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Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. RASPARI GRANITONUSA |
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Registered Office : |
Jl.
Raya Tlajung Udik No. 7, 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 : |
Granite Slab Manufacturing |
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No. of Employees : |
180 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
INDONESIA |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
|
Source : CIA |
P.T. RASPARI GRANITONUSA
Head
Office & Factory
Jl.
Raya Tlajung Udik No. 7, RT.001/RW.003
Kec.
Gunung Putri, Kab. Bogor 16962
West
Java, Indonesia
Phones - (62-21) 8670322-33, 8670873
Fax. - (62-21) 86861259-60
E-mail - info@raspari.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
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.495.170.1-403.000
Not available
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
:
1 9 9 2
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. P.T. ALAM SURYA
b. P.T. GUNUNG ERA
SEJAHTERA
c. P.T. PASIFIC GRANITAMA
d. P.T. ROYAL MAHAGONY GRANITS
e. Etc.
Business Trend :
Growing
B a n k e r s :
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) :
2008 – Rp. 85.0 billion
2009 – Rp. 98.0 billion
2010 – Rp. 113.5 billion
2011 – Rp. 132.0 billion
2012 – Rp. 155.0 billion
Net Profit
(estimated) :
2008 – Rp. 6.3 billion
2009 – Rp. 7.2 billion
2010 – Rp. 8.3 billion
2011 – Rp. 9.6 billion
2012 – Rp. 11.2 billion
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
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
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 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) a businessman
with 22 years of experience in the granite slab manufacturing. Daily operation, 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
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.60.33 |
|
UK Pound |
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.80 |
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.