MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
P.T. LUCKY REJEKI |
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Registered Office : |
Jalan Raya Batujajar Km. 35, Desa Giri Asih, Batujajar, Bandung, 40522, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
04.05.1985 |
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Com. Reg. No.: |
No. AHU-21567.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Manufacture of
Textile Auxiliary, Colorants, Dyestuff for Textile Industry |
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No. of Employees
: |
60 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 302,600 |
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Status : |
Moderate |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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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 |
Name of Company
P.T. LUCKY REJEKI
company Address
Head Office &
Factory
Jalan Raya
Batujajar Km. 35
Desa Giri Asih,
Batujajar
Bandung, 40522
West Java
Indonesia
Phones -
(62-22) 686 6238, 686 6242
Fax - (62-22) 686 6242
E-mail - luckyrej@bdg.centrin.net.id
Land Area - 10,000 sq.
meters
Building Space - 8,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
4 May 1985
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law
and Human Rights
- No. C2-9080.HT.01.01.TH.1986
Dated 24 December 1986
- No. AHU-21567.AH.01.02.TH.2009
Dated 19 May 2009
Company Status
Private National
Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
1.427.308.0-441.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
2,500,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mr. Yusuf
Sugiharto -
Rp. 450,000,000.-
Address :
Jl. Rangga Gempol No. 8
Bandung, West
Java
Indonesia
b. Mr. Kuo
Ying Phy AKA John Kuo -
Rp. 300,000,000.-
Address : Jl. Rangga Gempol No.
8
Bandung, West
Java
Indonesia
c. Mrs. Susan
Sugiharto -
Rp. 250,000,000.-
Address : Jl. Rangga Gempol No.
8
Bandung, West
Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Manufacture of
Textile Auxiliary, Colorants, Dyestuff for Textile Industry
Production
Capacity :
a. Textile Auxiliaries - 7,000 tons p.a.
b. Dyestuff and Colorants - 6,000 tons p.a.
c. Pulp & Paper Chemical - 2,000 tons p.a.
d. Metalworking Fluids - 200
tons p.a.
Total
Investment :
Owned Capital - Rp. 2.5
billion
Started
Operation :
1986
Brand Name :
Lucky Rejeki
Technical
Assistance :
None
Number of
Employee :
60 persons
Marketing Area
:
Local -
95%
Export - 5%
Main Customer
:
Textile
Industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. HIMALAYA
ABADI
b. P.T. KARYA AGUNG
CEMERLANG
c. P.T. LENTERA MUTIARA SEJATI
d. P.T. MATSUMOTOYUSHI INDONESIA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Asia Afrika No. 122-124
Bandung, West Java
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan Merdeka No. 66
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 18.6
billion
2009 – Rp. 21.0
billion
2010 – Rp. 23.0
billion
2011 – Rp. 12.0
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 1.5
billion
2009 – Rp. 1.8
billion
2010 – Rp. 1.9
billion
2011 – Rp. 1.0
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Yusuf Sugiharto
Director -
Mr. Kuo Ying Phy AKA John Kuo
Board of Commissioners :
Commissioner -
Mrs. Susan Sugiharto
Signatories :
President Director (Mr. Yusuf
Sugiharto) or the Director (Mr. Kuo Ying Phy AKA John Kuo) 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$ 302,600 on 90
days D/A
OVERALL PERFORMANCE
P.T. LUCKY REJEKI (P.T. LR) was established in Bandung, West Java based on notary deed of Mr. Peggy Natanael, SH., No. 3 dated 4 May 1985 with an authorized capital of Rp. 150,000,000 issued capital of Rp. 60,000,000 entirely paid up. The founding shareholders of the company are Uung Tedja, Mr. Yusuf Sugiharto his wife Mrs. Susan Sugiharto and Mrs. Ine Mayamati Tedja, they are Indonesian businessmen of Chinese origins. The deed of notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. C2-9080.HT.01.01.TH.86 dated December 24, 1986. The company notary deed has been changed a couple of times and based on notary deed of Mrs. Herlian SH., No. 6 dated 8 May 1998 Mr. Uung Tedja and Mrs. Ine Mayamati Tedja pulled out and replaced by Mrs. Oey Helen as new shareholder. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. C2-13137.HT.01.04.TH.98 dated September 7, 1998. The latest based on notary deed of Mrs. Lina Rachmawati, SH., No. 25 the authorized capital was increased to Rp. 2,500,000,000 issued capital to Rp. 1,000,000,000 entirely paid up. On the same occasion Mrs. Oey Helen pulled out and replaced by Mr. Kuo Ying Phy AKA John Kuo as new shareholder. With this development the composition of its shareholders has been changed to become Mr. Yusuf Sugiharto (45%) his wife Mrs. Susan Sugiharto (25%) and Mr. Kuo Ying Phy AKA John Kuo (30%). The latest revision of notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-21567.AH.01.02.TH.2009 dated May 19, 2009.
P.T. LR started to be operating since 1986 to deal with Manufacture of Textile Auxiliary, Colorants, Dyestuff for Textile Industry. The plant located at Jalan Raya Batujajar Km. 35, Batujajar, Bandung, West Java standing on 10,000 sq. meters land. The company providing customers with better solutions textile process chemicals, pulp and paper process chemicals, dyestuff and colorants and metalworking fluids. Mr. Edianto Wangsa, Finance Manager of the company disclosed the company produces of textile auxiliaries, dyestuff & colorants, and metalworking fluids. Meanwhile pulp and paper chemical has yet been produces because the demand of the products was decreased. Mr. Edianto Wangsa also added the whole chemical raw materials imports from REM CHEMICALS of India and the rest is also from China. Previously the company is also import of chemical raw materials from Europe, but due to the high prices of European products the company was imports from India and China. Some 95% of the products marketed locally to textile industries in West Java, Banten Province and East Java by using SOLVINOL brand. Besides, some 5% of the product exported to Vietnam. Mr. Edianto Wangsa added the company customers are P.T. LUCKY ABADI TEXTILE, P.T. LUCKY PRINT ABADI, P.T. SANDANG MUTIARAERAMULIA, P.T. MAH SING INDONESIA, P.T. LUNATEX, P.T. LUGAL JAYA PABRIK TENUN, and other textile industries. We observe the operation of P.T. LR has been growing and developing well in the last three years.
Generally, the demand for textile chemicals such as dyestuff, textile auxiliaries, and others tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. The country’s garment industry is facing serious marketing problem not only in the country but also abroad. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010.
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 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010.
The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. The Export Textiles and the Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent compared to the last year. In the year 2008 the export value reached 10.8 billion US dollars. While this year’s the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 2010 are pictured on the following table.
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Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
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 |
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 |
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 |
Source: Central Bureau of
Statistic
Until this time P.T. LR has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. LR 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. 18.6 billion rose to Rp. 21.0 billion in 2009 increased to Rp. 23.0 billion in 2010. As from January to June 2011 the sales turnover has reached at least of Rp. 12.0 billion with a net profit of Rp. 1.0 billion and projected to go on rising by at least 5% in 2012. The company has an estimated total net worth of at least Rp. 7.0 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. LR is led by Mr. Yusuf Sugiharto (78) a businessman and professional manager with experience in manufacture of textile auxiliaries, dyestuff and colorants and metalworking fluids for textile industry. Daily activity he is assisted by Mr. Kuo Ying Phy AKA John Kuo (44) as Director. 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. LUCKY REJEKI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.69.89 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.