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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. RASPARI GRANITONUSA |
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Registered Office : |
Jl. Raya Tlajung Udik No. 7 (Jl. Raya Mercedes Benz), Kp. Desa Tlajung Udik, RT.001/RW.003, Kec. Gunung Putri, Kab. Bogor 16962, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
10.07.1991 |
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Com. Reg. No.: |
No. AHU-AH.01.10-23058 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of
granite slabs |
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No. of Employees : |
180 |
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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 more than 6% annually in 2010-12. 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 fiscal deficit below 3%,
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 2013 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 high
oil prices.
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Source : CIA |
P.T. RASPARI GRANITONUSA
Head Office &
Factory
Jl. Raya Tlajung
Udik No. 7 (Jl. Raya Mercedes Benz)
Kp. Desa Tlajung
Udik, RT.001/RW.003
Kec. Gunung
Putri, Kab. Bogor 16962
West Java, Indonesia
Phones - (62-21) 8670322-3, 8671802, 8670873-4
Fax. -
(62-21) 86861259, 86861260, 86861268
E-mail - Info@raspari.net
or raspari@telkom.net
Land Area - 4.5 hectares
Office Space - 2.2 hectares
Region - Industrial Zone
Status - Owned
Marketing
Office/Gallery
Jl.
Ir. H. Juanda 3 No. 20
Jakarta
Pusat
Phones - (62-21) 34830634-35
Fax. - (62-21) 34830632
Email - gallery@raspari.net
Building Area - 3 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
10 July 1991
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
C2-5658.HT.01.01.TH.91
Dated 12 October 1991
b. No.
C2-10440.HT.01.04.TH.92
Dated 24 December 1992
c. No. AHU-15301.AH.01.02.Tahun 2008
Dated 28 March 2008
d. No.
AHU-AH.01.10-23058
Dated 21 July 2011
National Private Company
The Department of
Finance
NPWP No. 01.495.170.1-403.000
RASPARI GRANITONUSA
Pvt. Ltd., (Importer and Exporter of Natural Stones)
Capital Structure :
Authorized Capital - Rp. 35,000,000,000.-
Issued Capital - Rp. 30,500,000,000.-
Paid up Capital - Rp. 30,500,000,000.-
Shareholders/Owners :
a. Mr. Komlesh
Motiram Kalwani - Rp.
15,250,000,000.- (50%)
Address : Jl. HOS Cokroaminoto No. 37
Jakarta Pusat
Indonesia
b. Mrs. Bhagwanti
Murlidhar - Rp.
15,250,000,000.- (50%)
Address : Jl. HOS Cokroaminoto No. 37
Jakarta Pusat
Indonesia
Lines of Business :
Granite Slab Manufacturing
Production Capacity :
Granite Slabs - 200,000 sq. meters p.a.
Total Investment :
a. Equity Capital - Rp. 30.5 billion
b. Loan Capital - Rp. 0 billion
c. Total Investment - Rp. 30.0 billion
Started Operation :
1992
Brand Name :
RASPARI GRANITO
Technical Assistance
:
None
Number of Employee :
180 persons
Marketing Area :
Domestic - 80%
Export - 20%
Main Customer :
a. Property Contracting Companies in Indonesia
b. Overseas buyer
in Malaysia, Brunei Darussalam, Hong Kong, Japan, etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Bandung
Marmer Sejati Alam
b. PT. Gramer
Industri Marmer Lamping
c. PT. Citatah
Tbk.
d. PT. Marmerindo
Niyarta Prima
e. PT. Hamparan
Anekagranit
f. PT. Impero Granite Utama
g. PT. Intinusa
Selareksa
h. PT. Karimum
Granite
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Mangga Dua Branch
Jalan Mangga Dua Raya
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Mangga Dua Branch
Jalan Mangga Dua Raya
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 98.0 billion
2010 – Rp. 113.5 billion
2011 – Rp. 132.0 billion
2012 – Rp. 155.0 billion
2013 – Rp. 86.5 billion (January - June)
Net Profit (estimated) :
2009 – Rp. 7.2 billion
2010 – Rp. 8.3 billion
2011 – Rp. 9.6 billion
2012 – Rp. 11.2 billion
2013 – Rp. 6.3 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director
- Mr. Kamlesh Motiram Kalwani
Director -
Mr. Johny Motiram Kalwani
Marketing Manager -
Mr. Raja Kalwani
Board of Commissioner :
Commissioner - Mrs. Bhagwanti Murlidhar
Signatories :
President Director (Mr. Kamlesh Motiram Kalwani) or Director (Mr. Johny Motiram Kalwani) which
must be approved by Board of
Commissioner (Mrs. Bhagwanti Murlidhar)
Management Capability :
Good
Business Morality :
Good
P.T. RASPARI GRANITONUSA (P.T. RGN) was established in July 1991 with an authorized capital of Rp. 10,000,000 entirely issued and paid up. The founding shareholders of the company are Mr. Kamlesh Motiram Kalwani (50%) and his sister-in-law Mrs. Bhagwanti Murlidhar (50%), both are Indonesian businessman and businesswoman of Indian extraction. The Deed of establishment was approved by the Minister of Justice of the Republic of Indonesia through its Decision Letter No. C2-5658.HT.01.01.TH.91 dated October 12, 1991.
