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MIRA
INFORM REPORT
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Report No. : |
510528 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. DHANUSH EXPORT INTERNATIONAL |
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Registered Office : |
Komplek Gading Bukit Indah Blok I No. 15, Jl. Bukit Gading
Raya Kelurahan Kelapa Gading Barat,
Kecamatan Kelapa Gading Kota Jakarta Utara 14240 DKI Jakarta |
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Country : |
Indonesia |
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Date of Incorporation : |
2002 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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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 : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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 |
COMPANY IDENTIFICATION
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Company Name |
PT. Dhanush Export International |
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Address |
Komplek Gading Bukit Indah Blok I No.
15, Jl. Bukit Gading Raya |
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Telephone |
+622145845141, +622145845144 |
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Fax |
+622145845140 |
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Mobile Phone |
N.A. |
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Email |
dhanushexport@dnet.net.id |
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Web |
www.dhanush.chinaexporter.com |
PROFILE
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Address |
Komplek Gading Bukit Indah Blok I No. 15, Jl. Bukit Gading Raya |
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Office Building |
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Date of Establishment |
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Start Operation |
2002 |
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Legal Status |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization (historical) |
No. AHU-AH.01.03-0082342 |
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Government Permit (s) |
Direktorat Jenderal Pajak |
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Significant change |
PT. Dhanush Export International (the Company) was established
in 2002 in North Jakarta. Up to the completion of this report, however, we
are unable to obtain establishment act of the Company; so that we can not
show you details about its first capitalization and shareholder structure. On September 16, 2016, the Company launched a notarial act with
the authorized capital amounted IDR 941,500,000, of which IDR 235,375,000 was
issued and paid up by Mr. Deepak Jhinnulal Tiwati (85.000%) and Ms. Kusum
Tiwari (15.000%). Up to the completion of this report, there has been no
significant change on the Company’s capitalization and shareholder structure. |
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Capitalization |
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SHAREHOLDERS & MANAGEMENT
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Shareholders |
Total No. of Shareholders: 2 |
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Name of Shareholders |
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Management Board |
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Name |
Mr. Deepak Jhinnulal Tiwati |
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Position |
Director |
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Nationality |
Indian |
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Supervisory Board |
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Name |
Ms. Kusum Tiwari |
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Position |
Commissioner |
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Nationality |
Indian |
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Management Assessment |
The management is deemed to have sufficient experience and
industry expertise to manage subject properly. |
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Authorized Signatories |
Mr. Deepak Jhinnulal Tiwati as Director of the Company which
must be approved by shareholders meeting. |
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Affiliate (s) / Associate (s) |
N.A. |
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KEY DATA ON OPERATIONS
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Registered Activities |
SIC Code 46 : Wholesale trade, except of motor vehicles and
motorcycles |
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Employee |
Per 2018 |
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Business Category |
SIC Code 46.4 : Wholesale of household goods |
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Line of Business |
SIC Code 46.47 : Wholesale of furniture, carpets and lighting
equipment |
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Product & Capacity |
N.A. |
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Status of Investment |
Foreign-invested Company |
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Sales Territory |
Local |
00% |
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International |
100% |
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Main Items Imported |
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Main Items Exported |
Wooden Handicraft |
South Africa |
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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 |
PT.
