|
|
|
MIRA INFORM REPORT
|
Report No. : |
492084 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
C.V. KREASI INDAH SELARAS |
|
|
|
|
Registered Office : |
Desa Mulyoharjo, RT. 03 RW. 02, Kelurahan Mulyoharjo,
Kecamatan Jepara, Jepara, 59431, Central Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
04.11.2016 |
|
|
|
|
Legal Form : |
C.V. (Commanditaire Vennootschap) or
Partnership with Sleeping Partners |
|
|
|
|
Line of Business : |
Wooden Furniture
Manufacturing |
|
|
|
|
No. of Employees : |
6 |
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 : |
Relatively New concern |
|
|
|
|
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 |
Name
of Company
C.V. KREASI INDAH SELARAS
Address
Head Office &
Factory
Desa Mulyoharjo, RT. 03 RW. 02
Kelurahan Mulyoharjo, Kecamatan Jepara
Jepara, 59431
Central Java
Indonesia
Phone -
(62-291) 7519026
Fax - (62-291) 7519026
Land Area - 3,000 sq.
meters
Building Space - 1,800 sq. meters
Region - Industrial
Zone
Status - Rent
Company
summary
Date of Incorporation
:
4 November 2016
Legal Form :
C.V. (Commanditaire Vennootschap) or
Partnership with Sleeping Partners
Company Reg. No. :
Not Required
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 80.554.874.0-516.000
The Department of
Industry & Trade
- TDP No.
112633102303
Dated 24 November 2016
- SIUP No.
510/106/PK/XI/2016
Dated 24 November 2016
- No. 51/530/IUI/2016
Dated 28 December 2016
Related Companies :
None
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 500.0 million
Shareholders/Owners :
a. Mr. Chairul Anwar (Active Partner)
b. Mr. Mulyono (Silent Parner)
BUSINESS
ACTIVITIES
Lines of Business :
Wooden Furniture
Manufacturing
Production Capacity :
Wooden Furniture
(Table, Chairs,
Wardrobe, Mirror,
Handicraft) - 6,000 cubic meters
p.a.
Total Investment :
None
Started Operation :
2017
Brand Name :
Kreasi Indah Selaras
Technical Assistance
:
None
Number of Employee :
6 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Europe and
the USA
Market Situation :
Very Competitive
Main Competitors :
a. C.V. ALAM INDAH
b. C.V. ALAM INDO
RAYA
c. C.V. CIPTA MITRA
SELARAS
d. C.V. VANESSA
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B a n k e r :
P.T. Bank MANDIRI Tbk
Jalan HOS Cokroaminoto No. 4
Kauman, Jepara, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated) :
2017 – Rp. 12.5 billion
Net Profit (estimated) :
2017 – Rp. 0.8 billion
Payment Manner :
Slow but correct
Financial Comments :
Fairly strong
KEY
EXECUTIVES
Board of
Management :
Director - Mr. Chairul Anwar
Board of
Commissioners :
Commissioner - Mr. Mulyono
Signatories
:
Director (Mr.
Chairul Anwar) 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. KREASI INDAH SELARAS (C.V. KIS) was established in
Jepara, Central Java based on notary deed no. 4 dated 4 November 2016 with the
legal status of C.V. (Commanditaire Vennootschap) or partnership with sleeping
partner. Founder and owners of the company are Mr. Chairul Anwar as active
partner and Mr. Mulyono as silent partner both are indigenous businessmen.
Being as a C.V. company status, the amount of its capital was not mentioned at
the time of its establishment. According information the company has own
capital of about Rp. 500 million.
C.V. KIS is a national private company has been operating
in 2017 engaged in the field of wooden furniture manufacturing. Its plant is
located at Desa Mulyoharjo RT. 03 RW. 02, Mulyoharjo sub-district, Jepara
district, Central Java standing on 3,000 sq. meters landside. According information
most of raw materials like logs obtained from Central Java. The company
produces of chairs, table, mirror, wardrobe and handycraft of 200 containers
per month. According information some of wooden furniture also obtained from
home industries in Jepara, Central Java. Mr. Chairul Anwar, Director and owner
of the company explained the whole products exported to Europe Union, USA and
other countries. We observe C.V. KIS is classified a small sized company of its
kinds in Jepara, Central Java with operation has been developing well and
running smoothly in the last one year.
Generally the demand for furniture products has basically
been increasing in the last five years. However, the lack of woods as the basic
materials becomes serious problem faced by wooden furniture producers.
Therefore, lots of wooden furniture producers unable to fulfill the market
demand. Besides, the price of woods in the country has highly been increasing
in the last several years. In addition, the tight government policy in wooden products
seems to burden the wooden product industries. The demand for wooden furniture
products is estimated to be rising next year. However, the lack of woods and
high prices of woods are estimated to influence the performance of wooden
furniture products.
The Export Volume and
Value of Indonesian Wooden Furniture, 2010 – 2016
|
Year |
Volume
(Thousand Ton) |
Value
(US$ Million) |
|
2010 |
565.1 |
1,355.2 |
|
2011 |
453.3 |
1,134.2 |
|
2012 |
447.9 |
1,177.8 |
|
2013 |
427.1 |
1,203.2 |
|
2014 |
444.3 |
1,277.4 |
|
2015 |
437.1 |
1,352.2 |
|
2016 |
463.3 |
1,433.3 |
Until this time C.V. KIS 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 the first operation 2017 amounted to Rp. 12.5
billion 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. 0.8 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. KIS is led by Mr. Chairul Anwar
(53), a businessman with experienced in wooden furniture manufacturing and
trading. 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. KREASI INDAH SELARAS
is sufficiently fairly good for business cooperation
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.81 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 79.94 |
|
IDR |
1 |
INR 0.0046 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.