MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. WAHAH
INDOPERDANA |
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Registered Office : |
Jalan Jembatan Dua No. 11 M-N, Jakarta Utara 14450 |
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Country : |
Indonesia |
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Date of Incorporation : |
23.12.1998 |
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Com. Reg. No.: |
AHU-34909.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Supplying of Basic Material and Chemicals for
Ceramic Industry |
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$ 192,000 |
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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. WAHAH
INDOPERDANA
A d d r e s s
Head Office (New
address)
Jalan Jembatan Dua
No. 11 M-N
Jakarta Utara
14450
Indonesia
Phone - (62-21) 66602309
(Hunting)
Fax - (62-21) 6682366
E-mail - wahah@centrin.net.id
Building Area - 3 storey
Building Space - 180 sq. meters
Region - Commercial
Building
Status - Rent
Formerly address :
Jalan Agung Barat
36 Block B No. 24
Sunter Agung
Jakarta Utara, 14350
Indonesia
Phone - (62-21) 6521887
Fax - (62-21) 6471416
summary
Date of Incorporation :
23 December 1998
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-34909.AH.01.02.TH.2008
Dated 20 June
2008
Company
Status :
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.592.155.4-041000
The Department of Trade
TDP No.
09.01.1.51.12323
Dated 27 April
2000
Related
Company :
P.T. ESSINDOJAYA
PERDANA (Trading and Investment Holding)
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. P.T. ESSINDOJAYA PERDANA - Rp. 237,500,000.-
Address :
Jl. Jembatan Dua Raya 11 N
Jakarta Utara
Indonesia
b. Mr. Harry Samsudin -
Rp. 12,500,000.-
Address : Jl. Agung Barat B 36
A/34
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and
Supplying of Basic Material and Chemicals for Ceramic Industry
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1999
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
15 persons
Marketing Area
:
Local - 100%
Main Customer
:
a. P.T. KIA
SERPIH MAS
b. P.T. ROMAN
CERAMIC INTERNATIONAL
c. P.T. WHITE
HOUSE CERAMIC INDONESIA
d. P.T. CHANG
JUIFANG INDONESIA
f. Etc.,
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. FERRO
ADDITIVES
b. P.T. DMC
DEGUSSA INDONESIA
c. P.T. DONGSUNG
JAKARTA
d. P.T. DONGSUNG
INDONESIA
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank MANDIRI
Tbk
Jalan Sunter
Permai Raya No. 1-4
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 18.5
billion
2006 – Rp. 19.5
billion
2007 – Rp. 20.3
billion
2008 – Rp. 11.4
billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 1.0
billion
2006 – Rp. 1.2
billion
2007 – Rp. 1.3
billion
2008 – Rp. 0.7
billion (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Djonalis Liemanto
Director -
Mr. Agus Widjaja
Board of Commissioners :
President Commissioner -
Mr. Harry Samsudin
Commissioner -
Mrs. Djap Koi Jing
Signatories :
President Director (Mr.
Djonalis Liemanto) or the Director (Mr. Agus Widjaja) which must be approved by
Board of Commissioner.
CAPABILITIES
Management Capability :
G o o d
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$ 192,000 on 90
days D/A
OVERALL PERFOMANCE
P.T. WAHAH INDOPERDANA (P.T. WIP) was
established in Jakarta on December 23, 1998 with the authorized capital of Rp.
1,000,000,000 of which Rp. 250,000,000 was issued and fully paid up. The
founding shareholders originally are Mr. Harry Samsudin, Mr. Hadi Hasim, Mr.
