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Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. WAHANAPERMAI TATAKREATIF |
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Registered Office : |
Jl. Pluit Raya No. 8 Block B-15, North Jakarta, 14440 |
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Country : |
Indonesia |
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Date of Incorporation : |
22.06.2006 |
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Com. Reg. No.: |
No. AHU-79470.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· services, developer, road transportation, workshop, trading, industry, mining and agriculture · Subject was engaged in trader and supplier of military equipment, especially spare parts and components for tanks owned by the Indonesia Armed Force |
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No. of Employees : |
10 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 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. WAHANAPERMAI TATAKREATIF
Head Office
Jl. Pluit Raya No. 8 Block B-15
North Jakarta, 14440
Indonesia
Phones - (62-21) 660234, 6630141-2
Fax. - (62-21)
6630142
Building Area - 320 sq. meters
Office Spare - 150 sq. meters
Region - Commercial
Status - Owned
22 June 2006
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No. W7-02317 HT.01.01.TH.2006
Dated 08 November 2006
b. No. AHU-79470.AH.01.02.Tahun 2008
Dated 29 October
2008
National Private Company
Department of
Finance
NPWP No. 02.574.623.1-041.000
Department of
Industry and Trade
TDP No. 09.01.1.50.23400
Dated 12 April 2007
CV. CITRA DHARMA INDONESIA (Trading and
Supplier of Tank Parts and Components)
Capital Structure
:
Authorized Capital - Rp. 2,000,000,000.-
Issued Capital -
Rp. 500,000,000.-
Paid up Capital -
Rp. 500,000,000.-
Shareholders/Owners
:
a. Mr. Paul Tamara - Rp. 250,000,000.- (50%)
Address: Jl. Pluit Raya Blok
B/15 No. 8
Kel.
Penjaringan
Jakarta Utara
b. Mrs. Erlina Sutanto - Rp.
150,000,000.- (25%)
Address: Jl. Pluit Raya Blok
B/15 No. 8
Kel. Penjaringan
Jakarta Utara
c. Mr. Jason Tamara - Rp.
150,000,000.- (25%)
Address: Jl. Pluit
Raya Blok B/15 No. 8
Kel.
Penjaringan
Jakarta Utara
Lines of Business
(Source Notary Deed of PT. Wahanapermai Tatakreatif) :
Services, Development, Road Transportation, Workshop, Printing, Trading,
Industry, Mining and
Agricultural
Actual Lines of
Business :
Trading, Import and Supplier of Military Equipments
Production
Capacity :
None
Total Investment :
None
Started Operation
:
2006
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
10 persons
Marketing Area :
Domestic (Local) - 100%
Main Customer :
The Indonesia Armed Force (TNI)
Market Situation :
Competitive
Main
Competitors :
a. PT. Indadi Setia
b. PT. Adron Mitra Cipta
c. PT. Cakra Eka Mulia
d. PT. Diratama Jaya Mandiri
e. PT. Inti Sarana Bima Sakti
f. PT. Laksana
Sentosa
g. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Komplek Pertokoan Mitra
Bahari
Jl. Pasar
Ikan Blok E No. 7-8
Jakarta Utara
b. P.T. Bank CENTRAL ASIA Tbk
Pluit Selatan Branch
Jl. Pluit Selatan Raya
Jakarta Utara
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated)
:
2009 – Rp. 11.2 billion
2010 – Rp. 12.5 billion
2011 – Rp. 14.2 billion
2012 – Rp. 16.6 billion
2013 – Rp. 9.0 billion (January
– June)
Net Profit
(estimated) :
2009 – Rp. 430 million
2010 – Rp. 560 million
2011 – Rp. 820 million
2012 – Rp. 960 million
2013 – Rp. 520 million (January – June)
Payment Manner :
Good
Financial Comment :
Satisfactory
Board of
Management :
Director - Mr. Paul Tamara
Board of Commissioner :
Commissioner - Mrs. Erlina Sutanto
Signatories
:
Director (Mr.
