MIRA INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. WAVIN DUTA JAYA |
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Registered Office : |
Gedung Alia 7th
Floor, Jalan M. Ridwan Rais 10-18, Jakarta Pusat, 10110 |
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Country : |
Indonesia |
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Date of Incorporation : |
17.04.1973 |
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Com. Reg. No.: |
No.
C-UM.02.01.5597 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturing
of Plastic Pipes and Fittings |
RATING &
COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 3,740,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. WAVIN DUTA JAYA
Address
Head Office
Gedung Alia 7th
Floor
Jalan M. Ridwan
Rais 10-18
Jakarta Pusat,
10110
Indonesia
Phones - (62-21) 3867717
(Hunting)
Fax - (62-21) 3867686
Email - info@wavin.co.id
Website - http://www,wavin.co.id
Building Area - 8 storey
Office Space - 250 sq. meters
Region - Commercial
Status - Rent
Branch
Jalan Darmo
Permai Selatan 1/19
Surabaya
East Java
Indonesia
Phones - (62-21) 714167,
717474
Fax - (62-21) 7329981
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Owned
Factories
a. Jalan Raya
Bekasi Karawang Km. 26.2
Cibitung, Bekasi
West Java
Indonesia
Phones - (62-31) 8901372-73, 8903387, 8901983
Fax - (62-31)
8900805
Land Area - 22,000 sq. meters
Building Area - 17,500 sq. meters
Region - Industrial Zone
Status - Owned
b. Desa Ngoro -
Mojokerto
East Java
Indonesia
Phones - (62-321) 619020 (Hunting)
Fax - (62-321)
619324
Land Area - 18,000 sq. meters
Building Area - 15,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
17 April 1973
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-UM.02.01.5597
Dated 17 May 2004
Company Status
Private National
and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.002.211.9-025.000
Related Company
A Member Company
of the DJABESMEN Group
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
60,000,000,000.-
Issued Capital : Rp.
30,000,000,000.-
Paid up Capital : Rp.
30,000,000,000.-
Shareholders/Owners
:
a. P.T. GUNA JAWAREXINTI - Rp. 17,100,000,000.-
Address :
Alia Building 8th Floor
Jl. Ridwan
Rais No. 10-18
Jakarta Pusat
Indonesia
b. P.T. GUNAINTI KREASISEJATI - Rp. 12,900,000,000.-
Address : Alia Building 8th
Floor
Jl. Ridwan
Rais No. 10-18
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Plastic Pipes and
Fittings Manufacturing
Production
Capacity :
A.
Bekasi
Factory
a. PVC Pipes -
25,000 tons p.a.
b. PE Pipes - 3,550 tons p.a.
c. PVC Fitting - 1,200 tons p.a.
d. Plastic Parts - 150 tons p.a.
B.
Mojoketo
Factory
- PVC Pipes and Fittings -
15,000 tons
Total
Investment :
A.
Bekasi
Factory
a. Equity Capital -
Rp. 11.0 billion
b. Reinvested Profit -
Rp. 3.0 billion
c. Loan Capital -
Rp. 15.9 billion
d. Total Investment -
Rp. 29.9 billion
B.
Mojokerto
Factory
a. Equity Capital -
Rp. 19.0 billion
b. Loan Capital -
Rp. 29.2 billion
d. Total Investment -
Rp. 48.2 billion
Started
Operation :
1976
Brand Name :
Wavin, Rucika
Technical
Assistance :
Technical License
of WAVIN BV Holland
Number of
Employee :
466 persons
Marketing Area
:
Export - 100%
Main Customer
:
Building
Materials Shops
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
EXTRULINDO RAYA ADHI
b. P.T. TJAKRINDO
MAS
c. P.T. HARAPAN
WIDYATAMA
d. P.T. RUSLI
VINILON SAKTI
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk.
Jalan M.H.Thamrin Kav.22
Jakarta Pusat
Indonesia
b. CITIBANK NA.
Jalan Jend. Sudirman No. 1
Jakarta Selatan
Indonesia
c. P.T. Bank MANDIRI Tbk.
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 Rp. 375.0
billion
2006 Rp. 385.0
billion
2007 Rp. 395.0
billion
2008 Rp. 202.0
billion (January-June)
Net Profit
(estimated) :
2005 Rp. 27.0
billion
2006 Rp. 28.9
billion
2007 Rp. 29.6
billion
2008 Rp. 15.1
billion (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Steven Widjaja
Directors -
a. Mr. Djoni Widjaja
b. Mrs. Vera Mada Kusuma
Board of Commissioners :
President Commissioner -
Mr. Hadijuda Widjaja
Commissioners -
a. Mr. Latif Kusuma
b. Mrs. Lulu Mada Kusuma
Signatories :
President Director (Mr.
