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MIRA INFORM REPORT
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Report No. : |
497553 |
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Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. ORCHID DMC BALI |
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Registered Office : |
Gedung Alamanda Bali, 5th Floor, Jalan By Pass Ngurah Rai No. 67 Br. Kerthayasa, Kelurahan Kedonganan, Kecamatan Kuta, Badung, 80361, Bali Province |
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Country : |
Indonesia |
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Date of Incorporation : |
30.03.2017 |
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Com. Reg. No.: |
AHU-0018570.AH.01.01.TH.2017 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Meeting Organizers,
Travel Agents, Incentive Trips, Conferences and Exhibition |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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Status : |
New Business |
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Payment Behaviour : |
Slow |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 |
BASIC
SEARCH
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Name
of Company :
P.T.
ORCHID DMC BALI
Address:
Head
Office
Gedung
Alamanda Bali, 5th Floor
Jalan
By Pass Ngurah Rai No. 67 Br. Kerthayasa
Kelurahan
Kedonganan, Kecamatan Kuta
Badung,
80361
Bali
Province
Indonesia
Phone -
(62-361) 200 3095
Fax - (62-361) 200 3188
Mobile Phone - 0877 61811 406
(Miss. Lanita)
Mobile Phone - 0816 581810, 0813
72464 526
E-mail - bali@orchiddmc.net
Website - http://www.offlinedmc.net
Building Area - 5 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation:
30
March 2017
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-0018570.AH.01.01.TH.2017
Dated
21 April 2017
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
Not
Available
The Capital Investment Coordinating
Board
No.
1179/I/IP/PMA/2017
Dated
17 March 2017
Related
Companies :
a. ORCHID DMC PRIVATE LIMITED, India
(Destination Management Services and Investment
Holding)
b. P.T. SINGA BIRU GRUP (Investment Holding)
CAPITAL
AND OWNERSHIP
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Capital
Structure :
Authorized
Capital : Rp.
10,500,000,000.-
Issued
Capital : Rp.
10,500,000,000.-
Paid
up Capital :
Rp. 10,500,000,000.-
Shareholders/Owners
:
a. ORCHID DMC PRIVATE LIMITED - Rp.
5,775,000,000.-
Address : 6/5, West Talbagan Road, Post : Nona
Candan
Pukur, Barrakpore, West Bengal, India, 700122
b. P.T. SINGA BIRU GRUP -
Rp. 3,465,000,000.-
Address :
Epiwalk Office Suites 5th Floor Unit O501
Komplek Rasuna Epicentrum
Jl. H.R. Rasuna, Kelurahan Karet Kuningan
Kecamatan Setiabudi, Jakarta Selatan, 12910
Indonesia
c. Mr. Amitava Biswas -
Rp. 630,000,000.-
Address : 6/5, West Talbagan Road, Post : Nona
Candan
Pukur, Barrakpore, West Bengal, India, 700122
d. Mr. Manoj Kumar Mishra -
Rp. 630,000,000.-
Address :
Indradeep Complex, Faizabad Road
Sanjay Gandhi Puram, Lucknow, Uttar Pradesh
226016, India
BUSINESS
ACTIVITIES
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Lines of Business :
Meeting Organizers,
Travel Agents, Incentive Trips, Conferences and Exhibition
Production Capacity :
None
Total Investment :
None
Started Operation :
June 2017
Brand Name :
Orchid
Technical Assistance
:
None
Number of Employee :
15 persons
Marketing Area :
Local - 100%
Main Customer :
Local and foreign
tourist
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BALI KUMALA
SARI TOURS
b. P.T. BAYU BUANA
Tbk
c. P.T. INDONESIA
HOLDIDAY DMC
d. P.T. QUEENS
TANDOOR
e. Etc
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
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B
a n k e r s:
a. P.T. Bank CENTRAL ASIA Tbk
Jalan By Pass Ngurah Rai No. 074
Nusa Dua, Kuta
Denpasar, Bali Province
b. Hongkong and Shanghai Banking Corp. Ltd.
Ruko Sudirman Panjer
Jalan Jend. Sudirman
Denpasar Selatan, Denpasar
Bali Province
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
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Annual
Sales (estimated) :
2017
– Rp. 5.0 billion (June – December)
Net
Profit (estimated) :
2017
– None
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
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Board of Management :
Director - Mr. Amitava Biswas
Board of Commissioners :
Commissioner - Mr. Manoj Kumar Mishra
Signatories :
Director
(Mr. Amitava Biswas) which must be approved by Board of Commissioner
CAPABILITIES
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Management Capability :
Fairly Good
Business Morality :
Fairly Good
OVERALL
PERFORMANCE
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Based on search and investigation the correct address of
the Subject is located at Gedung Alamanda Bali 5th Floor, Jalan By
Pass Ngurah Rai No. 67, Br. Kerthayasa, Kedonganan, Kuta, Badung, Bali Province
not Jalan Bypass Ngurah Rai No. 49, Suwung, Bali, 80228 as stated in your order
ref. no. 12 March 2018.
