|
Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. JAYA ABADI GRANITAMA |
|
|
|
|
Registered Office : |
Jalan Pangeran Jayakarta 73A, Komp. Jayakarta Centre Block E 1, No. 8-9 Mangga Dua Selatan-Sawah Besar, Jakarta Pusat,
10730 |
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|
|
|
Country : |
Indonesia |
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|
|
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Date of Incorporation : |
11.09.1997 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-97324.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of
Natural Marble |
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|
|
|
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) |
|
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 |
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
Banten Province
Indonesia
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
11 September 1997
P.T. (Perseroan Terbatas) or Limited Liability Company
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
National Private
Company
The Department of
Finance
NPWP
No.01.820.309.1-073.000
a. P.T.
BHINEKA CIRIA ARTANA (Trading and Distribution of Metal Products, Hardware, Key
and Hinge)
b. UD.
JAYA ABADI BALI MARMO (Trading and Distribution of Natural Marble)
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
Banker :
P.T. Bank UOB
BUANA Tbk
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
Net Profit
(estimated) :
2010 – Rp. 2.4
billion
2011 – Rp. 2.6
billion
2012 – Rp. 2.9
billion
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
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 and projected to go on rising by at least 5% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 2.9 billion and 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.65.86 |
|
UK Pound |
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.