MIRA INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. JASUM JAYA |
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Registered Office : |
Jalan A. Rivai No. 28, Kelurahan Jati, Kec. Medan Maimun, Medan, 20152, North Sumatera |
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Country : |
Indonesia |
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Date of Incorporation : |
26.02.2008 |
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Com. Reg. No.: |
No. AHU-14844.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Export of Agribusiness Commodities Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 296,000 |
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Status : |
Moderate |
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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. JASUM JAYA
companj Address
Head Office
Jalan A. Rivai
No. 28
Kelurahan Jati,
Kec. Medan Maimun
Medan, 20152
North Sumatera
Indonesia
Phone -
(62-61) 455 7100 (Hunting)
Fax - (62-61) 4152481
E-mail - trade@agrimLtd.com
Building Area - 200 sq. meters
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
26 February 2008
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law
and Human Rights
- No. AHU-25298.AH.01.01.TH.2008
Dated 14 May 2008
- No. AHU-14844.AH.01.02.TH.2009
Dated 23 April 2009
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 02.718.316.9-059.000
The Department of
Industry and Trade
TDP No.
09.05.1.53.59374
Dated 12 June
2008
The Capital
Investment Coordinating Board
- No. 1334/I/PMA/2008
Dated 13 August 2008
- No. 177/III/PMA/2009
Dated 12 February 2009
Related Company
AGRIM INDUSTRIES
LTD., British Virgin Island (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
600,000.-
Issued Capital : US$
150,000.-
Paid up Capital : US$ 150,000.-
Shareholders/Owners
:
a. AGRIM
INDUSTRIES LTD. -
US$ 127,500.-
Address : P.O. Box 957, Offshore
Incorporation
Centre, Road Town
Tortola,
British Virgin Island
b. Mr. Anoop
Khandelwal -
US$ 22,500.-
Address : 210 Sector-B,
Indrapuri Bhopal-462021
Madhya Pradesh
India
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Export of Agribusiness Commodities Products
Production
Capacity :
None
Total
Investment :
a. Equity Capital - US$ 150,000.-
b. Loan Capital -
US$ 200,000.-
c. Total Investment - US$ 350,000.-
Started
Operation :
March 2008
Brand Name :
Jasum Jaya
Technical
Assistance :
None
Number of
Employee :
10 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in India,
Dubai, Brazil, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIA
AGROMAS ABADI
b. P.T. ALAM INDORAMA
c. C.V. BUMI DJAJA
d. C.V. JAYA
BERSAMA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank NEGARA
INDONESIA Tbk
Jalan Imam Bonjol
No. 7
Medan, North
Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 19.5
billion (March – December)
2009 – Rp. 21.0
billion
2010 – Rp. 22.5
billion
Net Profit
(estimated) :
2008 – Rp. 1.3
billion
2009 – Rp. 1.5
billion
2010 – Rp. 1.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Anoop Khandelwal
General Manager -
Mrs. Poonam Sethi
Board of Commissioners :
Commissioner -
Mr. Iznanizmah
Signatories :
Director (Mr. Anoop
Khandelwal) 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$ 296,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. JASUM JAYA (P.T. JJ) was incorporated in Jakarta on February 26, 2008 with the authorized capital of US$ 600,000 issued capital of US$ 150,000 entirely paid up. The founding shareholders of the company are AGRIM INDUSTRIES LTD., of British Virgin Island (85%) and Mr. Anoop Khandelwal (15%). The deed of notary document was made by Mrs. Ingrid Lannywaty, SH., a public notary in Jakarta and approved by the Ministry of Law and Human Rights in its decision letter No. AHU-25298.AH.01.01.TH.2008 dated May 14, 2008. The company notary documents had been changed and in February 2009 the company legal domicile had moved into Medan, North Sumatera. The changes of legal domicile of the company was made by Mrs. Minarny Theh, SH., a public notary in Medan, North Sumatera and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-14844.AH.01.02.TH.2009 dated April 23, 2009.
We observe the majority shareholder AGRIM INDUSTRIES LTD., is a private company based in British Virgin Island which majority business stakes is controlled by Mr. Anoop Khandelwal and his wife Mrs. Poonam Sethi.
P.T. JJ had been operating since March 2008 in trading and
exporter agricultural commodities products. The Company have acquired in-depth knowledge of regional products over a period of
time, which has helped develop an international customer base for the company.
P.T. JJ has business base in Indonesia, India and Dubai through parent company
AGRIM Industries Ltd., is the largest exporter of Desiccated coconut from North
Sumatera, Indonesia to Middle East, Europe and Laitn American countries. P.T.
JJ export of coffee bean, cocoa bean, nutmeg, gambir, walnuts, cashews, corn,
clove, betel nuts, desiccated coconut oil, virgin coconut oil (VCO), palm
kernel, crude palm oil etc. The company has expanded into processing of
agricultural products grown in Indonesia to ensure quality and regular supply
of products. The company is active is supplying of Animal & Poultry feeds
like Soybean Meal, Canola & Rape seed meal to various feed factories from
India, Dubai and Canada. The company emphasizes on developing trusted and long
lasting relationship with its buyers and suppliers. The whole
agricultural product bought from farmer in North Sumatra and Nangroe Aceh
Darusalam. Then, the whole products are exported to India and Chitagong,
Bangladesh. Mr. Anoop Khandelwal, the director of the company disclosed that it
has exported some 100 tons per month of betel nut and other commodities to
India and Bangladesh. Besides, the company has export of desiccated coconut to
Dubai, and Brazil. We observed that P.T. JJ is classified a small size of its kind in the country of which the
operation has been growing in the last three years.
We have noticed that the demand for agricultural products had increased some 10% to 11% 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 6% to 7% 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. JJ to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.
Export Volume of Agricultural Products, 2005-2009
(Thousand Tons)
|
Products |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
45,7 4,8 442,8 107,3 368,7 31,5 |
42,6 9,2 411,5 114,1 494,1 29,4 |
55,6 8,7 315,5 114,1 381,9 25,6 |
83,8 9,6 467,9 114,8 382,5 30.0 |
82,9 10,0 510,1 110,4 440,3 32,8 |
Export Value of Agricultural Products, 2005-2009
(Million US$)
|
Products |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
48,0 46,4 497,7 138,0 468,2 62,9 |
51,1 14,3 583,2 188,6 620,3 57,3 |
73,2 12,3 633,7 258,5 623,1 56,6 |
125,1 16,3 989,0 283,7 856,2 73,7 |
144,3 12,8 822,1 239,6 1,088,2 93,7 |
Source: Central Bureau of
Statistic, processed by ICB
Until this time P.T. JJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. JJ is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first year operation March to December 2008 amounted to Rp. 19.5 billion rose to Rp. 21.0 billion in 2009 increased to Rp. 22.5 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. 1.8 billion and the company has an estimated total networth of at least Rp. 3.0 billion. We observe that P.T. JJ is supported by foreign partner with has financially strong and sound behind it. 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. JJ is led by Mr. Anoop Khandelwal
(41) a businesswoman with 11 years of experience in trading and exporter of
agricultural products. Daily operation he assisted by his wife Mrs. Poonam
Sethi (40) as General Manager. 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. JASUM JAYA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
RATING EXPLANATIONS
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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 |
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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 |
|
<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.