MIRA
INFORM REPORT
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Report Date : |
19.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. JAKA MARINTAMA |
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Registered Office : |
Jalan Sunter Paradise 23, Ruko Sunter Nirwana Asri Block J. 1 No. 16, Sunter Agung, Jakarta Utara |
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Country : |
Indonesia |
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Date of Incorporation : |
2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Fresh Fruits |
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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Maximum Credit Limit : |
US$ 39,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of company
P.T. JAKA MARINTAMA
Address
Head Office
Jalan Sunter
Paradise 23
Ruko Sunter
Nirwana Asri Block J. 1 No. 16
Sunter Agung
Jakarta Utara
Indonesia
Phone - (62-21) 6530
3118
Fax. - (62-21) 6530 3919
Building Area - 3 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
2005’s
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
Not Available
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.238.497.8-042.000
The Department of Trade
SIUP No. 00555/1.824.51
Related Company
P.T. CAKRA BAKTI SENTOSA (General Trading)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
250,000,000.-
Issued Capital : Rp.
100,000,000.-
Paid up Capital : Rp.
100,000,000.-
Shareholders/Owners :
Mr. Purbhakti -
100%
BUSINESS ACTIVITIES
Lines of Business:
Trading, Import and Distribution of Fresh
Fruits
Production Capacity
None
Total Investment
None
Started Operation
2005’s
Brand Name
None
Technical Assistance
None
Number of Employee
6 persons
Marketing Area
Domestic
(Local) - 100 %
Main Customer
Not Available
Market Situation
Very Competitive
Main Competitors
a. P.T. LARIS
MANIS
b. P.T. UNIVERSAL
EXPORT
c. P.T. FOUR TUNE INDOPUTRA
d. TOP BUAH SEGAR
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Sunter Nirwana Asri II Block A 4/55
Sunter Paradise,
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 2.7
billion
2006 – Rp. 3.0
billion
Net Profit (Loss)
:
2005 – Rp. 216.0 million
2006 – Rp. 240.0 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Purbhakti
Board of
Commissioner :
Not Available
Signatories
:
Director (Mr.
Purbhakti) which must be approved by Supervisory Board
CAPABILITIES
Management Capability
:
Satisfactory
Business Morality
Satisfactory
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under guarantee
Proposed Credit Limit
C.O.D. To small
amount
Maximum Credit Limit
US$ 39,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. JAKA MARINTANA (P.T. JM) was established in 2005’s with an
authorized capital of Rp. 250,000,000 of which Rp. 100,000,000 was issued and
paid up. The founding shareholders of the company are Mr. Purbhakti and his
wife. Both are Indonesian business family of Chinese origins. But the
management of the company very reclusive to outsiders regarding the structures,
and shareholding composition of the company. Besides, the company notary deed
has yet been registered at Department of Justice and Human Right.
P.T. JM has been in operation since 2005’s in fresh fruit trading and distribution. Mr. Rudy, the company's marketing manager, said the products being sold are fresh fruit like pears, apples, oranges, grapes, sunkist etc., imported by P.T. JM from Thailand, Australia, the USA, Hong Kong and other countries. Besides, the company also imported longan fruits from Thailand. The company supplies the above products to several fruit stores, grocery fruits and supermarkets in Jakarta, Surabaya and surroundings. Besides, the company also supplies the products to operators of hotels and restaurants in Jakarta and surroundings. We find that P.T. JM's operations have been growing slowly in the last two years. The economic crisis and very sharp depreciation of the Rupiah to foreign currencies have adversely affected the company's operations for having caused the sales prices of the fruit the company is selling, which have mostly been imported, to be very highly priced.
We note that generally the domestic demand for fruit has been rising by about 9% - 10% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. We consider P.T. JM to be in a quite favorable position for having already got hold of a steady clientele in the country.
Until this time P.T. JM 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 2005 amounted to Rp. 2.7 billion increased to Rp. 3.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 240.0 million and the company has an estimated total net worth at Rp. 550.0 million. It is projected that total sales turnover of the company will increase at least 8% in 2007. So far, we did not hear 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. JM is led by Mr. Purbhakti (48) a businessman with 15 years of experience in the trading, import and distribution fresh fruits. The management is quite creative and dynamic, 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 sufficiently fairly good. So far, we did not hear that the company’s management involved in a dirty business practice 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. PT. JAKA MARINTAMA is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)