MIRA
INFORM REPORT
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Report Date : |
28.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. JALAMAS BERKATAMA |
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Registered Office : |
Jl Cideng Timur
No. 70, Jakarta 10160 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.11.1992 |
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Com. Reg. No.: |
C2-5156.HT.01.01.TH.94 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Electric Equipment |
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$ 1,160,000 |
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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. JALAMAS
BERKATAMA
A d d r e s s
Head Office
Jl Cideng Timur
No. 70
Jakarta 10160
Indonesia
Phone - (62-21) 3506470
(hunting)
Fax - (62-21) 3506480
E-mail - jalamas@jalamas.com
Website - http://www.jalamas.com
Building Area - 5 storey
Office Space - 920 sq. meters
Region - Commercial
Status - Owned
Branches
Jl. Puri Anjasmoro Blok E/4 No. 6
Semarang 50114
Central Java, Indonesia
Phone - (62-24) 7601038
Fax. - (62-24) 7601038
Email - semarang-branch@jalamas.com
Jl. Nginden Indah Timur III F 3-4
Surabaya 60118
East Java, Indonesia
Phone - (62-31) 5992959
Fax. - (62-31) 5992959
Email - jalamas@sby.dnet.net.id
Date of Incorporation
2 November 1992
Legal Form
P.T. (Perseroan
Terbata) or Limited Liability Company
Company Reg. No.
The Department of Law and Human Rights
- No.
C2-5156.HT.01.01.TH.94
Dated 26 March 1994
- No.
C-UM.02.01.7163
Dated 03 May 2006
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.581.800.8-028.000
Related Company
Not Available
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 6,000,000,000.-
Issued Capital : Rp. 1,560,000,000.-
Paid up Capital : Rp. 1,560,000,000.-
Shareholders/Owners :
a. Mr. Ir. Widjaja
Hadikusumo - Rp.
195,000,000.-
Address : Villa Melati Mas
Blok 0-1/17
Desa
Jelupang, Tangerang
Banten,
Indonesia
b. Mr. Ir. Wahyu Bintara
Wahjudi - Rp.
195,000,000.-
Address : Green Garden Blok
0-1/37
Kedoya Utara,
West Jakarta
Indonesia
c. Mr. Ir. Anton
Budianto -
Rp. 195,000,000.-
Address : Jl. Cut Mutia II
FG.2/34
Mangu Barat, Tangerang
Banten,
Indonesia
d. Mr. Nyoman
Sukayasa -
Rp. 195,000,000.-
Address : Jl. Kunci No. 24,
RT.007/002
Kayu Putih,
Jakarta Pusat
Indonesia
e. Mr. Ir. Slamet
Wibowo -
Rp. 260,000,000.-
Address : Jl. Kintamani II/24
RT.003/007
Kelapa Gading
Barat, Jakarta Utara
Indonesia
f. Mr. Ir. Ignanto
Sandjojo -
Rp. 260,000,000.-
Address : Green Garden F 1/2
RT.004/009
Kedoya Utara, Jakarta Barat
Indonesia
g. Mrs. Tjen Jessilia - Rp. 195,000,000.-
Address : Jl. Janur Kuning
VIII WN 2/8
Kelapa Gading
Timur, Jakarta Utara
Indonesia
h. Mrs. Amanda -
Rp. 65,000,000.-
Address : Jl. Janur Kuning
VIII WN 2/8
Kelapa Gading
Timur, Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Electric
Equipment such as power test equipment, protective relay, lighting arrester,
infrared camera, etc., and also electrical services.
Principals of
Company :
- FLIR SYSTEMS,
Infrared Camera Technology Innovation.
- SEL, Solution,
Systems, services and Product for the Protection, Monitoring, Control,
Automation and Meter of Utility and Industrial Electric Power System.
- OFIL,
Developing Innovative Solar Blind Ultra Violet system for the electrical
utility, industry, fire detection industry and for homeland security
applications.
- PSL, Electric
power quality immunity, and third-party test and certification services.
- CATU,
Equipment for Personal Protection against electrical hazard and
accordingly.
- DEOBLE,
Diagnostic test instruments and knowledge services.
- SBB,
Emergency Restoration and Maintenance Towers for UHV and EHV Transmission
Lines and Communication.
- SMC,
Instruments for the Electrical Power Industry.
- FLUKE, Power
Quality Measurement Recorder and Earth Ground Tester for Industries.
- EF, Carrier
System of Lighting Protection which ensures the lightning protection.
- QUALITROL,
Strategy leveraging product value, quality and customer services.
- AMPROBE,
Design, engineer, manufacture and distribute product from its Lynbrook.
- CROTECH, Test
and Measurement Instrument, Power supplies, High Power AC Systems, Cable
Fault Locator and Custom Built Products.
- VETTINER,
Creative listening way regarding its customers in order to bring them
answer and technical solution according to their expectations in terms of
product and services.
- SACI, Design
and Manufactures electrical measurement devices and control system.
- POLYLUX, Low
Voltage transformers.
- AEC
Uninterruptible Power System (UPS) from 500 Va. to 1 MVa.
- FULLRIVER
BATTERY, Valve Regulated Sealed Lead Acid Battery.
