MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WISKA |
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|
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Formerly Known As : |
C.V. WISKA KNITTING FACTORY |
|
|
|
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Registered Office : |
Jalan
Sawunggaling No. 18 Bandung 40116 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
05.03.1973 |
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Com. Reg. No.: |
No. AHU-44686.AH.01.02.TH.2008 |
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|
|
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Legal Form : |
Limited
Liability Company |
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|
|
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Line of Business : |
Textile
Industry (Knitting, Printing, Dyeing and Finishing) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 2,300,000 |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. WISKA
Address
Head Office
Jalan
Sawunggaling No. 18
Bandung 40116
West Java
Indonesia
Phones -
(62-22) 4232913 (Hunting)
Fax - (62-22) 4238710
E-mail - wiska@bdg.centrin.net.id
Website - http://www.wiska.co.id
Building Area - 2 storey
Office Space - 430 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Raya
Bandung – Garut Km. 20.9
Rancaekek,
Bandung 45363
West Java
Indonesia
Phones -
(62-22) 7798008, 7798155
Fax - (62-22) 7798855
Land Area - 40,000 sq.
meters
Building Area - 23,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 5 March 1973
as C.V. WISKA KNITTING FACTORY
b. 30 June 2008
as P.T. WISKA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
AHU-44686.AH.01.02.TH.2008
Dated 25 July 2008
b. No.
AHU-AH.01.10-13252
Dated 14 May 2010
Company Status
:
Domestic
Investment Company (PMDN)
Permit by the Government
Department :
The Department of Finance
NPWP No.
01.524.958.4-423.000
The Capital Investment Coordinating Board
- No.
793/Sekr/SP.PMDN/1973
Dated 7 May 1973
- No.
289/I/PMDN/1988
Dated 16 May 1988
- No.
203/II/PMDN/1993
Dated 15 November 1993
Related
Companies :
a. P.T. DAYA ARTHA GEMILANG (Spinning Mills)
b. P.T. INDINITA
(General Contracting)
c. P.T. MULTI
RAGAM SEJATI (Textile Industry)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 60,000,000,000.-
Issued Capital - Rp. 42,000,000,000.-
Paid up Capital - Rp. 42,000,000,000.-
Shareholders/Owners
:
c. Mr. Andrew Haryanto - Rp. 37,800,000,000.- (90%)
Address :
Jl. Sawunggaling No. 16
Bandung, West
Java
Indonesia
d. Mr. Kristian Haryanto - Rp.
4,200,000,000.-
(10%)
Address : Jl. Setra Duta Purnama C1 No.10
Bandung,
West Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Textile Industry
(Knitting, Printing, Dyeing and Finishing)
Production
Capacity :
Knitted Fabrics - 3,104,000
meters p.a.
Total
Investment :
a. Equity Capital - Rp. 42.0 billion
b. Reinvested
Profit - Rp. 0.5 billion
c. Loan
Capital -
Rp. 9.2 billion
d. Total
Investment - Rp.
51.7 billion
Started
Operation :
1974
Brand Name :
WISKA, MAWAR,
JANTAN
Technical
Assistance :
None
Number of
Employee :
530persons
Marketing Area
:
Local - 80%
Export - 20%
Main Customers
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIA
COTTON SPINNING
b. P.T. CANDRATEX
SEJATI
c. P.T. ATEJA
MULTI INDUSTRI
d. P.T. BITRATEX
INDUSTRIES
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Jalan
Taman Sari No. 80
Bandung, West
Java
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Asia Afrika No. 122-124
Bandung, West Java
Indonesia
c. P.T. Bank CIMB
NIAGA Tbk
Jalan Lembang No. 7
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 142.0
billion
2008 – Rp. 146.0
billion
2009 – Rp. 155.0
billion
2010 – Rp. 162.0 billion
Net Profit
(estimated) :
2007 – Rp. 11.4
billion
2008 – Rp. 11.6
billion
2009 – Rp. 12.3
billion
2010 – Rp. 12.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Andrew Haryanto
Board of Commissioners :
Commissioner -
Mr. Kristian Haryanto
Signatories :
The Director (Mr. Andrew
Haryanto) which must be approved by Board of Commissioner (Mr. Kristian
Haryanto)
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 2,300,000 on
90 days D/A
OVERALL PERFORMANCE
Initially the
company was named C.V. WISKA KNITTING FACTORY it was established in March 1973
with the legal status of a C.V. (Commanditaire Vennootschap) or partnership with
sleeping partners. Founder and owners of the company is Mr. Ir. Jamin Haryanto
AKA Liem Tjaw Jam as active partner and his wife Mrs. Dra. Melania
Haryanto AKA Tan Kwie Lan AKA Djie Kwie Lan as silent partner. In June 2008 the company status was
changed to P.T. (Perseroan Terbatas) or Limited Liability Company with the name
P.T. WISKA and with the authorized capital of Rp. 60,000,000,000 issued capital
of Rp. 42,000,000,000 fully and paid up. On the same occasion the company
shareholders are Mr. Ir. Jamin Haryanto AKA Liem Tjay Jam, his wife Mrs. Dra.
