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MIRA INFORM REPORT
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Report No. : |
496145 |
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Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. PRIMAGUM SEJATI |
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Registered Office : |
Villa Mutiara Asri II No. 37, Jl. Ir.
Sutami, , Kelurahan Buluroken (Bulurokeng), Kecamatan Biring Kanaya , Kota
Makassar 90243 , Sulawesi Selatan |
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Country : |
Indonesia |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
27.07.2012 |
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Com. Reg. No.: |
No. AHU-45333.AH.01.01.Tahun 2012 |
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Legal Form : |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Line of Business : |
· Gathering of wild growing non-wood products ·
Wholesale of grain, unmanufactured tobacco, seeds
and animal feeds |
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No. of Employees : |
60 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, has seen a slowdown in
growth since 2012, mostly due to the end of the commodities export boom. During
the global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 33% today. While Fitch and Moody's Investors
upgraded Indonesia's credit rating to investment grade in December 2011,
Standard & Poor’s has yet to raise Indonesia’s rating to this status amid
several constraints to foreign direct investment in the country, such as a high
level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
development priorities. Indonesia, with the nine other ASEAN members, will
continue to move towards participation in the ASEAN Economic Community, though
full implementation of economic integration has not yet materialized.
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Source
: CIA |
COMPANY
IDENTIFICATION
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Company Name |
PT. PRIMAGUM SEJATI |
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Address |
Villa Mutiara
Asri II No. 37, Jl. Ir. Sutami, |
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Telephone |
+624114820635 |
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Fax |
N.A. |
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Mobile Phone |
N.A. |
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Email |
N.A. |
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Web |
N.A. |
PROFILE
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Address |
Villa Mutiara Asri II No. 37, Jl. Ir.
Sutami, |
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Office Building |
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Date of Establishment |
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Start Operation |
2012 |
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Legal Status |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization (historical) |
No.
AHU-45333.AH.01.01.Tahun 2012 |
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Government Permit (s) |
N.A. |
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Significant change |
PT. Primagum Sejati (the Company) was established on 27 July 2012 in
Makassar,South Sulawesi, with the authorized capital of IDR 800,000,000 – of
which IDR 300,000,000 was issued and paid up by Mr. Antonius Wijaya (20.000%)
and Mr. Dony Himaya Rusli (80.000%). As far as we know, there has been no change in the Company’s notarial
act as published by the Ministry of Justice. |
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Capitalization |
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SHAREHOLDERS
& MANAGEMENT
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Shareholders |
Total No. of Shareholders: 2 |
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Name of Shareholders |
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Management Board |
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Name |
Mr. Dony Himaya Rusli |
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Position |
Director |
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Nationality |
Indonesian |
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Supervisory Board |
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Name |
Mr. Antonius Wijaya |
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Position |
Commissioner |
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Nationality |
Indonesian |
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Management Assessment |
The management is deemed to have sufficient experience and industry
expertise to manage subject properly. As information, according to our source, owners of the
Company have experience working in other company that involved in the
same business with the Company for more than 20 years. |
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Authorized Signatories |
Mr. Dony Himaya Rusli as Director which must be approved by
shareholders meeting. |
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Affiliate (s) / Associate (s) |
N.A. |
KEY
DATA ON OPERATIONS
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Registered Activities |
SIC Code 02 : Forestry and logging |
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Employee |
Per 2018 |
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Business Category |
SIC Code 02.3 : Gathering of wild growing
non-wood products |
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Line of Business |
SIC Code 02.30 : Gathering of wild growing
non-wood products |
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Product & Capacity |
N.A. |
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Status of Investment |
Non-facilities based Company |
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Sales Territory |
Local |
00% |
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International |
100% |
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Main Items Imported |
- |
- |
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Main Items Exported |
Gum Resin and Copals |
Singapore |
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Major Customers |
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Major Supplier |
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Terms of Payment |
Purchase Payment |
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Activity Comment |
PT. Primagum Sejati (the Company)
is a non-facilities based company engaged in gathering and exporting non-wood
products and starting operation in 2012. The Company's head office and
operational address are located in a commercial area at the address Villa
Mutiara Asri II No. 37, Jl. Ir. Sutami, Kelurahan Buluroken (Bulurokeng),
Kecamatan Biring Kanaya, Kota Makassar 90243, Sulawesi Selatan -
Indonesia. We believe this location is leased by the Company.
