MIRA
INFORM REPORT
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Report Date : |
17th
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. IMANI WICAKSANA |
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Registered Office : |
ASPINE Bulding, 2nd Floor, Jalan
RS. Fatmawati No. 29, |
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Country : |
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Date of Incorporation : |
02.05.2001 |
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Com. Reg. No.: |
W29-00037 HT.01.04.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Lubricants
and Grease |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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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Maximum Credit Limit : |
US$
125,000 |
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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. IMANI WICAKSANA
Address
Head Office
ASPINE Bulding, 2nd Floor
Jalan RS. Fatmawati No. 29
Phone - (62-21) 75914014, 75903677
Fax. - (62-21) 75913512
Building
Area - 6 storey
Office
Space - 320 sq. meters
Region -
Status - Rent
Date of Incorporation
2 May 2001
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. W29-00037 HT.01.04.TH.2007
Dated 8 January 2007
Company Status
Private Company
Permit by the Government
Department
The
Department of Finance
NPWP No. 02.009.346-4-012
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 1,500,000,000.-
Issued Capital : Rp. 1,250,000,000.-
Paid up Capital : Rp. 1,250,000,000.-
Shareholders/Owners :
a. Mr. Haji Teddy Rusdy - Rp.
500,000,000.-
Address : Jl. Bukit Golf
1.PC-18, Pondok Pinang,
b. Mr. Jatmo Pitono - Rp.
250,000,000.-
Address : Jl. Patra
Kuningan X/9, Kuningan,
c. Mr. Ir. Wangsit
Surodirjo, MM - Rp.
250,000,000.-
Address : Jl. MPR Raya No. 8, Cilandak,
d. Mr. Jamsandekar Kamal
Kumar - Rp. 250,000,000.-
Address : Jl. Jambu Block
T-23, Pancoran,
BUSINESS ACTIVITIES
Lines
of Business:
Trading and Distribution of Lubricants and Grease
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 1.2 billion
Started Operation :
2002
Brand Name :
None
Technical Assistance :
None
Number of Employee :
20 persons
Marketing Area :
Local - 100%
Main Customer :
Industrial Manufacturing and automotive
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARTA BATRINDO
b. P.T. MITRA ENERGI PETRONUSA
c.
d. P.T. JUMBO POWER INTERNATIONAL
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
Jalan Jend. Sudirman Kav. 22-23
b. P.T.
Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto Kav. 36-38
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 8.5 billion
2005 – Rp. 9.0 billion
2006 – Rp. 9.5 billion
Net Profit (Loss) :
2004 – Rp. 0.4 billion
2005 – Rp. 0.5 billion
2006 – Rp. 0.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Jamsandekar Kamal Kumar
Board of Commissioners :
President Commissioner -
Mr. Haji Teddy Rusdy
Commissioners -
a. Mr. Jatmo Pitono
b. Mr. Ir. Wangsit Surodirjo, MM.
Signatories :
Director (Mr. Jamsandekar Kamal Kumar) which must
be approved by Supervisory Board.
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$ 125,000.-
on the 90 days of payments
OVERALL PERFOMANCE
P.T. IMANI WICAKSANA (P.T. IW) was established in
P.T. IW has been operating since
2002 as a trader and
distributor of oil lubricating oil. Previously the company holds the
distributor for GULF Oil & Lubricant of the
In overall we find the local demand for lubricant oil kept on rising
within the last five years until 1997, in line with the increasing automotive
production, heave equipment industry and mining as well as shipping industry.
But since August 1997 the demand dropped drastically as the impact of economic
crisis and sharp Rupiah depreciation against US$, DM, Yen and other hard
foreign currencies. But since the end 1999 the demand rose again in line with amelioration of economic
condition in the country. The automotive industry has been growing significantly
compared to other industries. But competition is very hard on account of large number of other brand lubricant oil are
sold in the country.
According to Indonesian Lubricant Producer Association (ASPELINDO) until
the end 2002, market segment of lubricant oil in the country was controlled by
PERTAMINA product (54%), and the rest by Pennzoil and Evalub (12%), Top One
(11%), Castrol (5%), Shell and Agip (3%) Motul (1%) and other 14%. But still
many smuggled and false lubricant to damage lubricant market in the country.
Business position of P.T. IW is sufficiently fairly good because the brand
BALMEROL is widely known in local market. Its main competitors are Penzoil
& Evalube, Castrol, Top One and imported lubricant from the
Until this time P.T. IW 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 2004 amounted to Rp.
8.5 billion increased to Rp. 9.0 billion in 2005 and to Rp. 9.5 billion in
2006. The operation in 2006 yielded an estimated net profit at least Rp. 0.6
billion and the company has an estimated total net worth at Rp. 2.7 billion. It
is projected that total sales turnover of the company will be higher by at
least 8% in 2007. We observe that P.T. IW is supported by financially fairly
strong behind it. So far, we have never heard of the company having been black
listed by the Central Bank (Bank
The management is headed by Mr. Jamsandekar Kamal Kumar (66), a
professional manager with experience for more than 6 years in trading and
distribution of oil lubricant and grease. We observed that management’s
reputation in said business is fairly good. The management is also supported by
a team of professional managers having maintained a wide business relation
among private businessmen at home and abroad as well as among 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. IMANI WICAKSANA is considered to be
good for business transaction. But, considering unstable economic condition in
the country, we recommend to treat prudently in extending loan to the company.
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/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 |
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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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