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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. GEMILANG
SUKSES GARMINDO |
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Registered Office : |
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Country : |
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Date of Incorporation : |
17.06.1997 |
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Com. Reg. No.: |
No. AHU-21134.AH.01.02.TH.2010 |
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Legal Form : |
Private National Company |
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Line of Business : |
Trading, Distribution and Retail Fashion Men’s Formal Wears |
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No. of Employees : |
280 persons |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, 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, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
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Source : CIA |
P.T. GEMILANG
SUKSES GARMINDO
Head Office
Jalan Pluit Selatan Raya
Ruko CBD Pluit Garden House Block B No. 8-J
Jakarta Utara, 14440
Indonesia
Phones -
(62-21) 6667 2952 (Hunting)
Fax - (62-21) 6667 2950
E-mail - jackerton_4men@yahoo.com
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
17 June 1997
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No.
C2-11712.HT.01.01.TH.98
Dated 20 August 1998
- No.
AHU-21134.AH.01.02.TH.2010
Dated 26 April 2010
Private National Company
The Department of
Finance
NPWP No. 01.799.927.7-033.000
Related Company :
None
Capital Structure :
Authorized Capital : Rp.
100,000,000.-
Issued Capital :
Rp. 40,000,000.-
Paid up Capital :
Rp. 40,000,000.-
Shareholders/Owners :
a. Mr. Liaw Edi Wirawan -
Rp. 39,000,000.-
Address : Apartment CBD Garden House Block B No. 8J
RT. 022, RW. 008, Kelurahan
Penjaringan
Kecamatan Penjaringan,
Jakarta Utara
Indonesia
b. Ms. Liaw Nany -
Rp. 500,000.-
Address : Muara Karang Block T4, U/43, RT. 009
RW. 003
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara
Indonesia
c. Mr. Drs. Soemito Mito
Sima -
Rp. 500,000.-
Address : Jl. Kali Baru, RT. 008 RW. 014
Kelurahan Kali Baru, Kecamatan Cilincing
Jakarta Utara
Indonesia
Lines of Business :
Trading, Distribution and Retail Fashion Men’s Formal Wears
Production Capacity :
Jackerton Fashion - 40
outlets
Total Investment :
Owned Capital - Rp.
1.0 billion
Started Operation :
August 1997
Brand Name :
Gemilang Sukses Garmindo
Technical Assistance :
None
Number of Employee :
280 persons
Marketing Area :
Local - 100%
Main Customer :
End Users (Individuals)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BUSANA CAHAYA SENTOSA
b. P.T. KRISTANUSA
GARMINDOTAMA
c. P.T. PESONA CIPTA KARYA
d. P.T. PRIMAVERA INDONESIA
Business Trend :
Growing
Banker :
P.T. Bank CENTRAL ASIA Tbk
Apartment CBD Pluit Block B No. 9 & 10
Jalan Pluit Selatan Raya
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 11.5 billion
2010 – Rp. 12.3 billion
2011 – Rp. 13.6 billion
2012 – Rp. 7.8 billion (January
– June)
Net Profit (estimated) :
2009 – Rp. 0.9 billion
2010 – Rp. 1.1 billion
2011 – Rp. 1.3 billion
2012 – Rp. 0.7 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Liaw Edi Wirawan
Director - Ms. Liaw Nany
General Manager - Mr. Gunawan S. Tejokusumo
Board of Commissioners :
Commissioner - Mr. Drs. Soemito Mito Sima
Signatories :
President Director (Mr. Liaw Edi
Wirawan) or the Director (Ms. Liaw Nany) which must be approved by Board of
Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. GEMILANG SUKSES GARMINDO (P.T. GSG) was established in Jakarta on
