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Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. JADDI INTERNASIONAL |
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Registered Office : |
Jl. Kemang Raya No. 45-B Jakarta Selatan 12730 |
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Country : |
Indonesia |
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Date of Incorporation : |
05.08.1996 |
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Com. Reg. No.: |
No. AHU-AH.01.10-44799 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Alcoholic drinks and Wins |
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No. of Employees : |
52 persons |
RATING & COMMENTS
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 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.
JADDI INTERNASIONAL
Head
Office
Jl. Kemang Raya No. 45-B
Jakarta Selatan 12730
Indonesia
Phones -
(62-21) 7179 2577 (hunting)
Fax. - (62-21) 7179 2723
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
05 August 1996
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
a. The Ministry of
Law and Human Rights
- No. C-15904.HT.01.01.TH.2000
Dated 02 August 2000
- No. AHU-AH.01.10-18497
Dated 23 July 2008
- No. AHU-00040.AH.01.02.Tahun
2012
Dated 02 January 2012
- No. AHU-AH.01.10-44799
Dated 17 December 2012
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.761.851.3-014.000
The Department of
Industry and Trade
TDP No. 09.03.1.51.42784
Related/Affiliated Companies :
a. P.T. SEMESTA SATYA RAYA (Investment Holding)
b. P.T. PUTERA SEJAHTERA BERSAMA (Investment Holding)
Capital Structure
:
Authorized Capital -
Rp. 10,100,000,000.-
Issued Capital - Rp. 10,100,000,000.-
Paid up Capital - Rp. 10,100,000,000.-
Shareholders/Owners
:
a.
P.T. PUTERA SEJAHTERA BERSAMA -
Rp. 5,959,000,000.- (59%)
Address:
Taman Wiajaya Kusuma IV No. 41
Cilandak Barat
South Jakarta
b. P.T. SEMESTA SATYA RAYA - Rp. 4,141,000,000.- (41%)
Address:
Jl. Ampera Raya No. 62
Cilandak Timur
South Jakarta
Lines of Business
:
Trading,
Import and Distribution of Alcoholic drinks and Wins
Production Capacity :
None
Total Investment :
None
Started Operation
:
1996
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
52 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. International Hotels
b. International Restaurants
c. Supermarkets and Hypermarkets
c. International Airports
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Sarinah
b. PT. Indowines
c. PT. Mitra Indo Maju
d. PT. Muliatama Mitra
Sejahtera
e. PT. Boga Citra Nusa
Pratama
f. Etc.
Business Trend :
Growing
B a n k e r s :
a.
P.T. Bank MANDIRI Tbk.
Mandiri Plaza
Jl. Jend. Gatot Subroti Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk.
Menara BCA
Jl. M.H. Thamrin No. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(Estimated) :
2008 – Rp. 108.0 billion
2009 – Rp. 126.0 billion
2010 – Rp. 148.0 billion
2011 – Rp. 162.0 billion
2012 – Rp. 175.0 billion
Net Profit (Loss)
:
2008 – Rp. 5.5 billion
2009 – Rp. 6.3 billion
2010 – Rp. 7.4 billion
2011 – Rp. 8.1 billion
2012 – Rp. 8.7 billion
Payment Manner :
Almost Promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Reimer Aloan Simorangkir
Director - Mr. Dananjaya
Wanandi
Board of Commissioner :
President
Commissioner - Mr. Danardono
Wanandi
Commissioner - Mr. Ir. Yeremias
Filmon Wsatiawan
Signatories :
President Director (Mr. Reimer Aloan
Simorangkir) or Director (Mr. Dananjaya Wanandi) which must be approved by
Board of Commissioners (Mr. Danardono Wanandi and Mr. Ir. Yeremias Filmon Wsatiawan)
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
P.T. JADDI INTERNASIONAL (P.T. JI) was established
on August 5, 1996 with the authorized capital of Rp. 1,000,000,000 of which Rp.
250,000,000 was issued and fully paid up. The founding shareholders of the
company are PT. JADDI PUTERA GEMILANG (90.0%), a private company and two
Indonesian businessmen of Chinese extraction namely Mr. Danandjaja Wanandi
(5.2%) and Mr. Danardono Wanandi (4.8%). The
Articles of association was made by Mrs. SP. Henny S, SH., a public notary in
Jakarta and it has been approved by the Ministry of Law and Human Right in its
Decision Letter No. C2-15904.HT.01.01.TH.2000 dated 2 August 2000.
