MIRA INFORM REPORT
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Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. JUTARASA ABADI |
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Registered Office : |
Jalan Rawa Udang No. 3, Kawasan Industri Pulogadung, Rawa Terate, Cakung, Jakarta Timur, 13920 |
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Country : |
Indonesia |
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Date of Incorporation : |
09.04.1985 |
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Com. Reg. No.: |
No. AHU-13444.AH.01.02.TH.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution, Supply of Fragrances, Flavors, Food Color, Natural Aromatic and Specialty Ingredients |
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$ 921,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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. JUTARASA ABADI
company Address
Head Office
& Warehouse
Jalan Rawa Udang No. 3
Kawasan Industri Pulogadung
Rawa Terate, Cakung
Jakarta Timur, 13920
Indonesia
Phone - (62-21) 461 9555 (Hunting)
Fax -
(62-21) 461 4031
E-mail -
ja-flavdiv@centrin.net.id
Website - http://www.jutarasa.co.id
Land Area - 2,600 sq. meters
Building Space - 1,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
9 April 1985
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The Ministry of Law and Human
Rights
- No.
C2-4914.HT.01.01.TH.85
Dated
7 August 1985
- No.
AHU-13444.AH.01.02.TH.2011
Dated
22 February 2011
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.371.119.7-007.000
The Department of Trade &
Industry
- SIUP
No. 88/09-03/PB/85
Dated
2 May 1985
- TDP
No. 090415113153
Dated
18 November 1999
Related Companies
a. P.T. BINTANG KREASI AROMA (Food Ingredients and Natural Extract
Manufacturing)
b. P.T. DJASULA WANGI (Trading and Exporter of Essential Oil and Vanilla
Beans)
c. P.T. KEITH HARRIS INDONESIA (Manufacture of Fragrances, Flavors, Colors & Aromatic
Chemical)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
15,000,000,000.-
Issued Capital : Rp. 7,500,000,000.-
Paid up Capital : Rp. 7,500,000,000.-
Shareholders/Owners :
a. Mr. Hendra Kristiadi Narpati - Rp. 5,250,000,000.-
Address : Jl. Raya Pelepah Indah Block LC 3/7
Rt. 001/ Rw. 006, Kelapa Gading
Barat
Jakarta Utara
Indonesia
b. Mr. Dwigoro
Santoso Narpati - Rp. 1,400,000,000.-
Address : Jl. Margorejo Indah
XI/47
Wonocolo,
Surabaya, East Java
Indonesia
c. Mr. Bonifasius Iwan Narpati - Rp. 750,000,000.-
Address : Jl. Al Basia Raya C 8/4 Rt. 010/Rw. 004
Kedoya Selatan, Jakarta
Barat
Indonesia
d. Mr. Budiharsono Narpati
- Rp. 100,000,000.-
Address : Jl. Bengawan No. 39 Rt. 04/Rw. 02,
Kelurahan Darmo, Surabaya,
East Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
a. Trading, Distribution, Supply
of Fragrances, Flavors, Food Color, Natural Aromatic and Specialty
Ingredients
b. Investment Holding
Sole Distributor of :
a. P.T. BINTANG KREASI AROMA of
Indonesia
b. CHARABOT of France
c. EXIN of Brazilia
d. FOOD SPECTRUM of Australia
e. NU MEGA of Australia
f. NU SOYA of Australia
Production Capacity :
None
Total Investment :
None
Started Operation :
June 1985
Brand Name :
Jutarasa
Technical Assistance :
None
Number of Employee :
92 persons
Marketing Area :
Local - 100%
Main Customers :
a. P.T. HEINZ ABC INDONESIA
b. P.T. ABC PRESIDENT ENTERPRISES
INDONESIA
c. P.T. JAKARANA TAMA
d. P.T. MARTINA BERTO
e. P.T. KIMIA FARMA Tbk
f. P.T. MARIZARASA
g. P.T. MUSTIKA RATU
h. P.T. TRIPLE ACE INDONESIA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SYMRISE INDONESIA
b. P.T. MANE INDONESIA
c. P.T. ESSENCE INDONESIA
d. P.T. FIRMENICH INDONESIA
e. P.T. KABUINCO JAYA
f. P.T. JDH ERINDO JAYA
g. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank DANAMON INDONESA Tbk
Jalan Prof. DR. Satrio Kav. E
IV No. 6
Kuningan, Jakarta Selatan
Indonesia
b. P.T. Bank NIAGA Tbk
Jalan Gajah Mada 18
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our
database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 60.0 billion
2009 – Rp. 65.0 billion
2010 – Rp. 70.0 billion
Net Profit (estimated) :
2008 – Rp. 4.8 billion
2009 – Rp. 5.2 billion
2010 – Rp. 5.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Hendra Kristiady Narpati
Board of Commissioners :
Commissioner - Mr.
Budiharsono Narpati
Signatories :
Director
(Mr. Hendra Kristiady Narpati) which must be approved by Board of Commissioners
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$ 921,000 on the 90 days of
payments
OVERALL PERFORMANCE
P.T. JUTARASA ABADI (P.T. JA) was established in Jakarta on 9 April 1985 with an authorized capital of Rp. 500,000,000 issued capital of Rp. 300,000,000 was paid up. The foundering shareholders are Mr. Budiharsono Narpati and Mr. Santoso Undoyo, both are Indonesian businessmen of Chinese origins. The notary deed had been changed a couple of times. In August 1998, the authorized capital was increased to Rp. 15,000,000,000 issued capital to Rp. 7,500,000,000 entirely paid up. On the same occasion Mr. Santoso Undoyo pulled out and into the company entered by Mr. Hendra Kristiandy Narpati, Mr. Jacky Husong Narpati, Mr. Binifasius Iwan Narpati, as new shareholders. The latest in February 2011 Mr. Jacky Husong Narpati withdrew and the whole share sold to Mr. Dwigoro Santoso Narpati as new shareholder. With this time the composition of its shareholders has been changed to become Mr. Hendra Kristiandy Narpati (70%), Mr. Dwigoro Santoso Narpati (18.67%), Mr. Bonifasius Iwan Narpati (10%) and Mr. Budiharsono Narpati (1.33%). The latest revision of notary documents was made by Mr. Haji Rakhmat Syamsul Rizal, SH., MH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-13444.AH.01.02.TH.2011 dated March 16, 2011.
We see that majority shareholder of the company is controlled by Mr. Hendra Kristiady Narpati. He is also founder and majority business stakes of P.T. BINTANG KREASI AROMA dealing with food ingredients and natural extract manufacturing, P.T. DJASULA WANGI dealing with trading and exporter of essential oil and vanilla beans and P.T. KEITH HARRIS INDONESIA in manufacture of fragrances, flavor, colors and aromatic chemicals.
P.T. JA had been operating since 1985 in trading, distribution and supply of fragrances, flavors, food color, natural aromatic, and specialty ingredients. The merchandising goods products such as raw material (cloudy, xanthan gum) flavor (buleberry, raspberry, strawberry, butter milk, vanilla, orange, graperfruit, cherry, mango), aromatic chemical and food additives, fragrances, natural flavor and extracts, natural raw materials and tobacco flavors, soy derivatives products and specialty ingredients.
P.T. JA is a distributor of P.T. BINTANG KREASI AROMA of Indonesia, CHARABOT of France, EXIN of Brazil, FOOD SPECTRUM of Australia, P.T. KEITH HARRIS INDONESIA of Indonesia, NU MEGA and NU SOYA both of Australia. The whole commodities are sold to cosmetic, food and beverages industries, personal care industries, household, tobacco processing, pharmaceutical industries in Indonesia such as P.T. ABC PRESIDENT FOOD INDUSTRY, P.T. HEINZ ABC INDONESIA, P.T. MUSTIKA RATU, P.T. MARTINA BERTO, P.T. RUDI SOETADI & CO., P.T. INDOPHARMA Tbk, P.T. KIMIA FARMA, etc. P.T. JA operates 15 offices around Indonesia and 81-strong sales force in 7 major cities namely Jakarta, Surabaya, Semarang, Bandung, Makassar, Denpasar, Medan and many other independent stock points covering the whole domestic market area. The company has more than 2000 clientele, ranging from home industry to multinational companies.
Besides, P.T. JA also engaged in investment holding by controlling 10% shares of P.T. KEITH HARRIS INDONESIA dealing with fragrances, flavors, colors & aromatic chemical manufacturing. We see the operation of P.T. JA has been growing and developing well in the last three years.
The demand for
ingredients and food ingredients and food seasoning products has kept on rising
by 10% to 12% per annum in the last three years in line with the sustained
growth in food and beverage processing industry in Indonesia as well as the
improving of population income. The demand growth will go on rising by 10% per
annum in the next three years. Market competition is very sharp considering
many other similar imported products offering on the local markets. P.T. JA in
this case is not doing very badly on account of it has built a fairly close
connection with several leading food and beverages processing plants in
Indonesia. We are sure that P.T. JA has high ability to further expand its
business in the future.
Until this time
P.T. JA has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. JA 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. 60.0 billion
rose to Rp. 65.0 billion in 2009 increased to Rp. 70.0 billion in 2010 and
projected to go on rising by at least 5% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 5.6 billion and the company has an
estimated total networth of at least Rp. 22.0 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. JA is led by Mr. Hendra Kristiandy Narpati (48) a businessman with has
experienced for more than 20 years in trading, distribution, supply and
manufacture of fragrances, flavors, food colors, aromatic chemical and
specialty ingredients. We observed that management’s reputation in said
business is fairly good. 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. JUTARASA ABADI is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.94 |
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UK Pound |
1 |
Rs.71.89 |
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Euro |
1 |
Rs.64.09 |
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 |
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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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.