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Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GRASADA
INTERNATIONAL |
|
|
|
|
Registered Office : |
Kawasan Industri Muara Karang Block B Utara No.
33-35 Jalan Pluit Karya 1 Kelurahan Pluit, Kecamatan
Penjaringan Jakarta Utara, 14450 |
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|
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Country : |
Indonesia |
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Date of Incorporation : |
01.07.2002 |
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Com. Reg. No.: |
No. AHU-58297.AH.01.02.TH.2009 |
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|
|
|
Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Granite and Marble |
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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 |
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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 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. GRASADA INTERNATIONAL
Address :
Head Office &
Warehouse
Kawasan Industri Muara Karang Block B Utara No.
33-35
Jalan Pluit Karya 1
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara, 14450
Indonesia
Phones - (62-21) 6669 5341, 6669 3646
Fax -
(62-21) 6669 3150
E-mail - info@grasada.com
Website - http://www.grasada.com
Land Area - 5,000 sq.
meters
Building Space - 2,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation :
1 July 2002
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C-18061.HT.01.01.TH.2002
Dated 18 September 2002
- No. AHU-58297.AH.01.02.TH.2009
Dated 30 November 2009
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.228.576.1-809.000
The Department of Industry and Trade
TDP No. 090115115912
Dated 9 October 2002
Related Companies :
a. P.T. RENEO GRASADA
(Granite and Marble Stone Industry)
b. P.T. UNION GRASADA
(Leasing)
Capital Structure :
Authorized Capital : Rp.
6,000,000,000.-
Issued Capital : Rp.
1,500,000,000.-
Paid up Capital : Rp. 1,500,000,000.-
Shareholders/Owners :
a. Mr. Indra Gunawan -
Rp. 750,000,000.-
Address : Taman Anggrek Timur 8/31.D, RT. 012 RW. 001
Kelurahan Tanjung Duren
Selatan, Kecamatan
Grogol Petamburan, Jakarta
Barat
Indonesia
b. Mrs. Hilda Noveda -
Rp. 750,000,000.-
Address : Taman Anggrek Timur 8/31.D, RT. 012 RW. 001
Kelurahan Tanjung Duren
Selatan, Kecamatan
Grogol Petamburan, Jakarta
Barat
Indonesia
Lines of Business :
Trading and Distribution of Granite and Marble
Production Capacity :
None
Total Investment :
None
Started Operation :
August 2002
Brand Name :
Grasada International
Technical Assistance :
None
Number of Employee :
27 persons
Marketing Area :
Local - 100%
Main Customer :
Building contractors, Trading and Distribution of Building Materials
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADIDAYA PRIMA MARMER
b. P.T. BANGUNANREKSA PERKASA
c. P.T. DEKORAMIK PERDANA
d. P.T. DHARMAWAN INTERSARANA
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Muara Karang
Timur Block B VIII No. 116-117
Jakarta Barat
Indonesia
b. P.T. Bank UOB INDONESIA
Jalan Muara
Karang No. 1
Jakarta
Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 32.0 billion
2011 – Rp. 34.0 billion
2012 – Rp. 36.0 billion
Net Profit (estimated) :
2010 – Rp. 1.9 billion
2011 – Rp. 2.2 billion
2012 – Rp. 2.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Indra Gunawan
Board of Commissioners :
Commissioner - Mrs. Hilda Noveda
Signatories :
Director (Mr. Indra Gunawan) 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. GRASADA INTERNATIONAL (P.T. GI) was established in Jakarta based on
notary deed of Mrs. Titiek Irawati Sugianto, SH., No. 1 dated 1 July 2002 with
the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 250,000,000
fully and paid up. The founding and shareholders of the company are Mr. Indra
Gunawan and his wife Mrs. Hilda Noveda, both are Indonesian business family of
Chinese descents. The company notary deed had been changed and according to the
revision of notary documents of Mrs. Titiek Irawati Sugianto, SH., No. 52 dated
16 October 2009 the company authorized capital was increased to Rp. 6,000,000,000
issued capital to Rp. 1,500,000,000 fully and paid up. With this development
the composition of its shareholders has been changed to become Mr. Indra
Gunawan (50%) and his wife Mrs. Hilda Noveda (50%). The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-58297.AH.01.02.TH.2009 dated November 30, 2009.
P.T. GI has been operating since August 2002 engaged in the field of
trading and distribution of granite and marble. The company is an authorized distributor
of granite and marble produced by parent company P.T. RENEO GRASADA a national
private company dealing with marble and granite stone industry.
Whether a customer is looking for a basic clean cream marble stones for
the main hall in the house or for more elegant grey colored tiles for the
bathroom its produced all. Despite popular belief that imported product is
always better than local one, P.T. GI’s local marble stones are without a doubt
able to compete with the more high-end imported materials, as they have been
exported to various countries such as Australia, Korea and Malaysia for
numerous times. For
a wider range of color and pattern choices, customers and
clients are also able to select materials from P.T. GI’s Import Section.
Ranging from the more common Italian white and cream marbles, to colorful red
or black and silver granite and marbles, customers will surely find types of
materials that will suit their need. With its wide variety, continuous supply
from local Quarries, Europe, Middle East and other Asian countries, long
experience and full commitment P.T. GI has been trusted to supply materials for
many housing and building projects in Jakarta and other Indonesian cities, as
well as cities abroad. According information parent company P.T. RENEO GRASADA
imported granite and marble in the form of block and slabs from China, India,
Italy and others countries as well also obtained from locals, South Sulawesi
and others. Later the marble and granite stone was cutting and processed in P.T.
RENEO GRASADA in Tangerang, Banten Province. We observe that whole marble and
granite marketed locally to various building materials in various cities in
Indonesia. We observe P.T. GI has been growing and developing well 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. GI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. GI 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. 32.0 billion rose to Rp. 34.0 billion in 2011
increased to Rp. 36.0 billion in 2012 and projected to go on rising by at least
6% in 2013. The operation in 20012 yielded an estimated net profit of at least
Rp. 2.5 billion and the company has an estimated total networth of at least Rp.
5.0 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. GI is led by Mr. Indra Gunawan (42) a businessman
with experience in trading import and distribution of granite and marble;
granite and marble stone industry. 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. GRASADA INTERNATIONAL is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.