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Report No. : |
307115 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GROWTH |
|
|
|
|
Registered Office : |
Jalan KL. Yos
Sudarso Km. 10.5, |
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|
|
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Country : |
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|
|
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Date of Incorporation : |
03.11.1989 |
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|
|
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Com. Reg. No.: |
AHU-AH.01.10-08638 |
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|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Iron and Steel
Foundry |
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|
|
|
No. of Employees : |
360 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
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, 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 |
BASIC SEARCH |
Name of
Company :
P.T. GROWTH
ASIA
A d d r e s s
:
Head Office &
Factory
Jalan KL. Yos
Sudarso Km. 10.5
Medan 20242
North Sumatra
Indonesia
Phones - (62-61) 6850206, 6850207
Fax - (62-61) 6850208
E-mail - enquiry@growthasia.com
Website - http://www.growthasia.com
Land Area - 70,000 sq.
meters
Building Area - 43,000 sq.
meters
Region -
Industrial Zone
Status -
Owned
Jakarta Office
Komplek Puri Kencana
Jl. Kencana Elok Barat II Blok 1-9 No. 16
West Jakarta - Indonesia
Indonesia
Phone -
(62-21) 5821517
Fax - (62-21) 5821518
GROWTH STEEL Australia
Pty Ltd
Slacks
Creek, QLD 4127
Phone: +61 (0) 7 3208 9012
Fax: +61 (0) 7 3290 1586
Website: www.growthsteel.com
Newcastle Office 25 Halewood Close,
Jewells, NSW 2280
Phone: +61 (0) 2 4965 7736
Fax: +61 (0) 2 4948 6039
Website: www.growthsteel.com
Phone: +61 (0) 8 9434 4733
Fax: +61 (0) 8 9434 4645
Website:
www.growthsteel.com
PT. GROWTH ASIA
Libradene Boksburg 1459
South Africa
Phone: +27 11 913 3566
Fax: +27 11 913 0317
Website: www.growthsteel.com
19
Phone: 86-25-83176816
Fax: 86-25-83176819
Website: www.growthsteel.com
Date of Incorporation :
03 November 1989
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
AHU-21540.AH.01.02.Tahun 2008
Dated 28 April 2008
b. No.
AHU-AH.01.10-08638
Dated 22 March 2011
Company Status
:
Domestic
Investment Company (PMDN)
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.516.375.1-123.000
b. The Capital Investment Coordinating Board
No. 359/I/PMDN/1990
Dated 19 April 1990
Related/Affiliated
Companies :
The GROWTH STEEL
Group Members:
a. AGRO JAYA
PERDANA, P.T. (Cassava Palletizing and Chip Manufacturing)
b. GROWTH
ASIA, P.T. (Iron and Steel Foundry)
c. GROWTH
PACIFIC, P.T. (Shrimp Culture and Cold Storage)
d. GROWTH
SUMATRA INDUSTRY LTD., P.T. (Steel
Milling)
e. LUBUK NAGA,
P.T. (Shrimp Culture)
CAPITAL AND OWNERSHIP |
Capital
Structure :
Authorized Capital - Rp. 5,000,000,000.-
Issued Capital - Rp. 5,000,000,000.-
Paid up Capital - Rp. 5,000,000,000.-
Shareholders/Owners
:
a. Mr. Fadjar Suhendra - Rp. 3,000,000,000.- (60%)
Address :
Jl. Taman Polonia II No. 27
Medan, North
Sumatra
Indonesia
b. Mr. Sugih Suhendra -
Rp. 2,000,000,000.- (40%)
Address : Jl. Taman Polonia II
No. 3
Medan, North
Sumatra
Indonesia
BUSINESS ACTIVITIES |
Lines of
Business :
Iron and Steel
Foundry
Production
Capacity :
a. Iron and Steel Casting -
9,600 tons p.a.
b. Fabricated Steel Structures - 12,000 tons p.a.
c. Machinery and Equipments -
6,000 tons p.a.
d. Automotive Parts - 1,000 tons p.a.
e. Mining Machinery Parts -
3,250 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 5.0 billion
b. Loan Capital - Rp. 17.4 billion
c. Total Investment - Rp. 22.4 billion
Started
Operation :
April 1990
Brand Name :
GROWTH ASIA
Technical
Assistance :
None
Number of
Employee :
360 persons
Marketing Area
:
Export - 30%
Local - 70%
Main Customers
:
a. Industry
companies in Mining, Quarry, Rubber, Palm Oil, Cement, Power and Steel Mills
b. Overseas
buyers in Asian, Australian, American, African and European Markets
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Baja
Pertiwi Industri
b. PT. Jaya Pari
Steel Tbk.
c. PT. Gunawan
Dianjaya Steel Tbk
d. PT. Gunung
Raja Paksi
e. PT. Maju Warna
Steel
f. PT. Metalina Tunggal
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan
Jend. A. Yani 100
Medan, North
Sumatra
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan Balaikota
No. 10 A-P
Medan, North
Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE |
Annual Sales
(estimated) :
2011 – Rp. 330.0
billion
2012 – Rp. 365.0
billion
2013 – Rp. 408.0
billion
2014 – Rp. 460.0
billion
Net Profit
(estimated) :
2011 – Rp. 16.5
billion
2012 – Rp. 18.2
billion
2013 – Rp. 20.3
billion
2014 – Rp. 22.9
billion
Payment Manner
:
Fairly good
Financial
Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
President Director - Mrs. Catherine Widjaja
Directors -
a. Mr. Sasioso
b. Mrs. Kolina
Marketing Manager -
Mr. Ridwan Kusuma
Board of Commissioners :
President Commissioner -
Mr. Fajar Suhendra
Commissioner -
Mr. Sugih Suhendra
Signatories :
President Director (Mrs.