The
articles of association of the company have frequently been revised. In
November 2007, the issued capital was raised to Rp. 1,000,000,000 and entirely
paid up. Concurrently, shareholders of the company are PT. JADDI PUTERA
GEMILANG (46.4%), P.T. SEMESTA SATYA RAYA (51.0%), Mr. Danandjaja Wanandi
(1.3%) and Mr. Danardono Wanandi (1.3%).
Latest, on July 2008, P.T. JADDI PUTERA GEMILANG, Mr. Danandjaja Wanandi
and Mr. Danardono Wanandi pulled out and the whole shares are sold to P.T.
PUTERA SEJAHTERA BERSAMA. Since that
time, shareholders of the company are PT. SEMESTA SATYA RAYA (51%) and P.T.
PUTERA SEJAHTERA BERSAMA (49%). The
amendment Articles of association was made by Mrs. Patricia Bunandi Panggabean,
SH., a public notary in Jakarta and it was approved by the Ministry of Law and
Human Right in its Decision Letter No. AHU-AH.01.10-18497, dated 23 July 2008.
Later
according to the latest revision of notary Deed No. 15 dated 29 October 2012 of
Heru Warsito, SH., a notary in Jakarta, the authorized capital was raised to
Rp. 10,100,000,000.- entirely was issued and fully paid up. Since at the time, the shareholders of the
company are P.T. PUTERA SEJAHTERA BERSAMA (59%) and P.T. SEMESTA SATYA RAYA
(41%). The amendment of Articles of
Association was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-44799 dated 17 December 2012. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. JI has been operating commercially since
According to the Ministry of Trade of Republic of Indonesia, that since March 2010 importer of alcoholic beverages is no longer solely PT. SARINAH, but the government have added seven private companies. The seven designated companies are PT. Jaddi Internasional, PT. Indo Wines, PT. Mitra Indomaju, PT. Mulatama Mitra Sejahtera, PT. Aska Indoco, PT. Boga Citra Pratama Nusa and PT. Pantja Artha Niaga. For the period of year (April 2010 to March 2011), all importers have equal quaota to import alcoholic beverages namely 49.125 cartons or equivalent to 442 thousand liters increased to 51,582 cartons or equivalent to 464 thousand liters for the period of year (April 2011 to March 2012) and its estimated to rise again to 5% for the period of year (April 2013 to March 2014). The allocation was result of equal sharing from import limit reaching 393 thousand cartons or the equivalent of 3.54 million liters.
Generally, demand for alcoholic drinks has been
increasing by 5% to 6% per annum in the last five years having close relation
with the growing international standard hotels and restaurants. However, the
distribution of alcoholic drinks in Indonesia is very sensitive considering
most Indonesian Moslem forbidding alcoholic drinks. Consequently, importers are
forced to reduce their import volume. Meanwhile, there are many alcoholic
drinks illegally entering the domestic markets being sold at cheap prices. The business position of P.T. JI is favorable
for having been experienced in trading and distribution of alcoholic drinks.
Besides, the company has wide marketing networks among hotels and restaurant in
Indonesia.
The
company is neither public listed nor bond issued company. Therefore, the company has no obligation to
publish financial statements publicly.
We estimated that total sales turnover of P.T. JI in 2010 amounted to
Rp. 148.0 billion increased to Rp. 162.0 billion in 2011 to rose again to Rp.
175.0 billion in 2012 and projected to be rising by at least 8% in 2013. The
operation of the company in 2012 is estimated to have gained a profit of Rp.
8.7 billion with a total networth of Rp. 65.0 billion. So far we have never heard that P.T. JI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court. Payment condition for domestic and
overseas suppliers is good with the credit payment system of 1 month to 3 months.
Initially, the management was led by Mr. I Gusti
Bagus Cakrawibawa (47) as the president director and Mr. Remier Aloan
Simorangkir (54) as director. However,
since October 2012, Mr. Cakrawibawa was replaced by Mr. Remier Aloan
Simorangkir as president director and Mr. Dananjaya Wanandi (46) as
director. P.T. JI has more than 15
years of experience in trading and distributor of alcoholic drinks, having wide
relation with management of hotels and restaurants in Indonesia. Since April 2010, P.T. JI is one of
importers of alcoholic drinks being pointed by the government. However, the
distribution of alcoholic drinks in Indonesia is very sensitive considering
most Indonesian Moslem forbidding alcoholic drinks. Meanwhile, the competition
is very tight on account of lots of similar company operating in the
country. PT. JADDI INTERNASIONAL is fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
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.