|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GLORY
INTERNATIONAL TRADING |
|
|
|
|
Registered Office : |
Ruko Mega Grosir Cempaka Mas Boulevard Barat Block K
No. 7, Jalan Letjend. Suprapto, Cempaka Putih, Jakarta Pusat,
10640 |
|
|
|
|
Country : |
Indonesia |
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|
|
|
Date of Incorporation : |
22.07.2002 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-00652.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
General
Trading and Importer of Industrial Chemicals |
|
|
|
|
No. of Employees : |
15 persons |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
P.T. GLORY INTERNATIONAL TRADING
Head Office
Ruko Mega Grosir Cempaka Mas Boulevard Barat Block K No.
7
Jalan Letjend. Suprapto, Cempaka Putih
Jakarta Pusat, 10640
Indonesia
Phone -
(62-21) 42900348, 42900350-351
Fax - (62-21) 42900353, 42900049
E-mail - gloryintertrade@cbn.net.id
Building Area - 3 storey
Office Space - 600 sq. meters
Region - Commercial
Status - Rent
22
July 2002
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Justice and Human
Rights
- No. C-16009 HT.01.01.TH.2002
Dated 23 August 2002
- No. W7-HT.01.10-5921
Dated 27 April 2007
- No. AHU-00652.AH.01.02.TH.2009
Dated 6 January 2009
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.087.746.0-073.000
Related
Company :
P.T.
SIF MAKMUR LIMITED (International Freight Forwarding Services)
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued
Capital :
Rp. 500,000,000.-
Paid
up Capital :
Rp. 500,000,000.-
Shareholders/Owners
:
a. Mr. Iwan Kurniawan Kusmajadi - Rp.
450,000,000.-
Address :
Jl. Gedung Hijau XI No. 11, Pondok
Pinang, Kebayoran Lama
Jakarta Selatan
Indonesia
c. Mrs. Ina Kusmajadi
- Rp. 50,000,000.-
Address : Jl. Taman
Duta II No. 4
Pondok Pinang, Kebayoran Lama
Jakarta Selatan
Indonesia
Lines
of Business :
General
Trading and Importer of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2003
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
15
persons
Marketing
Area :
Domestic - 100%
Main
Customer :
Industrial
Manufacturing and others
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. DAMFIT INDAH
b.
P.T. DAYA SEMARAK
c.
P.T. FOURTUNE INDONESIA
d. P.T. HARITA SARI
e. Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan Jend. Suprapto
Cempaka Putih
Jakarta Pusat
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Jend.
Suprapto
Cempaka Putih
Jakarta Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 28.5 billion
2011
– Rp. 29.5 billion
2012
– Rp. 31.0 billion
Net
Profit (estimated) :
2010
– Rp. 1.1 billion
2011
– Rp. 1.3 million
2012
– Rp. 1.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Iwan Kurniawan Kusmajadi
Board of Commissioners :
Commissioner - Mrs. Ina Kusmajadi
Signatories :
Director (Mr. Iwan Kurniawan Kusmajadi)
which must be approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
P.T. GLORY INTERNATIONAL TRADING (P.T. GIT) was
established in July 2002 with the authorized capital of Rp. 2,000,000,000 of
which Rp. 500,000,000 was issued and fully paid up. The founding shareholders
of the company are Mr. Iwan Kurniawan Kusmajadi and his mother Mrs. Ina
Kusmajadi, both are Indonesian of Chinese extraction. The company notary deed
has been changed an in January 2007 the structure of the company management has
been changed. The majority shares of P.T. GIT are controlled by Mr. Iwan Kurniawan
Kusmajadi. The deed of amendment was made by Mrs. Laurensia Siti Nyoman, SH.,
was approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-00652.AH.01.02.TH.2009, dated January 06, 2009.
We observe that majority share is controlled by Mr. Iwan
Kurniawan Kusmajadi. He is also the founder and the majority shareholder of
P.T. SIF MAKMUR LIMITED dealing with international freight forwarding services.
P.T. GIT has been in operation since 2003 dealing with
general trading and importing of industrial machinery & spare parts,
industrial chemicals and others. Mr. Iwan Kurniawan Kusmajadi, director and
owner of P.T. GIT, said that the company imports more industrial chemicals such
as pigment, dyestuff, ink for printing industries from Italy, France, Germany,
United Kingdom, China, India, Singapore, Japan, South Korea and Asian
countries. The company also imports small extent of spare parts for
manufacturing industries in Jakarta and West Java. The other merchandising
goods imports by P.T. GIT are consumer goods like bags, luggage, slipper,
shoes, safety wear, safety shoes, and uniform for industries which import from
China. Mr. Iwan Kurniawan Kusmajadi also added that the company is able to
import of raw materials for industries based on job order from their clients.
P.T. GIT is also import of automotive spare parts and component from China,
Taiwan, and South Korea. The automotive spare parts supplied to various dealer
and shops of spare parts in Jakarta and surroundings. In its activities, P.T.
GIT is fully supported by its sister company P.T. SIF MAKMUR LIMITED especially
in sea freight, custom clearance and distribution. The whole product supplied
to industrial manufacturing such as textile industries, paint industries,
cosmetic industries and other industries operating in Jakarta and West Java.
P.T. GIT is classified as a small sized company of its kind in the country of
which the operation has been growing slowly in the last five years.
Generally, demand for industrial chemicals, industrial
machinery and others had been fluctuating in the country inline with growth of
industries manufacturing in the country. The demand has close relation with the
activities of printing industries and other various manufacturing industries in
the country. The demand is estimated to be increasing by 5% to 7% per annum in
the coming three years. The competition is very tight on account of lots of
similar company operating in Indonesia. P.T. GIT is considered to be in a
favorable business position in view of the company's experience in the above
business.
Imports of Raw Materials and Auxiliary Goods,
2004-2011
|
Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
|
|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
|
|
2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
|
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409.0 |
|
Source:
Central Bureau of Statistic (BPS)
Until this time P.T.
GIT has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. Mr. Iwan Kurniawan
Kusmajadi, director of P.T. GIT went on to say that total sales turnover of the
company in 2010 amounted to Rp. 28.5 billion, increased to Rp. 29.5 billion in
2011 to Rp. 31.0 billion in 2012 and projected to go on rising by at least 4%
in 2013. It is estimated the company has yielded a net profit of at least Rp.
1.5 billion with an estimated total networth at least Rp. 5.0 billion.
We observe that P.T. GIT is supported by financially
fairly strong businessmen 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. GIT is led by Mr. Iwan Kurniawan
Kusmajadi (67) a businessman with 30 years of experience in trading,
distribution export import and international freight forwarding services. 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. 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. GLORY INTERNATIONAL TRADING is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
UK Pound |
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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 |
|
-- |
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.