MIRA
INFORM REPORT
|
Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HIJAU LESTARI RAYA FIBREBOARD |
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|
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Registered Office : |
Desa Pematang Palas Kecamatan Bayuasin 1, Kabupaten
Banyuasin, 30763 South Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
28.06.2007 |
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Com. Reg. No.: |
No.
AHU-56713.AH.01.02.TH.2008 |
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|
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|
Legal Form : |
Limited
Liability Company |
|
|
|
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Line of Business : |
Medium Density Fibreboard, Phenol Formaldehyde and Urea
Formaldehyde Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 2,000,000 |
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Status : |
Moderate |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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. HIJAU
LESTARI RAYA FIBREBOARD
company Address
Head Office & Factory
Desa Pematang
Palas
Kecamatan
Bayuasin 1, Kabupaten Banyuasin, 30763
South Sumatra
Indonesia
Phone - (62-711)
373459, 372747, 372748
Fax - (62-711)
373 473
E-mail - pth@hijaulestari.co.id
Website - http://www.hijaulestari.co.id
Land Area - 10.8 hectares
Factory Space - 55,000 square
meters
Region - Industrial
Zone
Status - Owned
Registration data
Date of Establishment :
28 June 2007
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Registration :
The Department of Law and Human Right
- No. W7-08672 HT.01.10-TH.2007
Dated 3 August 2007
- No. AHU-56713.AH.01.02.TH.2008
Dated 29 August 2008
Status :
Foreign
Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No.
02.649.896.4-301.000
The Capital Investment Coordinating Board
No.
770/I/PMA/2007
Dated 18 June
2007
Related Companies :
A member of the MANUNGGAL SEMPURNA Group
a.
HARAPAN
BARU WOODBASED INDUSTRY, P.T. (Integrated Woodbased Industry)
b.
HIJAU
LESTARI RAYA FIBREBOARD, P.T. (Medium Density Fibreboard, Phenol Formaldehyde
and Urea Formaldehyde Manufacturing)
c.
HUTRINDO
JAYA FIBREBOARD MANUFACTURING COMPANY, P.T. (Investment Holding)
d.
MANUNGGAL
MARAN SHOES INDUSTRY, P.T. (Leather Shoe Manufacturing)
e.
MANUNGGAL
SEMPURNA, P.T. (Trading and Management Trust)
f.
MASA JAYA SEJAHTERA, P.T. (Trading)
g.
SERINDO
DJAJA MARMER, P.T. (Ceramic Tile Manufacturing)
h.
SINJAL
DJAJA MARMER, P.T. (Logging and Sawmilling)
i.
SINAR BELANTI DJAJA LTD., P.T.
(Logging)
j.
SINCERE
ENTERPRISE CO, LTD. (Trading)
k.
TANJUNGPANDAN
PERMAI AQUABIO INDUSTRIES, P.T. (Shrimp Culture and Marine Processing)
l.
TOP
JAYA SARANA UTAMA, P.T. (Distribution of Electronic and Electrical Household
Appliances)
m.
TOPJAYA
ANTARIKSA ELECTRONICS, P.T. (Assembling and Manufacturing of Electronic and
Electrical Household Appliances)
n.
WANA
BANGUN AGUNG, P.T. (Integrated Woodbased Industry)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized Capital - US$ 8,000,000.-
Issued Capital - US$ 4,200,000.-
Paid up Capital - US$ 4,200,000.-
Shareholders/Owners :
a. EVERGREEN
FIBREBOARD BERHARD -
US$ 2,142,000.-
Address : PLO 22, Parit Raja Industrial Estate
86400 Parit
Raja, Batu Pahat
Johor, Malaysia
b. P.T. HUTRINDO JAYA
FIBREBOARD MFG. CO. - US$
1,932,000.-
Address : Jl. Kalibesar Barat
No. 40
Jakarta Barat
Indonesia
c. P.T. UFORIN PRAJEN
ADHESIVE INDUSTRY -
US$ 126,000.-
Address : Jl.
Kalibesar Barat No. 40
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Medium Density Fibreboard,
Phenol Formaldehyde and Urea Formaldehyde Manufacturing
Production Capacity :
a. Medium Density Fibreboard - 120,000 cubic meters p.a.
b. Phenol Formaldehyde - 30,000
tons p.a.
c. Urea Formaldehyde - 45,000
tons p.a.
