MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MARINDA INTERUTAMA |
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Registered Office : |
Hotel Intercontinental Mid Plaza, Lower Ground Floor R. 14, Jalan Jend. Sudirman Kav. 10-11, Jakarta Pusat, 10220 |
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Country : |
Indonesia |
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Date of Incorporation : |
30.10.1990 |
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Com. Reg. No.: |
C-14185 HT.01.04.TH.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Wine and Duty Free Shop Management |
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$ 197,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T.
MARINDA INTERUTAMA
A d d r e s s
Head Office &
Shops
Hotel
Intercontinental Mid Plaza
Lower Ground Floor
R. 14
Jalan Jend.
Sudirman Kav. 10-11
Jakarta Pusat, 10220
Indonesia
Phone - (62-21) 572 4729
(Hunting), 573 4614
Fax - (62-21) 574
6453
Building Area - 30 storey
Office Space - 600 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
30 October 1990
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-14185 HT.01.04.TH.2005
Dated 25 May 2005
Company Status
Private National Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.531.223.4-022.000
Related Companies
A Member of the
WANANDI or GEMALA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 1,300,000,000.-
Issued Capital : Rp. 1,300,000,000.-
Paid up Capital : Rp. 1,300,000,000.-
Shareholders/Owners :
a.
P.T. LARAS LIYO LIGAYA -
Rp. 663,000,000.-
Address : Jl. Bangka Raya No. 8A-B
Mampang Prapatan
Jakarta Selatan
Indonesia
b.
P.T. JADDI DWI SATRIA -
Rp. 637,000,000.-
Address : Taman Wijaya Kusuma IV/41
Cilandak Barat
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Wine and Duty Free Shop Management
Production Capacity
Marinda Duty Free Shop - 1 unit
Total Investment
None
Started Operation
1993
Brand Name
Marinda Duty Free
Technical Assistance
None
Number of Employee
17 persons
Marketing Area
Domestic - 100%
Main Customer
Hotels, Restaurant, Cafe and Bars
Market Situation
Very Competitive
Main Competitors
a. P.T. DEWITA INDAH PRIMA
b. P.T. DUFREE INTINUSA
c. P.T. INTERWIDI ADIPRATAMA
d. P.T. DUFREE GUNUNG AGUNG
e. P.T. ALAM BUDI LUHUR
f. Et.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 13.0 billion
2006 – Rp. 14.0 billion
2007 – Rp. 15.0 billion
Net Profit (Loss) :
2005 – Rp. 0.8 billion
2006 – Rp. 0.9 billion
2007 – Rp. 1.0 billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director
- Mr. Reimer Oloan Simorangkir
Director -
Mr. Danandjaja Wanandi
Board of Commissioners :
President Commissioner - Mr. Lukito
Wanandi
Commissioner - Mr. Ir. Reddy Hartadji
Signatories
President Director (Mr. Reimer Oloan Simorangkir) or the Director (Mr.
Danandjaja Wanandi) which must be approved by the Board of Commissioners.
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$ 197,000.- on
the 90 days of payments
OVERALL PERFOMANCE
P.T. MARINDA INTERUTAMA (P.T. MI) was established in Surabaya, East Java
on 30 October 1990 with an authorized capital of Rp. 150,000,000 entirely
issued capital of Rp. 30,000,000 was paid up. The founding shareholders of the
company originally are Mr. Karsono, his wife Mrs. Trimoertiningroem Karsono and
their children Mrs. Dra. Irene Arsana Murti, Mrs. Dwi Arsana Sulmaningrum and
Mr. Tri Harsono Mukti Wibowo. They are indigenous business family. The
company's notary deed has frequently been revised. In April 1998, the
authorized capital was increased to Rp. 1,000,000,000 issued capital of Rp.
250,000,000 entirely paid up. Lastly in November 2004 the authorized capital
was raised to Rp. 1,300,000,000 entirely issued and paid up. By the same time
the company domiciled was moved from Surabaya, East Java to Jakarta.
