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Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. LIFE STONE
INDONESIA |
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|
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Formerly Known As : |
C.V.
LIFE STONE INDONESIA |
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Registered Office : |
Kawasan
Industri Permata Gedangan, Jalan
Muncul Block AF No. 1, Kelurahan Gedang, Kecamatan Sedati, Sidoarjo, 61219,
East Java |
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Country : |
Indonesia |
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Year of Establishment : |
1997 |
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Com. Reg. No.: |
No.
AHU-54747.AH.01.01.TH.2010 |
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|
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Legal Form : |
Limited
Liability Company |
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|
|
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Line of Business : |
Trading,
Import and Distribution of Granite and Marble |
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No. of Employees : |
21 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. LIFE STONE INDONESIA
Head Office & Warehouse
Kawasan
Industri Permata Gedangan
Jalan
Muncul Block AF No. 1
Kelurahan
Gedang, Kecamatan Sedati
Sidoarjo,
61219
East
Java
Indonesia
Phones -
(62-31) 855 2207, 855 2208
Fax - (62-31) 855 2202
E-mail - marketing.lifestone@gmail.com
Website - http://www.lifestoneindonesia.com
Land Area - 5,000 sq.
meters
Building Space - 2,000 sq. meters
Region - Industrial
Estate
Status - Rent
a. 1997 as C.V. LIFE STONE INDONESIA
b. 1 October 2010 as P.T. LIFE STONE INDONESIA
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
No.
AHU-54747.AH.01.01.TH.2010
Dated
22 November 2010
National
Private Company
The Department of Finance
Not
Available
None
Capital
Structure :
Authorized
Capital : Rp.
500,000,000.-
Issued
Capital :
Rp. 150,000,000.-
Paid
up Capital :
Rp. 150,000,000.-
Shareholders/Owners
:
a. Mr. Ir. Johanes Dominggus Fallo - Rp.
142,500,000.-
Address : Jl. Kutilang FF-60, RT. 40 RW. 13
Kelurahan Pabelan, Kecamatan Sedati
Sidoarjo, East Java
Indonesia
b. Mrs. Tri Suryanti -
Rp. 6,000,000.-
Address :
Jl. Kutilang FF-60, RT. 40 RW. 13
Kelurahan Pabelan, Kecamatan
Sedati
Sidoarjo, East Java
Indonesia
c. Miss. Ema Idamina Fallo -
Rp. 1,500,000.-
Address :
Jl. Kutilang FF-60, RT. 40 RW. 13
Kelurahan Pabelan, Kecamatan
Sedati
Sidoarjo, East Java
Indonesia
Lines
of Business :
Trading,
Import and Distribution of Granite and Marble
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1997
when it was C.V. LIFE STONE INDONESIA
Brand
Name :
Life
Stone Granite & Marble
Technical
Assistance :
None
Number
of Employee :
21
persons
Marketing
Area :
Local - 100%
Main
Customer :
Building
Contractor, Trader and Retails of Building Materials
Market
Situation :
Very
Competitive
Main
Competitors :
a.
ACEH BARU KERAMIK
b.
P.T. ADHINATA KARYA MARMER
c.
P.T. ADIDAYA PRIMA MARMER
d.
P.T. ALAM SURYA RAYA INDAH
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan A. Yani No. 39 A
Sidoarjo, East
Java
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jenggolo
No. 47-51
Sidoarjo, East
Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 22.9 billion
2011
– Rp. 23.5 billion
2012
– Rp. 25.0 billion
Net
Profit (estimated) :
2010
– Rp. 1.6 billion
2011
– Rp. 1.7 billion
2012
– Rp. 1.9 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Ir. Johanis Dominggus Fallo
Board of Commissioners :
Commissioner - Mrs. Tri Suryanti
Signatories :
Director
(Mr. Ir. Johanis Dominggus Fallo) 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
Based on investigation the correct name of the Subject is
P.T. LIFE STONE INDONESIA not LIFE STONE GRANITE & MARBLE as stated in your
order ref. no. 232731 dated 14 August 2013.
Originally
the company named C.V. LIFE STONE INDONESIA was established in Sidoarjo, East
Java with the legal status C.V. (Commanditaire Vennotschap) or partnership with
sleeping partner. The company was founded by Mr. Ir. Johanis Dominggus Fallo as
active partner and his wife Mrs. Tri Suryanti, both are indigenous business
family. Later based on notary deed of Mr. G. Mochtar Rudy, SH., No. 01 dated 1
October 2010 the company status was changed into P.T. (Perseroan Terbatas) or
Limited Liability Company with the name of P.T. LIFE STONE INDONESIA (P.T. LSI)
with an authorized capital of Rp. 500,000,000 issued capital of Rp. 150,000,000
fully and paid up. The company was founded by Mr. Ir. Johanis Dominggus Fallo
(95%) his wife Mrs. Tri Suryanti (4%) and their sister Miss. Ema Idamina Fallo
(1%). The notary deed of incorporation was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-54747.AH.01.01.TH.2010 dated
November 22, 2010.
P.T.
LSI is a national private company engaged in the field of trading and
distribution of granite and marble. Initially the company has been operating
since 1997 starting in the installation of natural stone. Starting with the
employees of three people, and is based in a house on Rungkut Menanggal 24,
Surabaya. The first project is the installation of marble floor for the Westin
Hotel Surabaya. The rapid development of the business, P.T. LSI decided to
invest some of its assets in the form of a warehouse measuring 10 meters by 30
meters in the industrial district of Permata Gedangan in Gedangan Sidoarjo.
Later in 2007, P.T. LSI began development of the completely new warehouse and
office and used it as a show house for various types of marble and granite
stones. After the development of the new office and show house are finished,
P.T. LSI officially occupied the new office in 2008. To support of its
operation the company equipped 6 Advance German made industrial crane. Mr. Ir.
Johanis Dominggus Fallo, Director of the company explained the company imported
marble and granite stone in the form of slabs and block from China, India, Turkey,
and Brazil. Besides, the company also used granite and marble stone from Ujung
Pandang, South Sulawesi. Then the whole granite and marble stone was cutting
and processed in their warehouse located at Sidoarjo, East Java standing on
5,000 sq. meters.
P.T.
LSI produces various different types of granite and marble if combined with
good design and high craftsmanship with a beautiful work of art and high
quality. The types of products are Classic, Luxury, Exotic, Naturals and
others. The whole products marketed locally almost cities in Indonesia through
building contractor and also trader and shops of marble and granite. To further
provide better service to consumers, P.T. LSI provides maintenance and
treatments for the installed marble and granite stones. With good maintenance
on marble and granite, will make it looks clean and always shows its beauty.
Years of experiences on marble and granite makes P.T. LSI always gives an
effective and optimized maintenance. We observe the operation of P.T. LSI 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. LSI has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management of P.T. LSI 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. 22.9 billion
rose to Rp. 23.5 billion in 2011 increased to Rp. 25.0 billion in 2012 and
projected to go on rising by at least 6% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 1.9 billion and the company has an
estimated total networth of at least Rp. 4.0 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. LSI is led by Mr. Ir. Johanis Dominggus Fallo (46) a
businessman with experience in trading, import and distribution of granite and
marble. 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. LIFE STONE INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.