MIRA INFORM REPORT

 

 

Report Date :

24.09.2007

 

IDENTIFICATION DETAILS

 

Name :

P.T. GOVINDO UTAMA

 

 

Registered Office :

Duta Mall Banjarmasin Trade Center, Jalan A. Yani Km. 2, Komplek Simpang Ulin, Banjarmasin, South Kalimantan

 

 

Country :

Indonesia

 

 

Date of Incorporation :

11 January 1995

 

 

Legal Form :

Limited Liability Company 

 

 

Line of Business :

Property Development and Management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 1,500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Name of Company

 

P.T. GOVINDO UTAMA

 

 

Address

 

Head Office

Duta Mall Banjarmasin Trade Center

Jalan A. Yani Km. 2

Komplek Simpang Ulin

Banjarmasin

South Kalimantan

Indonesia

Phone               - (62-21) 3255850 (Hunting)

Fax.                  - (62-21) 3272345

Building Area     - 3 storey

Factory Space   - 15,000 sq. meters

Region              - Commercial Building

Status               - Owned

 

 

Date of Incorporation

 

11 January 1995

 

                                  

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company 

 

                                                       

Company Reg. No.

 

The Ministry of Justice and Human Rights

No. W12-00061 HT.01.04.TH.2006

Dated 8 November 2006

 

 

Company Status 

 

National Private Company

 

           

Permit by the Government Department

 

The Department of Finance

NPWP No. 1.647.778.8-731

 

 

Related Company

 

P.T. CENTRA BANGUNAN JAYA (General Contracting)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                             : Rp. 50,000,000,000.-

Issued Capital                                   : Rp. 50,000,000,000.-

Paid up Capital                                  : Rp. 50,000,000,000.-

 

Shareholders/Owners :

a. Mr. Dicky Gunawan                                     - Rp. 47,500,000,000.-

   Address : Jl. Kampung Melayu Darat No. 38

                   Banjarmasin, South Kalimantan

                   Indonesia

b. Mrs. Meina Indra                                          - Rp.   1,250,000,000.-

   Address : Jl. Veteran No. 04 B Rt. 034

                   Banjarmasin, South Kalimantan

                  Indonesia

c. Mrs. Go Tjhioe Shia                                     - Rp.   1,250,000,000.-

   Address : Jl. Dewi Shinta No. 10 Rt. 025

                   Banjarmasin, South Kalimantan

                  Indonesia

 

   

BUSINESS ACTIVITIES

                             

Lines of Business:       

Property Development and Management

  

 

Production Capacity

 

Project Name

Duta Mall Banjarmasin Trade Center

Mall 3th Floor

 

 

Total Investment

 

a. Equity Capital                                - Rp. 50.0 billion

b. Loan Capital                                  - Rp. 20.0 billion

c. Total Investment                            - Rp. 70.0 billion    

 

 

Started Operation

 

July 2006

 

Brand Name

 

None

 

 

Technical Assistance

 

None

 

 

Number of Employee

 

121 persons                                     

 

 

Marketing Area

 

Local  - 100%

 

 

Main Customer

 

Tenant (Hypermarket, Matahari supermarket) electronic trading, food court etc.

 

 

Market Situation

 

Very Competitive

 

 

Main Competitors

 

a. P.T. RANCA GADING SAKTI

b. P.T. PUTRA INVESTAMA

c. P.T. PUTRA UTAMA MANDIRI

d. P.T. PERKASA UTAMA BANJARMASIN

 

 

Business Trend

 

Growing

 

 

 

 

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

    Banjarmasin Main Branch

    South Kalimantan

    Indonesia

b. P.T. Bank MANDIRI Tbk

    Banjarmasin Main Branch

    South Kalimantan

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2006 – Rp. 112.0 billion (July-December)

2007 – Rp. 120.0 billion (January-August)

 

Net Profit (Loss) :

2006 – Rp. 10.0 billion (July-December)

2007 – Rp. 11.0 billion (January-August)

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Dicky Gunawan

Director                                           - Mrs. Go Tjhioe Shia     

 