Effendi Salim, Mr. Ng Ryandhi Styadinata, all are Indonesian businessmen of
Chinese extraction, P.T. WAHAH TEKMINDO and P.T. ESSINDOJAYA PERDANA, both are
private companies. The company notarial deed have frequently been revised. In
December 2002, P.T. WAHAH TEKMINDO withdrew and its shareholder were wholly
taken over by P.T. ESSINDOJAYA PERDANA. The latest in June 2008 the latest
shareholders are P.T. ESSINDOJAYA PERDANA (95%) and Mr. Harry Samsudin (5%). The deed of amendment was made by
Mrs. Sjarmeini Sofjan Chandra, SH., was approved by the Ministry of Law and
Human Right in its Decision Letter No. AHU-34909.AH.01.02.TH.2008, dated June
20, 2008. We observe the majority shareholder P.T. ESSINDOJAYA PERDANA is a
private national company dealing with trading and investment holding and
majority shares is held by Mr. Djonalis Liemanto.
P.T. WAHAH INDOPERDANA (P.T. WIP) had been operating since 1999 in the
trading and supplies of ceramic basic materials for ceramic, silicate stones
and chemical materials. The merchandising goods including clay, silicon sand,
soda and other ceramic chemicals are local products. Clay and sand are obtained
locally, while soda and other ceramic chemicals are local and imported from
Malaysia, the United Kingdom, Canada, the USA and Singapore. The products are
sold to ceramic industries in the country, such as, P.T. MAHA KERAMINDO
PERKASA, P.T. MULIAKERAMIK INDAHRAYA Tbk., P.T. HANMAX INDONESIA, P.T. CHANG
JUIFANG INDONESIA, P.T. ROMAN CERAMIC INTERNATIONAL, P.T. SATYARAYA KERAMINDO,
P.T. KIA SERPIH MAS, P.T. KERAMIKA INDONESIA ASOSIASI Tbk, ASIA TILE and
others. We observe that P.T. WIP is classified as a medium sized company of its
kind in the country of which the operation has been growing slowly in the last
three years.
In overall views we find the demand for industrial chemicals
for ceramic industries and granite tiles has been rising by 8% to 10% per year
within the last five years. It links closely with the rapid growth of ceramic
and granite tile industries at home. It is estimated will be higher by at least
6% within the coming five years. Besides, the demand for ceramic tiles, sanitary wares and the like had
been rising in the last five years, in line with the rapid growth of property
sector like hotel, apartment, real-estate, office building, etc. While competition,
is very tight due to a large number of similar companies operating in the
country. The economic crisis battering the country since mid 1997 followed by
the sharp rupiah depreciation against US$, Japan Yen, EUR and other hard
foreign currencies has brought bad impact to the property and constructing
businesses such as the development of housings, real estates, office buildings,
shopping buildings, apartments and others.
Production and Supply of Ceramic, 2000-2005 (M2)
|
Year |
Production |
Export |
Import |
Supply |
|
2000 2001 2002 2003 2004 2005 |
202.145.086 219.460.190 229.348.751 238.749.581 241.487.952 243.875.657 |
20.891.905 24.107.793 26.603.651 31.422.758 35.193.489 31.838.221 |
560.325 920.060 171.427 3.779.582 4.346.829 10.490.953 |
181.813.506 196.272.457 202.916.527 211.106.675 210.641.293 222.528.389 |
Source : Central Bureau of
Statistic (BPS), processed by ICB
Until this time P.T. WIP 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. 18.5
billion rose to Rp. 19.5 billion in 2006 increased to Rp. 20.3 billion in 2007.
As from January to June 2008 the sales turnover has amounted to Rp. 11.4
billion with a net profit of Rp. 0.7 billion. It is projected the sales
turnover will be declining by at least 3% in 2009 due to the global economic
crisis. The company has an estimated total networth of at least Rp. 1.7
billion. So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
The management of P.T. WIP is led by Mr. Djonalis Liemanto (54) a
businessman with 18 years of experience in the trading and supplying of basic
materials for ceramic industry. Daily operation, he is assisted by Mr. Agus
Widjaja (52) as a director. The management is quite creative and dynamic,
having maintained a wide business relation with private businessmen at home and
abroad and with the government sectors as well. We observed that management’s
reputation in said business is fairly good. 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. WAHAH
INDOPERDANA 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.48.52 |
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UK Pound |
1 |
Rs.72.62 |
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Euro |
1 |
Rs.63.76 |
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%)