MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MEGAGUNA
SEMESTA RAYA |
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Registered Office : |
Jalan Kemang Raya No. 45-B, Mampang Prapatan, Jakarta Selatan, 12730 |
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Country : |
Indonesia |
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Date of Incorporation : |
24.12. 1999 |
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Com. Reg. No.: |
C-01391 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 : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 197,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of company
P.T. MEGAGUNA
SEMESTA RAYA
A d d r e s s
Head Office & Shops
Jalan Kemang Raya
No. 45-B
Mampang Prapatan
Jakarta Selatan, 12730
Indonesia
Phone - (62-21) 71792577
(Hunting)
Fax - (62-21) 71792723
E-mail - vinplus@vinplus.biz
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
24 December 1999
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No. C-01391
HT.01.04.TH.2005
Dated 17 January
2005
Company Status
Private National Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.945.558.3-014.000
The Department of
Trade
TDP No. 09.03.1.51.43923
Dated 26 October 2004
Related Companies
A Member of the WANANDI or GEMALA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners :
a. P.T. JADDI DWI
SATRIA - Rp.
490,000,000.-
Address : Taman Wijaya Kusuma IV/41
Cilandak Barat
Jakarta Selatan
Indonesia
b. Mr. Reddy
Hartadji -
Rp. 255,000,000.-
Address : Jl. Pejaten Mas II No. H. 18
Mampang Prapatan
Jakarta Selatan
Indonesia
c. Mr. Reimer
Oloan Simorangkir - Rp.
255,000,000.-
Address : Jl. Kemang Utara No. 26 B
Pasar Minggu
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Wine and Duty
Free Shop Management
Production Capacity
Vinplus Duty Free Shop - 1 unit
Total Investment
None
Started Operation
2000
Brand Name
Vinplus Duty Free
Technical Assistance
None
Number of Employee
28 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. P.T. MEGAGUNA
SEMESTA RAYA
g. Etc.,
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. 11.0
billion
2006 – Rp. 12.0
billion
2007 – Rp. 13.0
billion
Net Profit (Loss)
:
2005 – Rp. 0.7 billion
2006 – Rp. 0.8 billion
2007 – Rp. 0.9 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 Board of
Commissioner.
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. MEGAGUNA SEMESTA RAYA (P.T. MSR) was established in Jakarta on 24
December 1999 with an authorized capital of Rp. 300,000,000 of which Rp.
200,000,000 was issued and fully paid up. The founding shareholders of the
company originally are Mr. Mr. Reddy Hartadji and Mr. Reimer Oloan Simorangkir,
both are indigenous businessmen. The company's notary deed has frequently been
revised. In November 2004, the authorized capital was increased to Rp.
1,000,000,000 entirely issued and paid up. By the same time the company entered
P.T. JADDI DWI SATRIA, a private national company as new shareholder. The deed
of amendment was made by Mrs. Rini Soemintapoera, was approved by the Ministry
of Law and Human Right in its Decision Letter No. C-01391.01.04.TH.2005, dated January
17, 2005.
We observe the shareholders of P.T. MSR namely P.T. JADDI DWI SATRIA is
a 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. Meanwhile Mr. Reddy Hartadji is the founder
and majority business stakes of the BIMASENA Group, a medium size company group
in the country. Mr. Reimer Oloan Simorangkir is a younger brother in-law of Mr.
Adrian Waworuntu, the founder and owner of the GRAMARINDO Group. Mr. Adrian
Waworuntu is being in prison in line with factious export case involving P.T.
Bank NEGARA INDONESIA Tbk of Kebayoran Baru branch office.
P.T. MSR has been operating since 2000 in the field of trading and
distribution of wine and duty free shop management. The company operates
Vinplus Duty Free is located in the South city of Jakarta at Jalan Kemang Raya
No. 45-B, Mampang Prapatan, South Jakarta. Vinplus 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 and imported
from Portugal, France, Africa, Australia, Austria, Germany and other countries
under brands of CAVIPOR, LAMMERSHOEK, VINERY, STEIERMARK, VIENNG and others
through P.T. SARINAH. The company also have an excellent selection of whiskeys,
cognacs, and vodkas at a very competitive prices. Besides, the company also
sells its merchandise products to foreigners, various restaurants, cafes and
hotels in Jakarta, Surabaya and other cities. We observe the operation of P.T.
