|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. EUROASIATIC
JAYA |
|
|
|
|
Registered Office : |
Jl. Raya Daan
Mogot No. 44, Jakarta Barat 11460 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
03.05.1974 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-38454 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· General Trading, Sole Agent and Distribution of Industrial Machinery & Industrial Chemical. Distributor for: -
SAACKE Industrial Firing Plants of Germany -
PFAFF Industrie Maschinen AG of Germany -
HANS Binder Mascheninenbau GmbH of Germany -
VKK Standardkessel Koethen GmbH., of Germany -
KAWASAKI Green Gas Turbines of Japan · Assembling of Package Boilers and Part Manufacturing of Timber Dries and Heat Generators Export of Industrial Products, including shoes, garments,
textile materials, food stuff, furniture, cooking
utensils & palm fiber |
|
|
|
|
No of Employees : |
196 |
RATING & COMMENTS
|
MIRAs 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 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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
P.T. EUROASIATIC JAYA
Head Office
Jl. Raya Daan
Mogot No. 44
Jakarta Barat
11460
Indonesia
Phones - (62-21) 5696 0555 (hunting)
Fax. - (62-21) 739 4733
Email - eajk@euroasitic.com
Building Area - 3 storey
Office Space -
460 sq. meters
Region -
Commercial
Status -
Owned
Branch and
Assembling Plant
Jl. Banten No. 8
Bandung 40272
West Java -
Indonesia
Phones -
(62-22) 704 387 (hunting)
Fax. - (62-22) 702 401
Land Area -
5,600 sq. meters
Office Space -
2,280 sq. meters
Region -
Commercial
Status -
Owned
03 May 1974
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
AHU-64988.AH.01.02.Tahun 2008
Dated 17 September 2008
b. No.
AHU-AH.01.10-21479
Dated 30 November 2009
c. No.
AHU-AH.01.10-34300
Dated 21 September 2012
d. No.
AHU-AH.01.10-38454
Dated 12 September 2013
Foreign Investment Company (PMA)
a. The Department of Finance
NPWP
No. 01.072.084.5-056.000
b. The Capital Investment
Coordinating Board
-
No. 191/V/PMA/2000
Dated 08 December 2000
-
No. 102/II/PMA/2003
Dated 23 September 2003
-
No. 94/II/PMA/2005
Dated 12 April 2005
Related/Affiliated
Company :
A member of the EUROASITIC Group
Capital Structure :
Authorized Capital - Rp. 40,000,000,000.-
Issued Capital - Rp. 40,000,000,000.-
Paid up Capital - Rp. 40,000,000,000.-
Shareholders/Owners
a. Mr. Wofgang Joachim Herman Mahl -
Rp. 30,000,000,000.- (75.00%)
b. Mr. Henry Christian Hermann Mahl -
Rp. 750,000,000.- ( 1.88%)
c. Mr. Teddy Iwan Setiadi -
Rp. 300,000,000.- ( 0.75%)
d. Mrs. Martina Junia Handiani Setiadi -
Rp. 300,000,000.- ( 0.75%)
e. Mrs. Agnes Suwitasari -
Rp. 6,850,000,000.- (17.11%)
f. Ms. Caroline Mahl - Rp. 750,000,000.- ( 1.88%)
g. Ms. Stephanie Mahl -
Rp. 750,000,000.- ( 1.88%)
h. Mr. Reinhard Japi Tarmidi -
Rp. 300,000,000.- ( 0.75%)
Lines of Business
:
a. General
Trading, Sole Agent and Distribution of Industrial Machinery & Industrial
Chemical.
Distributor for:
-
SAACKE Industrial Firing Plants of Germany
-
PFAFF Industrie Maschinen AG of Germany
-
HANS Binder Mascheninenbau GmbH of Germany
-
VKK Standardkessel Koethen GmbH., of Germany
-
KAWASAKI Green Gas Turbines of Japan
b. Assembling of Package Boilers and Part Manufacturing of Timber Dries
and Heat Generators
c. Export of Industrial Products, including shoes, garments, textile
materials, food stuff, furniture,
cooking utensils & palm
fiber.
