|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
C.V. INDO JAYA PUTRA |
|
|
|
|
Registered Office : |
Pakuwon City Blok H2/16 (Sorento) Surabaya 60111, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Incorporation : |
2000 |
|
|
|
|
Legal Form : |
Partnership with sleeping partner |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Food Chemical Products |
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|
|
|
No. of Employees : |
50 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 |
|
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
INDO JAYA PUTRA
Head
Office
Pakuwon
City Blok H2/16 (Sorento)
Surabaya
60111, East Java
Indonesia
Phone -
(62-31) 5997100
Fax - (62-31) 5997300
Email - ijp_888@yahoo.com
Building Area - 2 storey
Office Space - 140 sq. meters
Region - Residential
Status - Owned
Factory
(Food Color Blending)
Jl. Lebak Permai Utara II/12
Surabaya 60134
East Java
Indonesia
Phone -
(62-31) 3823257, 3817858
Fax - (62-31) 3810198
Branches
a.
Kompleks
Pergudangan & Industri
Ringan “MUTIARA NIAGA” Kav. 2
Jl. Marina, Semarang 50144
Indonesia
Phone -
(62-24) 7606053, (62-888) 6724046
Fax. -
(62-24) 7606053
b.
Pergudangan
Kosambi Permai Blok JJ-25
Jl. Raya Perancis, Kosambi-Dadap
Jakarta 15212
Indonesia
Phone -
(62-21) 29031478, (62-888) 09730435
Fax. -
(62-21) 29031478
Date of Incorporation :
2000
Legal
Form :
C.V.
(Commanditaire Vennootschap) or partnership with sleeping partner
Company
Reg. No. :
Not
Required
Company
Status :
Private
National Company
Permit
by the Government Department :
Not
Available
Related
Company :
None
Capital
Structure :
Authorized
Capital - Rp.
1,500 million
Owners
:
a. Mr.
Sugijanto Kwok (Active Partner)
b. Mrs. Widiana (Silent Partner)
Lines
of Business :
a.
Trading, Import and Distribution of Food Chemical Products
b. Food Color Blending
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2000
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
50
persons
Marketing
Area :
Local - 100%
Main
Customers :
a.
Food Chemicals Shops
b.
Food and Beverage Industries, etc
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. MULTI KIMIA
b. P.T. TANDES LAUTAN
c. P.T. PANCASAKTI PRAKARSAMULYA
d.
P.T. ASKRIKIMA UTAMA, etc
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jl. Raya Darmo No. 12
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 9.2 billion
2010
– Rp. 10.3 billion
2011
– Rp. 18.5 billion
2012
– Rp. 26.0 billion
Net
Profit (estimated) :
2009
– Rp. 460 million
2010
– Rp. 510 million
2011
– Rp. 916 million
2012
– Rp. 1,290 million
Payment
Manner :
Above
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Sugijanto Kwok
Board of Commissioners :
None
Signatories :
Director
(Mr. Sugijanto Kwok) is only the authorized person to sign the loan on behalf
of the company
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
C.V. INDO JAYA
PUTRA (C.V. IJP) was established in the 2000’s in Surabaya, East Java with the
legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping
Partner. The founding owners of the company are Mr. Sugijanto Kwok as the
active partner and his wife Mrs. Widiana as silent partner. Both of are
Indonesian business family of Chinese extraction. As in common in cases of
companies with C.V. status, there is no mention in the company’s notary act of
its capital structure. But going by the company’s conditions, we estimate its
capital at some Rp. 1,500 million and it will be rising in line with the progress of its business
operation.
C.V. IJP had
been operating in 2000 in trading, importer and distribution of food chemicals
and food colour. Miss Tati, a senior
staff of the company explained that the company imported of food colour
chemical from India and trading food color from local manufacturer. Then, the Company is committing to provide
and serve food industries with Premium Quality food colour for healthy public
has an ide to build their own color blending which named UNICOL, with well
certificate from BPOM and Halal certificate from MUI.
As well as a
specialist in color blending, the Company also trading and distribution of
other food chemical like acetic acid, aspartame, caustic soda flake, citric
acid, cyclohexylamine, sodium benzoate, sodium bicarbonate, sodium chloride,
sodium cyclamate, sodium hyposulfite, sodium hypochloride, gum Arabic, pine
oil, soda ash dense, corn starch, sodium methabisulfite, sodium nitrate, sodium
saccharine, sodium sulphate, STPP, sulfamic acid and mono sodium glutamate
which are imported from China, India, Taiwan, Norway and other countries. Most of its food colour and chemical
products are distributed to food chemicals shops, food and beverage industries,
biscuit and snack industries and also traditional market in East Java and
Central Java. And now, by embracing
small to large business companies, the company trade more food chemicals, and
establish branch offices at Semarang (Central Java) and at Jakarta to serve the
western part of Indonesia. We observed
that at present, C.V. IJP is classified as a medium sized company of its kind
in the country of which the operation has been growing in the last three years.
Generally,
the demand for food chemicals, food colors and food ingredients had significantly
rising by 8% to 10% per year in the last five years, in line with the growth of
food and beverage industries, snack food industries including instant noodle,
biscuit, confectioneries, pharmaceutical, cosmetic industries, etc. But, as from October 2008, the demand growth
for food chemicals and food colors 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 growth rate is now estimated at 6% to 7% per year
in the next three years. Market
competition is very tight due to a large number of similar companies operating
in the country. Business position of
C.V. IJP is favorable for it has controlled a wide marketing network at home
and abroad and their product has been widely known among consumers in the
country.
Until this
time C.V. IJP has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. We observed that
total sales turnover of the company in 2010 amounted to Rp. 10.3 billion
increased to Rp. 18.5 billion in 2011 rose again to Rp. 26.0 billion in 2012
and projected to go on rising by at least 12% in 2013. The operation in 2012 yielded an estimated
net profit of at least Rp. 1.29 billion and the company has an estimated total
networth of at least Rp. 5.0 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. IJP is headed by Mr. Sugijanto Kwok (43), a businessman with
experience for some 15 years in trading and distribution of food colour and
chemicals products. In daily activities,
he is assisted by his wife Mrs. Widiana (40).
The management is also handled by a number of professional managers in
this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government authorities. We
observed that management’s reputation in said business is sufficiently fairly
good. The company’s litigation record is clean and it has not registered with
the black list of Bank of Indonesia.
C.V. INDO JAYA PUTRA is appraised fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.