MIRA INFORM REPORT

 

 

Report No. :

499222

Report Date :

27.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

PT. GANESHA EXIM

 

 

Registered Office :

Jl. Simpang Kampung Jua No. 1 By Pass Lama, RT. 004, RW. 004 , Kelurahan Batang Taba Nan XX, Kecamatan Lubuk Begalung ,Kota Padang 25223, Sumatera Barat - Indonesia

 

 

Country :

Indonesia

 

 

Date of Incorporation :

2005

 

 

Legal Form :

Private Limited Liability Company or Perseroan Terbatas

 

 

Line of Business :

Wholesale trade, except of motor vehicles and motorcycles

 

 

No. of Employees :

25

 

 

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 IDENTIFICATION

 

Company Name

PT. Ganesha Exim

 

Address

Jl. Simpang Kampung Jua No. 1 By Pass Lama, RT. 004, RW. 004
Kelurahan Batang Taba Nan XX, Kecamatan Lubuk Begalung
Kota Padang 25223
Sumatera Barat - Indonesia

 

 

Telephone

+62751767200

Fax

N.A.

Mobile Phone

N.A.

 

 

Email

exim_ganesha@yahoo.com

Web

N.A.

 

 

 PROFILE

 

Address

Jl. Simpang Kampung Jua No. 1 By Pass Lama, RT. 004, RW. 004
Kelurahan Batang Taba Nan XX, Kecamatan Lubuk Begalung
Kota Padang 25223
Sumatera Barat - Indonesia

 

 

 

 

Office Building

a.

Area - Commercial

b.

Status - Leased

 

 

 

Date of Establishment

- 

2005

 

 

Start Operation

2005

 

 

 

 

Legal Status

Private Limited Liability Company or Perseroan Terbatas (PT)

 

 

 

 

Legalization (historical)

No. AHU-0005250.AH.01.10.Tahun 2017
Dated, 03 October 2017

 

 

Government Permit (s)

Kementerian Perdagangan
TDP - 030734602715


Direktorat Jenderal Pajak
NPWP - 02.467.917.7-201.000

 

 

Significant change

PT. Ganesha Exim (the Company) was established in Padang, West Sumatera in 2005. Up to the completion of this report, however, we are unable to obtain the establishment act of the Company; so we cannot show you details about the first capitalization and shareholder structure.  

On September 22, 2017, the Company’s authorized capital of IDR 6,000 million, of which IDR 3,000 million was issued and paid up by Mr. Sanjay Khandelwal (30.000%), Mr. Manish Chand Jain (30.000%), Mr. Manish Khandelwal (30.000%), Mr. Saurabh Khandelwal (5.000%) and Mr. Ankit Khandelwal (5.000%).

As far as we know, there has been no change in the Company’s notarial act as published by the Ministry of Justice.

 

 

Capitalization

     -    Authorized Capital
     -    Issued Capital
     -    Paid Up Capital



IDR 6,000,000,000
IDR 3,000,000,000
IDR 3,000,000,000

 

 

 SHAREHOLDERS & MANAGEMENT

 

Shareholders

Total No. of Shareholders: 5
Shareholders as 03 October 2017
Total Shareholding private – 3,000 shares

 

Name of Shareholders

- 

Mr. Manish Chand Jain
(900 shares) - 30.000 %

- 

Mr. Manish Khandelwal
(900 shares) - 30.000 %

- 

Mr. Sanjay Khandelwal
(900 shares) - 30.000 %

- 

Mr. Saurabh Khandelwal
(150 shares) - 5.000 %

- 

Mr. Ankit Khandelwal
(150 shares) - 5.000 %

 

 

Management Board

 

 

Name

Mr. Sanjay Khandelwal

 

 

Position

President Director

 

 

Nationality

Indian

 

 

Name

Mr. Manish Khandelwal

 

 

Position

Director

 

 

Nationality

Indian

 

 

Name

Mr. Saurabh Khandelwal

 

 

Position

Director

 

 

Nationality

Indian

 

 

 

 

Name

Mr. Ankit Khandelwal

 

 

Position

Director

 

 

Nationality

Indian

 

 

Supervisory Board

 

 

Name

Mr. Manish Chand Jain

 

 

Position

Commissioner

 

 

Nationality

Indian

 

 

Management Assessment

The management is deemed to have sufficient experience and industry expertise to manage subject properly.

 

 

Authorized Signatories

Mr. Sanjay Khandelwal as President Director or Mr. Manish Khandelwal, Mr. Saurabh Khandelwal, and Mr. Ankit Khandelwal as Directors of the Company which must be approved by shareholders meeting.

 

 

 

 

Affiliate (s) / Associate (s)

N.A.

 KEY DATA ON OPERATIONS

 

Registered Activities

SIC Code 46 : Wholesale trade, except of motor vehicles and motorcycles

 

 

Employee

Per 2017
35

Per 2018
25

 

 

Business Category

SIC Code 46.2 : Wholesale of agricultural raw materials and live animals
SIC Code 46.3 : Wholesale of food, beverages and tobacco

 

 

Line of Business

SIC Code 46.21 : Wholesale of grain, unmanufactured tobacco, seeds and animal feeds
SIC Code 46.31 : Wholesale of fruit and vegetables
SIC Code 46.37 : Wholesale of coffee, tea, cocoa and spices

 

 

Product & Capacity

N.A.

 

 

Status of Investment

Foreign-invested Company

 

 

Sales Territory

Local

00%

 

 

 

 

International

100%

 

 

 

 

 

Main Items Imported
And Country Origin

-

-

 

 

 

Main Items Exported
and Country Destination

Commodities

India

 

 

 

Major Customers

  - 

Baba Wood Products Pvt., Ltd. of India

  - 

Shiv Gramodyog Sansthan Pvt., Ltd. of India

 

 

Major Supplier

  - 

Local Farmers

  - 

Commodities Collectors

 

 

Terms of Payment

Purchase Payment
Domestic: Cash payment, 30-60 days credit payment, Telegraphic Transfer (T.T);
Overseas: N.A.

