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MIRA INFORM REPORT
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Report No. : |
486862 |
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Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. INFINITY INDORAYA |
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Registered Office : |
Jl. Kodam Raya No. 16, Sumur Batu, Kamyoran district,
Jakarta Pusat 10640 |
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Country : |
Indonesia |
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Date of Incorporation : |
01.12.2005 |
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Com. Reg. No.: |
AHU-AH.01.10-17072 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Trading
and Exporting of Crude Palm Oil, Palm Acid Oil, Palm Fatty Acid Distillate,
etc |
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No. of Employees : |
12 |
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 : |
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 33% 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
Complete
Name of Company :
P.T. INFINITY INDORAYA
A d d r e s s :
Head Office
Jl. Kodam Raya No. 16
Sumur Batu, Kamyoran district
Jakarta Pusat 10640
Indonesia
Phones - (62-21) 4287 7040, 4287
7044
Fax - (62-21) 4287 7048
Email - pt.infinity@hotmail.com
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Establishment :
01
December 2005
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Registration :
The Ministry of Law and Human Right
a. No.
AHU-17411.AH.01.01.Tahun 2009
Dated 30 April 2009
b. No.
AHU-15434.AH.01.02.TH.2013
Dated 26 March 2013
c. No.
AHU-AH.01.10-17072
Dated 03 May 2013
S t a t u s :
National
Private Company
Permit by the Government Department :
The Department of Finance
NPWP No.
02.494.548.7-027.000
Affiliated/Associated Company :
Not available
CAPITAL
AND OWNERSHIP
Capital Structure
:
Authorized Capital - Rp. 600,000,000.-
Issued Capital - Rp. 600,000,000.-
Paid up Capital - Rp. 600,000,000.-
Shareholders/Owners :
a. Mrs. Retno Indriani -
Rp. 360,000,000.- (60%)
Address: Villa Gading Baru C6 No.12A
Bekasi, West Java
Indonesia
b. Mr. Muhammad Shafiq -
Rp. 180,000,000.- (30%)
Address: Jl Raya Kodam No. 16, RT.010, RW.007
Sumur Batu, Kemayoran
Central Jakarta, Indonesia
c. Mrs.
Wuri Purbosiwi -
Rp. 60,000,000.- (10%)
Address: Jl. Mladri, RT.02, RW.02
Tempusari, Boyolali
Central Java, Indonesia
BUSINESS
ACTIVITIES
Lines of Business :
Trading
and Exporting of Crude Palm Oil, Palm Acid Oil, Palm Fatty Acid Distillate, etc
Production Capacity :
None
Total Investment :
None
Started
Operation :
April 2006
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
12 persons
Marketing
Area :
Export - 50%
Local - 50%
Main
Customers:
Buyers in China, India, Pakistan, Africa and Europe
Market
Situation :
Very Competitive
Main
Competitors :
a.
PT. Musim Semi Mas (Musim Mas)
b. PT. Wilmar Nabati Indonesia
c.
PT. Sinar Oleochemials
d.
PT. Salim Ivomas Pratama Tbk
e.
PT. Flora Sawita Chemindo
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jl.
Serdang Baru I Blok KI.351
Kemayoran,
Central Jakarta
Indonesia
b. P.T. PANIN
Bank Tbk
Jl. Garuda No. 26-26A
Kemayoran, Central Jakarta
Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2013 – Rp. 21.0 billion
2014 – Rp. 24.5 billion
2015 – Rp. 28.0 billion
2016 – Rp. 47.0 billion
2017 – Rp. 56.0 billion
Net
Profit (estimated) :
2013 – Rp. 1.0 billion
2014 – Rp. 1.2 billion
2015 – Rp. 1.9 billion
2016 – Rp. 3.3 billion
2017 – Rp. 4.0 billion
Payment
Manner :
No Complaints
Financial
Comments :
Fairly
KEY
EXECUTIVES
Board of Management :
President
Director - Mrs.
Retno Indriani
Director - Mr.
Muhammad Shafiq
Board of Commissioner:
Commissioner - Mrs. Wuri
Purbosiwi
Signatories :
President
Director (Mrs. Retno Indriani) or the Director (Mr. Muhammad Shafiq) which must
be approved by board of commissioner (Mrs. Wuri Purbosiwi)
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
OVERALL
PERFORMANCE
P.T. INFINITY INDORAYA (P.T. INFINITY)
was incorporated in Jakarta based on notary deed of Dradjat Darmadji, SH., No.
