|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INTIFAJAR PRATAMA |
|
|
|
|
Registered Office : |
Graha Mandiri,
10th Floor, Jalan Imam Bonjol No. 61, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
12.04.1994 |
|
|
|
|
Com. Reg. No.: |
No. AHU-50315.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Trading and
Distribution of Oilfield Equipment |
|
|
|
|
No. of Employees : |
23 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
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, grew an estimated 6.1% and 6.4% in 2010
and 2011, respectively. The government made economic advances under the first
administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, 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 in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. INTIFAJAR PRATAMA
Head Office
Graha Mandiri, 10th
Floor
Jalan Imam Bonjol
No. 61
Jakarta Pusat,
10310
Indonesia
Phones -
(62-21) 3989 9351 (Hunting)
Fax - (62-21) 3157 307
E-mail - office@ifp.co.id
Building Area - 16 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
12 April 1994
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
No.
AHU-50315.AH.01.02.TH.2010
Dated 26 October
2010
National Private
Company
The Department of Finance
NPWP No.
01.707.369.3-073.000
None
Capital
Structure :
Authorized
Capital : Rp.
1,100,000,000.-
Issued Capital : Rp.
1,100,000,000.-
Paid up Capital : Rp.
1,100,000,000.-
Shareholders/Owners
:
a. Mr. Ryan
Ade Setiawan -
Rp. 880,000,000.-
Address : Taman Kebon Jeruk J.4,
RT. 002 RW. 012
Kelurahan
Srengseng, Kecamatan Kebon Jeruk
Jakarta Barat
Indonesia
b. Mr.
Agustinus Ronny Novrina Ginting -
Rp. 220,000,000.-
Address : Jl. Kebon Nanas, RT.
5 RW. 10
Kelurahan Grogol Utara, Kecamatan Kebayoran
Lama, Jakarta Selatan
Indonesia
Lines of
Business :
Trading and
Distribution of Oilfield Equipment
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1994
Brand Name :
Infifajar Pratama
Technical
Assistance :
None
Number of
Employee :
23 persons
Marketing Area
:
Local - 100%
Main Customer
:
Oil and Gas
Contracting
Market Situation
:
Very Competitive
Main
Competitors :
a. P.T. BORNEO
RAYA CITRASAKTI
b. P.T. KOTA MINYAK INTERNUSA
c. P.T. SARANA ADIKARYA UTAMA
d. P.T. SOLUMAS OIL TOOL, Etc.
e. Etc.
Business Trend
:
Growing
Banker :
P.T. Bank MANDIRI
Tbk
Graha Mandiri
Jalan Imam Bonjol
No. 61
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 25.5
billion
2010 – Rp. 26.8
billion
2011 – Rp. 27.5
billion
2012 – Rp. 14.3
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 1.5
billion
2010 – Rp. 1.6
billion
2011 – Rp. 1.8
billion
2012 – Rp. 0.9
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Ryan Ade Setiawan
Board of Commissioners :
Commissioner -
Mr. Agustinus Ronny Novrina Ginting
Signatories :
Director (Mr. Ryan Ade Setiawan)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. INTIFAJAR PRATAMA (P.T. IFP) was established in Jakarta in April 1994 with the authorized capital of Rp. 500,000,000 issued capital of Rp. 200,000,000 fully and paid up. The founding and shareholders of the company are Mr. Ryan Ade Setiawan and Mr. Agustinus Ronny Novrina Ginting, both are indigenous businessmen. The company notary deed has been changed a couple of times. Then according to the latest revision of notary documents of Mr. Haji Feby Rubeni Hidayat, SH., No. 162 dated 13 October 2010 the company authorized capital of Rp. 1,100,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become Mr. Ryan Ade Setiawan (80%) and Mr. Agustinus Ronny Novrina Ginting (20%). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-50315.AH.01.02.TH.2010 dated October 26, 2010.
P.T. IFP is a private company started to be operating since 1994 to deal with trading, import, distribution and supply of oilfield equipment and chemicals. P.T. IFP is the sole agent of several multinational companies as MENARD GEOSYSTEMS PTE LTD., Singapore and RENOLOTH International Pty Ltd., Australia.
P.T. IFP is the sole distributor for Asia and Oceania for European made API 6A Gate Valves with stock available, 2.1/16\" to 3.1/8\", 3,000 - 5,000 psi, Mat. A-A, PSL-1, PR-1. The merchandise good products are valve, rig, pumps, and lube oil blending plant. Menard Geosystems provide total ground improvement solutions to civil and structural engineering applications such as Geotechnical investigation; Engineering technical design; Execution of ground improvement works; and Geotechnical instrumentation and monitoring.
Mr. Ryan Ade Setiawan, said that Renolith International Pty Limited is the owner under license of the world-wide manufacturing, marketing and distribution rights for the specialized chemical product - Renolith - and all subsequent developments and improvements. Supply of Renolith in any country in the world by unlicensed entities is illegal. To improve both the workability of the cement stabilization process for construction and to reduce the likelihood of any cement stabilized failure due to shrinkage of the cement/soil on setting, the inclusion of RENOLITH®, which when mixed with cement and soil/pavement/construction material provides a polymer, is warranted. General specification for the Inclusion of RENOLITH® in Cement Stabilization for Construction Projects including Road Earthworks and Pavements. Further Mr. Ryan Ade Setiawan explained the whole products sold to various oil and gas contracting in Indonesia such as SANTOS SAMPANG PTY LTD., ENERGY EQUITY PTY LTD., and other general contracting P.T. BALFOUR BEAUTY SAKTI INDONESIA, P.T. LEIGHTON CONTRACTOR INDONESIA, P.T. THIESS CONTRACTOR INDONESIA, P.T. HOLCIM INDONESIA Tbk and other companies. We observe the operation of P.T. IFP has been growing and developing well in the last three years.
The demand for technical equipment including tool, welding, valves, pressure equipment, piping systems, fittings, flanges, actuators, gas compressors, generator and other has kept on rising by 8% to 10% per annum in the last five years. Such condition was in line with the growth of general mining industry sectors like oil and gas, industrial refineries, fertilizer industry, electricity, office building, chemical industry, pharmaceutical industry, food and beverage companies, pulp and paper, cement and other sectors requiring the above products. It is projected that the demand growth will be rising within the next five years. Market competition is very tough on account of many other similar companies operating in Indonesia. P.T. IFP’s business position in this case is not too badly because it has established regular customers and extensive marketing network.
Until this time P.T. IFP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. IFP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 25.5 billion rose to Rp. 26.8 billion in 2010 increased to Rp. 27.5 billion in 2011. As from January to June 2012 the sales turnover has reached at least Rp. 14.3 billion with a net profit of Rp. 0.9 billion and projected to go on rising by at least 5% in 2013. The company has an estimated total networth of at least Rp. 5.0 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. IFP is led by Mr. Ryan Ade Setiawan (84) a
businessman and professional manager with experience in trading, import and
distribution of oilfield equipment and chemicals. 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. INTIFAJAR
PRATAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
UK Pound |
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.