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Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. WIDE ACTIONJAYA |
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Registered Office : |
Jl. Sunter Paradise, Tahap II Blok A2 No. 100, Jakarta 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
01.05.1989 |
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Com. Reg. No.: |
No. AHU-AH.01.10-15742 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Trading, Export and Import services |
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No. of Employees : |
12 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source
: CIA |
Correct Name of
company :
P.T. WIDE
ACTIONJAYA
Address :
Head Office
Jl. Sunter Paradise
Tahap II Blok A2 No. 100
Jakarta 14350
Indonesia
Phone -
(62-21) 6530 8779, 6530 8780, 6530 8781
Fax. - (62-21) 6530 8782
Email - universalexports@cbn.net.id
Building Area - 4 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
1 May 1989
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-672.HT.01.01.TH.91
Dated 6 March 1991
b. No. C-16166.HT.01.04.TH.2002
Dated 26 August 2002
c. No. AHU-100500.AH.01.02.Tahun 2008
Dated 30 December
2008
d. No. AHU-AH.01.10-15742
Dated 25 May 2011
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 1.342.377.7-021
Related/Affiliated
Company :
P.T. UNIVERSAL EXPORTS (General Exporter)
Capital Structure
:
Authorized Capital - Rp.
650,000,000.-
Issued Capital - Rp.
650,000,000.-
Paid up Capital - Rp.
650,000,000.-
Shareholders/Owners
:
a. Mr. Hiroo
Kishinchand Melwani - Rp.
520,000,000.- (80%)
Address : Jl. Raden Saleh No.
14-K, RT.10/RW.01
Kel. Kenari, Kec. Senen
Jakarta Pusat
b. Mrs. Meena
Hiroo Melwani - Rp. 130,000,000.- (20%)
Address : Jl. Raden Saleh No.
14-K, RT.10/RW.01
Kel. Kenari, Kec. Senen
Jakarta Pusat
Lines of Business
:
General Trading, Export and Import services
Production
Capacity :
None
Total Investment :
None
Started Operation
:
1990
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
12 persons
Marketing Area :
Domestic (Local) - 30 %
Export Market
- 70 % (Panama, South
Africa, Hong Kong, etc.)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Tirta Jaya Karsa
b. P.T. Indo Express
Logistik
c. P.T. Trans Inter Cargo
d. P.T. Nagamas Indo Asia
e. P.T. Asia Cargo Logistic
f. P.T. Pacific Trans Line
g. Etc.
Business Trend :
Growing
Banker :
Hongkong and Shanghai Banking Corporation
World Trade Centre
Jl. Jend. Sudirman Kav. 29-31
Jakarta, Indonesia
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total
Income/Revenues (estimated) :
2009 – Rp. 17.6 billion
2010 – Rp. 20.0 billion
2011 – Rp. 22.8 billion
2012 – Rp. 26.0 billion
Net Profit (Loss)
:
2009 – Rp. 1.0 billion
2010 – Rp. 1.2 billion
2011 – Rp. 1.4 billion
2012 – Rp. 1.6 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Hiroo Kishinchand Melwani
Director - Mr. Bhatt Rajesh Surendra
Board of Commissioner :
Commissioner -
Mrs. Meena Hiroo Melwani
Signatories :
President Director (Mr. Hiroo
Kishinchand Melwani) or Director Mr. Bhatt Rajesh Surendra) which must be approved
by the Board of Commissioner (Mrs. Meena Hiroo Melwani)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit
Limit :
Small amount – periodical review
P.T. WIDE ACTIONJAYA (P.T. WA) was established in Jakarta based on
Notarial Deed No. 2 dated 1 May 1989 of public notary Chufran Hamal, SH., with the authorized capital of Rp.
25.000.000,- of which Rp. 10,000,000.- was issued and fully paid up. The
founding shareholders of the Company are Mr. Benny Bolang and his wife, Mrs.
