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MIRA INFORM REPORT
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Report No. : |
484146 |
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Report Date : |
10.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T.
INDO WORLD |
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Registered Office : |
Ngoro Industri
Persada Block V No. 9 Jalan Ngoro Industri Barat III Kelurahan Lalowang,
Kecamatan Ngoro Mojokerto, 61385 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
22.09.2011 |
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Com. Reg. No.: |
AHU-49166.AH.01.01.TH.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Flavoured
UHT Milk Drink Processing |
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No. of Employees : |
278 |
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 : |
Foreign Investment Company |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 less than 27 percent 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
name and address
Name of
Company :
P.T. INDO
WORLD
Address:
Head Office & Factory
Ngoro
Industri Persada Block V No. 9
Jalan
Ngoro Industri Barat III
Kelurahan
Lalowang, Kecamatan Ngoro
Mojokerto,
61385
East Java
Indonesia
Phones - (62-321) 6815050, 6815060
Fax - (62-321) 6815573
E-mail - info@indoworld.com
Land Area - 8,500 sq. meters
Building
Space - 4,000 sq. meters
Region - Industrial Estate
Status - Rent
Date
of Incorporation
22
September 2011
Legal
Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-49166.AH.01.01.TH.2011
Dated 7 October 2011
- No.
AHU-17041.AH.01.02.TH.2014
Dated 4 July 2014
- No.
AHU-0002714.AH.01.03-TH.2015
Dated 16 January 2015
Company
Status :
Foreign
Investment (PMA) Company
Permit by
the Government Department :
The Department of Finance
NPWP No.
31.400.410.2-602.000
Related
Company :
None
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp. 12,799,500,000.-
Issued
Capital : Rp. 12,799,500,000.-
Paid up
Capital : Rp. 12,799,500,000.-
Shareholders/Owners
:
a. Mr. Ratanavanh Thao Phonepradit -
Rp. 5,119,800,000.-
Address :
Australia
b. Mr. Chan Steven -
Rp. 5,119,800,000.-
Address : Australia
c. Mrs. Ratanavan Phonepasit -
Rp. 1,919,925,000.-
Address :
Australia
d. Mrs. Suriyani -
Rp. 639,975,000.-
Address : Jl. Jend. S. Parman 4A/26-C
Kelurahan Lalowang,
Kecamatan Ngoro,
Mojokerto, East Java,
Indonesia
BUSINESS
ACTIVITIES
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Lines of
Business :
Flavoured
UHT Milk Drink Processing
Production
Capacity :
Coconut
Milk - 300,000 pack per annum
Total
Investment :
Owned
Capital - Rp. 12.8 billion
Started
Operation :
2012
Brand Name
:
AROY-D
Technical
Assistance :
None
Number of
Employee :
278
persons
Marketing
Area :
Export -
100%
Main
Customer :
Buyers in
Asian countries
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T. ADANG
SURYA SANDAAN
b. P.T.
BUMI SARIMAS INDONESIA
c. P.T.
COCOMAS INDONESIA
d. P.T.
KARA SANTAN PERTAMA
e. P.T.
PULAU SAMBU
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
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B a n k e
r :
P.T. Bank
MANDIRI Tbk
Jalan
Mojopahit 406
Kranggan, Prajurit
Kulon
Mojokerto,
East Java
Indonesia
Auditor :
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
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Annual
Sales (estimated) :
2015 – Rp.
65.0 billion
2016 – Rp.
70.0 billion
2017 – Rp.
75.0 billion
Net Profit
(estimated) :
2015 – Rp.
5.6 billion
2016 – Rp.
6.0 billion
2017 – Rp.
6.5 billion
Payment
Manner :
No Complaints
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
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Board of Management :
President Director - Mr. Ratanavanh Thao Phonepradit
Directors - a. Mr.
Buncha Saehor
b. Mr. Chan Steven
c. Mrs. Suryani
d. Mr. Sailom Bounma
e. Mr. Varut Dinsunkawul
Board of Commissioners :
Commissioner - Mrs.
Ratanavan Phonepasit
Signatories :
President Director (Mr. Ratanavanh Thao Phonepradit) or one of the
Directors (Mr. Buncha Saehor, Mr. Chan Steven, Mrs. Suryani, Mr. Sailom Bounma
or Mr. Varut Dinsukawul) which must be approved by Board of Commissioner.
CAPABILITIES
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Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Based on
search and verification the correct name of Subject is P.T. INDO WORLD not P.T.
INDO WORLD NGORO INDUSTRI PERSADA as stated in your order ref. no. 484146 dated
1 January 2018.
P.T. INDO WORLD
(P.T. IW) was established in Mojokerto, East Java based on notary deed Mrs.
Engawati Gazali, SH., no. 72 dated 22 September 2011 with an authorized capital
of Rp. 4,266,500,000 wholly issued and paid up. The founding and shareholders
of the company originally are Mr. Chan Steven, Mr. Ratanavanh Thao Phonepradit,
Mrs. Ratanavan Phonepasit all of Australia and Mr. Ansorie Tjukianto an
Indonesian businessman of Chinese extraction.
