|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WINDU EKA |
|
|
|
|
Registered Office : |
Jalan Jend. Gatoto Subroto Komplek POLRI No. 81 Karet Semanggi, Setiabudi Jakarta Selatan, 12930 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.01.1983 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-26678 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment Manufacturing |
|
|
|
|
No. of Employees : |
400 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 : |
Satisfactory |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
P.T.
WINDU EKA
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
- No. AHU-AH.01.10-26678
Dated 2 July 2013
Company
Status :
Private
National and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.325.847.0-063.000
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
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. 675,000,000.-
Address : Jl. Karet Sawah Ujung, RT. 006 RW. 02
Kel. Karet Semanggi, Kec. Setiabudi
Jakarta Selatan
Indonesia
b. Mr. Sofwan Aliwarga -
Rp. 75,000,000.-
Address :
Jl. Karet Sawah Ujung, RT. 006 RW. 02
Kel. Karet Semanggi, Kec. Setiabudi
Jakarta Selatan
Indonesia
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
B a n k e r s :
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
Annual
Sales (estimated) :
2010
– Rp. 24.2 billion
2011
– Rp. 25.5 billion
2012
– Rp. 27.0 billion
Net
Profit (estimated) :
2010
– Rp. 1.9 billion
2011
– Rp. 2.1 billion
2012
– Rp. 2.3 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
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
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.
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. Then 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 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. Later according to the
latest revision of notary documents of Mrs. Francisca Susi Setiowati, SH., No.
84 dated 12 June 2013 Mr. Solichin Aliwarga pulled out and the whole share sold
to Mr. Asikin Aliwarga (90%) and Mr. Sofwan Aliwarga (10%). The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-26678 dated June 12, 2013.
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 Esprit, Gymboree,
Tommy Hilfiger, 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 Matahari
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
textile and textile product (TTP) industry is one of the industries that has
contrived to with stand the protracted global economic crisis. At a time when
the average national industrial utilization rate fell to under 20% in 2008, TTP
plants on the other hand were operating at an utilization rate of above 81.6%.
This was attributable to the ability of textile and garment producers to
maintain the utilization rate of plants at a high level by aggressively
stepping up exports.
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 rose to 450.9
ton (7,801.5 million) in 2011 decline to 450,200 tons (US$ (7,304.8 million) in
2012.
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 decreased to 1,493.3 tons (5,563.3 million) in 2011 increase
to 1,508.5 tons (US$ 5,278.1 million) in 2012. 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. 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 2012 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 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 350.2 |
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 7,801.5 7,304.8 |
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 1,493.3 1,508.5 |
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 5,563.3 5,278.1 |
Source: Central
Bureau of Statistic
Until
this time P.T. WE has not been registered with Indonesian Stock Exchange, so
that they had 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
2010 amounted to Rp. 24.2 billion rose to Rp. 25.5 billion in 2011 increased to
Rp. 27.0 billion in 2012 and projected to go on rising by at least 5% in 2013.
The operation in 2012 yielded an estimated net profit of at least Rp. 2.3
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 (48) a businessman and
professional manager with experience in garment manufacturing. Daily activity
he is assisted by his father Mr. Sofwan Aliwarga (78) 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.67.70 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.