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Report Date : |
03.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. JATISEMI SEJATI |
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Registered Office : |
Jalan Griya Permata Hijau Block X – 2 No. 1 Sidoarjo, 61271
East Java |
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Country : |
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Date of Incorporation : |
15.05.2004 |
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Com. Reg. No.: |
C-13862.HT.01.01.TH.2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Contractors, Developer, Trader and Exporter of Coal |
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No. of Employees : |
17 |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T. JATISEMI
SEJATI
Head Office
Jalan Griya Permata Hijau Block X – 2 No. 1
Sidoarjo, 61271
East Java
Indonesia
Phone -
(62-31) 34131589
Fax - (62-31) 8281119
E-mail - pt.jatisemi@gmail.com
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Branch Office
Griya Surya Indah Block B No. 1
Kelurahan Guntung Manggis
Banjarbaru, 70119
South Kalimantan
Indonesia
Phones -
(62-511) 6897879
Mobile Phone - 0821 43371067
(Mr. Mulyadi Widayat)
E-mail - mulya_dimanamana@yahoo.com
Building Area - 1 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
15 May 2004
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
No. C-13862.HT.01.01.TH.2004
Dated 4 June 2004
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.391.157.1-617.000
Related Companies :
a. P.T. SASANGGA BANUA
BANJAR (Coal Mining)
b. P.T. SURYA BANGUN SARANA
(Coal Mining)
Capital Structure :
Authorized Capital : Rp.
2,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners :
a. Mr. Mulyadi Widayat -
Rp. 325,000,000.-
Address : Griya Permata Hiaju S-40
Kelurahan Wedoroklurak,
Kecamatan
Sidoarjo, East Java
Indonesia
b. Mrs. Lilik Suparti -
Rp. 75,000,000.-
Address : Griya Permata Hiaju S-40
Kelurahan Wedoroklurak,
Kecamatan
Sidoarjo, East
Java
Indonesia
c. Mr. Drs. Suherman Muhamad Noer -
Rp. 50,000,000.-
Address : Rungkut Asri Barat I/36
Kelurahan Rungkut Kidul, Kecamatan
Rungkut, Surabaya, East Java
Indonesia
c. Mr. Amang Yudi Kisworo -
Rp. 50,000,000.-
Address : Jl. Kalijudan No. 44
Kelurahan Kalijudan,
Kecamatan Mulyorejo
Surabaya, East Java
Indonesia
Lines of Business :
a. General Contractors,
Developer and Trading
b. Trader and Exporter of
Coal
Production Capacity :
None
Total Investment :
None
Started Operation :
2004
Brand Name :
Jatisemi Sejati
Technical Assistance :
None
Number of Employee :
17 persons
Marketing Area :
Export - 20%
Local - 80%
Main Customers :
a. Cement Industries
b. Power Plant
c. Pulp and Paper
Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDAH LESTARI ALAM
b. P.T.
LAMINAR INTERNATIONAL
c. P.T.
PADANG BARA SUKSES MAKMUR
d. P.T. PUTRA UTAMA MANDIRI
e. P.T.
SIGMA CEMERLANG SINERGI
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan A. Yani No. 7
Sidoarjo,
East Java
Indonesia
b. P.T.
Bank MANDIRI Tbk
Jalan
Pangeran Antasari
Mitra
Plaza Block B-1 No. 37-38
Banjarmasin,
South Kalimantan
Indonesia
c. P.T.
Bank BUKOPIN
Jalan
Pangeran Samudra 4
Banjarmasin,
South Kalimantan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 14.7 billion
2010 – Rp. 15.4 billion
2011 – Rp. 16.2 billion
2012 – Rp. 8.7 billion (January
– June)
Net Profit (estimated) :
2009 – Rp. 1.2 billion
2010 – Rp. 1.5 billion
2011 – Rp. 1.7 billion
2012 – Rp. 0.7 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Mulyadi Widayat
Directors - a. Mr. Drs. Suherman Muhamad
Noer
b. Mr. Amang Yudi Kisworo
Board of Commissioners :
Commissioner - Mrs. Lilik Suparti
Signatories :
President Director (Mr. Mulyadi
Widayat) or one of the Directors (Mr. Drs. Suherman Muhamad Noer or Mr. Amang
Yudi Kisworo) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. JATISEMI SEJATI (P.T. JSS) was incorporated in Sidoarjo, East Java
based on notary deed of Mr. Sochib Arifin, SH., No. 18 dated 15 May 2004 with
the authorized capital of Rp. 2,000,000,000 issued capital of Rp. 500,000,000
fully and paid up. The founding and shareholders of the company are Mr. Mulyadi
Widayat (65%), his wife Mr. Lilik Suparti (15%), Mr. Drs. Suherman Muhamad Noer
(10%) and Mr. Amang Yudi Kisworo (10%). Based on our knowledge up to writing
the report the notary documents of the company have not undergone any changes.
