MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MULTI RETAILINDO |
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Registered Office : |
Jalan Cipaku II No. 25 Jakarta Selatan, 12170 Indonesia |
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Country : |
Indonesia |
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Financials (as on) : |
2005 |
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Date of Incorporation : |
18 July 1996 |
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Com. Reg. No.: |
C-10481 HT.01.04.TH.2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Name of Company
P.T. MULTI RETAILINDO
A d d r e s s
Head Office
Jalan Cipaku II No. 25
Jakarta Selatan, 12170
Indonesia
Phone - (62-21) 7256484, 7227882
Fax. - (62-21) 7226627
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial Building
Status - Rent
Showrooms
a. Jalan Asia Afrika
Plaza Senayan 2nd Floor
Jakarta Selatan, Indonesia
Phones - (62-21) 5725194
b. Jalan Bintaro Utara III A
Plaza Bintaro Jaya Block E/1
Indonesia
Phones - (62-21) 7355921
Date of Incorporation
a. 18 July 1996 as P.T. MULTI RETAILINDO PRATAMA
b. 2002 as P.T. MULTI RETAILINDO
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-10481 HT.01.04.TH.2001
Dated 11 October 2001
Company Status
Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.785.087.6-021.000
The Department of Trade & Industry
TDP No. 090515134373
Dated 27 March 1997
Related Company
a. P.T.
CITAS OTIS ELEVATOR (Elevator Contracting)
b. P.T.
NURHARAPAN (Trading of Food Products)
c. P.T.
TAKEDA INDONESIA (Pharmaceutical Manufacturing)
d. P.T.
TATASOLUSI PRATAMA (Air Conditioning Contracting)
e. P.T.
UNITED DICO CITAS (Trading and Distribution of Pharmaceutical)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 8,000,000,000.-
Issued Capital : Rp. 2,600,000,000.-
Paid up Capital : Rp. 2,600,000,000.-
Shareholders/Owners :
a. P.T. UNITED DICO CITAS -
Rp. 2,599,999,000.-
Address
: Jl. Johar No. 5, Gondangdia
Menteng, Jakarta Pusat
Indonesia
b. Mr. Ir. Kosoemo Handojo Aitirto
- Rp. 1,000.-
Address : Jl. Johar No. 5, Gondangdia
Menteng, Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines
of Business:
Interior Decorators and Designer, Trading and Distribution of Furniture, Lighting Accessories
Production
Capacity :
None
Total
Investment :
None
Started Operation :
1997
Brand Name :
Flora Home
Technical Assistance :
None
Number of Employee :
22 persons
Marketing Area :
Local - 100%
Main Customer :
Industrial manufacture, building management and development, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GEMA GRAHA SARANA Tbk
b. P.T. ABADI INDORONA
c. P.T. AHARA PRIMA DESIGN
d. HANEDA DECORATIONS
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank PERMATA Tbk
Permata Tower
Jalan Jend. Sudirman No. 36
Jakarta Selatan
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 16.5 billion
2004 – Rp. 17.5 billion
2005 – Rp. 18.5 billion
Net Profit (Loss) :
2003 – Rp. 1.3 billion
2004 – Rp. 1.4 billion
2005 – Rp. 1.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr.
Setiawan Aluwi
Director -
Mr. Ir. Koesomo Handojo Aditirto
Board of Commissioners :
President Commissioner - Mr. Ir.
Nicholas Tjandra Rosari
Commissioner -
Mr. Firmansyah Aluwi
Signatories :
President Director (Mr. Setiawan Aluwi) or the
Director (Mr. Ir. Koesomo Handojo Aditirto) which must be approved by Supervisory
Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Maximum Credit Limit :
US$
200,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. MULTI RETAILINDO PRATAMA was
established in Jakarta in July 1996 with an authorized capital of Rp.
2,000,000,000.- issued capital of Rp. 250,000,000.- entirely paid up. The
founding shareholders are P.T. UNITED DICO CITAS, a private company and Mr. Ir.
Koesomo Handojo Aditirto, an Indonesian businessman of Chinese extraction. The
articles of association has been changed a couple of times. In August 2001, the
authorized capital was raised to Rp. 8,000,000,000.- issued capital of Rp.
2,600,000,000.- entirely paid up. The latest in 2002 the company was renamed to
P.T. MULTI RETAILINDO (P.T. MR). But the latest revision of notarial
act still under processing at Department of Justice and Human Right for
legalization. The deed of amendment was made by Mrs. Rukmasanti Hardjasatya,
SH., a public notary in Jakarta under Company Registration Number C-10481
HT.01.04.TH. 2001, dated October 11, 2001.
