|
Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
C.V. INDO JAYA PRATAMA |
|
|
|
|
Registered Office : |
Jalan
Kedungrejo – Muncar, Banyuwangi, 68472, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
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 |
|
|
|
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
C.V.
INDO JAYA PRATAMA
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
1999
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner
Not
Required
Private
National Company
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
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
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.54.32 |
|
UK Pound |
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.