MIRA INFORM REPORT
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Report Date : |
31.01.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. PLASINDO LESTARI |
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Registered Office : |
Komp. Griya Inti Sentosa, Blok A-1 No. 32-36, Sunter Agung Podomoro, Jakarta 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
10.05.1985 |
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Com. Reg. No.: |
No. AHU-24986.AH.01.02.Tahun 2009 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Plastic Film Printing and Flexible
Packaging Manufacturing |
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No. of Employees
: |
1,350 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$ 7.6 million |
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Status : |
good |
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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
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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. PLASINDO LESTARI
company Address
Head Office
Komp. Griya Inti
Sentosa
Blok A-1 No.
32-36
Sunter Agung
Podomoro
Jakarta 14350,
Indonesia
Phones -
(62-21) 640 1633 (hunting)
Fax - (62-21) 640 4118
Email - info@plsindolestari.com
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Factory
Desa Purwasari,
Karawang
Bekasi, West Java
Indonesia
Phones -
(62-264) 313 401-7
Fax - (62-264) 313 408
Land Area - 8.0 hectares
Building Area - 3.6 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation
10 May 1985
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No.
AHU-24986.AH.01.02.Tahun 2009
Dated 08 June
2009
Company Status
Domestic
Investment Company (PMDN)
Permit by the Government Department
a. The Department
of Finance
NPWP No. 01.393.928.5-092.000
b. The Department
of Trade
SIUP No. 1809-P/09-01/PB/86
Dated 26 January 1986
c. The Investment
Coordinating Board
- No. 357/I/PMDN/1994
Dated 13 June 1994
- No. 74/II/PMDN/1997
Dated 24 April 1997
- No. 349/III/PMDN/1997
Dated 11 August 1997
Affiliated/Associated Companies
a. P.T. TRINDO KENCANA MAS (General Trading)
b. P.T. KARYA
SUMBER MAKMUR (General Contracting)
c. P.T. GOLDEN
ADISHOES (Sport Shoes Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital - Rp.
133,000,000,000.-
Issued Capital - Rp.
133,000,000,000.-
Paid up Capital - Rp.
133,000,000,000.-
Shareholders/Owners
:
a. Mr. Ir. Winata
Cahyadi - Rp.
60,515,000,000.- (45.5%)
b. Mr. Ir. Urip
Cahyadi - Rp.
57,529,000,000.- (43.3%)
c. Mr. Drs. Siniaga Sulaiman Kosasih -
Rp. 11,970,000,000.- ( 9.0%)
d. Mrs. Sweety
Setiawati Rachmat - Rp. 2,986,000,000.- ( 2.2%)
BUSINESS ACTIVITIES
Lines of
Business :
Plastic Film Printing and Flexible Packaging
Manufacturing
Production
Capacity :
a. Flexible Packaging - 23,556 tons p.a.
b. Printing - 72,000,000 sq. meters p.a.
c. Laminating - 54,000,000 sq. meters p.a.
d. Blown Film - 600 tons p.a.
e. Extrusion Laminating - 100 kg per hour
f. PE
Plastics - 120 tons p.a.
g. Metalizing - 96,000,000 sq. meters p.a.
h. Solventless -
120,000,000 sq. meters p.a.
Total
Investment :
a. Equity Capital - Rp. 133.0 billion
b. Loan Capital - Rp. 67.3
billion
c. Total Investment - Rp. 200.0 billion
Started
Operation :
January 1987
Brand Name :
PLASINDO LESTARI
Technical
Assistance :
None
Number of
Employee :
1,350 persons
Marketing Area
:
a. Local -
70%
b. Export - 30%
Main Customers
:
a. Food and
Beverage Industries
b. Snack and
Biscuit Industries
c. Pharmaceutical
Industries
d. Cosmetic
Industries
e. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Cipta
Kemas Abadi
b. PT. Bina
Plaspac Indonesia
c. PT. Eiwa
Plastic Industry
d. PT. Muliapack
Intisempurna
e. PT. Norita Multiplastindo
f. PT. Sanpak
Unggul
g. PT. Surabaya Perdana Rotopack
h. PT. Surya Multi Indopack
i. PT. Unipack
Plasindo
j. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Asemka Branch
Jl. Asemka No. 24-26
Jakarta Barat
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Wiryopranoto Branch
Jl. S.
Wiryopranoto No. 53-A
Jakarta
Pusat
Indonesia
c. P.T. Bank MANDIRI Tbk
Sunter Branch
Jl. Sunter Agung
Utara Blok A36D No. 25
Jakarta
Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Total Sales/Revenue (estimated) :
2008 – Rp. 390.0 billion
2009 – Rp. 440.0 billion
2010 – Rp. 502.0 billion
2011 – Rp. 560.0 billion
Net Profit
(estimated) :
2008 – Rp. 19.0 billion
2009 – Rp. 21.8 billion
2010 – Rp. 25.0 billion
2011 – Rp. 28.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Urip Cahyadi
Director - Mr. Drs. Siniaga Sulaiman
Kosasih
Board of Commissioner :
President
Commissioner - Mr. Ir. Winata Cahyadi
Commissioner - Mrs. Sweety
Setiawaty Rachmat
Signatories :
President Director (Mr. Ir. Urip
cahyadi) or Director (Mr. Drs. Siniaga Sulaiman Kosasih) which must be approved
by Board of Commissioner (Mr. Ir. Winata Cahyadi)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 7.6 million on 90 days D/A
OVERALL PERFORMANCE
P.T. PLASINDO LESTARI (P.T. PL) was established in 1985 with an authorized capital of Rp 400,000,000.- of which Rp 80,000,000.- was issued and paid up. The company was founded by Mr. Hardi Singgih Ongko, Mr. Ir. Winata Cahyadi, Mr. Lendrayanto Mulyo, Mr. Surianto Gunawan and Mr. Ir. Urip Cahyadi as the original shareholders. They are all Indonesian businessmen of Chinese extraction. The company's notarial act was since revised a couple of times. In 1996 the authorized capital was increased to Rp 35,000,000,000.- with the issued and paid up capital amounting to Rp 18,000,000,000.- In October 2002, the authorized capital was raised to Rp. 70,000,000,000 of which Rp. 60,000,000,000 was issued and fully paid up. Since that time, the shareholders of the company are Mr. Ir. Urip Cahyadi, Mr. Ir. Winata Cahyadi, Mr. Drs. Siniaga Sulaiman Kosasih and Mrs. Sweety Setiawaty Rachmat.
