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MIRA
INFORM REPORT
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Report No. : |
505213 |
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Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. WIRASINDO SANTAKARYA |
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Registered Office : |
Jalan Solo – Daleman No. 41, Baki,
Sukoharjo, Solo, 57556, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
21.05.1993 |
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Com. Reg. No.: |
AHU-AH.01.03-0126970 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited
Liability Company |
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Line of Business : |
Rattan, Wooden
Furniture (Indoor and Outdoor) Furniture Manufacturing |
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No. of Employees : |
454 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration has not yet materialized
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Source : CIA |
Name of Company
P.T. WIRASINDO SANTAKARYA
Address
Head Office &
Factory (Indoor and Outdoor Furniture)
Jalan Solo – Daleman No. 41
Baki, Sukoharjo
Solo, 57556
Central Java
Indonesia
Phones - (62-271) 623231, 623232
Fax - (62-271) 623233
E-mail - info@wisanka.com
Website - http://www.wisanka.com
Building Area - 11,000 sq. meters
Office Space - 8,000 sq. meters
Region - Commercial
Status - Owned
Piguno Furniture
Division
Jalan Solo – Jogja Km. 26.5
Penggung, RT. 001 RW. 004
Jambu Kulon, Ceper
Klaten, 57465
Central Java
Indonesia
Phone -
(62-272) 555 777
Fax - (62-272) 555 888
Land Area - 8,000 sq.
meters
Building Space - 6,000 sq. meters
Region - Industrial
Zone
Status - Rent
Rattan & Natural
Fibers Division
Dk. Gesingan, RT. 02 RW. 09
Luwang, Gatak,
Sukoharjo, 57557
Central Java
Phone -
(62-271) 789 1605
Fax - (62-271) 789 1605
Land Area - 5,500 sq.
meters
Building Space - 3,500 sq. meters
Region - Industrial
Zone
Status - Rent
Indoor Mahogany
Wooden Furniture (Unit Kepoh)
Jalan Solo – Jogja Km. 24
Kuncen, Ceper
Klaten, 57465
Central Java
Indonesia
Phone -
(62-272) 555 614
Fax - (62-272) 555 614
Land Area - 5,000 sq.
meters
Building Space - 3,000 sq. meters
Region - Industrial
Zone
Status - Rent
Classic Furniture
Division
Jalan Sultan Hadlirin Km. 4
Langon, Tahunan
Jepara, 59427
Central Java
Indonesia
Phone -
(62-291) 596 578
Fax - (62-291) 596 579
E-mail - info@indonesiaclassic-furniture.com
Land Area - 8,000 sq.
meters
Building Space - 5,500 sq. meters
Region - Industrial
Zone
Status - Rent
Synthetic Rattan
Furniture & Lighting
Jalan Kisabalanang No. 46
Desa Kertasari, Kecamatan Weru
Cirebon, 45154
West Java
Indonesia
Phones -
(62-231) 325 450
Fax - (62-231) 321 946
E-mail - mia@wisanka.com
Land Area - 8,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Rent
COMPANY SUMMARY
Date of Incorporation
:
21 May 1993
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No.
C2-14235.HT.01.01.TH.94
Dated 19 September 1994
- No.
AHU-AH.01.10-55718
Dated 23 December 2013
- No.
AHU-AH.01.03-0126970
Dated 28 March 2018
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.545.587.6-532.000
The Department of
Industry
No. 530/03/IB.P/I/2013
Dated 28 January 2013
The Department of
Trade
TDP No. 113514600067
Dated 28 January 2013
Related Company :
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 1,300,000,000.-
Issued Capital : Rp. 1,300,000,000.-
Paid up Capital : Rp. 1,300,000,000.-
Shareholders/Owners :
a. Mr. Ignatius
Saptono Hari Basuki -
Rp. 741,000,000.-
Address : Komp.
Pertamina Tugu Block E/3, RT. 012
RW. 013, Kelurahan Tugu
Utara, Kecamatan
Koja, Jakarta Utara, 14260,
Indonesia
b. Mr. Yohanes
Berchman Susanto Setyobudi -
Rp. 364,000,000.-
Address : Jl. Palem Raja C44, RT. 02 RW. 13
Kelurahan Grogol, Kecamatan
Sukoharjo
Sukoharjo, 57511, Central
Java, Indonesia
c. Mr. Joseph Purnomo
Djati -
Rp. 195,000,000.-
Address : Jl. Agung 21, RT. 001 RW. 007
Kelurahan Jetis, Kecamatan
Sukoharjo
Sukoharjo, 57511, Central
Java, Indonesia
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Rattan, Wooden
Furniture (Indoor and Outdoor) Furniture Manufacturing
Production Capacity :
Rattan and Wooden
Furniture,
Lighting & Craft - 51,250 pieces
p.a.
Total Investment :
Owned Capital - Rp. 5.0
billion
Started Operation :
1994
Brand Name :
Wisanka
Technical Assistance
:
None
Number of Employee :
454 persons
Marketing Area :
Local -
30%
Export - 70%
Main Customer :
Buyers in Japan,
Australia, New Zealand, Middle East, Europe Union, USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. HUTANLESTARI
MUKTIPERSADA
b. P.T. MITRAWAN
MANDIRI SELARAS ABADI
c. P.T. SAM JAYA
INTINUSA
d. P.T. WANA GEMILANG
RAYA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers:
a. P.T.