Concurrently the whole shares has been controlled by P.T. LARAS LIYO LIGAYA and
P.T. JADDI DWI SATRIA, both are private national company.
The deed of amendment was made by
Mrs. Rini Soemintapoera, SH., a public notary in Jakarta under Company
Registration Number C-14185 HT.01.04.TH.2005, dated May 25, 2005.
We observe the shareholders of P.T. MI namely
P.T. LARAS LIYO LIGIYA and P.T. JADDI DWI SATRIA are national private companies
which the shares are controlled by Mr. Lukito Wanandi and Mr. Danandjaja
Wanandi. Mr. Danandjaja Wanandi and Mr. Lukito Wanandi are the sons of Mr.
Sofyan Wanandi, the founder and primemover of the WANANDI or GEMALA Group
Members.
P.T. MI has been operating since 1993 in the field of trading and
distribution of wine and duty free shop management. The company operates
Marinda Duty Free is located in the center city of Jakarta at the Hotel
Intercontinental Mid Plaza, Lower Ground Floor R. 14, Jalan Jend. Sudirman Kav.
10-11, Jakarta Pusat. Marinda Duty Free provides customers with a very
comprehensive range of quality wines from all over the world. The stores/shop
carry between 600 to over 1000 wines from all the key wine producing countries.
Many of these are rare and exclusive wines. The company also have an excellent
selection of whiskeys, cognacs, and vodkas at a very competitive prices. The
whole merchandise products imported from Hong Kong, Europe Union, the USA and
countries through P.T. SARINAH. Besides, the company also sells its merchandise
products to various restaurants, cafes and hotels in Jakarta, Surabaya and
other cities. We observe the operation of P.T. MI or Marinda Duty Free has been
growing in the last five years.
Generally, demand for wine products had been fluctuating in the last
five years in line with the tourist visit flow and star hotel occupancy rate in
the country. The demand has been fluctuating as the impact of the economic
crisis battering the country since mid 1997. According to data from the Central
Bureau of Statistic (BPS), the foreign tourist visit flow to Indonesia in 2002
reached 5,033,400 people declined to 4,467,021 people in 2003 to 5,321,165
people in 2004 decline to 5,002,101 people in 2005 and declined to 4,871,351
people in 2006. Meanwhile, the star hotel occupancy rate in 2002 ranged from
9.79% dropt to 9.69% in 2003, to 9.47% in 2004 to 9.05% in 2005 and decline to
9.09% in 2006. This condition extremely influences the demand for wine products
being sold by P.T. MI or Marina Duty Free to hotels, restaurants, cafes, and
bars in the country.
Until this time P.T. MI 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 2054 amounted to Rp. 13.0 billion, increased to Rp. 14.0 billion
in 2006 to Rp. 15.0 billion in 2007. It is estimated the company has yielded a
net profit of Rp. 1.0 billion in 2007 with an estimated total networth at least
Rp. 3.5 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2008. We observe that P.T. MI is supported by
financially strong behind it. 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. MI is led by Mr. Reimer Oloan Simorangkir (49) a
professional manager with 12 years of experience in the trading and
distribution of wines and duty free shop management. Daily operation, he is
assisted by Mr. Danandjaja Wanandi (38) as directors. Mr. Danandjaja Wanandi is
one of the top figure of the WANANDI or GEMALA Group members, a developing
business group in Indonesia. The management is quite creative and dynamic,
having maintained a wide business relation with private businessmen at home and
abroad 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. P.T. MARINDA INTERUTAMA is sufficiently 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.
Attachment :
List of the GEMALA Group or the WANANDI Group Members
1.
AICA INDONESIA,
P.T. (Chemical Glue and Melamine Sheet Manufacturing)
2.
ALUMINDO
PERKASA, P.T. (Aluminum Extrusion, Roofing, Siding Industry)
3.
ANEM
KOSONG ANEM, P.T. (Graphic Printing, Office Block Rental and Property
Management)
4.
