MIRA INFORM REPORT
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Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ALAM JAYA LOKA |
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Registered Office : |
Perum Wisma
Permai, Jl. Wisma Permai XII No. 8, Surabaya 60115,
East Java, |
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Country : |
Indonesia |
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Date of Incorporation : |
March 1982 |
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Com. Reg. No.: |
No. AHU-AH.01.10-22045 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and Distribution of Gum Rosin and
Turpentine Oils |
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$ 190,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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. ALAM JAYA
LOKA
company Address
Head Office
Perum Wisma Permai
Jl. Wisma Permai XII No. 8
Surabaya 60115
East Java, Indonesia
Phone -
(62-31) 5932908 (hunting)
Fax - (62-31) 5994796, 5994736
Email - admin@alamjayaloka.com
Website - http://www.alamjayaloka.com
Land Area - 220 sq. meters
Office Space - 120 sq. meters
Region - Residence
Status - Owned
Date of Incorporation
March 1982
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No.
C-11731.HT.01.04.TH.2006
Dated 25 April 2006
b. No. AHU-77578.AH.01.02.Tahun 2008
Dated 23 October 2008
c. No.
AHU-AH.01.10-22045
Dated 04 December 2009
Company Status
National Private Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.150.323.2-619.000
Affiliated/Associated Company
Not Available
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp. 550,000,000.-
Issued Capital - Rp. 550,000,000.-
Paid up Capital - Rp. 550,000,000.-
Shareholders/Owners :
a. Ms. Jenny Erwina AKA Liauw Yenny Ervina - Rp.
500,000,000.- (90.9%)
Address : Jl. Tambak Segaran Wetan 74
Surabaya, East Java
Indonesia
b. Mr. Eduard Patrick Pranata - Rp. 50,000,000.- ( 9.1%)
Address : Jl. Beringin I/5
Semarang, Central Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business
:
Trading and Distribution of Gum Rosin and
Turpentine Oils
As a trading agency of PT. Perum PERHUTANI (Indonesian Forestry Company)
Production
Capacity :
None
Total Investment :
Owned Capital - Rp. 800 million
Started Operation :
1983
Brand Name :
None
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Export - 100%
Main Customers :
Main Buyers in India,
Genoa, Philippine and Casablanca (Morocco)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. NAVAL
OVERSEAS
b. P.T. MILATRONIKA KARYA NIAGA
c. P.T. NUGRAHA ARTA KENCANA
d. Etc.
Business Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank MANDIRI Tbk
Jembatan Merah
Branch
Jl. Jembatan Merah
No. 25-27
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation case in the local commercial courts
FINANCIAL FIGURE
Annual Sales (estimated) :
2007 – Rp. 11.5
billion
2008 – Rp. 9.6 billion
2009 – Rp. 12.8
billion
2010 – Rp. 14.2
billion
2011 – Rp. 7.7 billion (January – June)
Net Profit (Loss)
:
2007 – Rp. 550 million
2008 – Rp. 490 million
2009 – Rp. 620 million
2010 – Rp. 680 million
2011 – Rp. 360 million (January –
June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Ms. Jenny Ervina AKA Liauw
Yenny Ervina
Board of Commissioners :
President Commissioner - Mr. Eduard Patrick Pranata
Commissioner -
Ms. Peggy Leonardo
Signatories :
Director (Ms. Jenny Ervina AKA Liauw
Yenny Ervina) which must be approved by Board of Commissioner (Mr. Eduard
Patrick Pranata and Ms. Peggy Leonardo)
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$ 190,000.- on the 90 days of payments
OVERALL PERFORMANCE
P.T. ALAM JAYA LOkA (P.T. AJL) was established in Surabaya (East Java) in 1982 with an authorized capital of Rp 100,000,000, of which Rp 50,000,000 was issued and paid up. The company was founded by (the late) Mr. Legowo Handowo and his younger brother Mr. Sudibyo as the original shareholders. They are an Indonesian business family of Chinese extraction. The company's shareholder line-up was since changed a couple of times. In 1992 Mr. Legowo Handoyo died, and all his shares were taken over by another younger brother of his namely Mr. Indro Handoyo. In March 2006, the authorized capital was increased to Rp. 550,000,000.- entirely was issued and paid up. Concurrently, the company's shareholders are Ms. Jenny Ervina AKA Liauw Yenny Ervina (90.9%) and Ms. Peggy Leonardo (9.1%). The deed of amendment was made by Mr. Djunaidi Gunawan, SH., a public notary in Surabaya under Company Registration Number C-11731.HT.01.04.TH.2006, dated April 25, 2006 and No. AHU-77578.AH.01.02.Tahun 2008, dated 23 October 2008.
In March 2009, Ms. Peggy Leonardo pulled out and her shares are sold to Mr. Eduard Patick Pranata, an Indonesian businessman of Chinese extraction. The deed of amendment was made by Ms. Rina Rustianing Warni, SH., a public notary in Surabaya under Company Registration Number AHU-AH.01.10-22045 dated December 4, 2009. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. AJL has been in operation in trading and distribution of timber related products, namely Gum Rosin and Turpentine oil since 1983. The company has been appointed as a distributor and trading agency by the state-owned forestry company PT. Perum PERHUTANI. Ms. Jeannette, an administrative staff of P.T. AJL explained that the above product is entirely exported to India (Neva Seva), Maroko (Casablanca), Genoa several European countries, including Italy and Germany. Ms. Jeannette added that the company has lately been having difficulty expanding its marketing network because of limited allocations from PT. Perum PERHUTANI. Beside that the international market demands for gum resin very slowly. We consider P.T. AJL's operations to be on the whole still of a small scale with fluctuating volumes and its operations are much dependent on PT. Perum PERHUTANI's gum resin production. We observed that P.T. AJL is classified as a small sized company of its kind in the country of which the operation has been fluctuating in the last five years.
We find that generally the international market demand for gum resin and turpentine oil has been rising by about 6% to 8% per year in the last five years, in line with the growth of paint production. The demand is projected to go on increasing by at least 8% per year in the next five years. Meanwhile, the gum resin trade is highly competitive with many companies now operating in this business line in Indonesia. P.T. AJL is finding itself in some difficulty in this business for having been given only limited allocations by PT. Perum PERHUTANI. The company has been unable to supply demand from a number of new buyers.
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. AJL is very closed to outsiders and rejected to disclose its financial conditions. The sales turnover in 2008 is estimated to have reached Rp. 9.6 billion with a net profit of Rp. 490 million increased to Rp 12.8 billion with a net profit of Rp. 620 million in 2009 and rose again to Rp 14.2 billion with a net profit of Rp 680 million in 2010. It is forecasted that their sales turnover will increase again about 8% in 2011. So far, we have never heard that the company has been black listed by Bank Indonesia (Central Bank). Its payment to suppliers is running punctually.
P.T. AJL's management is headed by Ms. Jenny Ervina AKA Liauw Yenny Ervina (61), who already has about 15 years of experience in trading and distribution of gum rosin and turpentine oils. In day-to-day business, she is assisted by a staff of several professionals with wide experience in the above trade. They have wide relations in national and foreign private business circles and in the ranks of government authorities, particularly at PT. Perum PERHUTANI and the Department of Forestry. So far, we have never yet heard of the company's management having been involved in business malpractices. We are convinced that P.T. ALAM JAYA LOKA is sufficiently fairly good for normal business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
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UK Pound |
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
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.