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Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GRASINDO PRIMASUKSES |
|
|
|
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Registered Office : |
Kawasan Industri Pancatama, Jalan Pancatama IV A Kav. 38 B, Cikande, Serang, Banten Province |
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|
|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
17.04.2003 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-35183 |
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|
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Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer
of Marble and Granite |
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|
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|
No. of Employees : |
112 |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a
vast polyglot nation, grew an estimated 6.2% and 6.5% 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 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. GRASINDO PRIMASUKSES
Head Office &
Factory
Kawasan Industri
Pancatama
Jalan Pancatama IV A Kav. 38 B
Cikande, Serang
Banten Province
Indonesia
Phones -
(62-254) 401555 (Hunting)
Fax - (62-254) 402555
Land Area - 15,700 sq.
meters
Building Area - 12,000 sq.
meters
Region - Industrial
Estate
Status - Owned
17 April 2003
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
- No. AHU-51113.AH.01.02.TH.2008
Dated 14 August 2008
- No. AHU-AH.01.10-35183
Dated 28 September 2012
National Private
Company
The Department of
Finance
NPWP No. 02.249.951.1-415.000
a. P.T. GRASINDO PRIMADAYA (Marble and Granite
Manufacturing)
b. P.T. PERMATAGRAHA PRIMAGEMILANG (Trading,
Wholesale, Retail and Distribution of
Ceramic and Marble)
Capital Structure
:
Authorized
Capital : Rp.
3,500,000,000.-
Issued Capital : Rp.
3,000,000,000.-
Paid up Capital : Rp.
3,000,000,000.-
Shareholders/Owners
:
a. Mr.
Sugianto BudhyWibowo -
Rp. 1,500,000,000.-
Address : Wiyung Permai Selatan
4/16
Surabaya, East Java
Indonesia
b. Mr. Marlin
Budhy Wibowo -
Rp. 1,500,000,000.-
Address : Jl. Kecilung No. 25
Surabaya, East
Java
Indonesia
Lines of
Business :
Marble and
Granite Manufacturing
Production
Capacity :
Marble -
300,000 sq. meters
Total
Investment :
Owned Capital - 3.5 billion
Started
Operation :
2004
Brand Name :
Grasindo
Primasukses
Technical
Assistance :
None
Number of
Employee :
112 persons
Marketing Area
:
Local - 100%
Main Customer
:
Building
materials shops
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. PUSAKA
MARMER INDAHRAYA
b. P.T.
PRIMASETYA MAKMUR
c. P.T. MULTI
MARMER ALAM
d. P.T. INTINUSA
SELAREKSA Tbk
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Jalan Raya Serang
Banten Province
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Serang
Banten Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 36.0
billion
2011 – Rp. 38.0
billion
2012 – Rp. 40.0
billion
Net Profit
(estimated) :
2010 – Rp. 3.0
billion
2011 – Rp. 3.2
billion
2012 – Rp. 3.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Sugianto Budhy
Wibowo
Board of Commissioners :
Commissioner -
Mrs. Lo Lianawati
Signatories :
Director (Mr. Sugianto
Budhy Wibowo) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. GRASINDO PRIMASUKSES (P.T. GPS) was established in Serang, Banten Province on April 17, 2003 with the authorized capital of Rp. 3,500,000,000 issued capital of Rp. 1,500,000,000 entirely paid up. Founding and shareholders of the company are Mr. Marlin Budhy Wibowo and his son Mr. Sugianto Budhy Wibowo, both are Indonesian business family of Chinese extraction. The company notary deed has been changed and in July 2008 the issued capital was raised to Rp. 3,000,000,000 fully and paid up. With this development the composition of its shareholders has been changed to become Mr. Sugianto Budhy Wibowo (50%) and Mr. Marlin Budhy Wibowo (50%). The deed of amendment was made by Mrs. Agustina Junaedi, SH., a public notary in Serang and was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-51113.HT.01.02.TH.2008, dated August 14, 2008. Then according to the latest revision of notary documents of Mr. James Ridwan Efferin, SH., No. 2 dated September 6, 2012 the company board of commissioner had been changed. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-35183 dated September 28, 2012.
