MIRA
INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. JAYA ABADI GRANITAMA |
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Registered Office : |
Jalan Pangeran Jayakarta 73A Komp. Jayakarta Centre Block E 1, No. 8-9 Mangga Dua Selatan-Sawah Besar Jakarta
Pusat, 10730 |
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Country : |
Indonesia |
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Date of Incorporation : |
11.09.1997 |
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Com. Reg. No.: |
No. AHU-97324.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Natural Marble Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 357,800 |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
ABADI GRANITAMA
Address
Head Office & Showroom
Jalan Pangeran
Jayakarta 73A
Komp. Jayakarta Centre Block E 1, No. 8-9
Mangga Dua Selatan-Sawah Besar
Jakarta Pusat, 10730
Indonesia
Phones -
(62-21) 639 9088 (Hunting)
Fax - (62-21) 649 3521, 626 6626
E-mail - jabadi@centrin.net.id
Building Area - 3 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya Serang
Km. 69
Nambo Ilir Kibin
Serang, 42186
Banten Province
Indonesia
Phone -
(62-254) 401247
Fax - (62-254) 401248
Land Area - 20,000 sq.
meters
Building Space - 11,000 sq. meters
Region - Industrial
Zone
Status - Owned
Registration data
Date of Incorporation :
11 September 1997
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-13977.HT.01.01.TH.97
Dated 31 December 1997
- No. AHU-97324.AH.01.02.TH.2008
Dated 17 December 2008
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP
No.01.820.309.1-073.000
Related
Companies :
a. P.T.
BHINEKA CIRIA ARTANA (Trading and Distribution of Metal Products, Hardware, Key
and Hinge)
b. UD.
JAYA ABADI BALI MARMO (Trading and Distribution of Natural Marble)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued Capital : Rp. 850,000,000.-
Paid up Capital : Rp. 850,000,000.-
Shareholders/Owners
:
a. Mr. Jahja Widikdo -
Rp. 325,000,000.-
Address : Jl. Pangeran Jayakarta 141/A. 12
RT. 009 RW. 010, Kel.
Mangga Dua
Selatan, Kec. Sawah
Besar,
Jakarta Pusat
Indonesia
b. Mrs. Shinta Juliastuty - Rp. 212,500,000.-
Address : Jl. Taman Daan Mogot VII/8, RT. 004
RW. 001, Kel. Tanjung Duren
Utara,
Kec. Grogol Petamburan, Jakarta Barat
Indonesia
c. Mr. Yahya Effendi Widigdo -
Rp. 212,500,000.-
Address : Jl. Pangeran Jayakarta 141/A. 12
RT. 009 RW. 010, Kel.
Mangga Dua
Selatan, Kec. Sawah
Besar,
Jakarta Pusat
Indonesia
d. Mrs. Ratnawati
- Rp. 100,000,000.-
Address : Jl. Pangeran Jayakarta 141/A. 12
RT. 009 RW. 010, Kel.
Mangga Dua
Selatan, Kec. Sawah Besar,
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Natural Marble
Manufacturing
Production
Capacity :
Natural Marble - 700,000 sq.
meters p.a.
Total
Investment :
Owned Capital - Rp. 2.5
billion
Started
Operation :
1998
Brand Name :
Jaya Abadi
Granitama
Technical
Assistance :
None
Number of
Employee :
117 persons
Marketing Area
:
Local -
80%
Export -
20%
Main Customer
:
Building
contractors and Building Material Shops
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ANGSA
DAYA
b. P.T. MANDALA MARMER INDONESIA
c. P.T. PLATINUM CERAMICS INDUSTRY
d. P.T. SATYARAYA KERAMINDO INDAH
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r :
P.T. Bank UOB
BUANA Tbk
Jalan Pangeran Jayakarta Block A Unit 126-129
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 24.5
billion
2009 – Rp. 26.0
billion
2010 – Rp. 27.2
billion
Net Profit
(estimated) :
2008 – Rp. 2.0
billion
2009 – Rp. 2.2
billion
2010 – Rp. 2.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Jahja Widikdo
Directors -
a. Mrs. Shinta Juliastuty
b. Mr. Yahya Effendi Widigdo
Board of Commissioners :
Commissioner -
Mrs. Ratnawati
Signatories :
President Director (Mr.
