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MIRA
INFORM REPORT
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Report No. : |
501081 |
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Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
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Name : |
UD. PILAR BALI FURNITURE |
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Registered Office : |
Jl. Raya Sakah No. 5X ,Kelurahan
Batuan, Kecamatan Sukawati |
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Country : |
Indonesia |
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Date of Incorporation : |
July 2002 |
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Legal Form : |
Sole Proprietorship of Personal |
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Line of Business : |
Manufacture of office and shop furniture |
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No. of Employees : |
25 |
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 |
COMPANY IDENTIFICATION
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Company Name |
UD. Pilar Bali Furniture ( Trading Name : 354 Furniture ) |
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Address |
Jl. Raya Sakah No. 5X |
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Telephone |
N.A. |
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Fax |
N.A. |
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Mobile Phone |
+6285253949500 (belong to Ms. Dyah Peni Kammaningrum Hanifah) |
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pennybali@yahoo.com |
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Web |
www.pilarbalifurniture.com (under maintenance) |
PROFILE |
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Address |
Jl. Raya Sakah No. 5X |
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Office Building |
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Date of Establishment |
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Start Operation |
July 2002 |
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Legal Status |
Sole Proprietorship of Personal |
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Legalization (historical) |
N.A. |
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Government Permit (s) |
N.A. |
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Significant change |
UD. Pilar Bali Furniture (the Company) was established on July 2002 in Bali. The Company was founded and owned by Ms. Dyah Peni Kammaningrum Hanifah. Since it is a Sole Proprietorship of Personal Company, so we cannot show you details about the date of establishment, capitalization and ownership structure of the Company. |
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Capitalization |
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SHAREHOLDERS & MANAGEMENT
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Shareholders |
Total No. of
Shareholders: 1 |
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Name of Shareholders |
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Management Board |
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Name |
Ms. Dyah Peni Kammaningrum Hanifah |
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Position |
Director |
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Nationality |
Indonesian |
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Name |
Mr. Andi Herwanto |
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Position |
Operational Manager |
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Nationality |
Indonesian |
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Supervisory Board |
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Name |
Ms. Dyah Peni Kammaningrum Hanifah |
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Position |
Owner |
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Nationality |
Indonesian |
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Management Assessment |
The management of the Company is modest, but so far no negative issues of the management are found out in the business malpractice. |
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Authorized Signatories |
Ms. Dyah Peni Kammaningrum Hanifah as Director and Owner of the Company. |
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Affiliate (s) / Associate (s) |
N.A. |
KEY DATA ON OPERATIONS
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Registered Activities |
SIC Code 31 : Manufacture of furniture |
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Employee |
Per 2017 |
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Business Category |
SIC Code 31.0 : Manufacture of furniture |
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Line of Business |
SIC Code 31.01 : Manufacture of office and shop furniture |
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Product & Capacity |
N.A. |
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Status of Investment |
Non-facilities based Company |
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Sales Territory |
Local |
100% |
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International |
00% |
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Main Items Imported |
- |
- |
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Main Items Exported |
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- |
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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 |
