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Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. HOME DECOR |
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Formerly Known As : |
HOME DÉCOR |
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Registered Office : |
Jl. R.S.
Fatmawati No. 5C-D Jakarta Selatan 12140 |
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Country : |
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Year of Establishment : |
1994 |
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Com. Reg. No.: |
No. AHU-57726.AH.01.02.Tahun 2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Upholstery, Carpet, Curtain, Wall Paper, Lace Curtain, Rugs, Sofa and other products. |
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No. of Employees : |
12 persons |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia
|
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
P.T. HOME
DECOR
Head Office
Jl. R.S. Fatmawati No. 5C-D
Jakarta Selatan 12140
Indonesia
Phone -
(62-21) 7224729, 7224248, 7224252
Fax - (62-21) 7393391
Email - homedec@dnet.net.id
Building Area - 4 storey
Office Space - 320 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
1994 as HOME
DÉCOR (a sole proprietorship), changed its name to P.T. HOME DÉCOR (limited
liability company) on October 2009.
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability company
Company Reg.
No. :
The Department of
Law and Human Rights
No.
AHU-57726.AH.01.02.Tahun 2009
Dated 25 November
2009
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.184.498.0-019.000
Related
Company :
Not available
Capital Structure :
Authorized
Capital - Rp. 750,000,000.-
Issued Capital - Rp.
250,000,000.-
Paid up Capital - Rp.
250,000,000.-
Shareholders/Owners :
a. Mr. Vishin Kumar Chellani -
Rp. 150,000,000.- (60%)
Address : Jl. RS Fatmawati No.
5A
South Jakarta
Indonesia
b. Mr. Mohan Chellani -
Rp. 100,000,000.- (40%)
Address : Komp. Perum Nirwana
Sunter Asri
THP Blok 1 No. 8
North Jakarta
Indonesia
Lines of
Business :
Trading and
Distribution of Upholstery, Carpet, Curtain, Wall Paper, Lace Curtain, Rugs,
Sofa and other products.
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1994 when it was
name HOME DECOR
Brand Name :
Home Decor
Technical
Assistance :
None
Number of
Employee :
12 persons
Marketing Area
:
Locals - 100%
Main Customers
:
a. Hotels,
Apartment, Office Building, etc.
b. Corporate and
Individuals
c. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Bintang
Rejeki
b. Toko Antik Indah
c. Toko Kota Jaya
d. Toko Annisa
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jl. RS Fatmawati No. 6-A
South Jakarta
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jl. RS Fatmawati No. 8
South Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp .37.6
billion
2010 – Rp. 41.8
billion
2011 – Rp. 46.5
billion
Net Profit
(estimated) :
2009 – Rp. 1.9
billion
2010 – Rp. 2.1
billion
2011 – Rp. 2.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Vishin Kumar
Chellani
Board of Commissioners :
Commissioner -
Mr. Mohan Chellani
Signatories :
Director (Mr. Vishin
Kumar Chellani) which must be approved by Board of Commissioner (Mr. Mohan
Chellani)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 630,000 on 90
days D/A
Originally named
HOME DECOR was established in 1994 with the status of a Sole Proprietorship. The founder owing of the company is Mr.
Vishin Kumar Chellani, an Indonesian businessman of Indian descent. As in common in cases of companies with Sole
Proprietorship status, there is no mention in the company’s notary act of its
capital structure. But, in 2009 the
company’s name was changed to P.T. HOME DECOR with the legal status a limited
liability company, with authorized capital of Rp. 750,000,000.- of which Rp.
250,000,000.- was issued and fully paid up.
Since the time, the shareholders of the company are Mr. Vishin Kumar
Chellani (60%) and his younger brother Mr. Mohan Chellani (40%). The Articles of
Association was made by Mrs. Sulami Mustafa, SH., a notary in Jakarta and it
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-57726.AH.01.02.Tahun 2009, dated November 25, 2009. No changes have been effected
in term of its shareholding composition and capital structures to date.
P.T. HOME DECOR has been in operation since 1994 in selling and distribution of upholstery, carpets, curtain, wall paper, lace curtain, rugs, sofa, chair and other products. Mr. Kamaludin, a sales staff of the company when contacted told us that some of the products are imported from America, India, Korea, Hong Kong, Japan and China, while some of them are local products. He went on to say that the products are sold by P.T. HOME DECOR to various hotels, apartments, housing complexes, contractor companies and individuals in Jakarta and surroundings. To support its operations, P.T. HOME DECOR also provides interior decorator and designer services, especially for the installation of the above products it is selling. We notice that P.T. HOME DECOR is a classified as a large sized company of its kind in South Jakarta of which the operation has been growing in the last three year.
In overall we
find the demand for upholstery, carpets, lace curtains, wallpapers, rugs, sofa
and chair has been rising by the average 7% to 8% per year within the last five
years in line with the growth of hotels, apartments, office buildings, real
estate, housing and and Indonesian
people’s purchasing power. But since the
global economic crisis and tight money policy being imposed by Bank Indonesia in
October 2008 the demand was decreased within due to a poor economic condition,
decreasing income per capita and a weak in public purchasing power. The demand
was increasing in the early 2009 due to economic condition was gradually
recovery in the country. The growth rate is now estimated at 5% to 6% per year.
Market competition is very tight due to a large number of similar companies
operating in the country.
Until this time
P.T. HOME DECOR has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. The management of
P.T. HOME DECOR is very reclusive towards outsiders and rejected to disclose
its financial condition. We estimated that total sales turnover of the company
in 2009 amounted to Rp. 37.6 billion increased to Rp. 41.8 billion in 2010 and
rose again to Rp. 46.5 billion in 2011 and
projected to go on rising by at least 8% in 2012. The operation in 2011 yielded an estimated
net profit at least Rp. 2.3 billion and the company has an estimated total
networth at Rp. 6.0 billion. So far, we
did not heard that the company having been black listed by the Central Bank
(Bank Indonesia).
The management
of P.T. HOME DECOR is led by Mr. Vishin Kumar Chellani (47) an Indian
businessman with more than about 18 years experience in trading and
distribution of upholstery carpets, lace curtains, wallpapers, rugs, sofa and
chair. In daily activities he is
assisted by his younger brother Mr. Mohan Chellani (40). The company's management is also handled by
professional staffs in the above business. They have wide relations with
private businessmen within and outside the country. 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. HOME DECOR
is appraised to be 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.84 |
|
|
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<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.