Dhanush Export International (the Company) is a
foreign-invested engaged in the trading sector since 2002. The Company's
head office and warehouse are located in a residential area, precisely
at the address: Komplek Gading Bukit Indah Blok
I No. 15, Jl. Bukit Gading Raya, Kelurahan Kelapa Gading Barat, Kecamatan
Kelapa Gading, Jakarta Utara 14240 - DKI Jakarta, Indonesia. We believe this
location is leased by the Company. Based on our investigation, the
Company is engaged as an exporter for various wooden handicraft with 10
total products, as follow: Home decoration products Leaf albums Photo frames Bamboo Chimes Potteries Bags Beachwear Silver jewellery Musical instrument Key chains and magnets The Company sales prices are
varying around USD 1 to USD 9 with minimum transaction 100 pieces per order. The Company obtained its
products 100% from the local market such as local craftsmen in coverage
area Bali and East Java, among them are CV. Sumiati. Meanwhile, the Company’s
products are absorbed 100% in overseas markets such as South America, Europe,
South Africa, and India. According to our source main
customers of the Company are comes from South America and South Africa which
mostly exports photo frames and home decoration products. Also, the Company
exports its products to Cmt Arts India Pvt Ltd of India which exported once
in a year and Look Llc of the USA which exported 21,970 pieces of
photo albums and 598 kgs home decoration products in March 2018. In addition, the Company can
export 6 shipments in a year with a volume of export maximum 1 full container
load (FCL) which amounted to 20 tons. In terms of performance, since
2015 to 2017 the demand of the handicraft were increasing. The Company’s
operational performance unaffected by the world handicraft market which is
down 12% by 2017. It was related by the unique of Indonesian products which
are famous enough in the overseas markets. However on this second quarter
of 2018, the Company barely shipment twice which a shown a decrease
performance. Neverthlessly, according to our source only the volume of
exports which fluctuates but the Company believe the amount of volume will
meet the target by the end of the year. Regarding the payment, the
Company does not face a constraint payment since the payment to its customers
uses advance payment before shipment, so the Company cash flow is relatively
stable. In 2018, the Company is
supported by 12 employees. |
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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 the search results for cases conducted at the State Court in the area where the Company was established and operates today. |
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Registered and Warehouse Address |
Komplek Gading Bukit Indah Blok I No. 15, Jl. Bukit Gading Raya |
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BANKING INFORMATION
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Banker (s) |
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Insurance |
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BUSINESS PROSPECTS
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Business Prospects |
Based on the records of the
Ministry of Industry, there are 140 thousand business units engaged in the
furniture industry sector with the total employment of 436 thousand people in
2015. While based on the Central
Bureau of Statistics (Badan Pusat Statistik) records until the end of 2017,
the value of export of national furniture products has reached USD 1.25
million. Meanwhile, the export value of handicraft products in 2017 is at USD
776 million and up 3.8% compared to 2016 or about USD 747 million. The Indonesian government
itself targets the export of furniture and handicraft products by 2018 to
reach USD 2 million targeting traditional markets such as America, Europe,
and China, as well as non-traditional markets such as Africa, Middle East,
and Eastern Europe. Currently, Indonesia itself has occupied the fifth
position as a country exporter of furniture and handicrafts country. In addition, the Ministry of
Cooperatives and SMEs convey the handicraft and furniture industry is a labor
intensive sector that can absorb a lot of manpower up to 500 thousand people
with an investment of USD 1 million. In addition, the productivity
of SMEs in Indonesia from the category of home decoration and furniture in
facing export challenges has tested its significant contribution to the
creation of jobs and foreign exchange. The government itself through
the Ministry of Cooperatives and SMEs has made many annual promotional
agendas in the development of Indonesian SME marketing, especially in the
sector of furniture and home decor such as international, national and
regional exhibitions that provide opportunities for Indonesian SMEs to
strengthen its presence in the international market. Based on the information shown
above, we believe that the handicraft industry will still be prospective with
much support from the Government. |
FINANCIAL STATEMENT
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Sales Turn Over |
2015 - IDR 40,000,000,000 (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. |
CREDITWORTHINESS
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Management Capability |
Adequate |
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Business Morality |
Adequate |
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Payment Manner |
Slow but Correct |
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Financial Condition |
Satisfactory |
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Operating Trend |
Up |
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Conclusive remarks |
Based on our research findings,
the Company is engaged as exporter wooden handicraft products since
2002. The Company's market share includes areas of South
Africa, South America, Europe, and India. Operationally, from the last
three years to the date the Company’s operational performance remains stable
even tends to increase. In terms of the financial side, the Company also does
not face a problem regarding the payment. So, we believe the Company still
can manage its credit risk properly. Regarding the business
prospect, we believe the Company's products will still be able to markets in
the overseas market in a line with government supports and seeing the current
condition of the Company at this time, we classify the Company's credit
rating at medium risk. For security reason,
nevertheless, we advise those wishing to make cooperation with and to grant
loans to the Company to ask for adequate collateral from the owners and
management. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.26 |
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1 |
INR 91.22 |
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Euro |
1 |
INR 79.88 |
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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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PRI |
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Report Prepared
by : |
TRU |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.