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Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PT. TETAP JAYA |
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|
|
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Registered Office : |
Jalan Veteran Dalam No. 23, Kelurahan Pandau Hilir, Kecamatan Medan Perjuangan, Medan, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
16.04.2009 |
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Com. Reg. No.: |
No. AHU-AH.01.10-18770 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Sea Freight Forwarding and License Customs Clearance Services |
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No. of Employees : |
10 |
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 : |
Slow but correct |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices.
|
Source
: CIA |
Name of Company :
PT. TETAP JAYA
A d d r e s s :
Head Office
Jalan Veteran Dalam No. 23
Kelurahan Pandau Hilir
Kecamatan Medan Perjuangan
Medan, North Sumatra
Indonesia
Phones -
(62-61) 8880 9888, 8880 9777
Fax - (62-61) 8880 9188
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
16 April 2009
Legal Form :
PT. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-24200.AH.01.01.Tahun 2009
Dated 02 June 2009
- No. AHU-AH.01.10-18770
Dated 26 July 2010
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.430.221.8-113.000
Related Company :
Not Available
Capital Structure :
Authorized Capital - Rp.
2,000,000,000.-
Issued Capital -
Rp. 500,000,000.-
Paid up Capital -
Rp. 500,000,000.-
Shareholders/Owners :
a. Mr. Robert Ongah -
Rp. 250,000,000.- (50%)
Address : Jalan Flores No.
20/14, Pandau Hilir
Medan, North Sumatra
Indonesia
b. Mr. Betbon -
Rp. 125,000,000.- (25%)
Address : Jalan Flores No.
20/14, Pandau Hilir
Medan, North Sumatra
Indonesia
c. Mr. Erwan, SE -
Rp. 125,000,000.- (25%)
Address : Jalan Flores No.
20/14, Pandau Hilir
Medan, North Sumatra
Indonesia
Lines of Business :
Sea Freight Forwarding and License Customs Clearance Services
Production Capacity :
None
Total Investment :
None
Started Operation :
2009
Brand Name :
Tetap Jaya
Technical Assistance :
None
Number of Employee :
10 persons
Marketing Area :
Local - 100%
Main Customer :
Industry and Distributor
Market Situation :
Competitive
Main Competitors :
a. PT. SRIWIJAYA BARA LOGISTIC
b. PT. BARUNA COAL LOGISTIC
c. PT. ENERGATE PRIMA
INDONESIA
d. Etc
Business Trend :
Growing
B a n k e r s :
a. PT. BANK CENTRAL ASIA
Tbk
Jalan Diponegoro No. 15
Medan, North Sumatra
Indonesia
b. PT. BANK MANDIRI Tbk
Jalan Abrul Rahman No. 99
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Income/Revenues (estimated) :
2011 – Rp. 11.0 billion
2012 – Rp. 11.8 billion
2013 – Rp. 12.6 billion
Net Profit (estimated) :
2011 – Rp. 0.7 billion
2012 – Rp. 0.8 billion
2013 – Rp. 0.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Jefry Tanuji
Board of Commissioners :
Commissioner - Mr. Hendy Tio
Signatories :
Director (Mr. Jefry Tanuji) which must
be approved by Board of Commissioner (Mr. Hendy Tio)
Management Capability :
Good
Business Morality :
Good
PT. TETAP JAYA (PT. TJ) was established in Medan, North Sumatra on 16
April 2009 with the authorized capital of Rp. 2,000,000,000 issued capital of Rp.
500,000,000 fully and paid up. The founding shareholders of the company
originally are Mr. Tok Bun Siong (32%), Mr. Sukiman (32%), Mr. Erwan, SE (32%),
and Mr. Chun Fuk (4%), all Indonesian businessmen of
Chinese extraction. The deed of establishment has been approved by the Ministry of Law and
Human Rights of the Republic of Indonesia through its Decision Letter No.
AHU-24200.AH.01.01.Tahun 2009 dated 02 June 2009.
