|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WIRIKA JAYA
KENCANA |
|
|
|
|
Registered Office : |
Gedung Pembina Graha 2nd Floor Room 35, Jalan D.I. Panjaitan No. 45, Jakarta Timur, 13350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
25.01.2013 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Drilling
and Sandblasting Services |
|
|
|
|
No of Employees : |
21 |
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 : |
Slow but correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, 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 |
BASIC
SEARCH
|
Name
of Company :
P.T.
WIRIKA JAYA KENCANA
A
d d r e s s :
Head
Office
Gedung
Pembina Graha 2nd Floor Room 35
Jalan
D.I. Panjaitan No. 45
Jakarta
Timur, 13350
Indonesia
Phones - (62-21) 8591 7642
(Hunting)
Fax - (62-21) 8590 2781
E-mail - wirikajayakencana@gmail.com
Website - http://www.wirikajayakencana.com
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
25
January 2013
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-06314.AH.01.01.TH.2013
Dated 14 February 2013
-
No. AHU-47156.AH.01.02.TH.2013
Dated 9 September 2013
-
No. AHU-AH.01.10-40596
Dated 1 October 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 31.701.940.4-002.000
Related
Company :
None
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
500,000,000.-
Issued
Capital :
Rp. 500,000,000.-
Paid
up Capital :
Rp. 500,000,000.-
Shareholders/Owners
:
a. Mr. Erwin Aryanto -
Rp. 290,000,000.-
Address : Jl. Haji Mugeni No. 24, RT. 008 RW. 004
Kelurahan Pisangan Timur, Kecamatan Pulo
Gadung, Jakarta Timur
Indonesia
b. Mrs. Jubaedah -
Rp. 190,000,000.-
Address :
Jl. Haji Mugeni No. 24, RT. 008 RW. 004
Kelurahan Pisangan Timur, Kecamatan Pulo
Gadung, Jakarta Timur
Indonesia
c. Mr. Rupiyan Rahmatullah -
Rp. 10,000,000.-
Address : Jl. Dr. Sutomo No. 33, RT. 61
Kelurahan Karang Rejo, Kecamatan Balikpapan
Tengah, East Kalimantan
Indonesia
d. Mr. Humaidi Nuh -
Rp. 10,000,000.-
Address :
Jl. Perumahan Korpri, RT. 006
Kelurahan Pulau Atas, Kecamatan Sambutan
Samarinda, East Kalimantan
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Drilling
and Sandblasting Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2010
when it was C.V. WIRIKA JAYA KENCANA
Brand
Name :
Wirika
Jaya Kencana
Technical
Assistance :
None
Number of Employee :
21 persons
Marketing Area :
Local - 100%
Main Customer :
Coal mining, quarry
and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GREEN
GALUNGGUNG
b. P.T. MAROSCO TAMA
c. P.T. PUTRA MANDIRI
SEJAHTERA
d. P.T. SURYA
BLASTINDO PRIMA
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r :
P.T.
Bank MANDIRI Tbk
Jalan
Jatinegara Timur No. 58
Jakarta
Timur
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Total
Revenues (estimated) :
2013
– Rp. 6.7 billion
2014
– Rp. 4.0 billion (January – June)
Net
Profit (estimated) :
2013
– Rp. 0.5 billion
2014
– Rp. 0.3 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Erwin Aryanto
Vice President Director - Mr. Rupiyan Rahmatullah
Director -
Mr. Rumaidi Nuh
Board of Commissioners :
Commissioner - Mrs. Jubaedah
Signatories :
President
Director (Mr. Erwin Aryanto) or Vice President Director (Mr. Rupiyan
Rahmatullah) or the Director (Mr. Rumaidi Nuh) which must be approved by Board
of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. WIRIKA JAYA KENCANA (P.T. WJK) was established in
Central Jakarta based on notary deed Mr. Yudie Reza Haryansyah, SH., no. 03
dated 25 January 2013 with an authorized capital of Rp. 500,000,000 wholly
issued and paid up. The company was founded by Mr. Erwin Aryanto (58%), his
wife Mrs. Jubaedah (38%), and other partners Mr. Rupiyan Rahmatullah (2%) and
Mr. Humaidi Nuh (2%), they are indigenous businessmen. Its article of
association has been changed times and according to the notary deed Mrs. Aslina
Perangin-angin, SH., no. 4 dated 5 July 2013 the company legal domicile had
been moved into East Jakarta. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-40596
dated October 1, 2013.