Total Investment :
a. Equity Capital -
US$ 4.2 million
b. Loan Capital -
US$ 20.8 million
c. Total Investment - US$ 25.0 million
Started Operation :
February 2008
Trade/Brand Name :
Hijau Lestari
Raya Fibreboard
Number of Employee :
356 persons
Marketing Area :
Domestic - 15%
Export - 85%
Main Customer :
Trading and
Distribution of MDF Products, Building Material Trading
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CANANG INDAH
b. P.T. P.T.
PARINDO PERMAI
c. P.T. RIMBA PARTIKEL INDONESIA
d. P.T.
SUMATERA PRIMA FIBREBOARD, Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
CHECKS
Bankers :
a. P.T.
Bank OCBC NISP Tbk
Wisma GKBI
Jalan Jend. Sudirman No. 28
Jakarta Pusat
b. P.T.
Bank CENTRAL ASIA Tbk
Palembang Main Branch
Palembang, South Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation Checks :
No Litigation
record in our database and the local courts
Bankruptcy Checks :
No bankruptcy
filing was recorded at the local courts
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 135.0
billion (February – December)
2009 – Rp. 145.0
billion
2010 – Rp. 153.0
billion
2011 – Rp. 132.0
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 12.1
billion
2009 – Rp. 13.0
billion
2010 – Rp. 13.8
billion
2011 – Rp. 8.6
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Kuo Jen Chang
Vice President Director -
Mr. Erik Setiawan
Director -
a. Mr. Francis Lee Choon Hui
b. Mr. Kuo Jen Chiu
Board of Commissioner :
President
Commissioner - Mr. Ir. Akie Setiawan AKA Kho Tong Kie
Commissioners - a. Ms Mary
Manerietta Lim Kim Neo
b. Ms Tee Kim Foom
c. Mr. Williatmo Tantra
Signatories :
President
Director (Mr. Kuo Jen Chang) or Vice President Director (Mr. Erik Setiawan) or
the Director (Mr. Francis Lee Choon Hui) must be approved by the Board of
Commissioners.
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$ 2,000,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. HIJAU LESTARI RAYA FIBERBOARD (P.T. HLRF)
was established in Palembang, South Sumatra on 28 June 2007. Founder and
shareholding of the company are EVERGREEN FIBREBOARD BERHARD of Malaysia (51%)
with P.T. HUTRINDO JAYA FIBREBOARD MANUFACTURING COMPANY (46%) and P.T. UFORIN
PRAJEN ADHESIVE INDUSTRY (3%), both are private national company. The company
was founded with an authorized capital of US$ 8,000,000 issued capital of US$
4,200,000 entirely paid up. The company notary deed was made Mrs. Misahardi
Wilamarta, SH., a public notary in Jakarta and was approved by the Ministry of
Law and Human Rights in its decision letter No. W7-08672.HT.01.01.TH.2007 dated
August 3, 2007. Later in August 2008 the board of directors and the board of
commissioners reappointed to lead and runs of the company’s operation (see
profile of this report). The latest revision of notary documents was made by
Mrs. Misahardi Wilamarta, SH., and was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-56713.AH.01.02.TH.2008 dated August
29, 2008.
We observe the local partners namely P.T.
HUTRINDO JAYA FIBREBOARD MANUFACTURING COMPANY is a private national company
dealing with investment holding and majority shareholder is controlled by Mr.
Ir. Akie Setiawan AKA Kho Teng Kie (98.33%) and Mr. Jimmy Sumarko Kho (1.67%).
Besides, P.T. UFORIN PRAJEN ADHESIVE INDUSTRY is a private national company and
majority shareholder is controlled by Mr. Ir. Akie Setiawan AKA Kho Teng Kie
(90.67%) and Mr. Bambang Yogianto Basoeki Rachmat (9.33%). Mr. Ir. Akie
Setiawan is a founder and top figure of the MANUNGGAL SEMPURNA Group, a
developing business group dealing with assembling of electronic household
appliances, ceramic tile manufacturing, shrimp culture and marine products
processing, medium density fiberboard manufacturing and phenol formaldehyde
manufacturing. P.T. HIJAU LESTARI RAYA FIBREBOARD (P.T. HLRF) operates under
the framework of Foreign Investment (PMA) facility to deal with medium density fibreboard
(MDF), phenol and urea formaldehyde manufacturing by taking over factory and factory
employee of P.T. P.T. HUTRINDO JAYA FIBREBOARD MANUFACTURING COMPANY and P.T.
