MIRA INFORM REPORT

 

 

Report No. :

322816

Report Date :

22.05.2015

 

IDENTIFICATION DETAILS

 

Name :

P.T. SANDANG JAYA PERKASA

 

 

Registered Office :

Jl. Gg Burung No. 10 Textile (Pintu Kecil), West Jakarta 11230

 

 

Country :

Indonesia

 

 

Date of Incorporation :

18.02.2014

 

 

Com. Reg. No.:

AHU-10.07188.PENDIRIAN-PT.2014

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Textile Products

 

 

No. of Employees :

12

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Indonesia

A2

A2

 

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, 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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

 

Source : CIA

 

 

BASIC SEARCH

 

Name of Company :

P.T. SANDANG JAYA PERKASA

 

A d d r e s s :

Head Office

Jl. Gg Burung No. 10 Textile (Pintu Kecil)

West Jakarta 11230

Indonesia

Phones             - (62-21) 692 4743, 692 4227, (62-811) 988353

Fax                   - (62-21) 692 5206

Building Area    - 2 storey

Office Space    - 80 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation :

18 February 2014

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-10.07188.PENDIRIAN-PT.2014

Dated 20 March 2014

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

Not available

 

Related/Affiliated Company :

Not available

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital               - Rp. 4,000,000,000.-

Issued Capital                     - Rp. 1,000,000,000.-

Paid up Capital                   - Rp. 1,000,000,000.-

 

 

Shareholders/Owners :

a. Mr. Liong Tiong Goan                - Rp. 500,000,000.- (50.0%)

    Address : Jl. Kemurnian Utara No. 2A

                    Kel. Glodok, Kec. Taman Sari

                    West Jakarta

b. Mr. The Liong Khing                  - Rp. 325,000,000.- (32.5%)

    Address : Jl. PTB Angke Grawisa E/12

                    Kel. Wijaya Kusuma, Kec. Grodol Petamburan

                    West Jakarta

c. Mr. Peter Ham                            - Rp. 175,000,000.- (17.5%)

    Address : Jl. K.H. Moh. Mansyur No. 11 Blok A5

                    Kel. Duri Pulo, Kec. Gambir

                    Central Jakarta

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Textile Products

 

Production Capacity :

None

 

Total Investment :

Owned Capital               - Rp. 1,000 million

 

Started Operation :

June 2014

 

Brand Name :

SJP

 

Technical Assistance :

None

 

Number of Employee :

12 persons

 

Marketing Area :

Local       - 100%

 

Main Customers:

Corporate and Individual

 

Market Situation :

Very Competitive

 

 

Main Competitors :

a. PT. Enseval Putera Megatrading

b. PT. Ekacitta Dian Persada

c. PT. Megasetia Agung Kimia

d. PT. Providen Mitratara

e. PT. Roche Indonesia

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a. P.T. Bank CENTRAL ASIA Tbk

    Kota Branch

    Jl. Asemka No. 27-30

    Jakarta Kota

    Indonesia

b. P.T. Bank MANDIRI Tbk

    Pintu Kecil Branch

    Jl. Pintu Kecil II No. 54

    North Jakarta

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2014 – Rp. 12.5 billion (January – June)

 

Net Profit (estimated) :

2014 – Rp. 820 million (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Fairly

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                           - Mr. Peter Ham

Director                                          - Mr. The Liong Khing

 

Board of Commissioners :

Commissioner                                 - Mr. Liong Tiong Goan

 

Signatories :

President Director (Mr. Peter Ham) or Director (Mr. The Liong Khing) which must be approved by Board of Commissioner (Mr. Liong Tiong Goan)

 

 

CAPABILITIES

 

Management Capability :

Fairly

 

Business Morality :

Fairly

 

 

OVERALL PERFORMANCE

 

P.T. SANDANG JAYA PERKASA (P.T. SJP) was incorporated in Jakarta based on Notarial Deed of Yan Armin, SH., No. 94 dated 18 February 2014 with the authorized capital of Rp. 4,000,000,000 issued capital of Rp. 1,000,000,000 entirely paid up. The founding shareholders of the company are Mr. Liong Tiong Goan (50%), Mr. The Liong Khing (32.5%) and Mr. Peter Ham (17.5%).  They are Indonesian businessmen of Chinese extraction. The Deed of establishment was approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decision Letter No. AHU-10.07188.PENDIRIAN-PT.2014 dated 20 March 2014.  Since then, no changes have been effected in term of its shareholding composition and capital structures to date.

 

Pursuant to the company’s notary deed, P.T. SJP engaged to operate in trading, development, industry, transportation, agricultural, printing, workshop and services. The Company’s registered office located at Jl. Gg Burung No. 10, Textile (Pintu Kecil), West Jakarta 11230 and the company can open branch offices or representative offices at home and abroad.

 

We observe that P.T. SJP has been operating since June 2014 to deal with trading, import and distribution of textile products. Ms. Detty, a marketing staff of P.T. SJP explained that the merchandising goods products including are material clothing for women and men, among other woven fabrics, knitted fabrics, fabric printing, canvas and so forth.  Ms. Detty added that P.T. SJP is one of the distributors of PT. Tokai Texprint Indonesia, an integrated textile mill in the country.  In addition they also sell textiles imported from China, Korea and India.  Merchandise goods that they sell directly to end users, both garment companies and individuals located in Jakarta and surrounding areas.   We observed that P.T. SJP is still relatively new company in trading, import and distribution of textile products.

 

We have noticed that the demand for agricultural products had increased some 10% to 11% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia.  P.T. SJP is classified as a new company of its kind in the country of which the operation has been growing slowly.

 

Generally, the demand for textile products, garments, cotton, polyester and woven yarn tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general.  According to the Central Bureau of Statistics (BPS) the Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011 rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and rose again to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013.  The export volume and value of the national TPT products and garment in 2002 to 2013 are pictured on the following table.

 

Year

Textile Products

Garment

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

1,425.9

1,307.5

1,300.4

1,427.3

1,477.8

1,473.6

1,312.2

1,369.6

1,525.9

1,493.3

1,508.5

1,633.1

3,075.9

3,064.6

3,354.6

3,704.0

3,908.6

4,178.0

4,127.9

3,602.8

4,721.8

5,563.3

5,278.1

5,293.6

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

450.9

450.2

470.2

3,887.2

4,037.9

4,351.9

4,967.0

5,608.1

5,712.9

6,092.2

5,735.6

6,598.0

7,801.5

7,304.8

7,501.0

 

The financial condition of the company is appraised to be less strong and its financial condition at present is as the paid up capital of Rp. 1,000,000,000 as stated in the articles of association of the company. The financial condition of the company still depends on the financial condition of its shareholders.  The management of P.T. SJP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company as of June to December 2014 amounted to Rp. 12.5 billion and it is projected that total sales turnover of the company will increase at least 8% in 2015. The operation as of January to June 2014 yielded an estimated net profit of at least Rp. 820 million and the company has an estimated total net worth of at least Rp. 3.0 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. SJP is led by Mr. Peter Ham (65) as president director and CEO of the company.  He is a businessman with more than 30 years experience in trading, import and distribution of textile products.  In daily activities he is assisted by Mr. The Liong Khing (58) as director and Mr. Liong Tiong Goan (52) as commissioner.  The Company’s management has 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.

 

Since this company (PT. SJP) just about one year in operation commercially, so we recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.70

UK Pound

1

Rs.98.92

Euro

1

Rs.70.67

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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%)

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