The company's notary deed has frequently been revised. In July 1992, the authorized capital was raised to Rp 2,000,000,000.- of which Rp. 1,750,000 was issued and fully paid up. Lastly in March 2008 the authorized capital was raised again to Rp. 35,000,000,000 of which Rp. 30,500,000,000 was issued and fully paid up. No changes have been effected in term of its shareholding composition and capital structures to date. The latest amendment to Articles of Association has been approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-AH.01.10-23058 dated July 21, 2011.
P.T. RGN has been in operation since 1992 dealing with granite slabs
manufacturing by managing a plant located at Jl. Raya Tlajugn Udin No. 7,
Gunung Putri district, Bogor Regency, Wast Java approximately 40 km outside
Jakarta, covering an area of 45,000 sq. meters of land. The plant is equipped
with state of art machinery capable of delivering 200,000 square meters per
annum. A large extent of granites as the
basic materials is imported from India, Italy and other countries. Mr. Raja Kalwani, the marketing manager of
the company explained that approximately
20% from production of the company is exported to various countries including
Malaysia, Brunei Darussalam, Hong Kong, Japan, Australia and other
countries. The remaining are sold to local markets, among others Mega
Kuningan Office Building, Merpati Office Building, Bulog Office Building,
Al-Manah Mosque (Pasar Baru), Sheraton Media Hotel, Mawar Saroon Church,
Mayoralty Office Building, Soekarno Hatta International Airport (Ext.),
Maharaja Hotel and others. P.T.
RGN is classified as a medium sized company of its kind in the country of which
the operation has been growing in the last three years.
Generally, the demand for marble tiles, ceramic tiles and granite tiles in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of office building, hotels, apartment, real estate, housing and other properties. But, as from October 2008, the demand growth for ceramic tiles, marble tiles and granite tiles has kept on dwindling as an impact of global economic crisis as told above that making many property projects were discontinued and lower public purchasing power. The demand was increasing in the early 2009 due to economic condition was gradually recovery in the country. The growth rate is now estimated at 5% to 7% per year. Market competition is very tight due to a large number of similar companies operating in the country. Business position of P.T. RG is favorable for it has controlled a wide marketing network at home and abroad and their product has been widely known among consumers in the country.
Market competition is very tight due to a large number of similar companies operating in the country such as PT. Bandung Marmer Sejati Alam, PT. Gramer Industri Marmer lampung, P.T Hamparan Anekagranit, PT. Citatah Tbk, PT. Marmerindo Niyarta Prima, PT. Impero Granit Utama, PT. Intinusa Selareksa, PT. Karimun Granite and others. Business position of P.T. RG is favorable for it has controlled a wide marketing network at home and abroad and their product has been widely known among consumers in the country.
Until this time P.T. RG has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. P.T. RG’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of the company in 2010 amounted to Rp. 113.5 billion with a net profit of Rp. 8.3 billion, increased to Rp. 132.0 billion with a net profit of Rp. 9.6 billion in 2011 and rose again to Rp. 155.0 billion with a net profit of Rp. 11.2 billion in 2013. It is estimated the company has an estimated total networth at least Rp. 65.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2013. We observe that P.T. RG is supported by financially strong behind it. So far, we did not hear 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. RG is led by Mr. Kamlesh Motiram Kalwani (57) an Indonesian businessman of India extraction, who has experienced more than 22 years in the granite slab manufacturing and trading. In his daily activities, he is assisted by his younger brother Mr. Johny Motiram Kalwani (54) as director and Mr. Raja Kalwani (45) as marketing manager. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is 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. RASPARI GRANITONUSA 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.61.99 |
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UK Pound |
1 |
Rs.101.37 |
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Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.