Production
Capacity :
a. Boilers - 30 units
b. Generating Sets - 300 units
Total Investment :
a. Owned Capital -
Rp. 40.0 billion
b. Loan Capital - Rp. 14.4 billion
c. Total Investment - Rp. 54.4 billion
Started Operation :
a. 1974 (Trading)
b. 1990
(Assembling)
Brand Name :
EUROASIATIC JAYA
Technical Assistance :
None
Number of Employee :
196 persons
Marketing Area :
Domestic
(Local) - 60%
Export -
30%
Main Customers :
a. Textile Industries
b. Steel Products Industries
c. Cement Industries
Market Situation :
Very Competitive
Main Competitors :
a. CV. Hentraco
b. PT. Jaya Metal
Teknika
c. PT. Kencana
Tekindo
d. PT. Total Sarana Graha
e. PT. General Teknik
f. PT. Orient Teknik
Business Trend :
Growing
Bankers :
a.
ABN AMRO BANK N.V.
Jl. Ir. H. Juandar No. 12
Jakarta Pusat
Indonesia
b. P.T. Bank PERMATA Tbk
Jl. Hayam Wuruk No. 84-85
Jakarta Pusat, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 Rp. 211.0
billion
2011 Rp. 228.0
billion
2012 Rp. 240.0
billion
2013 Rp. 260.0
billion
Net Profit (Loss)
:
2010 Rp. 7.5 billion
2011 Rp. 8.0 billion
2012 Rp. 8.4 billion
2013 Rp. 9.0 billion
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
Board of
Management :
President
Director - Mr. Wolfgang
Joachim Hermann Mahl
Directors - a. Mr. Teddy Iwan
Setiadi
b. Mr. Henry Christian Hermann Mahl
c. Mr. Alexander Mahl
d. Mr. Pradip Kumar Gaur
Board of
Commissioner :
President
Commissioner - Mrs. Martina Junia Handiani Setiadi
Commissioner - Mrs. Agnes Suwitasari
Signatories
:
President Director (Mr. Wolfgang Joachim Hermann Mahl) or one of
the Directors (Mr. Teddy Iwan Setiadi, Mr. Henry Christian Hermann Mahl, Mr.
Alexander Schmahl or Mr. Pradip Kumar Gaur) which must be approved by board of
commissioners (Mrs. Martina Junia Handiani Setiadi and Mrs. Agnes Suwitasari)
Management
Capability :
Good
Business Morality
:
Good
P.T. EUROASIATIC JAYA (P.T. EJ) was
established Jakarta on May 03, 1974 with an authorized capital of Rp 200,000,000.-
of which Rp 40,000,000.- was issued and fully paid up. The founding
shareholders of the company are Mr. Leo Sanvaye Djohan, Mr. Tan Kian Hien (both
are Indonesian businessmen of Chinese extraction), Mrs. Agnes Suwitasari and
Mrs. Martina Junia Handiani Setiadi (both are indigenous businesswoman). The
deed of establishment has been approved by the Minister of Justice of the
Republic of Indonesia through Decision Letter No. Y.A.5/365/1 dated 23 December
1974.
The articles of association of the company
have been revised. In November 1994, the
authorized capital was increased to Rp. 10,000,000,000.- issued capital of Rp.
3,000,000,000.- wholly paid-up. On the same occasion, Mr. Leo Sanvaye Djohan
and Mr. Tan Kian Hien pulled out and its entire shares were taken over by Mrs.
Agnes Suwitasari, Mrs. Martina Junia Handiani Setiadi and Mr. Fabianus
Bramajadi. In April 1998, the authorized
capital was increased to Rp. 40,000,000,000.-
issued capital of Rp.
10,000,000,000.- entirely paid-up.
According to the Notarial of Deed on
February 2001, its entire authorized capital (Rp. 40,000,000,000.-) has been
issued and fully paid-up. As from that
time on P.T. EI entire shares were taken over by Mr. Wolfgang Joachim Hermann
Mahl (75%), his wife Mrs. Agnes Suwitasari (17.11%) and his son and daughters
namely Mr. Henry Christian Hermann Mahl (1.88%), Ms. Caroline Mahl (1.88%), Ms.
Stephanie Mahl (1.88%) and his business partners namely Mr. Teddy Iwan Setiadi
(0.75%), Mrs. Martina Junia Handiani Setiadi (0.75%) and Mr. Reinhard Japi
Tarmidi (0.75%). The amendment to
articles of association has been approved by the Minister of Justice through
Decision Letter No. C-04937 HT.01.04.TH.2001 dated 6 August 2001.
Later according to the latest amendment of
notarial Deed No. 31 dated 31 August 2012 of Mr. Darwin Zainuddin, SH., No. 07
dated 13 April 2012 the company board of director and the board of commissioner
had been changed. However, no changes have been effected in term of its
shareholding composition and capital structures to date. The latest deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-68454 dated September 12, 2013. Composition of the board of
directors and the board of commissioners shall be as follows:
President Director - Mr. Wolfgang Joachim Hermann Mahl
Directors -
a. Mr. Teddy Iwan Setiadi
b. Mr. Henry Christian Hermann Mahl
c. Mr. Alexander Mahl
d. Mr. Pradip Kumar Gaur
President Commissioner - Mrs.