We see that
the majority business stakes owner P.T. UNITED DICO CITAS is a private company
engaged in trading and distribution of pharmaceutical and majority business
stakes is controlled by Mr. Setiawan Aluwi and family members. He also majority
business stakes owners of P.T. CITAS OTIS ELEVATOR dealing with elevators
contracting, P.T. NURHARAPAN dealing with trading of food products, P.T. TAKEDA
INDONESIA dealing with pharmaceutical manufacturing and P.T. TATASOLUSI PRATAMA
dealing with air conditioning contracting services.
P.T. MR has been in with operation as
from 1997 in interior contracting services, trading and supplies of furniture,
lighting and lighting accessories. P.T. MR produces furnitures such as chairs,
table, spring bed, sofa, coffee table, and houses equpment with the design is
based on its client order, particularly FLORA HOME brand. Besides, the company
also trading, distribution and supplies of lighting and lighting accessories
are imported from China, and Europe Union. The whole products and services are
much used by office and hotelry sectors among them are P.T. TAKEDA INDONESIA,
P.T. TATASOLUSI PRATAMA, P.T. UNITED DICO CITAS, P.T. CITAS OTIS ELEVATOR, P.T.
BRANTA MULIA Tbk, P.T. ABBOT INDONESIA, P.T. TECHNIP INDONESIA, P.T. ASABA
COMPUTER CENTER, P.T. PATRA JASA, and also sold to end user. The activity of P.T. MR has been
growing in the last five years. Besides, the competition is very tight on
account of lots similar company using local and imported basic materials
operating in the country.
We note that the demand for interior
contracting, office furniture/equipment generally kept rising by about 6% to 7%
per year on average in the five years up to the middle of 1997, in close
correlation with the fast growing construction of office buildings, hotels,
luxury housing, etc. in the period. The protracted economic crisis since
mid-1997 and the rupiah depreciation to the US$ and other hard foreign
currencies have resulted in the property business being thrown into a deep
slump in Indonesia. Moreover, the property industry is still under the shadow
of uncertainties due to the still not yet fully settled debt problems of
developers with the Indonesian Bank Restructuring Agency (IBRA). But since the
end of 1999 the property market has started picking up in line with an amelioration
of the national economic condition. According to a property business observer
firm, Panangian Simanungkalit & Associates, the occupancy rate of store
buildings and shopping centres in 1999 was figured at 74%, declining to 73% in
2000 and rising to 76% in 2001. The following table presents Analyses and
Forecasts of the commercial property market in 1999 - 2003:
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Years |
1999 |
2000 |
2001 |
2002 |
2003 |
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5 Star Hotel |
29% |
27% |
34% |
42% |
47% |
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Condominium |
45% |
45% |
48% |
52% |
55% |
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Apartment |
61% |
65% |
67% |
69% |
73% |
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Town Houses |
50% |
54% |
56% |
58% |
65% |
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Office CBD |
60% |
65% |
68% |
70% |
75% |
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Office Non CBD |
70% |
68% |
70% |
74% |
79% |
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Shopping Centre |
74% |
73% |
76% |
80% |
85% |
Source: Panangian Simanungkalit & Associates
Until this time P.T. MR has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. We observed that total sales turnover of the company in
2003 amounted to Rp. 16.5. billion, increase to Rp. 17.5 billion in 2004 to Rp.
18.5 billion in 2005. The operation in 2005 yielded an estimated net profit by
at least Rp. 1.5 billion and the company has an estimated total net worth by at
Rp. 8.5 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2006. We observe that P.T. MR is supported by
financially fairly strong behind it. So far, we have never heard of the company
having been black listed by the Central Bank (Bank Indonesia). The company
disclosed that the company usually pays its debts punctually to suppliers.
The management of P.T. MR is led by Mr. Setiawan Aluwi (48) a
professional manager who has experienced for more than 10 years in the field of
interior decorators & design, trading, distribution and supplies furniture,
lighting and lighting accessories. We observed that management’s reputation in
said business is fairly good. The company has had wide relation in the realm of
the private businessmen inside and outside the country. Their relation with the
government is fairly good. So far, we have never heard that the company’s
management involved in a dirty business practice or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. PT. MULTI RETAILINDO is
fairly good for business transaction. However, in view of the unstable economic
condition in the country we recommend to treat prudently in extending a loan to
the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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