ANUGERAH
DAYA LAKSANA, P.T. (Trading and Investment Holding)
5.
ANUGERAH
DAYA PRATAMA, P.T. (Trading)
6.
ANUGERAH
PHARMINDO LESTARI, P.T. (Pharmaceutical Distribution)
7.
ANUGERAH
SURYA GAMA, P.T. (Trading and Distribution of Plastic)
8.
BINA
MEDIA TENGGARA, P.T. (Press Publication)
9.
CELONG,
P.T. (Tourism Industry)
10. CENTURY BATTERY, CO., Pty., (Dry
Cell Battery Manufacturing)
11. CITRA CARAKA, P.T. (Sole Agent,
Distributor and Computer Assembling)
12. CITRA INTERNATIONAL UNDERWRITERS,
P.T. (General Insurance Services)
13. COMBIPHAR, P.T. (Pharmaceutical
Manufacturing)
14. DANAHUTAMA, P.T. Bank (Banking)
15. DHARMA KARYA PERDANA, P.T. (Bulk
Industrial Chemical Storage and Terminal Management)
16. DHARMA KRIDA SATRIA, P.T. (General
Trading and Contracting)
17. DHARMA KENCANA SAKTI, P.T. (General Trading)
18. DHARMA PUTRA JAYA FILM, P.T. (Motion
Picture Import and Distribution)
19. DHARMA RIMBA KENCANA, P.T. (Logging)
20. DHARMA SATYA NUSANTARA, P.T.
(Logging)
21. DUADJA Corporation, P.T. (Housing
Development)
22. DWIDA CIPTA, P.T. (Trading and
Supplies)
23. DWI MARGA SAKTI, P.T. (Trading and
Distributor)
24. EASTERN POLYMER, P.T. (PVC Resin
Processing)
25. EKAMULIA CATRAPRATAMA, P.T.
(Investment Holding)
26. EXIDE BATTERIES, The U.K. (Storage
Battery Manufacturing)
27. FEDERAL MOTOR, P.T. (Motorbike
Assembling)
28. FEDERAL SUPERIOR CHAIN MANUFACTURING,
P.T. (Motorbike Chain Manufacturing)
29. FRAUE HAUF CANADA INC., (Trailer
Component Manufacturing)
30. GARUDA MATARAM MOTOR Company, P.T.
(Motorbike Chain Manufacturing)
31. GEMALA CONTAINER, P.T. (Steel
Container Manufacturing)
32. GEMALA INDUSTRIES, LTD. (Investment
Holding)
33. GEMALA KEMPA DAYA, P.T. (Car Chassis
Frame Manufacturing)
34. GEMALA MISORI, P.T. (Investment
Holding)
35. GEMALA PAWITRA MULIA, P.T. (Car Body Manufacturing)
36. GEMALA PROPERTISINDO, P.T.
(Investment Holding)
37. GEMALA SARANAUPAYA, P.T. (Trailer Platform
and Container Chassis Manufacturing)
38. GEMALA TRIPAKARSA, P.T. (Investment
Holding)
39. GESIT ALUMAS, P.T. (Investment
Holding)
40. GLAXO INDONESIA, P.T.
(Pharmaceutical Industry)
41. GREAT REAL INDONESIA Construction,
P.T. (Contracting)
42. HADIAN DHARMA, P.T. (Shipping)
43. HASTA DHARMA KARYA, P.T. (Trading)
44. HASTA TUNGGAL KARYA, P.T.
(Investment Holding)
45. HELA NUSANTARA CEMERLANG, P.T.
(Forestry)
46. HONDA FEDERAL INC., P.T. (Motorbike
Part and Component Manufacturing)
47. INDOSUEZ INDONESIA Bank, P.T.
(Banking)
48. INTI GANDA PERDANA, P.T. (Car Axle
and Propeller Shaft Manufacturing)
