MIRA INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GRAHA VINOTI KREASINDO |
|
|
|
|
Registered Office : |
Jalan Palmerah
Utara No. 34 A, Jakarta Barat, 11480 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
18.05.1999 |
|
|
|
|
Com. Reg. No.: |
No. C-UM.02.01.6721 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Furniture Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 368,400 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. GRAHA VINOTI KREASINDO
company Address
Head Office &
Workshop
Jalan Palmerah
Utara No. 34 A
Jakarta Barat,
11480
Indonesia
Phone -
(62-21) 536 76026 (Hunting)
Fax - (62-21) 536 78264
Land Area - 3,500 sq.
meters
Factory Space - 1,200 sq. meters
Region - Industrial
Zone
Status - Owned
E-mail - vinoti-living@vinoti-living.co.id
Website - http://www.vinoti-living.com
Vinoti Living
(Showroom)
Plaza Senayan
level 3
Jalan Asia Afrika
Jakarta Selatan,
10230
Indonesia
Phones - (62-21) 572
5168
Fax - (62-21) 572
5167
Building Area - 6 storey
Office Space - 300 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
18 May 1999
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and
Human Rights
- No. C-18200 HT.01.01.TH.99
Dated 27 October 1999
- No. C-UM.02.01.6721
Dated 11 June 2004
Company Status
Private National Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.195.225.9-077.000
Related Companies
a. P.T. GEMA GRAHA SARANA Tbk
(Design Interior Contracting Services and Furniture
Manufacturing)
b. P.T. VINOTINDO GRAHA SARANA
(Investment Holding)
c. P.T. VIRUCCI INDOGRIYA SARANA
(Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
Rp. 1,000,000,000.-
Issued Capital :
Rp. 500,000,000.-
Paid up Capital :
Rp. 500,000,000.-
Shareholders/Owners
:
a. Mrs. Ir. Halistya Pramana, MEP - Rp. 499,990,000.-
Address : Cipinang Muara No. 8
Cipinang
Muara, Jakarta Timur
Indonesia
b. Mr. Ryadi Pramana, MBA - Rp.
10,000,000.-
Address : Cipinang Jaya FF No. 5
Cipinang Besar
Selatan
Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Furniture Manufacturing
Production
Capacity :
Based on job orders (500 clients & 1000 customers worldwide)
Total
Investment :
a. Equity Capital -
Rp. 1.0 billion
b. Loan Capital -
None
c. Total Investment - Rp. 1.0 billion
Started
Operation :
1999
Brand Name :
VINOTI LIVING
Technical Assistance
:
None
Number of
Employee :
129 persons
Marketing Area
:
Domestic - 95%
Export - 5%
Main Customer
:
500 clients (individual, corporate) and 1000 customer worldwide
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. VIVERE MULTI KREASI
b. P.T. CAHAYA SAKTI FURINTRACO
c. P.T. CHITOSE INDONESIA MANUFACTURING
d. P.T. TAMBUN WIDYO KENCANA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. Hongkong and Shanghai Banking
Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12930
Indonesia
b. P.T. Bank NISP Tbk
Jakarta Stock Exchange Building
Jalan Jend. Sudirman Kav. 52-53
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 25.0 billion
2009 – Rp. 26.5 billion
2010 – Rp. 28.0 billion
Net Profit
(estimated) :
2008 – Rp. 2.0 billion
2009 – Rp. 2.1 billion
2010 – Rp. 2.4 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Ir. Halistya Pramana, MEP.
