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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. WAHANA BARU SEJAHTERA |
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Formerly Known As : |
P.T. WAHANA BARU |
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Registered Office : |
Jalan Cempolorejo II No. 22 Semarang 50141 Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
13.09.1986 |
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Com. Reg. No.: |
No. AHU-36623.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Agricultural Commodities Products |
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No. of Employees : |
17 persons |
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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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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The
government made economic advances under the first administration of President
YUDHOYONO (2004-09), introducing significant reforms in the financial sector,
including tax and customs reforms, the use of Treasury bills, and capital
market development and supervision. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T. WAHANA
BARU SEJAHTERA
Head Office
Jalan Cempolorejo
II No. 22
Semarang 50141
Central Java
Indonesia
Phone -
(62-24) 8664562
Fax - (62-24) 8660737
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation :
a. 13 September
1986 as P.T. WAHANA BARU
b. 4 November 2000 as P.T. WAHANA BARU SEJAHTERA
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-36623.AH.01.02.TH.2009
Dated 31 July
2009
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
1.429.103.3-503.000
The Department of Industry and Trade
TDP No.
11.01.1.54.01095
Dated 22 November
2005
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
100,000,000.-
Issued Capital : Rp. 25,000,000.-
Paid up Capital : Rp. 25,000,000.-
Shareholders/Owners
:
a. Mr. Christine Setiawati - Rp. 15,000,000.-
Address :
Jl. Jend. Sudirman 161 A
Semarang,
Central Java
Indonesia
b. Mr. Chandra Setiawan - Rp. 10,000,000.-
Address : Jl. Jend. Sudirman 161 A
Semarang, Central Java
Indonesia
Lines of
Business :
Trading, Import
and Distribution of Agricultural Commodities Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1987
Brand Name :
Wahana Baru
Sejahtera
Technical
Assistance :
None
Number of
Employee :
17 persons
Marketing Area
:
Local - 100%
Main Customer
:
Traditional market
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ALU
AKSARA PRATAMA
b. P.T. ALAM
MAKMUR SAMBADA
c. P.T. DELTA
ASIA PANGAN SEJAHTERA
d. P.T. SEMARAK
SEMPURNA LESTARI
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan
Jend. A. Yani No. 22
Semarang,
Central Java
Indonesia
b. P.T. Bank
PERMATA Tbk
Jalan Jend.
A. Yani No. 30
Semarang,
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
Annual Sales
(estimated) :
2009 – Rp. 7.0
billion
2010 – Rp. 7.5
billion
2011 – Rp. 8.2
billion
2012 – Rp. 4.5
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 280
million
2010 – Rp. 320
million
2011 – Rp. 410
million
2012 – Rp. 225.0
million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Chandra Setiawan
Board of Commissioners :
Commissioner -
Mrs. Christine Setiawati
Signatories :
Director (Mr. Chandra
Setiawan) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Initially the
company named P.T. WAHANA BARU was established in Semarang, Central Java in September
1986 with an authorized capital of Rp. 100,000,000 issued capital of Rp.
20,000,000 entirely paid up. The founding shareholders of the company are Mr.
Chandra Setiawan and his wife Mrs. Christine Setiawati, both are Indonesian
business family of Chinese extraction. The company notary deed has been changed
and in November 2000 the company was changed to P.T. WAHANA BARU SEJAHTERA
(P.T. WBS). On the same occasion the issued capital was raised to Rp.
25,000,000 fully and paid up. Then in March 2009 the company notary deed has
been changed regarding the lines of business into general trading, export
import services, domestic distributorship and etc. However the composition of
its shareholders and capitalization remained the same. The latest revision the
deed of amendment was made by Mr. Andhy Mulyono, SH., a public notary in
Semarang and was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-36623.AH.01.02.TH.2009, dated July 31, 2009.
P.T. WBS had been operating
in 1987 in trading, importer and distribution of agricultural commodities
products. Initially the company imported and distribution of grain and field
beans from Vietnam and Thailand. The company distributed the whole grains and
field beans in Semarang, Central Java. Mr. Chandra Setiawan, the director of
the company explained that the company imported of garlic and groundnut from
India and China. He also added that since 2008 the company has import of zaheti
dates, coriander seeds, dried chilies, blanched peanut, fresh shallots, broad
beans, cowpeas from Vietnam and China. Then, the whole product like garlic and
groundnut and other commodities products marketed locally through traditional
market in Central Java and surroundings area. We observed that the company’s
operation has been growing in the last three years.
We have noticed that the
demand for agricultural products had increased some 10% to 11% per annum in the
last five years in line with the growth of industrial manufacturing in the
country and international market. In the coming years, the growth rate of
demand is estimated at about 6% to 7% per annum. The present market situation
for agricultural products is very competitive for a large number of similar
companies operating in the country. Meanwhile, competition is quite heavy in
the export import of agricultural products with many companies now doing
business in this field in Indonesia. We consider P.T. WBS to be in a quite
favorable position for having already got hold of a steady clientele in the Central
Java.
Until this time
P.T. WBS has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
WBS 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. 7.0 billion rose to Rp. 7.5 billion in 2010 increased to Rp.
8.2 billion in 2011. As from January to June 2012 the sales turnover has
reached at Rp. 4.5 billion with a net profit at least Rp. 225 million. It is
projected the sales turnover will be rising by at least 4% in 2013. The company
has an estimated total networth of at least Rp. 800 million. 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. WBS is led by Mr. Chandra Setiawan (56) a businessman with experienced
in trading, import and distribution of agricultural commodities products. 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. WAHANA BARU SEJAHTERA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.45 |
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1 |
Rs.87.98 |
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Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.