MIRA INFORM REPORT
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Report Date : |
11.04.2006 |
IDENTIFICATION DETAILS
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Name : |
P.T. WARJANTINO |
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Registered Office : |
Jalan
Pasar Pagi No. 138, Jakarta Barat, Indonesia |
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Date of Incorporation : |
20 August 1955 |
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Com. Reg. No.: |
C-09991.HT.01.04.TH.2002 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Trading, Distribution and Supply of Dyestuff |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Name of company
P.T. WARJANTINO
Address
Head Office
Jalan Pasar Pagi No. 138
Jakarta Barat
Indonesia
Phone -
(62-21) 690-6146, 691-1628
Fax. - (62-21) 691-0203
Building Area - 2 storey
Office Space -
225 sq. meters
Region -
Commercial
Status - Owned
Date of Incorporation :
a.
20 August 1955
as N.V. WARJANTINO
b. 27 February 2002 as P.T. WARJANTINO
Legal Form :
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
No. C-09991.HT.01.04.TH.2002
Dated 6 June 2002
Company Status :
Private Company
Permit by the Government Department :
The Department
of Finance
NPWP No.
01.301.209.1.033.000
Related
Company :
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 1,000,000,000.-
Issued Capital : Rp. 250,000,000.-
Paid up Capital : Rp. 250,000,000.-
Shareholders/Owners :
a. Mrs. Lana Angellina -
Rp. 37,500,000.-
Address : Jl. Pasar Pagi No. 138, RT. 001/ RW. 002
Kel. Roa Malaka, Kec. Tambora
Jakarta Barat
b. Mrs. Rita Tanasaleh - Rp. 25,000,000.-
Address : Jl. Muara Karang Block X4.S/2, RT. 005/ RW.003
Kel. Pluit, Kec. Penjaringan
Jakarta Utara
c. Mrs. Nany Tanasaleh -
Rp. 25,000,000.-
Address : Jl. Kartini IX/6H, RT. 002/ RW. 003
Kel. Kartini, Kec. Sawah Besar
Jakarta Pusat
d. Mr. Jasin Tanasaleh -
Rp. 62,500,000.-
Address : Jl. Pasar Pagi No. 138 RT. 001/ RW. 002
Kel. Roa Malaka, Kec. Tambora
Jakarta Barat
e. Mr. Agus Santoso Tanasaleh -
Rp. 37,500,000.-
Address : Jl. Paradis 18 Block 1/8, RT. 005/ RW. 019
Kel. Sunter Agung, Kec. Tanjung Priok
Jakarta Utara
f. Ms. Lindawati Tanasaleh -
Rp. 25,000,000.-
Address : Jl. Pasar Pagi No. 138 RT. 001/ RW. 002
Kel. Roa Malaka, Kec. Tambora
Jakarta Barat
g. Mr. Budhi Tanasaleh -
Rp. 37,500,000.-
Address : Jl. Pasar Pagi No. 138 RT. 001/ RW. 002
Kel. Roa Malaka, Kec. Tambora
Jakarta Barat
BUSINESS ACTIVITIES
Lines of Business:
Trading, Distribution and Supply of Dyestuff
Production Capacity :
None
Total Investment :
a. Equity Capital - Rp. 1.0 billion
b. Loan Capital - Rp. --- billion
c. Total Investment - Rp. 1.0 billion
Started Operation :
1955
Brand Name :
None
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customer :
a. Home Industry
b. Garment Mfg
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. VERTIS INDONESIA
b. C.V. GAUTAMA
c. P.T. COLORINDO CHEMTRA
d. Etc.,
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank LIPPO Tbk
Jl. Sukarjo Wiryopranoto
Jakarta Pusat, Indonesia
b. P.T. Bank NIAGA Tbk
Jalan Gajah Mada
Jakarta Pusat, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 6.0 billion
2004 – Rp. 6.5 billion
2005 – Rp. 7.0 billion
Net Profit (Loss) :
2003 – Rp. 300 million
2004 – Rp. 325 million
2005 – Rp. 350 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mr. Jasin Tanasaleh
Director - Mr. Agus Santoso Tanasaleh
Board of Commissioners :
President
Commissioner - Mrs. Lana Angellina
Commissioners - a. Mrs. Nany Tanasaleh
b.
Ms. Lindawati Tanasaleh
c. Mr. Budhi Santoso Tanasaleh
d. Mrs. Rita Tanasaleh
Signatories :
President Directors (Mr. Jasin Tanasaleh)
or the Director (Mr. Agus Santoso Tanasaleh) which must be approved by
Supervisory Board.