The articles of association of the company have been changed, most
recently by Notarial Deed No. 01 dated 01 July 2010 made by Tjong Deddy
Iskandar, SH; Mr. Robert Ongah and Mr. Betbon entered into the company as a new
shareholders. Since at the time, shareholders of the company are Mr. Robert
Ongah (50%), Mr. Betbon (25%), and Mr. Erwan, SE (25%). The amendment to Deed
has been approved by the Ministry of Law and Human Rights through its Decision
Letter No. AHU-AH.01.10-18770 dated 26 July 2010. No changes have been
effected in term of its shareholding composition and capital structures to date.
PT. TJ is a national private company, started operation since 2009
engaged in sea freight forwarding and license custom clearance services. In its
activity the company handles and takes care of documents relating to the
reception/delivery of cargo transported by sea to the owner of the goods and
also takes care of customs formalities. Most of the companies using PT. TJ's
services are local importers of textile products, electronics, household
appliances, automotive spare parts, and several other companies operating in
export - import. Mrs. Mayang, a staff of PT. TJ explained that main customers
of their company are industries and distributors in Medan and it's surrounding.
The company provides the above freight forwarding and related services for cargoes
bound from overseas like Asia, Europe, United States, etc. We observed that PT.
TJ is classified as a medium-sized company of its kind in the country of which
the operation has been running smoothly and growing steadily in the last three
years.
The domestic demand in shipping services and international freight
forwarding has kept on fluctuating in the last five years in line with the
growth of export and import of various Indonesian products including oil and
gas. The demand for post and cargo handling had kept on increasing up in the
lat five years in line with the growth of various businesses requiring its
services to send letters to domestic and foreign destination. According data
from the Ministry of Sea Communication that total of sea freight to overseas in
the last five years has been increasing. However, the global economic crisis in
October 2008 had caused the demand to decline especially in cargo freight of
sea port. However, the long-term business prospect of the company is favorable
once the unstable economic condition starts recovery.
Total of Domestic
and Overseas Sea Freight, 2005 – 2012
|
Year |
Total of
Domestic Sea Freight (Million Tons) |
Total of Sea
Freight to Overseas (Million Tons) |
|
2005 |
114.5 |
492.9 |
|
2006 |
135.3 |
515.1 |
|
2007 |
148.7 |
531.8 |
|
2008 |
192.8 |
536.5 |
|
2009 |
258.3 |
546.4 |
|
2010 |
273.8 |
579.2 |
|
2011 |
290.7 |
615.1 |
|
2012 |
309.7 |
653.2 |
Source: Ministry of Sea Communication
Development of
Domestic & International Sea Port Cargo
Loading-unloading
volumes 2005-2012
(Tons)
|
Year |
Domestic Sea Port Cargo |
International Sea Port Cargo |
||
|
Loading |
Unloading |
Loading |
Unloading |
|
|
2005 |
21,328,347 |
41,190,845 |
14,067,221 |
20,190,522 |
|
2006 |
21,127,564 |
36,952,966 |
14,717,023 |
19,555,727 |
|
2007 |
25,865,648 |
39,854,592 |
13,105,729 |
10,418,794 |
|
2008 |
23,774,124 |
40,085,192 |
11,850,840 |
21,664,871 |
|
2009 |
24,086,751 |
38,374,220 |
10,717,690 |
20,023,704 |
|
2010 |
25,610,652 |
39,439,494 |
9,948,752 |
24,059,624 |
|
2011 |
26,976,803 |
36,864,682 |
9,649,844 |
26,382,480 |
|
2012 |
29,550,987 |
37,357,880 |
10,330,503 |
30,813,389 |
Source: Central Statistic Bureau (BPS)
Until this time PT. TJ has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of PT. TJ is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total revenues of the
company in 2011 amounted to Rp. 11.0 billion rose to Rp. 11.8 billion in 2012
increased to Rp. 12.6 billion in 2013 and projected to go on rising by at least
6% in 2014. The operation in 2014 yielded an estimated net profit of at least
Rp. 1.0 billion and the company has an estimated total networth of at least Rp.
7.0 billion. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia).
The management of PT. TJ led by Mr. Jefry Tanuji (37) as director with
more than 5 years experience in sea freight forwarding and license customs
clearance services. In his daily activities, he is assisted by a number of
professional managers. 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.
PT. TJ 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.61.07 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NNA |
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.