|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WARNA JAYA SENTOSA |
|
|
|
|
Formerly Known As : |
P.T. WARNA JAYA NUSANTARA |
|
|
|
|
Registered Office : |
Jalan Setiabudi No. 120 Bandung 40141 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Incorporation : |
1967 |
|
|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-32095 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Industrial Chemicals such as textile chemical (dyestuff), leather chemicals, reactive, paper and wastewater chemicals. |
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|
|
|
No. of Employees : |
55 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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. WARNA JAYA
SENTOSA
Head Office
Jalan Setiabudi
No. 120
Bandung 40141
West Java
Indonesia
Phone -
(62-22) 2038707 (Hunting)
Fax - (62-22) 2038099
Building Area - 2 storey
Office Space - 300 sq. meters
Region - Commercial
Status - Owned
Branch
Jalan K.H. Zainul Arifin Block B2/35
Jakarta Barat
Indonesia
Phone -
(62-21) 6301454-56 (Hunting)
Fax - (62-21) 6336650
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
a. 1967 as PD. WARNA JAYA
b. 06 February 1985 as P.T. WARNA JAYA NUSANTARA
c. 17 June 1912 as P.T.
WARNA JAYA SENTOSA
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No. :
The Ministry of
Laws and Human Rights
- No. AHU-30708.AH.01.02.Tahun 2008
Dated 05 June 2008
- No. AHU-41239.AH.01.02.Tahun 2012
Dated 30 July 2012
- No. AHU-AH.01.10-32095
Dated 04 September 2012
Company Status :
Private National Company
Permit by the Government Department :
a. The Department
of Finance
NPWP No. 01.280.557.8-441.000
b. The Department
of Industry and Trade
TDP No. 10111600215
Dated 8 March 1999
Related Company :
A Member of the GMK Group (see attachment)
Capital Structure :
Authorized Capital
- Rp.
20,000,000,000.-
Issued Capital - Rp.
10,000,000,000.-
Paid up Capital - Rp.
10,000,000,000.-
Shareholders/Owners :
a. P.T. GENERAL MAKMUR KENCANA - Rp. 9,800,000,000.- (98%)
Address : Jl. Karanganyar No. 7
Bandung, West Java
Indonesia
b.
Mr. Goenarto AKA Go Mong Kok -
Rp. 200,000,000.- ( 2%)
Address : Jl. Dr. Setibudhi No. 120
Bandung, West Java
Indonesia
Lines of Business
:
a. Trading and Distribution of Industrial
Chemicals such as textile chemical (dyestuff), leather
chemicals,
reactive, paper and wastewater chemicals.
b. Investment Holding
Production
Capacity :
None
Total Investment :
Owned Capital - Rp. 10.0
billion
Started Operation :
1967
Brand Name :
None
Technical Assistance :
None
Number of Employee :
55 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. P.T. SAMWOO
INDONESIA
b. P.T. ARGO BENI MANUNGGAL
c. P.T. DAMATEX
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. WARJANTINO
b. P.T. COLORINDO CHEMTRA
c. P.T. VERTIS INDONESIA
d. C.V. GOAUTAMA
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Asia Afrika No. 122-124
Bandung, West Java
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan Merdeka
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 61.5
billion
2010 – Rp. 72.0
billion
2011 – Rp. 85.0
billion
2012 – Rp. 92.8
billion
Net Profit
(estimated) :
2009 – Rp. 3.1 billion
2010 – Rp. 3.5 billion
2011 – Rp. 4.0 billion
2012 – Rp. 4.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mrs. Suriawati
Effendi, SH
Board of Commissioners :
Commissioner - Mr. Goenarto AKA Go Mong Kok
Signatories :
Director (Mrs. Suriawati Effendi, SH)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
The
company was originally named P.D. WARNA JAYA set-up in 1967 in Bandung, West
Java with a status of sole proprietary company. The founder and owner is Mr.
Goenarto AKA Go Mong Kok an Indonesian business businessman of Chinese
extraction. In February 1985, its legal
status was changed into a P.T. (Perseroan Terbatas) or Limited Liability
Company named P.T WARNA JAYA NUSANTARA with an authorized capital of Rp.
150,000,000 entirely issued and paid up.
The company notary Deed has frequently been revised. In November 1997
the authorized capital was raised to Rp. 5,000,000,000 issued and paid up
capital to Rp. 2,350,000,000. By the same time the whole shares of P.T. WJN was
controlled by P.T. GENERAL MAKMUR KENCANA, a private company which the majority
business stakes is controlled by Mr.
