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MIRA
INFORM REPORT
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Report No. : |
504921 |
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Report Date : |
27.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. WIKA INTINUSA NIAGATAMA |
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Formerly Known As : |
CV. WIKA TRADING |
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Registered Office : |
Jl. Kayu Putih V Blok C No. 11, RT. 003 RW. 006, Kelurahan
Pulo Gadung, Kecamatan Pulo Gadung, |
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Country : |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
No. AHU-0005897.AH.01.02.Tahun 2017 |
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Legal Form : |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Line of Business : |
Wholesale trade, except of motor vehicles and motorcycles |
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No. of Employees : |
Per 2017 |
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 : |
Slow but correct |
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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 |
COMPANY IDENTIFICATION |
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Company Name |
PT. WIKA INTINUSA NIAGATAMA (PREVIOUS NAME :
CV. WIKA TRADING) |
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Address |
Kawasan Industri
Delta Silicone II, Jl. Kapuk Blok F-20 No.10, Lippo Cikarang |
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Telephone |
+622129577687, +622129577688 |
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Fax |
+622129577688 |
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Mobile Phone |
N.A. |
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Email |
info@wika-intinusa.com |
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Web |
www.wk-intinusa.com |
PROFILE |
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Address |
Kawasan Industri Delta Silicone II, Jl. Kapuk
Blok F-20 No.10, Lippo Cikarang |
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Office Building |
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Date of Establishment |
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Start Operation |
1999 |
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Legal Status |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization (historical) |
No. C-18080.HT.01.01.TH.2005 |
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Government Permit (s) |
Direktorat
Jenderal Pajak |
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Significant change |
At the beginning of its establishment, the company was named CV. Wika
Trading which was established in 1999 which then on April 27, 2005 the
Company has changed the status to Private Limited Company or PT by the name
of PT. Wika Itinusa Niagatama which was established in Kab. Bogor with
the authorized capital of IDR 1,000 million, of which IDR 250 million was
issued and paid up by Mr Johnson (95.200%) and Mr Jondri (4.800%). The Company’s notarial act has changed several times. On April 25,
2012, the Company published a notarial act. As written on the act, the
Company’s authorized capital was IDR 1,000 million, --entirely was
issued and fully paid-up. Meanwhile, shareholders belong to Mr. Johnson (95.000%)
and Mr. Jondri (5.000%). On March 6, 2017, the Company published a notarial act, yet without a
change in its capitalization and shareholders structure. As far as we know, there has been no change in the Company’s notarial
act as published by the Ministry of Justice. |
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Capitalization |
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SHAREHOLDERS & MANAGEMENT |
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Shareholders |
Total No. of Shareholders: 2 |
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Name of Shareholders |
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Management Board |
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Name |
Mr. Johnson |
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Position |
Director |
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Nationality |
Indonesian |
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Supervisory Board |
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Name |
Mr. Jondri |
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Position |
Commissioner |
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Nationality |
Indonesian |
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Management Assessment |
The management is deemed to have sufficient
experience and industry expertise to manage subject properly. |
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Authorized Signatories |
Mr. Johnson as Director of the Company which must be approved by the
shareholder meeting. |
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Affiliate (s) / Associate (s) |
N.A. |
KEY DATA ON OPERATIONS |
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Registered Activities |
SIC Code 46 : Wholesale trade, except of motor vehicles and
motorcycles |
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Employee |
Per 2017 |
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Business Category |
SIC Code 46.7 : Other specialised wholesale |
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Line of Business |
SIC Code 46.75 : Wholesale of chemical products |
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Product & Capacity |
N.A. |
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Status of Investment |
Non-facilities based Company |
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Sales Territory |
Local |
100% |
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International |
00% |
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Main Items Imported |
Chemical |
China |
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Main Items Exported |
- |
- |
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Major Customers |
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Major Supplier |
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Terms of Payment |
Purchase Payment |
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Activity Comment |
PT. Wika Intinusa Niagatama (the Company) is a non-facilities based
company, which started its commercial operation in 1999. The Company is
engaged in chemicals distribution business. Head office and warehouse of the
Company are located in an industrial area of Bekasi-West Java, precisely at
Kawasan Industri Delta Silicone II, Jl. Kapuk Blok F-20 No.10, Lippo
Cikarang, Kelurahan Cicau, Kecamatan Cikarang Pusat (not Cikarang Selatan),
Bekasi 17530 (not 17550), Jawa Barat-Indonesia. We believe this location is
leased from other parties. Meanwhile, the registered address of the Company is located at Jl.
Kayu Putih V Blok C No.11, RT. 003, RW. 006, Kelurahan Pulo Gadung, Kecamatan
Pulo Gadung, Jakarta Timur 13260, DKI Jakarta, Indonesia. this location is
also a previous address of the Company. Based on our investigation, the Company is a distributor of various
types of chemical products with brand “Dow”, “BASF” and “SHANDONG”. Types of
products distributed by the Company consist of Pigment, Polymer, and Liquid
Pesticides. In its operational, the Company obtained its products from local
suppliers and also imported
from Germany, Singapore, Malaysia, Thailand,
and Taiwan. Some of its suppliers are PT. BASF Care Chemical
Indonesia, PT. Sidomulyo Selaras Tbk., BASF South East Asia Pte., Ltd of
Singapore. (Emulan TO4070, Lutensol TO12, and Lutensol TO8), Pan Chemicals
Corp. of Taiwan (Emulsifier N 1618). The Company distributes its products by a ton. For distribution
activity, the Company is supported by its own logistics fleet. Products of
the Company are supporting chemical commonly used by soap, cosmetic, textile,
pharmaceutical, and others industries. Major customers of the Company are PT.
