MIRA INFORM REPORT

 

 

Report No. :

500143

Report Date :

28.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

P.T. INTIRODA MAKMUR

 

 

Registered Office :

Jl. Gatoot Subroto Km. 5, Jatiuwung District, Tangerang 15135, Banten Province

 

 

Country :

Indonesia

 

 

Date of Incorporation :

30.04.1992

 

 

Com. Reg. No.:

AHU-AH.01.03-0096872

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Bicycle and Motorcycle Components and Parts Manufacturing

 

 

No. of Employees :

460

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Indonesia

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

BASIC SEARCH

 

Name of Company :

P.T. INTIRODA MAKMUR

 

Address :

Head Office & Factory

Jl. Gatoot Subroto Km. 5

Jatiuwung district, Tangerang 15135

Banten Province

Indonesia

Phones             - (62-21) 591 9491, 591 9492, 591 9493

Fax                   - (62-21) 591 9495

Email                - sales@intiroda.co.id

Land Area         - 15,000 sq. meters

Building Area    -   9,800 sq. meters

Region              - Industrial Zone

Status               - Owned

 

Date of Incorporation :

30 April 1992

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

a.  No. C2-6421.HT.01.01.TH.92

     Dated 07 August 1992

b.  No. W7-8486.HT.01.04.TH.2007

     Dated 30 July 2007

c.  No. AHU-32788.AH.01.02.Tahun 2012

     Dated 15 June 2012

d.  No. AHU-AH.01.10-17009

     Dated 29 April 2014

e.  No. AHU-AH.01.03-0096872

     Dated 08 November 2016

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.588.991.8-415.000

 

Related/Affiliated Companies :

a. P.T. RODA PRIMA LANCAR (Trading and Investment Holding)

b. P.T. LANTANG LURUS (Tuna Fish Catching and Exporting)

c. P.T. INTIMAS JAYALESTARI (Bicycle and Motorcycle Component Manufacturing)

d. P.T. INTERMESINDO FORGING PRIMA (Rolled Steel Shape Manufacturing)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         - Rp. 200,000,000,000.-

Issued Capital               - Rp. 157,200,000,000.-

Paid up Capital             - Rp. 157,200,000,000.-

 

Shareholders/Owners :

a. P.T. RODA PRIMA LANCAR        - Rp. 131,000,000,000.- (83.33%)

   Address: Kampung Jati, RT.03/RW.05

                  Jati Uwung, Tangerang,

                  Banten Province, Indonesia

 

b. Mr. Bing Daniel Basuki               - Rp.   26,200,000,000.- (16.67%)

   Address: Jl. Taman Kebon Jeruk Blok P1/41,

                  Kembangan, West Jakarta

                  Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Bicycle and Motorcycle Components and Parts Manufacturing

 

Product Items :

Spokes, Nipples, Drawn Steel Wire, Steel Bar, Galvanized Steel Wires, PC Bar and Spiral Wire

 

Total Investment :

a. Equity Capital                      - Rp. 157.2 billion

b. Loan Capital                        - Rp. 120.0 billion

c. Total Investment                   - Rp. 277.2 billion

 

Started Operation :

1 9 9 2

 

Brand Name :

INTIRODA MAKMUR

 

Technical Assistance :

None

 

Number of Employee :

460 persons

 

Marketing Area :

Domestic (Local)  - 100%

 

Market Situation :

Very Competitive

 

Main Customers :

a. PT. Astra Honda Motor

b. PT. Yamaha Motor Manufacturing

c. PT. Kawasaki Indonesia

d. PT. Suzuki International manufacturing

e. PT. Roda Prima Lancar

f. PT. Selamat Sempurna Tbk

g. PT. Daido Spring Indonesia, etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a. P.T. Bank PAN INDONESIA Tbk

    Jalan Kopi No. 52

    West Jakarta

    Indonesia

b. PT. Bank MAYBANK INDONESIA Tbk

    Jalan M.H. Thamrin No. 51

    Central Jakarta

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2014 – Rp. 220.0 billion

2015 – Rp. 248.0 billion

2016 – Rp. 280.0 billion

2017 – Rp. 320.0 billion

 

Net Profit (estimated) :

2014 – Rp. 14.4 billion

2015 – Rp. 16.5 billion

2016 – Rp. 18.2 billion

2017 – Rp. 20.8 billion

 

Payment Manner :

Average

 

Financial Comments :

Fairly

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                           - Mr. Widarto Winardjo

Directors                                         - a. Mrs. Aguslina

                                                        b. Mrs. Lie Nery

 

Board of Commissioner :

President Commissioner                  - Mr. Suyoto Honggo

Commissioner                                 - Mr. Bing Daniel Basuki

 

Signatories :

President Director (Mr. Widarto Winardjo) or one of the Directors (Mrs. Aguslina or Mrs. Lie Nery) which must be approved by Board of Commissioners (Mr. Suyoto Honggo or Mr. Bing Daniel Basuki)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

 

OVERALL PERFORMANCE

 

