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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ZENYAM PUSAKA JAYA |
|
|
|
|
Registered Office : |
Zenyam House, The
Villas Pasadena No. E-50, Mall of Indonesia, Kelurahan Kelapa Gading,
Kecamatan Kelapa Gading, Jakarta
Utara, 14240 |
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|
|
|
Country : |
Indonesia |
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|
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Date of Incorporation : |
28.07.2010 |
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|
|
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Com. Reg. No.: |
No.
AHU-46939.AH.01.01.TH.2011 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
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|
|
|
Line of Business : |
Trader & Exporter of coal mining, iron ore mining,
bauxite mining, copper mining, manganese mining, lead ore mining, oil &
gas, coal mining services, mining contractors |
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|
|
|
No. of Employees : |
23 |
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 |
|
Status : |
Satisfactory |
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|
|
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6% annually in 2010-12. 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
fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source : CIA |
P.T. ZENYAM PUSAKA JAYA
Registered Office
Zenyam House, The
Villas Pasadena No. E-50
Mall of Indonesia
Kelurahan Kelapa
Gading, Kecamatan Kelapa Gading
Jakarta Utara, 14240
Indonesia
Phone - (62-21) 4586 9621, 4586 9623
Fax -
(62-21) 4586 9623
E-mail - zenyam@zenyam.com
Website - http://www.zenyam.com
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
28 July 2010
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
No.
AHU-46939.AH.01.01.TH.2011
Dated 27
September 2011
Foreign
Investment (PMA) Company
The Department of
Finance
Not Available
None
Capital
Structure :
Authorized
Capital : US$
1,500,000.-
Issued Capital : US$
1,000,000.-
Paid up Capital : US$
1,000,000.-
Shareholders/Owners
:
a. Mr. Asher
Victor -
US$ 334,000.-
Address : Iddshart, J-Flat No. 09,
OPP
Jamnagar Dairy,
Saru Section Road
Jamnagar
Gujarat, India
b. Mr. Jadeja Mandhatasinhji Manoharsinhji - US$ 333,000.-
Address : Ranjit Vilas Palace,
Place Road
Rajkot Gujarat
360 001
India
c. Mr. R. Ki
Bagus Panuntun -
US$ 333,000.-
Address : Jl. Tebet Timur Dalam
VIII-A/5, RT. 009 RW. 006
Kelurahan Tebet Timur, Kecamatan Tebet
Jakarta Selatan
Indonesia
Lines of
Business :
Trader and
Exporter of Coal
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2011
Brand Name :
Zenyam Pusaka
Jaya
Technical
Assistance :
None
Number of
Employee :
23 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in China
and India
Market
Situation :
Very Competitive
Main Competitors :
a. P.T. BARA KUMALA SAKTI
b. P.T. LAMINAR INTERNATIONAL
c. P.T. PUTRA UTAMA MANDIRI
d. P.T. SIGMA CEMERLANG SINERGI
Business Trend
:
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Jalan
Kelapa Gading Boulevard Block TB2 No. 6-8
Jakarta Utara
Indonesia
b. P.T. Bank SBI INDONESIA
Ruko Nusa Plaza Indah Block A
No. 78
Jalan Griya
Utama Sunter
Jakarta
Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 125.0
billion
2012 – Rp. 129.0
billion
Net Profit
(estimated) :
2011 – Rp. 6.2
billion
2012 – Rp. 6.7
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Asher Victor
Director -
Mr. R. Ki Bagus Panuntun
Manager -
Mr. Ibnu Sulaiman
Board of Commissioners :
Commissioner -
Mr. Jadeja Mandhatasinhji Manoharsinhji
Signatories :
President Director (Mr.
Asher Victor) or the Director (Mr. R. Ki Bagus Panuntun) which must be approved
by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
P.T. ZENYAM PUSAKA JAYA (P.T. ZPJ) was established in Jakarta based on notary deed of Mr. Catur Virgo, SH., No. 69 dated 28 July 2010 with the authorized capital of US$ 1,500,000 wholly issued and paid up. The founding and shareholders of the company are Mr. Asher Victor (33.4%), Mr. Jadeja Mandhatasinhji Manoharsinjhi (33.3%) both are of India as foreign partners and Mr. R. Ki Bagus Panuntun (33.3%) as local partner. Based on our knowledge up to writing the report the notary documents of the company have not undergone any changed. The notary deed of incorporation was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-46939.AH.01.01.TH.2011 dated September 27, 2011.
P.T. ZPJ is a foreign company with has been operating since 2011 dealing with trader and exporter of coal. The company is in the business of coal mining, iron ore mining, bauxite mining, copper mining, manganese mining, lead ore mining, oil & gas, coal mining services, mining contractors.
The company has under its owner hips several coal concessions, iron ore concessions, bauxite concessions and lead ore concession. The company is also into various allied activities of mining and mining related activities. The company has a strong hold in Indonesia and has future plans of exploration of oil & gas in Indonesia. Mr. Ibnu Sualiman, Manager of the company explained the company now is engaged in trader and exporter of coal. The company cooperation with the mining authorization holder coal mining with operating in South Kalimantan and East Kalimantan. Mr. Ibnu Sulaiman also explained the whole coal obtained from C.V. KELUARGA SEJAHTERA, P.T. BATU ANUGRAH MINERAL RESOURCES, P.T. BARA JAYA UTAMA, P.T. HATIF BARA MAKMUR, P.T. KARTIKA SELABUMI MINING. The types of coal ranging from low calories 4,500 kcl to 5000 kcl. The company is able to export about 20,000 tons per annum as the main buyers in China and India. We observe that P.T. ZPJ is classified a small size company of its kinds with operation has been growing in the last two years.
Indonesian coal industry carries the reputation as spot sellers due to various reason including unpredictability of production. 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 2012 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 |
|
2012 |
389,779.9 |
384,307.2 |
26,166.2 |
Source: Statistic of Central Board
Until this time P.T. ZPJ has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. ZPJI is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2011 amounted to Rp. 125.0 billion
rose to Rp. 129.0 billion in 2012 and projected to go on rising by at least 5%
in 2013. The operation in 2011 yielded an estimated net profit of at least Rp.
6.7 billion and the company has an estimated total networth of at least Rp.
12.0 billion. We observe that P.T. ZPJ is supported by foreign partner with has
financially fairly strong and sound behind it. 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. ZPJ is led by Mr. Asher Victor (49) a businessman
and professional manager of India with experience in trader and exporter of
coal. Daily activity he is assisted by Mr. R. Ki Bagus Panuntun (49) as
Director. 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. P.T. ZENYAM PUSAKA JAYA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
|
UK Pound |
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
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.