MIRA INFORM REPORT
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Report Date : |
5th May 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
WIJAYA INDONESIA MAKMUR BICYCLE INDUSTRIES |
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Registered Office : |
Jalan Raya Bambe Km. 20, Desa Bambe Driyorejo, Gresik 61177 East
Java Indonesia |
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Date of Incorporation : |
1972 |
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Com. Reg. No.: |
C2-6664
HT.01.04.TH.94 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturers
of Bicycle and Parts |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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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/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Correct name of company
P.T. WIJAYA INDONESIA MAKMUR BICYCLE INDUSTRIES
A d d r e s s
Head Office & Factory
Jalan Raya Bambe Km. 20, Desa Bambe
Driyorejo, Gresik 61177
East Java
Indonesia
Phone - (62-31) 750-7021 (Hunting)
Fax. - (62-31) 750-8088
E-mail - wimcycle@indo.net.id
Website - http ://www.wimcycle.co.id
Building Area - Factory
Factory Space - 30,000 sq. meters
Region - Commercial
Status - Owned
Representative Office
Karawaci Office Park
Jalan Pintu Besar Utara Block D No. 6
Lippo Karawaci, Tangerang 15811
Banten Province
Indonesia
Phone - (62-21) 5577-8229 (Hunting)
Fax - (62-21) 5577-8259
E-mail - wimcycle@centrin.net.id
Building Area - 2 storey
Office Space - 220 sq. Meters
Region - Commercial
Status - Rent
Date of Incorporation
1972 as C.V. INDONESIA MAKMUR
2 February 1976 as P.T. WIJAYA INDONESIA MAKMUR BICYCLE INDUSTRIES
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
No. C2-6664 HT.01.04.TH.94
Dated 22 April 1994
Company Status
Private Company
Permit by the Government Department
The Department of Trade and Industry
SIUP No. 5/13-2/PB/IV/87/P
Dated 10 April 1987
Related Company
a. P.T. EKA WIJAYA WIRASTA INDONESIA (Investment Holding)
b. P.T. WANGSA MANUNGGAL (Steel Furniture Manufacturing)
c. P.T. WAHYU SAKTI ABADI (Bicycle Spare Parts Manufacturing)
d. P.T. WIJAYA PERTIWI SAKTI ABADI (Bicycle Distribution and Trading)
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CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital : Rp. 50,000,000,000.-
Issued Capital : Rp. 15,000,000,000.-
Paid up Capital : Rp. 15,000,000,000.-
Shareholder/Owner :
P.T. EKA WIJAYA WIRASTA INDONESIA - Rp. 15,000,000,000.-
Address : Jalan Raya Bambe Km. 20, Desa Bambe
Driyorejo, Gresik 61177
East Java
Indonesia
BUSINESS ACTIVITIES |
Lines of Business:
Bicycle and Parts Manufacturing
Production Capacity :
a. Bicycles - 1,000,000 sets p.a.
b. Bicycle Parts - 1,200,000 sets p.a.
Total Investment :
a. Equity Capital - Rp. 15.0 billion
b. Loan Capital - Rp. 35.0 billion
c. Total Investment - Rp. 50.0 billion
Started Operation :
1972
Brand Name :
a. WIM CYCLE
b. POLYGON
Technical Assistance :
None
Number of Employee :
648 persons
Marketing Area :
a. Domestic (Local) - 60%
b. Export - 40%
Main Customer :
a. P.T. WIJAYA PERTIWI SAKTI ABADI
b. POLYGON CYCLES
c. Bicycle Dealers
Market Situation :
Very Competitive
Main Competitors :
a. P.T. TERANG DUNIA INTERNUSA
b. P.T. SUBIMA SAKTI PRAKARSA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a. ABN AMRO Bank NV.
Jalan Pemuda No.54
Surabaya, East Java
Indonesa
b. DEUTSCHE Bank AG
Jalan Jend. Basuki Rachmat No. 141
Surabaya, East Java
Indonesa
c. P.T. Bank LIPPO Tbk
Jalan Raya Diponegoro 101
Lippo Karawaci, Tangerang, Banten Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2003 – Rp. 175.0 billion
2004 – Rp. 192.0 billion
2005 – Rp. 210.0 billion
Net Profit (Loss) :
2003 – Rp. 10.0 billion
2004 – Rp. 11.5 billion
2005 – Rp. 12.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
President Director -
Mr. Hendra Widjaja
Directors -
a. Mr. Ir. Heru Wangsahardja
b. Mr. Andi Widjaja
c. Mr. Hengky Gunadi
Board of Commissioner :
Commissioner - Mrs.