Its
article of association had been changed a couple of times. Later based on
notary deed Mrs. Irawati Njoto, SH., no. 80 dated 27 March 2013 Mr. Ansorie
Tjukianto pulled out and the whole share taken over by Mrs. Suriyani as new
shareholder.
Lastly
according to revision of notary deed Mrs. Irawati Njoto, SH., no. 17 dated 9 January
2015 the company authorized capital was increased to Rp. 12,799,500,000 wholly
issued and paid up. With this development the composition of its shareholders
has been changed to become Mr. Chan Steven (40%), Mr. Ratanavanh Thao
Phonepradit (40%), Mrs. Ratanavan Phonepasit (15%) and Mrs. Suriyani (5%). The
amendment was approve by the Ministry of Law and Human Rights in its decision
letter No. AHU-0002714.AH.01.03.TH.2015 dated January 16, 2015.
P.T. IW is
a Foreign Investment (PMA) company facility engaged in the field of flavoured
UHT milks drinks processing. The company manages a plant located at Ngoro
Industri Persada Block V No. 9, Jalan Ngoro Industri Barat III, Lalowang,
Ngoro, Mojokerto, East Java standing on a land of 8,500 sq. meters. The plant
has been operating in 2012 by produce of coconut milks with capacity 300,000
packs per annum. The whole raw materials obtained from locals in East Java and
surroundings. Coconut milk is 100% pure coconut milk in aseptic packs with no
stabilizers, thickeners, gums, or preservatives had won many awards for taste
and quality. Unlike most of the coconut milk products available in the US,
Aroy-D coconut milk is not diluted, which means no additives are needed. The
product is packaged in modern paper cartons to eliminate the issue of BPA
contamination that comes with packaging in cans. The shelf life is one year and
consistency is nice and creamy. The 8.5 ounce containers also mean less waste
when recipes call for smaller amounts of coconut milk. According information
the whole products are exported to Asian countries among others are Singapore,
Thailand, China, Taiwan, Japan, South Korea and others by using AROY-D brand.
P.T. IW operation has been growing and developing well in the last three years.
In overall
views we note that the demand for coconut milks in export market has been
increasing by 8% to 10% per year in the last five years. The economy in 2017 is
projected to post higher growth; national level this is expected to result from
infrastructure projects, while rebound of commodity prices will drive
improvement at the global level. Government policies will further boost the
economy in next year. The prospective increase in the interest rate (Fed Funds
Rate/FFR) in the United States (US) and the economic slowdown in China
contributed to uncertainty and increased the risk of economic vulnerability
throughout the world. The high volatility of the global economy throughout 2016
which was triggered by low commodity prices, the European Union (EU) debt crisis,
the British decision to leave the EU block (Brexit), and the results of the US
presidential election put pressure on worldwide economic activities. Global
trade slowed down and the decline in commodity prices became a major problem
for the world economy.
Indonesian
economic factors cannot be detached from China’s economic slowdown and from the
low prices of main export commodities such as oil, coal, and palm oil. As
Indonesia’s largest trading partner, the slowdown in China caused Indonesia’s export
values to tumble. Nevertheless, the government sought to encourage equitable
infrastructure development across Indonesia to stimulate economic growth.
However, entering the second half of 2016, private consumption and investment
slowly began to improve in response to declining interest rates on loans and
improving commodity prices.
Various
macro indicators at the end of 2016 showed brighter prospects for 2017
including the property industry. Government policies which are favorable for
the property sector, such as tax amnesty (TA) which will begin to show its
impact in 2017 to boost growth of the property industry. Rising commodity
prices, such as palm oil, petroleum and coal give new expectations for the
property project.
Table of
Indonesian Economic Indicators from 2012 to 2016
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Indonesian
Economic Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
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Gross
Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
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Consumer
Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
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Government
Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
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Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
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Current
Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
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Population
(in millions) |
247 |
250 |
253 |
255 |
258 |
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Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
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Unemployment (percentage of workforce) |
6.1 |
6.3 |
5.9 |
5.8 |
5.6 |
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Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Until this
time P.T. IW has not been registered with Indonesian Stock Exchange, so that
they had not obliged to announce their financial statement. The management of P.T. IW is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2015 amounted to Rp. 65.0 billion
increased to Rp. 70.0 billion in 2016 rose to Rp. 75.0 billion in 2017 and
projected to go on rising by at least 5% in 2018. The operation in 2017 yielded
an estimated net profit of at least Rp. 6.5 billion and the company has an
estimated total networth of at least Rp. 13.5 billion. We observe that P.T. IW
is supported by foreign partner with has financially strong and sound behind
it. 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. IW is led by Mr. Ratanavanh Thao Phonepradit (55) a
businessman and professional manager with experience in coconut milk processing
industry. Mr. Thao Phonepradit Ratanavanh has been a Director of Thai Agri
Foods Public Co. Ltd. since April 28, 2005. 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. INDO WORLD is sufficiently fairly good for
business cooperation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.46 |
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|
1 |
INR 86.15 |
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Euro |
1 |
INR 75.91 |
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IDR |
1 |
INR 0.0045 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRI |
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Report Prepared
by : |
DNS |
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.