles of Association amendment was made by Susan Widjaja, SH., a public notaries in Medan and it was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-21540.AH.01.02.Tahun 2008 dated April 28, 2008 and No. AHU-AH.01.10-08638 dated March 22, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. GA is a member of the GROWTH STEEL Group or the GROWTH SUMATERA Group, a small sized company group being led by Mr. Fadjar Suhendra (63) and his younger brother Mr. Sugih Suhendra (56). This company group focuses its activities in iron and steel casting, steel milling, shrimp culturing and cold storage, cassava palletizing and chips manufacturing.
P.T. GA is dealing with iron and steel foundry by managing a plant located in Medan Industrial Estate, Jalan Yos Sudarso Km. 10.5, Medan, North Sumatra on a land of 6 hectares. The plant produces irons and steel casting, fabricating steel structures, machinery and equipment, automotive parts and mining machinery parts. The plant is equipped with modern machinery and equipment like spectrometer, universal testing machines, digital hardness tester, ultrasonic flaw detector, a hug heat treatment plant and others. Some 70% of the company products is sold locally especially to crumb rubbers and oil palms processing companies; gold, coal and copper mining companies and the rest of 30% is exported to Malaysia, Singapore, the Philippines, Australian, American, African and European Markets. P.T. GA is classified as a large sized company of its kind in North Sumatra. The operation of the company has steadily been growing in the last three years.
We observe that up to end 2007, Indonesia experienced deficit of steel products of 6.0 million tons. Some 4.5 million tons to 5.0 million tons of total steel consumption are met by local steel products while the rest is fulfilled by imported products. Since 2007, the steel price in the country has increased by 25% to 30% in line with the increasing production cost. The Department of Industry projected that in 2013 the national steel consumption will reach 10 million tons. In view of the high steel consumption, the government has supported the entering of investment in steel industries and those using local basic materials will gain fiscal incentives based on the Government Regulation (PP) Number 1 year 2007. In view of the high steel demand in the country, it’s estimated that business prospect of steel product industries in the country will be favorable. However, the competition is very tight on account of lots of domestic and imported steel product in the markets. P.T. GA is classified as a large sized company of its kind in the country of which the operation has been growing.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. GA’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated that the total sales turnover of the company in 2009 amounted to Rp. 220.0 billion increased to Rp. 270.0 billion in 2010 and rose again to Rp. 330.0 billion in 2011. It’s estimated the net profit of the company is in 2010 amounted to Rp. 13.2 billion and rose to Rp. 16.5 billion in 2011. It is projected the sales turnover will be rising by at least 8% in 2012. The company has estimated total assets of at least Rp. 160.0 billion. Payment condition for domestic suppliers is good with the credit payment system of 1 month to 3 months. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. GSI is headed by Mrs. Catherine Widjaja (34) as president director and she is assisted by two directors namely Mr. Sasioso (36) and Mrs. Kolina (39). But, we believe the prime-mover of the company is Mr. Fadjar Suhendra (65), a businessman with more than 35 years of experience in steel mills industry. He is assisted by his younger brother Mr. Sugih Suhendra (58). The business reputation of the management in steel mills industry and trading is good. The management has wide relation overseas and national private businessmen as well as with the government sectors. So far, we did not hear that the management has been involved in business malpractice and detrimental cases being settled in the court. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. GROWTH ASIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.16 |
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UK Pound |
1 |
Rs.81.72 |
|
Euro |
1 |
Rs.68.34 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.