Board of Commissioners :

Commissioner                                 - Mrs. Meina Indra

                                                              

Signatories :

President Director (Mr. Dicky Gunawan) or the Director (Mrs. Go Tjhioe Shia) which must be approved by the 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$ 1,500,000.- on the 90 days of payments

 

 

OVERALL PERFOMANCE

 

P.T. GOVINDO UTAMA (P.T. GI) was established in Banjarmasin, South Kalimantan on 11 January 1995 with an authorized capital of Rp. 100,000,000.- issued capital of Rp. 30,000,000.- entirely paid up. The founding shareholders of the company are Mrs. Go Tjhioe Shia and Mrs. Meina Indra, both are Indonesian businessmen of Chinese origins. The company notary deed has been changed. In June 2006, the authorized capital was increased to Rp. 50,000,000,000.- entirely issued and paid up. On the same occasion, Mr. Dicky Gunawan joined the company as new shareholders. We observe that majority shares of the company is controlled by Mr. Dicky Gunawan. He also founder and majority shareholder of P.T. CENTRA BANGUNAN JAYA dealing with general contracting services. The deed of amendment was made by Mr. Robensjah Sjachran, SH, MH, a public notary in Banjarmasin under Company Registration Number W12-00061 HT.01.04.TH.2006, dated November 8, 2006.

 

P.T. GU has been operating since July 2006 in the field of property development and management. The company manages Duta Mall Banjarmasin Trade Center, a shopping center and comfortable modern recreation center, located in Jalan A. Yani Km. 2, Simpang Lilin, Banjarmasin, South Kalimantan on a land of 15,000 square meters. Since the early 2005 had been built Duta Mall Banjarmasin Trade Center, a 3 floor shopping center, with a total space of 15,000 square meters. The first floor is for accessories and jewelries, the second floor for fashion, the third floor for electronics and technical equipment and ground floor for parking area. Mr. Dicky Gunawan, the president director of the company said that Duta Mall Banjarmasin Trade Center has been launched since December 2006. The whole building space has been sold to hypermarket and supermarket management such Matahari Dept. Store, Ramayana Dept. Store, electronic shops, and others companies. We observe that the operation of P.T. GU has been growing in the last two years.

 

The protracted economic crisis coupled with the plummeting exchange rate of the rupiah to the hard foreign currencies have resulted in a deep slump of the property business in Indonesia. Besides, the property industry is still blanketed by uncertainty due to the pending debt problem of developers with the Indonesian Bank Restructuring Agency (IBRA). But since late 1999 the property business has started picking up in line with initial improvements in the Indonesian economy.

 

According to a property business observer firm, Panangian, the occupancy rate of store buildings and shopping centers in 2004 was registered at 76%, dropping to 80% in 2005 and projected to rise to 85% in 2006. The following table shows Analyses and Forecasts of the commercial property market for the 2002-2006 period. P.T. GU's has quite good prospects in view of the very strategic location of its project in the leading shopping centre district of Banjarmasin City.

 

Year

2002

2003

2004

2005

2006

5 Star Hotel

29%

27%

34%

42%

47%

Condominium

45%

45%

48%

52%

55%

Apartment

61%

65%

67%

69%

73%

Town Houses

50%

54%

56%

58%

65%

CBD Offices

60%

65%

68%

70%

75%

Non CBD offices

70%

68%

70%

74%

79%

Shopping Centre

74%

73%

76%

80%

85%

Source : Panangian Simanungkalit & Associates

 

Until this time P.T. GU 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 the first operation from July to December 2006 amounted to Rp. 112.0 billion increased to Rp. 120.0 billion from January to August 2007. The operation in 2007 (January-August) yielded an estimated net profit at least Rp. 11.0 billion and the company has an estimated total networth at least Rp. 135.5 billion. It is projected that total sales turnover of the company will increase at least 4% in 2008. So far, we did not hear that 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. GU is led by Mr. Dicky Gunawan (43), a businessman and professional manager with 8 years of experience in property development and management. 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 did not hear 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. GOVINDO UTAMA 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

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions