|
Report Date : |
01.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. JAYA ABADI GRANITAMA |
|
|
|
|
Registered Office : |
Jalan Pangeran Jayakarta 73 A Komp. Jayakarta Centre Block E 1, No. 8-9 Mangga Dua Selatan-Sawah Besar Jakarta Pusat, 10730 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
11.09.1997 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Natural Marble. |
|
|
|
|
No. of Employees : |
117 |
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Source
: CIA
P.T. JAYA ABADI GRANITAMA
Head Office &
Showroom
Jalan Pangeran Jayakarta 73A
Komp. Jayakarta
Centre Block E 1, No. 8-9
Mangga Dua
Selatan-Sawah Besar
Jakarta Pusat,
10730
Indonesia
Phones - (62-21) 639 9088 (Hunting)
Fax - (62-21) 649 3521, 626 6626
E-mail - jabadi@centrin.net.id
Website - http://www.jayaabadigroup.com
Building Area - 3 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Rent
Factory &
Warehouse
Jalan Raya Serang
Km. 69
Nambo Ilir Kibin
Serang, 42186
Phone - (62-254) 401247
Fax - (62-254) 401248
Land Area - 20,000 sq. meters
Building Space - 11,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
:
11 September 1997
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. C2-13977.HT.01.01.TH.97
Dated 31 December 1997
- No. AHU-97324.AH.01.02.TH.2008
Dated 17 December 2008
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No.01.820.309.1-073.000
Related Companies :
a. P.T. BHINEKA CIRIA ARTANA (Trading and Distribution of Metal Products, Hardware, Key and Hinge)
b. UD. JAYA
ABADI
Capital Structure :
Authorized Capital : Rp. 2,000,000,000.-
Issued Capital : Rp. 850,000,000.-
Paid up Capital : Rp. 850,000,000.-
Shareholders/Owners :
a. Mr. Jahja
Widikdo -
Rp. 325,000,000.-
Address : Jl. Pangeran Jayakarta 141/A. 12
RT. 009 RW.
010, Kel. Mangga Dua
Selatan, Kec. Sawah Besar,
Jakarta Pusat
Indonesia
b. Mrs. Shinta
Juliastuty -
Rp. 212,500,000.-
Address : Jl. Taman Daan Mogot VII/8, RT. 004
RW. 001, Kel.
Tanjung Duren Utara,
Kec.
Grogol Petamburan, Jakarta Barat
Indonesia
c. Mr. Yahya
Effendi Widigdo - Rp. 212,500,000.-
Address : Jl. Pangeran Jayakarta 141/A. 12
RT. 009 RW.
010, Kel. Mangga Dua
Selatan, Kec. Sawah Besar,
Jakarta Pusat
Indonesia
d. Mrs. Ratnawati -
Rp. 100,000,000.-
Address : Jl. Pangeran Jayakarta
141/A. 12
RT. 009 RW. 010,
Kel. Mangga Dua
Selatan, Kec.
Sawah Besar,
Jakarta Pusat
Indonesia
Lines of Business :
Natural Marble Manufacturing
Production Capacity :
Natural Marble - 700,000 sq. meters p.a.
Total Investment :
Owned Capital - Rp. 2.5 billion
Started Operation :
1998
Brand Name :
Jaya Abadi Granitama
Technical Assistance :
None
Number of Employee :
117 persons
Marketing Area :
Local - 80%
Export - 20%
Main Customer :
Building contractors and Building Material Shops
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ANGSA DAYA
b. P.T.
MANDALA MARMER INDONESIA
c. P.T.
PLATINUM CERAMICS INDUSTRY
d. P.T.
SATYARAYA KERAMINDO INDAH
Business Trend :
Growing
B a n k e r :
P.T. Bank UOB INDONESIA
Jalan Pangeran
Jayakarta Block A Unit 126-129
Jakarta
Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 27.2 billion
2011 – Rp. 28.5 billion
2012 – Rp. 30.0 billion
2013 – Rp. 16.0 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 2.4 billion
2011 – Rp. 2.6 billion
2012 – Rp. 2.9 billion
2013 – Rp. 1.6 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director - Mr. Jahja Widikdo
Directors - a. Mrs. Shinta
Juliastuty
b. Mr. Yahya Effendi Widigdo
Board
of Commissioners :
Commissioner - Mrs. Ratnawati
Signatories
:
President
Director (Mr. Jahja Widikdo) or one of the Directors (Mrs. Shinta Juliastuty or
Mr. Yahya Effendi Widigdo) which must be approved by Board of Commissioner
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. JAYA ABADI GRANITAMA (P.T. JAG) was established in Jakarta on September 11, 1997 with the authorized capital of Rp. 200,000,000 of which Rp. 50,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Jahja Widikdo, his wife Mrs. Ratnawati and Mrs. Shinta Juliastuty, an Indonesian business family of Chinese extraction. The company notary deed had been changed and in October 2008, the authorized capital was increased to Rp. 2,000,000,000 issued capital to Rp. 850,000,000 entirely paid up. On the same occasion his son namely Mr. Yahya Effendi Widigdo entered into the company as new shareholder. With this development the composition of its shareholders has been changed to become Mr. Jahja Widikdo (38.24%), his wife Mrs. Ratnawati (11.76%), their son Mr. Yahya Effendi Widigdo (25.00%) and Mrs. Shinta Juliastuty (25.00%). The deed of amendments was made by Mr. Maizar, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-97324.AH.01.02.TH.2008 dated December 17, 2008.
