|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GRAHA SARANA
METAL |
|
|
|
|
Registered Office : |
Jalan Flores II Block C 7 No. 4, Kawasan Industri MM2100, Desa Mekarwangi, Cikarang Barat Bekasi, 17550
West Java |
|
|
|
|
Country : |
Indonesia |
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|
|
|
Date of Incorporation : |
03.03.2006 |
|
|
|
|
Com. Reg. No.: |
No. AHU-55474.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Ferrous, Non Ferrous, Equipment and
Refractory Products |
|
|
|
|
No. of Employees : |
27 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 – 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 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 |
Name of Company :
P.T. GRAHA SARANA METAL
Address :
Head Office &
Warehouse
Jalan Flores II Block C 7 No. 4
Kawasan Industri MM2100
Desa Mekarwangi, Cikarang Barat
Bekasi, 17550
West Java
Indonesia
Phones -
(62-21) 8998 1825, 8998 3463
Fax - (62-21) 8998 2004
E-mail - marketing@grahasaranametal.com
Website - http://www.grahasaranametal.com
Land Area - 2,500 sq.
meters
Building Space - 1,500 sq. meters
Region - Industrial Estate
Status - Rent
Date of
Incorporation :
3 March 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-19435
HT.01.01.TH.2006
Dated 4 July 2006
- No.
AHU-55474.AH.01.02.TH.2008
Dated 26 August 2008
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.511.076.8-413.000
The Department of Trade
TDP No. 100715104291
Dated 17 July 2006
Related Companies :
a. P.T. MAKMUR META GRAHA
DINAMIKA (Trading and Distribution of Metallurgical Products
for Foundry &
Consumable Steel Industry Supply)
b. P.T. REFRATECH
MANDALAPERKASA (Refractory and Engineering Services)
Capital Structure :
Authorized Capital : Rp.
1,000,000,000.-
Issued Capital :
Rp. 310,000,000.-
Paid up Capital :
Rp. 310,000,000.-
Shareholders/Owners :
a. Mr. Hardi Sasmita -
Rp. 279,000,000.-
Address : Jl. Green Garden Block K 1/7, RT. 012 RW. 04
Kelurahan Kedoya Utara,
Kecamatan
Kebon Jeruk, Jakarta Barat
Indonesia
b. Mr. Ir. Sudin -
Rp. 12,400,000.-
Address : Jl. Kelapa Puan XXII AK-2/28, RT. 02 RW. 10
Kelurahan Pakulonan
Barat, Kecamatan Curug
Tangerang, Banten Province
Indonesia
c. Mr. Rizal Nangoy -
Rp. 9,300,000.-
Address : Jl. Asem Gede IV, RT. 008 RW. 005
Kelurahan Utan Kayu Selatan, Kecamatan
Matraman, Jakarta Timur
Indonesia
d. Mr. Gustaf Armstrong -
Rp. 9,300,000.-
Address : Jl. Peningkatan No. 11, RT. 010 RW. 003
Kelurahan Menteng Dalam, Kecamatan Tebet
Jakarta Selatan
Indonesia
Lines of Business :
Trading and Distribution of Ferrous, Non Ferrous, Equipment and
Refractory Products
Production Capacity :
None
Total Investment :
None
Started Operation :
August 2006
Brand Name :
Graha Sarana Metal
Technical Assistance :
None
Number of Employee :
27 persons
Marketing Area :
Local - 100%
Main Customer :
Cement Industries, Metal Industries, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BARA LOGAM MULTIJAYA
b. P.T. CAST METALS INDONESIA
c. P.T. GATEKA FOUNINDO
d. P.T. PROLIMAS UTAMA JAYA
e. P.T. RIYADI PUTRA MAKMUR
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Menara BCA Grand Indonesia
Jalan MH.
Thamrin No. 1
Jakarta
Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
MM2100
Industrial Estate
Jalan
Kalimantan
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 25.0 billion
2011 – Rp. 27.0 billion
2012 – Rp. 29.0 billion
Net Profit (estimated) :
2010 – Rp. 1.5 billion
2011 – Rp. 1.6 billion
2012 – Rp. 1.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Sudin
Directors - a. Mr. Rizal Nangoy
-
b. Mr. Gustaf Armstrong
Board of Commissioners :
Commissioner - Mr. Hardi Sasmita
Signatories :
President Director (Mr. Ir. Sudin) or
one of the Directors (Mr. Rizal Nangoy or Mr. Gustaf Armstrong) 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. GRAHA SARANA METAL (P.T. GSM) was set-up in Bekasi, West Java on 3 March
2006 with the authorized capital of Rp. 1,000,000,000 issued capital of Rp.