Steven Widjaja) or the Directors (Mr. Djoni Widjaja or Mrs. Vera Mada Kusuma)
which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Good
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount
periodical review
Maximum Credit Limit :
US$ 3,740,000 on
90 days D/A
OVERALL PERFOMANCE
P.T. WAVIN DUTA JAYA (P.T. WDJ) was established in Jakarta in April 1973
with an authorized capital of US$ 2,092,000 entirely issued and paid up. The
company was founded by P.T. NATOUR DEVELOPMENT CORPORATION, P.T. PEMBANGUNAN IBUKOTA
JAKARTA RAYA (both local companies) and WAVIN B.V. of the Netherlands. In 1985
all the above shareholders withdrew and were replaced by P.T. DJABESMEN LTD., a
national private company. In September 1988 another national private company,
P.T. RUCIKA PLASTIC INDUSTRIES, was merged into P.T. WAVIN DUTA JAYA. The
company's notary deed was since revised a couple of times. In October 1996 the
authorized capital was increased to Rp. 60,000,000,000 with the issued and paid
up capital amounting to Rp. 30,000,000,000. The company's latest shareholders
are listed as P.T. GUNA JAWAREXINTI and P.T.GUNAINTI KREASISEJATI, both
national private companies. The deed of
amendment was made by Mrs. Hilda Sari Gunawan, SH., was approved by the
Ministry of Law and Human Right in its Decision Letter No. C-UM.02.01.5597,
dated May 17, 2004.
We note that P.T. WDJ's shareholders, namely P.T. GUNA JAWAREXINTI and
P.T. GUNAINTI KREASISEJATI, are both companies of which the shares are entirely
controlled by Mr. Hadijuda Widjaja, an Indonesian businessman of Chinese
extraction and members of his family. They are the majority business stake
owners and the prime movers of the DJABESMEN Group, a medium-sized business
group specializing in the building material industry and trade in Indonesia.
P.T. WDJ operates in the plastic pipe industry, originally under Foreign
Capital Investment (PMA) facilities. But following the withdrawal of the
foreign partner of the Netherlands in 1985, the company since then has changed
status to a Domestic Capital Investment (PMDN) company. The company's plant,
located at Jalan Raya Bekasi Karawang, Cibitung, Bekasi, West Java, had been in
operation since 1976. Later, after the merger of P.T. RUCIKA PLASTIC INDUSTRIES
into P.T. WDJ, the company has also been managing the plant of the merged
company located next to P.T. WDJ's own plant. Later in early 1996, P.T. WDJ
started operating a new plant located in Mojokerto, East Java. The plant has
been expanded several times and now has a production capacity of PVC Pipes of
25,000 tons, PE Pipes of 3,550 tons, PVC Fitting of 1,200 tons and Plastic
Parts of 150 tons per annum. Besides, the Mojokerto factory has production
capacity of 15,000 tons PVC Pipes and Fittings.
The company uses for its entire productions the WAVIN brand, under the
technology license of WAVIN B.V. of the Netherlands and the RUCIKA brand (its
own brand). A large extent of the products are marketed locally among drinking
water supply, the development and management of P.T. THAMES PAM JAYA, P.T. PAM
LYONNAISE JAYA, housing contractors and building material shops. Besides, the
company exports the products such as fitting (elbow, faucing socket, valve
socket, tee and large radius tee) to Singapore, India and several other Asian
countries in a small scale. We observe that the activities of the company have
been growing slowly in the last five years as the impact of the economic crisis
battering the country.
Generally, demand for pipe and PVC fitting had been increasing by 12%
per annum up to mid 1997 after fluctuating in the country. The demand has
closed relation with the growth of the development and management of drinking
water in Indonesia. The competition is very tight on account of many similar
companies operating in the country. We note that the business position of
P.T. WAVIN DUTA JAYA is good because the product is well known in the country
being supported by wide business relation and networks. The growth of PVC pipe industry in
the last years in detail is as the following table:
The Growth of
Production and Utility of
PVC Pipe Industry in
Indonesia
(In
tons)
|
2002 |
2003 |
2004 |
2005 |
2006 |
2007*) |
|
|
Capacity |
338,043 |
338,043 |
338,043 |
338,043 |
338,043 |
338,043 |
|
Production |
126,800 |
118,200 |
169,020 |
169,021 |
174,092 |
253,532 |
|
Utility (%) |
37.51 |
34.97 |
50.00 |
50.00 |
51.50 |
75.00 |
Source: The Growth of
National Capacity in Industrial Sector, the Department of Industry and Trade.
Remarks : *) Target (Planned)
The company is neither public listed nor bond issued company. Therefore,
the company has no obligation to publish financial statements publicly. We have
checked to Department of Trade and Industry and found that no financial
statement has been reported. The management of P.T. WDJ is very reclusive
towards outsiders and rejected to disclose its financial condition. However, we
estimated that sales turnover of the company in 2005 amounted to Rp. 375.0
billion to Rp. 385.0 billion in 2006 to Rp. 395.0 billion in 2007. We estimated
the sales turnover of the company as from January to June 2008 amounted to Rp.
202.0 billion with a net profit of Rp. 15.1 billion. The company is estimated has a total networth of Rp. 167.0
billion. According to information of several customers of the company, the
payment habit of P.T. WAVIN DUTA JAYA is running smoothly namely within 1 to 3
months. So far, we did not hear that the company having been black listed by
Bank Indonesia (Central Bank) or registered in district court for detrimental
cases.
P.T. WDJ's management is headed by Mr. Steven Widjaja (51), who already
has about 27 years of experience in the PVC pipe industry and trade. But the
prime mover of the company is his father Mr. Hadijuda Widjaja (77) who is
widely experienced in various business activities. The management is further
made up of professional managers with experience in the PVC pipe industry and
trade. They have wide relations in the ranks of government authorities,
particularly at the Department of Resettlement and Infrastructure Region and
also with government-owned and private contracting companies as well as in
private business circles at home and overseas. So far, we did not hear that the
company's management having been involved in business malpractices. We believed
that P.T. WAVIN DUTA JAYA is good for normal business transaction
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
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 SCs 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%)