MIRA
INFORM REPORT
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Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MAJU JAYA NIAGATAMA |
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Registered Office : |
Komplek Bonagabe Block B-15, Jl. Raya Jatinegara Timur No. 101 , Jakarta 13310 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.07. 2004 |
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Com. Reg. No.: |
W7-00564 HT.01.01.TH.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export-Import and Distribution of Agricultural Products |
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$ 220,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. MAJU JAYA
NIAGATAMA
A d d r e s s
Head Office
Komplek Bonagabe
Block B-15
Jl. Raya
Jatinegara Timur No. 101
Jakarta 13310
Indonesia
Phone - (62-21) 8575338
(hunting)
Fax. - (62-21) 8575368
Building Area - 3 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Own
Date of Incorporation
06 July 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No. W7-00564 HT.01.01.TH.2006
Dated 14 September
2006
Company Status
Private Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 02.508.894.9.002,000
Related Company
:
TOKO MAJU (Trading
of Agriculture Products)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 500,000,000.-
Issued Capital : Rp. 210,000,000.-
Paid up Capital : Rp. 210,000,000.-
Shareholders/Owners :
a. Mr. Tan Lunardi - Rp. 105,000,000.-
(50%)
Address : Jl. Jatinegara Barat II No. 16
Balimester, Jakarta Timur
Indonesia
b. Mrs. Yanti Tan - Rp. 105,000,000.-
(50%)
Address : Jl. Jatinegara III No. 11
Balimester, Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Export-Import and Distribution of
Agricultural Products
Production Capacity
None
Total Investment
Owned Capital - Rp. 6.5 billion
Started Operation
September 2004
Brand Name
None
Technical Assistance
None
Number of Employee
28 persons
Marketing Area
Domestic - 100 %
Main Customer
Traditional
Markets, Food and Beverage Industries, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. ALAM
INDORAMA
b. C.V. BUMI DJAJA
c. P.T. ADI
SAMPOERNO
d. C.V. PUTRA NUSA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Jl. Matraman Raya No. 12
Jakarta Timur
Indonesia
b. P.T. Bank
CENTURY Tbk
Jl. Saharjo No. 149-C
Tebet, Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 12.0
billion
2006 – Rp. 14.0
billion
2007 – Rp. 16.5
billion
Net Profit (Loss)
:
2005 – Rp. 560 million
2006 – Rp. 730 million
2007 – Rp. 850 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director - Mr. Tan Lunardi
Board of
Commissioners :
Commissioner - Mrs. Yanti Tan
Signatories
:
Directors (Mr.Tan
Lunardi) which must be approved by Board of Commissioner (Mrs. Yanti Tan)
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 220,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. MAJU JAYA NIAGATAMA (P.T.
MJN) was established in Jakarta, on
July 6, 2004 with an authorized capital of Rp. 500,000,000.- issued capital of
Rp. 210,000,000.- entirely paid up. The founding shareholders are Mr. Tan
Lunardi and his wife Mrs. Yanti Tan.
They are Indonesian businessmen of Chinese extraction. We have since never heard of any changes having occurred in the
articles of association of the company. The articles of association of the
company was made by a public notary office in Jakarta under Company
Registration Number W7-00564 HT.01.01.TH. 2006, dated September 14, 2006. The founding shareholders of P.T. MJN are
also the founding shareholders of TOKO MAJU dealing with trading and retail of
agriculture products.
P.T. MJN has been in operation since September 2004 in trading, import and distribution of agricultural
products. Miss Imelda, a staff senior
of the company explained that the agricultural products likes peanut,
green nut, legumes, spices and other being wholly imported from India, China
and several other countries. The
merchandise products are sold to various agents, traditional market, food and
beverage processing industries, herbal medicines and cosmetic industries in
Jakarta, Tangerang, Bogor, Depok and surroundings. We observed that the company’s operation has been growing in the
last three years.
We have noticed that the demand for agricultural products had increased
some 8% to 10% per annum in the last five years in line with the growth of
industrial manufacturing in the country and international market. In the coming
years, the growth rate of demand is estimated at about 5% to 6% per annum. The
present market situation for agricultural products is very competitive for a
large number of similar companies operating in the country. Meanwhile,
competition is quite heavy in the export import of agricultural products with
many companies now doing business in this field in Indonesia. We consider P.T. MJN to be in a quite
favorable position for having already got hold of a steady clientele in the
country and abroad.
Until this time P.T. MJN 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 is Rp. 12.0 billion increased to Rp. 14.0 billion in 2004 and
rose again to Rp. 16.5 billion in 2007.
The operation in 2007 yielded an estimated net profit at least Rp. 850
million and the company has an estimated total networth at Rp. 6.5 billion. It
is forecasted that total sales turnover of the company will increase at least
10% in 2008. We observe that P.T. MJN
is supported by financially fairly strong behind it. So far, we have never heard
of the company having been black listed by the Central Bank (Bank Indonesia).
Mrs. Ina, the export import staff of the company disclosed that the company
usually pays its debts punctually to suppliers.
The company is led out by Mr. Tan Lunardi (52), a businessman who
experienced for more than 20 years in the field of trading, export import and
distribution of agricultural products.
In daily activities, he is assisted by his wife Mrs. Yanti Tan (46). We observed that management’s reputation in
said business is fairly good. The company has had wide relation in the realm of
the private businessmen inside and outside the country. Their relation with the
government is fairly good. So far, we have never heard 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. MJN 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.58 |
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UK Pound |
1 |
Rs.81.43 |
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Euro |
1 |
Rs.64.52 |
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%)