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Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. I FLEX INDONESIA |
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Registered Office : |
Ruko Sentra Niaga Surya Kadu Block A No. 3, Jalan Raya Telesonic No.
10, Kadu, Curug, Tangerang, 15810, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
26.08.2008 |
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Com. Reg. No.: |
AHU-AH.01.10-30545 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Marketing for Flexible Food and Pharmaceutical Packaging |
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No. of Employees : |
27 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA -ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6% annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source
: CIA |
Name of Company :
P.T. I FLEX
INDONESIA
Address :
Head Office
Ruko Sentra Niaga Surya Kadu Block A No. 3
Jalan Raya Telesonic No. 10
Kadu, Curug
Tangerang, 15810
Banten Province
Indonesia
Phones -
(62-21) 3943 8023 (Hunting)
Fax - (62-21) 3943 8024
E-mail - marketing@iflex-indonesia.com
Website - http://www.iflex-indonesia.com
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
26 August 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-62318.AH.01.01.TH.2008
Dated 12 September 2008
- No.
AHU-35959.AH.01.02.TH.2012
Dated 3 July 2012
- No. AHU-AH.01.10-30545
Dated 15 August 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.739.996.3-451.000
Related Companies :
a. P.T. DAYA TUNGGAL
PERKASA (Restaurant and Café Management)
b. P.T. JUNG WON INDONESIA MACHINERY
(Manufacture for Rotogravure Printing Machine, Tandem and Single Extrusion
Machine, Dry Laminating Coating Machine and Slitter Machine) a manufacture for
Rotogravure Printing Machine, Tandem and Single Extrusion Machine, Dry
Laminating Coating Machine and Slitter Machine)
Capital Structure :
Authorized Capital : Rp.
1,000,000,000.-
Issued Capital :
Rp. 250,000,000.-
Paid up Capital :
Rp. 250,000,000.-
Shareholders/Owners :
a. Mr. Rama Gusriyanto - Rp.
249,900,000.-
Address : Jl. Shinta I No. 32, RT. 06 RW. 10
Kelurahan Cibodas,
Kecamatan Cibodas
Tangerang, Banten Province
Indonesia
b. Mrs. Nila Yunita -
Rp. 100,000.-
Address : Jl. Shinta I No. 32, RT. 06 RW. 10
Kelurahan Cibodas,
Kecamatan Cibodas
Tangerang, Banten Province
Indonesia
Lines of Business :
Trading and Marketing for Flexible Food and Pharmaceutical Packaging
Production Capacity :
None
Total Investment :
None
Started Operation :
July 2009
Brand Name :
I Flex Indonesia
Technical Assistance :
None
Number of Employee :
27 persons
Marketing Area :
Local - 100%
Main Customer :
Food Processing and Pharmaceutical Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALCAN PACKAGING FLEXIPACK
b. P.T. KAWAN INTIM SENADA
c. P.T. MODERNPACK JAYA LESTARI
d. P.T. PRIMAKEMAS CEMERLANG
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan
Kisamaun No. 57
Tangerang,
Banten Province
Indonesia
b. Bank NOBU INDONESIA
Jalan
Boulevard Palem Raya No. 7
Lippo
Karawaci, Tangerang
Banten
Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 17.8 billion
2012 – Rp. 18.5 billion
2013 – Rp. 19.7 billion
Net Profit (estimated) :
2011 – Rp. 1.1 billion
2012 – Rp. 1.2 billion
2013 – Rp. 1.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Dr. Rama Gusriyanto, MM
Board of Commissioners :
Commissioner - Mrs. Ridya Afriyenti
Signatories :
Director (Mr. Dr. Rama Gusriyanto)
which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
P.T. I FLEX INDONESIA (P.T. IFI) was set-up in Tangerang, Banten
Province based on notary deed Mr. Buchari Hanafi, SH., No. 65 dated 26 August
2008 with the authorized capital of Rp. 1,000,000,000 issued capital of Rp.
250,000,000 entirely paid up. The company founded by Mr. Dr. Rama Gusriyanto
and Mr. Nopem Gunawan, both of are indigenous businessmen. The company notary
deed has been changed a couple of times and according to the revision of notary
deed in April 2012 Mr. Nopem Gunawan pulled out and the whole share sold to Mr.
