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MIRA INFORM REPORT
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Report No. : |
501459 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
RED CORAL GEMS STONE |
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Registered Office : |
Kampung Tanah Anyar RT.001 RW.001, Kelurahan Kilensari, Kecamatan
Panarukan, Kab. Situbondo 68351, Jawa Timur |
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Country : |
Indonesia |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sole Proprietorship of Personal |
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Line of Business : |
· Wholesale trade, except of motor vehicles and motorcycles · Manufacture of jewellery, bijouterie and related articles · Wholesale of household goods · Wholesale of watches and jewellery |
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No. of Employees : |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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 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
IDENTIFICATION
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Company
Name
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Red
Coral Gems Stone |
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Address |
Kampung
Tanah Anyar RT.001 RW.001 |
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Telephone |
N.A.
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Fax |
N.A.
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Mobile
Phone
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+6285204249117
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Email |
p4833jo@gmail.com |
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Web |
N.A. |
PROFILE
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Address |
Kampung
Tanah Anyar RT.001 RW.001 |
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Office
Building
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Date
of Establishment
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Start
Operation
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2004
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Legal
Status
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Sole
Proprietorship of Personal |
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Legalization
(historical)
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N.A.
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Government
Permit (s)
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N.A.
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Significant
change
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Red
Coral Gems Stone (the Company) was established in 2004 in Situbondo-East
Java. The Company was founded by Mr. Angga Setiawan Jodi. Up to the
completion of this report, unfortunately, we cannot identify the name of
passive partner in the Company. Because
of it is Sole Proprietorship of Personal Company, so we cannot show you
details about capitalization structure of the Company. |
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Capitalization
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SHAREHOLDERS
& MANAGEMENT
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Shareholders
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Total
No. of Shareholders: 1 |
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Name
of Shareholders
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Management
Board
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Name |
Mr.
Angga Setiawan Jodi |
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Position |
Director
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Nationality
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Indonesian
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Supervisory
Board |
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Name |
Mr.
Angga Setiawan Jodi |
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Position |
Owner
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Nationality
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Indonesian
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Management
Assessment |
The
management of the Company is modest and so far we have not heard any negative
issues of the management in the business malpractice. |
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Authorized
Signatories |
Mr.
Angga Setiawan Jodi as Director and Owner |
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Affiliate
(s) / Associate (s) |
N.A.
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KEY
DATA ON OPERATIONS
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Registered
Activities
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SIC
Code 32 : Other manufacturing |
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Employee |
Not available |
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Business
Category |
SIC
Code 32.1 : Manufacture of jewellery, bijouterie and related articles |
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Line
of Business |
SIC
Code 32.12 : Manufacture of jewellery and related articles |
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Product
& Capacity |
N.A.
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Status
of Investment |
Non-facilities
based Company |
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Sales
Territory
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Local
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100%
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International
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00%
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Main
Items Imported |
-
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-
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Main
Items Exported |
-
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-
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Major
Customers |
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Major
Supplier |
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Terms
of Payment |
Purchase
Payment |
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Activity
Comment |
Red
Coral Gems Stone (the Company) is a non-facilities based company that
is engaged in trading industry. It has been operating since 2004. Head
office, workshop and store of the Company are located in a commercial area of
Situbondo-East Java, precisely at Kampung Tanah Anyar RT.001 RW.001,
Kelurahan Kilensari, Kecamatan Panarukan, Situbondo 68351, Jawa
Timur-Indonesia. We believe this location is owned by the Company. Based
on our investigation, the Company is engaged in trading of red coral and
stone. Prior to its sale, the Company undertakes the process of cutting,
forming and sanding of its red corals and stones. The Company obtains its
products from local fishermen around East Java. Products of the Company are
custom made. Jewelry made of red coral has a high selling value. In
terms of marketing, the Company sells its products to end users who are
collectors and also local companies mostly located in Bali and some in
Jakarta. The Company can sells 20 - 50 pcs each time send to the customers.
The price of its products ranges from IDR 500,000 - IDR 1,000,000 per pcs. For
payment, the Company applies cash or telegraphic transfer payments to the
customers. So far, the Company did not experience any late payment from the
customers so that the payment to the supplier also did not experience
obstacles. According
to the source, even though the economic condition in Indonesia is weakening,
it does not affect the demand of its products. Even tended to increase every
year, but not significant. Sales of the Company can reach IDR 50 million -
IDR 100 million per month. In
its operational, the Company has no employees, all its operational activities
are handled by the Company's owner by itself. |
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Litigation
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At
the time this report is written, this Company has not been involved in any
criminal or civil cases. This statement is based on a result of search for
cases conducted at the State Court in the area where the Company was
established and operates today. |
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Sources
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Mr.