Sale Terms
Domestic: N.A.
Overseas: Telegraphic Transfer (T.T) with Credit Term / Bill of Lading / Based on agreement;

 

 

Activity Comment

PT. Ganesha Exim (the Company) is a Foreign-invested Company engaged in trading. The Company started the operation in 2005. The Company's head office and warehouse are located in commercial area, precisely at the address Jl. Simpang Kampung Jua No. 1, By Pass Lama RT. 004, RW. 004, Kelurahan Batang Taba Nan XX, Kecamatan Lubuk Begalung, Kota Padang, 25223 (not 12920), Sumatera Barat - Indonesia. We believe that the location is leased from other parties.

For information, the correct Company name is PT. Ganesha Exim, not PT. Ganesh Exim. We also did not find from the result about the shareholders in OFAC list and UE sanction list.

Based on our investigation, the Company is engaged in the export of commodity products of fruits and spices such as tobacco, black pepper, betel nuts, cardamom, cassia, clove, cubeb, gambier, long pepper, mace, nutmeg, white pepper, and also natural gums and resins such as damar batu, gum benzamin, gum damar, gum copal, and other products. Currently, the Company does not have the main product exported because it all depends on the buyer's request.

To support its operations, the Company is supported by local farmers as well as collectors of commodity products located throughout West Sumatra and surrounding areas.

Meanwhile, the Company 100% exports to India likeBaba Wood Products Pvt., Ltd. of India dan Shiv Gramodyog Sansthan Pvt., Ltd. of India.

With regard to payments, the Company does not have any payment constraints to its customers or suppliers. All the Company's activities are still quite smooth to date.

Operationally, the Company's export performance in 2017 decreased by 50% compared to the previous period. This is influenced by the decline in demand for commodity products in India, especially spices and gum products.

In 2018, the Company plans to export coffee products to the Indian state which is expected to improve the Company's operations. Currently, the Company is still taking care of permit EKS (Temporary Coffee Export) to smooth the coffee export Company.

Our source states that the Company's revenue in 1 year reaches IDR 20 billion.

Currently, the Company is supported by approximately 25 employees. As a result of the operating decline, the Company reduced its number of employees in 2018.

 

 

Litigation

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 searches for cases conducted at the State Court in the area where the Company was established and operates today.

 

 

Warehouse and Registered Address

Jl. Simpang Kampung Jua No. 1, By Pass Lama, RT. 004, RW. 004
Kelurahan Batang Taba Nan XX, Kecamatan Lubuk Begalung
Kota Padang 25223
Sumatera Barat - Indonesia
Phone : +62751767200
Fax : -
Email : ganesha_exim@yahoo.com  

 

 

 BANKING INFORMATION

 

Banker (s)

- 

PT. Bank Negara Indonesia (Persero) Tbk

 

 

Insurance

- 

Badan Penyelenggara Jaminan Sosial (BPJS)

 

 

 BUSINESS PROSPECTS

 

Business Prospects

The export performance is expected to grow by 5.1% in 2018. The government will drive up the export performance by developing a new potential market, increase the role of export-oriented small-middle entrepreneurs, and promotion of tourism destination places in the country. It will also increase the competitiveness and productivity of the local products continuously, through infrastructure, education, and training.

Meanwhile, the import will be focused only on stabilization and meet the priority needs such as infrastructure and foods projects, while strengthening the local production.

According to the Ministry of Trade, this political year 2018 should not worry the players in the trading sector. In fact, the transaction in the trading sector will be even increasing in this year 2018, following the realization of local general elections in many regions of the country.

The success of the government in controlling the inflation rate to 3.61% or lower in 2017 can become a basis for the country in encouraging the trading activity in 2018.

Based on the data shown above, we believe that trading sector has a good prospect.

 

 

 FINANCIAL STATEMENT

 

Sales Turn Over

2015 - IDR 18,905,912,000 (Estimated)
2016 - IDR 20,950,102,000 (Estimated)
2017 - IDR 10,109,510,210 (Estimated)

 

 

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.

 

 

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.

 

 

 CREDITWORTHINESS

 

Management Capability

Adequate

 

 

Business Morality

Adequate

 

 

Payment Manner

Slow but Correct

 

 

Financial Condition

Satisfactory

 

 

Operating Trend

Fluctuated

 

 

Conclusive remarks

Based on the information shown above, we come to a conclusion that the Company is engaged in trading of commodities since 2005. The Company is a commodity product exporter such as gum, spices, tobacco, and coffee. To support its operations, the Company is supported by local farmers and collectors in West Sumatra and surrounding areas. The Company 100% exports its products to Overseas Markets such as India.

In its operations, the Company has decreased by 50% in 2017 due to the drastically decreasing demand from its customers in India. Meanwhile, the Company will export coffee products in 2018 as a key commodity. The Company is currently in the process of obtaining EKS license (Temporary Coffee Export or Ekspor Kopi Sementara).

The Company is still focusing on increasing its export capacity in 2018 as the Ministry of Industry targets to increase export capacity by 5.1% in 2018 to increase the foreign exchange reserves of Indonesia. However, the Company is still trying to restore its operations in 2018 and has not been seen as significant until now. Upon this, we provide the credit rating at medium to high risk.

Nevertheless, for security reasons, we advise those wishing to corporate with or grant loans to this Company to keep asking for adequate collateral from shareholders.

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.91

UK Pound

1

INR 91.87

Euro

1

INR 80.26

IDR

1

INR 64.95

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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.