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MIRA INFORM REPORT
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Report No. : |
484298 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDOJAYA TAHTA
ANUGERAH |
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Registered Office : |
Gedung IEC Building Ruang 105A, Jl. Jatinegara Barat No. 166.H,
Kel. Bidara China, Kec. Jatinegara, Jakarta Timur 13330 |
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Country : |
Indonesia |
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Date of Incorporation : |
28.01.2015 |
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Com. Reg. No.: |
AHU-0005081.AH.01.01.Tahun 2015 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
International
Freight Forwarding Services |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 |
BASIC
SEARCH
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Name
of Company :
P.T.
INDOJAYA TAHTA ANUGERAH
Address
:
Head
Office
Gedung
IEC Building Ruang 105A,
Jl.
Jatinegara Barat No. 166.H
Kel.
Bidara China, Kec. Jatinegara
Jakarta
Timur 13330
Indonesia
Phones - (62-21) 858 3177, 851 5063
Fax. - (62-21) 857
9684
Email - ptindojaya@yahoo.co.id
or yurdaindojaya95@gmail.com
Building Area - 650 sq. meters
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
28
January 2015
Legal
Form :
P.T.
(Perseroan Terbatas) or Private Limited Company
Company
Reg. No. :
The Ministry of Law
and Human Rights
No. AHU-0005081.AH.01.01.Tahun 2015
Dated
03 February 2015
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of
Finance
Not available
Associated/Affiliated
Company:
Not
available
CAPITAL
AND OWNERSHIP
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Capital
Structure :
Authorized
Capital - Rp.
1,000,000,000.-
Issued
Capital - Rp.
1,000,000,000.-
Paid up
Capital - Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mr. T.M. Yusuf - Rp. 500,000,000.- (50%)
Address : Jl.
Mardani Raya Gg C
Central Jakarta
Indonesia
b. Mr. Muhammad Nasir - Rp. 500,000,000.- (50%)
Address : Jl.
Selapajang Jaya
Tangerang, Banten
Indonesia
BUSINESS
ACTIVITIES
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Lines
of Business :
International
Freight Forwarding Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
February
2015
Brand
Name :
ITA
Technical
Assistance :
None
Number
of Employee :
8
persons
Marketing
Area :
Local - 100%
Main
Customers :
Corporate
and Individual
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Trisindo Prima Cargo
b.
PT. Indo Sarana Cargo
c.
PT. Putra Abadi Trans
d. PT. Ariesta Impex Logistindo
e. PT. Yusi Cargo
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
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B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jatinegara Branch
Jl. Jatinegara Barat No. 54-E
East Jakarta
Indonesia
b. P.T.
Bank NEGARA INDONESIA Tbk
Jatinegara Branch
Jl. Jatinegara
Timur No. 67
East
Jakarta
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
detrimental filling was recorded at the local court
FINANCIAL
FIGURE
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Net
Income/Revenue (estimated) :
2015
– Rp. 10.0 billion
2016
– Rp. 18.0 billion
2017
– Rp. 22.0 billion
Net
Profit (estimated) :
2015
– Rp. 1.1 billion
2016
– Rp. 1.9 billion
2017
– Rp. 2.3 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY
EXECUTIVES
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Board of Management :
Director -
Mr. T.M. Yusuf
Board of Commissioners :
Commissioner - Mr. Muhammad Nasir
Signatories :
Director
(Mr. T.M. Yusuf) must be approved by Board of Commissioner (Mr. Muhammad Nasir)
CAPABILITIES
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Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
OVERALL
PERFORMANCE
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P.T. INDOJAYA TAHTA ANUGERAH (P.T. ITA) was
established in Jakarta based on Notary Deed of Sri Juwariyati, SH., No. 63
dated January 28, 2015 with an authorized capital of Rp. 1,000,000,000.-
entirely was issued and paid up. The
founding shareholders of the company are Mr. T.M. Yusuf (50%) and Mr. Muhammad
Nasir (50%), both are indigenous businessmen.
The Deed of establishment was approved by the Minister of Law and Human
Rights through Decision Letter No. AHU-0005081.AH.01.01.Tahun 2015 dated
February 03, 2015. Since
then, no changes have been effected in term of its shareholding composition and
capital structure to date.
P.T. ITA has been operating since February
2015 in international freight forwarding services. In addition P. IT also
custom clearance services, import-export services, providing legality under
name, door to door services, air and sea freight (all countries) and domestic
shipments between islands. P.T. ITA’s customers are companies in the country
engaged in toys of children (toys), textile and apparel factories, electronics,
sport shoes, steel products and so forth. We
observed that P.T. ITA is classified as a small-sized company of its kind in
the country of which the operation has been growing in the last three years.
The domestic demand for international
freight forwarding services had been rising by 6% to 8% on the average per annum
in the last five years in line with the rapid growth of plantation sectors in
the country. The solid and steady domestic economy, Indonesia with the rising
of Country Rating to Investment Grade, and also supported by Indonesia’s
economic indicators such as inflation, exchange rates and interest rates are
expected to encourage the business sectors.
Macroeconomic indicators from China showed downward
trend. In contrary, macroeconomic
indicators of the US and India showed improvement. Both of these indicated continued
uncertainties. The global economic crisis that accompanied the decline
of the Indonesian Rupiah (IDR) against the US Dollar in the past two months,
resulting in Indonesian people's purchasing power declined sharply.
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 |
6.2 |
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. ITA has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial
statement publicly. We estimated the net
income/revenues of the company in 2015 amounted to Rp. 10.0 billion increased
to Rp. 18.0 billion in 2016 and rose again to Rp. 22.0 billion in 2017. The operation in 2017 yielded a net profit
at least Rp.2.3 billion and the company has a total net worth of Rp. 6.5
billion. So far we did not hear that P.T. ITA has been
black listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court. The company usually pays its debts punctually
to suppliers.
The management of P.T. ITA is led by Mr.
T.M. Yusuf (28) as director and CEO of the company. He is a young businessman who experienced for
more than 3 years in the field of international freight forwarding
services. In daily operation he is
assisted by Muhammad Nasir (29) as commissioner. The management is having
maintained a wide business relation with private businessmen at home and abroad
as well as with government sectors. 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. INDOJAYA TAHTA ANUGERAH is appraised to
be good for business transaction.
However, in view of the economic condition in the country is still
unstable, we recommend to treat prudently in extending any new loan to the
company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.83 |
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1 |
INR 86.28 |
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Euro |
1 |
INR 76.14 |
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IDR |
1 |
INR 0.0047 |
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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PRI |
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Report Prepared
by : |
TPT |
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.