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Report No. : |
325358 |
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Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. IDUB SUFI WAHYU
ABADI |
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|
|
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Registered Office : |
Komplek Pergudangan Osowilangon Permai Block D1 – D2 , Jalan Raya Tambak Osowilangon No. 61, Kelurahan Tambak Osowilangon, Kecamatan Benowo, Surabaya, 60191 East Java |
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Country : |
Indonesia
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Date of Incorporation : |
27.04.2006 |
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Com. Reg. No.: |
AHU-42842.AH.01.02.TH.2010 |
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|
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Wood
Flooring Manufacturing |
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No. of Employees : |
67 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T.
IDUB SUFI WAHYU ABADI
A
d d r e s s :
Head Office & Factory
Komplek
Pergudangan Osowilangon Permai Block D1 – D2
Jalan
Raya Tambak Osowilangon No. 61
Kelurahan
Tambak Osowilangon, Kecamatan Benowo
Surabaya,
60191
East
Java
Indonesia
Phones -
(62-31) 7499 942 (Hunting)
Fax - (62-31) 7499 825
E-mail - idub_pt@yahoo.com
Land Area - 2,500 sq.
meters
Building Space - 1,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
27
April 2006
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
-
No. C-20855 HT.01.01.TH.2006
Dated 18 July 2006
-
No. AHU-42842.AH.01.02.TH.2010
Dated 31 July 2010
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.457.981.5-604.000
The Ministry of Forestry
No.
SKM 536/397.G/436.6.11/2010
Dated
15 October 2010
Related
Company :
None
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
100,000,000.-
Issued
Capital :
Rp. 25,000,000.-
Paid
up Capital :
Rp. 25,000,000.-
Shareholders/Owners
:
a. Mr. Dudung Hartito -
Rp. 15,000,000.-
Address : Jl. Sekawan Molek II K/2
Kelurahan Bulusidokare, Kecamatan Sidoarjo
Sidoarjo Regency, East Java
Indonesia
b. Mr. Joffrey Abdullah - Rp. 10,000,000.-
Address :
Alam Bukit Raya Block C 15 No. 01
Kelurahan Kembangan, Kecamatan Kebomas
Gresik Regency, East Java
Indonesia
BUSINESS ACTIVITIES
|
Lines
of Business :
Wood
Flooring Manufacturing
Production
Capacity :
Wood
Flooring -
7,000 cubic meters p.a.
Total
Investment :
Owned
Capital -
Rp. 500.0 million
Started
Operation :
August
2006
Brand
Name :
Idub
Sufi Wahyu Abadi
Technical
Assistance :
None
Number
of Employee :
67
persons
Marketing
Area :
Export -
100%
Main
Customer :
Buyers
in India
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. MAHAKAM MANDIRI MAKMUR
b.
P.T. SUMBER KARINDO SAKTI
c.
P.T. WONOAGUNG SEJAHTERA
d.
P.T. WOODTECH CHENDRAMAS
e.
Etc.
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r :
P.T.
Bank MANDIRI Tbk
Jalan
Jend. Basuki Rahmat 129 - 137
Surabaya,
East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 7.8 billion
2013
– Rp. 8.5 billion
2014
– Rp. 9.7 billion
Net
Profit (estimated) :
2012
– Rp. 0.4 billion
2013
– Rp. 0.5 billion
2014
– Rp. 0.6 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Joffrey Abdullah
Directors -
a. Mr. Joko Wijanarko, SE
b. Mr. Wahyu Widiyanto, Ak.
Board of Commissioners :
Commissioner - Mr. Dudung Hartito
Signatories :
President
Director (Mr. Joffrey Abdullah) or one of the Directors (Mr. Joko Wijanarko, SE
or Mr. Wahyu Widiyanto, Ak) which must be approved by Board of Commissioner.
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
OVERALL PERFORMANCE
|
Based on investigation the correct telephone number of
the Subject is (62-31) 7499 942 and fax (62-31) 7499 825, not (62-31) 3955 550 fax
(62-31) 3959 558 as stated in your order ref. no. 325358 dated 29 May 2015.
Meanwhile the telephone you provided (62-31) 3955 550 and fax (62-31) 3959 558
is belongs to P.T. SANJAYA BUMI RESOURCES.
P.T. IDUB SUFI WAHYU ABADI (P.T. ISWA) was incorporated
in Surabaya, East Java in October 2005 with an authorized capital of Rp.
100,000,000 issued capital of Rp. 25,000,000 entirely paid up. The company was
founded by Mr. Dudung Hartito (60%) and Mr. Joffrey Abdullah (40%) both are
indigenous businessmen. Its article of association had been changed and
according to revision of notary deed Mrs. Sonya Natalia, SH., no. 39 dated 26
July 2010 the company board of director and the board of commissioner had been
changed. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-42842 dated August 31, 2010.
P.T. ISWA has been operating since August 2006 dealing
with wood working industry by manages a plants located at Komplek Pergudangan
Osowilangon Permai Block D1 – D2, Jalan Raya Tambak Osowilangon No. 61,
Surabaya, East Java standing on a land of 2,500 sq. meters. According to
license Ministry of Forestry the company produces of wood flooring with
capacity of 7,000 cubic meters respectively per annum. Most of raw material
like logs is obtained from P.T. INHUTANI I, which operating in East Java.
Besides, some of the raw material like Merbau log is obtained from other
companies in East Java and others. Management of the company explained that
100% of the products is exported to India. We observe that P.T. ISWA is
classified a small sized company of its kinds in the country with operation has
been growing and developing well in the last three years.
The woodworking industry had been turning down within the
last five years due to lack of raw materials, as far from transportation
facility and fluctuation of export demand. It is estimated will keep going down
within the coming two or three years as the impact of global economic crisis
and tight banking liquidity since October 2008 hitherto. But we are sure that
P.T. ISWA will be able to maintain its business in the next years. The growth
of said business is evident from the production and utility growth of the
processed wood export volume and export value of plywood and sawn timber below:
The Export Growth of
the Indonesian Main Processed Wood Products
2008 – 2013*
|
Type of
Commodities |
2008 |
2009 |
2010 |
2011 |
2012 |
2013* |
|
Plywood : -Volume (000 tons) -Value (US$ million) |
1,659.3 1,527.2 |
1,430.4 1,189.5 |
1,834.7 1,635.3 |
1,891.0 1,953.4 |
1,950.5 2,011.3 |
1,692.2 1,974.1 |
|
San Timber: -Volume (000 tons) -Value (US$ million) |
51.1 55.6 |
36.4 36.7 |
32.3 31.3 |
43.4 42.1 |
53.6 54.1 |
43.9 42.4 |
|
Other Wood Products: -Volume (000 tons) -Value (US$ million) |
1,059.3 1,238.2 |
1,201.4 1,048.8 |
1,825.1 1,204.0 |
2,164.6 1,293.5 |
2,216.0 1,277.2 |
2,154.4 1,164.4 |
Until this time P.T. ISWA has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. ISWA is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in 2012 amounted to Rp. 7.8 billion increased to Rp.
8.5 billion in 2013 rose to Rp. 9.7 billion in 2014 and projected to go on
rising by at least 6% in 2015. The operation in 2014 yielded an estimated net
profit of at least Rp. 0.6 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. ISWA is led by Mr. Joffrey
Abdullah (49) a businessman with experience in wood flooring manufacturing. 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. IDUB SUFI WAHYU
ABADI is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.71.82 |
|
Euro |
1 |
Rs.97.97 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>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 |
|
|
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.