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Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. JAYKAY FILES |
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Registered Office : |
Sari Pan
Pacific Hotel 3rd Floor Room 403, Jalan M.H.
Thamrin No. 6, |
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Country : |
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Date of Incorporation : |
27.05.1974 |
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Com. Reg. No.: |
No. AHU-AH.01.10-20603 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer & trader of hand tools |
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No. of Employees : |
424 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. JAYKAY FILES INDONESIA
Registered Office
Sari Pan Pacific
Hotel 3rd Floor Room 403
Jalan M.H. Thamrin No. 6
Jakarta 10340
Indonesia
Phones -
(62-21) 31922503, 3902707
Fax - (62-21) 31922503
Building Area - 12 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Operation Office
& Factory
Jalan Sukodono,
Gedangan
Tromol Pos 33, Sidoarjo 61202
East Java, Indonesia
Phones -
(62-31) 8912712, 8910209, 8912181, 8912414
Fax - (62-31) 8912850, 8012306
E-mail - jaykay@indo.net.id
Land Area - 20,000 sq.
meters
Building Area - 16,500 sq.
meters
Region - Industrial
Zone
Status - Owned
27 May 1974
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
AHU-35474.01.02.TH.2008
Dated 25 June 2008
b. No.
AHU-24631.01.02.TH.2010
Dated 14 May 2010
c. No.
AHU-AH.01.10-20603
Dated 07 June 2012
Foreign
Investment (PMA) Company
a. The Department of Finance
NPWP No. 01.000.629.4-055.000
b. The President of the Republic of
Indonesia
No. B-122/Pres/10/1973
Dated 25 October 1973
c. The Capital Investment Coordinating Board
- No. 01/I/PMA/1985
Dated 7 January 1985
- No. 12/II/PMA/1988
Dated 22 April 1988
- No. 43/II/PMA/1995
Dated 23 February
1995
- No. 243/II/PMA/1996
Dated 18 November
1996
- No. 577/III/PMA/2001
Dated 16 May 2001
- No. 5/II/PMA/2006
Dated 6 January 2006
a. JAYKAYORG AG,
Switzerland (Investment Holding)
b. RAYMOND LIMITED,
India (Investment Holding)
c. UNITGAIN
LIMITED, England (Investment Holding)
Capital
Structure :
Authorized
Capital - US$
1,000,000.-
Issued Capital - US$
1,000,000.-
Paid up Capital - US$
1,000,000.-
Shareholders/Owners
:
a. UNITGAIN LIMITED -
US$ 568,000.-
Address :
London, England
b. RAYMOND LIMITED -
US$ 240,000.-
Address : Mumbai, India
c. JAYKAYORG AG -
US$ 152,000.-
Address : Switzerland, Swiss
d. Mr. Humphrey Rithan Djemat - US$
40,000.-
Address : Kapling POLRI B.
IV/10
Ragunan,
Jakarta Selatan
Indonesia
Lines of Business :
Hand Tools Manufacturing
Production Capacity :
a. Engineer Files, Tools and Saw
Files - 1,200,000 dozens p.a.
b. Twist Drills -
3,000,000 dozens p.a.
c. Hand Tools (Spanners, Ring
Spanner,
Combination Spanners) -
1,450 tons p.a.
Total Investment :
a. Equity Capital - US$ 1.0 million
b. Reinvested Profit - US$ 0.6 million
c. Loan Capital - US$ 8.4 million
d. Total Investment - US$ 10.0 million
Started Operation :
1976
Brand Name :
Three Files, Sun Flowers
Technical Assistance :
Unitgain Ltd., of England
Number of Employee :
424 persons
Marketing Area :
Local - 70%
Export - 30%
Main Customers :
a. Distributed by Distributors
b. Buyers in Asian, Asia Pacific,
Australia, Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ATLAS COPPO INDONESIA
b.
P.T. BADJA ABADI SENTOSA
c. P.T. BAHTERA REJEKI ABADI
d. P.T. SANDVIK INDONESIA
e. Etc.
Business Trend :
Growing
Bankers :
a. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
b. P.T. Bank PAN INDONESIA Tbk
Jalan Coklat No. 16
Surabaya, East Java
c. P.T. Bank MANDIRI Tbk
Jalan Kembang Jepun No. 168-170
Surabaya, East Java
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 190.0
billion
2011 – Rp. 220.0
billion
2012 – Rp. 248.0
billion
2012 – Rp. 135.0
billion (January – June)
Net Profit
(estimated) :
2010 – Rp. 13.2
billion
2011 – Rp. 15.3
billion
2012 – Rp. 17.2
billion
2012 – Rp. 9.3 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Soumitra Das
Directors -
a. Mrs. Casandra Rosita Djemat
b. Mr. Prakash Manohar Sakhalkar
Board of Commissioners :
President Commissioner -
Mr. Humphrey Rithan Djemat
Commissioners -
a. Mr. Dr. Vijaypat Singhania
b. Mr. Gautam Hari Sunghania
c. Mr. Riaz Ahmed Don
Signatories :
President Director (Mr.