We observe that Mr. Marlin Budhy Wibowo and his son Mr. Sugianto Budhy
Wibowo are also founders and business stakes owner of P.T. GRASINDO PRIMADAYA
engaged in the field of marble manufacturing.
P.T. GPS started with operating since 2004 to deal with marble and
granite manufacturing by manages a plant located at Kawasan Industri Pancatama,
Jalan Pancatama IV A Kav. 38 B, Serang, Banten Province standing on 15,700 sq.
meters of lands. The plants produce of marble and granite with capacity of
300,000 sq. meters per annum. The construction of the plant has absorbed an
investment of Rp. 3.5 billion originating come from owned capital. The company has
a complete set of advanced processing equipment, such as block cutter machines,
automatic polishing processing lines and slabs, Gangsaw machines with 600
blades & special craft machines tumble, borders and irregular shaped
processing equipment from Spain and Italy. The products produce with various
brands such as Niromarquine, Fortoro, Tandron, Karara, Kristalinweb, Saint
Laurent etc. The whole products marketed locally to various distributors and
trader of stones in Jakarta, Serang, Cilegon, Karawang and Bandung (West Java),
Semarang (Central Java) other cities in Indonesia. Some of the basic materials
like marble slabs imported from India and China. The company also sells and
distributes of products through sister company P.T. PERMATAGRAHA PRIMAGEMILANG.
We observe that P.T. GPS 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.
In general, demand for ceramic tile and
other ceramic increased in the last five years. On the others side of the
ceramic export market conditions even more alarming because of a decline in the
last three years. With the domestic market is still huge and the limited
utilization, ceramics companies in the country was no longer rely on export
markets. Demand from the outside there is no movement increases. In terms of
marketing, ceramic products in the domestic market has not encountered
significant obstacles. In fact, local ceramic products are far superior when
compared to the products of China (China), especially in terms of competitive
prices. However, the growth of the ceramics industry in the country is
relatively stagnant. Gas supply limitations make this industry can not grow
more rapidly and take advantage of existing market optimally. Limited gas
supply constraints also one new investment interest in the ceramic industry
sector. The government was expected to make sure and prioritizing the needs of
the gas supply to the industry in the country, rather than exporting it.
Thus, utilization of industrial ceramic
production in the country could be maximized. Indonesian Ceramic Industry
Association (Asaki) estimated production of ceramics by the end of 2012 reached
330 million square meters, up 10% over last year's realization of 300 million
square meters thanks to the improving macro-economic conditions nationwide. For
this year, the national ceramics production can penetrate 330 million square
meters, an increase of 10% due to improved macroeconomic nationwide. This is
impacting on the growing purchasing power. Improved macro-economic conditions
nationwide, according to Elisa (Asaki) makes the construction of both
residential property and office continues to grow, contribute to a ceramics
manufacturer in the country to increase production capacity. The increase in
production capacity of ceramic is also supported by the additional supply of
gas because the gas supply increasingly filled the ceramic industry can produce
optimal.
Production Capacity and Export Value of National Ceramic Industry, 2008 –
2012
|
Year |
Production (Million Sq. Meters) |
Export (Thousand US$) |
|
2008 |
264.0 |
33,614.4 |
|
2009 |
281.9 |
29,087.0 |
|
2010 |
327.0 |
22,824.3 |
|
2011 |
300.0 |
17,204.2 |
|
2012 |
330.0 |
18,924.6 |
Source: Department of Industry and Trade (Processed
by ICB)
Until this time P.T. GPS has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. GPS is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 36.0 billion rose to Rp. 38.0 billion in 2011 increased to Rp. 40.0 billion in 2012 and projected to go on rising by at least 4% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 3.5 billion and the company has an estimated total networth of at least Rp. 11.0 billion. We observe that P.T. GPS is supported by foreign partner with has financially strong and sound behind it. 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. GPS is led by Mr. Sugianto Budhy Wibowo (50) a businessman and professional manager with experience in natural marble manufacturing and trade. 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. GRASINDO PRIMASUKSES is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.39 |
|
UK Pound |
1 |
Rs.89.90 |
|
Euro |
1 |
Rs.77.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.