MIRA INFORM REPORT

 

 

Report Date :           

28.04.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. LENTERA MUTIARA SEJATI

 

 

Registered Office :

Jalan Raya Padalarang No. 273, Padalarang, Bandung 40553, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

30.03.1989

 

 

Com. Reg. No.:

No. AHU-22555.AH.01.02.TH.2009

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Textile Chemicals

 

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

 

Maximum Credit Limit :

US$ 447,300

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company

 

P.T. LENTERA MUTIARA SEJATI

 

 

company Address

 

Head Office

Jalan Raya Padalarang No. 273

Padalarang, Bandung 40553

West Java

Indonesia

Phones             - (62-22) 680 5858 (Hunting), 580 5859

Fax                   - (62-22) 680 5880, 680 9094

E-mail               - office@ptlentera.co.id

Website            - http://www.letera.co.id

Building Area     - 1 storey

Office Space      - 230 sq. meters

Region              - Commercial Building

Status               - Rent

 

Warehouse

Jalan Ciburuy

Padalarang, Bandung

West Java

Indonesia

Phones             - (62-22) 699090

Fax                   - (62-22) 699090

Land Area         - 7,500 sq. meters

Building Space  - 5,000 sq. meters

Region              - Industrial Zone

Status               - Owned

 

 

Date of Incorporation

 

30 March 1989

 

 

Legal Form

 

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

 

Company Reg. No.

 

The Ministry of Law and Human Rights

- No. C2-10870.HT.01.01.TH.89

  Dated 29 November 1989

- No. AHU-22555.AH.01.02.TH.2009

  Dated 25 May 2009

 

 

Company Status

 

Private National Company

 

 

Permit by the Government Department

 

The Department of Finance

NPWP No. 01.448.064.4-441.000

The Department of Industry and Trade

TDP No. 10.2.41.5.20.2086

Dated 16 December 2003

 

 

Related Company

 

A Member Company of the KOWARA Group (see attachment)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 1,000,000,000.-

Issued Capital                                  : Rp.    250,000,000.-

Paid up Capital                                : Rp.    250,000,000.-

 

Shareholders/Owners :

a. Mr. Kwok Tjing Sung                                      - Rp. 125,000,000.-

    Address : Bandung, West Java

                    Indonesia

b. Mrs. Theresia Weena Worang                        - Rp. 125,000,000.-

    Address : Bandung, West Java

                    Indonesia

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Textile Chemicals

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

1989

 

Brand Name :

Lentera Mutiara Sejati

 

Technical Assistance :

None

 

Number of Employee :

27 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customer :

Textile Industries

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ARTA TRISNA LESTARI

b. P.T. CHEMIFIN JAYA UTAMA

c. P.T. INDOKIMIA MAKMUR

d. P.T. STOCKINDO KURNIA LESTARI

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.   P.T. Bank INTERNATIONAL INDONESIA Tbk

      Jalan Asia Afrika No. 95-97

      Bandung, West Java

      Indonesia

b.   P.T. Bank CENTRAL ASIA Tbk

      Jalan Setiabudi No. 146

      Bandung, West Java

      Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 30.0 billion

2009 – Rp. 32.0 billion

2010 – Rp. 34.0 billion

 

Net Profit (estimated) :

2008 – Rp. 1.5 billion

2009 – Rp. 1.8 billion

2010 – Rp. 2.0 billion

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Kwok Tjing Sung

                                                                                                           

Board of Commissioners :

Commissioner                                 - Mr. Hendrew Sastra Husnandar

                                                                                                           

Signatories :

Director (Mr. Kwok Tjing Sung) which must be approved by Board of Commissioner

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

Proposed Credit Limit :

Small amount – periodical review

 

Maximum Credit Limit :

US$ 447,300 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T LENTERA MUTIARA SEJATI (P.T LMS) was established in Bandung, West Java on March 30, 1989 with an authorized capital of Rp. 1.000.000.000 of which Rp. 200.000.000 was issued and paid up. The founding shareholders of the company are Mr. Kwok ( Kwee ) Tjing  Ming and his brother Mr. Kwok ( Kwee ) Tjing Sung, both are Indonesian businessmen of Chinese extraction. The company notary deed had been changed and in April 1998 Mr. Kwok (Kwee) Tjing Ming pulled out and replaced by his brother Mr. Dipl. Ing. Antojo Kowara AKA Kwee Tjing Ling as new shareholder. Later on 24 November 2001, Mr. Dipl. Ing Antojo Kowara AKA Kwee Tjin Ling died and his entire shares were taken over by his heirs (Miss. Josephine Vaness, Miss. Maria Natasha, Miss. Valerie Melisa and Miss. Patricia Ananda).

 

Based on its notarial act of 18 January 2002 No. 05/I/2002 made by Mr. Koesbiono Sarmanhadi, SH., the shares of the late Mr. Dipl., Ing. Antojo Kowara went over into his wife Mrs. Theresia Weena Worang as the mother of the above said adolescent. In August 2008 the issued capital was raised to Rp. 250,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Kwok Tjing Sung (50%) and Mrs. Theresa Weena Worang (50%). The latest revision of notary deed was made by Mr. Agus Muliadi, SH., a public notary in Bandung and was approved by the Minister of Law and Human Rights in its decision letter No. AHU-22555.AH.01.02.TH.2009 dated May 25, 2009.

