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Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. JAVAPRIMA ABADI |
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Registered Office : |
Jalan Lingkar Arteri Yos Sudarso No. 1, Kaligawe, |
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Country : |
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Year of Establishments: |
1969 |
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Com. Reg. No.: |
No. AHU-AH.01.10-14501 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· producers of roasted coffee bean and powder coffee Engaged in Coffee Shop
Management and Services Subject products ranges
includes Green
Coffee, Roasted whole bean coffee, Roasted ground coffee, Instant coffee, and
3in1 instant coffee mixes. |
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No. of Employees |
176 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. JAVAPRIMA ABADI
Head Office &
Factory 1
Jalan Lingkar
Arteri Yos Sudarso No. 1
Kaligawe, Semarang,
50243
Central Java
Indonesia
Phones -
(62-24) 6590897, 6590898, 6590899
Fax - (62-24) 6666138, 6590896
E-mail - info@jpa-coffee.com
Website - http://www.kopiluwak.org
Land Area - 10,000 sq.
meters
Building Space - 7,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory 2
Jalan Tentara Pelajar No. 2, Semarang, Central Java,
Indonesia
1969
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-UM.02.01.17649
Dated 6 December 2005
- No. AHU-100713.AH.01.02.TH.2008
Dated 31 December 2008
- No. AHU-AH.01.10-14501
Dated 28 August 2009
National Private
Company
The Department of
Finance
NPWP No.
01.563.630.1-511.000
None
Capital
Structure :
Authorized
Capital : Rp.
5,000,000,000.-
Issued Capital : Rp.
1,420,000,000.-
Paid up Capital : Rp.
1,420,000,000.-
Shareholders/Owners
:
a. Mr. Agus
Susanto -
Rp. 852,000,000.-
Address : Jl. Sisingamangaraja
Golf. 5, RT. 003
RW. 004, Kel.
Kaliwiru, Kec. Candisari
Semarang,
Central Java
Indonesia
b. Mr. Iwan
Susanto -
Rp. 568,000,000.-
Address : Jl. Tentera Pelajar No. 4, RT. 003 RW.
005, Kel. Lamper Kidul, Kec. Semrang
Selatan, Central Java
Indonesia
Lines of Business :
a. Roasted
Coffee Bean and Powder Coffee Manufacturing
b. Coffee
Shop Management and Services
Production Capacity :
Roasted Coffee Bean and Coffee
Powder - 8,000 tons per year
Total Investment :
a. Equity
Capital - Rp.
1.4 billion
b. Loan
Capital - Rp.
2.5 billion
c. Total
Investment - Rp.
3.9 billion
Started Operation :
1969
Brand Name :
Javaprima Abadi
Technical Assistance :
None
Number of Employee :
176 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. JJ MULTI UTAMA INDONESIA
b.
P.T. SANTOS JAYA ABADI
c.
P.T. SARIMAKMUR TUNGGAL MANDIRI
d. P.T.
SARI OPAL NUTRITION
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Pemuda
No. 9-92
Semarang,
Central Java
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan
Hasanuddin No. 91
Semarang,
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 155.0
billion
2012 – Rp. 161.0
billion
2013 – Rp. 168.0
billion
Net Profit
(estimated) :
2011 – Rp. 9.3 billion
2012 – Rp. 9.7 billion
2013 – Rp. 10.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Agus Susanto
Board of Commissioners :
President Commissioner -
Mr. Iwan Susanto
Commissioner -
Mr. Jeffry Susanto
Signatories :
Director (Mr. Agus
Susanto) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Originally the Head Office and Factory located at Jalan Tentara Pelajar No. 2, Semarang, Central Java. However since the end 2011 the plant was moved into new address at Jalan Lingkar Arteri Yos Sudarso No.1, Kaligawe, Semarang, Central Java.
P.T. JAVAPRIMA ABADI (P.T. JPA) was established in Semarang, Central Java in 1969, is one of the largest family-owned coffee companies in Indonesia. Having a long and fabulous history, the company grew from a small industry company in its home town, Semarang, Central Java where the founder, Mr. Tan Hok Seng introduced the Most Expensive Coffee in the World – “Kopi Luwak”. Aiming at the highest quality of Kopi Luwak coffee, countless hours have been spent on mastering all kinds of coffee skills and knowledge, with every single process taken cautiously. Having a well-established brand, the company was also certified by the Department of Industry and Trade, Indonesia to use the trademark “Kopi Luwak” exclusively in respect of this unique coffee product.
In April 1997 the authorized capital amounted at Rp. 100,000,000 issued capital at Rp. 25,000,000 fully and paid up. On the same occasion the shareholders are Mr. Agus Susanto and Mr. Iwan Susanto, both are Indonesian business family of Chinese descent. According to notary deed of Mr. Subiyanto Putro, SH., No. 36 the authorized capital was raised to Rp. 5,000,000,000 issued capital to Rp. 1,420,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Agus Susanto (60%) and Mr. Iwan Susanto (40%). Later according to the latest revision of notary deed Mr. Subiyanto Putro, SH., No. 6 dated 4 August 2009 the company board of director and the board of commissioner had been changed to lead and runs of the company’s operation. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-14501 dated August 28, 2009.
