MIRA INFORM REPORT

 

 

Report Date :

22.10.2013

 

IDENTIFICATION DETAILS

 

Name :

P.T. MAJU JAYA NIAGATAMA

 

 

Registered Office :

Komplek Bonagabe Block B-15 Jl. Raya Jatinegara Timur No. 101 Jakarta 13310

 

 

Country :

Indonesia

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

06.07.2004

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, export-import and distribution of agricultural products.

 

 

No. of Employees :

30

 

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)

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

Company name and address

 

P.T. MAJU JAYA NIAGATAMA

 

 

Address

 

Head Office

Komplek Bonagabe Block B-15

Jl. Raya Jatinegara Timur No. 101

Jakarta 13310

Indonesia

Phone               - (62-21) 8575338 (hunting)

Fax.                  - (62-21) 8575368

Building Area     - 3 storey

Office Space      - 180 sq. meters

Region              - Commercial

Status               - Own

 

Date of Incorporation :

06 July 2004

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. W7-00564 HT.01.01.TH.2006

    Dated 14 September 2006

b. No. AHU-86719.AH.01.02.Tahun 2008

    Dated 17 November 2008

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 02.508.894.9.002.000

 

Related/Affiliated Company :

TOKO MAJU (Trading of Agriculture Products)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital          - Rp.  500,000,000.-

Issued Capital                - Rp.  210,000,000.-

Paid up Capital              - Rp.  210,000,000.-

 

Shareholders/Owners :

a. Mr. Tan Lunardi       - Rp. 105,000,000.- (50%)

    Address : Jl. Jatinegara Barat II No. 16

                     Balimester, Jakarta Timur

        Indonesia 

b. Mrs. Yanti Tan          - Rp. 105,000,000.- (50%)

    Address : Jl. Jatinegara III No. 11

                    Balimester, Jakarta Timur

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Export-Import and Distribution of Agricultural Products

 

Production Capacity :

None

 

Total Investment :

Owned Capital            - Rp. 8.0 billion

 

Started Operation :

September 2004

 

Brand Name :

None

 

Technical Assistance :

None

 

Number of Employee :

30 persons

 

Marketing Area :

Domestic    - 100 %

 

Main Customer :

Traditional Markets, Food and Beverage Industries, etc

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ALAM INDORAMA

b. C.V. BUMI DJAJA

c. P.T. ADI SAMPOERNO

d. C.V. PUTRA NUSA

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a. P.T. Bank MANDIRI Tbk

    Jl. Matraman Raya No. 12

    Jakarta Timur

    Indonesia

b. P.T. Bank MUTIARA Tbk (Ex. PT. Bank Century)

    Jl. Saharjo No. 149-C

    Tebet, Jakarta Timur

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 17.6 billion

2010 – Rp. 20.0 billion

2011 – Rp. 22.8 billion

2012 – Rp. 26.0 billion

2013 – Rp. 12.4 billion (January – June)

 

Net Profit (Loss) :

2009 – Rp.    906 million

2010 – Rp. 1,030 million

2011 – Rp. 1,175 million

2012 – Rp. 1,340 million

2013 – Rp.    640 million (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                         - Mr. Tan Lunardi

 

Board of Commissioners :

Commissioner               - Mrs. Yanti Tan

 

Signatories :

Directors (Mr.Tan Lunardi) which must be approved by Board of Commissioner (Mrs. Yanti Tan)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

 

OVERALL PERFORMANCE

 

P.T. MAJU JAYA NIAGATAMA (P.T. MJN) was established in Jakarta based on Deed No.1 dated 6 July 2004 drawn up by Notary Stephani M.V. Pangestu, SH, notary in Jakarta with an authorized capital of Rp. 500,000,000.- issued capital of Rp. 210,000,000.- entirely paid up. The founding shareholders are Mr. Tan Lunardi and his wife Mrs. Yanti Tan. They are Indonesian businessmen of Chinese extraction.  The Deed of establishment has been approved by the Minister of Law and Human Rights through its Decision Letter No. W7-00564 HT.01.01.TH. 2006, dated September 14, 2006.  The Company’s article of association has been amended for several times, most recently by Deed  No. 28 dated 22 August 2008 drawn up by Notary Stephani M.V. Pangestu, SH., concerning changes of the whole article of association of the Company’s to conform with Law No. 40 Year 2007 concerning Limited Liability Company.  The Deed of amendment has been approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-86719.AH.01.02.Tahun 2009 dated 17 November 2008.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

P.T. MJN has been in operation since September 2004 in trading, import and distribution of agricultural products. Miss Imelda, a staff senior  of the company explained that the agricultural products likes peanut, green nut, legumes, spices and other being wholly imported from India, China and several other countries.  The merchandise products are sold to various agents, traditional market, food and beverage processing industries, herbal medicines and cosmetic industries in Jakarta, Tangerang, Bogor, Depok and Bekasi.   We observed that P.T. MJN is classified as a small-sized company of its kind in the country of which the operation had been running smoothly and growing steadily.

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. MJN to be in a quite favorable position for having already got hold of a steady clientele in the Jakarta and surroundings.    

 

Until this time P.T.  MJN has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. Therefore, the company has no obligation to publish financial statement publicly.  P.T. MJN’s management is very reclusive to outsider and rejecting to disclose its financial condition.  We observed that total sales turnover of the company in 2010 is Rp. 20.0 billion increased to Rp. 22.8 billion in 2011 and rose again to Rp. 26.0 billion in 2012.   The operation in 2012 yielded an estimated net profit at least Rp. 1,340 million and the company has an estimated total networth at Rp. 10.0 billion. It is forecasted that total sales turnover of the company will increase at least 10% in 2013.   We observe that P.T. MJN is supported by financially fairly strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Mrs. Ina, the export import staff of the company disclosed that the company usually pays its debts punctually to suppliers.  

 

Since in 2004, the management of P.T. MNJ is led by Mr. Tan Lunardi (57) as Director and CEO of the Company, a businessman who experienced for more than 25 years in the field of trading, export import and distribution of agricultural products.  In daily activities, he is assisted by his wife Mrs. Yanti Tan (51).  The management’s reputation in said business is fairly good. The company has had wide relation in the realm of the private businessmen inside and outside the country. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.

 

P.T. MAJU JAYA NIAGATAMA is appraised to be good for business transaction.  However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.99.41

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.