Based on our investigation, the Company is engaged in gathering and
exporting non-wood products, namely gum copal or gum resin (PWS, WS, DBB
& LAS grade) and OPR from the forest tree in the several regions in
Indonesia. In its operations, the Company obtains the products, which is gum
resins, by having a partner with some farmers group in Kendari (Southeast Sulawesi)
and Timika (Papua). Here, the gum resins are from the farmers and the Company
only does the collection, cleaning and packing process for sale to
the overseas. In terms of marketing, the Company's products are 100% absorbed by the
export market, in which the Company exports mostly to the Asian countries,
such as Singapore, Malaysia and India. One of their customers is GT India
Private Limited of India. One of their export transactions on 8 February 2018, the Company
exports 8000.00 / KGS Gum Copal Dbb Grade (160 Bags) to GT India Private
Limited of India. Related to the payment, so far, there are no significant payment
problems either from their customers or to their suppliers In terms of performance, the Company's sales declined in 2015 due to
the global economic slump, yet, it slightly increased in 2016.
Next, in 2017, the Company's sales increased compared to 2016, due to
increase in demand, and continues to relatively stable until this 2018. As
explained by our source, in which to meet the market demand, the Company can
process around 20 – 30 tons per month. Currently, the Company is supported by some 60 employees. |
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Litigation |
At the time this report is written, this
Company has not been involved in any criminal or civil cases. This statement
is based on a result of searches for cases conducted at the State Court in
the area where the Company was established and operates today. |
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Sources |
Ms. Ayu (Staff of the Company, contacted on 13 April 2018), Mr.
Iskandar (Manager of the Company, contacted on 13 April 2018) |
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Operational Address |
Villa Mutiara Asri II No. 37, Jl. Ir.
Sutami, |
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BANKING
INFORMATION
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Banker (s) |
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Insurance |
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BUSINESS
PROSPECTS
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Business Prospects |
As assumed by the government and the parliament, the economy of
Indonesia is targeted to grow by 5.4% to 6.1% in 2018, supported by the
growth of household and non-profit institutions consumption (5.1-5.4%),
government consumption (3.8-4.3%), gross fixed capital products (6.3- 8.0%),
export (5.1-6.1%), and import (4.5-5.5%). Meanwhile, regarding the main products sold by the Company is gum
copal, so we learn that rubber is a commodity product used in many
appliances around the world, ranging from industrial equipment to home
appliances. There are two types of rubber known widely, namely natural rubber
made from rubber tree sap, and synthetic rubber made from crude oil, and
Indonesia is the second rubber producing country in the world. According to the Association of Indonesian Rubber Entrepreneurs (Gabungan Pengusaha Karet Indonesia),
rubber prices will continue to stretch. The implementation of export
restrictions or Agreed Export Tonnage Scheme (AETS) will increase the price
of rubber that fell in November 2017 to USD 1.4 per kg. The average rubber price in February of 2018 amounted to USD 1.45 per
kg. While the average rubber price in February 2017 reached USD 2.19 per kg. Based on the information shown above, regarding the growth of export
agricultural commodities from Indonesia and the support from the government
for the export of agricultural commodities, we believe that the gum copal or
gum resin exporter company is still promising in the future. |
FINANCIAL
STATEMENT
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Sales Turn Over |
2015 - IDR 37,000,000,000 (Estimated) |
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Total Assets |
As the Company is not a publicly listed company, we are unable to give
a detailed picture of the financial condition of the Company. |
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Other Financial Data |
As the Company is not a publicly listed company, we are unable to
provide details on the financial condition of the Company. |
CREDITWORTHINESS
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Management Capability |
Adequate |
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Business Morality |
Adequate |
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Payment Manner |
Slow but correct |
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Financial Condition |
Satisfactory |
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Operating Trend |
Up |
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Conclusive remarks |
Based on our research findings, we learned that the Company has been
engaged in gathering and exporting non-wood products, namely gum copal or gum
resin from the forest tree in the several regions in Indonesia since 2012,
which marketed mostly to the Asian countries, such as Singapore, Malaysia and
India. One of their customers is GT India Private Limited of India. In performance, until 2017, the Company recorded a revenue increase of
demand from the export market and continues to operate well until this 2018.
In addition, the Company did not experience bad credit constraints. Based on the above indicators, and the growth of export agricultural
commodities from Indonesia and the supports from the government for the
export of agricultural commodities, so we believe the Company is still
prospective in the future. Moreover, the Company also led by
professional and well-experienced management, in which owners of the Company,
has experienced in working for other companies which involved in the similar
business with the Company for more than 20 years, so we rate the
Company’s credit opinion at MEDIUM
RISK. For security reason, we advise those wishing to cooperate with or
grant loans to this Company to keep asking for adequate collateral from its
shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.22 |
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1 |
INR 92.77 |
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Euro |
1 |
INR 80.34 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.