MIRA INFORM REPORT
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Report Date : |
12.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WINDU EKA |
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|
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Registered Office : |
Jalan Jend. Gatoto Subroto, Komplek Polri No. 81, Karet
Semanggi, Setiabudi, Jakarta Selatan, 12930 |
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Country : |
Indonesia |
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Date of Incorporation : |
20.01.1983 |
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Com. Reg. No.: |
No. AHU-90812.AH.01.02.TH.2008 |
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|
Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
Garment
Manufacturing |
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No. of Employees
: |
400 |
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$ 335,000 |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. WINDU EKA
company Address
Head Office &
Factory
Jalan Jend. Gatoto
Subroto
Komplek POLRI No.
81
Karet Semanggi,
Setiabudi
Jakarta Selatan,
12930
Indonesia
Phones -
(62-21) 5222481-84, 5207210
Fax - (62-21) 5204062, 5204109
E-mail - weprint@cbn.net.id
Land Area - 3,000 sq.
meters
Office Space - 1,800 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
20 January 1983
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No.
AHU-90812.AH.01.02.TH.2008
Dated 27 November
2008
Company Status
Private National
and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
01.325.847.0-011.000
The Capital Investment
Coordinating Board
No.
680/I/PMDN/1990
Dated 12 July
1990
Related Companies
a. P.T. BATIK DELAPAN SATU (Garment
Manufacturing)
b. P.T. DELAPAN SATU (Trading and Distribution
of Electric Diesel Engines)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized
Capital : Rp.
3,000,000,000.-
Issued Capital : Rp. 750,000,000.-
Paid up Capital : Rp. 750,000,000.-
Shareholders/Owners
:
a. Mr. Asikin
Aliwarga -
Rp. 650,000,000.-
Address :
Jl. Karet Sawah Ujung, RT. 006 RW. 02
Kel. Karet Semanggi, Kec. Setiabudi
Jakarta Selatan
Indonesia
b. Mr. Sofwan
Aliwarga -
Rp. 50,000,000.-
Address : Jl. Karet Sawah
Ujung, RT. 006 RW. 02
Kel. Karet
Semanggi, Kec. Setiabudi
Jakarta Selatan
Indonesia
c. Mr. Solichin
Aliwarga - Rp. 50,000,000.-
Address : Jl. Jend. Gatot
Subroto No. 81
Komplek Polri,
Kel. Karet Semanggi
Kec. Setiabudi, Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Garment
Manufacturing
Production
Capacity :
Garments - 88,200
dozens p.a.
Total
Investment :
a. Equity Capital - Rp. 0.7 billion
b. Loan Capital -
Rp. 2.3 billion
c. Total Investment - Rp. 3.0 billion
Started
Operation :
1992
Brand Name :
Windu Eka
Technical
Assistance :
None
Number of
Employee :
400 persons
Marketing Area
:
Local -
50%
Export - 50%
Main Customer
:
Buyers in the
USA, Germany, France, United Kingdom, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AARTI
JAYA
b. P.T. GOLDEN PUTRA MANDIRI
c. P.T. METRO EXIM INDONUSA
d. P.T. TATANUSA GARMINDO
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
MANDIRI Tbk
Plaza
Mandiri
Jalan Jend.
Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Graha BIP Ground Floor
Jalan Jend. Gatot Subroto
Kav. 23
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 23.0
billion
2010 – Rp. 24.2
billion
2011 – Rp. 25.5
billion
Net Profit
(estimated) :
2009 – Rp. 1.8 billion
2010 – Rp. 1.9
billion
2011 – Rp. 2.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Asikin Wijaya
Director -
Mr. Sofwan Aliwarga
Board of Commissioners :
Commissioner -
Mr. Solichin Aliwarga
Signatories :
President Director (Mr.
Asikin Waliwarga) or the Director (Mr. Sofwan Aliwarga) 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$ 335,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. WINDU EKA (P.T. WE) was established in Jakarta on January 20, 1983 with the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 250,000,000 fully and paid up. The founding and shareholders of the company are Mr. Gita Poniman Aliwarga, Mr. Sofwan Aliwarga and Mr. Harun Aliwarga, they are Indonesian business family of Chinese descent. The company notary deed has been changed a couple of times. The latest based on notary deed of Mr. Bliamto Silitonga, SH., No. 29 dated 19 September 2008 the company authorized capital was increased to Rp. 3,000,000,000 issued capital to Rp. 750,000,000 entirely paid up. On the same occasion Mr. Gita Poniman Aliwarga and Mr. Harun Aliwarga withdrew and the whole shares sold to Mr. Asikin Aliwarga and Mr. Solichin Aliwarga as new shareholders. With this development the composition of its shareholders has been changed to become Mr. Sofwan Aliwarga (6.67%) his sons namely Mr. Asikin Aliwarga (86.66%) and Mr. Solichin Aliwarga (6.67%). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-90812.AH.01.02.TH.2008 dated November 27, 2008.
P.T. WE obtained permit of Domestic Capital Investment (PMDN) facility in the field of textile industry. The company has operated its business since 1992 by operating one unit of modern plant. According to its license the company produces of printed fabrics, bad cover and garment. However at present the company produces of garment with production capacity of 88,200 dozens per year. Some of the raw materials like textile fabrics and others imports from China and the rest from locals through distributors and others. Mr. Yansen, production staff of the company explained the company produces of garment based on job orders from buyers in Europe and locals. According to Mr. Yansen, P.T. WE produces of garment with various well known brands such as Lee Copper, Tira, Wrangler, Hammer, Polo, Minimal, Nicross, Exist, Indoree and others brands. Some 50% of the garment products (shirts, T-shirts, pans, etc.,) is exported to the USA, Germany, France, United Kingdom and the rest marketed locally thorough supermarkets among others are Matahahari Department Store, Ramayana Department Store, SOGO Department Store, and others department store in the country. The operation of P.T. WE has been growing steadily in the last three years. Besides, the global economic crisis battering the country since October 2008 hit TPT (Textile and Textile products) industries in the country. Besides, other factors causing the decline in competitive ability of the national TPT products are high credit, expensive customs office, illegal retributions, cost for restructuring industrial machinery and increasing production component cost (fuel oil and electric based tariffs).
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 |
||
|
(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. WE has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. WE is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 23.0 billion rose to Rp. 24.2 billion in 2010 increased to Rp. 25.5 billion in 2011 and projected to go on rising by at least 5% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 2.1 billion and the company has an estimated total net worth of at least Rp. 3.0 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. WE is led by Mr. Asikin Aliwarga (47)
a businessman and professional manager with experience in garment
manufacturing. Daily activity he is assisted by his father Mr. Sofwan Aliwarga
(77) as Director. 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. WINDU EKA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.75 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.65.99 |
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.