|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
C.V. INDO JAYA PRATAMA |
|
|
|
|
Registered Office : |
Jalan
Kedungrejo – Muncar, Banyuwangi, 68472, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Legal Form : |
Partnership with Sleeping Partner |
|
|
|
|
Line of Business : |
Canned Sardine
(Seafood) Processing |
|
|
|
|
No. of Employees : |
178 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No complaints |
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|
|
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 :
C.V. INDO
JAYA PRATAMA
A d d r e s s
:
Head Office &
Factory
Jalan Kedungrejo
– Muncar
Banyuwangi, 68472
East Java
Indonesia
Phones -
(62-333) 597 050, 595 711
Fax - (62-333) 591 644, 593 478
E-mail - marketing@indojayapratama.com
Website - http://www.indojayapratama.com
Land Area - 8,500 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
1999
Legal Form :
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner
Company Reg.
No. :
Not Required
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Ministry of Marine Affairs and Fisheries
Certificate (HACCP) No. 384/PP/HACCP/P1/8/10
Dated 16 August
2010
Related Company
:
None
Capital
Structure :
Owned Capital : Rp.
2,000,000,000.-
Shareholders/Owners
:
a. Mr. Heru Santoso (Active Partner)
b. Mr. Arif Mufadhol (Silent Partner)
Lines of
Business :
Canned Sardine
(Seafood) Processing
Production
Capacity :
a. Fish Meal - 250 tons p.a.
b. Canned Fish -
10,000 tons p.a.
c. Frozen Sardine -
2,000 tons p.a.
d. Jelly Fish - 500 tons p.a.
Total
Investment :
Owned Capital - Rp. 2.0
billion
Started
Operation :
1999
Brand Name :
Indo Jaya Pratama
Technical
Assistance :
None
Number of
Employee :
178 persons
Marketing Area
:
Export -
90%
Local - 10%
Main Customer
:
Buyers in
Malaysia, Japan, Africa, America
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BALI MAYA
MUNCAR
b. P.T. DEHO
CANNING
c. C.V. INDONESIA
SARDINE
d. C.V. PASIFIC
HARVEST
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Jend. Sudirman No. 85-87
Banyuwangi, East Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Dr. Sutomo
Banyuwangi, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 35.0
billion
2010 – Rp. 37.0
billion
2011 – Rp. 39.0
billion
Net Profit
(estimated) :
2009 – Rp. 2.4
billion
2010 – Rp. 2.6
billion
2011 – Rp. 3.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Heru Santoso
Marketing Manager -
Mrs. Sisca Wulan
Board of Commissioners :
Commissioner -
Mr. Arif Mufadhol
Signatories :
Director (Mr. Heru
Santoso) is only the authorized person to sign the loan on behalf of the
company.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
C.V. INDO JAYA
PRATAMA (C.V. IJP) was established in 1999 in Banyuwangi, East Java with the
legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping
Partner. The founding and owners of the company are Mr. Heru Santoso as active
partner and Mr. Arif Mufadhol as silent partner. Both are Indonesian
businessmen of Chinese extraction. As in common in cases of companies with C.V.
status, there is no mention in the company’s notarial act of its capital
structure. But going by the company’s conditions, we estimate its capital at
some Rp. 2.0 billion.
C.V. IJP is a
private national company which operating since 1999 engaged in the field of
canned sardine (Seafood) processing by manages a plant located at Jalan
kedungrejo – Muncar, Banyuwangi, East Java sanding on 8,000 sq. meters of land.
Originally the plant produces of fish meal and then developed Coldstorage in
the same area. Later in 2009 the company started to spread to other business
that the canning of fish where the fish are equipped with the modern and
automated tools. The plant has been produces of fish meal, canned fish (sardine
tomato, sauce, sardine in chili, sauce, sardine in oil, sardine in brine)
frozen fish (sardine in frozen), and jelly fish.
Mrs. Siskawati,
marketing executive of the company said the company is able to export of canned
fish with capacity 8 containers (size 40 feet) per month to Malaysia, Africa,
Middle East, America and Oceania. Meanwhile jelly fish exported with capacity 4
containers per month to China; and Frozen Fish exported with capacity 2
containers per month to Japan. Besides, the rest marketed locally based on job
orders basis from the customers. Mostly of raw materials like fish obtained
from East Java, Eastern part if Indonesia and others. Currently C.V. IJP is
also imported of muroaji fish (ikan lemur) from India. Mrs. Siskawati added the
whole products using ORMO (Orang Muncar) and SARDINKU brands. We observe that
C.V. IJP’s operation has been growing and developing well in the last three
years.
The Indonesian
water particularly in Indonesian Economic Zone is still dominated by foreign
fishing boats who catching fish illegally. The prolonged economic crisis caused
the procurement of fishing boats to impede. The absent of banking support
caused Indonesian businessmen to find difficulty to add their fishing boats.
The Indonesian fisheries products export including shrimp, tuna and others has
yet to make any progress in 2003. The protective law on export of Indonesian
fisheries products imposed by developed countries including the United States
and the European countries through embargo and or very strict security check
(must be carried-out through Singapore) will adversely Indonesian 2005's
fisheries business. Beside that the steep hike of fuel prices has also made
domestic fisheries industry to bottom. The export volume and value of the
national fish fresh/frozen and shrimps frozen products in 2005 to 2011 are
pictured on the following table.
|
Year |
Fish Fresh (Frozen) |
Shrimps Frozen |
||
|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
|
|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
|
2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
|
2010 |
584.6 |
825.4 |
114.0 |
861.9 |
|
2011* |
678.2 |
957.5 |
123.8 |
939.5 |
Source:
Central Bureau of Statistic (BPS)
*) estimated
Until this time
C.V. IJP has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of C.V. IJP is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2009 amounted to Rp. 35.0 billion
rose to Rp. 37.0 billion in 2010 increased to Rp. 39.0 billion in 2011 and
projected to go on rising by at least 5% in 2012. The operation in 2011 yielded
an estimated net profit of at least Rp. 3.0 billion and the company has an
estimated total networth of at least Rp. 2.0 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 C.V. IJP is led by Mr. Heru Santoso (54) a businessman and professional
manager with experience in canned sardine (Seafood) processing. 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. We are convinced
C.V. INDO JAYA PRATAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.80 |
|
|
1 |
Rs.87.66 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.