MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. YUNITA WARNASEJATI

 

 

Registered Office :

Jalan Metro Indah Raya Block A III Kav. 17, Sunter Podomoro, Jakarta Utara, 14340

 

 

Country :

Indonesia

 

 

Date of Incorporation :

03.01.1991

 

 

Com. Reg. No.:

No. AHU-58850.AH.01.02.TH.2009

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading and Distribution of Dyestuff

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 159,300

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Indonesia

 b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company

 

P.T. YUNITA WARNASEJATI

 

 

company Address

 

Head Office

Jalan Metro Indah Raya Block A III Kav. 17

Sunter Podomoro

Jakarta Utara, 14340

Indonesia

Phones             - (62-21) 6510072, 6500215

Fax                   - (62-21) 6502112

E-mail               - draj@indo.net.id

Building Area     - 2 storey

Office Space      - 120 sq. meters

Region              - Commercial Building

Status               - Rent

 

 

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. AHU-58850.AH.01.02.TH.2009

Dated 3 December 2009

 

 

Company Status

 

National Private Company

           

Permit by the Government Department

 

The Department of Finance

NPWP No. 01.539.801.9-048.000

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 1,000,000,000.-

Issued Capital                                  : Rp.    300,000,000.-

Paid up Capital                                : Rp.    300,000,000.-

 

Shareholders/Owners :

a. Mr. Balchand Sunderdas Dansingani                - Rp. 250,000,000.-

    Address : Jl. Sunter Paradise F-17 No. 3

                    Sunter Agung, Tanjung Priok

                    Jakarta Utara

                    Indonesia

b. Mrs. Vinita Balchand Dansingani                       - Rp.   50,000,000.-

    Address : : Jl. Sunter Paradise X Block 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. INTI COLOURINDO

d. P.T. TIMUR MAS TIRTA

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) :

2008 – Rp. 11.4 billion

2009 – Rp. 12.3 billion

2010 – Rp. 13.0 billion

 

Net Profit (estimated) :

2008 – Rp. 570 million

2009 – Rp. 615 million

2010 – Rp. 650 million

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Balchand Sunderdas Dansingani

                                                                                                           

Board of Commissioners :

Commissioner                                 - Mrs. Sawtribalchand Dansingani

                                                                                                           

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$ 159,300 on 90 days D/A

 

OVERALL PERFORMANCE

 

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 latest in June 2009 the authorized capital was raised to Rp. 1,000,000,000 issued capital to Rp. 300,000,000 fully and paid up. Concurrently Mr. Dalip Sunderdas Daansingani pulled out and replaced by Mrs. Vinita Balchand Dansingani as new shareholder. With this development the composition of its shareholders has been changed to become Mr. Balchand Sunderdas Dansingani (83.33%) and Mrs. Vinita Balchand Dansingani (16.67%). The deed of amendment was made by Mrs. Hilda Sari Gunawan, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-58850.AH.01.02.TH.2009, dated December 3, 2009.

 

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 INDUSTRIES, P.T. SUN RISE BUMI TEXTILE, P.T. INDORAMA SYNTHETICS Tbk and other textile industries in Karawang, and Bandung. The product is also supplied thorough textile industries (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.

 

The demand for textile chemicals tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. 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 and to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009. 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 and 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.

 

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 2009 are pictured on the following table.

      Year

Garment

Textile Products

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

3,887.2

4,037.9

4,351.9

4,967.0

5,608.1

5,712.9

6,092.2

5,735.6

1,425.9

1,307.5

1,300.4

1,427.3

1,477.8

1,473.6

1,312.2

1,369.6

3,075.9

3,064.6

3,354.6

3,704.0

3,908.6

4,178.0

4,127.9

3,602.8

Source: Central Bureau of Statistic

 

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 2008 amounted to Rp. 11.4 billion rose to Rp. 12.3 billion in 2009 increased to Rp. 13.0 billion in 2010 and projected to go on rising by at least 3% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 650 million and the company has an estimated total networth of at least Rp. 2.2 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. YW is headed by Mr. Balchard Sunderdas Dansingani (56), a businessman with experience for some 26 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 above 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 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. YUNITA WARNASEJATI is sufficiently fairly good for business transaction.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

 

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

 

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%)

 

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.