MIRA
INFORM REPORT
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Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. WIJAYA
INDONESIA MAKMUR BICYCLE INDUSTRIES |
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Formerly Known As : |
C.V. INDONESIA MAKMUR |
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Registered Office : |
Karawaci Office Park, Jalan Pintu Besar Utara Block D No. 6, Lippo
Karawaci, Tangerang 15811, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
1972 |
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Com. Reg. No.: |
AHU-AH.01.10-5413 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Bicycle and Parts Manufacturing |
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$ 4,300,000 |
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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. WIJAYA
INDONESIA MAKMUR BICYCLE INDUSTRIES
A d d r e s s
Head Office &
Factory
Jalan Raya Bambe
Km. 20, Desa Bambe
Driyorejo, Gresik
61177
East Java
Indonesia
Phone - (62-31) 750-7021
(Hunting)
Fax. - (62-31) 750-8088
E-mail - wimcycle@indo.net.id
Website - http://www.wimcycle.co.id
Land Area - 30,000 sq.
meters
Factory Space - 12,000 sq. meters
Region - Industrial
Zone
Status - Owned
Representative Office
Karawaci Office Park
Jalan Pintu Besar Utara Block D No. 6
Lippo Karawaci, Tangerang 15811
Banten Province
Indonesia
Phone - (62-21)
5577-8229 (Hunting)
Fax - (62-21)
5577-8259
E-mail - wimcycle@centrin.net.id
Building Area - 2 storey
Office Space - 220 sq. Meters
Region - Commercial
Status - Rent
Date of Incorporation
a.
1972 as C.V. INDONESIA MAKMUR
b.
2 February 1976 as P.T. WIJAYA INDONESIA MAKMUR BICYCLE INDUSTRIES
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
No. AHU-AH.01.10-5413
Dated 06 March 2008
Company Status
Foreign Investment (PMA) Company
Permit by the Government Department
The
Department of Trade and Industry
SIUP No. 5/13-2/PB/IV/87/P
Dated 10 April 1987
The
Department of Finance
NPWP No. 01.122.489.6-612.000
Related Companies
a. P.T. EKA WIJAYA
WIRASTA INDONESIA (Investment Holding)
b. P.T. WANGSA MANUNGGAL
(Steel Furniture Manufacturing)
c. P.T. WAHYU SAKTI
ABADI (Bicycle Spare Parts Manufacturing)
d. P.T. WIJAYA
PERTIWI SAKTI ABADI (Bicycle Distribution and Trading)
e. WHEELPOWER
INVESTMENT Pte. Ltd., (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
100,000,000,000.-
Issued Capital : Rp. 75,000,000,000.-
Paid up Capital : Rp. 75,000,000,000.-
Shareholders/Owners :
a. P.T. EKA WIJAYA WIRASTA INDONESIA - Rp.
27,000,000,000.-
Address : Jalan Slompretan No. 41
Surabaya, East Java
Indonesia
b. Mr. Hendra Wijaya - Rp. 2,700,000,000.-
Address : Desa Bambe RT.018, RW.005
Gresik, East Java
Indonesia
a. WHEELPOWER INVESTMENT Pte., Ltd., - Rp.
45,300,000,000.-
Address : Singapore
SINGAPORE
BUSINESS ACTIVITIES
Lines of Business:
Bicycle and Parts Manufacturing
Production Capacity
a. Bicycles - 2,500,000 units p.a.
b. Bicycle Parts -
1,200,000 sets p.a.
Total Investment
a. Equity Capital - Rp. 75.0 billion
b. Loan
Capital - Rp.
35.0 billion
c. Total
Investment - Rp. 110.0 billion
Started Operation
1972
Brand Name
WIM CYCLE
Technical Assistance
None
Number of Employee
660 persons
Marketing Area
a. Domestic
(Local) - 65%
b. Export - 35%
Main Customers
a.
P.T. WIJAYA PERTIWI SAKTI ABADI
b.
Wholesales and Agent of Bicycle in Indonesia
c.
Buyers in Asia Pacific, Middle East and European Countries, Brazil and
Canada.
Market Situation
Very Competitive
Main Competitors
a.
P.T. TERANG DUNIA INTERNUSA
b.
P.T. SUBIMA SAKTI PRAKARSA
c.
P.T. INSERASENA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a.
ABN AMRO Bank NV.
Jalan Pemuda No.54
Surabaya, East Java
Indonesa
b.
DEUTSCHE Bank AG
Jalan Jend. Basuki Rachmat No. 141
Surabaya, East Java
Indonesia
c.
P.T. Bank LIPPO Tbk
Jalan Raya Diponegoro 101
Lippo Karawaci, Tangerang, Banten Province
Indonesia
Auditor
Internal Auditor
Litigation
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 192.0
billion
2005 – Rp. 210.0 billion
2006 – Rp. 260.0
billion
2007 – Rp. 320.0
billion
Net Profit
(estimated) :
2004 – Rp. 11.5 billion
2005 – Rp. 12.5 billion
2006 – Rp. 15.4 billion
2007 – Rp. 19.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr.
Hendra Widjaja
Directors
- Mr. Andee Widjaja
Board of
Commissioner :
President Commissioner – Mrs.
