MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PT WARNA JAYA NUSANTARA |
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Formerly Known As : |
PD. WARNA JAYA |
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Registered Office : |
Jalan Setiabudi
No. 120, Bandung 40141, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1967 |
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Com. Reg. No.: |
C2-3772.HT.01.04.TH.98 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and Distribution of Industrial
Chemicals Investment Holding |
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$ 657000 |
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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. WARNA JAYA NUSANTARA
Address
Head Office
Jalan Setiabudi
No. 120
Bandung 40141
West Java
Indonesia
Phone - (62-22) 2038707
(Hunting)
Fax - (62-22) 2038099
Building Area - 2 storey
Office Space - 300 sq. meters
Region - Commercial
Status - Owned
Branch
Jalan K.H. Zainul
Arifin Block B2/35
Jakarta Barat
Indonesia
Phone - (62-21)
6301454-56 (Hunting)
Fax - (62-21) 6336650
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
a. 1967 as PD. WARNA JAYA
b. 06 February 1985 as P.T. WARNA JAYA NUSANTARA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg No
The Ministry of Justice and Human Rights
No.
C2-3772.HT.01.04.TH.98
Dated 17 April
1998
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.280.557.8-422
The Department of Industry and Trade
TDP No. 10111600215
Dated 8 March 1999
Related Companies
A Member of the GMK Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
5,000,000,000.-
Issued Capital : Rp.
2,350,000,000.-
Paid up Capital : Rp.
2,350,000,000.-
Shareholders/Owners :
a. P.T. GENERAL MKMUR KENCANA CORPORATION - Rp. 31,950,000,000.-
Address : Jl. Setiabudi No. 120
Bandung, West Java
Indonesia
b. Mr. Go Goenarto AKA Go Mong Kok - Rp. 47,000,000.-
Address : Jl. Otto Iskandardinata No. 242
Bandung, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
a. Trading and Distribution of Industrial
Chemicals
b. Investment Holding
Production Capacity
None
Total Investment
Owned Capital - Rp. 2.3
billion
Started Operation
1967
Brand Name
None
Technical Assistance
None
Number of Employee
38 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. SAMWOO
INDONESIA
b. P.T. ARGO BENI
MANUNGGAL
c. P.T. DAMATEX
d. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. WARJANTINO
b. P.T. COLORINDO
CHEMTRA
c. P.T. VERTIS
INDONESIA
d. C.V. GOAUTAMA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers:
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Asia Afrika No. 122-124
Bandung, West Java
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan Merdeka
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 45.0
billion
2006 – Rp. 47.0
billion
2007 – Rp. 50.0
billion
Net Profit (Loss)
:
2005 – Rp. 2.7 billion
2006 – Rp. 2.8 billion
2007 – Rp. 3.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mrs. Suriawati Effendi,
SH
Board of Commissioners :
Commissioner - Mr. Go Goenarto
Signatories :
Director (Mrs. Suriawati Effendi, SH) which
must be approved by Board of Commissioner.
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$ 657,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company was originally named P.D. WARNA JAYA set-up in 1967 in
Bandung, West Java with a status of sole proprietary company. The founder and
owner is Mr. Go Goenarto AKA Go Mong Kok an Indonesian business businessman of
Chinese extraction. In February 1985, its legal status was changed into a P.T.
(Perseroan Terbatas) or Limited Liability Company named P.T WARNA JAYA
NUSANTARA (P.T. WJN) with an authorized capital of Rp. 150,000,000 entirely
issued and paid up. The company notary deed has frequently been revised. In
November 1997 the authorized capital was raised to Rp. 5,000,000,000 issued and
paid up capital to Rp. 2,350,000,000. By the same time the whole shares of P.T.
WJN was controlled by Mr. Go Goenarto AKA Go Mong Kok, and P.T. GENERAL MAKMUR
KENCANA CORPORATION, a national private company which the majority business
stakes is controlled by Mr. Go Goenarto AKA Go Mong Kok. P.T. WJN is a member
of the GENERAL MAKMUR KECANA or the
GMK Group, a small business group headed by Mr. Go Goenarto AKA Go Mok Kok. The
deed of amendment was made by Mr. Albertus Sutjipto Budihardjoputra, SH., a public
notary in Bandung under Company Registration Number C2-3772 HT.01.04.TH.1998,
dated April 17, 1998.
P.T. WJN had been operating since 1967 in trading and distribution of
industrial chemicals. Mrs. Suriawati Effendi, SH, a director of the company
said to our inquiry the product is textile pigment chemical, dyestuff imported
from various countries like Japan, Korea, India, China, etc. The products are
sold to textile industries in the country like the ARGO MANUNGGAL Group, P.T.
