MIRA INFORM REPORT

 

 

Report No. :

501077

Report Date :

04.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PELACK CENTRE

 

 

Registered Office :

Jl. By Pass Gusti Ngurah Rai No. 11, Kota Denpasar, Bali 80228

 

 

Country :

Indonesia

 

 

Date of Incorporation :

2001

 

 

Com. Reg. No.:

Not available

 

 

Legal Form :

Sole Proprietary Company

 

 

Line of Business :

Trading, Export and Distribution of Handicraft products

 

 

No. of Employees :

12

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Company name and address

 

Name of Company :

PELACK CENTRE

 

A d d r e s s :

Head Office

Jl. By Pass Gusti Ngurah Rai No. 11

Kota Denpasar, Bali 80228

Indonesia

Phones             - (0361) 725 679, 741 6631

Fax.                  - (0361) 725 679

Building Area    - 2 storey

Office Space    - 240 sq. meters

Region              - Commercial

Status               - Owned

 

Date of Incorporation :

2001

 

Legal Form :

Sole Proprietary Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

Not Required

 

Company Status :

Private Company

 

Permit by the Government Department :

The Department of Trade

Not available

 

Related Company :

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital                                 - Rp. 150.0 million

 

Owner :

Mr. Handoko Pamungkas               - 100%

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Export and Distribution of Handicraft products

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

2001

 

Brand Name :

Pelack Centre

 

Technical Assistance :

None

 

Number of Employee :

12 persons

 

Marketing Area :

Local       - 80%

Export    - 20%

 

Main Customer :

Hotels, villas, houses, office building, etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. BALI ARTI KREASINDO

b. UBUD GARDENS

c. UD. MITRA BALI

d. CV. BALI PRODUCTS

e. UD. BALI UNDAGI MASARI

f. BALI GATEWAY INDONESIA

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r :

P.T. Bank CENTRAL ASIA Tbk

Jl. By Pass Ngurah Rai No. 074

Nusa Dua, Denpasar

Bali Province

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2014 – Rp. 4.2 billion

2015 – Rp. 4.7 billion

2016 – Rp. 5.2 billion

2017 – Rp. 5.8 billion

 

Net Profit (estimated) :

2014 – Rp. 348 million

2015 – Rp. 390 million

2016 – Rp. 430 million

2017 – Rp. 482 million

 

Payment Manner :

Slow but Correct

 

Financial Comments :

Fairly

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                          - Mr. Handoko Pamungkas

Vice Director                                   - Mrs. Esther Pamungkas

 

Board of Commissioners :

None

Signatories :

Director (Mr. Handoko Pamungkas) or Vice Director (Mrs. Esther Pamungkas), both are is the authorized persons to sign the loan on behalf of the company.

 

 

CAPABILITIES

 

Management Capability :

Fairly

 

Business Morality :

Fairly

 

 

OVERALL PERFORMANCE

 

      PELACK CENTRE was incorporated in 2001 in Bali with the status of Sole Proprietary Company. The founding owner of the company is Mr. Handoko Pamungkas, an indigenous businessman.  Being as Sole Proprietary Company, the amount of its authorized capital was not mentioned at the time of its establishment. We estimate PELACK CENTRE has own capital of about Rp. 150 million and it will be rising in line with the progress of its business operation.

 

      PELACK CENTRE has been in operation since 2001 dealing with trading, exporting and distribution of handicraft products such as; carved door, carved panel, antique bench, wooden box, wooden crafts, fruits stand plate, etc.  Some 80% of the products marketed locally through hotels, villas, office building and many more, while the rest is exported to Hong Kong, Singapore, Japan, United States (USA) and others.  We observe PELACK CENTRE is classified a small sized company of its kinds in West Java with operation has been growing slowly in the last three years.

 

      Generally, the demand for handicraft products in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth and development of hotels, villas, apartment, real estate, office building and others in Bali and surroundings.  Market competition is very tight due to a large number of similar companies operating in the country especially in Bali and other tourism areas like Lombok and Yogyakarta.  Business position of PELACK CENTRE is favorable for it has controlled a wide marketing network in Bali and its surroundings.

 

      Until this time PELACK CENTRE 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.  The Company’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. 4.7 billion increased to Rp. 5.2 billion in 2016 and rose again to Rp. 5.8 billion in 2017.   The operation in 2017 yielded a net profit at least Rp. 482 million and the company has a total net worth of Rp. 1.5 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 PELACK CENTRE has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court.

 

      The management of PELACK CENTRE is led by Mr. Handoko Pamungkas (appr.45) an indigenous businessman with experience in trading, export and distribution of handicraft products.  In his daily activities he is assisted by his sister Mrs. Esther Pamungkas (42).  The company's management is handled by professional staff in the above business.   They have wide relations with private businessmen within 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.

 

      PELACK CENTRE is sufficiently fairly good for business cooperation. However, in view of the economic condition in the country is still unstable and slowdown, we recommend to treat prudently in extending any new loan to the company.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.02

UK Pound

1

INR 91.46

Euro

1

INR 80.09

IDR

1

INR 0.0047

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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.