MIRA INFORM REPORT
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Report Date : |
08.12.2011 |
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 : |
Jalan Raya Bambe Km. 20, Desa
Bambe, Driyorejo, Gresik 61177, East Java |
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Country : |
Indonesia |
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Year of Establishment : |
1972 |
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Com. Reg. No.: |
No. AHU-05687.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Bicycle, Parts and Component Manufacturing |
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No. of Employees
: |
1351 Persons |
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$ 4,900,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. WIJAYA
INDONESIA MAKMUR BICYCLE INDUSTRIES
company Address
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. Y.A.5/384/21
Dated 3 August 1976
- No. AHU-AH.01.10-5413
Dated 06 March 2008
- No. AHU-05687.AH.01.02.TH.2009
Dated 27 February 2009
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
a. The Department of Trade and Industry
SIUP No. 5/13-2/PB/IV/87/P
Dated 10 April 1987
b. The Department of Finance
NPWP No. 01.122.489.6-612.000
c. The Capital Investment Coordinating Board
No. 70/V/PMA/2006
Dated 25 April 2006
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
c. WHEELPOWER INVESTMENT Pte., Ltd., - Rp.
45,300,000,000.-
Address : Singapore
SINGAPORE
BUSINESS ACTIVITIES
Lines of
Business :
Bicycle, Parts and Component Manufacturing
Production
Capacity :
a. Bicycles -
1,900,000 pieces p.a.
b. Bicycle Parts - 240,000 pieces p.a.
c. Other Components -
4,000,000 pieces p.a.
Total
Investment :
a. Equity Capital -
Rp. 75.0 billion
b. Loan Capital - Rp. 54.0 billion
c. Total Investment - Rp. 129.0 billion
Started
Operation :
1972
Brand Name :
WIM CYCLE
Technical
Assistance :
None
Number of
Employee :
1,351 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. INSERASENA
b. P.T. TERANG DUNIA INTERNUSA
c. P.T. SUBIMA SAKTI PRAKARSA
d. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. ABN AMRO
Bank NV.
Jalan
Pemuda No.54
Surabaya,
East Java
Indonesia
b. DEUTSCHE Bank AG
Jalan Jend. Basuki Rachmat No. 141
Surabaya, East Java
Indonesia
c. P.T. Bank CIMB NIAGA 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) :
2008 – Rp. 340.0
billion
2009 – Rp. 360.0
billion
2010 – Rp. 375.0
billion
2011 – Rp. 195.0
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 27.2
billion
2009 – Rp. 28.8
billion
2010 – Rp. 30.0
billion
2011 – Rp. 16.0
billion (January – June)
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
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$ 4,900,000 on the 90 days of payments
OVERALL PERFORMANCE
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 partner. Its founders and owners are Mr. Hendra Widjaja and his wife Mrs. Wahjuni Wangsahardja wholly Chinese origin Indonesian businessmen. Based on notary deed of Mr. Soetjipto, SH., No. 6 dated 2 February 1976, the company renamed to P.T. WIJAYA INDONESIA MAKMUR BICYCLE INDUSTRIES or abbreviated with trading style WIM CYCLE 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. Later based on notary deed of Mrs. Dyah Ambarwaty Setyoso, SH., No. 29 dated 24 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%). On the same occasion the status of the company has been changed to Foreign Investment (PMA) facility. The Deed of amendment was by the Ministry of Law and Human Rights under Company Registration Number AHU-AH.01.10-5413, dated March 6, 2008.
The latest based on notary deed of Mrs. Dyah Ambarwary Setyoso, SH., No. 53 dated 14 August 2009 the board of directors and the board of commissioners reappointed to lead and runs of the company’s operation (see profile of this report). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-05687.AH.01.02.TH.2009 dated February 27, 2009.
We observe Mr. Hendra Widjaja also the owner of the whole shares of P.T. EKA WIJAYA WIRASTA INDONESIA dealing with investment holding, P.T. WANGSA MANUNGGAL dealing with steel furniture manufacturing, P.T. WAHYU SAKTI ABADI dealing with bicycle component manufacturing, PT. WIJAYA PERTIWI SAKTI ABADI dealing with trading and distributor of bicycle and WHEELPWOWER INVESTMENT Pte., Ltd., of Singapore dealing with investment holding.
WIM CYCLE started operates in the frame work of Foreign Investment (PMA) Company to deal with bicycle, part and component 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 operating since 1972 and has been expanded for increasing its total production capacity. At present, the plant has a production capacity of 1.9 million units bicycle per annum. WIM CYCLE is the biggest company of its kind In Indonesia. The plant produces various type of bicycle and components such as regular bike, character bike, five rams, accessories, electric scooter, MTX, toy car, tricycle, scooter, folding bike etc. Apart from that WIM CYCLE also produces bicycle spare parts and components used for own purpose and the rest is also for export market. 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. Wim Cycle's bicycle models are designed and developed using a comfort and function engineering concept and comfort to provide ultimate cycling enjoyment.
This concept is at the core of Wim Cycle's research and development department's rationale, delivering continuous improvement in product quality and design innovation. In line with its commitment to delivering complete customer satisfaction, Wim Cycle has secured official licenses to manufacture character bikes from multinationals such as Disney (Mickey & Donald Family, Princess, Pooh, The incredible, Fairies, Pixar Cars, Toy Story), Warner Bros. (Looney Tunes, Batman, Superman, Justice League, Power Puff Girls), 4Kids Entertainment (Ninja Turtles), Mattel (Barbie and Hot wheels) and Nickelodeon (Dora and Sponge Bob). Raw materials and components are acquired from reputable sources that surpass international requirements for safety and quality. The mechanical tubes used by Wim Cycle have passed Japan Industrial Standards, and the component parts have passed British Standards and Customer Product Safety Commission Standards. We see the operation of WIM CYCLE 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 the last five years having close relation with the
economic growth and public’s interest using bicycle as sport equipment.
However, the global economic crisis and tight money policy imposed by Bank
Indonesia since October 2008 had affected to the company due to the increasing
of production cost. Besides, the demand to decline up to end 2008 and started
increasing again since June 2009 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 WIM CYCLE 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 WIM CYCLE‘s in position to thrive its business in the future.
The management of WIM CYCLE is very reclusive toward outsiders and rejected to disclose its financial condition. The management of WIM CYCLE is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that total sales turnover in 2008 reached Rp. 340.0 billion rose to Rp. 360.0 billion in 2009 to Rp. 375.0 billion in 2010. As from January to June 2011 the sales has reached at Rp. 195.0 billion with a net profit of at least Rp. 16.0 billion and projected to go on rising by at least 6% in 2012. We estimated the company has an estimated total net worth of Rp. 122.0 billion. We observe that WIM CYCLE 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.
WIM CYCLE’s management is led by Mr. Hendra Widjaja (66) with 37 years experience in bicycle manufacturing. In his daily activities, he assisted by Mr. Andee Widjaja (41) 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 did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. WIJAYA INDONESIA MAKMUR BICYCLE INDUSTRIES or WIM CYCLE is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.45 |
|
UK Pound |
1 |
Rs.80.38 |
|
Euro |
1 |
Rs.69.12 |
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.