Unilever Indonesia Tbk, PT. Lion Wings, PT Avia Avian, PT. Saranacentral
Bajatama Tbk. In terms of operations, the Company’s sales performance is relatively
stable, and the Company does not face a decline in demand from customers.
This is mainly because the Company is supported by loyal customers. Moreover,
because some of its products are imported from abroad, so the Company must
take price adjustment to compete against local products. In terms of payment, from the up to 30-days terms given by the Company
to its customers, there are some customers make late payments. For example,
on June 17, 2016 the Company filed a bankruptcy claim against an oil drilling
contractor, PT. Punj Llyod Indonesia. It is because of PT. Punj Lloyd
Indonesia did not pay USD 145,926 collectable and maturity debts to the
Company. The debt came up from a chemical sales contract signed by both
parties in 2013, in which the Company acted as a supplier of chemical,
meanwhile PT. Punj Llyod Indonesia acted as buyer. Since the time the contract was signed, PT. Punj Llyod Indonesia only
paid USD 20,000, and not yet fully paid until now. As claimed by the Company,
the Company already sent warning letters three times, before it put the case
to the court. Yet, PT. Punj Llyod Indonesia did not respond, as it claimed
that the payment default was caused by a financial problem with the third
party in its oil drilling procurement project. Next, to the bankruptcy claim filed since June 17, 2016, the Company
has also filed a report to the policy against a director of PT. Punj Lloyd
Indonesia on suspicion of fraud. The case is now under investigation phase. Yet,
the Company is still willing to take negotiation outside the court if asked
by PT. Punj Lloyd Indonesia. According to the source, even though the Company has experienced some
late payment issues from the customers, it does not affect the performance of
the Company. Sales of the Company has continued to improve over the last 3
years. Amid the weakening condition of the Indonesian economy, and the rise
in foreign exchange USD to IDR, whereby the Company may also be posted
increased revenue and profits in each year. This is in line with the increase
that also occurs on demand from the customers. In 2017, the demand from
customers from soap and cosmetic industries showed an increase, so sales of
the Company in 2017 increased. In this second quarter 2018, sales of the
Company is still continue to increase and the Company targets its sales to
increase for about 15%. Currently, the Company is supported by 60 employees or similar with
2017. |
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Litigation |
At the time this report is written, this Company has not been involved
in any criminal or civil cases. This statement is based on a result of search
for cases conducted at the State Court in the area where the Company was
established and operates today. |
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Registered Address |
Jl. Kayu Putih V Blok C No. 11, RT. 003
RW. 006 |
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BANKING INFORMATION |
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Banker (s) |
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Insurance |
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BUSINESS PROSPECTS |
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Business Prospects |
The Association Indonesian Chemical Producers (Apkapi) is optimistic
to look at the business in 2018. The government has also encouraged the
development of upstream chemical industry that in fact directly affects
members of the Indonesian Chemical Producers Association (Apkapi). Associated
with investment, some companies are still wait and see but not a few who plan
to expand. The Ministry of Industry (Kemenperin) targets the value of investments
in the chemical, textile and miscellaneous (IKTA) industries by 2018 to reach
IDR 117 trillion, up from the 2017 realization that is expected to reach IDR
94 trillion. The investment projection from IKTA sector this year will
contribute around 33% to the overall investment target in the national
manufacturing group of IDR 352 trillion. Based on the information above, we believe the supporting chemical
industry is still promising in 2018. |
FINANCIAL STATEMENT |
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Sales Turn Over |
2015 - IDR 80,500,000,000 (Estimated) |
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Total Assets |
As the Company is not a publicly listed company, we are unable to give
a detailed picture of the financial condition of the Company. |
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Other Financial Data |
As the Company is not a publicly listed company, we are unable to
provide details on the financial condition of the Company. |
CREDITWORTHINESS |
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Management Capability |
Adequate |
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Business Morality |
Adequate |
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Payment Manner |
Slow but correct |
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Financial Condition |
Satisfactory |
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Operating Trend |
Up |
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Conclusive remarks |
Based on the information shown above, we learned that the Company is
engaged in chemical distribution, and it has been operating in the business
since 1999. The Company distributes Pigment, Polymer, and Liquid
Pesticides. Those products are mainly targeted to and absorbed by soap
industry, cosmetic industry, and textile industry and others. Major customers
of the Company are PT. Unilever Indonesia Tbk, PT. Lion Wings, PT Avia Avian,
PT. Saranacentral Bajatama Tbk. Operational performance of the Company was increasing over the
last 3 years, with an increase in sales every year. The Company managed to
maintain its operation performance amid the weakening condition of the
Indonesian economy, and the rise in foreign exchange USD to IDR, whereby the
Company may also be posted increased revenue and profits in each year, so
through 19 years experiences also, we believe that the Company is able to
manage the risk properly. In line with that, the chemical sector in which the chemical industry
in 2018 is predicted to increase in line with the high demand for chemicals
for national industry needs. In addition, the Company also has a diversified
business line that lowers the Company's business risks. Thus, the Company has
a bright business prospect. Based on the above information, the operational and financial
performance of the Company is stable, so we conclude the credit risk of the
Company at "Medium Risk". For security reason, we advise those wishing to cooperate with or
grant loans to this Company to keep asking for adequate collateral from
shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.83 |
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1 |
INR 93.17 |
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Euro |
1 |
INR 81.37 |
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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
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VAR |
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Report Prepared
by : |
TPT |
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.