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MIRA INFORM REPORT
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Report No. : |
509601 |
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Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T.
IDUB SUFI WAHYU ABADI |
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Registered Office : |
Komplek Pergudangan Osowilangon Permai Block D1 – D2
Jalan Raya Tambak Osowilangon No. 61 Kelurahan Tambak Osowilangon, Kecamatan
Benowo Surabaya, 60191 East Java |
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Country : |
Indonesia |
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Financials (as on) : |
2017 (Summarized) |
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Date of Incorporation : |
27.04.2006 |
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Com. Reg. No.: |
AHU-0005171.AH.01.02.TH.2017 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Subject is engaged in Manufacturing of Wood Flooring. |
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No. of Employees : |
67 |
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 |
Name
of Company
P.T. IDUB
SUFI WAHYU ABADI
Address
Head Office & Factory
Komplek
Pergudangan Osowilangon Permai Block D1 – D2
Jalan Raya
Tambak Osowilangon No. 61
Kelurahan Tambak
Osowilangon, Kecamatan Benowo
Surabaya,
60191
East Java
Indonesia
Phones - (62-31) 749 9942 (Hunting), 749 9805
Fax -
(62-31) 749 9825
E-mail - idub_pt@yahoo.com
Land Area - 2,500 sq. meters
Building
Space - 1,000 sq. meters
Region - Industrial Zone
Status - Rent
Date of
Incorporation :
27 April
2006
Legal Form
:
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-20855 HT.01.01.TH.2006
Dated 18 July 2006
- No. AHU-42842.AH.01.02.TH.2010
Dated 31 July 2010
- No. AHU-0005171.AH.01.02.TH.2017
Dated 1 May 2017
Company
Status :
National
Private Company
Permit by
the Government Department :
The Department of Finance
NPWP No.
02.457.981.5-604.000
The Ministry of Forestry
No. SKM
536/397.G/436.6.11/2010
Dated 15
October 2010
Related
Company :
None
CAPITAL
AND OWNERSHIP
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Capital
Structure :
Authorized
Capital : Rp. 2,500,000,000.-
Issued
Capital : Rp. 625,000,000.-
Paid up
Capital : Rp. 625,000,000.-
Shareholders/Owners
:
a. Mr. Dudung Hartito -
Rp. 500,000,000.-
Address : Jl.
Sekawan Molek II K/2
Kelurahan Bulusidokare,
Kecamatan Sidoarjo
Sidoarjo Regency, East Java
Indonesia
b. Mr. Joffrey Abdullah -
Rp. 125,000,000.-
Address : Alam Bukit Raya Block C 15 No. 01
Kelurahan Kembangan,
Kecamatan Kebomas
Gresik Regency, East Java
Indonesia
BUSINESS
ACTIVITIES
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Lines of
Business :
Wood
Flooring Manufacturing
Production
Capacity :
Wood
Flooring - 7,000 cubic meters p.a.
Total
Investment :
Owned
Capital - Rp. 2.5 billion
Started
Operation :
August
2006
Brand Name
:
Idub Sufi
Wahyu Abadi
Technical
Assistance :
None
Number of
Employee :
67 persons
Marketing
Area :
Export -
100%
Main
Customer :
Buyers in
India
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T.
MAHAKAM MANDIRI MAKMUR
b. P.T. SUMBER
KARINDO SAKTI
c. P.T.
WONOAGUNG SEJAHTERA
d. P.T.
WOODTECH CHENDRAMAS
e. Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
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B a n k e
r :
P.T. Bank
MANDIRI Tbk
Jalan
Jend. Basuki Rahmat 129 - 137
Surabaya,
East Java
Indonesia
Auditor :
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
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Annual
Sales (estimated) :
2015 – Rp.
10.5 billion
2016 – Rp.
11.2 billion
2017 – Rp.
12.1 billion
Net Profit
(estimated) :
2015 – Rp.
0.7 billion
2016 – Rp.