In October 2003, the authorized capital was raised from Rp. 70,000,000,000.- to Rp. 80,000,000,000.- entirely issued and paid up. In December 2008, the authorize capital was raised again to Rp. 133,000,000,000.- entirely was issued and fully paid up. The shareholders of the company are still Mr. Ir. Urip Cahyadi (43.3%), Mr. Ir. Winata Cahyadi (45.5%), Mr. Drs. Siniaga Sulaiman Kosasih (9%) and Mrs. Sweety SEtiawaty Rachmat (2.2%). The amendment to notary deed was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-24986.AH.01.02.Tahun 2009 dated June 8, 2009. No changes have been effected in term of its shareholding composition and capital structures to date.
It seems the majority shares of P.T. PL is controlled by Mr. Ir. Urip Cahyadi and his twin-brother Mr. Ir. Winata Cahyadi. The Cahyadi family is also the majority shareholder of of P.T. TRININDO KENCANA MAS dealing with general trading, P.T. KARYA SUMBER MAKMUR in general contracting, P.T. GOLDEN ADISHOES in sport-shoe manufacturing industry, etc.
P.T. PL has been operating since 1987 in flexible packaging industry with its small plant located at Desa Batu Ceper, Tangerang, West Java, on a land of some 5,000 sq.meters. It keeps on growing slowly. In 1991 P.T. PL diversified into metalizing pronting and solventless laminating by founding a new plant in Desa Purwasari, Kerawang, West Java, on a land of some 8.0 hectares. P.T. PL uses imported basic materials polyester and nylon, while OPP and OPP Film are bought from local market (P.T. ARGHA KARYA PRIMA Industry and P.T. TRIAS SENTOSA). P.T. PL increased its production of flexible packages in 1994.
In April 1997, P.T. PL obtained a license to increase its annual production capacity of 10,740 tons of flexible packaging with a total investment of Rp. 41.8 billion coming from own capital Rp. 6.0 billion and the rest from loans. Now it has an installed production capacity of 23,556 tons per year. A large extent of the products of P.T. PL is locally marketed. The main customers of the company are the ABC Group, P.T.BINTANG TOEJOEH, P.T. ADES ALFINDO PUTRA, P.T. ARTA MILLENIA PANGAN MAKMUR, P.T. AGEL LANGGENG, P.T. ARNOTTS INDONESIA, P.T. BUANATIRTA ADIJAYA, P.T. MAYORA INDAH Tbk, P.T. PACIFIC MILLENIA, P.T. NIRMAS UTAMA and others. Some 30% of the products is exported to Malaysia, Singapore, Sri Lanka, Taiwan, Pakistan and the Philippines. P.T. PL is one of large sized flexible packaging and plastic film printing industries in the country. We observed that P.T. PL is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, the demand for flexible packaging and plastic film printing in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of snack food industries including instant noodle, biscuit, confectioneries, pharmaceutical, cosmetic industries, etc. But, as from October 2008, the demand growth for flexible packaging and printing has kept on dwindling as an impact of global economic crisis as told above. Beside, the competition is very tight on account many similar companies operating in the country. P.T. PL is considered to be in a favorable business position in view of the company's experience in the above business.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. P.T. PL’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated that total sales turnover of the company in 2008 increased to Rp. 390.0 billion increased to Rp. 440.0 billion in 2009 to Rp. 502.0 billion in 2010 and rose again to Rp. 560.0 billion in 2011. The operation of the company in 2011 is estimated to have gained a net profit of Rp. 28.0 billion with a total networth of Rp. 260.0 billion. It’s the sales turnover is projected to be rising by 8% in 2012.
So far, we did not hear that P.T. PL has been black listed by Bank Indonesia (Central Bank) or involved in detrimental cases being settled in the court. The payment habit of the company has been running smoothly ranging from 1 to 3 months.
The company’s prime mover is Mr. Ir. Urip Cahyadi MBA (60) assisted by his twin-brother Mr. Ir. Winata Cahyadi (60), both are businessmen with experience for more than 24 years in flexible packaging industry and trade and they have good formal educational back-ground. Daily, he is assisted by Mr.Drs. Siniaga Sulaiman Kosasih (52) as director and Mr. William Katimansyah as general manager, also well-experienced in this business. The management has maintained a wide marketing network among consuming industries and among private businessmen at home and abroad as well as among governmental sectors. As far as business is concerned the management has never involved in any fraudulent dealings or detrimental case was recorded at the local court.
We believe that P.T. PLASINDO LESTARI is good for normal business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.50 |
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UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.19 |
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 |
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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.