Director -
Mr. Ryadi Pramana, MBA
Board of Commissioners :
Commissioner - Mr. Ir. Freddy Susilo
Signatories :
President Director (Mrs. Ir. Halistya
Pramana, MEP) or the Director (Mr. Ryadi Pramana, MBA) 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$ 368,400 on the 90 days of payments
OVERALL PERFORMANCE
P.T. GRAHA VINOTI KREASINDO (P.T. GVK) was established in Jakarta in May 1999 with an authorized capital of Rp. 1,000,000,000 issued capital of Rp. 500,000,000 entirely paid up. The original founding shareholders are P.T. VINOTINDO GRAHASARANA, Mr. Ir. Dedy Rochimat, MBA and Mrs. Ir. Halistya Pramana, MEP (Master Engineering of Planning), both are Indonesia businessmen of Chinese extraction. The notarial act has frequently been revised. In December 2003, P.T. VINOTINDO GRAHASARANA and Mr. Ir. Dedy Rochimat, MBA pulled out and the whole shares controlled by Mrs. Ir. Halistya Pramana, MEP. Later in June 2004, Mr. Ryadi Pramana joined the company as new shareholder. With this time the composition of its shareholders has been changed to become Mr. Ir. Halistya Pramana, MEP (99.99%) and Mr. Ryadi Pramana, MBA (0.01%). The deed of amendment was made by DR. Irawan Soerodjo, SH, Msi, a public notary in Jakarta under Company Registration Number C-UM.02.01.6721 dated June 11, 2004.
P.T. GVK had been operating since 1999 in furniture manufacturing. Previously the company engaged in trading and distribution of furniture imported from overseas countries such as Italy, Spain, Germany, Canada, Australia, the United States and also local product. But since the end of 2000 the company has been changed it operation in furniture manufacturing. Its plant is located at Jalan Palmerah Utara Raya No. 34A, Jakarta Barat, on a land of some 3,500 sq. meters. The company produces furniture, home accessories, and artwork. The company use local material such as Bangka tin, coco shell, develop in design and presentation to reach homeware international market. VINOTI LIVING is the brand that it used for this residential product. Located in Plaza Senayan, one of the most prestigious malls in Jakarta. The other basic materials like leather, jaquards of fabric, cotton, flexible foam and vinyl are local products and fabrics are P.T. CLAMA INDONESIA products. Besides that the company also produces based on job-orders from hotel, apartment, hospital, house, etc. P.T. GVK or VINOTI LIVING has open showrooms in Bandung, Surabaya, Bali and also has marketing representative office in Singapore and San Francisco, the USA. P.T. GVK or VINOTI LIVING store already has over 500 clients and 1000 loyal customers worldwide. We see P.T. GVK operation has been growing in the last five years.
Generally the demand for furniture products has basically been increasing in the last five years. However, the lack of woods as the basic materials becomes serious problem faced by wooden furniture producers. Therefore, lots of wooden furniture producers can not fulfill the market demand. Besides, the price of woods in the country has highly been increasing in the last several years. In addition, the tight government policy in wooden products seems to burden the wooden product industries. The demand for wooden furniture products is estimated to be rising next year. However, the lack of woods and high prices of woods are estimated to influence the performance of wooden furniture products. P.T. GVK’s business position is favorable for having already established a wide marketing network in export market.
The Growth and Export
Value of Indonesian Furniture, 2003 – 2009*
|
Year |
Volume (Ton) |
Value (US$ Billion) |
|
2003 |
835.627 |
1,53 |
|
2004 |
784.401 |
1,58 |
|
2005 |
836.155 |
1,79 |
|
2006 |
835.612 |
1,81 |
|
2007 |
898.882 |
1,96 |
|
2008 |
825.538 |
1,95 |
|
2009* |
108.573 |
0,28 |
Source: ASMINDO, 2009
*) January - February
Until this time P.T. GVK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. GVK is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 25.0 billion rose to Rp. 26.5 billion in 2009 increased to Rp. 28.0 billion in 2010 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 2.4 billion and the company has an estimated total networth of at least Rp. 4.0 billion. So far, we did not heard 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. GVK is led by Mrs. Ir. Halistya
Pramana, MEP (52) with 18 years of experience in the furniture manufacturing
and trade. He graduated form Parahyangan University, Bandung (West Java) and
Master Engineering of Planning from Arizona State University, the USA.
Previously she also founder and top executive of the VINOTI Group. 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 management of the company being filed to the district court for detrimental
cases or involved in any business malpractices. The company’s litigation
record is clean and it has not registered with the black list of Bank of
Indonesia. P.T. GRAHA VINOTI KREASINDO is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.