Paul Tamara) which must be approved by the Board of Commissioner (Mrs. Erlina
Sutanto)
Management
Capability :
Good
Business Morality
:
Good
P.T. WAHANAPERMAI TATAKREATIF (P.T. WTK) was established in Jakarta based on notarial Deed No. 90 dated June 22, 2006 made by Notary Edison Jingga, SH., notary in Jakarta with authorized capital of Rp 2,000.000.000,- of which Rp. 500,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Paul Tamara (50%), his wife Mrs. Erlina Sutanto (25%) and his son Mr. Jason Tamara (50%. They are Indonesian businessmen/woman of Chinese extraction. The Deed of establishment has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through it Decision Letter No. W7-02317.HT.01.01.TH.2006 dated November 8, 2006. The Company’s article of association has been amended, most recently by notarial Deed No. 123 dated August 15, 2008 made by Notary Edison Jingga, SH., concerning changes of the whole article of association of the Company’s to conform with Law No. 40 Year 2007 concerning Limited Liability Company. On the same occasion the company legal domicile has been moved from Jakarta to North Jakarta. The amendment to Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-79470.AH.01.02.Tahun 2008 dated October 29, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
Pursuant to the Article of Association (notary deed), P.T. WTK is engaged to operate in services, developer, road transportation, workshop, trading, industry, mining and agriculture. Ms. Chen Chen, an administration staff of P.T. WTK said that the company was engaged in trade, and supplier of military equipment, especially spare parts and components for tanks owned by the Indonesia Armed Force. He also said that the tank spare parts and components were imported from Belgium. But he did not elaborate the name of the company in Belgium. In its operation this company was supported by its sister company namely CV. CITRA DHARMA INDONESIA (CDI), a private company wholly owned by Mr. Paul Tamara. CV. CDI was also engaged in trade, and supplier of military equipment, only the size was smaller than PT WTK. Ms. Chen Chen added that P.T. WTK and CV. CDI are two military equipment supplier companies for Indonesian Army and Navy, especially spare parts and components for tanks. To get the orders, P.T. WTK or CV. CDI always participated in the tender held by that agency. Further they will import the goods if it successfully won the tender. We noticed that P.T. WTK and CV. CDI are two small-sized military equipment supplier companies in the country which have about 8 employees.
In general we observed that budget amount of defense and security sector in Indonesia in the last five years has not meet the real needs, as government was more oriented to economic sector development. The government allocated fund in the amount of Rp 45.2 trillion for Defense Ministry in 2011 increased to Rp 64.4 trillion in 2012 and rose again to Rp 81.8 trillion in 2013. President Susilo Bambang Yudhoyono said, the government will increase defense budget of 20% in 2014. Market competition is very tight due to a large number of similar companies operating in the country such as PT. Indadi Setia, PT. Adrofn Mitra Cipta, PT. Cakra Eka Mulia, PT. Driatama jaya Mandiri, PT. Inti Sarana Bima Sakti, PT. Laksana Sentosa, etc. Business position of P.T. WTC is favorable for it has controlled a wide marketing network at home and their product has been widely known among consumers in the country.
Until this time PT. WTK have not become a go
public company (unlisted in the Indonesian Stock Exchange (ISE), so that they
shall not obliged to announce their financial statement to the public. We have checked to Department of Trade and
Industry and found that no financial statement has been reported. P.T. WTK’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total income/revenue in 2010 amounted
to Rp. 12.5 billion, increased to Rp. 14.2 billion in 2011 and rose again to
Rp. 16.6 billion in 2012 and estimated it will be higher by at least 8% in
2013. The operation in 2010 yielded a net profit at least Rp. 480 million. The company has a total net worth of Rp. 5.0
billion. So far we have never heard that
the company registered with the black list of Bank of Indonesia (Central Bank)
or involved in the civil case that settled through the local court.
Pursuant to deed of notary, Director of P.T. WTK is Mr. Paul Tamara (46), a young businessman with more than 7 years experience in trading and supplier of military equipments. In daily operation, he is assisted by his wife Mrs. Erlina Sutanto (48) as Commissioner. The reputation of the P.T. WTK’s management in trading and supplier of military equipments is good enough, having maintained wide relation with private businessmen of home and overseas as well as with the government sectors. So far we have never heard that the board of directors and commissioners of the company involved in business malpractices or detrimental cases that settled through the local court. They are not in bankruptcy condition as their business is running well. We observed that Mr. Paul Tamara is not actively joined in any political party activity in the country.
P.T. WTK is sufficiently fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
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UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
-- |
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.