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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GLOBAL SARANA PERKASA |
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|
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Registered Office : |
Jalan Paradise Timur Pata II Block F-21 No. 23, RT. 012 RW. 012 Sunter Agung, Tanjung Priok Jakarta Utara, 14340 |
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Country : |
Indonesia |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Frozen Beef and Fresh Fruits |
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No. of Employees : |
11 |
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 |
|
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. GLOBAL SARANA PERKASA
Head Office
Jalan Paradise Timur Pata II Block F-21 No. 23, RT. 012 RW. 012
Sunter Agung,
Tanjung Priok
Jakarta Utara,
14340
Indonesia
Phones - (62-21) 65308292 (Hunting)
Fax - (62-21) 65308291, 29385092
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
2009’s
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. AHU-38870.AH.01.02.TH.2010
Dated 6 August 2010
- No. AHU-AH.01.10-25184
Dated 6 October 2010
Company Status :
Private National Company
Permit by the Government Department :
The Department of
Finance
NPWP No.02.492.121.5-048.000
Related Company :
None
Capital Structure :
Authorized Capital : Rp. 1,000,000,000.-
Issued Capital : Rp. 600,000,000.-
Paid up Capital : Rp. 600,000,000.-
Shareholders/Owners :
a. Mr. Widiyanto -
Rp. 300,000,000.-
Address : Jl. Soebagyo Z/2, RT. 001 RW. 009
Tangerang, Jakarta Barat
Indonesia
b. Mr. Kenvin
Setiawan -
Rp. 300,000,000.-
Address : Jl. Kramat Jati No. 6, RT. 010 RW. 004
Kramat Jati,
Jakarta Timur
Indonesia
Lines of Business :
Trading, Import and Distribution of Frozen Beef and Fresh Fruits
Production Capacity :
None
Total Investment :
None
Started Operation :
2009’s
Brand Name :
Global Sarana Perkasa
Technical Assistance :
None
Number of Employee :
11 persons
Marketing Area :
Local - 100%
Main Customer :
Hotels, Restaurant, Supermarkets and Traditional Markets
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ABATTOIR SURYA JAYA
b. P.T. KENFARM INDONESIA
c. P.T. KOKI INDOCAN
d. P.T. MITRATANI DUA TUJUH
e. Etc.
Business Trend :
Growing
B a n k e r :
P.T. Bank CENETRAL ASIA Tbk
Jalan
Enggano No. 22-23
Tanjung
Priok
Jakarta
Utara
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 7.5 billion
2011 – Rp. 8.4 billion
2012 – Rp. 9.5 billion
Net Profit (estimated) :
2010 – Rp. 450 million
2011 – Rp. 500 million
2012 – Rp. 570 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Kenvin Setiawan
Board
of Commissioners :
Commissioner - Mr. Widiyanto
Signatories
:
Director (Mr.
Kenvin Setiawan) which must be approved by Board of Commissioner
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
P.T. GLOBAL SARANA PERKASA (P.T. GSP) was incorporated in Jakarta in 2009’s by Mr. Widiyanto and Mr. Kenvin Setiawan. According to the latest revision of notary documents on April 2010 the authorized capital was amounted at Rp. 1,000,000,000 issued capital of Rp. 600,000,000 entirely paid up. With this time the composition of its shareholders are Mr. Widiyanto (50%) and Mr. Kenvin Setiawan (50%). The deed of amendments was made by Mrs. Mutiara Hartanto, SH., a public notary in Jakarta and was approved by the Ministry and Law and Human Rights in its decision letter No. AHU-AH.01.10-25184 dated October 6, 2010.
P.T. GSP started to be operating since 2009’s to deal with trading, import and distribution of frozen beef and fresh fruits. The frozen fruits like apple, graves, pear, dates, oranges, kiwi, water melon, and others fruits imported from Australia, New Zealand, Europe, USA, China and others. The company operates a cold storage located at Jalan Bisma Raya D-1 No. 8, Papango Tanjung Priok, North Jakarta. Besides, the merchandise goods products like frozen beef import from Australia and New Zealand. The whole products supplies to hotels, restaurants, supermarkets and tradition market in Jakarta and surroundings. Besides fresh fruits supplies to several fruits stores, grocery fruits in Jakarta and surroundings. According information the company is also imported of garlic from India and China.
Business Competition Supervisory Commission (KPPU) held a preliminary hearing Garlic cartel cases allegedly committed by 19 companies importer garlic. Alleged violation of Article 11, Article 19 and Article 24 letter c of Law No. 5 of 1999, the principal case import garlic in November 2012-February 2013. P.T. GSP is one of 19 companies that are alleged to have agreement among business actors to agree on the price of garlic. As a result of cartel practices imports the garlic, garlic price increased simultaneously in November 2012-March 2013, the alleged violation of Article 11 of Law No. 5 of 1999. We observe that P.T. GSP is classified as a small sized company in the country dealing with trading, importing and distributor of fresh fruits of which the operation had been running smoothly and growing slowly in the last three year.
We note that generally the domestic demand for fresh fruits has been rising by about 8% - 10% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. In terms of the development of the meat processing industry, the Government will continue facilitated by prioritizing the use of raw materials in country. The Government will continue to foster the implementation of a healthy partnership the meat processing industry was farming with farmers, so farmers will deal directly with the industry and break the chain of the trading system quite long, as this will increase the margin farmers. The study shows that the upstream sector (farmers) just enjoy the 40% of the consumer market. This means that the majority of the advantages enjoyed by merchants, and become disproportionate. The impact on the retail sector, in upstream segment of retail sector dominated by small businesses, while in the sector downstream controlled large employers.
According to statistical data farms, the cattle population in 2003 was 10.5 million head which lasted until 2005. In the year 2006 increased to 10.8 million head. While the need for beef in the country increased from 303.3 thousand tons in 2002 to 389.3 thousand tons in 2006. It is assumed in the year 2010 will be an increased need meat 115.67 million tons from the 2005 figure needs. According to USDA calculations on Strengthening Food Security Action Plan towards self-sufficiency of meat (beef) 2114, the cattle population at least it should be close to 16.7 million head. Meanwhile, the growth local beef cattle only 3% per years. Practical population figure for it will never be achieved by local cattle growth without the addition of the parent from the outside. This is an opportunity to fatten beef cattle.
Beef Import Quotas,
2009 – 2014*
|
Year |
Bakalan Cattle
(Tails) |
Frozen Meat (Tons) |
Beef Consumption
(Tons) |
|
2009 |
765,000 |
110,000 |
390,000 |
|
2010 |
521,000 |
120,000 |
420,000 |
|
2011 |
560,000 |
100,000 |
449,000 |
|
2012 |
283,000 |
34,000 |
484,000 |
|
2013 |
276,000 |
32,000 |
530,000 |
|
2014* |
161,000 |
23,000 |
590,000 |
Source: Ministry of Agriculture &
processed *) Planned
Until this time P.T. GSP has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. GSP 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. 7.5 billion rose to Rp. 8.4 billion in 2011 to Rp. 9.5 billion in 2012 and projected to go on rising by at least 5% in 2013. It is estimated the operation in 2012 has yielded a net profit by at least Rp. 570 million. 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. GSP is led by Mr. Kenvin Setiawan (38) a businessman and professional manager with experience in trading, import and distribution of frozen beef and fresh fruits. 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. GLOBAL SARANA PERKASA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.