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Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. WAHONO
REJEKI DINAMIKA |
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Formerly Known As : |
U.D. SAMA JAYA P.T. WAHONO REJEKI DINAMIKA |
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Registered Office : |
Jalan Baliwerti No. 25, |
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Country : |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
No. AHU-50249.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Trading and Distribution of Gypsum
Casting Plaster, Read Lead Oxide, Sodium Chlorides, Tri Ethanol Amine,
Calcium Carbonate. |
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No. of Employees : |
72 persons |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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Source
: CIA |
Name of Company :
P.T. WAHONO REJEKI DINAMIKA
Address :
Head Office
Jalan Baliwerti No. 25
Surabaya, 60174
East Java
Indonesia
Phones - (62-31)
5456000, 5468731
Fax - (62-31) 5462551
Email - wahono@indo.net.id
Building Area - 4 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
a. In 1979 as U.D. SAMA JAYA
b. 18 April 1985 as P.T. WAHONO REJEKI
DINAMIKA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-5893.HT.01.01.TH.85
Dated
19 September 1985
- No.
C-08958.ht.01.04.TH.2001
Dated
21 September 2001
- No.
AHU-50249.AH.01.02.TH.2009
Dated
16 October 2009
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.232.091.7-614.000
The Department of Trade
SIUP No. 3011/B/KP/13/V/1985
Dated 15 May 1985
Related Companies :
a. P.T.
ARISTA ARTISTIKA (Trading of Furniture Products)
b. P.T.
WAHANA CIPTA KENCANA (General Trading)
Capital Structure :
Authorized Capital : Rp. 1,200,000,000.-
Issued Capital :
Rp. 300,000,000.-
Paid up Capital : Rp. 300,000,000.-
Shareholders/Owners :
a. Mr. Sunjoto Wahono -
Rp. 150,000,000.-
Address : Jl. Mawar No. 48
Surabaya, East Java
Indonesia
b. Mr. Munandar Wahono -
Rp. 105,000,000.-
Address : Jl. Mawar No. 48
Surabaya, East Java
Indonesia
c. Mrs. Indah Sutjiati Wahono -
Rp. 45,000,000.-
Address
: Jl. Manyar Tirtomoyo 4/32
Surabaya, East Java
Indonesia
Lines of Business :
General Trading and Distribution of Gypsum
Casting Plaster, Read Lead Oxide, Sodium Chlorides, Tri Ethanol Amine, Calcium
Carbonate..
Sole Agent of :
a. CSR Gypsum Casting Plaster of Australia
b. CHEMSON Read Lead Oxide of Australia
c. DEGUSSA Sodium Chlorides of West Germany
d. MITSUI Tri Ethanol Amine of Japan
e. P.T. OMYA INDONESIA of Indonesia for
calcium carbonate
Production Capacity :
None
Total Investment :
None
Started Operation :
1979 when it was named UD SAMA JAYA
Brand Name :
Wahono Rejeki Dinamika
Technical Assistance :
None
Number of Employee :
72 persons
Marketing Area :
Local - 100%
Main Customer :
a. Chemical and Building Material Shops in
East Java, Indonesia
b. Industrial Chemical Processing Industries,
etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. MULTI KIMIA
b. P.T. NUSINA BENISON RAYA
c. P.T. PANCASAKTI PRAKARSAMULYA
d. P.T. SETIA JAYA ERA UNGGUL
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T.
Bank NEGARA INDONESIA Tbk
Jalan Pemuda No. 36
Surabaya,
East Java
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan Veteran No. 26
Surabaya, East Java
Indonesia
c. P.T.
Bank DANAMON INDONESIA Tbk
Jalan Raya Darmo No. 59
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 64.0 billion
2011 – Rp. 68.0 billion
2012 – Rp. 72.0 billion
2013 – Rp. 38.0 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 3.8 billion
2011 – Rp. 4.0 billion
2012 – Rp. 4.6 billion
2013 – Rp. 2.4 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Sunjoto Wahono
Board of Commissioners :
Commissioner -
Mr. Munandar Wahono
Signatories :
Director (Mr.
Sunjoto Wahono) which must be approved by Board of Commissioner (Mr. Munandar
Wahono)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Originally named U.D. SAMA JAYA, the company was established in
Surabaya, East Java, in 1979 with the legal status of Usaha Dagang (U.D.) or
sole proprietary business by Mr. Munandar Wahono (an Indonesian businessman of
Chinese extraction) as founding owner. On 19 April 1985 the company's status
was converted to Perseroan Terbatas (P.T.) or Limited Liability Company and its
name changed to P.T. WAHONO REJEKI DINAMIKA (P.T. WRD). On the same occasion
into the company entered as shareholders Mr. Sunyoto Wahono (a son of Mr.
