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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. NASIONAL AGUNG JAYA |
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|
|
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Registered Office : |
Jalan Rungkut Industri IV No. 8 Surabaya Industrial Estate Rungkut Kelurahan Kali Rungkut, Kecamatan Gunung Anyar Surabaya, 60291 East Java |
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Country : |
Indonesia |
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Year of Incorporation : |
1984 |
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Legal Form : |
Partnership with Sleeping Partners |
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Line of Business : |
Plastic Packaging Machinery Assembling |
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No. of Employees : |
124 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 |
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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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 - 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.
NASIONAL AGUNG JAYA
Head Office & Factory
Jalan Rungkut
Industri IV No. 8
Surabaya
Industrial Estate Rungkut
Kelurahan Kali Rungkut, Kecamatan Gunung Anyar
Surabaya, 60291
East Java
Indonesia
Phones -
(62-21) 8478777, 8473888, 8472888
Fax - (62-21) 8470999
E-mail - info@demarsystems.com
Website - http://www.demarsystems.com
Land Area - 6,000 sq.
meters
Building Space - 4,000 sq. meters
Region - Industrial
Estate
Status - Owned
Branch Office & Warehouse
Jalan Raya Jababeka Block U-34 D
Cikarang
Industrial Estate
Bekasi, 17550
West Java
Indonesia
Phones -
(62-21) 89830707 (Hunting)
Fax - (62-21) 89830577
Land Area - 1,200 sq. meters
Building Space - 800 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
1984
Legal Form :
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partners
Company Reg.
No. :
Not Required
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related
Company :
None
Capital
Structure :
Owned Capital : Rp. 2.0
billion
Owners :
a. Mr. Handoyo Suradja (Active Partners)
b. Mr. Alexander Daniel Suradja (Silent Partners)
Lines of
Business :
Plastic Packaging
Machinery Assembling
Production
Capacity :
a. Plastic Machinery - 120 units p.a.
b. Plastic Parts -
300 units p.a.
Total
Investment :
Owned Capital - Rp. 3.0
billion
Started
Operation :
1984
Brand Name :
Nasional Agung
Jaya
Technical
Assistance :
None
Number of
Employee :
124 persons
Marketing Area
:
Local - 95%
Export - 5%
Main Customer
:
Plastic Packaging
and Plastic Bottle Industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BELLA
NITEC MACHINERY
b. P.T. KAWAN INTI SENADA
c. C.V. POLYPACK PERKASA
d. P.T. SINAR HIMALAYA
e. Etc
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Kertajaya No. 35
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 15.4
billion
2011 – Rp. 16.3
billion
2012 – Rp. 17.5
billion
Net Profit
(estimated) :
2010 – Rp. 1.1
billion
2011 – Rp. 1.3
billion
2012 – Rp. 1.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Handoyo Suradja
General Manager -
Mr. Alexander Daniel Suradja
Board of Commissioners :
Commissioner -
Mrs. Suradja
Signatories :
Director (Mr. Handoyo
Suradja) is only the authorized person to sign the loan on behalf of the
company.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Based on
investigation results the correct name of the Subject is C.V. NASSIONAL AGUNG
JAYA not NASIONAL AGUNG JAYA as stated in your order ref. no. 211037 dated 13
February 2013.
C.V. NASIONAL
AGUNG JAYA (C.V. NAJ) was established in Surabaya, East Java in 1984 with the
legal status of C.V. Commanditaire Vennootschap or partnership with sleeping
partner. The company was founded by Mr. Handoyo Suradja as active partners and
his wife Mrs. Suradja as silent partners both are Indonesian business family of
Chinese descents. However in 2005 their son Mr. Alexander Daniel Suradja
entered into the company as silent partner. 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. NAJ is a
national private company started to be operating since 1984 dealing with
plastic packaging machinery assembling. The plant is located at Jalan Rungkut
Industri IV No. 8, Surabaya Industrial Estate Rungkut, Surabaya, East Java
standing on 6,000 sq. meters. According information the company produces
various types of packaging machines and bottling machines that fulfill the
European standard quality. Besides, the plant is also provides spare parts and
maintenance. C.V. NAJ offers variety of packaging system that will ensure the
effectiveness and efficiency of the customer production process and the whole
products using DEMAR brand. DEMAR machineries provide packaging solutions by
providing customers in the multi-lanes packaging system that can handle the
output that is used to be accomplished by several conventional machineries. It
creates significant changes in production prospective as more and more
resources can be reserve. C.V. NAJ has succeeded creating machinery
technologies by using Robotic System in 2005, which made it to be more
competent company. Moreover, C.V. NAJ also gives solutions for all machinery
problems that customers need, such as up-grading system and may other
satisfying services. Mr. Alexander Daniel Suradja, General Manager of the
company also added that C.V. NAJ is able to produce some customized machines
according to the customers needs, with warranty for its spare parts, services
and maintenance. Some 95% of the products marketed locally to various plastic
packaging and plastic bottle industries in the country among others P.T.
UNILEVER INDONESIA Tbk in Surabaya, P.T. SURYA MULTI INDOPACK, P.T. YASULOR
INDONESIA and other industries in Surabaya, Cikarang, Karang, Bekasi and
others. Meanwhile the rest 5% is exported to Pakistan and Myanmar. We observe
the operation of C.V. NAJ has been growing and developing well in the last
three years.
The demand of
plastic machinery has kept on increasing by 7% to 9% in the last five years
inline with the growth of plastic packaging industries as customers. Starting
in the second semester 2008, many markets in various parts of the world
experienced adverse economic condition. This condition was triggered by,
amongst others, the housing and mortgage loans crisis in the United States of
America (US) that spread to securities, structures products and commodity
markets. The volatility in the US markets coupled with the sharp appreciation
in the US Dollars and a series of corporate bankruptcies and takeovers enabled
the crisis to spread to other parts of the world. The impact of the global
economic crisis has also been felt in Indonesia as the Indonesian Rupiah
weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks. Up to this time, the Company has not
significantly suffered from the economic crisis. In response to these economic
events, during 2010 the Company has plans as follows: Negotiation with main
customer regarding increasing selling price. Cost reduction in business trip,
pantry needs, technical support cost, etc. Reduction finishing cost and transportation cost
with transferring product to customers. Improvements of internal production, increasing
cycle time and increasing machine running time. In spite of the adverse
economic conditions, management believes that the Company will be able to
continue operating as going concern for the foreseeable future.
Until this time
C.V. NAJ has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of the
company is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
2010 amounted to Rp. 15.4 billion rose to Rp. 16.3 billion in 2011 increased to
Rp. 17.5 billion in 2011 and projected to go on rising by at least 5% in 2013.
The operation in 2012 yielded an estimated net profit of at least Rp. 1.5
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. NAJ is led by Mr. Handoyo Suradja (62) a businessman with experience in
plastic machinery assembling. Due to the old his age the company is also runs
by his son Mr. Alexander Daniel Suradja (27) as General Manager. Mr. Alexander
Daniel Suradja is a professional manager graduate BS, Mechanical Engineering
from Michigan State University, USA in 2007-2001. 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. C.V. NASIONAL AGUNG JAYA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.