Melania Haryanto AKA Tan Kwie Lan AKA Djie Kwie Lan and their sons namely Mr.
Andrew Haryanto and Mr. Kristian Haryanto.
The latest May
2010 Mr. Ir. Jamin Haryanto and his wife Mrs. Dra. Melania Haryanto pulled out
and since that time the shareholders of P.T. WISMA are Mr. Andrew Haryanto
(90%) and his younger brother Mr. Kristian Haryanto (10%). The deed of
amendment was made by Mr. Gunawan Kamarga, SH., was approved by the Ministry of
Law and Human Right in its Decision Letter No. AHU-AH.01.10-13252 DATED 01 June
2010.
We observe the
owners of P.T. WISKA are having business stakes at P.T. DAYA ARTHA GEMILANG
which is engaged in the field of spinning mills, P.T. MULTI RAGAM SEJATI which
is engaged in the field of textile knitting and P.T. INDINITA in the field of
contracting services.
P.T. WISKA
started up with operation in 1974 in the field of textile milling and knitting.
Its plant which is located at Jalan Raya Bandung – Garut Km. 20.9, Rancaekek,
Bandung, West Java on a land of 4.0 hectares wide lands. The plant was
originally developed in a small-scale one only.
Both its size and production capacity have then gradually increased in
stages. P.T. WISKA has been expanding frequently to increasing production
capacity and now having a capacity to produce of 3,104,000 meters of knitted
fabrics per annum. P.T. WISKA’s plant is
also equipped with printing, dyeing and finishing units. The constructions of
the plant have absorbed an investment of Rp. 51.7 billion come from owned
capital of Rp. 42.0 billion, reinvested profit of Rp. 0.5 billion and the
balance from loan. The whole of its products then directly processed again to
be curtains, towels, blankets and microfibre cleaning cloth. Microfibre
Cleaning Cloth is a revolutionary cleaning cloth utilizing advanced microfibre
technology. It thoroughly removes not only small dust particles, but also oily
film, fingerprints and other residues safely without chemicals, using only
water to moisten the cloth. Most of its products are still marketed locally
under the brand names of WISKA, MAWAR and JANTAN. Besides that, P.T. WISKA used to export its
products to Australia, United Kingdom, Germany, the USA, and the Middle East. We observe the operation of P.T. WISKA has
been growing slowly in the last three years.
Generally,
demand for textile and textile products, including polyester textured yarn, finished fabrics,
garment, textile chemicals and raw materials has been fluctuating in the last
five years. 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 to 417,600 tons (US$ 6,092.2 million) in 2008
declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to
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 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$
4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in
2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 and rose again to
1,525,900 tons (US$ 4,721.8 million) in 2010.
The export
volume and value of the national TPT products in 2002 to 2010 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 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. WISKA
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 2007 amounted to Rp. 142.0 billion increased to Rp. 146.0
billion in 2008 to Rp. 155.0 billion in 2009 and rose again to Rp. 162.0
billion in 2010. The operation in 2010
yielded an estimated net profit of at least Rp. 12.8 billion. The sales turnover its projected to go on
rising by at least 6% in 2011. The company has an estimated total networth of
at least Rp. 80.0 billion. So far, we did not heard that the company having
been black listed by the Central Bank (Bank Indonesia).
Originally the
management of P.T. WISKA is led by Mr. Ir. Jamin Haryanto AKA Liem Tjay Jam
(74) a businessman and with 35 years experience in textile milling and
distribution. But since May 2010, he is
replaced by his son Mr. Andrew Haryanto (34). In his daily activities, he is
assisted by his younger brother namely Mr. Kristian Haryanto (33) as
commissioner. The management is handled by experienced professional manager in
this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sectors. So far, we
did not hear that the company’s management involved in the business
malpractices 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. WISKA 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.61 |
|
|
1 |
Rs.73.28 |
|
Euro |
1 |
Rs.65.47 |
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 |
|
-- |
NB |
New Business |
-- |
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.