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MIRA
INFORM REPORT
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Report No. : |
508950 |
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Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
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Name : |
C.V. RANDU INDO PRIMA |
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Registered Office : |
Jalan K.H. Ahmad Dahlan No. 26 Dusun Kulon Embong, Suwayuwo, RT.
01 RW. 02 Sukorejo, Pandaan Pasuruan, 67161 East Java - |
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Country : |
Indonesia |
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Date of Incorporation : |
1979 |
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Legal Form : |
Partnership with Sleeping Partners |
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Line of Business : |
Kapok Fiber Manufacturing |
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No. of Employees : |
107 |
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 (30.09.2017) |
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 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.
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 summery
Name of Company :
C.V. RANDU INDO PRIMA
Address :
Head Office & Factory
Jalan
K.H. Ahmad Dahlan No. 26
Dusun
Kulon Embong, Suwayuwo, RT. 01 RW. 02
Sukorejo,
Pandaan
Pasuruan,
67161
East
Java
Indonesia
Phone - (62-343) 632510
Fax -
(62-343) 634959
Mobile
Phone - 0852 3496 9997, 081 615 251 270
(Mr. Rony Wijaya)
E-mail - ronywijaya@randuindoprima.co.id
Website - http://www.randuindoprima.co.id
Land
Area - 2,700 sq. meters
Building
Space - 1,200 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
1979’s
Legal Form :
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partners
Company Reg. No. :
Not
Required
Company Status :
Private
National Company
Permit by the Government Department :
Not
Available
Related Companies :
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital : Rp. 600 million
Shareholders/Owners :
a. Mr. Rony Wijaya (Active
Partner)
b. Mr. Mohamad Wijaya
(Silent Parner)
BUSINESS ACTIVITIES
Lines of Business :
Kapok
Fiber Manufacturing
Production Capacity :
Kapok
Fibers - 200 tons per month
Total Investment :
None
Started Operation :
1979
Brand Name :
Randu
Indo Prima
Technical Assistance :
None
Number of Employee :
107
persons
Marketing Area :
Export - 100%
Main Customer :
Buyers
in Asia Pacific, Europe and America
Market Situation :
Very
Competitive
Main Competitors :
a.
C.V. PERSADA CANDRA KAPOK
b.
P.T. RAJO JAVA KAPOK
c.
C.V. RANDU PUTRATAMA
d.
C.V. RANDY PERKASA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T.
Bank MANDIRI Tbk
Jalan
Panglima Sudirman No. 11
Purworejo,
Pasuruan
East
Java, Indonesia
Auditor :
Internal
Auditor
Litigation :
No
litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2015
– Rp. 33.9 billion
2016
– Rp. 36.1 billion
2017
– Rp. 38.4 billion
Net Profit (estimated) :
2015
– Rp. 2.7 million
2016
– Rp. 2.9 million
2017
– Rp. 3.1 million
Payment Manner :
No Complaints
Financial Comments :
Fairly
strong
KEY EXECUTIVES
Board of Management :
Director - Mr. Rony Wijaya
Board of Commissioners :
Commissioner -
Mr. Mohamad Wijaya
Signatories :
Director (Mr. Rony Wijaya) is only the authorized
person to sign the loan on behalf of the company
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
C.V.
RANDU INDO PRIMA (C.V. RIP) was established in Pasuruan, East Java in 1979 with
the legal status of C.V. (Commanditaire Vennootschap) or partnership with sleeping
partner. The company was founded by Mr. Mohamad Wijaya and his wife Mrs. Siti
Wijaya as silent partner. Later in 2014 his wife Mrs. Siti Wijaya withdrew and
taken over by Mr. Rony Wijaya. Currently the company own by Mr. Rony Wijaya as
active partner and his father Mr. Mohamad Wijaya as silent partners both are
indigenous business family. Being as a C.V. company, the amount of its
capitalization was not mentioned at the time of its establishment. We estimate
C.V. RIP has own capital of about Rp. 600 million and it will be rising in line
with the progress of its business operation.
C.V. RIP is a small sized company started with operating in 1979
dealing with kapok fiber manufacturing. Its plant is located at Jalan K.H.
Ahmand Dahlan No. 26, Dusun Kulon Embong, Suwayuwo, Sukorejo, Pandaan,
Pasuruan, East Java standing on a land of 2,700 sq. meters. Kapok is a fiber
extracted from the seed pod of the kapok tree. The tree is grown chiefly in
mainland Asia and in Indonesia. Sometimes called silk cotton or java cotton,
this moisture-resistant, quick-drying, resilient, buoyant. The whole products
like kapok obtained from East Java, Central Java and others surroundings. The
company has a lot to sell kapok to various areas and outer islands such as
Sumatra, Kalimantan and West Nusa Tenggara, and since 2009 the company began to
export kapok. The product quality and guaranteed quality, C.V. RIP is also able
to fulfill orders if customers ask for products under the best of product
quality and certainly better than the product on the market for the same type
of product. The products sell and guarantee comparable to what consumers pay.
In the furniture industry kapok fiber is widely used as a filler
cushions, mattresses, buoys, and seat.
In the electronics industry and buildings, kapok fiber is used as
a heat insulator and silencer. In the machinery industry, kapok fiber can be
used as a filter and oil separator. In the spinning industry, cotton fiber used
to make yarn and the right process can be woven. Fiber has been used in life
preservers and other water-safety equipment. Kapok is also used to stuff
pillow, mattresses, cushions, upholstered furniture, life jackets, etc.
According information the whole products exported to Singapore, Malaysia,
India, Sri Lanka, Hong Kong, China, Pakistan, Japan, Germany, America and other
countries. We observe C.V. RIP has been growing and developing well in the last
three 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 C.V. RIP has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of the company 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. 33.9 billion increased to Rp.
36.1 billion in 2016 rose to Rp. 38.4 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. 3.1 billion. 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 C.V. CIP is led by Mr. Rony Wijaya (40), a
businessman with experienced kapok fiber manufacturing. He graduated and
reached bachelor degree in economy from Universitas Muhammadiyah Malang (UMM)
in 2004-2014. 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. C.V. RANDU INDO PRIMA is
sufficiently fairly good for 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 67.72 |
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1 |
INR 91.65 |
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Euro |
1 |
INR 79.89 |
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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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NIY |
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Report Prepared
by : |
TRU |
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.