0.9 billion
2017 – Rp.
1.0 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
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Board of Management :
President Director - Mr. Joffrey Abdullah
Directors - a. Mr.
Joko Wijanarko, SE
b. Mr. Wahyu Widiyanto, Ak
Board of Commissioners :
Commissioner - Mr. Dudung
Hartito
Signatories :
President Director (Mr. Joffrey Abdullah) or one of the Directors
(Mr. Joko Wijanarko, SE or Mr. Wahyu Widiyanto, Ak) which must be approved by
Board of Commissioner.
CAPABILITIES
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Management Capability :
Fairly Good
Business Morality :
Fairly Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
OVERALL
PERFORMANCE
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P.T.
IDUB SUFI WAHYU ABADI (P.T. ISWA) was incorporated in Surabaya, East Java in
April 2006 with an authorized capital of Rp. 100,000,000 issued capital of Rp.
25,000,000 entirely paid up. The company was founded by Mr. Dudung Hartito
(60%) and Mr. Joffrey Abdullah (40%) both are indigenous businessmen. Its
article of association had been changed and according to revision of notary
deed Mrs. Sonya Natalia, SH., no. 39 dated 26 July 2010 the company board of
director and the board of commissioner had been changed. The latest according
to revision notary deed Mrs. Sonya Natalia, SH., no. 2 dated 1 March 2017 the
company authorized capital was increased to Rp. 2,500,000,000 issued capital to
Rp. 625,000,000 entirely paid up. With this development the composition of its
shareholders has been changed to become Mr. Dudung Hartito (80%) and Mr.
Joffrey Abdullah (20%). The deed of amendments was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-0005171.AH.01.02.TH.2017
dated March 1, 2017.
P.T.
ISWA has been operating since August 2006 dealing with wood working industry by
manages a plants located at Komplek Pergudangan Osowilangon Permai Block D1 –
D2, Jalan Raya Tambak Osowilangon No. 61, Surabaya, East Java standing on a
land of 2,500 sq. meters. According to license Ministry of Forestry the company
produces of wood flooring with capacity of 7,000 cubic meters respectively per
annum. Most of raw material like logs is obtained from P.T. INHUTANI I, which
operating in East Java. Besides, some of the raw material like Merbau log is
obtained from other companies in East Java and others. Management of the
company explained that 100% of the products is exported to India. We observe
that P.T. ISWA is classified a small sized company of its kinds in the country
with operation has been growing and developing well in the last three years.
Generally
the demand for wood flooring has kept on rising in the last five years in line
with the growth and development of housing sectors and wooden furniture in
domestic and international markets as customers. However, the lack of woods as
the basic materials becomes serious problem faced by wooden woodworking
industry producers. Global economic performance in 2018 is predicted to
maintain a steady growth, although not as big as in 2017. The World Bank
predicts growth at 3.1%, with the considerations that economy in developed
countries will grow by 2.2%, where developing countries and emerging markets
will grow by 4.5%. In Indonesia, World Bank predicted growth by 5.3%, lower
than the target of State Budget (APBN) of 2018 by 5.4%. Investment in Indonesia
will continue alongside the export growth which is triggered by China’s
economic restoration. Meanwhile, household consumption will recover after
experiencing a slowing down in 2017. The increase is attributed to low
inflation, stable rupiah, strong labor market and a decline in borrowing costs.
Until
this time P.T. ISWA has not been registered with Indonesian Stock Exchange, so that
they had not obliged to announce their financial statement. The management of
P.T. ISWA 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. 10.5 billion increased to Rp. 11.2 billion in 2016 rose to
Rp. 12.1 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. 1.0
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 P.T. ISWA is led by Mr. Joffrey Abdullah (52) a businessman with
experience in wood flooring manufacturing. 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. IDUB SUFI WAHYU ABADI 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 67.95 |
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1 |
INR 91.87 |
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Euro |
1 |
INR 80.27 |
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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 : |
DNS |
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.