Goenarto.
In
June 2008, the authorized capital was raised to Rp. 20,000,000,000.- of which
Rp. 10,000,000,000.- was issued and fully paid up. The shareholders of the company wasn’t
changed namely P.T. GENERAL MAKMUR KENCANA (98%) and Mr. Goenarto AKA Go Mong
Kok (2%). The deed of amendment was made by Mr. Gunawan Kamarga, SH., a public
notary and it was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-30708.AH.01.02.TH.2008.
Most
recently by notarial Deed No. 03 dated July 17, 2012 of Gunawan Kamarga, SH.,
the company’s name was changed again to P.T. WARNA JAYA SENTOSA (P.T.
WJS). However, no changes have been effected in term of its shareholding composition
and capital structures to date. The amendment to Article of Association has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decision Letter No. AHU-41239.AH.01.02.Tahun 2012 dated July 30, 2012
and No. AHU-AH.01.10-32095 dated September 04, 2012.
P.T.
WJN is a member of the GENERAL MAKMUR KENCANA Group or the GMK Group, a small
business group in Bandung (West Java) headed by Mr. Goenarto AKA Go Mok Kok (70
years old). The company members of the
GMK Group are attached.
P.T.
WJN had been operating since 1967 in trading and distribution of industrial
chemicals. Mrs. Suriawati Effendi, SH, a director of the company said to our
inquiry the product is textile pigment chemical, dyestuff imported from various
countries like Japan, Korea, India, China, etc. The products are sold to
textile industries in the country like the ARGO MANUNGGAL Group, P.T. SAMWOO
INDONESIA and other textile industries and leather industries in many major
cities. Furthermore, it was explained that P.T. WJN has made business relation
as dyestuff supplier for along time with the textile industry and leather
industry. P.T. WJN also sells of
chemicals for leather, reactive, paper and wastewater. Besides, P.T. WJN is also dealing with
investment holding by controlling 41% shares of P.T. GOO INDONESIA CHEMICAL in
synthetic sizing agent manufacturing. P.T. WJN 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.
In
overall we find the demand for textile chemicals such as pigment and chemical
whitening products has kept on fluctuating in the last five years in line with
the growth of textile production in the country. According to data from the Central Bureau of
Statistic (BPS), the export volume and value of the national TPT products in
2002 to 31 March 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* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
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 1,873.3 |
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 1,493.3 375.7 |
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 1,318.1 |
Source: Central
Bureau of Statistic *) January to
March 2012
Until
this time P.T. WJN has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. We observed that total sales turnover of the company
in 2010 amounted to Rp. 72.0 billion increased to Rp. 85.0 billion in 2011 rose
again to Rp. 92.8 billion in 2012 and projected to go on rising by at least 8%
in 2013. It is estimated the company
has yielded a net profit of at least Rp. 4.4 billion in 2012 and the company
has an estimated total networth at least Rp. 20.0 billion. We observe that P.T. WJN is supported by
financially strong behind it. So far, we did not hear 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. WJN is led by Mrs. Suriawati Effendi, SH (65) as
director. But the prime-mover of the
company is Mr. Goenarto AKA Go Mong Kok (70), a businessman with more than 33
years of experience in trading and distribution of textile chemicals. The management is quite creative and dynamic,
having maintained a wide business relation with private businessmen at home and
abroad and with the government sectors as well. We observed that management’s
reputation in said business is fairly good. 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
believed that P.T. WARNA JAYA SENTOSA is sufficiently fairly good for business
transaction.
Attachment:
List
of the GMK Group Members
1.
ASLI, P.T. (Ice Block Manufacturing)
2.
INSENO JAYA UTAMA, P.T. (Shoe Component
Manufacturing)
3.
GENERAL MAKMUR KENCANA, P.T. (Investment
Holding)
4.
GOO INDONESIA CHEMICAL, P.T. (Chemical
Product Manufacturing)
5.
LAJU SAKTI TRIJAYA, P.T. (Industrial Chemical
Trading and Distribution)
6.
MULTI ADHYA FLOCK NUSANTARA, P.T. (Carpet
Synthetic Velvet Manufacturing)
7.
POKKER NUSA, P.T. (Textile Industry)
8.
WARNA JAYA
SENTOSA, P.T. (Trading and Distribution of Industrial Chemical and
Investment Holding)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
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.