MIRA INFORM REPORT
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Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. WARNA JAYA NUSANTARA |
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Formerly Known As : |
PD. WARNA JAYA |
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Registered Office : |
Jalan Setiabudi
No. 120, Bandung 40141, West Java |
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Country : |
Indonesia |
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Year of Establishment : |
1967 |
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Com. Reg. No.: |
No. AHU-AH.01.10-15231 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and Distribution of Industrial Chemicals
such as textile chemical (dyestuff), leather chemicals, reactive, paper and
wastewater chemicals. |
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No. of Employees
: |
52 |
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$ 1,160,000 |
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Status : |
Good |
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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 |
P.T. WARNA JAYA NUSANTARA
Head Office
Jalan Setiabudi
No. 120
Bandung 40141
West Java
Indonesia
Phone -
(62-22) 2038707 (Hunting)
Fax - (62-22) 2038099
Building Area - 2 storey
Office Space - 300 sq. meters
Region - Commercial
Status - Owned
Branch
Jalan K.H. Zainul Arifin Block B2/35
Jakarta Barat
Indonesia
Phone -
(62-21) 6301454-56 (Hunting)
Fax - (62-21) 6336650
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
a. 1967 as PD. WARNA JAYA
b. 06 February 1985 as P.T. WARNA JAYA NUSANTARA
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
- No. AHU-30708.AH.01.02.Tahun 2008
Dated 05 June 2008
- No. AHU-AH.01.10-15231
Dated 16 June 2008
Private National Company
The Department of
Finance
NPWP No. 01.280.557.8-441.000
The Department of
Industry and Trade
TDP No. 10111600215
Dated 8 March 1999
A Member of the GMK Group (see attachment)
Capital Structure :
Authorized Capital
- Rp.
20,000,000,000.-
Issued Capital - Rp. 10,000,000,000.-
Paid up Capital - Rp.
10,000,000,000.-
Shareholders/Owners :
a. P.T. GENERAL MAKMUR KENCANA - Rp.
9,800,000,000.-
Address : Jl. Karanganyar No. 7
Bandung, West Java
Indonesia
b. Mr. Goenarto AKA Go Mong Kok - Rp.
200,000,000.-
Address : Jl. Dr. Setibudhi No. 120
Bandung, West Java
Indonesia
Lines of Business
:
a. Trading and Distribution of Industrial
Chemicals such as textile chemical (dyestuff), leather
chemicals, reactive, paper and wastewater chemicals.
b. Investment Holding
Production
Capacity :
None
Total Investment :
Owned Capital - Rp. 10.0
billion
Started Operation :
1967
Brand Name :
None
Technical Assistance :
None
Number of Employee :
52 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. SAMWOO
INDONESIA
b. P.T. ARGO BENI MANUNGGAL
c. P.T. DAMATEX
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. WARJANTINO
b. P.T. COLORINDO CHEMTRA
c. P.T. VERTIS INDONESIA
d. C.V. GOAUTAMA
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Asia
Afrika No. 122-124
Bandung,
West Java
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan Merdeka
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2008 – Rp. 58.0
billion
2009 – Rp. 61.5 billion
2010 – Rp. 72.0
billion
2011 – Rp. 85.0
billion
Net Profit
(estimated) :
2008 – Rp. 2.9 billion
2009 – Rp. 3.1 billion
2010 – Rp. 3.5 billion
2011 – Rp. 4.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mrs. Suriawati Effendi, SH
Board of Commissioners :
Commissioner - Mr. Goenarto AKA Go Mong Kok
Signatories :
Director (Mrs. Suriawati Effendi, SH)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 1,160,000.- on the 90 days of payments
The company was originally named P.D. WARNA JAYA set-up in 1967 in Bandung, West Java with a status of sole proprietary company. The founder and owner is Mr. Goenarto AKA Go Mong Kok an Indonesian business businessman of Chinese extraction. In February 1985, its legal status was changed into a P.T. (Perseroan Terbatas) or Limited Liability Company named P.T WARNA JAYA NUSANTARA (P.T. WJN) with an authorized capital of Rp. 150,000,000 entirely issued and paid up. The company notary deed has frequently been revised. In November 1997 the authorized capital was raised to Rp. 5,000,000,000 issued and paid up capital to Rp. 2,350,000,000. By the same time the whole shares of P.T. WJN was controlled by P.T. GENERAL MAKMUR KENCANA, national private company which the majority business stakes is controlled by Mr. Goenarto.
