|
Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WIKA
INTINUSA NIAGATAMA |
|
|
|
|
Formerly Known as: |
C.V. WIKA TRADING |
|
|
|
|
Registered Office : |
Jl. Kayu Putih V Blok C No. 11, Kel. Pulogadung, Kec. Pulogadung, Jakarta Timur 13260 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Com. Reg. No.: |
No. AHU-17292.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Industrial Chemicals |
|
|
|
|
No. of Employees : |
55 persons |
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 |
|
Status : |
Good |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. WIKA INTINUSA NIAGATAMA
Head Office
Jl. Kayu Putih V Blok C No. 11
Kel. Pulogadung, Kec. Pulogadung
Jakarta Timur 13260
Indonesia
Phones -
(62-21) 4718198, 4711518
Fax -
(62-21) 4718196
Email - johnson@wika-intinusa.com
Building Area - 3 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
1998 as C.V. WIKA TRADING, changed its name to P.T. WIKA INTINUSA
NIAGATAMA, on April 27, 2005
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-18080
HT.01.01.TH.2005
Dated 29 June 2005
- No.
AHU-17292.AH.01.02.TH.2008
Dated 08 April 2008
Private National Company
The Department of
Finance
NPWP No. 02.436.298.0-003.000
Not available
Capital Structure :
Authorized Capital - Rp.
1,000,000,000.-
Issued Capital - Rp. 250,000,000.-
Paid up Capital - Rp. 250,000,000.-
Shareholders/Owners :
a. Mr. Johnson - Rp. 238,000,000.-
(95.2%)
Address : Jl. Kayu
Putih VIIB No. 33
Pulogadung, East Jakarta
Indonesia
b. Mr. Jondri - Rp. 12,000,000.- ( 4.8%)
Address : Jl. Kp. Poncol, RT.07/02
Beji, Depok, West Java
Indonesia
Lines of Business :
Trading, Import and Distribution of Industrial Chemicals
Production Capacity :
None
Total Investment :
Owned Capital - Rp. 10.0 billion
Started Operation :
1998
Brand Name :
Wika Intinusa Niagatama
Technical Assistance :
None
Number of Employee :
55 persons
Marketing Area :
Local - 100%
Main Customers :
a. P.T. WIJAYA KARYA
b. P.T. JAYA KONSTRUKSI
c. P.T. INDAH KIAT PULP AND PAPER Tbk
d. P.T. KIMIA FARMA Tbk.
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DOW CHEMICAL INDONESIA
b. P.T. INDOKEMIKA JAYATAMA
c. P.T. MAKMUR JAYA KHARISMA
d. P.T. MULYA ADHY PARAMITA
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Menara BCA
Jl. M.H.
Thamrin No. 1
Jakarta
Pusat
b. P.T. Bank DANAMON Tbk.
Wisma Bank Danamon
Jl.
Jend. Sudirman Kav. 36
Jakarta
Selatan
c. P.T. Bank INTERNASIONAL
INDONESIA Tbk.
Wisma BII
Jl.
M.H. Thamrin No. 12
Jakarta
Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 49.0 billion
2010 – Rp. 55.0 billion
2011 – Rp. 62.0 billion
Net Profit (estimated) :
2009 – Rp. 2.4 billion
2010 – Rp. 2.7 billion
2011 – Rp. 3.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Johnson
Board of Commissioners :
Commissioner - Mr. Jondri
Signatories :
The Director (Mr. Johnson) which must
be approved by Board of Commissioner (mr. Jondri)
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
The company was established in 1998, originally under name of C.V. WIKA
TRADING with the legal status of C.V. (Commanditaire Vennootschap) or
partnership with sleeping partner. The founding owners are Mr. Johnson (as
active partner) and his brother Mr. Jondri (as silent partner). They are
Indonesian businessmen of Chinese extraction. In February 2008 the company’s
legal status was converted to P.T. (Perseroan Terbatas) or Limited Liability
Company and the company renamed P.T. WIKA INTINUSA NIAGATAMA (P.T. WIN). According to the company’s notarial act, the
company started with an authorized capital of Rp. 1,000,000,000 of which Rp.
250,000,000 was issued and paid up. The founding shareholders are Mr. Johnson
(95.2%) and his brother Mr. Jondri (4.8%).
The Article of association was approved by the Ministry of Law and Human
Right in its Decision Letter No. AHU-17292.AH.01.02.Tahun 2008 dated April 8,
2008. No changes have been effected in
term of its shareholding composition and capital structures to date.
P.T. WIN has been operating since 1998 in the trading, import and
distribution of industrial chemicals. Miss Indah, a marketing staff of the
company explained that the merchandising good products are construction
chemicals, paper chemicals, pharmaceutical chemicals, paint chemicals, leather
chemicals, households and cosmetic chemicals and others. The products are sold to construction
companies such as PT. Wijaya Karya, PT. Jaya Konstruksi, paper industries such
as PT. Indah Kiat Pulp and Paper Tbk., PT. Tjiwi Kimia, pharmaceutical
industries such as PT. Kimia Farma Tbk., Paint industries such as PT. Danapaint
Indonesia and others. We observe that
P.T. WIN 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.
The domestic demand for various types of chemical products had been
rising by 8% to 10% on the average per annum in the last five years in line
with the rapid growth of various industrial sectors including paint industry,
plastic, ink, textile, rubber, printing and others in the above period of times
as the consumers. But, later dwindled as the global economic slowdown since
October 2008, followed by tight money policy imposed by Indonesian Central Bank
(Bank Indonesia) and also heated by political issue in the country. The demand
growth started to awake in June 2009 in line with the amelioration of economic
condition in the country. Market
competition is very tough on account of large number of other similar companies
operating in the country. P.T. WIN business position in this case is not too
badly because it has built regular customers and extensive marketing network
all across the country.
Until this time P.T. WIN has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. WIN 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. 49.0 billion increased to Rp. 55.0 billion in
2010 rose again to Rp. 62.0 billion in 2011 and projected to go on rising by at
least 6% in 2012. The operation in 2011 yielded an estimated net profit of at
least Rp. 3.2 billion and the company has an estimated total net worth of at
least Rp. 20.0 billion. So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia).
The management of P.T. WIN is led by Mr. Johnson (45) as director, with
more than 14 years experience in trading and distribution of industrial
chemicals. In daily activities he is
assisted by his brother Mr. Jondri (36) and a number of professional staff,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sector.
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. WIKA INTINUSA
NIAGATAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.