Jahja Widikdo) or one of the Directors (Mrs. Shinta Juliastuty or Mr. Yahya
Effendi Widigdo) 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$ 357,800 on 90
days D/A
OVERALL PERFORMANCE
Based on our
investigation by visited the above address on Jalan Pangeran Jayakarta 141
Block A/12 is registered on Mr. Jahja Widikdo and his family members. According
information we collected the address previously placed by P.T. JAYA ABADI
GRANITAMA not C.V. JAYA ABADI. We observe that Mr. Jahja Widikdo is also
founder and business stakes owner of P.T. JAYA ABADI GRANITAMA. Later in 2008,
P.T. JAYA ABADI GRANITAMA was moved into new address Jalan Pangeran Jayakarta
73 A, Komp. Jayakarta Centre Block E1 No. 8-9, Central Jakarta.
P.T. JAYA ABADI
GRANITAMA (P.T. JAG) was established in Jakarta on September 11, 1997 with the
authorized capital of Rp. 200,000,000 of which Rp. 50,000,000 was issued and
fully paid up. The founding shareholders of the company are Mr. Jahja Widikdo,
his wife Mrs. Ratnawati and Mrs. Shinta Juliastuty, an Indonesian business
family of Chinese extraction. The company notary deed had been changed and in
October 2008, the authorized capital was increased to Rp. 2,000,000,000 issued
capital to Rp. 850,000,000 entirely paid up. On the same occasion his son
namely Mr. Yahya Effendi Widigdo entered into the company as new shareholder.
With this development the composition of its shareholders has been changed to
become Mr. Jahja Widikdo (38.24%), his wife Mrs. Ratnawati (11.76%), their son
Mr. Yahya Effendi Widigdo (25.00%) and Mrs. Shinta Juliastuty (25.00%). The
deed of amendments was made by Mr. Maizar, SH., a public notary in Jakarta and
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-97324.AH.01.02.TH.2008 dated December 17, 2008.
We observe Mr.
Jahja Widikdo and family members is also business stakes owners of P.T. BHINEKA
CIRIA ARTANA dealing with trading and distribution of metal products, hardware,
key and hinge, and UD. JAYA ABADI BALI MARMO dealing with trading and
distribution of natural marble.
P.T. JAG has
been in operation since 1998 dealing with natural marbles manufacturing by
managing a plant located at Jalan Raya Serang Km. 69, Serang, Banten Province
on a land of 2.0 hectares. A part of natural marbles is imported from India,
China and Spain while others are local products from Sukabumi, West Java. Mrs.
Mary, a staff of the company, said that her company produces natural marbles
sized from 5 x 60 cm until 60 x 100 cm. Some 80% of the products is locally
marketed under Black Galaxi, White Galaxi and others while the rest of 20% is
exported to South Korea and others. P.T. JAG projects span from five star
hotels to residential homes, upscale office buildings to universities.
Management of P.T. JAG explained the marble products was supplied to various
project such as Hotels (Shanri-La Hotel; The Ritz Carlton, Bali); Office
buildings (BNI Tower 1; Bapindo Building; Midplaza 1, II; Niaga Tower; Fedex
Building); Shopping Malls (Carrefour
Lebak Bulus; Carrefour Ambassador; Tunjungan Plaza; SUperMall; ITC Mangga Dua
Mall; ITC permata Hijau; Plza Semanggi; Pakuwon Supermall); and others project.
Besides, some of the marble and stone marketed through building contractors and
building materials shops in Java and others cities in the country. We observe
that P.T. JAG is classified as a medium sized company of its kind in the country
of which the operation has been growing in the last three years.
In overall views
we find the demand for marble, ceramic tiles, sanitary wares and the like had
been rising by 10% to 12% per year in the last five years, in line with the
rapid growth of property sector like hotel, apartment, real-estate, office
building, etc. Its projected the demand for ceramic tile will be rising in the
last five years. While competition, is very tight due to a large number of
similar companies operating in the country. The global economic crisis
battering the country since October 2008 followed by the sharp Rupiah
depreciation against US$, Japan Yen, EUR and other hard foreign currencies has
brought bad impact to the property and constructing businesses such as the development
of housings, real estates, office buildings, shopping buildings, apartments and
others.
The Growth of Ceramics
in Indonesia
Period 2006 – 2009
|
Description |
2006 |
2007 |
2008 |
2009 |
|
Total Production (ton) |
4,997,700 |
4,997,700 |
4,997,700 |
4,997,700 |
|
Real Production (ton) |
4,796,864 |
4,193,955 |
4,162,500 |
3,871,200 |
|
Domestic Demand (ton) |
2,484,124 |
2,500,000 |
3,926,527 |
3,760,111 |
|
Export (ton) |
525,058 |
451,454 |
434,151 |
302,360 |
|
Import (ton) |
212,318 |
148,354 |
198,178 |
168,921 |
|
Number of Employee (person) |
200,000 |
200,000 |
200,000 |
200,000 |
Source: Department of Industry,
Processed by ICB
Until this time
P.T. JAG has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
JAG 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. 24.5 billion rose to Rp. 26.0 billion in 2009 increased to Rp.
27.2 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. 2.4 billion
and the company has an estimated total networth of at least Rp. 9.0 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. JAG is led by Mr. Jahja Widikdo (66) a businessman and professional
manager with experience in natural marble manufacturing and trading. Daily
activity he is assisted by his son Mr. Yahya Effendi Widigdo (34) and Mrs.
Shinta Juliastuty (38) as directors. 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. JAYA ABADI GRANITAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.28 |
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.