Latest, on June 2008, the authorized capital was raised to Rp. 20,000,000,000.- of which Rp. 10,000,000,000.- was issued and fully paid up. The shareholders of the company wasn’t changed namely P.T. GENERAL MAKMUR KENCANA (98%) and Mr. Goenarto AKA Go Mong Kok (2%). The deed of amendment was made by Mr. Gunawan Kamarga, SH., a public notary and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-30708.AH.01.02.TH.2008 dated June 5, 2008 and No. AHU-AH.01.10-15231 dated June 16, 2008. P.T. WJN is a member of the GMK Group, a small business group headed by Mr. Goenarto AKA Go Mok Kok.
P.T. WJN had been operating since 1967 in trading and distribution of industrial chemicals. Mrs. Suriawati Effendi, SH, a director of the company said to our inquiry the product is textile pigment chemical, dyestuff imported from various countries like Japan, Korea, India, China, etc. The products are sold to textile industries in the country like the ARGO MANUNGGAL Group, P.T. SAMWOO INDONESIA and other textile industries and leather industries in many major cities. Furthermore, it was explained that P.T. WJN has made business relation as dyestuff supplier for along time with the textile industry and leather industry. P.T. WJN also sells of chemicals for leather, reactive, paper and wastewater. Besides, P.T. WJN is also dealing with investment holding by controlling 41% shares of P.T. GOO INDONESIA CHEMICAL in synthetic sizing agent manufacturing. P.T. WJN is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
In overall we find the demand for textile chemicals such as pigment and chemical whitening products has kept on fluctuating in the last five years in line with the growth of textile production in the country. According to data from the Central Bureau of Statistic (BPS), 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. WJN 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 2009 amounted to Rp. 61.5 billion increased to Rp. 72.0 billion in 2010 rose again to Rp. 85.0 billion in 2011 and projected to go on rising by at least 8% in 2012. It is estimated the company has yielded a net profit of at least Rp. 4.0 billion in 2011 and the company has an estimated total networth at least Rp. 15.0 billion. We observe that P.T. WJN 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.
The management of P.T. WJN is led by Mrs. Suriawati Effendi, SH (64) as president director. But the prime-mover of the company is Mr. Goenarto AKA Go Mong Kok (69), a businessman with more than 32 years of experience in trading and distribution of textile chemicals. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear that the company’s management involved in a 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.
We believed that P.T. WARNA JAYA NUSANTARA is sufficiently fairly good for
business transaction.
Attachment:
List of the GMK Group Members
1.
ASLI, P.T. (Ice Block Manufacturing)
2.
INSENO JAYA UTAMA, P.T. (Shoe Component Manufacturing)
3.
GENERAL MAKMUR BERSAMA, P.T. (Investment Holding)
4.
GOO INDONESIA CHEMICAL, P.T. (Chemical Product
Manufacturing)
5.
LAJU SAKTI TRIJAYA, P.T. (Industrial Chemical Trading and
Distribution)
6.
MULTI ADHYA FLOCK NUSANTARA, P.T. (Carpet Synthetic Velvet
Manufacturing)
7.
POKKER NUSA, P.T. (Textile Industry)
8.
WARNA JAYA NUSANTARA, P.T. (Trading and Distribution of
Industrial Chemical and Investment Holding)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
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UK Pound |
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
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 |
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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 |
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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.