MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. WIDE ACTION
INDONESIA |
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Registered Office : |
Jl. Sunter Paradise, Tahap II Blok A2 No. 100, Jakarta 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
20 November 1991 |
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Com. Reg. No.: |
C-21872 HT.01.04.TH.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Trading, Export and Import (Inactive) |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
Correct name of company
P.T. WIDE ACTION
INDONESIA
A d d r e s s
Head Office
Jl. Sunter
Paradise
Tahap II Blok A2
No. 100
Jakarta 14350
Indonesia
Phone - (62-21) 6530
8779, 6530 8780, 6530 8781
Fax. - (62-21) 6530 8782
Email - universalexports@cbn.net.id
Building Area - 4 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Owned by
P.T. UNIVERSAL EXPORT
Date of Incorporation
20 November 1991
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No. C-21872
HT.01.04.TH.2002
Dated 8 November
2002
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.069.533.6-056.000
The President of
the Republic of Indonesia
No. 249/Pres/7/1991
Dated 31 July 1991
The Capital
Investment Coordinating Board
- No. 254/I/PMA/1991
Dated 13 August 1991
- No. 184/III/PMA/1993
Dated 5 April 1993
- No. 29/II/PMA/1996
Dated 30 January 1996
Related Company
:
a. P.T. UNIVERSAL EXPORTS (General Exporter)
b. P.T. WIDE ACTIONJAYA (General Trading, Export Import - Inactive)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$ 1,500,000.-
Issued Capital : US$ 1,500,000.-
Paid up Capital : US$ 1,500,000.-
Shareholders/Owners :
a. Mr. Sujanani
Murli Muhandas - US$
750,000.-
Address : Jl. Budi Mulia RT. 11/11
Kel. Pademangan Barat
Jakarta Utara
b. Mr. Hiroo Kishinchand Melwani - US$ 750,000.-
Address : Jl. Raden Saleh No. 14-K, RT.10/01
Kel. Kenari, Senen
Jakarta Pusat
BUSINESS ACTIVITIES
Lines of Business:
General Trading, Export and Import
(Inactive)
Production Capacity
None
Total Investment
a. Equity Capital - US$ 1.5
million
b. Loan
Capital - US$ 1.7 million
c. Total
Investment - US$ 3.2 million
Started Operation
1992 but ceased
operation since 2004
Brand Name
None
Technical Assistance
None
Number of Employee
None
Marketing Area
Export -
100 % (Panama, South Africa, etc.)
Main Customer
Previously
exported to Panama and South Africa
Market Situation
Very Competitive
Main Competitors
a. P.T. Aneka
Sumber Kencana
b. P.T. Asita
Impek Indonesia
c. P.T. Behn Meyer
Indonesia
d. P.T. Budi Niaga
Asri
e. P.T. Chandra
Javindo Utama
Business Trend
No Comment
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank
CENTRAL ASIA Tb
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
b. Hongkong and
Shanghai Banking Corporation
World Trade Centre
Jalan Jend. Sudirman Kav. 29-31
Jakarta, Indonesia
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
None
Net Profit (Loss)
:
None
Payment Manner :
No Comment
Financial Comments :
Weak
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Sujanani Murli Muhandas
Director -
Mr. Hiroo Kishinchand Melwani
Board of
Commissioner :
President Commissioner -
Mrs. Meena Hiroo Melwani
Commissioner - Mr. Kishan Devnani
Signatories
:
President
Director (Mr. Sujanani Murli Muhandas) or the Director (Mr. Hiroo Kishinchand
Melwani) which must be approved by the Board of Commissioners.
CAPABILITIES
Management
Capability :
Bad
Business Morality
Weak
Credit Risk
Very High
Credit Recommendation
Not qualified for credit assessment
Proposed Credit Limit
Deposit or
Advance Payments
Maximum Credit Limit
No Comment
OVERALL PERFOMANCE
P.T. WIDE ACTION INDONESIA (P.T. WAI) was established in November 1991
with the authorized capital of US$ 250,000 entirely issued and paid up. The
original founding shareholders were WIDE ACTION Ltd., of Taiwan as foreign
partner and P.T. WIDE ACTIONJAYA of Indonesia as local partner. The company
notary deed has been changed several times. In April 1993, WIDE ACTION Ltd., of
Taiwan pulled out and replaced by STRIDE PROMOTION Ltd., of Hong Kong. In June
1996, STRIDE PROMOTION Ltd., of Hong Kong and P.T. WIDE ACTIONJAYA pulled out
and replaced by Mr. Sujanani Murli Muhandas and Mr. Hiroo Kishinchand Melwani,
both are of India. The latest in September 2002, the authorized capital was
increased to US$ 1,500,000 entirely issued and paid up. The deed of amendment
was made by Mr. Ilyas Zaini, SH., a public notary in Jakarta under Company
Registration Number C-21872 HT.01.04.TH.2002, dated November 8, 2002. We
observe that Mr. Sujanani Murli Muhandas and Mr. Hiroo Kishinchand Melwani,
both are the founder and business stakes owners of P.T. WIDE ACTIONJAYA and
P.T. UNIVERSAL EXPORT dealing with trading and exporter.
P.T. WAI operates in the frame works of Foreign Investment (PMA)
facility from Capital Investment Coordinating Board (BKPM) to deal with trading
and exporter of merchandising goods. The company has been operating since 1992
has had been expanding to increasing of exports of merchandising goods. Mrs.
Ani, export staff of P.T. UNIVERSAL EXPORTS explained, previously P.T. WAI
exporting of merchandising goods such as garment, textile and sundries, and the
whole products is bought from Bandung (West Java) and Semarang (Central Java).
The company exports of some 35 containers of garment, 35 containers of textile
and 30 containers of sundries per month. The whole products are exported to
Panama and South Africa.
Mrs. Ani of export staff and Mrs. Evi Haslinda, both are the staff of
P.T. UNIVERSAL EXPORT said that the operation of P.T. WIDE ACTION INDONESIA has
ceased operation since 2004. Meanwhile the other sister company P.T. WIDE
ACTIONJAYA is also ceased operation since the end of 2006. All the activities
of the above company had been took over by sister company P.T. UNIVERSAL EXPORT
dealing with trading and exporter of glassware, plastic products, textile,
garment and sundries. P.T. WIDE ACTION INDONESIA is a company having no
productive business activities. However, the company has yet to be stated
dispersed through court and there is no confirmation whether or not the company
will be stated bankrupt in the near time.
We refrain from providing any comment on P.T. WAI's future business
prospects because it has discontinued operation since 2004. AS from that time
on employees have been laid off entirely, but
so far P.T. WAI has yet been liquidated legally. Since P.T. WAI has
ceased operation, its financial condition is standing at US$ 1.5 million as
paid up capital as stated in its latest articles of association.
The management of P.T. WAI is headed by Mr. Sujanani Murli Muhandas (50)
a professional businessman of India. The management of the company is handled
by experienced professional managers but on account of mismanagement, the
operation of the company was stagnant. Of the negative factor above and the
unstable economic condition in the country, we recommend to treat prudently in
business transaction and in extending a 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. |
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%)