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Report Date : |
29.12.2012 |
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 |
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Country : |
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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 |
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No. of Employees : |
12 persons |
RATING & COMMENTS
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MIRAs 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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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. ALAM JAYA
LOKA
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 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
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
B a n k e r :
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
Annual Sales (estimated) :
2008 Rp. 9.6 billion
2009 Rp. 12.8
billion
2010 Rp. 14.2
billion
2011 Rp. 15.4
billion
2012 Rp. 8.3 billion (January June)
Net Profit (estimated)
:
2008 Rp. 490 million
2009 Rp. 620 million
2010 Rp. 680 million
2011 Rp. 720 million
2012 Rp. 385 million (January June)
Payment Manner :
Average
Financial Comments :
Satisfactory
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)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount periodical review
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 and has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No.C-11731.HT.01.04.TH.2006, dated April 25, 2006 and No.
AHU-77578.AH.01.02.Tahun 2008, dated 23 October 2008.
The latest in March 2009, Ms. Peggy Leonardo
pulled out and her shares are sold to Mr. Eduard Patick Pranata, an Indonesian
businessman of Chinese extraction. Since
the time, the shareholders of the company are Ms. Jenny Erwina AKA Liauw Yenny
Ervina (90.9%) and Mr. Eduard Patrick Pranata (9.1%). The deed of amendment was made by Ms. Rina
Rustianing Warni, SH., a public notary in Surabaya and has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through Decree No. 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 2009 is estimated to have reached Rp. 12.8 billion with a net profit of Rp.
620 million increased to Rp 14.2 billion with a net profit of Rp. 680 million
in 2010 and rose again to Rp 15.4 billion with a net profit of Rp 720 million
in 2011. It is forecasted that their sales turnover will increase again at
least of 8% in 2012. 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 (62), who already has about 16 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 |
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US Dollar |
1 |
Rs.54.85 |
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|
1 |
Rs.88.39 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
This score serves as a reference to assess
SCs 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.