P.T. INTIRODA MAKMUR (P.T. IRM) was established in Jakarta based on Notary Deed of Endrawila Parmata, SH., No. 248 dated April 30, 1992 with an authorized capital of Rp. 2,400,000,000 entirely was issued and paid up.  The founding shareholders of the company are Mr. Sugiarto Yoso (12.5%), Mr. Usman Hadi (8.33%), Mr. Sunaryo Honggo (20.83%), Mr. Tjahaja Utomo (8.33%), Mr. Yohannes Setiawan (16.67%), Mr. Budianto Yoso (8.33%), Mrs. Sri marjati Joso (4.17%) and Mr. Bing Daniel Basuki (20.83%).  The Deed of establishment was approved by the Minister of Justice of the Republic of Indonesia through its Decision Letter No. C2-6421.HT.01.01.TH.92 dated August 7, 1992. Its articles of association have subsequently been changed for several times.  In July 2007, the authorized capital was raised to Rp. 45,000,000,000 of which Rp. 33,000,000,000 was issued and paid up.  Since then, the shareholders of the company are P.T. RODA PRIMA LANCAR (66.67%) and Mr. Bing Daniel Basuki (33.33%). The amendment to Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. W7-8486.HT.01.04.TH.2007 dated July 30, 2007.

 

In March 2014, based on notary Deed No. 06 dated March 11, 2014 drawn up by Kumala Tjahjani Widodo, SH., the authorized capital was raised again to Rp. 200,000,000,000.- of which Rp. 157,200,000,000.- was issued and paid up.  Since then, the shareholders of the company are P.T. RODA PRIMA LANCAR (83.33%) and Mr. Bing Daniel Basuki (16.67%). 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-AH.01.10-17009 dated April 29, 2014.  The most recently by Notary Deed of Nany Wiana Setiawan, SH., No. 09 dated November 08, 2016, concerning the change in composition of the Company’s board of Directors and Commissioners.  This amendment to Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.03-0096872 dated November 08, 2016.

 

P.T. IRM has been in operation since April 1992 dealing with bicycles and motorcycles components and parts industry such as spokes and nipples.   Basically, the company is to continue the operation of P.T. INTI CYCLE INDUSTRY by taking over whole assets of the company in 1992. P.T. IM manages a plant located at Jalan Gatot Subroto Km. 5, Jatiuwung district, Tangerang, Banten Province on a land of 1.5 hectares.   Then the company began to develop itself into the largest Manufacturing Steel Wire in Tangerang with Production capacity of 10,000 tons per month. Currently the products produced by this company are Spokes, Nipples, Drawn Steel Wire, Steel Bar, Galvanized Steel Wires, PC Bar and Spiral Wire.   Besides, P.T. IRM also serves wire forming services into the customers’ desired sizes. The basic materials being used by P.T. IRM are high carbon wire being produced by P.T. KRAKATAU STEEL and some of which is being imported from Thailand. The main customers of the company are motor vehicle assembling companies of HONDA, YAMAHA, SUZUKI, KAWASAKI and other bicycle assembling industry in the country.  We observed that P.T. IRM is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.

 

In overall we find the demand for bicycle and motorcycle components and parts had been rising by the average 8% to 10% per year within the last five years in line with the growth of bicycle and motorcycle industries, home appliance industries, construction industries and a stable economic growth in the period.  The growth rate is now estimated at 6% to 8% per year. 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. 13.700 per US Dollar.

 

 

 

Table of Indonesian Economic Indicators from 2012 to 2016

 

 Indonesian Economic Indicators

  2012

  2013

  2014

  2015

  2016

Gross Domestic Product  (PDB)

6.0

5.6

5.0

4.8

5.0

Consumer Price Index

4.3

8.4

8.4

3.4

3.2

Government Debt

27.3

28.7

24.7

27.0

26.5

Exchange Rate  (IDR/USD)

9,419

11,563

11,800

13,400

13,300

Current Account Balance

-2.8

-3.3

-3.1

-2.1

-2.1

Population  (in millions)

247

250

253

255

258

Poverty  (percentage of population)

11.7

11.5

11.0

11.1

10.9

Unemployment  (percentage of  workforce)

6.1

6.3

5.9

6.2

5.6

Reserves  (in billion USD)

112.8

99.4

111.9

105.9

111.4

 

Until this time P.T. IRM 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 have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. IRM’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of the company in 2015 amounted to Rp. 248.0 billion increased to Rp. 280.0 billion in 2016 and rose again to Rp. 320.0 billion in 2017.   The operation in 2017 yielded a net profit at least Rp. 20.8 billion and the company has a total net worth of Rp. 180.0 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 P.T. IRM 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 the company is led by Mr. Widarto Winardjo (57) as president director and CEO of the Company.   In daily activities, he is assisted by Mrs. Aguslina (48) and Mrs. Lie Nery (41), both as director respectively.  We observed that the management of the company has a good reputation in spokes, nipples, drawn steel wire, steel bar and galvanized steel wires manufacturing. The management has wide relation with overseas and national private businessmen as well as with the government sectors.  We have never heard of the management of the company having been involved in business malpractice.

 

P.T. INTIRODA MAKMUR is appraised to be good for business transaction.  However, in view of the economic condition in the country is still unstable and political situation in the country is warming, we recommend to treat prudently in extending any new loan to the company.

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.80

UK Pound

1

INR 92.25

Euro

1

INR 80.76

IDR

1

INR 0.0047

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.