MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. GRAHA VINOTI KREASINDO |
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Registered Office : |
Jalan Palmerah
Utara No. 34 A, Jakarta Barat, 11480 |
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Country : |
Indonesia |
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Date of Incorporation : |
18 May 1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Furniture Manufacturing |
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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Maximum Credit Limit : |
US$ 280,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
P.T. GRAHA VINOTI KREASINDO
Address
Head Office &
Workshop
Jalan Palmerah
Utara No. 34 A
Jakarta Barat,
11480
Indonesia
Phone - (62-21) 536
76026 (Hunting)
Fax. - (62-21) 536 78264
Land Area - 3,500 sq. meters
Factory Space - 1,200 sq. meters
Region - Industrial
Zone
Status - Owned
E-mail - vinoti-living@vinoti-living.co.id
Website - http :
//www.vinoti-living.com
Vinoti Living (Showroom)
Plaza Senayan level 3
Jalan Asia Afrika
Jakarta Selatan, 10230
Indonesia
Phones - (62-21) 572
5168
Fax - (62-21) 572
5167
Building Area - 6 storey
Office Space - 300 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
18 May 1999
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-18200
HT.01.01.TH.99
Dated 27 October
1999
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 01.195.225.9-077
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners :
a. Mrs. Ir. Halistya Pramana, MEP - Rp. 499,990,000.-
Address : Cipinang Muara No. 8
Cipinang Muara, Jakarta Timur
Indonesia
b. Mr. Ryadi Pramana, MBA - Rp.
10,000,000.-
Address : Cipinang Jaya FF No. 5
Cipinang Besar Selatan
Jakarta Timur, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Furniture Manufacturing
Production Capacity
Based on job orders (500 clients & 1000 customers worldwide)
Total Investment
a. Equity Capital - Rp. 1.0
billion
b. Loan Capital - None
c. Total
Investment - Rp. 1.0 billion
Started Operation
1999
Brand Name
VINOTI LIVING
Technical Assistance
None
Number of Employee
129 persons
Marketing Area
Domestic - 95%
Export - 5%
Main Customer
500 clients
(individual, corporate) and 1000 customer worldwide
Market Situation
Very Competitive
Main Competitors
a. P.T. VIVERE
MULTI KREASI
b. P.T. CAHAYA
SAKTI FURINTRACO
c. P.T. CHITOSE
INDONESIA MANUFACTURING
d. P.T. TAMBUN
WIDYO KENCANA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. The Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12930
Indonesia
b. P.T. Bank NISP Tbk
Jakarta Stock Exchange
Building
Jalan Jend. Sudirman Kav.
52-53
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 18.0
billion
2005 – Rp. 20.0
billion
2006 – Rp. 22.0
billion
Net Profit (Loss)
:
2004 – Rp. 1.2 billion
2005 – Rp. 1.4 billion
2006 – Rp. 1.5
billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Ir. Halistya Pramana, MEP.
Director - Mr. Ryadi Pramana, MBA
Board of Commissioners :
Commissioner - Mr. Ir. Freddy Susilo
Signatories :
President Director (Mrs. Ir. Halistya Pramana,
MEP) or one of the Director (Mr. Ryadi Pramana, MBA) 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$ 280,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. GRAHA VINOTI KREASINDO (P.T. GVK) was established in Jakarta in May 1999 with an authorized capital of Rp. 1,000,000,000.- issued capital of Rp. 500,000,000.- entirely paid up. The original founding shareholders are P.T. VINOTINDO GRAHASARANA, Mr. Ir. Dedy Rochimat, MBA and Mrs. Ir. Halistya Pramana, MEP (Master Engineering of Planning), both are Indonesia businessmen of Chinese extraction. The notarial act has frequently been revised. In December 2003, P.T. VINOTINDO GRAHASARANA and Mr. Ir. Dedy Rochimat, MBA pulled out and the whole shares controlled by Mrs. Ir. Halistya Pramana, MEP. Later in June 2004, Mr. Ryadi Pramana joined the company as new shareholder. The deed of amendment was made by DR. Irawan Soerodjo, SH, Msi, a public notary in Jakarta under Company Registration Number C-18200 HT.01.01.TH.1999, dated October 27, 1999.
P.T. GVK had been operating since 1999 in furniture manufacturing. Previously the company engaged in trading and distribution of furniture imported from overseas countries such as Italy, Spain, Germany, Canada, Australia, the United States and also local product. But since the end of 2000 the company has been changed it operation in furniture manufacturing. Its plant is located at Jalan Palmerah Utara Raya No. 34A, Jakarta Barat, on a land of some 3,500 sq. meters. The company produces furniture, home accessories, and artwork. The company use local material such as Bangka tin, coco shell, develop in design and presentation to reach homeware international market. VINOTI LIVING is the brand that it used for this residential products. Situated in Plaza Senayan, one of the most prestigious malls in Jakarta. The other basic materials like leather, jaquards of fabric, cotton, flexible foam and vinyl are local products and fabrics are P.T. CLAMA INDONESIA products. Besides that the company also produces based on job-orders from hotel, apartment, hospital, house, etc. P.T. GVK or VINOTI LIVING has open showrooms in Bandung, Surabaya, Bali and also has marketing representative office in Singapore and San Francisco, the USA. P.T. GVK or VINOTI LIVING store already has over 500 clients and 1000 loyal customers worldwide. We see P.T. GVK operation has been growing in the last five years.
In overall we find the demand for wooden and rattan furniture had been rising by 10% to 12% within the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 7% to 8% per annum. The present market situation for furniture products is very competitive for a large number of similar companies operating in the country. We consider VINOTI LIVING to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.
Until this time P.T. GVK 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 2004 amounted to Rp. 18.0 billion increased to Rp. 20.0 billion in 2005 and to Rp. 22.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 1.5 billion and the company has an estimated total net worth at least Rp. 3.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. GVK 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 usually pays its debts punctually to suppliers.
The management of P.T. GVK is led by Mrs. Ir. Halistya Pramana, MEP (48) with 12 years of experience in the furniture manufacturing and trade. He graduated form Parahyangan University, Bandung (West Java) and Master Engineering of Planning from Arizona State University, the USA. Previously she also founder and top executive of the VINOTI Group. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business 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. GRAHA VINOTI KREASINDO 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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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)