MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. HOME CENTER INDONESIA |
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Registered Office : |
Gedung Kawan Lam, 5th Floor, Jalan Puri Kencana No. 1,
Meruya-
Kembangan, Jakarta Barat
11610 |
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Country : |
Indonesia |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
W7-HT.01.10-13496 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Retail of Furnishing Products |
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$ 2,890,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. HOME CENTER INDONESIA
A d d r e s s
Head Office
Gedung Kawan Lam,
5th Floor
Jalan Puri
Kencana No. 1
Meruya-Kembangan
Jakarta Barat
11610
Indonesia
Phones - (62-21) 582-0808 (Hunting), 582-9003
Fax - (62-21) 582-1818
Building Area - 6 storey
Office Space - 500 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
2003
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
W7-HT.01.10-13496
Dated 02 November
2007
Company Status
National Private
Company
Permit by the Government
Department
The Indonesian Chamber of Commerce and Industry
KADIN Member :
20202.85411-6
Dated 19 January
2007
Related Company
A Member Company
of the KAWAN LAMA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
8,000,000,000.-
Issued Capital : Rp.
8,000,000,000.-
Paid up Capital : Rp.
8,000,000,000.-
Shareholders/Owners
:
a. P.T. KAWAN LAMA SEJAHTERA - Rp. 7,999,000,000.-
Address : Jl. Puri
Kencana 1
Meruya - Kembangan
Jakarta Barat
Indonesia
b. Mr.
Kuncoro Wibowo -
Rp. 1,000,000.-
Address : Jl. Kembang Harum UtamaC.2/9
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Retail of
Furnishing Products
Production Capacity
Index Furnishing
Retails - 12 outlets
Total Investment
a. Owned Capital - Rp. 8.0 million
b. Loan
Capital -
Rp. 12.0 million
c. Total
Investment - Rp.
20.0 million
Started Operation
2003
Brand Name
INDEX FURNISHINGS
Technical Assistance
None
Number of Employee
280 persons
Marketing Area
Domestic
(Local) - 100%
Main Customers
a. ASTRA Group
Members
b. KRAMAYUDHA
TIGA BERLIAN Group Members
c. CITIBANK N.A.
d. Industrial
Manufacturing and individuals
e. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. AGIS Tbk
b. P.T. MAKRO
INDONESIA
c. P.T. CATUR
SENTOSA ADIPRANA Tbk
d. P.T. CARREFOUR
INDONESIA
e. P.T. HERO
SUPERMAKET Tbk
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
PERMATA Tbk
Jalan Hayam Wuruk No. 84-85
Jakarta Barat
Indonesia
b. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Plaza BII
Jalan M.H. Thamrin No. 55
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 185.0
billion
2006 – Rp. 200.0
billion
2007 – Rp. 220.0
billion
Net Profit
(Loss) :
2005 – Rp. 12.9
billion
2006 – Rp. 14.0
billion
2007 – Rp. 15.4
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Prabowo Widya Krisnadi
Directors -
a. Mr. Paulus Ong
b. Mr. Ir. Hartanto Djasman
Board of
Commissioner :
President Commissioner -
Mr. Kuncoro Wibowo
Commissioner -
Mr. Ijek Widya Krisnadi
Signatories :
President Director (Mr. Prabowo Widya
Krisnadi) or one of the Directors (Mr. Paulus Ong or Mr. Ir. Hartanto Djasman)
which must be approved by 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$ 2,890,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. HOME CENTER INDONESIA (P.T. HCI) was established in 2003 with an
authorized capital of Rp. 1,000,000,000 issued capital of Rp. 500,000,000
wholly paid-up. Founders and shareholders are P.T. KAWAN LAMA SEJAHTERA and Mr.
Kuncoro Wibowo, a Chinese origin Indonesian businessman. The company notary
deed has been changed and the latest in August 2007, the authorized capital was
increased to Rp. 8,000,000,000 entirely issued and paid up. The deed of
amendment was made by Mrs. Eliwaty Tjitra, SH., a public notary in Jakarta, was
approved by the Ministry of Law and Human Right in its Decision Letter No.
W7-HT.01.10-13496, dated November 02, 2007.
We observe that the majority shareholders namely P.T. KAWAN LAMA
SEJAHTERA is a national private company dealing with trading and distribution
of technical goods and investment holding which majority business stakes is
controlled by Mr. Kuncoro Wibowo and family members. P.T. HCI is member company
of the KAWAN LAMA Group, a national private business group established by Wang
family, a Chinese origin Indonesian business family. They have established P.D.