17 June 1997 with the authorized capital of Rp. 100,000,000 issued capital of Rp.
40,000,000 fully and paid up. The founding shareholders of the company
originally were Mr. Haryanto and Mr. Liaw Edi Wirawan, both are Indonesian
businessmen of Chinese descents. The company notary deed had been changed a
couple of times. Later in May 2006, Mr. Haryanto pulled out and the whole share
sold to Ms. Liaw Nany and Mr. Drs. Soemito Mito Sima as new shareholders. Then
according to the latest revision of notary documents of Mrs. Merry Eddy, SH.,
No. 31 dated 22 February 2010 the latest composition of its shareholders has
been changed to become Mr. Liaw Edi Wirawan (97.5%), Ms. Liaw Nany (1.25%) and
Mr. Drs. Soemito Mito Sima (1.25%). On the same occasion the company’s board of
director and the board of commissioner had been changed to lead and run of the
company’s operation. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-21134.AH.01.02.TH.2010 dated
April 26, 2010.
P.T. GSG is a private national company started to be operating since 1997
to deal with trading, distribution and retail fashion men’s formal wears. P.T.
GSG produces and sell men’s formal wears including trousers, suits, pants,
shirts, daily working uniform and vest by using JACKERTON brand. The company
serves any request of making uniforms in all size, all models, and all types of
fabrics. To produces trousers done outsourcing to another garment factory. As
for marketing through several counters are Pasaraya Block M and Sarinah Dept.
Store and in 1998, the products has entered Jackerton in Sogo Dept. Store.
Later in 2002, its operations and its sales declined and since then P.T. GSG
closing some outlets counters were judged to be productive. As a result of the
40 outlets counter that had developed in 2002 decreased to 25 outlets.
Jackerton outlets spread in Medan, jaakrta, Semarang, Surabaya and the
operation began to grow and today they operate about 40 outlets throughout
Indonesia with 10 showrooms. P.T. GSG producing average about 1,200 pieces of
shirts, suits 1,200 pieces, jackets 1,000 pieces and 2,000 pieces of uniforms
per months. All Jackerton products are manufactured by the garment
manufacturing in Jakarta. We observe the operation of P.T. GSG has been growing
and developing well in the last three years.
Generally, the demand for textile and garment has been fluctuating
within the last five years in line with the fluctuating of Indonesian textile
industry in general. According to the Central Bureau of Statistics (BPS) the
Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2
million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$
4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to
399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million)
in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400
tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in
2010 rose to 450.9 ton (7,801.5 million) in 2011. The Indonesia textile
products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to
1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6
million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons
(US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007
decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons
(US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010
decreased to 1,493.3 tons (5,563.3 million) in 2011.
The domestic textile producers are pessimism the textile export in 2009
could match the export numbers in 2008. The blow of the global economic crisis
is resulted in the reduced of demand from the export destination countries like
the United States (U.S.), Japan, and European Union region. While this year’s
the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian
Textile Association (API), Mr. Benny Soetrisno said that the decline in global
purchasing power caused of the demand in the Indonesian textile products could
not be able to grow as tight as 2008. The export volume and value of the
national TPT products in 2002 to 2011 are pictured on the following table.
|
Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 |
Source: Central Bureau of Statistic
Until this time P.T. GSG has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The
management of P.T. GSG is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2009 amounted to Rp. 11.5 billion rose to Rp. 12.3 billion in 2010
increased to Rp. 13.6 billion in 2011. As from January to June 2012 the sales
turnover has reached at least Rp. 7.8 billion with a net profit of Rp. 0.7
billion and projected to go on rising by at least 5% in 2013. The company has
an estimated total networth of at least Rp. 2.5 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 management of P.T. GSG is led by Mr. Liaw Edi Wirawan (43) a
businessman and professional manager with experience in trading, distribution
and retail fashion men’s wear. He graduate from Tarumanegara University,
majoring in accounting. Daily activity he is assisted by Ms. Liaw Nany (38) as
Director. 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. GEMILANG SUKSES GARMINDO
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
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|
1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
-- |
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.