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MIRA INFORM REPORT
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Report No. : |
500826 |
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Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MAITARU TIMBER WORK SOLUTION |
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Registered Office : |
Jl.
Teuku Umar Barat No. 197, Marlboro Barat, Kerobokan, Kuta, Bali 80361 |
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Country : |
Indonesia |
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Year of Establishment : |
2006 |
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Legal Form : |
Sole
Proprietary Company |
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Line of Business : |
Trading, Export and
Distribution of Wood products. |
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No. of Employees : |
14 |
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 : |
Slow but Correct |
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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 |
Company
Name
MAITARU
TIMBER WORK SOLUTION
BASIC
SEARCH
Name
of Company :
MAITARU TIMBER WORK SOLUTION
A
d d r e s s :
Head
Office & Showroom
Jl.
Teuku Umar Barat No. 197,
Marlboro
Barat, Kerobokan,
Kuta,
Bali 80361
Indonesia
Phone -
(62-361) 934 7196
H.P. - (62-817)
422 220
Email - maitaru.jaya@gmail.com,
adj@maitaru.com
or wulan@maitaru.com
Workshop
Jl.
Cargo Taman I No. 5
Denpasar,
Bali
Indonesia
H.P. - (62-813)
387 22220
Date of Incorporation :
2006
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. 200.0 million
Owner
:
Mr. I Nyoman Adi Miartha - 100%
BUSINESS
ACTIVITIES
Lines of Business :
Trading, Export and
Distribution of Wood products
Production Capacity :
None
Total Investment :
None
Started Operation :
2006
Brand Name :
Maitaru
Technical Assistance
:
None
Number of Employee :
14 persons
Marketing Area :
Local - 70%
Export - 30%
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 s :
a.
P.T. Bank NEGARA INDONESIA Tbk
Jl. Teuku Umar No. 200
Dauh Puri Klod, Denpasar
Bali Province
Indonesia
b.
P.T. Bank CENTRAL ASIA Tbk
Jl. Teuku Umar No. 99-D
Dauh
Puri Klod, Denpasar
Bali Province
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2014
– Rp. 4.5 billion
2015
– Rp. 5.0 billion
2016
– Rp. 5.5 billion
2017
– Rp. 6.2 billion
Net
Profit (estimated) :
2014
– Rp. 372 million
2015
– Rp. 413 million
2016
– Rp. 454 million
2017
– Rp. 512 million
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY
EXECUTIVES
Board of Management :
Director -
Mr. I Nyoman Adi Miartha
Vice Director - Mrs. Wulan Miartha
Board of Commissioners :
None
Signatories :
Director
(Mr. I Nyoman Adi Miartha) or Vice Director (Mrs. Wulan Miartha), both are is the
authorized persons to sign the loan on behalf of the company.
CAPABILITIES
Management Capability:
Fairly
Business Morality:
Fairly
OVERALL
PERFORMANCE
MAITARU TIMBER WORK SOLUTION abbreviated
MAITARU was incorporated in 2006 in Bali with the status of Sole Proprietary
Company. The founding owner of the company is Mr. I Nyoman Adi Miartha, 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 MAITARU has own capital of about Rp.
200 million and it will be rising in line with the progress of its business
operation.
MAITARU has been in operation since 2006
dealing with trading, exporting and distribution of wood products such as; solid
wood, wood decking, solid wood flooring, custom wood flooring, wall cladding,
custom wood furniture, stylish door, wood ceiling and staircase. Wood raw materials used
by MAITARU are tropical woods such as Teak, Bangkirai/Balau, Merbau, Kuku,
Ironwood and other tropical wood products.
Some 70% of the products marketed locally through hotels, villas, office
building and many more, while the rest is exported to Singapore, Dubai,
Maldives and others. We observe MAITARU
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 MAITARU is favorable for
it has controlled a wide marketing network in Bali and its surroundings.
Until this time MAITARU 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. 5.0 billion increased to Rp. 5.5 billion in
2016 and rose again to Rp. 6.2 billion in 2017. The operation in 2017 yielded a net profit
at least Rp. 512 million and the company has a total net worth of Rp. 1.8
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 MAITARU has been
black listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court.
The management of MAITARU is led by Mr. I
Nyoman Adi Miartha (appr.46) an indigenous businessman with experience in
trading, export and distribution of handicraft products. In his daily activities he is assisted by his
wife Mrs. Wulan Martha (43). 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.
MAITARU 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.93 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.69 |
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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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NIY |
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Report Prepared
by : |
NIT |
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.