(Perusahaan Dagang) KAWAN LAMA dealing with technical goods trading including
hardware and tools. As from 1981, the KAWAN LAMA Group was continued by the
second generation, namely Mr. Kuncoro Wibowo and his family members among them
are Mr. Ijek Widya Krisnadi and Mr. Prabowo Widyakrisnadi.
P.T. HCI also knows with trading style INDEX FURNISHING is engaged in
retailer of furniture. The company manages INDEX FURNISHING retailer with one
shopping for all furnishing needs concept and provides an array of high quality
furnishings collection from home, office, accessories, to commercial spaces.
The products including living rooms, cool picks, dining & kitchen, bedroom,
office equipment, designer collection, home accessories, kids planet,
commercial table and chairs, kept concept/racking system, mattres & linen.
There are more than 50,000 types of quality merchandises in their comfortable
and pleasant stores, offering top selections of furnishings. P.T. HCI is a
franchise holder of INDEX FURNISHING of Thailand. Some of the products are
which sell by P.T. HCI imported from the USA, Germany, France, Italy, Japan,
South Korea, and other countries and the rest from local made. The whole
products is also supplied to ASTRA Group, KRAMAYUDHA TIGA BERLIAN Group,
CITIBANK N.A., P.T. P.T. TOYOTA MOTOR MANUFACTURING INDONESIA, oil and gas
industry, industrial manufacturing others individuals. INDEX FURNISHING started
with operation in 2003 by operating of 12 outlets INDEX FURNISHINGS throughout
various Indonesian major cities. To support of INDEX FURNISHINGS operations,
the company is supported by a comprehensive advance logistics system that is
prime to determine a faster deliver. INDEX FURNISHINGS is equipped with a
warehouse that is capable of storing a massive inventory and a warehouse
located at Cikupa, Banten Province. We observe that the operation of P.T. HCI
or INDEX FURNISHINGS has been growing in the last three years.
The demand for furnishings has kept on rising by 8% to 10% per annum in
the last five years. Such condition was 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. It is projected that the demand
growth will be rising within the next five years. Market competition is very
tough on account of many other similar companies operating in Indonesia. P.T.
HCI’s business position in this case is not too badly because it has
established regular customers and extensive marketing network.
Until this time P.T. HCI 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 2005 amounted to Rp.
185.0 billion increased to Rp. 200.0 billion in 2006 and to Rp. 220.0 billion
in 2007. The operation in 2007 yielded an estimated net profit at least Rp.
15.4 billion and the company has an estimated total net worth at Rp. 95.0
billion. It is projected that total sales turnover of the company will be
higher by at least 8% in 2008. We observe that P.T. HCI 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. HCI is led by Mr. Prabowo Widya Krisnadi (52) a
businessman with 23 years of experience in the trading and distribution of
quality of furnishings. Daily operation, he is assisted by two directors namely
Mr. Paulus Ong (39), Mr. Ir. Hartanto Djasmin (51). 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. HOME CENTER INDONESIA 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.
Attachment :
The KAWAN LAMA
Group Members
1. ACE HARDWARE
INDONESIA, P.T. (Trading and distribution of hardware and toolds)
- DECOUROUS MITRA SELARAS, P.T. (Trading and distribution of tools
and technical Goods)
- FASTTOOLINDO KRISNALESTARI,
P.T. (Trading and distribution of tools and technical goods)
- HOME CENTER INDONESIA, P.T. (Trading and distribution of furniture
products)
- INDO KOMPRESIGMA SISTEM, P.T. (Trading and distribution of air
compressor)
- KALDEN MULTI REKATAMA, P.T. (Trading and distribution of technical
goods)
- KAWAN LAMA INTERNUSA, P.T. (Investment holding)
- KAWAN LAMA MULTI AKURASI, P.T. (Trading and distribution of
measurement products)
- KAWAN LAMA MULTI SISTEMINDO, P.T. (Trading and distribution of
storage system)
- KAWAN LAMA SEJAHTERA, P.T. (Trading and distribution of technical
goods)
- MULTIPERKAKAS KRISNALESTARI, P.T. (Trading and distribution of
tools)
- MULTISESINDO SELARAS, P.T. (Trading and distribution of technical
goods)
- MULTISTORAGE SISTEMINDO, P.T. (Trading and distribution of storage
systems)
- Etc.
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%)