Catherine Widjaja) or one of the Directors (Mr. Sasioso and Mrs. Kolina) which
must be approved by Board of Commissioners (Mr. Fajar Suhendra and Mr. Sugih
Suhendra)
|
CAPABILITIES |
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE |
P.T. GROWTH ASIA (P.T. GA) was established
in 1989 with the authorized capital of Rp. 5,000,000,000 of which Rp. 2,000,000,000
was issued and fully paid up. The founding shareholders of the company are Mr.
Soe Tjoei, his wife Mrs. Joe A Kam and his four sons Mr. Fadjar Suhendra, Mr.
Trisno Suhendra, Mr. Surya Suhendra and Mr. Sugih Suhendra, an Indonesian
business family of Chinese extraction. However, in 1998 whole shares of P.T. GA
were taken over by Mr. Fadjar Suhendra (60%) and his younger brother Mr. Sugih
Suhendra (40%). On April 2008, the
issued and paid up capital was increased to Rp. 5,000,000,000.-. This
Articles of Association amendment was made by Susan Widjaja, SH., a public
notaries in Medan and it was approved by the Minister of Law and Human Rights
of the Republic of Indonesia by virtue of Decision Letter No.
AHU-21540.AH.01.02.Tahun 2008 dated April 28, 2008 and No. AHU-AH.01.10-08638
dated March 22, 2011. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. GA is a member of the GROWTH STEEL
Group or the GROWTH SUMATERA Group, a small sized company group being led by
Mr. Fadjar Suhendra (66) and his younger brother Mr. Sugih Suhendra (59). This company group focuses its activities in
iron and steel casting, steel milling, shrimp culturing and cold storage,
cassava palletizing and chips manufacturing.
P.T. GA is dealing with iron and steel
foundry by managing a plant located in Medan Industrial Estate, Jalan Yos
Sudarso Km. 10.5, Medan, North Sumatra on a land of 6 hectares. The plant produces
irons and steel casting, fabricating steel structures, machinery and equipment,
automotive parts and mining machinery parts. The plant is equipped with modern
machinery and equipment like spectrometer, universal testing machines, digital
hardness tester, ultrasonic flaw detector, a hug heat treatment plant and
others.
In October 2013, P.T. GA obtains Primaniyarta Award as top performers exporters increase export volumes achievement and contribution to the value of foreign exchange generated annually. Primaniyarta is the highest recognition given by the Government through the Ministry of Trade Indoneia. Mr. Ridwan Kusuma, Manager Marketing of P.T. GA said that this time they develop new products such as rubber mill liners and grinding media with natural rubber raw materials to be used in the mining industry. Now, some 70% of the company products is sold locally especially to crumb rubbers and oil palms processing companies; gold, coal and copper mining companies and the rest of 30% is exported to Malaysia, Singapore, the Philippines, Australian, American, African and European Markets. P.T. GA is classified as a large sized company of its kind in North Sumatra. The operation of the company has steadily been growing in the last three years.
Generally, Indonesia’s economic growth in
2013 showed a slower progress. The
decrease of mining and plantation related primary products have resulted in a
higher current account deficit and suppressed the foreign exchanges. Therefore, the Government and Bank Indonesia
must took actions by forming new regulations, namely investment
improvement. These regulation supported
by s strong domestic demand were able to boosted Indonesia’s economic growth to
5.8%, although this number was lower compared to 2012 growth, which reached
6.2%. Rupiah exchange rate fluctuated in
the last quarter of 2013 and was closed at a lower rate compared to 2012 rate.
The solid and steady domestic economy,
increased government activity in infrastructure development and improving
investment climate in Indonesia with the rising of Country Rating to Investment
Grade, and also supported by Indonesia’s economic indicators such as inflation,
exchange rates and interest rates are expected to encourage the business
sectors. The global
economy is expected to grow faster in 2015 than it did in 2013 and 2014,
although it still face risks stemming from the slowing economic growth in
developed countries and the on going crisis in Europe. Despite the slowing global economy,
Indonesia’s economy still grew quite briskly in 2013. Indonesia’s economic growth reached 5.8% in
2013, or slightly below the projection contained in the 2013 Revised State
Budget and 2012’s economic growth of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
The company is neither public listed nor
bond issued company. 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. GA’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated that the total sales turnover of the
company in 2011 amounted to Rp. 3300.0 billion increased to Rp. 365.0 billion
in 2012 to Rp. 408.0 billion in 2013 and rose again to Rp. 460.0 billion in
2014. It’s estimated the net profit of
the company in 2014 amounted to Rp. 22.9 billion. It is projected the sales turnover will be
rising by at least 8% in 2015. The company has estimated total assets of at
least Rp. 220.0 billion. 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.
The management of P.T. GSI is headed by Mrs.
Catherine Widjaja (37) as president director and she is assisted by two
directors namely Mr. Sasioso (39) and Mrs. Kolina (42). But, we believe the prime-mover of the
company is Mr. Fadjar Suhendra (68), a businessman with more than 38 years of
experience in steel mills industry. He
is assisted by his younger brother Mr. Sugih Suhendra (61), both are the
founding owners of the GROWTH STEEL Group.
The business reputation of the management in steel mills industry and
trading is good. The management has wide relation overseas and national private
businessmen as well as with the government sectors. So far, we did not hear
that the management has been involved in business malpractice and detrimental
cases being settled in the court. The company’s litigation record is clean and
it has not registered with the black list of Bank of Indonesia. P.T. GROWTH ASIA is appraised to be good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.