Soumitra Das) or one of the Directors (Mrs. Casandra Rosita Djemat or Mr.
Prakash Manohr Sakhalkar) which must be approved by Board of Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
P.T. JAYKAY FILES INDONESIA (P.T. JFI) was established in Sidoarjo, East Java on May 27, 1974 under the Foreign Investment (PMA) scheme. It was a joint venture of three foreign companies which comprise of RAYMOND WOLLEN MILLS LTD., of India, ASSOCIATED SALES & INVESTMENT CORP., of Hong Kong and COMMONWEALTH DEVELOPMENT CORP., of the United Kingdom and P.T. BEKTI INDUSTRIAL & DEVELOPMENT CORP., as a local partner. P.T. JFI has an authorized capital of US$ 300,000 and the entirely was issued and the paid up was of US$ 30,000. The company notary deed has been revised for several times. Latter, its authorized capital was increased to US$ 800,000 entirely was issued and paid up.
In May 2001 the authorized capital was increased to US$ 1,000,000 entirely issued and paid up. On the same occasion, RAYMOND WOLLEN MILLS Ltd., of India, ASSOCIATED SALES & INVESTMENT CORP., of Hong Kong, COMMONWEALTH DEVELOPMENT CORP., of the United Kingdom and P.T. BEKTI INDUSTRIAL & DEVELOPMENT CORP., of Indonesia withdrew and into the company entered by UNITGAIN LIMITED of the United Kingdom (56.8%), RAYMOND LIMITED of India (24%), JAYKAYORG AG of Switzerland (15.2%) and Mr. Humphrey Rithan Djemat of Indonesia (4%) as new shareholders.
The latest notary deed of amendment was approved by the Minister of Law and Human Right in its Decision Letter No. AHU-AH.01.10-20603 dated June 7, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. JFI had been operating since 1975 in tool making industry like engineer files, saw-files, saw files, spanners, chain files, raps, HSS twist drill, hand tools, small tools, cutting tools. Its plant is located at Jalan Sukodono, Gedangan, East Java, on a land of some 2.0 hectares wide. Firstly it only produced about 200,000-300,000 dozen tools per year and had been expanding accordingly. P.T. JFI has, at present, production capacity of 1,200,000 dozen tools, 3.0 million of twist drill and 1,450 tons of hand tolls (spanners, ring spanners and combination spanners) per year respectively. P.T. JFI has absorbed an estimated total investment of US$ 10.0 million consisting of US$ 1.0 million in the equity capital, reinvested profit of US$ 0.6 million and the rest would come from loans.
Around 70% of the products are distributed by TB. GOBIN and various distributors in Jakarta, Bandung, Sumatera, Surabaya, Kalimantan, Sulawesi and other cities in the country by using Three Files and Sun Flower brands. Meanwhile some 25% - 30% of the products are exported to Thailand, Malaysia, Singapore, Pakistan, Japan, Hong Kong, Australia, Canada, Germany, Italy and other countries. We observe that P.T. JFI is a manufacturer of high quality files and drills by produce wide range of files and raps and drills and cater to countries in South East Asia, Asia Pacific, Australia, Indian sub-continent, China, Europe and North & South America.
In overall we find the demand for technical equipments like tools, twist drills, engineer files, raps, chain saw files, spanners and other has kept on rising by 6% to 8% per annum in the last five years. Such condition was in line with the growth of general automotive industry, car body manufacturing, steel cutting and workshop, and other sectors requiring the above products. But, as from October 2008, the demand growth for technical equipments has kept on dwindling as an impact of global economic crisis as told above. The demand was increasing in the early 2009 due to economic condition was gradually recovery in the country. The growth rate is now estimated at 5% to 6% per year. Market competition is very tight due to a large number of similar companies operating in the country. We consider P.T. JFI to be in a quite favorable position for having already got hold of a steady clientele in the country.
P.T. JFI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2010 amounted to Rp. 190.0 billion increased to Rp. 220.0 billion in 2011 rose again to Rp. 248.0 billion in 2012 and projected to go on rising by at least 8% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 17.2 billion and the company has an estimated total networth of at least Rp. 112.0 billion. We observe that P.T. JFI is supported by foreign partner with has financially strong and sound behind it. 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. JFI is led by Mr. Soumitra Das (58) as President Director, a professional manager of India with more than 21 years experience in hand tools manufacturing and trading. Daily operation he is assisted by two directors namely Mrs. Casandra Rosita Djemat (46) of Indonesia and Mr. Prakash Manohar Sakhalkar (55) of India. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. 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.
We appraise P.T. JFI to be still good for normal business transactions. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
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.