Munandar Wahono, and an Indonesian businessman of Chinese extraction) and Mr.
Karah Hardjo Soeprapto (an indigenous businessman). The company's authorized
capital was then set at Rp. 110,000,000 of which Rp. 40,000,000 was issued and
paid up. In August 2001 Mr. Karah Hardjo Soeprapto withdrew and all his shares
were taken over by Mr. Sunyoto Wahono, a son of Mr. Munandar Wahono. The deed
of amendment was made by Mrs. Ariyani, SH., a public notary in Surabaya under
Company Registration Number C-08958.HT.01.04.TH.2001, dated September 21, 2001.
Then according to the latest revision of notary documents of Mrs. Kusrini
Purwijanti, SH., No. 02 dated 1 October 2009 the company authorized capital was
increased to Rp. 1,200,000,000 issued capital to Rp. 300,000,000 fully and paid
up. Concurrently Mrs. Indah Sutjiati Wahono (a daughter of Mr. Munandar Wahono)
entered into the company as new shareholder. With this development the
composition of its shareholders has been changed to become Mr. Sunjoto Wahono
(50%), Mr. Munandar Wahono (45%) and Mrs. Indah Sutjiati Wahono (5%). The deed
of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-50249.AH.01.02.TH.2009 dated October 16, 2009.
P.T. WRD is affiliated with several other companies, including P.T. ARISTA ARTISTIKA (furniture and marble
products trading) and P.T. WAHANA CIPTA KENCANA (General Trading) and C.V.
SCOMPTEC (Computer Trading and after sales services)
P.T. WRD has been in operation since 1979 as a dealer in, a supplier and
distributor of various types of chemicals and building materials. The company
has been appointed agent by several local and foreign chemical companies, such
as by P.T. OMYA INDONESIA for calcium carbonates; CHEMSUN of Australia for lead
oxide; DEGUSSA of Germany for sodium chlorides; MITSUI & CO. of Japan for
tri ethanol amines; etc. In the field of building materials trading, P.T.WRD
has been marketing various types and sizes of marble and granite products
imported from Italy. At first, P.T. WRD was appointed by CSR of Australia as
agent for gypsum plasterboard. But since March 1996 after a subsidiary of this Australian
company named P.T. CSR PRIMA KARYA PLASTERBOARD came into operation, the agency
has been acquired from the subsidiary. Mr. Sunjoto Wahono, Director of the
company said most of the above chemicals have been supplied to a number of
industries in East Java, while the building materials are supplied for a large
part to house owners. P.T. WRD belongs
to a medium sized of its kind and the operation has been running and developing
well in the last three years.
Generally, local demand for various chemical had kept increasing by 7%
to 8% on the average per annum in line with the growth of various industrial
sectors including food, beverage, pharmaceutical, cosmetic, etc in the above
period as consumers. Starting in the second semester 2008, many markets in
various parts of the world experienced adverse economic condition.
This condition was triggered by, amongst others, the housing and
mortgage loans crisis in the United States of America (US) that spread to
securities, structures products and commodity markets. The volatility in the US
markets coupled with the sharp appreciation in the US Dollars and a series of
corporate bankruptcies and takeovers enabled the crisis to spread to other
parts of the world. The impact of the global economic crisis has also been felt
in Indonesia as the Indonesian Rupiah weakened, demand decrease, commodity
prices decreased, securities market declines, interest rate increased, followed
by decreases, tightened liquidity conditions, and increased credit risks. Up to
this time, the Company has not significantly suffered from the economic crisis.
In response to these economic events, during 2010 the Company have plans as
follows: Negotiation
with main customer regarding increasing selling price. In spite of the adverse
economic conditions, management believes that the Company will be able to
continue operating as going concern for the foreseeable future.
Until this time P.T. WRD has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. WRD 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. 64.0 billion rose to Rp. 68.0 billion in 2011
increased to Rp. 72.0 billion in 2012. As from January to June 2013 the sales
turnover has reached at least Rp. 38.0 billion with a net profit of Rp. 2.4
billion and projected to go on rising by at least 4% in 2013. The company has
an estimated total networth of at least Rp. 8.0 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. WRD is led by Mr. SunJoto Wahono (51), who
already has more than 19 years of experience in the company's type of business.
In the day-to-day running of the company, he is assisted by a professional
staff with wide experience in the above business. But we are sure that his
father, Mr. Munandar Wahono (80), still carries great weight in the management,
especially in the making of important business decisions. They are widely
connected in national and foreign private business circles and in the ranks of
government authorities. 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. WAHONO REJEKI
DINAMIKA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
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|
1 |
Rs.99.94 |
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Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.