49. INTIDHARMA KARYAPRATYAKSA, P.T. (Investment Holding)
50. K G D INDONESIA INC., P.T.
(Automotive Electrical Part Manufacturing)
51. KIRANA GUNA DJAJA, P.T.
(Pharmaceutical Distribution and Investment Holding)
52. KURITA INDONESIA, P.T. (Trading and
Importer of Water Treatment Chemical)
53. LEAR CORPORATION INDONESIA, P.T.
(Automotive Accessories Manufacturing)
54. MARGA BHARATA, P.T. (Distribution of Chemical Glues and Melamine
Sheets)
55. MARINDA INERUTAMA, P.T. (Trading and
Distribution of Wine and Duty Free Shop Management)
56. MITRASARANA VENTURE, P.T.
(Investment Holding and Venture Capital)
57. MUMIARTHA PURNAKREASI, P.T.
(Investment Holding)
58. MUTUAL PROMOTION Corporation, P.T.
(Investment Holding)
59. NOMURA INDONESIA, P.T. (Security
Brokerage)
60. NOVARTIS BIOCHEMIE, P.T.
(Pharmaceutical Basic Material Industry)
61. PAKARTI JAYA, P.T. (Malleable Iron
Pipe Fitting Distribution)
62. PAKARTI RIKEN INDONESIA, P.T.
(Malleable Pipe Fittings, Socket Alloyed Iron, Malleable Iron Casting Industry)
63. PAKARTI TATA, P.T. (Bulk Cargo
Shipping)
64. PAKARTI YOGA, P.T. (General Trading
and Investment Holding)
65. PAWATA KENCANA, P.T. (Real Estate
Development)
66. PAN ASIA EXPRESS LINES, P.T. (Shipping, Sea Cargo Agent and Investment
Holding)
67. PULOMAS GEMALA MISORI, P.T. (Apartment
and Shopping Centre Development and Management)
68. PURIMAS GEMALA, P.T. (Investment
Holding)
69. SANTI YOGA, P.T. (Distribution of
Storage Batteries)
70. SANTINILUWANSA LESTARI, P.T.
(Investment Holding)
71. SAPTA PANJI MANGGALA, P.T. (Investment Holding)
72. SARANA BERSAMA PEMBIAYAAN INDONESIA,
P.T. (Investment Holding)
73. SEGITIGA ATRIUM, P.T. (Office Block
Rental Management)
74. SEGITIGA PLAZA HOTEL, P.T. (Hotelry)
75. SINAR INTI TELAGA, P.T. (Leasing)
76. SUARA RAKYAT MEMBANGUN, P.T. (Press
Publication)
77. SUMIMAGNE UTAMA, P.T. (Ferrite
Magnet Manufacturing)
78. TIRTA MUKTI INDAH BOTTLING COMPANY,
P.T. (Soft Drink Bottling)
79. TOKAI DHARMA INDONESIA, P.T.
(Household Goods, Lighters, Writing Instruments and Electronics Parts
Manufacturing)
80. TRI DHARMA WISESA, P.T. (Car Part
and Component Manufacturing)
81. TRIMITRA BATERAI PRAKASA, P.T.
(Motorcar Battery Manufacturing)
82. WAHANA BANGUN JASA, P.T. (Insurance
Brokerage Services)
83. WAHANA EKA PARAMITRA, P.T. (Car Part
and Component Manufacturing)
84. WAHANA TATA, P.T. Asuransi (Sea and Fire Insurance)
85. WAHANALAKSANA KERTAPRADHANA, P.T.
(Investment Holding)
86. WAWASAN GLOBALINDO SENTOSA, P.T.
(Trading House)
87. WINTERTHUR LIFE INDONESIA Asuransi,
P.T. (Life Insurance)
88. WIRA KARYA YOGA, P.T. General
Contracting)
89. VIETMINDO ENERGITAMA, P.T. (Coal
Mining)
90.
YUASA
BATTERY INDONESIA, P.T. (Storage Battery Manufacturing)
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. |
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%)