Wahyuni Wangsahardja
Commissioner - Mrs. Anne Widjaja
Signatories
:
President
Director (Mr. Hendra Widjaja) or Directors (Mr. Andee Widjaja) which must be
approved by Board of Commissioners (Mrs. Wahyuni Wangsahardja and Mrs. Anne
Widjaja).
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 4,300,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named C.V. INDONESA MAKMUR, it was established in 1972 in
Surabaya, East Java with a legal status of C.V. (Commanditaire Vennootschap) or
partnership with sleeping prtner. Its founders and owners are Mr. Hendra
Widjaja and his wife Mrs. Wahjuni Wangsahardja wholly Chinese origin Indonesian
businessmen. In February 1976, the company renamed to P.T. WIJAYA INDONESIA
MAKMUR BICYCLE INDUSRIES (P.T. WIMBI) with a legal status of P.T. Perseroan
Terbatas) or limited liability company. In December 1993 the authorized capital
was Rp. 50,000,000,000.- issued capital of Rp. 15,000,000,000.- wholly paid-up.
The shareholder of company is P.T. EKA WIJAYA WIRASTA INDONESIA (100%), a
private company.
Lastly in January 2008 the authorized capital was raised to Rp.
100,000,000,000 issued and paid up capital to Rp. 75,000,000,000. By the same
time the shareholders had changed and its latest shareholders are P.T. EKA
WIJAYA WIRASTA INDONESIA (36%), Mr. Hendra Widjaja (3.6%) and WHEELPOWER
INVESTMENT PTE. LTD., of Singapore (60.4%). The Deed of amendment was made by
Mrs. Dyah Ambarwaty Setyoso, SH., a public notary in Sidoarjo, East Java under
Company Registration Number AHU-AH.01.10-5413, dated March 6, 2008.
Mr. Hendra Widjaja also the owner of the whole shares of P.T. EKA WIJAYA
WIRASTA INDONESIA (investment holding), P.T. WANGSA MANUNGGAL (steel furniture
manufacturing), P.T. WAHYU SAKTI ABADI (bicycle component manufacturing), PT.
WIJAYA PERTIWI SAKTI ABADI (trading and distributor of bicycle) and WHEELPWOER
INVESTMENT Pte., Ltd., of Singapore (investment holding).
P.T. WIMBI started with operation in 1972 in bicycle manufacturing whose plant
is located at Jalan Raya Bambe Km. 20, Driyorejo, Gresik, East Java standing on
a land of 30,000 sq. meters. The plant has been expanded for increasing its
total production capacity. At present, the plant has a production capacity of
1.0 million units per annum. P.T. WIMI is the biggest company of its kind n
Indonesia. Apart from that P.T. WIMBI also produces bicycle spare parts used
for own purpose. P.T. WIMBI’s operation been dwindling as from 1997 in line
with the weakening of the domestic purchasing power as the impact of the
economic crisis striking Indonesia as from the middle of 1997. Some 65% of its bicycle products is marketed
locally under WIM CYCLE, while the rest is exported to 26 countries in the Asia
Pacific, the Middle East countries, Brazil and Canada. We see the operation of
P.T. WIMBI has received ISO 9001 for P.T. GLOBAL ASSURANCE SERVICES (KEMA) and
the company has been growing in the last five years.
Generally, local demand for bicycle had been increasing by 8% to 9% on
the average per annum up to mid 1997 having close relation with the economic
growth and publics interest using bicycle as sport equipment. However, the
prolonged economic crisis in the country and tight money policy imposed by Bank
Indonesia since mid 1997 had caused the demand to decline up to end 2000 and
started increasing again since 2001 in line with the amelioration of the
economic condition in the country. The demand is estimated to be rising by 6%
to 7% in the next year. The competition is very tight on account of lots of
similar company operating in the country. Besides, there are lots of similar
imported products especially from China and Taiwan being offered in domestic
markets.
The business position of P.T. WIMBI is appraised to be favorable for
having established wide marketing networks n various big cities in Indonesia.
Besides, the product brand being offered by the company is very popular among
consumers. We believed that P.T. WIMBI s in position to thrive its business in
the future.
The management of P.T. WIMBI is very reclusive toward outsiders and rejected
to disclose its financial condition. However, we estimated that total sales
turnover in 2005 reached Rp. 210.0 billion rose to Rp. 260.0 billion in 2006 to
Rp. 320.0 billion in 2007 and projected to be rising by at least 8% in 2008. The operation of P.T. WIMBI in 2005 is
estimated to have gained a profit of Rp. 12.5 billion rose to Rp. 15.4 billion
in 2006 and rose again to Rp 19.0 billion in 2007 with estimated networth of
Rp. 120.0 billion. We observe that
P.T. WIMBI 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.
P.T. WIMBI’s management is led by Mr. Hendra Widjaja (63) with 34 years
experience in bicycle manufacturing. In his daily activities, he assisted by
Mr. Anddee Widjaja (38) as director. The management is handled by professional
managers having wide relation with private businessmen of home and overseas as
well as with government sectors. So far, we have never heard of the management
of the company being filed to the district court for detrimental cases. P.T.
WIMBI is considered to be good for business transaction. Considering unstable
economic condition in the country, we recommend to treat prudently in extending
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%)