UD. Pilar Bali Furniture (Trading Name: 354 Furniture) (the Company) is a non-facilities based company engaged in the furniture industry. It has been operating since July 2002. The Company's head office and showroom are located in a commercial area of Bali, precisely at the address Jl. Raya Sakah No.5X, Kelurahan Batuan, Kecamatan Sukawati, Gianyar 80582, Bali-Indonesia. We believe this location is leased from the other parties. To support its operational, the Company owns a factory at Jl. Raya Pesanggrahan No.354, Kelurahan Jangkar, Kecamatan Jangkar, Situbondo 68372, Jawa Timur-Indonesia. Besides, the Company also owned a workshop at the address Jl. Raya Mas, Kelurahan Ubud, Kecamatan Ubud, Gianyar 80571, Bali-Indonesia. And a warehouse at Jl. Raya Tojan No.8, Kelurahan Blahbatuh, Kecamatan Belah Batuh (Blahbatuh), Gianyar 80581, Bali-Indonesia. Based on our investigation, the Company is engaged in the manufacture of furniture. However, the Company produces furniture in the form of crude, unprocessed further finishing such as coating, coloring, and other processes. The Company manufactures its products using teak and mango wood obtained from local suppliers in Java. Products offered by the Company include tables, chairs, bed frames, and cabinet. The Company does not provide a brand for the products because once they complete the orders, the products will be labeled by its customers. For marketing, the Company distributes its products to factory furniture in Java and Bali. But the source was reluctant to give the name of its customers. Formerly, the Company also exports its products to several countries in Asia because some of the customers of the Company are tourists visiting Bali and they are asking the Company to deliver their products directly to their home country. However, now the Company has never exported again. So far, the Company has not faced significant problems in its cash flow management. According to our source, all transactions can comply with the initial agreement signed by both parties, from customers to the Company or from the Company to suppliers. In terms of performance, since 2015 the performance of the Company has decreased. Even the worst decline occurred in 2017 due to the eruption of Mount Agung eruption in Bali that occurred several times in the year. Natural disasters that make the flight that leads to Bali a lot of canceled so that the number of tourists who headed to Bali experienced a significant decline. In this year, 2018, along with the start of conducive nature in Bali, precisely Mount Agung that has not shown the eruption, the number of tourists coming to Bali has started to return to normal. Visitors who come to the showroom of the Company have also started showing an increase of compare to 2017. However, sales of the Company still do not show improvement. However, currently, the Company still has no specific plans to improve its performance. Even the source added that if this year the Company still has not improved performance conditions, then the owner of the Company will open a new business engaged in the livestock industry. However, the source is unwilling to explain in detail the plan. Currently, the Company is supported by 25 employees or decreased from 30 employees in 2017. |
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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 a result of searches for cases conducted at the State Court in the area where the Company was established and operates today. |
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Sources |
Ms. Dyah Peni Kammaningrum Hanifah (Director and Owner of the Company, contacted on April 9, 2018) |
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Factory Address |
Jl. Raya Pesanggrahan
No.354 |
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Warehouse Address |
Jl. Raya Tojan No.8 |
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Showroom Address |
Jl. Raya Sakah No. 5X |
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Workshop Address |
Jl. Raya Mas |
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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 |
The Indonesian Furniture and Handicraft Industry Association or Himpunan Industri Mebel dan Kerajinan Indonesia (HIMKI) targets the furniture and handicraft industries to grow in the range of 12% -16% by 2018. In the next four years, the national furniture and craft industry is believed to grow by USD5 billion. The Indonesian Furniture Association or Asosiasi Mebel Indonesia (ASMINDO) also expect the furniture industry to re-stretch its performance so that it also encourages the continued development of exhibitions and promotions that show the development of furniture in the country. On the other side, according to HIMKI a market value of furniture products in the world reaches USD 141 billion. Yet, Indonesia only contributes 1.5% or USD 1.9 billion into the world furniture market. There are still many opportunities for Indonesia to fill the demand for world furniture demand. Therefore, we believe the furniture industry is still prospective. |
FINANCIAL STATEMENT |
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Sales Turn Over |
2015 - IDR
7,500,000,000 (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 |
Down |
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Conclusive remarks |
Based on our research findings, we found out that the Company is engaged in the furniture industry since July 2002. The Company offers furniture product such as tables, chairs, bed frames, and cabinets, that are distributed to furniture factories in Java island and Bali. The Company performance was decreasing in the last three years because there were some obstacles in their business. Moreover, in this year, the Company has not been able to improve their performance. On the other hand, seeing that furniture industry still has quite a good prospect, which is predicted to grow up to 12%-16% pada tahun 2018, we believe that the Company is still has a good prospect. With this condition and some considerations shown above, thus we give credit rating at medium to high risk. However, for security reasons, we advise those wishing to cooperate with or grant loans to the Company to seek adequate collateral from the shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.44 |
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1 |
INR 89.89 |
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Euro |
1 |
INR 70.00 |
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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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NIY |
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Report Prepared
by : |
KET |
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
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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.