MIRA
INFORM REPORT
|
Report Date : |
22.09.2011 |
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 |
|
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 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. HIJAU
LESTARI RAYA FIBREBOARD
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
S t a t u s :
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
B a n k e r s :
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.47.89 |
|
|
1 |
Rs.75.31 |
|
Euro |
1 |
Rs.65.63 |
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.