|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WARNA JAYA
SENTOSA |
|
|
|
|
Registered Office : |
Jalan Setiabudi
No. 120, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1967 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-32095 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
A. Trading and Distribution of Industrial Chemicals such as textile
chemical (dyestuff), leather chemicals, reactive, paper and wastewater chemicals. B. Investment Holding |
|
|
|
|
No. of Employees : |
56 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices
|
Source
: CIA |
Name of Company :
P.T. WARNA JAYA
SENTOSA
A d d r e s s :
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
a. No. AHU-30708.AH.01.02.Tahun 2008
Dated 05 June 2008
b. No. AHU-AH.01.10-15231
Dated 16 June 2008
c. No. AHU-41239.AH.01.02.Tahun 2012
Dated 30 July 2012
d. No. AHU-AH.01.10-32095
Dated 04 September 2012
Company Status :
National Private Company
Permits 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 :
56 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. DYSTAR
COLOURS INDONESIA
b. P.T. POLKRIK
CHEMICALS
c. P.T. CLARIANT INDONESIA
d. P.T. MATSUMOTOYUSHI INDONESIA
e. P.T. COLORINDO ANEKA CHEMICALS
f. Etc.
Business Trend :
Growing slowly
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) :
2010 – Rp. 72.0
billion
2011 – Rp. 85.0
billion
2012 – Rp. 92.8
billion
2013 – Rp. 98.5
billion
Net Profit
(estimated) :
2010 – Rp. 3.5 billion
2011 – Rp. 4.0 billion
2012 – Rp. 4.4 billion
2014 – Rp. 4.6 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 the Company was controlled by P.T. GENERAL MAKMUR
KENCANA, a private company which the majority business stakes is controlled by
Mr. Goenarto.
In
2008, based on notarial deed of Gunawan Kamarga, SH., No. 4 dated May 21, 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 amendment to Deed was approved by the
Ministry of Law and Human Right in its Decree No. AHU-AH.01.10-15231 dated June
16, 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 Deed was 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.
WJS 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 (71
years old). The company members of the
GMK Group are attached.
P.T.
WJS 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 that the products are textile pigment chemicals and dyestuffs are
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. WJS
has made business relation as dyestuff supplier for along time with the textile
industry and leather industry. P.T. WJS
also sells of chemicals for leather, reactive, paper and wastewater. Besides, P.T. WJS is also dealing with
investment holding by controlling 41% shares of P.T. GOO INDONESIA CHEMICAL
engaged in synthetic sizing agent manufacturing. P.T. WJS 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.
Generally,
demand for textile and textile product including finished fabrics, garment,
cotton yarn, polyester textured yarn, textile chemicals and raw materials has
been fluctuating in the last five years.
The Indonesia textile products export in 2007 amounted to 1,473,600 tons
(US$ 4,178.0 million) declined to 1,312,200 tons (US$ 4,127.9 million) in 2008
to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8
million) in 2010 declined to 1,493,300 tons (US$ 5,563.3 million) in 2011 rose again
to 1,508,500 tons (US$ 5,278.1 million) in 2012 and as of 30 November 2013
amounted to 1,360.7 thousand tons (US$ 4,833.1 million). The export volume and value of the national
TPT products in 2005 to as of 30 November 2013 are pictured on the following
table.
|
Year |
Textile Products |
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2005 2006 2007 2008 2009 2010 2011 2012 2013 * |
1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,360.7 |
3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 4,833.1 |
369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 398.0 |
4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 6,847.7 |
Source: Central Bureau of Statistic
*) January to November 2013
Until
this time P.T. WJS 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 2011 amounted to Rp. 85.0 billion increased to Rp. 92.8 billion
in 2012 rose again to Rp. 98.5 billion in 2013 and projected to go on rising by
at least 5% in 2014. The operation in
2013 yielded an estimated net profit of Rp. 4.6 billion and it is estimated the
company has an estimated total assets at least Rp. 32.0 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. The company usually pays
its debts punctually to suppliers.
The
management of P.T. WJS is led by Mrs. Suriawati Effendi, SH (66) as
director. But the prime-mover of the
company is Mr. Goenarto AKA Go Mong Kok (71), a businessman with more than 34
years of experience in trading and distribution of textile chemicals. The management is 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.
P.T.
WARNA JAYA SENTOSA is appraised to be good for business transaction. However, in view of the economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
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.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.