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Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. GRAND KEMINDO PRATAMA |
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Registered Office : |
Kompleks
Pergudangan Sinar Buduran B Kav. 10, Desa Banjarsari, Kecamatan Buduran,
Sidoarjo, 61252, |
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Country : |
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Date of Incorporation : |
03.10.2006 |
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Com. Reg. No.: |
No. AHU-AH.01.10-41386 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import,
Supply and Distribution of Industrial Chemicals |
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No. of Employees : |
17 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices
|
Source
: CIA |
Name of
Company :
P.T. GRAND
KEMINDO PRATAMA
A d d r e s s
:
Head Office
Kompleks
Pergudangan Sinar Buduran B Kav. 10
Desa Banjarsari,
Kecamatan Buduran
Sidoarjo, 61252
East Java
Indonesia
Phones -
(62-31) 8014476 – 78
Fax - (62-31) 8014479
E-mail - hery_gunawan90@yahoo.com
Website - http://www.grandkemindo.com
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
3 October 2006
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. W10-00723
HT.01.01.TH.2007
Dated 22 July 2007
- No.
AHU-50621.AH.01.02.TH.2010
Dated 27 October 2010
- No.
AHU-AH.01.10-41386
Dated 22 November 2012
Company Status
:
National Private
Company
Permit by the Government
Department :
The Department of Finance
NPWP No.
02.476.699.2-643.000
The Department of Industry and Trade
TDP No.
130115118678
Dated 11 July
2007
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 250,000,000.-
Paid up Capital : Rp. 250,000,000.-
Shareholders/Owners
:
a. Mr. Hermawan Widharta - Rp. 225,000,000.-
Address :
Jl. Karang Empat Timur 1/5
Kelurahan
Ploso, Kecamatan Tambaksari
Surabaya, East
Java
Indonesia
b. Mrs. Yati Suhendra -
Rp. 25,000,000.-
Address : Jl. Tambak Windu 2/19
Kelurahan
Tambakrejo, Kecamatan Simokerto
Kota, Surabaya,
East Java
Indonesia
Lines of
Business :
Trading, Import,
Supply and Distribution of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2007
Brand Name :
Grand Kemindo
Pratama
Technical
Assistance :
None
Number of
Employee :
17 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Manufacturing
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DOVER
CHEMICAL
b. P.T. PINTU MAS
MULIA KIMIA
c. P.T. MULYA
ADHI PARAMITA
d. P.T. SYMRISE
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan A. Yani No.
39 A
Sidoarjo,
Surabaya
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 27.0
billion
2012 – Rp. 30.0
billion
2013 – Rp. 32.0
billion
Net Profit
(estimated) :
2011 – Rp. 1.3
billion
2012 – Rp. 1.5
billion
2013 – Rp. 1.7 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Hermawan Widharta
Marketing Manager -
Mr. Hery Gunawan
Board of Commissioners :
Commissioner -
Mrs. Yati Suhendra
Signatories :
Director (Mr. Hermawan
Widharta) 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. GRAND
KEMINDO PRATAMA (P.T. GKP) was established in Surabaya, East Java on 3 October 1006
with the authorized capital of Rp. 1,000,000,000 issued capital of Rp.
250,000,000 entirely paid up. The founding and shareholders of the company
originally were Mr. Hermawan Widharta, Mr. Lie Fendijanto, Mr. Andy Setiawan
and Mr. Harry Kurniady Sim, they are Indonesian businessmen of Chinese
extraction. The company notary deed had been changed a couple of times and in
September 2010 Mr. Lie Fendijanto, Mr. Andy Setiawan and Mr. Harry Kurniady Sim
pulled out and the whole share sold to Mrs. Yati Suhendra as new shareholder.
With this time the composition of its shareholders has been changed to become
Mr. Hermawan Widharta (90%) and Mrs. Yati Suhendra (10%). The latest according
to the revision of notary deed Mrs. Maria Tjandra, SH., no. 55 dated 13 November
2012 the company board of director and the board of commissioner had been
changed 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-AH.01.10-41386 dated November 22, 2012.
P.T. GKP has
been operating since 2007 dealing with trading, import, supply, stockiest and
distribution of industrial chemicals. The merchandise goods products are food
chemical pharmaceutical chemical, cosmetic active ingredients, feed raw
material and waste water treatment.
The main product are food ingredients, cosmetic, pharmaceutical, feed
mill industry such as instant noodle, energy drink liquid or powder type, snack
and confectionary or health food industry, pharmaceutical, feed mills and
cosmetic company. The company has good business relationship with a lot of
companies such as: Ajinomoto-Japan, Sinoway-China, Kemsel-Colombia, Yenching-China, Citrus Fiber - FIBERSTAR USA; ULTRA
Filtration of the USA; IONMOS – HELMUT GRUND of Romania; RUNG International of
India; AMTEX S.A. of Colombia; CITRIFI of USA and others. And distributing
their over hundred products like Citric
Acid Anhydrous, potassium Sorbate, Sodium Erythorbate, Butylated
Hydroxy Anisloe, Tertiary Buthyl Hydroquinone, Extract, Herbs, Antiseptic,
Preservative and cosmetic specialty, animo acid and antiseptic for veterinary
and others. Mr. Hery Gunawan, marketing
manager of the company explained the whole products supplied to various food
and beverages industries, metal cutting industries, waste water contracting
services and others. The company customers among others are P.T. SIANTAR TOP
Tbk, P.T. GARUDAFOOD PUTRA PUTRI JAYA (GARUDAFOOD Group), P.T. INDOFOOD SUKSES
MAKMUR Tbk, P.T. INDOFOOD CBP SUKSES MAKMUR Tbk, P.T. TIRTAMAS INVESTAMA, and
other food processing and bottled drinking water processing in East Java and
surroundings. We observe that P.T. GKP operation has been growing and
developing well in the last three years.
The domestic
demand for various types of chemical products had been rising by 8% to 10% on
the average per annum in the last five years in line with the rapid growth of
various industrial sectors including textile chemical in the above period of
times as the consumers. But, later dwindled as the global economic slowdown
since October 2008, followed by tight money policy imposed by Indonesian
Central Bank (Bank Indonesia) and also heated by political issue in the
country. The demand growth started to awake in June 2009 in line with the
amelioration of economic condition in the country. Market competition is very
tough on account of large number of other similar companies operating in the
country. P.T.GKPI business position in this case is not too badly because it
has built regular customers and extensive marketing network all across the
country.
Imports of
Raw Materials and Auxiliary Goods, 2007-2012
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
Source: Central
Bureau of Statistic (BPS)
Until this time
P.T. GKP has not been registered with Indonesian Stock Exchange, so that they had
not obliged to announce their financial statement. The
management of P.T. GKP is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover
of the company in 2011 amounted to Rp. 27.0 billion rose to Rp. 30.0 billion in
2012 increased to Rp. 32.0 billion in 2013 and projected to go on rising by at
least 5% in 2014.
The operation in
2013 yielded an estimated net profit of at least Rp. 1.7 billion and the
company has an estimated total networth of at least Rp. 3.0 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. GKP is led by Mr. Hermawan Widharta (42) a businessman with experience
in trading, import and distribution of industrial chemicals. He graduated from
University Surabaya (UBAYA) majoring in pharmaceutical in 1991-1996. 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. GRAND KEMINDO PRATAMA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.55 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
Report Prepared
by : |
PDT |
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 |
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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 |
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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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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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.