We observe Mr. Jahja Widikdo and family members is also business stakes owners of P.T. BHINEKA CIRIA ARTANA dealing with trading and distribution of metal products, hardware, key and hinge, and UD. JAYA ABADI BALI MARMO dealing with trading and distribution of natural marble.
P.T. JAG has been in operation since 1998 dealing with natural marbles manufacturing by managing a plant located at Jalan Raya Serang Km. 69, Serang, Banten Province on a land of 2.0 hectares. A part of natural marbles is imported from India, China and Spain while others are local products from Sukabumi, West Java. P.T. JAG projects span from five star hotels to residential homes, upscale office buildings to universities. Mrs. Mary, a staff of the company, said that her company produces natural marbles sized from 5 x 60 cm until 60 x 100 cm. Some 80% of the products is locally marketed under Black Galaxi, White Galaxi and others while the rest of 20% is exported to South Korea and others. P.T. JAG projects span from five star hotels to residential homes, upscale office buildings to universities. Management of P.T. JAG explained the marble products was supplied to various project such as Hotels (Shanri-La Hotel; The Ritz Carlton, Bali); Office buildings (BNI Tower 1; Bapindo Building; Midplaza 1, II; Niaga Tower; Fedex Building); Shopping Malls (Carrefour Lebak Bulus; Carrefour Ambassador; Tunjungan Plaza; SUperMall; ITC Mangga Dua Mall; ITC Permata Hijau; Plza Semanggi; Pakuwon Supermall); and others project. Besides, some of the marble and stone marketed through building contractors and building materials shops in Java and others cities in the country. We observe that P.T. JAG 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.
In general,
demand for ceramic tile and other ceramic increased in the last five years. On
the others side of the ceramic export market conditions even more alarming
because of a decline in the last three years. With the domestic market is still
huge and the limited utilization, ceramics companies in the country was no
longer rely on export markets. Demand from the outside there is no movement
increases. In terms of marketing, ceramic products in the domestic market has
not encountered significant obstacles. In fact, local ceramic products are far
superior when compared to the products of China (China), especially in terms of
competitive prices. However, the growth of the ceramics industry in the country
is relatively stagnant. Gas supply limitations make this industry can not grow
more rapidly and take advantage of existing market optimally. Limited gas
supply constraints also one new investment interest in the ceramic industry sector.
The government was expected to make sure and prioritizing the needs of the gas
supply to the industry in the country, rather than exporting it.
Thus, utilization
of industrial ceramic production in the country could be maximized. Indonesian
Ceramic Industry Association (Asaki) estimated production of ceramics by the
end of 2012 reached 330 million square meters, up 10% over last year's
realization of 300 million square meters thanks to the improving macro-economic
conditions nationwide. For this year, the national ceramics production can
penetrate 330 million square meters, an increase of 10% due to improved
macroeconomic nationwide. This is impacting on the growing purchasing power.
Improved macro-economic conditions nationwide, according to Elisa (Asaki) makes
the construction of both residential property and office continues to grow,
contribute to a ceramics manufacturer in the country to increase production
capacity. The increase in production capacity of ceramic is also supported by
the additional supply of gas because the gas supply increasingly filled the
ceramic industry can produce optimal.
Production Capacity and Export Value of National
Ceramic Industry, 2008 – 2012
|
Year |
Production (Million Sq.
Meters) |
Export (Thousand
US$) |
|
2008 |
264.0 |
33,614.4 |
|
2009 |
281.9 |
29,087.0 |
|
2010 |
327.0 |
22,824.3 |
|
2011 |
300.0 |
17,204.2 |
|
2012 |
330.0 |
18,924.6 |
Source: Department of
Industry and Trade (Processed by ICB)
Until this time P.T. JAG has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. JAG 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. 27.2 billion rose to Rp. 28.5 billion in 2011 increased to Rp. 30.0 billion in 2012. As from January to June 2013 the sales turnover has amounted at Rp. 16.0 billion with a net profit of Rp. 1.6 billion. It is projected the sales turnover will be rising by at least 5% in 2014. The company has an estimated total networth of at least Rp. 11.0 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 P.T. JAG is led by Mr. Jahja Widikdo (68) a businessman and professional manager with experience in natural marble manufacturing and trading. Daily activity he is assisted by his son Mr. Yahya Effendi Widigdo (36) and Mrs. Shinta Juliastuty (40) as directors. 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. JAYA ABADI GRANITAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.29 |
|
Euro |
1 |
Rs.84.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.