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MIRA
INFORM REPORT
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Report No. : |
507649 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. GREEN SOURCE INDONESIA |
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Registered Office : |
Jl. Pluit Selatan Raya No.60, RT. 015, RW. 006, Kelurahan
Pluit, Kecamatan, Penjaringan, Kota Jakarta Utara 14450, DKI Jakarta |
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Country : |
Indonesia |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
26.01.2016 |
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Legal Form : |
Private Limited Liability Company or Perseroan Terbatas
(PT) |
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Line of Business : |
· Manufacture of Basic Precious and Other Non-Ferrous Metals · Aluminium Production |
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No. of Employees : |
27 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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. GREEN SOURCE INDONESIA |
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Address |
Jl. Pluit Selatan Raya
No.60, RT. 015, RW. 006 |
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Telephone |
+622166678078 |
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Fax |
+622166678079 |
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Mobile Phone |
N.A. |
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Email |
hartonozi@yahoo.com |
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Web |
N.A. |
PROFILE |
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Address |
Jl. Pluit Selatan Raya
No.60, RT. 015, RW. 006 |
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Office Building |
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Date of
Establishment |
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Start Operation |
August 2016 |
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Legal Status |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization
(historical) |
No. AHU-0005787.AH.01.01.Tahun.2016 |
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Government Permit
(s) |
Direktorat Jenderal
Pajak |
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Significant change |
PT. Green Source Indonesia (the Company) was established in North Jakarta on January 26, 2016, with the authorized capital of IDR 30,000 million, of which IDR 10,500 million was issued and paid by Mr. Terismin (12.000%), Mr. Daniel Tansara (35.000%), Ms. Winny Tansara (3.000%), Ms. Mariana (10.000%), Mr. Shao Zheng (12.000%), Mr. Tang Haiming (12.000%), Mr. Song Weiping (8.000%) and Mr. Li Ya (8.000%). Up to the completion of this report, the structures of the Company's capitalization and shareholder remained unchanged. |
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Capitalization |
IDR 30,000,000,000 |
SHAREHOLDERS & MANAGEMENT |
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Shareholders |
Total No. of
Shareholders: 8 |
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Name of
Shareholders |
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Management Board |
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Name |
Mr. Terismin |
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Position |
President Director |
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Nationality |
Indonesian |
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Name |
Mr. Tang Haiming |
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Position |
Director |
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Nationality |
Chinese |
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Supervisory Board |
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Name |
Mr. Daniel Tansara |
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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. |
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Authorized
Signatories |
Mr. Terismin as President Director and Mr. Tang Haiming 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 24 : Manufacture of basic metals |
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Employee |
Per 2017 |
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Business Category |
SIC Code 24.4 : Manufacture of basic
precious and other non-ferrous metals |
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Line of Business |
SIC Code 24.42 : Aluminium production |
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Product &
Capacity |
- Aluminium Foils - 60 tons p.a. |
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Status of
Investment |
Foreign-invested Company |
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Sales Territory |
Local |
00% |
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International |
100% |
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Main Items Imported |
Aluminium Foil Extra Large |
China |
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Main Items Exported |
Aluminium Foils |
Germany |
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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. Green Source Indonesia (the Company) is a foreign-invested company engaged in a manufacturing industry. It has been operating since August 2016. The Company's head office is located in a commercial area of North Jakarta, precisely at the registered address Jl. Pluit Selatan Raya No.60, RT. 015, RW. 006, Kelurahan Pluit, Kecamatan Penjaringan, Kota Jakarta Utara 14450, DKI Jakarta - Indonesia. We believe that the location is leased from the other party. The Company's head office is also supported by a factory located at the address Kawasan Berikat Nusantara Cakung, Jl. Irian Blok E No. 14B, Kota Jakarta Timur, DKI Jakarta - Indonesia. Based on our investigation, the Company operates as the manufacturer of aluminum foil, but not for the production process, only for converter and packaging. The Company obtains the jumbo aluminum foil then cut into smaller sizes. On its operational, the Company imported the jumbo aluminum foil from China such as Zhangjiagang Love Aluminum Technology Co., Ltd. of China. In terms of import, the Company is using API green lines and using shipping lines. Overall, the Company's products will be exported to countries in Europe, such as Germany, the Netherlands, Belgium and also to the USA. Some customers of the Company, among others, are Galtor GmbH of Germany and Orient Pack of Germany. The customers of the Company are coming from home-tools industries. However, since the Company is located in a bonded zone, so the Company has facilities for carrying out import and export activities. Therefore, the Company does not experience any constraints on its import or export activities. In terms of payment, by using the payment term of 30 days to customers, the Company is not facing any delayed payment from the customers. As a result, the payment from the Company to the suppliers is also always done on time. Therefore, the Company’s cash flow is still normal and stable. According to the source, since it starts operating in August 2016 until the end of 2017, the performance of the Company fluctuates every month. Meanwhile, in Q1 2018, sales of the Company still shown continue to increase. The Company can produce 5 tons of small size aluminum foils per month or 60 tons of small size aluminum foils per annum and now the Company is still recording loss. In 2018, the Company plans to expand by adding a variety of its products. The Company initially cuts into smaller parts, by 2018, the Company will cut the thickness of the products into thinner sections. But until now the plan is still in talks with the management. In 2018, the Company is supported by 27 employees or similar with 2017. |
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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 district where the Company was established and operates today. |
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Factory Address |
Kawasan Berikat
Nusantara Cakung, Jl. Irian Blok E No. 14B |
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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 |
In 2017, the export performance of Indonesia had increased to USD 170.3 billion, higher than the achievement in 2016, which was recorded at USD 145.2 billion. The value consists of oil and gas exports of USD 15.50 billion and non-oil exports USD 154.80 billion. The government is optimistic that exports will grow in the range of 5-7% by 2018. The Trade Ministry said the target was set after seeing the world's improving economic growth, and adjusting the target of 5.4% economic growth in the 2018 State Budget and Expenditure Plan. Based on the information shown above, the Indonesian exports will grow positively, so that the export orientation industries are also predicted to increase in 2018. |
FINANCIAL STATEMENT |
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Sales Turn Over |
2017 - IDR 1,700,000,000 (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 |
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Financial Condition
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Poor |
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Operating Trend |
Undetermined |
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Conclusive remarks |
Based on our research findings, we discovered that the Company operates as the manufacturer of aluminum foil, but not for the production process; only for converter and packaging. The Company obtains a large aluminum foil then cutting it into smaller sizes. The Company has been operating since August 2016. In terms of performance, since it started operating in August 2016 until 2017, the sales of the Company experiences a fluctuation every month. Currently, the new Company can produce 5 tons of small size aluminum foils per month. With less production capacity as compared to the number of employees, currently, the Company is still recorded loss. Meanwhile, the export growth in 2018 is targeted to reach 5% -7% and of course, it also indicates that the Company will increase its export activities. Based on the information shown above, the Company is just beginning to operate and has a high operational, financial and marketing risks. Based on indicators reported above, we conclude that the Company is at MEDIUM TO HIGH RISK. For security reason, nevertheless, we advise those wishing to make cooperation with and to grant loans to the Company, to ask for adequate collateral from the owners and management. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.61 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.86 |
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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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VAR |
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Report Prepared
by : |
SYL |
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
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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.