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MIRA INFORM REPORT
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Report No. : |
509855 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. HARSONU INDONESIA |
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Registered Office : |
Ruko Metro Sunter Blok
A1 No.15, Jl. Danau Sunter Utara, RT.003/004, Papanggo, North Jakarta
14340 |
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Country : |
Indonesia |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
29.12.2009 |
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Com. Reg. No.: |
AHU-AH.01.03-0170169 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Exporting and Distribution of
Ladies Wear, Men’s t-Shirts, Cinnamon and Photocopy Paper |
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No. of Employees : |
12 |
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 : |
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 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.
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 |
BASIC
SEARCH
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Name of Company :
P.T.
HARSONU INDONESIA
Address :
Head
Office
Ruko Metro Sunter Blok A1 No.15
Jl. Danau Sunter Utara, RT.003/004,
Papanggo, North Jakarta 14340
Indonesia
Phones - (62-21) 2946
1375 (hunting)
Mobile - +62818 0691
2441, +62815 1480 0031
WhatsApp - +62818 0691 2441
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
29 December 2009
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-18501.AH.01.01.Tahun 2010
Dated 12 April 2010
b. No. AHU-AH.01.03-0170169
Dated 11 September 2017
Company Status :
Foreign Investment Company (PMA)
Permits by the
Government Department :
The Department of Finance
NPWP No.
02.957.960.4-048.000
Related/Affiliated Company :
Not available
CAPITAL
AND OWNERSHIP
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Capital Structure
:
Authorized Capital - US$.100,000
(Rp. 940,500,000.-)
Issued Capital -
US$.100,000 (Rp. 940,500,000.-)
Paid up Capital -
US$.100,000 (Rp. 940,500,000.-)
Shareholders/Owners
:
a.
Mr. Ashish Natwarlal Shah -
US$. 75,000.- (75%)
Address : 1/30 Narayan Building,
16th
Dubhash Lane, Mumbai
India
b.
Mr. Tarunkumar Ramanlal Kinariwala -
US$. 25,000.- (25%)
Address : 930 Sunter Metro Apartment
Blok 2, Lantai 9, Jakarta Utara
Indonesia
BUSINESS
ACTIVITIES
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Lines of Business
:
Trading, Exporting and Distribution of
Ladies Wear, Men’s t-Shirts, Cinnamon and Photocopy Paper
Product Items :
a. Ladies Wear
- Batik Dress
- Panty
- Slips
- Boxer Shorts
b. Men’s T-Shirts
- Polo t-Shirts
- Round Neck T-Shirts
- V Neck T-Shirts
c. Cinnamon Sticks, Cinnamon Powder, Betel Nuts
d. Photocopy Papers
e. Rudraksha Beads and Soccer Jersey
Total Investment :
None
Started Operation
:
2010
Brand Name :
Harsonu Indonesia
Technical
Assistance :
None
Number of Employee
:
12 persons
Marketing Area :
Exports - 100%
Main Customers :
Overseas market in Middle East, Saudi Arabia, Kuwait, Sri Lanka, Egypt,
Mexico, New Zealand and South Pacific Island
Market Situation :
Very Competitive
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
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B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Sunter Main
Branch
Jl. Danau
Sunter Utara Blok G 7 III No.1-2
Sunter
Podomoro, North Jakarta
Indonesia
b. P.T.
Bank MANDIRI Tbk
Sunter Paradise Branch
Jl. Sunter
Paradise Blok F 20 No.45-A/B
Sunter,
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
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Annual Sales
(Estimated) :
2014 – US$. 2.9 million
2015 – US$. 3.2 million
2016 – US$. 3.6 million
2017 – US$. 4.1 million
Net Profit (Loss)
:
2014 – US$. 189 thousand
2015 – US$. 208 thousand
2016 – US$. 235 thousand
2017 – US$. 268 thousand
Payment Manner :
Slow but correct
Financial Comments
:
Fairly
KEY
EXECUTIVES
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Board of Management :
Director - Mr. Tarunkumar
Ramanlal Kinariwala
Board of Commissioners :
Commissioner - Mr. Ashish Natwarlal Shah
Signatories :
Director (Mr. Tarunkumar Ramanlal
Kinariwala) which must be approved by Board of Commissioner (Mr. Ashish
Natwarlal Shah)
CAPABILITIES
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Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
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P.T. HARSONU INDONESIA (P.T. HI) was incorporated
in Jakarta based on Notary Deed of Mansur Ishak, SH., No. 17 dated December 29,
2009 with the authorized capital of US$.100,000 (Rp. 940,500,000) entirely was
issued and paid up. The founding
shareholders of the company are Mr. Ashish Natwarlal Shah (75%) and Mr.