Bank MANDIRI Tbk
Jalan
Jend. Sudirman No. 29
Gayam,
Sukoharjo
Solo,
Central Java
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan
Veteran 307
Tipes,
Serengan
Surakarta,
Surakarta, Central Java
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2015 – Rp. 66.4 billion
2016 – Rp. 72.2 billion
2017 – Rp. 78.0 billion
Net Profit (estimated) :
2015 – Rp. 5.3 billion
2016 – Rp. 5.8 billion
2017 – Rp. 6.2 billion
Payment Manner :
No complaints
Financial Comments :
Fairly strong
KEY EXECUTIVES
Board of
Management :
President
Director - Mr. Yohanes Berchman Susanto Setyobudi
Director - Mr.
Joseph Purnomo Djati
Board of
Commissioners :
President
Commissioner - Mr.
Ignatius Saptono Hari Basuki
Commissioner - Mr. Yohannes
Deny Eko Prasetyo
Signatories
:
President
Director (Mr. Yohanes Berchman Susanto Setyobudi) or the Director (Mr. Joseph
Purnomo Djati) which must be approved by Board of Commissioner
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
OVERALL PERFORMANCE
P.T. WIRASINDO SANTAKARYA (P.T. WSK) was established in Sukoharjo,
Central Java based on notary deed Mrs. Murtini, SH., no. 2 dated 221 May 1993
with the authorized capital of Rp. 90,000,000 issued capital of Rp. 60,000,000
entirely paid up. The founding shareholders of the company are Mr. Budiman, Mr.
Yohanes Berchman Susanto Setyobudi and Mr. Ignatius Saptono Hari Basuki, they
all are indigenous businessmen. Its article of association had been changed a
couple of times and according to revision notary deed Mrs. Silviani Tri Budi
Esti, SH., no. 103 dated 29 June 2013 Mr. Budiman pulled out and the whole
share took over by Mr. Joseph Purnomo Djati as new shareholder. On the same
occasion the company authorized capital was increased to Rp. 1,300,000,000
wholly issued and paid up. With this development the composition of its
shareholders has been changed to become Mr. Ignatius Saptono Hari Basuki (57%),
Mr. Yohanes Berchman Susanto Setyobudi (28%) and Mr. Joseph Purnomo Djati
(15%). The latest according to revision notary deed Mrs. Silviani Tri Budi
Esti, SH., no. 07 dated 5 March 2018 the shareholders approved changes the
board of director and commissioner of the Company. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0126970 dated March 28, 2018.
P.T. WSK or known WISANKA is a national private company
started with operating in 1994 dealing with rattan, wooden furniture (indoor
& outdoor) furniture manufacturing. The plant has operates 6 units
factories located in Central Java. P.T. WSK or Wisanka is one of the leading furniture manufactured. WISANKA has become a leader in Indonesia Furniture
export industry. The long journey of experiences in Indonesia furniture manufacturer, made Wisanka strong in
sustaining and steering its business. Various product collections from outdoor
furniture to
indoor
furniture, from qualified Indonesian teak wood, mahogany wood, mindi wood material and other wooden materials,
to selective Indonesian
natural rattan and fiber become the tag line of our
services.
On its development Wisanka enlarge the scope of business
into a company under WISANKA which is
consist of five divisions covered seven products range wooden
furniture, indoor teak,
rattan and
natural fibers, classic
furniture, outdoor
furniture, synthetic
rattan and lighting & craft. The idea is to be
one-stop shop by offer multitude furniture product range to its clients
moreover to create the opportunity for the company to sell more products. Whole
products are made of rattan, mahogany, krueng and bangkirai woods with annual
capacity of 51,250 pieces per annum. Mr. Joseph Purnomo Djati, Director of P.T.
WSK, said that a large extent of the company’s products exported to Japan,
Australia, New Zealand, Middle East, Europe Union and the USA, while the rest
30% marketed locally. We observe P.T. WSK or WISANKA operation has been growing
and developing well in the last three years.
Generally the demand for furniture products has basically
been increasing in the last five years. However, the lack of woods as the basic
materials becomes serious problem faced by wooden furniture producers.
Therefore, lots of wooden furniture producers unable to fulfill the market
demand. Besides, the price of woods in the country has highly been increasing
in the last several years. In addition, the tight government policy in wooden
products seems to burden the wooden product industries. The demand for wooden
furniture products is estimated to be rising next year. However, the lack of
woods and high prices of woods are estimated to influence the performance of
wooden furniture products.
The Export Volume and
Value of Indonesian Wooden Furniture, 2010 – 2017
|
Year |
Volume
(Thousand Ton) |
Value
(US$ Million) |
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2010 |
565.1 |
1,355.2 |
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2011 |
453.3 |
1,134.2 |
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2012 |
447.9 |
1,177.8 |
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2013 |
427.1 |
1,203.2 |
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2014 |
444.3 |
1,277.4 |
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2015 |
437.1 |
1,352.2 |
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2016 |
463.3 |
1,433.3 |
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2017 |
560.3 |
1,744.0 |
Until this time P.T. WSK has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. WSK is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total sales turnover of the company in 2015 amounted to Rp. 66.4 billion
increased to Rp. 72.2 billion in 2016 rose to Rp. 78.0 billion in 2017 and
projected to go on rising by at least 5% in 2018. The operation in 2017 yielded
an estimated net profit of at least Rp. 6.2 billion and the company has an
estimated total networth of at least Rp. 15.0 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. WSK is led by Mr. Yohanes Berchman
Susanto Setyobudi (65) a businessman and professional manager with experience
in rattan, wooden furniture, lighting and craft manufacturing. Daily activity
he is assisted by Mr. Joseph Purnomo Djati (53) 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. WIRASINDO
SANTAKARYA or WISANKA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.36 |
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|
1 |
INR 92.51 |
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Euro |
1 |
INR 81.05 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRI |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.