Marie Mambo. Both are Indonesian businessmen of Chinese descent. The deed of
establishment has been approved by the Minister of Justice of the Republic of
Indonesia through its Decision Letter No. C2-672.HT.01.01.TH.91 dated 6 March
1991. The articles of association of the company have been revised. In May
2002, the authorized capital was raised to Rp. 650,000,000.- entirely was
issued and fully paid up. Concurrently,
Mrs. Marie Mambo pulled out and the whole shares are sold to Mr. Hiroo
Kishinchand Melwani and his wife Mrs. Meena Hiroo Melwani, both are Indonesian
entrepreneurs of Indian descent. The amendment to deed has been approved by the
Minister of Law and Human Rights through its Decision Letter
No.C-16166.HT.01.04.TH.2002 dated 26 August 2002.
Most recently by notarial Deed No. 190 dated May 20, 2011 of H. Feby
rubein Hidayat, SH., Mr. Benny Bolang pulled out and the whole shares are sold
to Mr. Hiroo Kishinchand Melwani (80%) and his wife Mrs. Meena Hiroo Melwani
(20%). The amendment to Article of
Association has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-AH.01.10-15742 dated May 25, 2011.
P.T. WA has operated its business since 1990 in the field of general
trading, export and import services. At
the beginning, office of the company located at Jalan Raden Saleh No. 14-K, a housing
area in Central Jakarta. But since the
beginning of 2005, the company has changed its office address at Jalan Sunter
Paradise Tahap II Blok A2 No. 100, Jakarta Utara, a house-office (ruko) in
North Jakarta. Mrs. Evi Haslinda, staff senior of P.T. WA explained that 70% of
the company’s business operation is export of Indonesian products such as
Glassware, Plastic Products, Confectionery, etc. The products are bought by
them from local company namely PT. Kedaung Industrial Ltd., P.T. Pasir Sari Raya
Industry (both are in the field of glassware manufacturing), P.T. Kirana
Pacific Luas, P.T. Bagus Lestari Indonesia (both are in the field of plastic
products manufacturing). Export
destinations of the company are Panama, Hong Kong and South Africa. Other than,
they also imported textile product from India and China to Indonesia. In its
business operation, PT. WA is supported by its sister company P.T. UNIVESAL
EXPORTS, carrying out business in the same field.
We observe that PT. WA is classified as small company in the field of
general trading, export and import services. They don’t make goods stock and
they have no storehouse. But it seems that the company has already had
permanent customer both in and outside the country. Generally, we observe that
the company’s business activities is running smoothly and growing up slowly in
the past five years.
Until this time P.T. WA has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. Therefore, the company has no obligation
to publish financial statement publicly.
P.T. WA’s management is very reclusive to outsider and rejecting to
disclose its financial condition but we estimated the total income/revenues of
the company in 2010 amounted to Rp. 20.0 billion increased to Rp. 22.8 billion
in 2011 and rose again to Rp. 26.0 billion in 2012. The operation in 2012 yielded a net profit at
least Rp. 1.6 billion and the company has a total net worth of Rp. 120.0
billion. It is projected that total sales
turnover of the company will increase at least 8% in 2013. So far, we did not hear that the company
having been black listed by the Central Bank (Bank Indonesia).
The management of the company is headed by Mr. Hiroo Kishinchand Melwani
(52) as president director. In his daily
activities, he is assisted by Mr. Bhjatt Rajsh Surendra (42) as director. We observe that management’s reputation in
said business is fairly good. They have wide relations with the private
businessmen in or outside the country. They also have good relations with the
government. 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 appraise that P.T. WA is good enough for normally business
transaction. We suggest being careful in giving new loan to them in view of
unstable condition of Indonesian economics.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.51 |
|
|
1 |
Rs.94.98 |
|
Euro |
1 |
Rs.81.62 |
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 |
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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 |
|
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 |
|
<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.