Tarunkumar Ramanlal Kinariwala (25%), both of Indian businessmen. The Deed of establishment was approved by the
Minister of Law and Human Rights of the Republic of Indonesia through its
Decision Letter No. AHU-18501.AH.01.01.Tahun 2010 dated April 12, 2010. Latest in September 2017 based on Notary Deed
of Meissie Pholuan, SH., No. 16 dated September 06, 2017, concerning the
reappointment in composition of the Company’s board of Director and Commissioner. This amendment to Deed has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through its Decree No. AHU-AH.01.03-0170169 dated September 11, 2017.
P.T. HI has been in operation since 2001
dealing with trading, exporting and distribution of Ladies Wear, Men’s
t-Shirts, Cinnamon Sticks and Photocopy Papers.
The company office located at Ruko Metro Sunter Blok A1 No.15, Jl. Danau
Sunter Utara, RT.003/004, Papanggo, North Jakarta 14340, Indonesia. The merchandise product
sold by P.T. HI consists of Batik Dress, Panty, Slips, Boxer Shorts (ladies
wear), Polo T-Shirts, Round Neck T-Shirt, V Neck T-Shirts and Soccer
Jersey. In addition P. HI also sells
agricultural products like Cinnamon Sticks, Cinnamon Powder, Betel Nuts and
Rudraksha Beads. Furthermore, P.T. HI
exports all its merchandise to various countries among others Middle East,
Saudi Arabia, Kuwait, Sri Lanka, Egypt, Mexico, New Zealand and South Pacific
Island. We observed that P.T. HI is classified as a
medium sized company of its kind in the country of which the operation has been
fluctuating in the last five years.
The domestic demand for Ladies Wear, Men’s
t-Shirts, Cinnamon Sticks and Photocopy Papers had been rising by 8% to 10% on
the average per annum in the last five years.
But, later dwindled as the global economic slowdown since mid-2017,
followed by tight money policy imposed by Indonesian Central Bank (Bank
Indonesia) and also heated by political issue in the country. In addition, the declining value of the
rupiah against the US Dollar and other foreign currencies. Market competition
is very tough on account of large number of other similar companies operating
in the country. P.T. HI business
position in this case is not too badly because it has built regular customers
and extensive marketing network in overseas markets.
Until this time P.T. HI has not been
registered with Indonesian Stock Exchange, so that they shall not oblige to
announce their financial statement. The management of P.T. HI is very reclusive
towards outsiders and rejected to disclose its financial condition. We estimate
the company's sales turnover in 2015 reached US$.3.2 million increased to
US$.3.6 million in 2016 rose again to US$. 4.1 million in 2017 and projected to
go on rising by at least 6% in 2018.
The operation in 2017 yielded an estimated net profit of at least US$.
268 thousand and the company has an estimated total asset of at least US$.2.5
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.
P.T. HI's management is headed by Mr.
Tarunkumar Ramanlal Kinariwala (48) as director and CEO of the company. He is an Indian businessman with more than 16
years of experience in trading, exporting and distribution of garment and
agriculture products. In daily activities, he is assisted by Mr. Ashish
Natwarlal Shah (46) as commissioner.
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 fraudulent dealings. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. HARSONU INDONESIA is sufficiently
fairly good for business transaction. However, in view of the economic slowdown
and political situation in the country is warming we recommend to treat
prudently in extending a 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 68.21 |
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1 |
INR 91.43 |
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Euro |
1 |
INR 80.24 |
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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
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VAR |
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Report Prepared
by : |
TPT |
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.