Angga Setiawan Jodi (Director and Owner, contacted on April 16, 2018) |
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Workshop
and Store Address |
Kampung
Tanah Anyar RT.001 RW.001 |
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BANKING
INFORMATION
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Banker
(s)
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Insurance
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N.A.
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BUSINESS
PROSPECTS
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Business
Prospects
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Red coral is one of the coral reef species that
began to be difficult to find in the waters of the world. With a small amount
of it, red coral is usually located in the deep waters. The shape is similar
to common coral stems, but dominated by red color and slightly natural coral
color reefs that add to the exotic this type of marine rocks. Usually, by jewelry lovers, Red Coral is
used for gem-like jewelry. Red coral growth can be considered longer than
other coral species, this is what causes this type of marine rocks to be one
of the rare and protected species of coral. Jewelry made of red coral has its own
appeal to the tourists who are in Bali and also Jakarta. Head of Bali Tourism
Office targets tourism visit to Bali in 2018 reach 6.5 million foreign
tourists. This amount is higher than the target in 2017 which as many as 5.5
million foreign tourists (tourists). Meanwhile, gold and gem entrepreneurs who
are members of the Association of Gold and Gem Entrepreneurs Indonesia
(Apepi) optimistic jewelry business will continue to grow in Indonesia. Because
jewelry for the people of Indonesia has become a necessity and lifestyle.
Jewelry becomes a necessity, after the main needs such as homes and vehicles
are met, because in addition to fashion can also be a savings. On the other hand, household consumption is
expected to recover this year. A number of indicators indicate an increase in
consumer optimism as evidenced by the increase in Consumer Confidence Index
(IKK) December 2017 to 126.4 points. This is supported by macroeconomic
improvements and government policies to provide stimulus to the community. The level of household consumption in
Indonesia is expected to improve in 2018. DBS Group Research predicts the
Indonesian economy will grow by 5.3% in 2018. This figure is higher than the
predicted GDP growth of 5.1% in 2017. With the improving level of public
consumption as well as the increasing number of tourist arrivals, especially
in Bali, is expected to increase the demand of red corals. |
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FINANCIAL
STATEMENT
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Sales
Turn Over
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2015
- IDR 630,000,000 (Estimated) |
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Total
Assets |
As
the Company is not a publicly listed company, we are unable to give a detailed
picture of the financial condition of the Company. |
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Other
Financial Data |
As
the Company is not a publicly listed company, we are unable to provide
details on the financial condition of the Company. |
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CREDITWORTHINESS
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Management
Capability
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Adequate
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Business
Morality
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Adequate
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Payment
Manner
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No
complaints |
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Financial
Condition
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Satisfactory
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Operating
Trend
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Up
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Conclusive
remarks
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Based on the information shown above, we
learned that the Company is engaged in trading of red coral and stone. It has
been operating since 2004. Prior to its sale, the Company undertook the
process of cutting, forming and sanding of its red corals and stones. Target
market of the Company are end users who are collectors and also local
companies mostly located in Bali and some located in Jakarta. In terms of performance, although the
economic conditions in Indonesia are being unstable, it has no significant
impact on the operational of the Company. This can be seen from the sales of
the Company which tend to increase every year, but not significant. Sales of
the Company can reach IDR 50 million - IDR 100 million per month. As we learned, the jewelry business will
continue to grow in Indonesia. Because jewelry for the people of Indonesia
has become a necessity and lifestyle and also Jewelry made of red coral has
its own appeal to the tourists who are in Bali and also Jakarta. Where the
target of tourism visits to Bali in 2018 is expected to reach 6.5 million
tourists or higher than in 2017. In addition, improving economic conditions
in Bali also makes the level of public consumption increased. Therefore, we
believe the Company still has the opportunity to continue to increase its
sales in this year and we conclude that the Company at 'Medium Risk'. However, for security reasons, we advise
those wishing to cooperate with or grant loans to the Company to seek
adequate collateral from the shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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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
: |
NIY |
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Report Prepared
by : |
SYL |
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.