CAPABILITIES
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$ 94,000.- on the 90 days of payments
OVERALL PERFOMANCE
At the
beginning, N.V. WARJANTINO was established on August 20, 1955 on legal status
as N.V. (Naamlooj Vennootschap) with the authorized capital of Rp. 1.000.000,-
which was fully paid up. The founders and the shareholders of the Company are
the late Mr. Dady Tanasaleh alias Tan Kim Kay and his wife Mrs. Lana Angellina.
They are Indonesian businessmen of Chinese descent.
Deed of
notary of the company has been amended for several times. Lastly on February
27, 2002, status of the company was changed to P.T. (Limited Liability Company)
WARJANTINO. At the same time, the authorized capital was raised to be Rp.
1,000,000,000.- and the subscribed capital to be Rp. 250,000,000.-, which was
fully paid up. At the same time all shares of the late Mr. Daddy Tanasaleh was
granted to his children as his heirs namely Mrs. Rita Tanasaleh, Mrs. Nany
Tanasaleh, Mr. Jasin Tanasaleh, Mr. Agus Santoso Tanasaleh, Ms. Lindawati
Tanasaleh and Mr. Budhi Santoso Tanasaleh. The Deed of amendment was made by
Mr. Winanto Wiryomartani, SH., a public notary in Jakarta under Company
Registration Number C-09991.HT.01.04.TH. 2002, dated June 6, 2002. We observed
that Tanasaleh family owns all of the company’s shares.
P.T.
WARTJANTINO has operated its business since 1955 in the field of trading,
distribution and supplying of dyestuff. We observed that the company’s office
and storehouse are located at Jalan Pasar Pagi No. 138, Jakarta Barat, an
office area in West Jakarta. Mr. Agus Santoso Tanasaleh, director of P.T.
WARJANTINO explained that dyestuff sold by the company is in the form of powder
that imported by the company from India.
A large part (85%) of the company’s products (dyestuff) are directly
supplied to the Batik traditionally artisan who are stayed in Solo and
Pekalongan, Central Java. Other than, a little part (15%) of the company’s
products are supplied to the Batik traditionally artisan who are stayed in
Tangerang and Karawang. Furthermore, it was explained that P.T. WARJANTINO has
made business relation as dyestuff supplier for along time with the Batik
traditionally artisan and until this time the business relation still tied in
with them. We observed that the company’s business operation is growing up
slowly and the company is classified as small company in the country.
The growing
of Dyestuff industry has not been recovered until the end of 2003. This matter
is connected with the growing of TPT industry is still suffering difficulty.
Unrecovered economy in the country and the weak of global economy has
influenced to the decline of nationally TPT production, which also influenced
to the dyestuff industry. Dyestuff
Industry is estimated to start growing up in 2006. Therefore the need of basic
chemical material for yarn and cloth industries is also estimated to start
growing up in 2006. The domestic dyestuff producers are 11 companies who are
produced actively with the total capacity of 34.586 tons per year. There are also
big dyestuff producer and the biggest are P.T. DYSTAR
COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA CHEMICAL.
In the meantime, the growing of dyestuff supply in the country is declining a
little in 2004 and 2005. Such condition is connected closely with the demand
decline on dyestuff by the TPT industry in the country.
Until this time P.T. WARJANTINO 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 2003 is Rp. 6 billion. In 2004, total sales turnover of the
company increased to be Rp. 6.5 billion. And in 2005 the figure increased to be
Rp. 7 billion. The company gained net profit from its business operation is
about Rp. 350 million in 2005. The company’s total net worth is about Rp. 3
billion. It is forecasted that total sales turnover of the company will
increase at least 8% in 2006.
The company is led out by Mr. Jasin Tanasaleh
(49), a businessman who experienced for more than 22 years in the field of
trading, distribution and supply of dyestuff. Everyday, he assisted by his
younger brother, Mr. Agus Santoso Tanasaleh (48) as director. We observed that
Management’s reputation in said business is fairly good. The company has had
wide relation in the realm of the private businessmen inside and outside the
country. Their relation with the government is fairly good. So far, we have
never heard 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.
PT. WARJANTINO is fairly good at
conducting normal business transaction. We suggest being careful in giving new
loan to them in view of unstable condition of Indonesian economy. You should
obtain enough collateral from them for this purpose.
RATING EXPLANATIONS
RATING
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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/normal. |
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 |