MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. JAYA SAKTI INDOTAMA |
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Registered Office : |
Menara Duta Building, 7th Floor, B Wing, Jl. H.R. Rasuna Said Kav. B-9, Jakarta 12910 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.10.2000 |
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Com. Reg. No.: |
No.
AHU-13552.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Mining Supporting Services |
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No. of Employees
: |
10 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 2.7 million |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. JAYA SAKTI
INDOTAMA
company Address
Head Office
Menara Duta Building,
7th Floor, B Wing
Jl. H.R. Rasuna Said Kav. B-9
Jakarta 12910
Indonesia
Phones -
(62-21) 5290 1940 (hunting)
Fax. - (62-21) 5390 1944, 5290 1965
Email - sundersr@gmail.com
Building Area - 14 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
06 October 2000
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No. C-0028
HT.01.01.TH.2001
Dated 25 April 2001
b. No. AHU-13552.AH.01.02.Tahun 2008
Dated 18 March 2008
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
a. The Department
of Finance
NPWP No. 02.005.644.6-059.000
b. The Investment
Coordinating Board
- No. 867/I/PMA/2000
Dated 26 September 2000
- No. 80/III/PMA/2004
Dated 30 January 2004
- No. 10/II/PMA/2008
Dated 14 January 2008
Affiliated/Associated
Company :
A member of
TRISAKTI Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp. 10,519,200,000.-
(US$. 1,200,000)
Issued Capital - Rp. 2,629,800,000.- (US$. 300,000)
Paid up Capital - Rp. 2,629,800,000.- (US$. 300,000)
Shareholders/Owners :
a. Mr. Sankaran Sundararaman - Rp. 1,314,900,000.- (US$. 150,000)
Address : Apartment Simprug Garden II
IIAPCO Complek No. 11
Jakarta Selatan
b. Mrs. Sundararaman Nalini - Rp. 1,314,900,000.- (US$. 150,000)
Address : Apartment Simprug Garden II
IIAPCO Complek No. 11
Jakarta Selatan
BUSINESS ACTIVITIES
Lines of Business
:
a. General Mining Supporting Services
b. Investment Holding
Production
Capacity :
None
Total Investment :
a. Owned Capital - US$. 1.2 million
b. Loan Capital - US$ 0 million
c. Total
Investment - US$. 1.2 million
Started Operation :
2001
Brand Name :
JAYA SAKTI
INDOTAMA
Technical Assistance :
None
Number of Employee :
10 persons
Marketing Area :
Export - 100%
Main Customers :
Overseas buyers in India, Malaysia, Thailand, China, etc
Market Situation :
Very Competitive
Main Competitors :
a. PT. Indo Tambangraya Megah
b. PT. Kalimantan Ardi Baratama
c. PT. Bumi Satria Persada
d. PT. Rinjani Kartenegara
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
c. P.T. Bank
MANDIRI Tbk
Gedung Enterprise
Jl. HR
Rasuna Said Kav. C-5
Jakarta
Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Gedung Menara Gracia
Jl. HR Rasuna Said Kav. C-17
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – US$. 17.0
million
2009 – US$. 19.0
million
2010 – US$. 22.0
million
2011 – US$. 12.3
million (January – June)
Net Profit
(estimated) :
2008 – US$. 0.9 million
2009 – US$. 1.0
million
2010 – US$. 1.2
million
2011 – US$. 0.7
million (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mrs. Sundararaman Nalini
Director - Mr. Swaminathan
Jambunathan
Board of Commissioners
:
President
Commissioner - Mr. Sankaran Sundararaman
Signatories
:
President
Director (Mrs. Sundararaman Nalini) or Director (Mr. Swaminathan Jambunathan)
which must be approved by Board of Commissioner (Mr. Sankaran Sundararaman)
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Small amount –
periodical review
Maximum Credit
Limit :
US$ 2.7 million on the 90 days of payments
OVERALL PERFORMANCE
P.T. JAYA SAKTI INDOTAMA (P.T. JSI) was established in October 2000 with an authorized capital of Rp. 219,150,000 (US$ 25,000) of which Rp. 54,787,500.- (US$ 6,250) was issued and paid up. The founding shareholders of the company are Mr. Sankaran Sundararaman (50%) and Mrs. Sundararaman Nalini (50%), both are Indian businessman and businesswoman. The Articles of Association was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. C-00287.HT.01.01.TH.2001 dated April 25, 2001. The company's Articles of Association was since revised a couple of times. On January 15, 2008 the company’s authorized capital was raised to Rp. 10,519,200,000.- (US$. 1,200,000) of which Rp. 2,629,800,000.- (US$. 300,000) was issued and fully paid up. No changes have been effected in term of its shareholding composition and capital structures to date. The amendment to Articles of Association was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-13552.AH.01.02.Tahun 2008 dated March 18, 2008.
