MIRA
INFORM REPORT
|
Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. JAVAPRIMA ABADI |
|
|
|
|
Registered Office : |
Jalan Lingkar Arteri Yos Sudarso No. 1 Kaligawe, Semarang, 50243 Central Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1969 |
|
|
|
|
Com. Reg. No.: |
No. AHU-100713.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Roasted Coffee Bean and Powder Coffee Manufacturing |
|
|
|
|
No. of Employees : |
176 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 1,900,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T.
JAVAPRIMA ABADI
Address
Head Office & Factory
Jalan Lingkar
Arteri Yos Sudarso No. 1
Kaligawe,
Semarang, 50243
Central Java
Indonesia
Phones -
(62-24) 6590897, 6590898, 6590899
Fax - (62-24) 6666138, 6590896
E-mail - info@jpa-coffee.com
Website - http://www.kopiluwak.org
Land Area - 10,000 sq.
meters
Building Space - 7,500 sq. meters
Region - Industrial
Zone
Status - Owned
Registration data
Date of Incorporation :
1969
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-UM.02.01.17649
Dated 6 December 2005
- No. AHU-100713.AH.01.02.TH.2008
Dated 31 December 2008
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.563.630.1-511.000
Related
Company :
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
5,000,000,000.-
Issued Capital : Rp.
1,420,000,000.-
Paid up Capital : Rp.
1,420,000,000.-
Shareholders/Owners
:
a. Mr. Agus Susanto -
Rp. 852,000,000.-
Address :
Jl. Sisingamangaraja Golf. 5, RT. 003
RW. 004, Kel.
Kaliwiru, Kec. Candisari
Semarang,
Central Java
Indonesia
b. Mr. Iwan Susanto -
Rp. 568,000,000.-
Address : Jl. Tentera Pelajar No. 4, RT. 003 RW.
005, Kel. Lamper Kidul, Kec. Semrang
Selatan, Central Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
a. Roasted Coffee Bean and Powder Coffee
Manufacturing
b. Coffee Shop Management and Services
Production
Capacity :
Roasted Coffee
Bean and Coffee Powder - 8,000 tons
per year
Total
Investment :
a. Equity Capital - Rp. 1.4 billion
b. Loan Capital - Rp. 2.5 billion
c. Total Investment - Rp. 3.9 billion
Started
Operation :
1969
Brand Name :
Javaprima Abadi
Technical
Assistance :
None
Number of
Employee :
176 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. JJ MULTI
UTAMA INDONESIA
b. P.T. SANTOS JAYA ABADI
c. P.T. SARIMAKMUR TUNGGAL MANDIRI
d. P.T. SARI OPAL NUTRITION
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan
Pemuda No. 9-92
Semarang,
Central Java
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan
Hasanuddin No. 91
Semarang,
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 129.0
billion
2009 – Rp. 138.0
billion
2010 – Rp. 147.0
billion
2011 – Rp. 77.5 billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 10.3
billion
2009 – Rp. 11.0 billion
2010 – Rp. 11.8
billion
2011 – Rp. 6.2 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Agus Susanto
Operational Manager -
Mr. Jeff Susanto
Board of Commissioners :
Commissioner -
Mr. Iwan Susanto
Signatories :
Director (Mr. Agus
Susanto) which must be approved by Board of Commissioner
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$ 1,900,000 on
90 days D/A
OVERALL PERFORMANCE
Originally the
Head Office and Factory located at Jalan Tentara Pelajar No. 2, Semarang,
Central Java. However since the end 2011 the plant was moved into new address
at Jalan Lingkar Arteri Yos Sudarso No.1, Kaligawe, Semarang, Central Java.
P.T. JAVAPRIMA
ABADI (P.T. JPA) was established in Semarang, Central Java in 1969, is one of
the largest family-owned coffee companies in Indonesia. Having a long and
fabulous history, the company grew from a small industry company in its home
town, Semarang, Central Java where the founder, Mr. Tan Hok Seng introduced the
Most Expensive Coffee in the World – “Kopi Luwak”. Aiming at the highest
quality of Kopi Luwak coffee, countless hours have been spent on mastering all
kinds of coffee skills and knowledge, with every single process taken
cautiously. Having a well-established brand, the company was also certified by
the Department of Industry and Trade, Indonesia to use the trademark “Kopi
Luwak” exclusively in respect of this unique coffee product. In April 1997 the
authorized capital amounted at Rp. 100,000,000 issued capital at Rp. 25,000,000
fully and paid up. On the same occasion the shareholders are Mr. Agus Susanto
and Mr. Iwan Susanto, both are Indonesian business family of Chinese descent.
According to notary deed of Mr. Subiyanto Putro, SH., No. 36 the authorized
capital was raised to Rp. 5,000,000,000 issued capital to Rp. 1,420,000,000
entirely paid up. With this development the composition of its shareholders has
been changed to become Mr. Agus Susanto (60%) and Mr. Iwan Susanto (40%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-100713.AH.01.02.TH.2008 dated December 31, 2008.
P.T. JPA is one
of the producers of roasted coffee bean and powder coffee in the country which
has been operating since 1969. The plant is located at Jalan Lingkar Arteri Yos
Sudarso No.1, Kaligawe, Semarang, Central Java standing on 10,000 sq. meters
land. Being one of the largest coffee roasting companies in Indonesia, P.T. JPA
always make efforts to increase production capacity to achieve more than 8,000
tons per year. With supported by equal capability to complete next processing
steps (green coffee processing, roasting, degassing silo, blending, grinding
and packaging). Later the company’s operation had been growing and since opened
their first store in 1999, P.T. JPA is steeped in tradition as rich as its
coffee. As one of the largest family-owned coffee company in Indonesia, their
company’s roots grew from a small home industry company in Semarang, Central
Java where the founder the late Mr. Tan Hok Seng produced his Kopi Luwak as
“The Most Expensive coffee in the World”.