SAMWOO INDONESIA and other textile industries and leather industries in many
major cities. Furthermore, it was explained that P.T. WJN has made business
relation as dyestuff supplier for along time with the textile industry and
leather industry and until this time the business relation still tied in with
them. We observed that the company’s business operation is growing up slowly
and the company is classified as small company in the country. Besides, P.T.
WJN is also dealing with investment holding by controlling 41% shares of P.T.
GOO INDONESIA CHEMICAL in synthetic sizing agent manufacturing. P.T. WJN
belongs to a medium-sized in this business and the operation had been growing
within the last three years.
Generally, demand for garment in the international market has been
fluctuating in the last five years as evident from the figures of Indonesian
garment export. According to the Central Bureau of Statistics (BPS) the
Indonesian garments export in 2000 amounted to 370,3 thousand tons (US$ 4,702.6
million), to 473,8 thousand tons (US$ 4,476.7 million) in 2001, to 333,1 thousand
tons (US$ 3,887.2 million) in 2002 to 339,0 thousand tons (US$ 4,037.9 million)
in 2003 to 327.3 thousand tons (US$ 4,351.9 million) in 2004 to 369.5 thousand
tons (US$ 4,967.0 million) in 2005 to 399.6 thousand tons (US$ 5,608.1 million)
in 2006 and to 160,7 thousand tons (US$ 2,351.9 million) in 2007 (January-May).
The Indonesia textile products export in 2000 amounted 1,365.1 thousand tons
(US$ 3,634.1 million), declined to 1,269.5 thousand tons (US$ 3,198.9 million)
in 2001, to 1,425.9 thousand tons (US$ 3,075.9 million) in 2002 to 1,307.5
thousand tons (US$ 3,064.6 million) in 2003 to 1,300.4 thousand tons (US$
3,354.6 million) in 2004 to 1,427.3 thousand tons (US$ 3,704.0 million) in 2005
to 1,477.8 thousand tons (US$ 3,908.6 million) in 2006 and to 623.6 (US$
1,715.5 million) in 2007 (January-May). The export volume and value of the
national TPT products in 2000 to 2007 are pictured on the following table.
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Year |
Garment |
Textile
Product |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 |
370.3 |
4,702.6 |
1,365.1 |
3,634.1 |
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2001 |
473.8 |
4,476.7 |
1,269.5 |
3,198.9 |
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2002 |
333.1 |
3.887.2 |
1,425.9 |
3,075.9 |
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2003 |
339.9 |
4,037.9 |
1,307.5 |
3,064.6 |
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2004 |
327.3 |
4,351.9 |
1,300.4 |
3,354.6 |
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2005 |
369.5 |
4,967.0 |
1,427.3 |
3,704.0 |
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2006 |
399.6 |
5,608.1 |
1,477.8 |
3,908.6 |
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2007* |
160.7 |
2,351.9 |
623.6 |
1,715.5 |
*) January – May
Source : Central
Bureau of Statistic
Until this time P.T. WJN 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. 45.0 billion, increased to Rp. 47.0 billion
in 2006 to Rp. 50.0 billion in 2007 and projected to go on rising by at least
7% in 2008. It is estimated the company has yielded a net profit of at least
Rp. 3.0 billion in 2007 and the company has an estimated total networth at
least Rp. 12.5 billion. We observe that P.T. WJN is supported by financially
strong behind it. So far, we did not hear that the company having been black
listed by the Central Bank (Bank Indonesia). The company usually pays its debts
punctually to suppliers.
The management of P.T. WJN is led by Mrs. Suriawati Effendi, SH (55) a
businessman with 26 years of experience in trading and distribution of
industrial chemicals. 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. WARNA JAYA NUSANTARA 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.
Attachment :
List of the GMK Group
Members
1.
ASLI, P.T.
(Ice Block Manufacturing)
2.
INSENO
JAYA UTAMA, P.T. (Shoe Component Manufacturing)
3.
GOO
INDONESIA CHEMICAL, P.T. (Chemical Product Manufacturing)
4.
LAJU
SAKTI TRIJAYA, P.T. (Industrial Chemical Trading and Distribution)
5.
MULTI
ADHYA FLOCK NUSANTARA, P.T. (Carpet Synthetic Velvet Manufacturing)
6.
POKKER
NUSA, P.T. (Textile Industry)
7.
WARNA
JAYA NUSANTARA, P.T. (Trading and Distribution of Industrial Chemical and
Investment Holding)
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%)