|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ALAM JAYA LOKA |
|
|
|
|
Formerly Known As : |
P.T. ALAM JAYA |
|
|
|
|
Registered Office : |
Perum Wisma Permai, Jl. Wisma
Permai XII No. 8, Surabaya 60115, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
03.10.1979 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-22045 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trader and Distributor of Gum Rosin and
Turpentine Oils |
|
|
|
|
No. of Employees : |
12 |
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 |
|
|
|
|
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 – 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. ALAM JAYA LOKA
Head Office
Perum Wisma Permai
Jl. Wisma Permai XII No. 8
Surabaya 60115
East Java, Indonesia
Phone -
(62-31) 5932908 (hunting), 5966733
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
a. 3 October 1979 as P.T. ALAM JAYA
b. 4 February 1982 as P.T. ALAM JAYA LOKA
P.T. (Perseroan Terbatas) or Limited Liability Company
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
National Private Company
The Department of
Finance
NPWP No. 01.150.323.2-619.000
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
:
1982
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
Banker :
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. 16.2 billion
Net Profit
(estimated) :
2008 – Rp. 490 million
2009 – Rp. 620 million
2010 – Rp. 680 million
2011 – Rp. 720 million
2012 – Rp. 760 million
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 :
Good
Business Morality :
Good
Originally named P.T. ALAM JAYA, the company was established on October 3, 1979 with an authorized capital of Rp. 10,000,000.- of which Rp. 2,000,000,- was issued and fully paid up. The founding shareholders of the company are Mr. Legowo Handojo (75%) and his younger brother Mr. Soedibjo (25%). They are Indonesian businessmen of Chinese extraction. On March 11, 1980, the authorized capital was raised to 50,000,000.- of which Rp. 25,000,000.- was issued and fully paid up. Since at the time, the shareholders of the company are Mr. Legowo Handojo (20%), Mr. Soedibjo (20%), Mr. Hariyono (20%) and Mr. Soekarno (40%). On February 4, 1982 the company’s name was changed to P.T. ALAM JAYA LOKA (P.T. AJL) and the authorized capital was raised again Rp 100,000,000, of which Rp 50,000,000 was issued and fully paid up. The notarial deed was approved by the Minister of Justice of the Republic of Indonesia through its Decision Letter No. Y.A.5/156/10 dated May 6, 1982.
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 1982. 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 products are 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. But, as from October 2008,
the demand growth for can making and metal printing has kept on dwindling as an
impact of global economic crisis as told above.
The demand was increasing in the early 2009 due to economic condition
was gradually recovery in the country.
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. Business position of P.T. AJL is
favorable for it has controlled a wide marketing network at home and abroad.
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 2010 is estimated to have reached Rp. 14.2 billion with a net profit of Rp.
680 million increased to Rp 15.4 billion with a net profit of Rp. 720 million in
2011 and rose again to Rp 16.2 billion with a net profit of Rp 760 million in
2012. The company has an estimated total
asset at least 8.0 billion and it is forecasted that their sales turnover will
increase again at least of 8% in 2013. 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 (63), who already has about 17 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.
P.T. ALAM JAYA LOKA is appraised to be good for business transaction. However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.