MIRA INFORM REPORT
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Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. WARJANTINO |
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Formerly Known As : |
N.V. Perusahaan Dagang WARJANTINO |
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Registered Office : |
Jalan Pasar
Pagi No. 138, Jakarta Barat |
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Country : |
Indonesia |
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Date of Incorporation : |
11.11.1954 |
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Com. Reg. No.: |
No. AHU-44977.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution and Supply of Dyestuff |
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No. of Employees
: |
11 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$ 132,800 |
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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
|
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. WARJANTINO
company Address
Head Office
Jalan Pasar Pagi
No. 138
Jakarta Barat
Indonesia
Phone -
(62-21) 690-6146, 691-1628, 690-8365
Fax - (62-21) 691-0203
Building Area - 2 storey
Office Space - 225 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
a. 11 November 1954 as N.V.
Perusahaan Dagang WARJANTINO
b. 27 February 2002 as P.T.
WARJANTINO
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
- No. Y.A.5/11/14
Dated 1 February 1955
- No. C-09991.HT.01.04.TH.2002
Dated 6 June 2002
- No. AHU-44977.AH.01.02.TH.2008
Dated 25 July 2008
Company Status
Private National Company
Permit by the Government
Department
The
Department of Finance
NPWP No. 01.301.209.1.033.000
The
Department of Industry and Trade
TDP No. 09.02.1.51.01830
Dated 20 June 2006
Related Company
P.T. TRIMEGAH SEJAHTERA (Pigment for Textile and Wall Paint Industry)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital : Rp. 1,000,000,000.-
Issued Capital : Rp.
510,000,000.-
Paid up Capital : Rp.
510,000,000.-
Shareholders/Owners
:
a. Mr. Jasin
Tanasaleh -
Rp. 127,500,000.-
Address : Jl. Pasar Pagi No. 138 RT. 001/ RW. 002
Kel. Roa
Malaka, Kec. Tambora
Jakarta Barat
b. Mrs. Lana Angellina - Rp.
76,500,000.-
Address : Jl. Pasar Pagi No. 138, RT. 001/
RW. 002
Kel. Roa Malaka, Kec.
Tambora
Jakarta
Barat
c. Mrs.
Melania Halim -
Rp. 76,500,000.-
Address : Jl. Paradis 18 Block
1/8, RT. 005/ RW. 019
Kel. Sunter Agung, Kec. Tanjung Priok
Jakarta Utara
d. Mr. Budhi
Santoso Tanasaleh -
Rp. 76,500,000.-
Address : Jl. Pasar Pagi No.
138 RT. 001/ RW. 002
Kel. Roa Malaka, Kec.
Tambora
Jakarta Barat
e. Mrs. Rita
Tanasaleh -
Rp. 51,000,000.-
Address : Jl. Muara Karang Block X4.S/2,
RT. 005/ RW.003
Kel. Pluit, Kec.
Penjaringan
Jakarta
Utara
f. Mrs. Nany
Tanasaleh -
Rp. 51,000,000.-
Address : Jl. Kartini IX/6H,
RT. 002/ RW. 003
Kel. Kartini, Kec. Sawah Besar
Jakarta Pusat
g. Ms. Lindawati Tanasaleh - Rp. 51,000,000.-
Address : Jl. Pasar Pagi No. 138 RT. 001/
RW. 002
Kel. Roa
Malaka, Kec. Tambora
Jakarta
Barat
BUSINESS ACTIVITIES
Lines of
Business :
Trading, Distribution and Supply of Dyestuff
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1954
Brand Name :
Warjantino
Technical
Assistance :
None
Number of
Employee :
11 persons
Marketing Area
:
Domestic (Local) - 100 %
Main Customers
:
a. Home Industry
b. Garment Mfg
c. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. VERTIS INDONESIA
b. C.V. GAUTAMA
c. P.T. COLORINDO CHEMTRA
d. P.T. DUTA CHEMINDO
PERKASA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Sukarjo Wiryopranoto
Jakarta
Pusat
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Sawah Besar No. 53 A
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 9.0 billion
2009 – Rp. 9.5 billion
2010 – Rp. 10.1 billion
2011 – Rp. 5.8 billion (January –
June)
Net Profit
(estimated) :
2008 – Rp. 450 million
2009 – Rp. 475 million
2010 – Rp. 505 million
2011 – Rp. 301 million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Jasin Tanasaleh
Board of Commissioners :
President Commissioner -
Mrs. Melania Halim
Commissioner - Mrs. Lindawati Tanasaleh
Signatories :
Director (Mr. Jasin Tanasaleh) which
must be approved by Board of Commissioners
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$ 132,800 on the 90 days of payments
OVERALL PERFORMANCE
At the beginning, N.V. Perusahaan Dagang WARJANTINO was established in Jakarta based on notary deed of Mr. Raden Kadiman SH., No. 55 dated 11 November 1954 on legal status as N.V. (Naamlooj Vennootschap) with the authorized capital of Rp. 1.000.000 which was fully paid up. The founder and original shareholders were the late Mr. Raden Herman Suwarto, Mr. Yiong Hong Chong and Mrs. Siparti, they are Indonesian businessmen of Chinese origins. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. Y.A.5/11/14 dated February 1, 1955. The company notary deed has been changed a couple of times. The company notary deed has been amended for several times. Later based on notary deed of Mrs. Koerniatini Karim SH., No. 56 dated 27 January 1968 the whole share taken over by the late Mr. Dady Tanasaleh AKA Tan Kim Kay and his wife Mrs. Lana Angellina. They are Indonesian businessmen of Chinese descent. Then based on notary deed of Mr. Winanto Wiryomartani, SH., No. 21 dated 27 February 2002, status of the company was changed to P.T. (Limited Liability Company) WARJANTINO. At the same time, the authorized capital was raised to be Rp. 1,000,000,000 and the subscribed capital to be Rp. 250,000,000 which was fully paid up. At the same time all shares of the late Mr. Daddy Tanasaleh was granted to his children as his heirs namely Mrs. Rita Tanasaleh, Mrs. Nany Tanasaleh, Mr. Jasin Tanasaleh, Mr. Agus Santoso Tanasaleh, Ms. Lindawati Tanasaleh and Mr. Budhi Santoso Tanasaleh. The Deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. C-09991.HT.01.04.TH. 2002, dated June 6, 2002.