P.T. JPA products are: Green Coffee, Roasted whole bean coffee, Roasted
ground coffee, Instant coffee, and 3in1 instant coffee mixes.
Kopi Luwak
coffee comes from the Indonesian Island of Java and Sumatra, an area well known
for its excellent coffee. Also native to the area is a small civet-like animal
called a Paradoxurus. That's the scientific name, the locals call them Luwaks.
These little mammals live in the trees and one of their favorite foods is the
red, ripe coffee cherry. They eat the cherries, bean and all. While the bean is
in the little guy's stomach, it undergoes chemical treatments and
fermentations. The bean finishes its journey through the digestive system, and
exits. The still-intact beans are collected from the forest floor, and are
cleaned, then roasted and ground just like any other coffee.
P.T. JPA focused
on creating the perfect cup of Kopi Luwak coffee every time. That’s why they
spend countless hours mastering every aspect of the coffee business: sourcing
only the finest Kopi Luwak Arabica beans in Indonesia; exclusively roasting
them by hand in small batches; and finally, pursuing a flawless brewing process
everywhere Kopi Luwak coffee is served. Kopi Luwak great coffees from Indonesia
are hard to find. Unique characteristics resulting from the unique natural
fermentation and harvesting techniques profoundly impact the flavor of every
bean. We search for lots that embody the best traits of that growing region in
Sumatra and Java Island, and from there we discover the most distinct coffees
by conducting multiple cupping. Their patented Kopi Luwak coffee offers
certification of authenticity and world standard of health certifications.
P.T. JPA
possesses ability to provide slow roasting and high speed roasting profile up
to customize customer needs. Since the foundation of company, R&D
department was established and joint with Quality Control to improve the
standard of quality by correcting changes to machinery to meet the needs of the
international requirements of quality of products. Under this reason so within
2009 P.T. JPA will be bestowed ISO 9001:2000 certification for quality
management system. From the basic green coffee purchasing to the finished
products, our R&D is always ready to take on new projects and is always
open to our client needs. Recently we are supplying instant and roasted coffee
for Local Indonesia market and export market to USA, Europe and Asia. Being the
sole distributor of Kopi Luwak coffee in Hong Kong, Kopi Luwak Limited
endeavors to deliver the finest 100% Authentic Kopi Luwak coffee to our dearest
customers and coffee lovers, with guaranteed freshness in every single cup.
Besides, P.T. JPA is also manages a Coffee Shops located in Jakarta (11
outlets); Semarang (4 outlets), Yogyakarta (1 outlets), Bali and Makassar. We
observe the operation of P.T. JPA has been growing and developing well in the
last three years.
Generally observed that the demand
for coffee beans has kept on fluctuating within the last seventh years in line
with the development of coffee beans export price and volume. Volatility of
export value of coffee beans is a result of the decline in international coffee
prices in the market and also a flood of stock coffee export market. Based on
data from Indonesian Central Bureau of Statistic (BPS) indicated that the
export volume of coffee beans has in 2005 amounted to 442.8 thousand tons worth
of US$ 497.7 million decreased respectively to
411.5 thousand tons worth US$ 583.2 million in 2006 dropped to 315.5
thousand tons worth US$ 633.7 million in 2007 to 467.9 thousand tons of US$
989.0 million in 2008 rose to 510.1 thousand tons worth US$ 822.1 million in
2009 dropped to 432.7 thousand tons worth US$ 812.3 million in 2010. Market
competition is very sharp for many other similar export oriented companies
operating in the country. We consider P.T. JPA to be in a quite favorable
position for having already got hold of a steady clientele in the country and
abroad.
Export Volume and Value of Coffee Bean,
2002-2010
|
Tea |
Volume (Thousand Ton) |
Value (Million US$) |
|
2005 |
442.8 |
497.7 |
|
2006 |
411.5 |
583.2 |
|
2007 |
315.5 |
633.7 |
|
2008 |
467.9 |
989.0 |
|
2009 |
510.1 |
822.1 |
|
2010 |
432.7 |
812.3 |
Source: Central
Bureau of Statistic, processed by ICB
Until this time
P.T. JPA has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of P.T. JPA
is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2008
amounted to Rp. 129.0 billion rose to Rp. 138.0 billion in 2009 increased to
Rp. 145.0 billion in 2010. As from January to June 2011 the sales turnover has
reached at least of Rp. 77.5 billion with a net profit of at least Rp. 6.2
billion and projected to go on rising by at least 5% in 2012. The company has
an estimated total net worth of at least Rp. 11.0 billion. So far, we did not
heard 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. JPA is led by Mr. Agus Susanto (84) a businessman and professional
manager with experience in roasted coffee bean and powder coffee processing,
trading, coffee shops management and services. The company's management is
handled by professional staff in the above business. They have wide relations
with private businessmen within and outside the country. So far, we did not
hear that the management of the company being filed to the district court for
detrimental cases or involved in any business malpractices. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. JAVAPRIMA ABADI is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
-- |
NB |
New Business |
-- |
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.