|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GUNTNER INDONESIA |
|
|
|
|
Registered Office : |
Desa Wonokoyo, Kec.
Beji Kabupaten Pasuruan 67154 East Java, |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
10.03.1995 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Industrial
Metal Based Goods Manufacturing |
|
|
|
|
No. of Employees |
580 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
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 |
P.T.
GUNTNER INDONESIA
Head
Office & Factory
Desa Wonokoyo, Kec.
Beji
Kabupaten Pasuruan 67154
East Java, Indonesia
Phones - (62-343) 656 437
Fax - (62-343) 656 432
Land Area - 10,000 sq. meters
Building Area -
8,200 sq. meters
Region - Industrial Zone
Status - Owned
Branches
a. Graha Mampang, 1st
Floor
Jl. Mampang Prapatan Raya No.100
Jakarta 12760
Indonesia
Phones -
(62-21) 797 2642
Fax -
(62-21) 797 2648
Email -
mohamad.taufik@guentner.co.id
b. Graha Pena, 10th
Floor, Room 1006
Jl. Ahmad Yani No. 88
Surabaya 60234, East Java
Indonesia
Phones -
(62-31) 829 2543
Fax -
(62-31) 829 2544
Email -
deny.haryanto@guentner.co.id
Date of Incorporation :
10
March 1995
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a.
No. C-8918.HT.01.04.TH.2000
Dated 18 April 2000
b.
No. AHU-71866.AH.01.02.Tahun 2008
Dated 09 October 2008
c.
No. AHU-AH.01.10-08839
Dated 11 March 2013
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
a. The Department of Finance
NPWP No. 01.083.290.5-651.000
b. The President of the Republic of
Indonesia
No. B-33/Pres/01/1995
Dated 20 January 1995
c. The Capital Investment Coordinating
Board
- No. 73/I/PMA/1995
Dated 6 February 1995
- No. 980/III/PMA/2002
Dated 6 September 2002
- No. 28/II/PMA/2006
Dated 28 August 2006
- No. 1288/III/PMA/2006
Dated 26 September 2006
d. The Department of Industry
No. 625/T/INDUSTRI/1998
Dated 30 November 1998
Affiliated/Associated
Companies :
a.
FERAC INDUSTRIES ASIA Pte. Ltd., of Singapore (Investment Holding)
b.
P.T. ILTHABI REKATAMA of Indonesia (Investment Holding)
c.
A member of the GUNTNER Group of Germany
Capital
Structure :
Authorized Capital - US$. 1,200,000.00 (Rp. 2,644,800,000.-)
Issued Capital - US$. 1,200,000.00 (Rp.
2,644,800,000.-)
Paid up Capital - US$. 1,200,000.00 (Rp. 2,644,800,000.-)
Shareholders/Owners
:
a. FERAC INDUSTRIES Pte. Ltd. - US$ 1,199,900.00 (99.99%)
Address: No. 8, Jurong Town Hall Road
The JTC Summit,
Singapore
b. P.T. ILTHABI REKATAMA -
US$ 100.00 ( 0.01%)
Address : Kantor Taman A9, 9th Floor
Jl. Mega
Kuningan Lot 9/9
Jakarta Selatan
Indonesia
Lines
of Business :
Industrial
Metal Based Goods Manufacturing
Production
Capacity :
Heat
Exchangers -
402,000 pieces p.a.
Total
Investment :
a. Equity Capital - US$. 1.2 million
b. Loan Capital - US$. 6.1 million
c. Total Investment - US$. 7.3 million
Started
Operation :
April
1996
Brand
Name :
Guntner
Indonesia
Technical
Assistance :
Guntner Asia Pacific Pte. Ltd., of Singapore
Number
of Employee :
580
persons
Marketing Area :
a. Local -
60%
b. Export - 40%
Main
Customers :
a.
Hotels and Restaurants
b.
Supermarkets and Retail Companies
c.
Food and Beverage Companies
d.
Etc
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Metalindo Prima Engineering
b. PT. Global Metal Engineering
c. PT. Ovindo Metaltama Tehnik
d.
PT. Tekindo Prima
e.
Etc.
Business
Trend :
Growing
B a n k e r s :
a.
P.T. Bank MANDIRI Tbk
Jl. M.H. Thamrin No. 5
Jakarta Pusat
Indonesia
b. DEUTSCHE BANK
Jl. Imam Bonjol
No. 89
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Net
Sales/Revenues (estimated) :
2011
– US$. 36.0 million
2012
– US$. 41.0 million
2013
– US$. 46.0 million
Net
Profit (Loss) :
2011
– US$. 2.2 million
2012
– US$. 2.5 million
2013
– US$. 2.8 million
Payment
Manner :
Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Klaus Wolfgang Wittek
Directors -
a. Mr. Hendra Tjahjadi Damardjaya
b. Mr. Sugianto Limanto
Board of Commissioners :
Commissioner - Mr. Franz Anton Jager
Signatories :
President
Director (Mr. Klaus Wolfgang Wittek) or
one of the Directors (Mr. Hendra Tjahjadi Damandjaya or Mr. Sugianto Limanto)
which must be approved by Board of Commissioner (Mr. Franz Anton Jager)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
P.T. GUNTNER INDONESIA (P.T. GI) was
established in March 1995 with an authorized capital of US$1,200,000.- entirely
issued, of which US$ 120,000.- was paid
up. The founding shareholders of the company are P.T. ANEKAFRIGO CITRATAMA
(24.5%), P.T. ILTHABI REKATAMA (12.25%), P.T. CITRA HARAPAN ABADI (12.25%),
three national private companies and HANS GUNTNER GmbH of Germany (51%). The articles of association of the company
have frequently been revised. In September 1999 the company's authorized
capital was entirely issued as well as paid up.
