MIRA INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. YUNITA WARNASEJATI |
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Registered Office : |
Jalan Metro Indah Raya Block A III Kav. 17, Sunter Podomoro, Jakarta Utara, 14340 |
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Country : |
Indonesia |
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Date of Incorporation : |
03.01.1991 |
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Com. Reg. No.: |
No. C2-9418.01.04.TH.1999 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Trading and Distribution of Dyestuff |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 119,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. YUNITA
WARNASEJATI
Address
Head Office
Jalan Metro Indah
Raya Block A III Kav. 17
Sunter Podomoro
Jakarta Utara,
14340
Indonesia
Phone - (62-21) 6510072
Fax - (62-21) 6510072
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Building
Status - Rent
Formerly Addres
Kompleks Jelambar Central Block C No. 7
Jakarta Barat
Indonesia
Date of Incorporation
3 January 1991
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C2-9418.01.04.TH.1999
Dated 27 May 1999
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
1.539.801.9-042
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
80,000,000.-
Issued Capital : Rp.
25,000,000.-
Paid up Capital : Rp.
25,000,000.-
Shareholders/Owners
:
a. Mr. Balchand Sunderdas Dansingani - Rp. 24,900,000.-
Address : Jl.
Sunter Paradise F-17 No. 3
Sunter Agung,
Tanjung Priok
Jakarta Utara
Indonesia
b. Mr. Dalip Sunderdas Dansingani - Rp. 100,000.-
Address : : Jl. Sunter
Paradise F-17 No. 3
Sunter Agung, Tanjung Priok
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Distribution of Dyestuff
Production Capacity
None
Total Investment
None
Started Operation
1991
Technical Assistance
None
Number of Employee
11 persons
Marketing Area
Local - 100%
Main Customers
a. P.T. INDORAYA
SYNTHETICS Tbk
b. P.T. INDO
LIBERTY TEXTILE
c. P.T. ELEGANT
TEXTILE
d. P.T. SUN RISE
BUMI TEXTILE
e. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. CLARIANT
INDONESIA
b. P.T. DYSTAR
COLOR INDONESIA
c. P.T. TIMUR MAS
TIRTA
d. P.T. INTI
COLOURINDO
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank MANDIRI
Tbk
Jalan Sunter
Agung
Sunter Podomoro
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 8.5 billion
2006 – Rp. 9.2 billion
2007 – Rp. 10.0
billion
2008 – Rp. 5.7 billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 425
million
2006 – Rp. 460
million
2007 – Rp. 500
million
2008 – Rp. 285
million (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Balchand Sunderdas Dansingani
Board of Commissioners :
Commissioner -
Mrs. Sawtribalchand Dansigani
Signatories :
Director (Mr. Balchand
Sunderdas Dansingani) which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 119,000 on 90
days D/A
OVERALL PERFOMANCE
Previously the company’s address is located at Komplek Jelambar Center
Block C No. 7, North Jakarta. But since April 2000, the address had moved to
Jalan Metro Indah Raya Block A III Kav. 17, Sunter Podomoro, Jakarta Utara.
P.T. YUNITA WARNASEJATI (P.T. YW) was established in Jakarta on 3
January 1991 with an authorized capital of Rp. 80,000,000 issued and paid up
capital of Rp. 25,000,000. The founding shareholders originally are Mr.
Balchand Sunderdas Dansingani and his brother Mr. Ashok Sunderdas Dansingani,
an Indian-Indonesian business family. The company notary deed has changed that
in August 1998 Mr. Ashok Sunderdas Dansingani resigned and he was replaced by
his brother Mr. Dalip Sunderdas Dansingani. The deed of amendment was made by
Mr. Chufran Hamal, SH., was approved by the Ministry of Law and Human Right in
its Decision Letter No. C2-9418.HT.01.04.TH.1999, dated May 27, 1999.
P.T. YW had been operating since 1991 in the trading and distribution of
dyestuff. Mr. Balchand Sunderdas Dansingani, the director and owner of the
company said the dyestuff is imported from India and China. Besides, the
company is also imports of textile auxiliaries based on job order from their
buyers in the country. He is also added the whole product is sold to textile
industries in Jakarta, Bandung, Semarang and other major cities in the country
such P.T. INDO LIBERTY TEXTILE, P.T. ELEGANT TEXTILE, P.T. SUN RISE BUMI
TEXTILE, P.T. INDORAMA SYNTHETICS Tbk, The products is also supplied thorough
textile artisan (textile home industries) in Semarang, Solo, Central Java. We
figure that P.T. YW still belongs to a small-scale in this business and the
operation had been running well and growing in the last three years.
We figure out the demand for textile
chemicals and auxiliaries had been fluctuating within the last five years, in
line with the growth of textile industries in the country. According to the Central Bureau of
Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100
tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to
327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0
million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons
(US$ 5,712.9 million) in 2007 and to 36,100 tons (US$ 519.8 million) in January
2008. The Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in
2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$
4,178.0 million) in 2007 and to 73,400 tons (US$ 346.2 million) in January
2008. The export volume and value of the national TPT products in 2002 to 2008
are pictured on the following table.
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Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008* |
333.1 339.9 327.3 369.5 399.6 399.8 36.1 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 519.8 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 73.4 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 346.2 |
Source : Central Bureau of
Statistic
*) January 2008
Until this time P.T. YW 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. 8.5
billion rose to Rp. 9.2 billion in 2006 increased to Rp. 10.0 billion in 2007.
We estimated the sales turnover of the company as from January to June 2008
amounted to Rp. 5.7 billion with a net profit of Rp. 285 million. It is
projected the sales turnover will be higher by at least 4% in 2009. The company
has an estimated total networth of at least Rp. 2.0 billion. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management is headed by Mr. Balchard Sunderdas Dansingani (58), a businessman
with experience for some 23 years in the trading and distribution of textile
chemicals. Daily he is assisted by a number of professional staff also with
experience and expertise in the business. The management has maintained a wide
business relation among private businessmen at home and abroad as well as among
government agencies.
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. YUNITA WARNASEJATI 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.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)