MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIO HOME |
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Registered Office : |
Jalan Arteri Mangga Dua Mal Mangga Dua Ruko No. 10 Jakarta Utara,
10730 |
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Country : |
Indonesia |
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Date of Incorporation : |
2001 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Design Interior, Trading, Retailer and Distribution of
Flooring |
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$ 173,600 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
FIO HOME
A d d r e s s
Head Office
Jalan Arteri
Mangga Dua
Mal Mangga Dua
Ruko No. 10
Jakarta Utara,
10730
Indonesia
Phones - (62-21) 6017188
Fax - (62-21) 6230 3788
Building Area - 3 storey
Office Space - 800 sq. meters
Region - Commercial
Building
Status - Rent
Showroom
Jalan Darmawangsa
6 Ruko No. 32-33
Jakarta Selatan,
11260
Indonesia
Phones - (62-21) 725 0572, 727 80636
Fax - (62-21) 725 0956, 727 80635
E-mail - sales@fiohome.com
Website - http :
//www.fiohome.com
Building Area - 2 storey
Office Space - 500 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
2001
Legal Form
Sole Proprietary
Company
Company Reg. No.
Not Required
Company Status
Private National
Company
Permit by the Government
Department
Not Available
Related Company
A Member Company
of the SEHATI Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
2.0 billion
Shareholders/Owners
:
a. Mr. Joko Tanoko -
50%
b. Mr. Robert Tanoyo -
50%
BUSINESS ACTIVITIES
Lines of
Business:
Design Interior,
Trading, Retailer and Distribution of Flooring
Production Capacity
None
Total Investment
None
Started Operation
2001
Brand Name
Fio Home
Technical Assistance
None
Number of Employee
100 persons
Marketing Area
Domestic
(Local) - 100%
Main Customer
Building
contracting companies, individuals
Market Situation
Very Competitive
Main Competitors
a. P.T.
TRIKALINDO KHARISMA
b. P.T. SERBA
ANTIK
c. P.T. GEMA
GRAHA SARANA Tbk
d. P.T. INTERMAS
PACIFIC INDUSTRINDO LTD.
e. HANEDA
DECORATIONS
f. P.T. SUMBER
SETIA ABADI
g. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Arteri
Mangga Dua
Mangga Dua Raya
Block C-5 Kav. 1
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 11.8 billion
2006 – Rp. 12.5
billion
2007 – Rp. 13.2
billion
Net Profit
(Loss) :
2005 – Rp. 708
million
2006 – Rp. 875
million
2007 – Rp. 924
million
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Joko
Tanoko
Manager -
Mr. Robert Tanoyo
Board of
Commissioner :
None
Signatories :
Director (Mr. Joko Tanoko) is only the
authorized person to sign the loan on behalf of the company
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$ 173,600 on 90 days D/A
OVERALL PERFOMANCE
FIO HOME was established in Jakarta in 2001 with the status of sole
proprietary company. The founder and owner of the company are Mr. Joko Tanoko
and Mr. Robert Tanoyo, both are Indonesian businessmen of Chinese extraction.
As other companies with the status of sole proprietary company, the capital of
the company is not stated in the deed of establishment. However, in line with
its growing business activities FIO HOME is estimated to have a capital of at
least Rp. 2.0 billion.
We observe that Mr. Joko Tanoko AKA Joko Tanoyo is the husband of Mrs.
Lidia Tanoyo which the business stakes owner of P.T. HAMPARAN ANEKA GRANIT
dealing with granite and marble manufacturing. She also owner minority business
stakes of the SEHATI Group, a small-size business group headed by Mr. Tekno
Wibowo and his wife Mrs. Irawati Wibowo.
FIO HOME is dealing with design interior, trading, retailer and
distribution of flooring by manages showroom and outlet located at Jalan
Darmawangsa 6 Ruko No. 32-33, South Jakarta. FIO HOME concentrates on the
non-stone flooring products such as area rugs (natural collection, modern
collection, shaggy collection and signature collection), broadloom carpet,
carpet tiles, laminate flooring (ambassador, ambassador touch, harwood),
engineered wood parquet, solid wood parquet and surface laminates such as the
basis of the product range. FIO HOME provides custom-designed and custom-sized
carpeting for large-scale projects such as hotel lobbies and function halls.
The whole products imported from world famous brands such as : Balta Tapisit,
McThree Carpet, Balterio Laminate Flooring, Linx Carpet Tiles and the surface
laminates family such as : Tacon, Taco, HPL and Taco Sheet. The whole product
is imported from Belgium, Australia and others. The whole products sold to end
users visiting its shop, housing contracting and building contracting,
apartments, hotels, office buildings and other properties. The operation of the
company has been running smoothly since its operation in 2001 in line with the
growing property sectors in Jakarta and several other big cities in Indonesia.
Generally we find the demand for flooring, wall-papers, upholsteries,
carpets, etc., had been rising by 10% to 12% per year until mid-1997. It links
closely with the growth of property sector like office building, hotels,
restaurant, apartment and housing projects that mostly used the above
products. The protracted economic
crisis since mid-1997 and the Rupiah depreciation to the US$ and other hard
foreign currencies have resulted in a deep slump of the property business in
Indonesia. Moreover, the property industry is still under the shadow of
uncertainties due to the still not yet fully settled debt problems of
developers with the Indonesian Bank Restructuring Agency (IBRA). But since the
end of 1999 the property market has started picking up in line with
improvements being effected in the condition of the national economy.
Competition is very tight due to a large number of similar local and imported
products are marketed locally.
Until this time FIO HOME 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.
11.8 billion rose to Rp. 12.5 billion in 2006 increased to Rp. 13.2 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 924 million and the
company has an estimated total networth of at least Rp. 3.5 billion. We observe
that FIO HOME is supported by the SEHATI Group, a small-sized business group
with has financially fairly strong and sound behind it. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The company is led by Mr. Joko Tanoko AKA Tanoyo (56), a professional
manager with has experienced for more than 5 years in the field of design
interior, trading, retailer and distribution of flooring products. We observed
that management’s reputation in said business is sufficiently fairly good. The
company has had wide relation in the realm of the private businessmen within
and outside the country. 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. FIO HOME 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
SEHATI Group Members
- FIO HOME
(Design Interior, Trading, Retailer and Distribution of Flooring Products)
- HAMPARAN
ANEKA GRANIT, P.T. (Granite and Marble Manufacturing)
- SEHATI HILTON
ABADI, P.T. (Distribution and Showroom of Building Material)
- SEHATI
INTIPRIMA, P.T. (General Trading and Distribution of Samira Rugs and
Carpets)
- SEHATI JAYA
ABADI GEMILANG, P.T. (Distribution of Building Materials)
- SEHATI WISMA
INDAH, P.T. (Distribution and Showroom of Building Material)
- SEHATI
WISMADIMA KERAMIK, P.T. (Trading and Distribution of Building Materials)
- SEHATI
WISMATACON, P.T. (General Trading, Supplier and Distribution of Carpets
and Tacons)
- SEHATIMITRA
USAHAJAYA, P.T. (Contracting and Investment Holding)
- TRISEKAWAN
MAKMUR, P.T. (Export Import Services)
- SAMUDERA SHIP
MANAGEMENT, P.T. (Ship Building Consultant Services)
- 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%)