MSR or Vinplus Duty Free has been growing in the last three 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. MSR or Vinplus Duty Free to hotels, restaurants, cafes, and
bars in the country.
Until this time P.T. MSR 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. 11.0 billion, increased to Rp. 12.0 billion
in 2006 to Rp. 13.0 billion in 2007. It is estimated the company has yielded a
net profit of Rp. 0.9 billion in 2007 with an estimated total networth at least
Rp. 2.0 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2008. We observe that P.T. MSR 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. MSR 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. He also president director
of P.T. MARINDA INTERUTAMA. 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. MEGAGUNA SEMESTA RAYA 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 INTERUTAMA, P.T. (Trading of
Wine and Duty Free Shop Management)
56. MEGAGUNA SEMESTA RAYA, P.T. (Trading
of Wine and Duty Free Shop Management)
57. MITRASARANA VENTURE, P.T.
(Investment Holding and Venture Capital)
58. MUMIARTHA PURNAKREASI, P.T.
(Investment Holding)
59. MUTUAL PROMOTION Corporation, P.T.
(Investment Holding)
60. NOMURA INDONESIA, P.T. (Security
Brokerage)
61. NOVARTIS BIOCHEMIE, P.T.
(Pharmaceutical Basic Material Industry)
62. PAKARTI JAYA, P.T. (Malleable Iron
Pipe Fitting Distribution)
63. PAKARTI RIKEN INDONESIA, P.T.
(Malleable Pipe Fittings, Socket Alloyed Iron, Malleable Iron Casting Industry)
64. PAKARTI TATA, P.T. (Bulk Cargo Shipping)
65. PAKARTI YOGA, P.T. (General Trading
and Investment Holding)
66. PAWATA KENCANA, P.T. (Real Estate
Development)
67. PAN ASIA EXPRESS LINES, P.T. (Shipping, Sea Cargo Agent and Investment
Holding)
68. PULOMAS GEMALA MISORI, P.T.
(Apartment and Shopping Centre Development and Management)
69. PURIMAS GEMALA, P.T. (Investment
Holding)
70. SANTI YOGA, P.T. (Distribution of
Storage Batteries)
71. SANTINILUWANSA LESTARI, P.T.
(Investment Holding)
72. SAPTA PANJI MANGGALA, P.T. (Investment Holding)
73. SARANA BERSAMA PEMBIAYAAN INDONESIA,
P.T. (Investment Holding)
74. SEGITIGA ATRIUM, P.T. (Office Block
Rental Management)
75. SEGITIGA PLAZA HOTEL, P.T. (Hotelry)
76. SINAR INTI TELAGA, P.T. (Leasing)
77. SUARA RAKYAT MEMBANGUN, P.T. (Press
Publication)
78. SUMIMAGNE UTAMA, P.T. (Ferrite
Magnet Manufacturing)
79. TIRTA MUKTI INDAH BOTTLING COMPANY,
P.T. (Soft Drink Bottling)
80. TOKAI DHARMA INDONESIA, P.T.
(Household Goods, Lighters, Writing Instruments and Electronics Parts
Manufacturing)
81. TRI DHARMA WISESA, P.T. (Car Part
and Component Manufacturing)
82. TRIMITRA BATERAI PRAKASA, P.T.
(Motorcar Battery Manufacturing)
83. WAHANA BANGUN JASA, P.T. (Insurance
Brokerage Services)
84. WAHANA EKA PARAMITRA, P.T. (Car Part
and Component Manufacturing)
85. WAHANA TATA, P.T. Asuransi (Sea and Fire Insurance)
86. WAHANALAKSANA KERTAPRADHANA, P.T.
(Investment Holding)
87. WAWASAN GLOBALINDO SENTOSA, P.T.
(Trading House)
88. WINTERTHUR LIFE INDONESIA Asuransi,
P.T. (Life Insurance)
89. WIRA KARYA YOGA, P.T. General
Contracting)
90. VIETMINDO ENERGITAMA, P.T. (Coal
Mining)
91.
YUASA
BATTERY INDONESIA, P.T. (Storage Battery Manufacturing)
RATING
EXPLANATIONS
|
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 |
|
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 |
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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%)