UFORIN PRAJEN ADHESIVE INDUSTRY.
The plant located at Desa Pematang Palas, Kecamatan Banyuasin, Kabupaten
Banyuasi, South Sumatra, where it stands on a land of some 10.8 hectares
landsite. After the taking over of the above company, P.T. HUTRINDO JAYA
FIBREBOARD MANUFACTURING COMPANY and P.T. UFORIN PRAJEN ADHESIVE INDUSTRY now
only operating as investment holding (as the local partners) of P.T. HIJAU
LESTARI RAYA FIBREBOARD (P.T. HLRF).
According to the license of the Capital Investment Coordinating Board
(BKPM) No. 770/I/PMA/2000 dated 18 June 2007 that the company produces medium density
fibreboard (MDF) of 120,000 cubic meters, phenol formaldehyde of 30,000 tons
and urea formaldehyde of 45,000 tons respectively per annum. The construction
of the company has absorbed an investment of US$ 25.0 million, come from owned
capital of US$ 4.2 million and the rest from loans. Mr. Warsono, general
affairs manager of the company disclosed that the company has been commercial
operation since February 2008. Some of 85% of medium density fibreboard is
exported to Singapore, Hong Kong, Middle East and the remaining some 15% to be
sold in the country to various furniture industries, electronic household
appliances industries and speaker boxes industries and design interior
companies. Meanwhile the whole phenol formaldehyde and urea formaldehyde products
marketed locally. However since November 2010 the company has been ceased
operation for 3 month due to the damages of machineries. Since the early 2011
the plant back in operation. According information from Environmental Pollution
Control Agency (Bappedal) that the factory’s pollute the surrounding
environment. We observe the operation of P.T. HLRF has been growing and
developing well in the last three years.
Generally, demand for processed wood including medium density fiber
(MDF) has been fluctuating in the last five years in line with the fluctuating
export and domestic markets. It is estimated that the demand will kept on
rising in the coming two-three years. Meanwhile, the competition is very tight
on account of lots of similar companies operating in the country. The
woodworking industry had been turning down within the last five years due to
lack of raw materials, as far from transportation facility and fluctuation of
export demand. It is estimated will keep going down within the coming two or three
years as the impact of global economic crisis and tight banking liquidity since
October 2008 hitherto. The business position of P.T. HLRF is appraised to be
facing difficulty for lack of basic materials in future. The growth of said
business is evident from the production and utility growth of the processed
wood export volume and export value of plywood and sawn timber below:
The Export Growth of
the Indonesian Main Processed Wood Products
2005 – 2010
|
Type of Commodities |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Plywood : -Volume (000 tons) -Value (US$ million) |
2,214.8 1,374.7 |
1,979.1 1,506.6 |
1,754.2 1,524.7 |
1,659.3 1,527.2 |
1,430.4 1,189.5 |
1,834.7 1,635.3 |
|
San Timber: -Volume (000 tons) -Value (US$ million) |
371.7 281.6 |
474.5 414.8 |
151.0 144.1 |
51.1 55.6 |
36.4 36.7 |
32.3 31.3 |
|
Other Wood Products: -Volume (000 tons) -Value (US$ million) |
2,143.5 1,430.2 |
1,926.2 1,403.4 |
1,713.0 1,409.0 |
1,059.3 1,238.2 |
1,201.4 1,048.8 |
1,825.1 1,204.0 |
Source: Central Bureau of Statistics
(BPS)
Until this time P.T. HLRF has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. HLRF 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. 135.0 billion rose to Rp. 145.0 billion in 2009
increased to Rp. 153.0 billion in 2010. As from January to June 2011 the sales
turnover amounted at Rp. 132.0 billion with a net profit of at least Rp. 8.6
billion. It is projected the sales turnover will be higher by at least 4% in
2012. The company has an estimated total networth of at least Rp. 90.0 billion.
We observe that P.T. HLRF is supported by foreign partner with has financially strong
and sound behind it. 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. HLRF is led by Mr. Kuo Jen Chang (48) a
businessman and professional manager of Singapore with experience in medium
density fibreboard manufacturing and trading. Daily operation he is assisted by
Mr. Erik Setiawan (40) as Vice President Director and two directors namely Mr.
Kuo Jen Chiu (45) and Mr. Francis Lee Choon Hui (66). 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. HIJAU LESTARI RAYA FIBREBOARD is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.