P.T. JPA is one of the producers of roasted coffee bean and powder coffee in the country which has been operating since 1969. The plant is located at Jalan Lingkar Arteri Yos Sudarso No.1, Kaligawe, Semarang, Central Java standing on 10,000 sq. meters land. Being one of the largest coffee roasting companies in Indonesia, P.T. JPA always make efforts to increase production capacity to achieve more than 8,000 tons per year. With supported by equal capability to complete next processing steps (green coffee processing, roasting, degassing silo, blending, grinding and packaging). Later the company’s operation had been growing and since opened their first store in 1999, P.T. JPA is steeped in tradition as rich as its coffee. As one of the largest family-owned coffee company in Indonesia, their company’s roots grew from a small home industry company in Semarang, Central Java where the founder the late Mr. Tan Hok Seng produced his Kopi Luwak as “The Most Expensive coffee in the World”. P.T. JPA products are: Green Coffee, Roasted whole bean coffee, Roasted ground coffee, Instant coffee, and 3in1 instant coffee mixes.
Kopi Luwak coffee comes from the Indonesian Island of Java and Sumatra,
an area well known for its excellent coffee. Also native to the area is a small
civet-like animal called a Paradoxurus. That's the scientific name, the locals
call them Luwaks. These little mammals live in the trees and one of their favorite
foods is the red, ripe coffee cherry. They eat the cherries, bean and all.
While the bean is in the little guy's stomach, it undergoes chemical treatments
and fermentations. The bean finishes its journey through the digestive system,
and exits. The still-intact beans are collected from the forest floor, and are
cleaned, then roasted and ground just like any other coffee.
P.T. JPA focused on creating the perfect cup of Kopi Luwak coffee every time. That’s why they spend countless hours mastering every aspect of the coffee business: sourcing only the finest Kopi Luwak Arabica beans in Indonesia; exclusively roasting them by hand in small batches; and finally, pursuing a flawless brewing process everywhere Kopi Luwak coffee is served. Kopi Luwak great coffees from Indonesia are hard to find. Unique characteristics resulting from the unique natural fermentation and harvesting techniques profoundly impact the flavor of every bean. We search for lots that embody the best traits of that growing region in Sumatra and Java Island, and from there we discover the most distinct coffees by conducting multiple cupping. Their patented Kopi Luwak coffee offers certification of authenticity and world standard of health certifications.
P.T. JPA possesses ability to provide slow roasting and high speed roasting profile up to customize customer needs. Since the foundation of company, R&D department was established and joint with Quality Control to improve the standard of quality by correcting changes to machinery to meet the needs of the international requirements of quality of products. Under this reason so within 2009 P.T. JPA will be bestowed ISO 9001:2000 certification for quality management system. From the basic green coffee purchasing to the finished products, our R&D is always ready to take on new projects and is always open to our client needs.
Recently we are supplying instant and roasted coffee for Local Indonesia market and export market to USA, Europe and Asia. Being the sole distributor of Kopi Luwak coffee in Hong Kong, Kopi Luwak Limited endeavors to deliver the finest 100% Authentic Kopi Luwak coffee to our dearest customers and coffee lovers, with guaranteed freshness in every single cup. Besides, P.T. JPA is also manages a Coffee Shops located in Jakarta (11 outlets); Semarang (4 outlets), Yogyakarta (1 outlets), Bali and Makassar. We observe the operation of P.T. JPA has been growing and developing well in the last three years.
Generally observed that the demand for coffee beans has kept on fluctuating within the last seventh years in line with the development of coffee beans export price and volume. Volatility of export value of coffee beans is a result of the decline in international coffee prices in the market and also a flood of stock coffee export market. Based on data from Indonesian Central Bureau of Statistic (BPS) indicated that the export volume of coffee beans has in 2005 amounted to 442.8 thousand tons worth of US$ 497.7 million decreased respectively to 411.5 thousand tons worth US$ 583.2 million in 2006 dropped to 315.5 thousand tons worth US$ 633.7 million in 2007 to 467.9 thousand tons of US$ 989.0 million in 2008 rose to 510.1 thousand tons worth US$ 822.1 million in 2009 dropped to 432.7 thousand tons worth US$ 812.3 million in 2010 dropt to 345.9 thousand ton worth US$ 1,034.7 million in 2011 increased to 446.9 thousand tons worth US$ 1,243.8 million in 2012. Market competition is very sharp for many other similar export oriented companies operating in the country. We consider P.T. JPA to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.
Export Volume and Value of Coffee Bean, 2007-2012
|
Coffee Bean |
Volume (Thousand Ton) |
Value (Million US$) |
|
2007 |
315.5 |
633.7 |
|
2008 |
467.9 |
989.0 |
|
2009 |
510.1 |
822.1 |
|
2010 |
432.7 |
812.3 |
|
2011 |
345.9 |
1,034.7 |
|
2012 |
446.9 |
1,243.8 |
Source: Central
Bureau of Statistic, processed by ICB
Until this time P.T. JPA has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. JPA is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2011 amounted to Rp. 155.0 billion
rose to Rp. 161.0 billion in 2012 increased to Rp. 168.0 billion in 2013 and
projected to go on rising by at least 5% in 2014. The company has an estimated
total net worth of at least Rp. 13.0 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. JPA is led by Mr. Agus Susanto (61) a businessman and professional manager with experience in roasted coffee bean and powder coffee processing, trading, coffee shops management and services. 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. JAVAPRIMA ABADI is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
UK Pound |
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
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 |
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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.