Martina Junia Handiani Setiadi
Commissioner - Mrs. Agnes Suwitasari
Mr. Wolfgang Joachim Hermann Mahl is a businessman from Germany, who was born in Hamburg, on June 23, 1944. He married with Mrs. Agnes Suwitasari (70), an indigenous businesswoman having two daughters and one son respectively Mrs. Caroline Mahl (38), Ms. Stephanie Mahl (35) and Mr. Henry Christian Hermann Mahl (34). Mr. Mahl is also the founder and Chief Executive of INTERTEC ANLAGEN GmbH, a business firm based in Frankfurt, Germany.
Basically P.T. EJ is the representative of EUROASIATIC, a big-sized German trading company with a world-wide business networks which entered Indonesia in 1970. At the start of its existence in Indonesia, the company carried out trading transactions directly itself. But in the early 1970-s, the Indonesian government issued a regulation prohibiting foreign companies from performing commercial transactions directly by themselves. There after, EUROASIATIC came to be represented by P.T. EJ, which went into operation effectively as from 1974. This company operates in general trading, sole agency and as a distributor of industrial machinery, including boilers, generating sets, textile machinery, woodworking machinery, food processing equipment, shoemaking machinery and other products.
The above products are generally imported from several West European countries, such as Germany, Denmark, Switzerland, Sweden, United Kingdom and Japan. The company also is
a distributor of industrial chemicals, particularly
textile chemicals.
In 1990 P.T. EJ started to expand operations
into boiler assembling and manufacturing of parts for timber driers and heat
generators. The company's assembling plant was built on some 5,000 square
meters land located in Bandung, West Java. The plant has been assembling
boilers under the license of, and with technical know-how from, OMNICAL of
Germany.
The company has also started operations in
the export of industrial products, including shoes, garments, textile materials
(bed sheets, bed covers), foodstuff, wooden and rattan furniture, cooking
utensils, palm fiber and other products. In the case of palm fiber, exports
have already been going on in the last years to Japan, Taiwan and several
European countries. Meanwhile, the
company is planning to export various other products to mainly several European
countries. To support the marketing of the above capital goods in Indonesia,
the company is providing back-up in the form of the activation of an
after-sales services division to serve customers. The company also guarantees
supply of parts and components for the industrial machinery it is marketing.
Generally, local demand for industrial
machinery such as boilers, general sets, textile machinery and others had been
increasing by 6% to 8% on the average per annum in the last five years having
close relation with the growth of various industrial sectors in the
country. But, there are lots of similar
companies in the country dealing with trading of industrial machinery for local
and imported products. The business position of P.T. EJ is favorable for having
experience in trading of industrial machinery and established wide marketing
networks in the country. The long-term business prospect of the company is
favorable once the unstable economic condition in the country starts recovery.
Until this time P.T. EJ 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. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. P.T. EJs management is
very reclusive to outsider and rejecting to disclose its financial condition
but we estimated the total sales turnover of the company in 2011 amounted to
Rp. 228.0 billion increased to Rp. 240.0 billion in 2012 and rose again to Rp.
260.0 billion in 2013. The operation in
2013 yielded a net profit at least Rp. 9.0 billion and the company has a total
net worth of Rp. 120.0 billion. It is
projected that total sales turnover of the company will increase at least 6% in
2014. We observe that P.T. EJ is
supported by financially strong behind it.
So far, we did not hear that the company having been black listed by the
Central Bank (Bank Indonesia). The company usually pays its debts punctually to
suppliers.
The management is handled by Mr. Wolfgang
Joachim Hermann Mahl (70) as President Director, with 36 years experience in
industrial chemical trading. In daily
activities, he is assisted by four directors namely Mr. Teddy Iwan Setiadi
(68), Mr. Henry Christian Hermann Mahl (34), Mr. Alexander Schmahl (47) and Mr.
Pradip Kumar Gaur (55). The management
has good reputation in this business, having maintained a wide business
relation among private businessmen at home and abroad as well as among
government sectors. So far, we did not hear that the company has been involved
in business malpractices.
P.T. EUROASIATIC JAYA is
appraised to be good for business transaction.
However,
in view of the political situation in the country is warming we recommend to
treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
UK Pound |
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 SCs 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.