Most recently by notarial deed number 48 dated
February 15, 2013 of notary Sugito Tedjamulja, SH., P.T. ANEKAFRIGO CITRATAMA,
P.T. CITRA HARAPAN ABADI, and HANS GUNTNER GmbH pulled out and the whole shares
are sold to FERAC INDUSTIRES ASIA Pte. Ltd., of Singapore as new shareholder. Since then, the shareholders of the company
are FERAC INDUSTRIES ASIA Pte., Ltd., of Singapore (99.99%) and P.T. ILTHABI
REKATAMA of Indonesia (0.01%). The amendment to deed was approved by the Minister
of Law and Human Rights of the Republic of Indonesia through its Decree No.
AHU-AH.01.10-08839 dated March 15, 2013.
The local partner in P.T. GI, namely P.T.
ILTHABI REKATAMA, is a member of the REPINDO PANCA Group, a medium size
Indonesian business group in which the majority business stakes are controlled
by Mr. Thareq Kemal Habibie, a son of former President B.J. Habibie,
Indonesia's third President replacing President Soeharto since May 1998.
P.T. GI operates under Foreign Investment
(PMA) facilities in metal working for industry with its plant located on some
2.0 hectare land in Desa Wonokoyo, Beji district, Pasuruan regency, East
Java. The plant has been in operation
since April 1996 with an annual production capacity of 2,000 pieces of heat
exchangers for industrial refrigerators, AC, blast freezers, food and beverage,
carcass chill applications, cold stores and logistic centers, catering and
canteen kitchens, shopping and convention centers, etc.
The company continued to increase its
turnover every year and the production facility was extended step by step. Currently,
the Company has a capacity to produce 402,000 pieces of heat exchangers per
annum. P.T. GI gets technological
assistance from Guntner Asia Pacific Pte. Ltd. of Singapore, a member of the
GUNTNER Group of Germany. Mr. Haryanto,
the company's marketing staff said 60% of the company's production is marketed
in the country with the rest being exported to Asian market.
Generally, the demand for heat exchanger in
the country had significantly rising by 8% to 10% per year in the last five
years, in line with the growth of food and beverage industries, electronic
industries, pharmaceutical industries, supermarkets/hypermarkets, hotels,
restaurants and others. But, as from October 2008, the demand growth for heat
exchangers has kept on dwindling as an impact of global economic crisis as told
above. The demand was increasing in the
early 2009 due to economic condition was gradually recovery in the country. The
growth rate is now estimated at 5% to 7% per year. Market competition is very
tight due to a large number of similar companies operating in the country. Business position of P.T. GI is favorable for
it has controlled a wide marketing network at home and abroad and their product
has been widely known among consumers in the country.
Until this time
P.T. GI has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. Therefore, the company has no obligation to publish
financial statement publicly. We have checked to Department of Trade and
Industry and found that no financial statement has been reported. P.T. GI’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover of the company in
2011 amounted to US$. 36.0 million increased to US$. 41.0 million in 2012 and
rose again to US$. 46.0 million in 2013.
The operation in 2013 yielded a net profit at least US$. 2.8 million and
the company has a total net worth of US$. 20.0 million. It is projected that total sales turnover of
the company will increase at least 8% in 2014.
We observe that P.T. GI is supported by financially strong behind it. So
far, we did not hear that the company having been black listed by the Central
Bank (Bank Indonesia). The company usually pays its debts punctually to
suppliers.
P.T. GI's management is headed by Mr. Klaus
Wolfgang Wittek (52) as President Director since 2008. In December 2012, he came back to Europe and
has since occupied the post as Managing Director of Güntner-Tata Kft. In
October 2013, he also was appointed COO of the A-HEAT Group. A-HEAT AG, Allied
Heat Exchange Technology AG, is an internationally active leading technology
group with a strong focus on refrigeration and air-conditioning technology as
well as process engineering. The group serves as holding company for the
Güntner GmbH& Co. KG, JAEGGI Hybridtechnologie AG, thermowave GmbH and
basetec products + solutions GmbH. In day-to-day operations he is assisted by a
team of other professional managers in the above business. 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. GUNTNER INDONESIA is sufficiently
fairly good for business transaction. However, in view of the political
situation in the country is warming we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.