Wahyuni Wangsahardja
Signatories :
President Director (Mr. Hendra Widjaja) or
one of the Directors (Mr. Ir. Heru Wangsahardja, Mr. Andi Widjaja or Mr. Hengky
Gunadi) which must be approved by Supervisory Board
CAPABILITIES
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Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below
Average
Credit Recommendation :
Credit
can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 900,000.- on the 30 days of payments
OVERALL PERFOMANCE |
Originally
named C.V. INDONESA MAKMUR, it was established in 1972 in Surabaya, East Java
with a legal status of C.V. (Commanditaire Vennootschap) or partnership with
sleeping prtner. Its founders and owners are Mr. Hendra Widjaja and his wife
Mrs. Wahjuni Wangsahardja wholly Chinese origin Indonesian businessmen. In
February 1976, the company renamed to P.T. WIJAYA INDONESIA MAKMUR BICYCLE
INDUSRIES (P.T. WIMBI) with a legal status of P.T. Perseroan Terbatas) or
limited liability company. In December 1993 the authorized capital was Rp.
50,000,000,000.- issued capital of Rp. 15,000,000,000.- wholly paid-up. Its
latest shareholders are P.T. EKA WIRASTA INDONESIA, a national private company
whose entire shares are controlled by Mr. Hendra Widjaja and his wife Mrs.
Wahyuni Wangsahardja. The Deed of amendment was made by Mrs. Dyah Ambarwaty
Setyoso, SH., a public notary in Sidoarjo, East Java under Company Registration
Number C2-6664.HT.01.04.TH. 1994, dated April 22, 1994. This family is also the
owner of the whole shares of P.T. WANGSA MANUNGGAL dealing with steel furniture
manufacturing, P.T. WAHYU SAKTI ABADI dealing with bicycle spare parts
manufacturing and P.T. WIJAYA PERTIWI SAKTI ABADI dealing with the distribution
and trading of bicycle.
P.T. WIMBI
started with operation in 1972 in bicycle manufacturing whose plant is located
at Jalan Raya Bambe Km. 20, Driyorejo, Gresik, East Java standing on a land of
30,000 sq. meters. The plant has been expanded for increasing its total
production capacity. At present, the plant has a production capacity of 1.0
million units per annum. P.T. WIMI is the biggest company of its kind n
Indonesia. Apart from that P.T. WIMBI also produces bicycle spare parts used
for own purpose. P.T. WIMBI’s operation has been dwindling as from 1997 in line
with the weakening of the domestic purchasing power as the impact of the
economic crisis striking Indonesia as from the middle of 1997. Some 60% of its
bicycle products is marketed locally under WIM CYCLE and POLYGON while the rest
is exported to 26 countries in the Asia Pacific, the Middle East countries,
Brazil and Canada. We see the operation of P.T. WIMBI has received ISO 9001 for
P.T. GLOBAL ASSURANCE SERVICES (KEMA) and the company has been growing in the
last five years.
Generally,
local demand for bicycle had been increasing by 8% to 9% on the average per
annum up to mid 1997 having close relation with the economic growth and publics
interest using bicycle as sport equipment. However, the prolonged economic
crisis in the country and tight money policy imposed by Bank Indonesia since
mid 1997 had caused the demand to decline up to end 2000 and started increasing
again since 2001 in line with the amelioration of the economic condition in the
country. The demand is estimated to be rising by 7% in the next year. The
competition is very tight on account of lots of similar company operating in
the country. Besides, there are lots of similar imported products especially
from China being offered in domestic markets. The business position of P.T.
WIMBI is appraised to be favorable for having established wide marketing
networks n various big cities in Indonesia. Besides, the product brand being
offered by the company are very popular among consumers. We believed that P.T.
WIMBI s in position to thrive its business in the future.
The
management of P.T. WIMBI is very reclusive toward outsiders and rejected to
disclose its financial condition. However, we estimated that total sales
turnover in 2003 reached Rp. 175.0 billion, rose to Rp. 192.0 billion in 2004
to Rp. 210.0 billion in 2005 and projected to be rising by at least 8% in 2006.
The operation of P.T. WIMBI in 2005 is estimated to have gained a profit of Rp.
12.5 billion with estimated networth of Rp. 101.0 billion. Besides, the company
has a punctual payment habit within 1 to 2 months. So far, we have never heard
of the company having been black listed by the Central Bank (Bank Indonesia).
P.T. WIMBI’s
management is led by Mr. Hendra Widjaja (62) with 33 years experience in
bicycle manufacturing. In his daily activities, he assisted by Mr. Ir. Heru
Wangsahardja, Mr. Andi Widjaja and Mr. Henky Gunadi respectively as director.
The management is handled by professional managers having wide relation with
private businessmen of home asn overseas as well as with government sectors. So
far, we have never heard of the management of the company being filed to the
district court for detrimental cases. P.T. WIJAYA INDONESIA MAKMUR BICYCLE
INDUSTRIES is considered to be good for business transaction. Considering
unstable economic condition in the country, we recommend treating prudently in
extending loan to the company.
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 |