P.T. JSI was established within the framework of Foreign
Investment (PMA), which has received permit from the Capital Investment
Coordinating Board (BKPM) in 2000, to engage in the field of general mining
supporting services. But, pursuant to
the company’s notary deed, P.T. JSI engaged to operate in trading, export-import,
marketing consulting services, textile and garment industry. According to Mr. Yahya, an administrative staff P.T. JSI said that the main business of P.T. JSI was in trading and exporter of steam coal. They bought the mining
products from a number of coal mining companies located in South Kalimantan. Furthermore, the coal was exported to several countries among others, India, Malaysia, Thailand, China and others. In addition to steam coal, P.T. JSI also exported a number of other minerals such as iron ores, manganese, lead, cement and clinker. But their main business is in trading and exporter of steam coals. In its operation P.T. JSI is supported by its subsidiary companies such as PT. Shankara Impex International (export and
import of mining products and chemicals) and PT. Trisakti Consultindo (marketing and management consulting
services) and its affiliated companies PT. Maha Sakti Indotama, PT. Trisakti Minerals & Resources and PT. Faircgold International Indonesia. We noticed that P.T. JSI was a relatively small-sized company in the country, which its operations appeared to increase slowly in the last three years.
Generally we find the demand of minerals such as coal, iron ore, copper, gold, silver, iron ore, tin, copper and others has kept on rising by at least 5% per years in the last five years. The mineral mining activities in Indonesia is seen from the total production of minerals and export growth of coal as below.
Production Growth of Some Minerals
In Indonesia, 2005 – 2010*
|
Year |
Tin Ore Concentrate (Ton) |
Copper Ore Concentrate (Ton) |
Nickel Ore (Ton) |
Bauxite (Ton) |
Coal (Ton) |
Gold (Kg) |
Silver (Kg) |
|
2005 |
78,404 |
3,553,808 |
3,706,998 |
1,419,666 |
152,722,438 |
142,894 |
326,993 |
|
2006 |
80,933 |
2,938,009 |
4,353,833 |
1,501,937 |
181,060,907 |
93,176 |
270,153 |
|
2007 |
66,137 |
2,814,952 |
7,118,438 |
1,251,147 |
174,832,673 |
117,851 |
268,967 |
|
2008 |
47,626 |
2,340,100 |
6,557,103 |
1,594,196 |
181,569,985 |
62,695 |
302,292 |
|
2009 |
44,113 |
3,484,122 |
5,806,886 |
1,276,797 |
209,344,688 |
126,963 |
321,127 |
|
2010 |
36,574 |
3,199,562 |
5,324,822 |
939,544 |
210,896,926 |
93,076 |
247,314 |
Source: Central Bureau of Statistics
(BPS) *) January – November 2010
The Export Volume and Value of Coal Products 2005 – 2010
|
Description |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
|
129,044.1 |
184,008.9 |
195,785.8 |
201,021.7 |
234,793.1 |
298,844.5 |
|
|
Value (million US$) |
4,354.0 |
6,085.7 |
6,681.5 |
10,485.1 |
13,817.3 |
18,499.3 |
Source:
Central Bureau of Statistic (BPS)
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management of P.T. JSI is very reclusive to outsider and rejected to disclose its financial condition. But we estimate the total sales turnover in 2008 amounted to US$. 17.0 million, increased to US$. 19.0 million in 2009 rose again to US$. 22.0 million in 2010 and estimated it will be higher by 10% to 12% in 2011. The operation of P.T. JSI in 2010 is estimated to have gained a profit of US$. 1.2 million with an estimated networth of US$. 3.5 million. So far, we did not hear that the P.T. JSI having been black listed by Bank Indonesia (Central Bank) and registered in district court for detrimental cases. The company has a punctual payment habit within 1 to 3 months.
The management of P.T. JSI is headed by Mrs. Sundararaman Nalini (53) as president director, and she is assisted by Mr. Swaminathan jambunathan (58) as director. But, we believe that the prime-mover of the company is Mr. Sankaran Sundararaman (54), a businessman of India, with more than 17 years experience in trading and exporting of steam coal and iron ore. He is the founder of the TRISAKTI Group and has been a Banker and Corporate Lawyer with more than 25 years of experience as a professional. The management is handled by professional managers having wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the company’s management involved in the business malpractices 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.
Of a thorough observation we may conclude that P.T. JAYA SAKTI INDOTAMA is appraised quite feasible for normal business transaction.
Attachment:
List
of the TRISAKTI Group Members
- P.T. JAYA SAKTI
INDOTAMA (Trading and Exporter of Coal and Iron Ore)
- P.T. SHANKARA
IMPEX INTERNATIONAL (Export & Import of Minerals)
- P.T. TRISAKTI
CONSULTINDO (Business and Management Consulting Services)
- P.T. MAHA
SAKTI INDOTAMA (Mine Management Services/Operations)
- P.T. TRISAKTI
MINERALS & RESOURCES (Mineral Resources Services)
- P.T. FAIRGOLD
INTERNATIONAL INDONESIA (Own & Coal Mining in South Kalimantan)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.69.89 |
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.