P.T. WJK is a national private company started to be
operating since early 2013 dealing with drilling and sandblasting services by
taking over the activity of C.V. WIRIKA JAYA KENCANA with operates in 2010. The things behind
the change in the status of
C.V. (commanditaire vennootschap) to
Limited Liability (P.T.) are due to a good market potential and business opportunities prospect. To
support the process of blasting
at the site at which
many loading conditions
with frequency of blasting that often, necessary tools
and supporting infrastructure to process and loadingbahan explosive mixing
can take place more
effectively, use ANFO
mobile mixing unit with a mixer and
mixing-loading capabilities
according to the needs of the location. The company provides services such as handling
of explosives permit (permit warehouse & usage), consultation & design
warehouse explosives, drilling & blasting services, Anfo mixer, quarry
crushing plant etc. P.T. WJK operates
equipment or vehicles
in accordance with the harsh environment of
mining field. The operational
performance is achieved through
field service and our extensive experience of the operation and
maintenance of a variety of specialized
drilling and blasting
equipment is good.
Mr. Toro, operation
staff of the company explained the whole explosive is obtained from P.T. P.T.
DAHANA (Persero), P.T. ASA KARYA MULTI PRATAMA, P.T. ARMINDO PRIMA, P.T. KALTIM
NITRATE INDONESIA, P.T. MEXIS, P.T. MULTI NITROTAMA KIMIA and others. He also
added the whole services used by various coal mining, andesite and limestone
among others are quarry and hauling road projects P.T. ITCHI HUTANI MANUNGGAL;
quarry and coal contracting projects P.T. NUSA PERDANA INTI; coal mining
projects P.T. ENERGI PERKASA ABADI; coal mining project P.T. PUTRA PERKASA
ABADI and others. Besides, the company also has projects in quarry and blasting
of limestone and andesite project in South Kalimantan; quarry and blasting
limestone project in West Java and quarry and limestone and andesite projects
East Java. We observe that P.T. WJK is classified a small sized company of its
kinds with operation has been running smoothly and developing well.
The demand for drilling and sandblasting services has
kept on increasing by at least 6% to 8% in the last five years in line with the
growth and development of coal mining, general mining, road construction and
others as customers. However, in spite of the lower demand, the mining sector
remains the biggest buyer of heavy equipment who contributed around 60 percent
of the total sales. Indonesia’s mining industry, the world’s top producer of
nickel ore, tin and thermal coal for power stations, grew 3.9% in the fourth
quarter of this year, while the manufacturing sector reached 5.3%, lower than
the country’s overall economic growth of 5.7%, as shown in the government’s
data. Indonesia’s ban on exportation of mineral ores will also stall the
country’s demand for the heavy equipment in mining and mining construction that
includes nickel, iron and bauxite, starting January 12, 2014, as part of a
policy to boost the revenue by turning the country into a manufacturer of
higher-value products. The government is using it to push companies to invest
in building smelters to refine raw ores.
The Energy and Mineral Resources Ministry said that the
country expects to produce 397 million metric tons of coal in 2014, lower than
the production of 421 million metric tons in 2013. Coal is not affected by the
mineral ban. The coal companies are picking from the cheap areas (low Stripping
Ratio), causing slower overburden (OB) removal. This indicates that coal
companies are struggling to keep up with the low price, and unlikely to invest
anytime soon. This would create an impact on the demand of heavy equipment
significantly.
Until this time P.T. WJK has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. WJK is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated that
total sales turnover of the company in 2013 amounted to Rp. 6.7 billion. As
from January to June 2014 the total revenue has reached at least Rp. 4.0
billion with a net profit of at least Rp. 0.3 billion and projected to go on
rising by at least 6% in 2015. 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. WJK is led by Mr. Erwin Aryanto
(34) a businessman and professional manager with experience in drilling and
blasting services. Daily activity he is assisted by Mr. Rupiyan Rahmatullah
(31) as Vice President Director and Mr. Humaidi Nuh (35) 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. WIRIKA JAYA KENCANA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.