 

We observed that the late Mr. Dipl., Ing. Antojo Kowara AKA Kwee Tjin Ling was founder and majority business stakes owners of the KOWARA Group, a medium-size business group in Indonesia.

 

P.T LMS has been in commercial operation since 1989 in trading and distribution of textile chemicals such as dyestuff and auxiliaries. Currently, it has grown to a reputable company which serves all demands of textile processing, from sizing, pre-treatment, dyeing, printing, and finishing in Indonesia. To support of its activities P.T. LMS is appointed as the sole agent and authorized distributor of Textile Chemie DR. PETRY GmbH and AGRANA Starke GmbH both are of Germany; EVERLIGHT CHEMICAL INDUSTRIAL Corp, SUN RISE CHEMICAL (Optical Brightening) and BLATTMAAN TAIWAN Corp., all of Taiwan. In mid 1998 the company expanded by producing Nitrocellulose Pencil Lacquer for the KOWARA Group. The production capacity has reached 500 tons per annum, some of which are exported to other countries. Being an environmentally responsible company, in 2008 we initiated a research to develop water based pencil lacquers, with production started in 2009. Considering that most of the company’s customers are located in Bandung, P.T. LMS had put their head quarter and laboratory in this beautiful city with branches in Jakarta and Solo.

 

The company policy is to achieve best results, which consistently satisfy their customers. Mr. Benyamin, the marketing manager of P.T LMS, explained that the company sells its products directly to the end users especially textile companies such as the HADTEX Group, the CANDRATEX Group, the FUJITEX Group, the BINTANG AGUNG Group, P.T GIRI ASIH JAYA, P.T ARGO PANTES and so forth. Some 80% of P.T LMS customers are located in Bandung, West Java and the others in Jakarta, Central Java and East Java. The company’s operation has kept on growing slowly in the last four years.

 

The domestic demand for various types of chemical products had been rising by 8% to 10% on the average per annum in the last five years in line with the rapid growth of various industrial sectors including paint industry, plastic, ink, textile, rubber, printing and others in the above period of times as the consumers. But, later dwindled as the global economic slowdown since October 2008, followed by tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also heated by political issue in the country. The demand growth started to awake in June 2009 in line with the amelioration of economic condition in the country.  Market competition is very tough on account of large number of other similar companies operating in the country. P.T. CBC business position in this case is not too badly because it has built regular customers and extensive marketing network all across the country.

 

Imports of Raw Materials and Auxiliary Goods, 2004-2010

 

Year

Food and Beverages Mainly for Industry (Million US$)

Raw Materials for Industry

(Million US$)

Primary

Processed

Primary

Processed

2004

1,456.7

568,6

2,236.3

15,357.8

 

2005

1,325.3

830,4

2,064.0

17,407.0

 

2006

1,352.2

909,1

2,438.7

18,050.7

 

2007

2,079.1

1,537.1

2,827.4

21,759.1

 

2008

3,244.5

1,271.6

4,722.3

40,312.9

 

2009

2,640.9

1,582.0

2,901.7

29,248.7

 

2010

3,074.8

2,165.9

4,539.5

41,714.3

 

                       Source: Central Bureau of Statistic (BPS)      

 

Until this time P.T. LMS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. LMS is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 30.0 billion rose to Rp. 32.0 billion in 2009 increased to Rp. 34.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 2.0 billion and the company has an estimated total networth of at least Rp. 5.0 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. LMS is led by Mr. Kwok Tjing Sung (51) a businessman and professional manager with experience in trading, import and distribution of chemical. 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. LENTERA MUTIARA SEJATI is sufficiently fairly good for business transaction.

 

Attachment:

 

List of the KOWARA Group Members

 

 

·         A.W. FABER CASTELL INDONESIA, P.T. (Pencil Color Manufacturing)

·         DYERA HUTAN LESTARI, P.T. (Forestry Concession)

·         FABERINDO PERKASA, P.T. (Trading and Distribution)

·         HIJAU INDAH, P.T. (Trading, Supplier and Distribution of Textile Chemicals)

·         LENTERA MUTIARA SEJATI, P.T. (Trading, Import and Distribution of Chemicals)

·         LENTERA MAHAPUTRA BUANA, P.T. (Woodbased Industry)

·         PENCIL LEAD INDONESIA, P.T. (Pencil Lead Manufacturing)

·         PENSILINDO PRATAMA, P.T. (Pencil Manufacturing)

·         XYLO INDAH PRATAMA, P.T. (Pencil Slates manufacturing and Investment Holding)

·         XYLORAMIN INDAHMANUNGGAL, P.T. (Woodworking Industry)

·         SENTOSA HASTA KREASI, P.T. (Trading), Etc.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.40

UK Pound

1

Rs.73.26

Euro

1

Rs.65.17

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.