MIRA
INFORM REPORT
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Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. WAHANA BARU SEJAHTERA |
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Formerly Known As : |
P.T. WAHANA BARU |
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Registered Office : |
Jalan Cempolorejo II No. 22, Semarang 50141, Central
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
13.09.1986 |
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Com. Reg. No.: |
C-1637 HT.01.04.TH.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Agricultural
Commodities |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
US$ 78,900 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. WAHANA
BARU SEJAHTERA
A d d r e s s
Head Office
Jalan Cempolorejo
II No. 22
Semarang 50141
Central Java
Indonesia
Phone - (62-24) 8664562
Fax - (62-24) 8660737
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
a. 13 September
1986 as P.T. WAHANA BARU
b. 4 November
2000 as P.T. WAHANA BARU SEJAHTERA
Legal Form
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-1637
HT.01.04.TH.2002
Dated 26 June
2002
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
1.429.103.3-504
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
100,000,000.-
Issued Capital : Rp. 25,000,000.-
Paid up Capital : Rp. 25,000,000.-
Shareholders/Owners
:
a. Mr. Christine Setiawati - Rp. 15,000,000.-
Address :
Jl. Kalikuping No. 18 B
Semarang,
Central Java
Indonesia
b. Mr. Chandra Setiawan - Rp. 10,000,000.-
Address : Jl. Wotgandul Barat No.
244
Semarang,
Central Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Import
and Distribution of Agricultural Commodities
Production Capacity
None
Total Investment
None
Started Operation
1987
Brand Name
BBI
Technical Assistance
None
Number of Employee
50 persons
Marketing Area
Local - 100%
Main Customer
Traditional
market
Market Situation
Very Competitive
Main Competitors
a. P.T. ALU
AKSARA PRATAMA
b. P.T. ALAM
MAKMUR SAMBADA
c. P.T. DELTA
ASIA PANGAN SEJAHTERA
d. P.T. SEMARAK
SEMPURNA LESTARI
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Jend. A.
Yani No. 22
Semarang, Central
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 4.8
billion
2006 – Rp. 5.5
billion
2007 – Rp. 6.0
billion
Net Profit
(estimated) :
2005 – Rp. 192
million
2006 – Rp. 222
million
2007 – Rp. 240
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Chandra Setiawan
Board of Commissioners :
Commissioner -
Mrs. Christine Setiawati
Signatories :
Director (Mr. Chandra
Setiawan) which must be approved by Board of Commissioner.
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$ 78,900 on 90
days D/A
OVERALL PERFOMANCE
Initially the company named P.T. WAHANA BARU was established in
Semarang, Central Java in September 1986 with an authorized capital of Rp.
100,000,000 issued capital of Rp. 20,000,000 entirely paid up. The founding
shareholders of the company are Mr. Chandra Setiawan and his wife Mrs.
Christine Setiawati, both are Indonesian business family of Chinese extraction.
The company notary deed has been changed and in November 2000 the company was
changed to P.T. WAHANA BARU SEJAHTERA (P.T. WBS). On the same occasion the
issued capital was raised to Rp. 25,000,000 fully and paid up. The deed of
amendment was made by Mr. Hadi Wibisono, SH., a public notary in Semarang and
was approved by the Ministry of Law and Human Right in its Decision Letter No.
C-1637 HT.01.01.TH.2002, dated June 26, 2002.
P.T. WBS had been operating in 1987 in trading, importer and
distribution of agricultural commodities products. Initially the company
imported and distribution of grain and field beans from Vietnam and Thailand.
The company distributed the whole grains and field beans in Semarang, Central
Java. Mr. Chandra Setiawan, the director of the company explained that the
company imported of garlic and groundnut from India and China. Then, the whole
product like garlic and groundnut marketed locally through traditional market
in Central Java and surroundings area. We observed that the company’s operation
has been growing in the last three years.
We have noticed that the demand for agricultural products had increased
some 10% to 11% per annum in the last five years in line with the growth of
industrial manufacturing in the country and international market. In the coming
years, the growth rate of demand is estimated at about 6% to 7% per annum. The
present market situation for agricultural products is very competitive for a
large number of similar companies operating in the country. Meanwhile,
competition is quite heavy in the export import of agricultural products with
many companies now doing business in this field in Indonesia. We consider P.T.
WBS to be in a quite favorable position for having already got hold of a steady
clientele in the Central Java. The production of vegetable harvested is
attached below :
Until this time P.T. WBS 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 2005 amounted to Rp.
4.8 billion rose to Rp. 5.5 billion in 2006 increased to Rp. 6.0 billion in
2007 and projected to go on rising by at least 5% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 240 million and the
company has an estimated total networth of at least Rp. 500 million. We observe
that P.T. WBS is supported by business family with has financially fairly
strong behind it. So far, we did not heard that the company having been black
listed by the Central Bank (Bank Indonesia).
The management of P.T. WBS is led by Mr. Chandra Setiawan (57) a businessman
and professional manager with experience in trading, import and distribution of
agricultural commodities products. The management is handled by experienced
staff in this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sectors. So far, we
did not hear 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. P.T. WAHANA BARU SEJAHTERA is sufficiently fairly 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
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. |
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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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%)