|
|
|
MIRA INFORM REPORT
|
Report No. : |
497999 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PIPIN’S ART SHOP |
|
|
|
|
Registered Office : |
Jalan Raya Peliatan Br Ambengan Kelurahan Peliatan,
Kecamatan Ubud Gianyar, 80571 Bali
Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1993 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading, Supply, Exporter
and Distribution of Handicraft |
|
|
|
|
No. of Employees : |
18 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
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
PIPIN’S
ART SHOP
BASIC
SEARCH
Name
of Company :
PIPIN’S ART SHOP
Address
Head
Office & Warehouse
Pipin’s Art Shop 1
Jalan
Raya Peliatan Br Ambengan
Kelurahan
Peliatan, Kecamatan Ubud
Gianyar,
80571
Bali
Province
Indonesia
Phone -
(62-361) 970 289
Fax - (62-361) 970 289
Mobile Phone - 081 337 384 744
(Mrs. Des Ayu)
E-mail - pipin_artshop@yahoo.co.id
Land Area - 2,000 sq.
meters
Office Space - 1,200 sq. meters
Region - Industrial
Zone
Status - Rent
Pipin’s Art Shop 2
Jalan
Raya Gentong Tegallalang Br Gentong
Kelurahan
Banjar Sapat, Kecamatan Ubud
Gianyar,
80571
Bali
Province
Indonesia
Phone -
(62-361) 871 0050
Fax - (62-361) 871 0050
Land Area - 1,500 sq.
meters
Office Space - 800 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
1993’s
Legal
Form :
Sole
Proprietary Company
Company
Reg. No. :
Not
Required
Company
Status :
National
Private Company
Permit
by the Government Department :
Not
Available
Related
Companies :
None
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 500 million
Owners :
a. Mrs. Des Ayu
b. Mr. Haji Solehan
BUSINESS
ACTIVITIES
Lines of Business :
Trading, Supply,
Exporter and Distribution of Handicraft
Production Capacity :
None
Total Investment :
None
Started Operation :
1993’s
Brand Name :
Dwi Mitra Perkasa
Technical Assistance
:
None
Number of Employee :
18 persons
Marketing Area :
Local - 60%
Export - 40%
Main Customer :
Hotels, office,
villas
Market Situation :
Very Competitive
Main Competitors :
a. ANUGERAH (MADE
SUTARI)
b. C.V. EKADESTA
c. PIPIN MAHARANI
d. C.V. SENI ECHO
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r s:
a. P.T. Bank MAYBANK INDONESIA Tbk
Jalan Raya Ubud No. 115
Petulu, Ubud
Gianyar, Bali Province
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Raya Andong
Tegallalang, Ubud
Gianyar, Bali Province
c. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Ubud 10
Petulu, Ubud
Gianyar, Bali Province
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2015
– Rp. 5.7 billion
2016
– Rp. 6.0 billion
2017
– Rp. 6.7 billion
Net
Profit (estimated) :
2015
– Rp. 370 million
2016
– Rp. 396 million
2017
– Rp. 442 million
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
Director - Mrs. Des Ayu
Manager -
Mr. Haji Solehan
Board of Commissioners :
None
Signatories :
Director
(Mrs. Des Ayu) is only the authorized person to sign the loan on behalf of the
company
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
Based on search and verification the correct name of
Subject is PIPIN’S ART SHOP not PIPIN CENTRAL HANDICRAFT AND ANTIQ FURNITURE as
stated in your order ref. no. 497999 dated 14 March 2018.
PIPIN’S ART SHOP (PAS) was established in Gianyar, Bali
Province in 1993’s with the status of sole proprietary company. The company was
founded by Mrs. Des Ayu, an indigenous businesswoman of Balinese and her
husband Mr. Haji Solehan, an indigenous businessman of Lombok tribe. Being as a
sole proprietary company, the amount of its capitalization was not mentioned at
the time of its establishment. We estimate, the company has own capital of
about Rp. 500 million and its will be rising in line with the progress of its
business operation.
PIPIN’S ART SHOP (PAS) has been operating in 1993’s
dealing with trading, supply, export and distribution of handicraft. Mrs. Des
Ayu, founder and director of the company explained the company sells of various
more than 1,000 items handicraft wholly antique primitive craft.
She also added the whole antique primitive craft obtained
from Bali traditional and antique primitive craft, Lombok traditional craft,
Java traditional craft, Yogyakarta traditional craft, and many more in East
Java and surroundings. Through its flagship product that is
the latest handicraft which is the best quality & quality is able to
provide / provide the best and affordable products for all its loyal customers.
Besides, most of the
antique traditional craft sells based on orders from customers in Bali, and
overseas among others are India, Oman, Saudi Arabia, Dubai and Asian countries.
Besides, she also explained the handicraft supplied to almost hotels, and villa
in Ubud, Gianyar, Bali Province. Further Mrs. Des Ayu also added they also
supplies antique traditional craft to various hotels in Jakarta such as
FLAMBOYAN Hotel Tangerang, Banten Province and others. We observe PIPIN’S ART
SHOP operation has been growing and developing well in the last three years.
The demand for handicraft has kept on rising in the last
five years in line with the growth and development of industrial sector. The
economy in 2017 is projected to post higher growth; national level this is
expected to result from infrastructure projects, while rebound of commodity
prices will drive improvement at the global level. Government policies will
further boost the economy in next year. The prospective increase in the
interest rate (Fed Funds Rate/FFR) in the United States (US) and the economic
slowdown in China contributed to uncertainty and increased the risk of economic
vulnerability throughout the world. The high volatility of the global economy
throughout 2016 which was triggered by low commodity prices, the European Union
(EU) debt crisis, the British decision to leave the EU block (Brexit), and the
results of the US presidential election put pressure on worldwide economic
activities. Global trade slowed down and the decline in commodity prices became
a major problem for the world economy.
Indonesian economic factors cannot be detached from
China’s economic slowdown and from the low prices of main export commodities
such as oil, coal, and palm oil. As Indonesia’s largest trading partner, the
slowdown in China caused Indonesia’s export values to tumble. Nevertheless, the
government sought to encourage equitable infrastructure development across
Indonesia to stimulate economic growth. However, entering the second half of
2016, private consumption and investment slowly began to improve in response to
declining interest rates on loans and improving commodity prices.
Various macro indicators at the end of 2016 showed
brighter prospects for 2017 including the property industry. Government
policies which are favorable for the property sector, such as tax amnesty (TA)
which will begin to show its impact in 2017 to boost growth of the property
industry. Rising commodity prices, such as palm oil, petroleum and coal give
new expectations for the property project.
Table of Indonesian Economic Indicators from 2012 to 2016
|
Indonesian Economic
Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Gross Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
|
Consumer Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
|
Government Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
|
Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
|
Current Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
|
Population
(in millions) |
247 |
250 |
253 |
255 |
258 |
|
Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
|
Unemployment (percentage
of workforce) |
6.1 |
6.3 |
5.9 |
5.8 |
5.6 |
|
Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Until this time PAS 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 2015 amounted to Rp.
5.7 billion increased to Rp. 6.0 billion in 2016 rose to Rp. 6.7 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. 42 million. 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 PAS is led by Mrs. Des Ayu (55), a
businesswoman which experienced for more than 25 years in the field of trading,
supply, exporter and distribution of antique primitive craft. Daily activity
she is assisted by her husband Mr. Haji Solehan (56) as Manager. 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. PIPIN’S ART SHOP
is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
IDR |
1 |
INR 0.0047 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.