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Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. JAKARTA
SEREAL |
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|
|
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Registered Office : |
Wisma TKC, 2nd Floor Jalan Salemba Tengah No. 60 Jakarta
Pusat, 10440 |
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|
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Country : |
Indonesia |
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|
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Date of Incorporation : |
12.09.1994 |
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|
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Com. Reg. No.: |
No. AHU-AH.01.10-9475 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Importing, Exporting and Distribution of Agricultural
Commodities Products |
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No. of Employees : |
13 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 – 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 |
Name of Company :
P.T. JAKARTA SEREAL
Address :
Head Office
Wisma TKC, 2nd Floor
Jalan Salemba Tengah No. 60
Jakarta Pusat, 10440
Indonesia
Phones -
(62-21) 3907188 (Hunting)
Fax - (62-21) 3152884, 3152885
E-mail - jasinggih2@telkom.net
Website - http://www.jakarta-sereal.com
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
12 September 1994
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
No. AHU-AH.01.10-9475
Dated 23 April 2008
Company Status :
Private National Company
Permit by the Government Department :
The Department of Finance
NPWP No. 1.683.742.9-024
Related/Affiliated Companies :
a. P.T. BERKAT INDAH
GEMILANG (Flour Mill Processing)
b. P.T. INDOSNACK CEMERLANG
(Food Processing)
Capital Structure :
Authorized Capital : Rp.
500,000,000.-
Issued Capital : Rp.
125,000,000.-
Paid up Capital : Rp.
125,000,000.-
Shareholders/Owners :
a. Mr. Singgih Sutanto -
Rp. 110,000,000.-
Address : Jl. Terusan Hang Lekir II/W. 22
Grogol Selatan, Jakarta
Selatan
Indonesia
b. Mrs. Titiek Dewi Sutanto -
Rp. 15,000,000.-
Address : Jl. Ceylon No. 11, Kebon Kelapa
Gambir, Jakarta Pusat
Indonesia
Lines of Business :
Trading, Importing, Exporting and Distribution of Agricultural
Commodities Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1995
Brand Name :
Jakarta Sereal
Technical Assistance :
None
Number of Employee :
13 persons
Marketing Area :
Export - 100%
Main Customer :
Traditional Markets
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADI SAMPOERNO
b.
P.T. ALAM INDORAMA
c.
P.T. DAKAI IMPEX
d.
P.T. SUPA SURYA NIAGA
e. Etc.
Business Trend :
Growing
Bankers:
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Matraman Raya No. 43
Jakarta
Timur
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan
Matraman Raya No. 25
Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 14.0 billion
2011 – Rp. 14.7 billion
2012 – Rp. 15.5 billion
Net Profit (estimated) :
2010 – Rp. 870 million
2011 – Rp. 882 million
2012 – Rp. 930 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Singgih Sutanto
Board of Commissioners :
Commissioner - Mrs. Titiek Dewi Sutanto
Signatories :
Director (Mr. Singgih Sutanto) which
must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. JAKARTA SEREAL (P.T. JS) was established in Jakarta in September
1994 with an authorized capital of Rp. 100,000,000 issued capital of Rp.
25,000,000 entirely paid up. The founding shareholders of the company are Mr.
Singgih Sutanto and his wife Mrs. Titiek Dewi Sutanto, both are Indonesian
business family of Chinese origins. The company’s article of association has
frequently been changed and in April 2008 the authorized capital was increased
to Rp. 500,000,000 issued capital to Rp. 125,000,000 fully paid up. The company
notary act was made by Mrs. Mellyani Noor Shandra, SH., was approved by the
Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-9475,
dated April 23, 2008.
We observe that Mr. Singgih Sutanto is also founder and business stakes
owners of P.T. BERKAT INDAH GEMILANG dealing with flour mills and P.T.
INDOSNACK CEMERLANG dealing with food processing.
P.T. JS started with operating since 1995 engaged in the field of
trading, import, export and distribution of agricultural commodities. Initially
the company imported onions from India, China for the local market.
P.T. JS still imports onions for local distribution and it has expanded
its business to include importing & exporting many other types of
commodities. The merchandising products are onions, green mung bean, soy beans,
green peas, yellow peas, ground nuts, broad beans, split faba beans, marrowfat
peas, white pepper, coriander seed, dates, nutmeg, betel nut, yellow corn, pop
corn, desiccated coconut. The company also imports of animal feed such as corn,
canary seed, red broomcorn, millet, white millet; livestock consumption such as
soy bean meal and fish consumption fish meal. The company imported green mung
bean, onions, garlic, ground nut, fish meal, animal feed from Taiwan, China,
Vietnam, India and China. Meanwhile, P.T. JS also exported agricultural
products such as white pepper, black pepper, soy beans, marrowfat peas,
coriander seed and other spices to China, Taiwan, India and other countries. To
support and complement P.T. JS’ trading activities, the company has owned
several warehouses located in Jakarta and Surabaya. In addition, P.T. JS has
set up a logistics system allowing to delivers the goods to its customers
anywhere in Indonesia. We observe the operation of P.T. JS has been growing and
developing well in the three years.
We have noticed that the demand for agricultural products had increased
some 10% to 11% per annum in the last five years in line with the growth of
industrial manufacturing in the country and international market. In the coming
years, the growth rate of demand is estimated at about 6% to 7% per annum. The
present market situation for agricultural products is very competitive for a large
number of similar companies operating in the country. Meanwhile, competition is
quite heavy in the export import of agricultural products with many companies
now doing business in this field in Indonesia. We consider P.T. JS to be in a
quite favorable position for having already got hold of a steady clientele in
the country.
Until this time P.T. JS has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. JS 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. 14.0 billion rose to Rp. 14.7 billion in 2011
increased to Rp. 15.5 billion in 2012 and projected to go on rising by at least
4% in 2013. The operation in 2012 yielded an estimated net profit of at least
Rp. 930 million and the company has an estimated total networth of at least Rp.
2.5 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. JS is led by Mr. Singgih Sutanto (43) a
businessman and professional manager with experience in trading, export import
and distribution of agricultural commodities products. 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. JAKARTA SEREAL is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.