Total Investment
a. Own Capital - Rp. 12.0
billion
b. Loan Capital - Rp. 5.0 billion
c. Total
Investment -
Rp. 17.0 billion
Started Operation
1993
Brand Name
JALAMAS
Technical Assistance
None
Number of Employee
70 persons
Marketing Area
Local - 100%
Main Customer
Hospitals
Management, Contractor Companies, Oil
and Gas Companies, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. FIZEA
LESTARI ABADI
b. P.T. CENTRADO PRIMA
INTERNATIONAL
c. P.T. TRIMULIA
SARANA AGUNG
d. P.T. POWER
KALISTA SATRIA
e. P.T. TRISAHABAT
JAYAKHARISMA
f. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank CENTRAL ASIA Tbk
b. P.T. Bank MANDIRI Tbk.
c. P.T. Bank PERMATA
d. JP MORGAN CHASE Bank
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 42.5
billion
2006 – Rp. 49.0
billion
2007 – Rp. 55.0
billion
Net Profit
(estimated) :
2005 – Rp. 2.0 billion
2006 – Rp. 2.2 billion
2007 – Rp. 2.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Widjaja
Hadikusumo
Director - a. Mr. Ir. Wahyu Bintara
Wahjudi
b. Mr. Ir. Anton Budianto
c. Mr. Nyoman Sukayasa
Board of Commissioners :
President Commissioners - Mr. Ir. Slamet Wibowo
Commissioner - Mrs. Tjen Jessilia
Signatories :
President Director (Mr. Ir. Widjaja
Hadikusumo) or one of the Directors (Mr. Ir. Wahyu Bintara Wahjudi, Mr. Ir.
Anton Budianto, Mr. Nyoman Sukayasa) which must be approved by the board of
commissioners (Mr. Ir. Slamet Wibowo and Mrs. Tjen Jessilia)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 1,160,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. JALAMAS BERKATAMA (P.T. JB) was established in Jakarta on November
2, 1992 with an authorized capital of Rp. 600,000,000.- issued capital of Rp.
120,000,000.- entirely paid up. The founding shareholders are Mr. Ir. Widjaja
Hadikusumo, Mr. Ir. Wahyu Bintara Wahjudi, Mr. Anton Budianto, Mr. Nyoman
Sukayasa, Mr. Ir. Slamet Wibowo, Mr. Ir. Ignanto Sandjojo and Mr. Anton
Sugianto, who are Indonesian businessmen of Chinese desect. In 1998, the authorized capital was raised
to Rp. 5,000.000.000,- issued capital of Rp. 1,560,000,000.- entirely paid up.
The latest shareholders of the company are Mr. Ir. Widjaja Hadikusumo, Mr. Ir.
Wahyu Bintara Wahjudi, Mr. Ir. Anton Budianto, Mr. Nyoman Sukayasa, Mr. Ir.
Slamet Wibowo, Mr. Ir. Ignanto Sandjojo, Mrs. Tjen Jessilia and Mrs. Amanda. Deed of amendment of the company was made
by Mrs. Mellyani Noor Shandra SH., a public notary in Jakarta under Company
Registration Number C-UM.02.01.7163, dated May 03, 2006.
P.T. JB has operated its business since 1992 in the field of general trading,
import and distributor of electrical equipment such as power system testing
field, protective relay, lightning arrester, infrared camera, etc., and also
electrical services. With over 15
years experience in electrical power system, nowadays, P.T. JB has grown to be
a big company in a five-storey building placed in Jakarta, employing a total of
70 people. Beside, P.T. JB has tow
branches, located in Semarang (Central Java) and Surabaya (East Java). Mr. Sugianto, a senior staff of the
company, explained that 100% of the company’s products are import products such
as the USA, Canada, UK, France, Germany, Italy, Spain, China, etc. (see of the
principal of the company at page 4).
The main customer of the company are Hospitals Management,
Contractor Companies, Oil and Gas Companies,
automotive industries, Office building, hotel & apartment management, other
industries, etc. In order to satisfy their customer, P.T. JB
also maintenance topic. Some courses and seminars to fulfill the increasing
needs of the electrical experts. We
observed that P.T. JB’s operation has been growing in the last four year.
We have generally observed the local demand for electrical equipment had
been rising by 6% to 8% on the average per year within the last five
years. It’s projected the demand for
electrical equipment will be rising in the future two years. Meanwhile competition is very tight because
a large number of similar companies operating in the country. The crisis economic in 1997 to 1999 has
made a sharp rupiah deprecation which finally increased the price of electrical
goods and packaging materials. Tight
money policy caused high rate of bank interest which has badly affected
business sector in the country including trading and distribution of electrical
equipments. It is estimated that the demand of electrical equipments will be
increasing within the coming two years.
Business position of P.T. JB is good enough as they are very well known
in Jakarta, Indonesia. We believed that
P.T. JB shall be able to develop its business in the future.
Until this time P.T. JB 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. 42.5 billion, increased
to Rp. 49.0 billion in 2006 and rose again to Rp. 55.0 billion in 2007. We estimated the company has yielded a total
net profit by at least Rp. 2.6 billion in 2007 with a total networth by at
least Rp. 15.0 billion. It’s
projected the total sales turnover of the company will be higher by at least
10% in 2008. We observe that P.T. JB is
supported by financially fairly strong behind it. 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. JB is led
by Mr. Ir. Widjaja Hadikusumo (58) a businessman with 20 years of experience in
trading and distribution of electronic equipments. Daily operation, he is assisted by three directors namely Mr. Ir.
Wahyu Bintara Wahjudi (49), Mr. Ir. Anton Budianto (52) and Mr. Nyoman Sukayasa
(58). 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 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.
P.T. JALAMAS BERKATAMA is sufficiently 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%)