310,000,000 entirely paid up. The founding and shareholders of the company are
Mr. Hardi Sasmita, Mr. Ir. Sudin, Mr. Rizal Nangoy and Mr. Gustaf Armstrong,
they are Indonesian businessmen of Chinese descents. The company notary deed
had been changed and according to the latest revision of notary documents of
Mr. Tio Jeffrens Maranella, SH., No. 55 dated 31 July 2008 the company board of
director and the board of commissioner reappointed to lead and runs 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-55474.AH.01.02.TH.2008 dated
August 26, 2008.
We observe that Mr. Hardi Sasmita is also business stakes owners of P.T.
MAKMUR META GRAHA DINAMIKA dealing with trading and distribution of
metallurgical products for foundry & consumable steel industry supply and
P.T. REFRATECH MANDALAPERKASA dealing with refractory and engineering services.
P.T. GSM has been operating since August 2006 dealing with trading and
distribution of ferrous and non ferrous, equipment and refractory products. The
merchandise goods products are equipment (Ge meter, temp stick, molding, shot
& blasting); refractory (ceramic insulating, linning, slag remover); non
ferrous (crucible, binder, ceramic foam filter, coating); ferrous (ferro alloy,
inoculant, ferro silicon magnesium, steel grit & shot). P.T. GSM means a
place where people can meet needs with high quality of products and also
quality of services. Foundry ferrous is focus on steel and iron metal melting
from scrap, treatment until finished goods such as grease and removel, sand
binder, ferro alloy and additives, coating mould, release agent for hot and
cold box, pattern release agent, steel shot blasting, etc. Foundry non ferrous
is focus in non iron or non steel metal melting likes aluminium, bronze,
copper, gold etc. Foundry non ferrous division is dealing in non ferro ingot
like aluminium ingot, zinc ingot, tin ingot and additives material like
titanium boron, fluxes, release agent, oil for plundger in die castin, spraying
or blasting media. Refractory division is a part of P.T. GSM that manages
refractory material came from overseas principle that very strong experience in
this field. The whole products and services are mostly used by cement
industries, steel industries and others in the country among other are P.T.
HOLCIM INDONESIA Tbk, P.T. INDOCEMENT TUNGGAL PRAKARSA Tbk, P.T. INDONESIA
STEEL TUBE WORKS, P.T. FUJI TECHNICA, P.T. MULIAKERAMIK INDAHRAYA Tbk, P.T. M
CLAS INDONESIA, P.T. TOBU INDONESIA STEEL, P.T. JAKARTA STEEL and others. We
observe the operation of P.T. GSM has been growing in the last three years.
Generally, demand for metallurgical products for foundry and consumable
steel industry, ferrous and non ferrous, refractory in the country has kept on
rising in the last five year in line with the growth and development of cement
industries, metal industries and other as customers. It is projected the demand
will be increase by 6% to 8% in the next two years. However, the competition is
very tight on account of lots of similar company dealing with trading of
metallurgical products operating in the country. Starting in the second
semester 2008, many markets in various parts of the world experienced adverse
economic condition. This condition was triggered by, amongst others, the
housing and mortgage loans crisis in the United States of America (US) that
spread to securities, structures products and commodity markets.
The volatility in the US markets coupled with the sharp appreciation in
the US Dollars and a series of corporate bankruptcies and takeovers enabled the
crisis to spread to other parts of the world. The impact of the global economic
crisis has also been felt in Indonesia as the Indonesian Rupiah weakened,
demand decrease, commodity prices decreased, securities market declines,
interest rate increased, followed by decreases, tightened liquidity conditions,
and increased credit risks. Up to this time, the Company has not significantly
suffered from the economic crisis. In response to these economic events, during
2010 the Company has plans as follows: Negotiation with main customer regarding
increasing selling price. Cost reduction in business trip, pantry needs, etc.
In spite of the adverse economic conditions, management believes that the
Company will be able to continue operating as going concern for the foreseeable
future.
Until this time P.T. GSM has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. GSM 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. 25.0 billion rose to Rp. 27.0 billion in 2011
increased to Rp. 29.0 billion in 2012 and projected to go on rising by at least
5% in 2013. The operation in 2012 yielded an estimated net profit of at least
Rp. 1.7 billion and the company has an estimated total networth of at least Rp.
6.0 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. GSM is led by Mr. Ir. Sudin (44) a businessman
with more than 7 years of experience in trading and supplying of technical
goods including metallurgical products. In daily operation he is assisted by
Mr. Rizal Nangoy (36) and Mr. Gustaf Armstrong (42) 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. GRAHA SARANA METAL is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.