Dr. Rama Gusriyanto and Mrs. Nila Yunita. On the same occasion the composition
of its shareholders has been changed to become Mr. Dr. Rama Gusriyanto (99.96%)
and Mrs. Nila Yunita (0.04%). Later based on the latest revision of notary deed
of Mr. Buchari Hanafi, SH., No. 44 dated 25 July 2012 the company board of
director and the board of commissioner had been changed to lead and runs of the
company’s operation. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-30545 dated August 15,
2012.
P.T. IFI is a national private company started to be operating since
July 2009 dealing with trading and marketing for flexible food and
pharmaceutical packaging. The company sells and distributes of flexible food
and pharmaceutical packaging products are such as bags In Box Bib, COC, Blister
Foil, Gold Forming Foil, PVC & PVC PDVC Coated, Sachet packing, Strip pack,
Tropical Blister, strip and vvorce. As the company’s vision and mission to
increase a service to the customer, then P.T. IFI started the manufacture of
rotogravure packaging that commercially production on July 2009. It is easy to
manufacture flexible packaging film laminated. The facility of P.T. FI comes
from Europe, Taiwan, Japan and China, Rotogravure Printing 8 colors, 6 colors
and 3 colors, Dry lamination machine European Made, Extrusion Machine Japan
Made, Slitting and Bag Making 3 Side Seal, Center Seal and Stand Up Pouch
Machine. Tearable PET, instead of MSAT tearable PET/PE/AL/PE Tearable PET strip
foil is also a kind of high barrier packaging causes nothing change on original
packaging that customer had been used. P.T. IFI modified PET structure with
mechanical treatment then change capability of PET material. Pharma &
flexible packaging solution blister foil – cold forming foil is easy tear strip
pack. In the latest round of the survey, the level of concern around packaging
waste increased from 31 percent 40 percent, outpacing concern for climate change,
water shortage, water and air pollution and use of pesticides. The packaging’ s
material from P.T. IFI provide the peace of mind that they will meet all the
requirements set for blister packs and optimal product protection for
pharmaceutical applications. The products supplied to various food processing
industries, pharmaceutical industries such as P.T. PHAPROS Tbk, P.T. PHAROS
INDONESIA and others. We observe the operation of P.T. IFI has been growing and
developing well in the last three years.
The demand for flexible food and pharmaceutical packaging has been
growing in the last five years. Starting in the second semester 2008, many
markets in various parts of the world experienced adverse economic condition.
This condition was triggered by, amongst others, the housing and mortgage loans
crisis in the United States of America (US) that spread to securities,
structures products and commodity markets. The volatility in the US markets
coupled with the sharp appreciation in the US Dollars and a series of corporate
bankruptcies and takeovers enabled the crisis to spread to other parts of the
world. The impact of the global economic crisis has also been felt in Indonesia
as the Indonesian Rupiah weakened, demand decrease, commodity prices decreased,
securities market declines, interest rate increased, followed by decreases,
tightened liquidity conditions, and increased credit risks.
Up to this time, the Company has not significantly suffered from the
economic crisis. In response to these economic events, during 2010 the Company
has plans as follows: Negotiation
with main customer regarding increasing selling price. Cost reduction in
business trip, pantry needs, etc. However the competition is very tight because
a lot of similar imported products are offered. In spite of the adverse
economic conditions, management believes that the Company will be able to
continue operating as going concern for the foreseeable future.
Until this time P.T. IFI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. IFI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 17.8 billion rose to Rp. 18.5 billion in 2012
increased to Rp. 19.7 billion in 2012 and projected to go on rising by at least
6% in 2014. The operation in 2013 yielded an estimated net profit of at least
Rp. 1.3 billion and the company has an estimated total networth of at least Rp.
3.0 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. IFI is led by Mr. Dr. Rama Gusriyanto (37) as
director and his wife Mrs. Rida Afriyenti (36) as commissioner. Mr. Rama
Gusriyanto has a good education background graduated Universitas Pelita Harapan
(UPH) , and civil engineering from Institut Teknologi Bandung (ITB) Bandung,
West Java. 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. I FLEX INDONESIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.