The company notary deed was approved by the Ministry of Law and Human Rights in
its decision letter No. C-13862.HT.01.01.TH.2004 dated June 4, 2004.
P.T. JSS is a national private company started to be operating in 2004
dealing with general contractor, developer and trading. Mr. Mulyadi Widayat,
President Director of the company explained, initially the company focused its
activity in general contractors in Surabaya, East Java. The services including
construction mechanical electrical; civil building & industry; design
interior and contracting of houses, office, mall & hotels; event organizer
contractor; advertising construction; maintenance service in mechanical
electrical site acquisition (SITAC); telecommunication tower construction;
machine installation and repair, generating set and conditioner;
telecommunication tower maintenance services; site acquisition tower; and
supplier. The whole projects obtained from various industries, government,
telecommunication provider, and state owned enterprise companies such as P.T.
BARATA INDONESIA, Gresik, East Java.
Besides, P.T. JSS is also dealing with trading of mining especially coal
steam products. The trader and exporter of steam coal expanded and focused its
activity as from 2005 to present. P.T. JSS supply coal and iron ore from
Kalimantan. Mr. Mulyadi Widayat said the whole coal products obtained from the owner
of mining authorization (Kuasa Pertambangan) in South Kalimantan. P.T. JSS is
able to supply coal of low quantity to high quantity with various types of
calorie such as 5,100 kcl, 5,300 kcl, 5,500 kcl, 5,800 kcl and 6,100 kcl.
According to Mr. Mulyadi Widayat, the whole coal obtained from coal
mining in Kotabaru, South Kalimantan. He said that until now they only supply
coal to several local buyers. P.T. JSS only provide coal for local buyers and
transported to the ship specified by buyers. Further, Mr. Mulyadi added that
previously there some overseas buyers from India and China signed a coal
purchase agreement, but so far unrealized because foreign buyers never to meet
earlier commitments to transfer or sent LC to P.T. Jatisemi Sejati. According to
the plan in December 2012 P.T. JSS will send coal by 2 x 40,000 tons per month
to Karachi, Pakistan. P.T. JSS is able to supply coal to buyer with various
types of low calorie and high calorie 200,000 tons per month which gathered
from several companies owner Mining Authorization (KP) in South Kalimantan.
We find that the demand for coal mining contracting services,
heavy/mining equipment rental, repair and maintenance services and mining
contracting services was rising by about 7% to 8% on the average per year in
the five years, in close correlation with the fast development of mining
companies in the country. The international market demand for coal has kept on
rising within the last five years as evident from the data put-out by the
Central Bureau of Statistic (BPS) regarding Indonesian coal product export as
bellows. The national coal industries in Indonesia have swiftly been growing.
The growth of coal production and export in Indonesia in 2001 to 2011 is
pictured on the following table:
|
Year |
Production (thousand tons) |
Export (thousand tons) |
Value (US$ million) |
|
2001 |
90,351.8 |
66,505.4 |
1,617.5 |
|
2002 |
103,060.4 |
73,124.9 |
1,762.4 |
|
2003 |
114,610.1 |
89,021.8 |
1,980.1 |
|
2004 |
126,850.8 |
105,629.9 |
2,748.8 |
|
2005 |
152,722.4 |
129,044.1 |
4,354.0 |
|
2006 |
181,060.9 |
184,008.9 |
6,085.7 |
|
2007 |
174,832.7 |
195,785.8 |
6,681.5 |
|
2008 |
181,570.0 |
201,021.7 |
10,485.1 |
|
2009 |
209,344.7 |
234,793.1 |
13,817.3 |
|
2010 |
224,677.0 |
298,844.5 |
18,499.3 |
|
2011 |
274,982.9 |
353,397.9 |
27,221.8 |
Source: Statistic of Central Board
Until this time P.T. JSS has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The
management of P.T. JSS 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. 14.7 billion rose to Rp. 15.4 billion in 2010
increased to Rp. 16.2 billion in 2011. As from January to June 2012 the sales
turnover has reached at least Rp. 8.7 billion with a net profit of Rp. 0.7
billion and the sales it’s projected to go on rising by at least 5% in 2013.
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 P.T. JSS is led by Mr. Mulyadi Widayat (46) a
businessman with experience in general contracting, developer and trading. He
also expanded and focused its activity in trader and exporter of coal. Daily
activity he is assisted by Mr. Drs. Suherman Muhamad Noer (59) and Mr. Amang
Yudi Kisworo (39) as Directors. 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. JATISEMI SEJATI is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.52 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report
Prepared by : |
SHG |
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.