17 dated December 1, 2005 with an authorized capital of Rp. 500,000,000.-
entirely was issued and fully paid up.
The founding shareholders of the company are Mrs. Retno Indriani (80%)
and Mrs. Wuri Purbosiwi (20%), both are indigenous businesswomen. The Deed of
establishment was approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decree No. AHU-17411.AH.01.01.Tahun 2009
dated April 30, 2009.
Its articles of association have subsequently been changed for several times. In 2013, based on notary Deed No. 26 dated February 4, 2013 drawn up by Notary Novianti, SH., the authorized capital was raised to Rp. 600,000,000.- entirely was issued and fully paid up. Since then, the shareholders of the company are Mrs. Retno Indriani (60%), his husband Mr. Muhammad Shafiq (30%) and Mrs. Wuri Purbosiwi (10%). Mr. Muhammad Shafiq is an Indonesia businessman of Pakistan descent. The amendment to Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-15434.AH.01.02.Tahun 2013 dated March 26, 2013 and No. AHU-AH.01.10-17072 dated May 3, 2013. Since then, no changes have been effected in term of its shareholding composition and capital structures to date.
P.T. INFINITY has been in operation since
2006 dealing with trading and exporting of Palm products such as; Crude Palm Oil, RBD Palm Oil, RBD Palm
Stearine, Palm Acid Oil, Palm Fatty Acid Distillate, Palm Kernel, Palm Kernel
Shell, Crude Palm Kernel Oil RBD Palm Kernel Oil, Palm Kernel Fatty Acid, Crude
Coconut Oil, Virgin Coconut Oil, Jatropha Oil, etc. Mrs. Retno Indriani, president director of
P.T. INFINITY explained that now the company is specializing in exports of
Crude Palm Oil, Palm Acid Oil, Palm Fatty Acid Distillate and Palm Kernel
Cake. She added that the whole products
are exported to China, India, Pakistan, Africa and Europe. We observed that
P.T. INFINITY 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.
Generally,
international demand for basic palm products such as Crude Palm Oil, Palm Acid
Oil, Palm Fatty Acid Distillate, Palm Kernel Cake, etc. had been increasing by
7% to 8% on the average per annum having close relation with the rapid growth
of various industrial sectors such as cooking oil industries, margarine
industries and others. In the coming
years, the growth rate of demand is estimated at about 5% to 6% per annum. 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. The value of the Rupiah from Rp. 11,800.- per US dollar
at the end of 2014, has now slumped to Rp. 13.400 per US Dollar.
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 |
Meanwhile,
competition is quite heavy in the exporting of palm products with many
companies now doing business in this field in Indonesia. Business position of
P.T. INFINITY is favorable for it has controlled a wide marketing network at abroad
especially in China, India and Pakistan.
Until
this time P.T. INFINITY has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The management of
P.T. INFINITY is very reclusive towards outsiders and rejected to disclose its
financial condition. We estimated
that total sales turnover of the company in 2015 amounted of Rp. 28.0 billion
and increased to Rp. 47.0 billion in 2016 and rose again to Rp. 56.0 billion in
2017. The operation in 2017 yielded an
estimated net profit at least Rp. 4.0 billion and the company has an estimated
total asset at Rp. 18.0 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2018. So far, we did not hear that the company having been black listed by the
Central Bank (Bank Indonesia). The company usually pays its debts punctually to
suppliers.
Pursuant
to the Company’s notary deed, P.T. INFINITY is headed Mrs. Retno Indriani (38)
as President Director. But we believe
that the prime-mover of the company is Mr. Muhammad Shadiq (52). He is a businessman of Pakistan origins who
experienced for more than 23 years in the field of export-import and general
trading of palm products. The company’s
management has a wide relation in the realm of the private businessmen inside
and outside the country. Their relation with the government is fairly
good. So far, we have never heard that
the company’s management involved in a dirty business practice or detrimental
cases that settled in the country. The company’s litigation record is clean and
it has not registered with the black list of Bank of Indonesia.
We are convinced that P.T. INFINITY INDORAYA is fairly
good for normal business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.64 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.45 |
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IDR |
1 |
INR 0.0048 |
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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DIV |
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Report Prepared
by : |
KET |
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.