|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
PD. TERUS JAYA |
|
|
|
|
Registered Office : |
Jalan Taman Sari Raya No. 56 G, Taman Sari, Jakarta
Barat, 11150 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading, Import
and Distribution of Buses Component and Spare Parts |
|
|
|
|
No. of Employees : |
13 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 177,600 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 :
PD. TERUS JAYA
Address :
Head Office
Jalan Taman Sari Raya No. 56 G
Taman Sari
Jakarta Barat, 11150
Indonesia
Phones -
(62-21) 628 7523 (Hunting)
Fax - (62-21) 629 1548
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2000’s
Legal Form :
Sole Proprietary
Company
Company Reg.
No. :
Not Required
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related
Company :
None
Capital
Structure :
Owned Capital : Rp. 500
million
Owners :
Mr. Andrey Sujanto AKA Ridwan Sujanto
Lines of
Business :
Trading, Import
and Distribution of Buses Component and Spare Parts
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2000’s
Brand Name :
Terus Jaya
Technical
Assistance :
None
Number of
Employee :
13 persons
Marketing Area
:
Local - 100%
Main Customer
:
Bus
Transportation and Shops
Market
Situation :
Very Competitive
Main
Competitors :
a. ABC MOBILINDO
UTAMA
b. BINTANG CEMERLANG
c. PD. CAHAYA MOTOR
d. MULIA AGUNG MOTOR
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR
& LITIGATION
Banker :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Taman Sari No. 47-47A
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 11.5
billion
2010 – Rp. 12.2
billion
2011 – Rp. 13.5
billion
Net Profit
(estimated) :
2009 – Rp. 575
million
2010 – Rp. 610
million
2011 – Rp. 675
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Andrey Sujanto AKA
Ridwan Sujanto
Board of Commissioners :
None
Signatories :
Director (Mr. Andrey Sujanto
AKA Ridwan Sujanto) is only the authorized person to sign the loan on behalf of
the company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 177,600 on 90
days D/A
The correct of the Subject is PD. TERUS JAYA not PD. TARUS JAYA as stated
in your order Ref. No. 172949 dated 10 March 2012.
PD. TERUS JAYA (PD. TJ) was incorporated in Jakarta in 2000’s with the
status of Sole Proprietary Company. The company was founded by Mr. Andrey
Sujanto AKA Ridwan Sujanto an Indonesian businessman of Chinese descent. The
company’s authorized capital is not announced in its deed of establishment. In
general, the company with legal status of sole proprietary company shall
increase its capital continuously together with its business development. We estimated
that PD. TERUS JAYA has capital about Rp. 500 million.
PD. TERUS JAYA (PD. TJ) is a private national company which operating
since 2000 dealing in the field of trading, import, distribution and supply of
buses component and spare parts. Mrs. Poppy, marketing executive of the company
went on to say the whole component and spare parts are steering system, gear
box, axles, propeller shafts, gasoline engine, diesel engine, spring roll pins,
gear ranks, free wheels, sprockets, chain covers, chain wheels, cork sheets,
cylinder linear, piston rings, brake system, brake shoe, brake shoe & disc
pad, brake lining, backing plate, disc brake, caliper assy and front, master
cylinder etc. The whole product is imported from Germany with MERCEDES BENZ
brand. Meanwhile some of the component and parts obtained from P.T. DAIMLER
CHYSLER INDONESIA. Mrs. Poppy marketing executive disclosed that all of the
merchandise products are sold to various buses repairing and buses workshop
station in Jakarta, Bandung, Surabaya, Medan and other big cities in the
country. We see that PD. TJ operation has been growing in the last three years.
Economic crisis and sharp Rupiah depreciation against US$ and other hard
foreign currencies have brought bad impact to the company’s operation because
the operation cost highly increased while the demand for the products dropped
down.
Generally, demand for automotive, buses components and spare parts have
kept on increasing in line with the development of the production of motorcar
in the country. One of factors supporting the growing demand for motorcar or
buses is the role of financial and banking institutions seriously backing up
the motorcar purchasing with installment system. With a little Down Payment
(DP), the public can obtain the motorcar. The competition is very tight on
account of many automotive component and parts companies operating in the
country including Chinese automotive component and parts offered with cheaper
prices. The development of motorcycle production in the country in detail is as
illustrated in the following table:
Indonesia’s Wholesales
of Motorcar, 2005-2010*
|
Year |
Production (AISI)
(Units) |
Wholesales (Units) |
|
2005 |
500,710 |
534,000 |
|
2006 |
296,008 |
319,000 |
|
2007 |
411,638 |
433,000 |
|
2008 |
600,628 |
604,000 |
|
2009 |
464,816 |
483,000 |
|
2010* |
500,000 |
720,000 |
*)
Projected
Until this time PD. TJ has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of PD. TJ 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. 11.5 billion
rose to Rp. 12.2 billion in 2010 increased to Rp. 13.5 billion in 2011 and
projected to go on rising by at least 4% in 2012. The operation in 2011 yielded
an estimated net profit of at least Rp. 675 million and the company has an
estimated total net worth 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 PD. TJ is led by Mr. Andrey Sujanto AKA Ridwan Sujanto
(50) a businessman and professional manager with experience in trading, import
and distribution of Mercedes Benz buses component and spare parts. 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.
PD. TERUS JAYA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.22 |
|
|
1 |
Rs.78.63 |
|
Euro |
1 |
Rs.65.53 |
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.