The latest based on notary deed of Mr. Winanto Wiryomartani, SH., No. 07 dated 2 July 2008 the issued capital was increased to Rp. 510,000,000 entirely paid up. Concurrently Mr. Agus Santoso Tanasaleh pulled out and the whole shares sold to his wife Mrs. Melania Halim as new shareholder. With this development the composition of its shareholders has been changed to become Mr. Jasin Tanasaleh (25%), the widow Mrs. Lana Angellina (15%), Mrs. Melania Halim (15%), Mr. Budhi Santoso Tanasaleh (15%), Mrs. Rita Tanasaleh (10%), Mrs. Nany Tanasaleh (10%), and Mrs. Lindawati Tanasaleh (10%). The latest revision of notary document was made by Mr. Winanto Wiryomartani, SH., a public notary in Jakarta was approved by the Ministry of Law and Human Rights in its Decision Letter No. AHU-44977.AH.01.02.TH.2008 dated July 25, 2008. Concurrently the composition of the board of directors and the board of commissioner has been changed (see profile of this report). We observe that Mr. Jasin Tanasaleh is also founder and business stakes owner of P.T. TRIMEGAH SEJAHTERA engaged in the field of pigment for textile and wall paint industry.
P.T. WARJANTINO has operated its business since 1954 in the field of trading, distribution and supplying of dyestuff. We observed that the company’s office and storehouse are located at Jalan Pasar Pagi No. 138, Jakarta Barat, an office area in West Jakarta. Mr. Jasin Tanasaleh, director of P.T. WARJANTINO explained that dyestuff sold by the company is in the form of powder that imported by the company from India. A large part (85%) of the company’s products (dyestuff) are directly supplied to the Batik traditionally artisan who are stayed in Solo and Pekalongan, Central Java.
Other than, a little part (15%) of the company’s products supplied to the garment industries in Tangerang, Karawang and Bandung, West Java. Furthermore, it was explained that P.T. WARJANTINO has made business relation as dyestuff supplier for along time with the Batik traditionally industries (batik home industries), garment industries 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.
Generally, the demand for textile chemicals such as dyestuff, textile auxiliaries, and others tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. There are eleven domestic dyestuff producers which are still active with a combined production capacity of 45,620 tons per annum. Some of the largest producers are P.T. DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA CHEMICAL. The country’s garment industry is facing serious marketing problem not only in the country but also abroad. 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 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010. 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 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010.
The domestic textile producers are pessimism the textile export in 2009
could match the export numbers in 2008. The blow of the global economic crisis
is resulted in the reduced of demand from the export destination countries like
the United States (U.S.), Japan, and European Union region. The Export Textiles
and the Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent
compared to the last year. In the year 2008 the export value reached 10.8
billion US dollars. While this year’s the exports expected fall into US$ 9.7
billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny
Soetrisno said that the decline in global purchasing power caused of the demand
in the Indonesian textile products could not be able to grow as tight as 2008.
The export volume and value of the national TPT products in 2002 to 2010 are
pictured on the following table.
|
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 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau of Statistic
Until this time P.T. WARJANTINO has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. WARJANTINO is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 9.0 billion rose to Rp. 9.5 billion in 2009 increased to Rp. 10.1 billion in 2010. As from January to June 2011 the total sales was amounted at Rp. 5.8 billion with a net profit of Rp. 301 million. It is projected the sales turnover will be rising by at least 4% in 2012. The company has an estimated total net worth of at least Rp. 1.5 billion. So far, we did not heard 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. WARJANTINO is led by Mr. Jasin
Tanasaleh (54) a businessman and professional manager with experience in
trading, import and distribution of dyestuff. He is also Director and owner of
P.T. TRIMEGAH SEJAHTERA a private national company dealing with trading and
distribution of textile chemical. The company's management is handled by
professional staff in the above business. They have wide relations with private
businessmen within and outside the country. 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. WARJANTINO is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.68.88 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<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.