P.T. ORCHID DMC BALI (P.T. ODM) was established in
Badung, Bali Province based on notary deed Mr. Garry Dianto, SH., no. 1220
dated 30 March 2017 with an authorized capital of Rp. 10,500,000,000 wholly issued
and paid up. The founding shareholders of the company are ORCHID DMC PRIVATE
LIMITED of India (55%), P.T. SINGA BIRU GRUP (33%), Mr. Amitava Biswas (6%) and
Mr. Manoj Kumar Mishra (6%) both are of India. The notary deed of incorporation
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-0018570.AH.01.01.TH.2017 dated April 21, 2017.
P.T. ODM is a Foreign Investment (PMA) company facility
engaged in the field of meeting organizers, travel agents, incentive trips,
conferences and exhibition services. In its operation the company provide
services in destination management services such as the best deals on hotel
reservation, sightseeing trips to the most attractive locations, transportation
facilities with privately own and operates fleet, local guides for an enhanced
experience. P.T. ORCHID DMC BALI or ODM is known as one of the destination
management services based in Indonesia, an independent company built to
dedicate and commits itself to the development of the ever growing Tourism
Industry in Indonesia. P.T. ODM has been operating in June 2017 has
experienced team in inbound tourism in South Asia destination. With in Bali,
expands its network throughout Indonesia in the major tourism destinations, the
company emphasizes and invests in automation, and other tourism related
project.
The main goal is to provide the best service in the
organization and deliver the best services they made to its customers. The
range of services as follows: Leisure, Group & Individuals Services; Tailor
Made Services; Incentive Services and Special Interest Services. Meanwhile its
foreign partner Orchid DMC Private Limited, India is a reputed destination
management organization spread across the globe with their expertise and
experience in organizing excellent family holidays, group travels, MICE tours,
Educational tours, medical tours along with top-class hotel reservation,
transportation and amazing sightseeing options. They are proud to have
successfully established our international offices and set up a team of expert
professionals in the United Kingdom, Thailand, UAE, Singapore, Bali and India.
According information most of customers are foreign tourist in Asian countries,
Middle East and United Kingdom which travelled Bali and other famous
destination as well as overseas.
Tourism as one form of creative industry has been
declared by the government as one of the mainstay of foreign exchange earners.
With the diversity of culture, beauty and richness of natural resources, the
rapidly growing variety of culinary tourism as well as the availability of an
established accommodation industry, Indonesia is a complete package as a world
tourist destination. On the other hand, Indonesia’s position on trade and
economy is recognized as a strategic one. The traffic of intercontinental
travel, is almost as dense as the inter-island and inter-city traffic. The
travel and accommodation services industry promises enormous opportunities. The
era of globalization comes with a very hectic traffic between continents and
countries, both business and tourist traffic.
It provides a huge market opportunity for the tour and
travel services, accommodation and culinary industry. Such a huge tourism
opportunity is in line with government programs to make this sector as the
supporting factor for national economy and a source of forex. Business
prospects in tour and travel business in 2017 is predicted to experience better
growth than 2016. The Indonesian government has made a number of breakthroughs
to anticipate it. Indonesia tourism ad appears prominently in Paris,
development of hotel is accelerated, more cultural events were held and
culinary tourism and rural tourism are aggressively developed.
The rise of tourism sector has been anticipated by the
airline industry by the addition of fleet, introducing new brand to the opening
of various alternative flight routes. It can-not be denied that current airline
traffic is not only strong on United States and Europe, a new trend is arising,
namely to the Middle East and Asia and to New Zealand. While the business
destination now also began to explore Asian countries, visit of foreign
tourists to Indonesia shows a constantly increasing statistical data from year
to year. Indonesia is one of the leading destinations for nature and cultural
tourism. The rapid developments of Indonesia as world business player also grow
the international trip to major cities in Indonesia. While domestic market
provides a significant opportunity in line with government programs to make
tourism as one of the largest foreign exchange earners. The development of 10
main tourism destinations by the government is immediately responded by the
Company by developing competitive inbound packets.
The Total Growth of Foreign Tourists Visiting Indonesia
Based on Port Entrance in 2005-20116*
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Year |
Number of Foreign Tourist |
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2005 |
5,002,101 |
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2006 |
4,871,351 |
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2007 |
5,505,759 |
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2008 |
6,234,497 |
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2009 |
6,323,730 |
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2010 |
7,002,944 |
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2011 |
7,649,731 |
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2012 |
8,044,462 |
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2013 |
8,802,129 |
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2014 |
9,435,413 |
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2015 |
11,421,154 |
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2016 |
9,775,669 |
Until this time P.T. ODM has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. ODM is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in the first year operation June to December 2017
amounted to Rp. 5.0 billion and projected to go on rising by at least 5% in
2018. The operation in 2017 has no profitable because is classified newly in
operation. We observe that P.T. ODM 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. ODM is led by Mr. Amitava Biswas
(49) a businessman and professional manager of India with experience in meeting
organizers, travel agents, incentive trips, conferences and exhibition
services. 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. ORCHID DMC BALI 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 64.87 |
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|
1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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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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VAR |
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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.