MIRA INFORM REPORT
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Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. LION WINGS |
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Formerly Known As : |
P.T.
LIONINDOJAYA |
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Registered Office : |
Jalan Inspeksi
Cakung Drain Timur No. 1, Cakung Barat, Jakarta Timur, 13910 |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.05.1989 |
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Com. Reg. No.: |
No.
AHU-100354.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Cosmetic,
Detergent, Soap, Toothpaste and Cleansing Manufacturing |
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|
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No. of Employees
: |
1,490 |
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$ 5,000,000 |
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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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. LION WINGS
Head Office &
Factory
Jalan Inspeksi
Cakung Drain Timur No. 1
Cakung Barat
Jakarta Timur,
13910
Indonesia
Phones -
(62-21) 4682 6566 (Hunting)
Fax - (62-21) 4682 6562
E-mail - contact@lionwings.com
Website - http://www.lionwings.com
Land Area - 25,000 sq.
meters
Building Space - 20,000 sq. meters
Region - Industrial
Zone
Status - Owned
a. 15 May 1989 as P.T. LIONINDOJAYA
b. 22 October 2003 as P.T. LION WINGS
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-8880.HT.01.01.TH.89
Dated 20 September 1989
- No. C-00794.HT.01.04.TH.2004
Dated 12 January 2004
- No. AHU-06581.AH.01.02.TH.2008
Dated 11 February 2008
- No. AHU-AH.01.10-16394
Dated 27 June 2008
- No. AHU-100354.AH.01.02.TH.2008
Dated 30 December 2008
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP No.
01.061.915.3-052.000
The President of
the Republic of Indonesia
No.
B-54/Pres/8/1987
Dated 4 August
1987
The Capital
Investment Coordinating Board
- No. 43/I/PMA/1987
Dated 21 August 1987
- No. 24/II/PMA/1993
Dated 9 March 1993
- No. 476/III/PMA/1993
Dated 9 December 1993
- No. 223/II/PMA/1995
Dated 20 November 1995
- No. 23/II/PMA/1998
Dated 9 February 1998
- No. 1544/III/PMA/2000
Dated 20 October 2000
- No. 373/II/PMA/2006
Dated 20 November 2006
A Member Company
of the WINGS Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
16,000,000.-
Issued Capital : US$
16,000,000.-
Paid up Capital : US$
16,000,000.-
Shareholders/Owners
:
a. LION
CORPORATION -
US$ 7,680,000.-
Address : 3-7, Honjo 1-Chome
Sumidaku, Tokyo
Japan
b. P.T. MITRAJAYA EKAPRANA - US$ 7,680,000.-
Address : Jl. Kopi No. 2 K,
Kel. Roa Malaka, Kec. Tambora
Jakarta Barat
Indonesia
c. Mr. Ir.
Lilik Sujieanto -
US$ 640,000.-
Address : Jl. Cempaka Putih
Tengah II/16A
Kel. Cempaka Putih, Kec. Cempaka Putih
Jakarta
Pusat
Indonesia
Lines of
Business :
Cosmetic,
Detergent, Soap, Toothpaste and Cleansing Manufacturing
Production
Capacity :
a. Cleansing Papers - 6,259 tons p.a.
b. Liquid Detergents -
14,659 tons p.a.
c. Laminated Tubes - 7,463 tons p.a.
d. Tooth Brushes - 7,514 tons p.a.
e. Cosmetics:
-
Perfume Preparation - 6,259 tons p.a.
-
Nail Care - 6,109 tons p.a.
Preparation
-
Face Make-up - 5,779 tons p.a.
- Talcum/Baby Powders -
8,159 tons p.a.
- Stick Deodorants - 5,734 tons p.a.
- Powders Deodorants - 5,734 tons p.a.
- Spray Deodorants - 5,834 tons p.a.
- Hair Care -
26,659 tons p.a.
-
Body Cleansing - 12,659 tons p.a.
-
Dental Health - 35,659 tons p.a.
-
Skin Care - 15,659 tons p.a.
-
Spray Colognes - 5,759 tons p.a.
- Breath Sprays - 5,759 tons p.a.
- Liquid Soaps/Foams - 7,660 tons p.a.
- Facial Cleansing - 9,660
tons p.a.
f. Plastic - 5,659 tons p.a.
Total
Investment :
a. Equity Capital - US$ 16.0 million
b. Loan Capital -
US$ 50.0 million
c. Total Investment - US$ 66.0 million
Started
Operation :
1990
Brand Name :
Lion Wings
Technical
Assistance :
Lion Corporation,
Japan
Number of
Employee :
1,490 persons
Marketing Area
:
Local - 80%
Export -
20%
Main Customer
:
Distributors,
Supermarket and Shops
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BUKIT
PERAK
b. P.T. JOENOS
IKAMULYA
c. P.T. SINAR
ANTJOL
d. P.T. UNILEVER
INDONESIA Tbk
e. Etc.
Business Trend
:
Growing
Bankers :
a. The Bank of Tokyo Mitsubishi – UFJ Ltd
Midplaza Building
Jalan Jend. Sudirman Kav. 9-10
Jakarta Pusat
Indonesia
b. P.T. Bank MIZUHO INDONESIA Tbk
Plaza BII-Menara 2, 24th
Floor
Jalan M.H.
Thamrin No. 51
Jakarta Pusat
Indonesia
c. P.T. Bank DANAMON INDONESIA Tbk
Menara Bank Danamon 5th
Floor
Jalan Prof. Dr. Satrio Kav. E4 No. 6
Mega Kuningan
Jakarta Selatan, 12950
Indonesia
d. P.T. Bank RESONA PERDANIA
Bank Resona Perdania Building
Jalan Jend. Sudirman Kav. 40-41
Jakarta Pusat
Indonesia
Auditor :
Purwantono,
Suherman & Surja (Ernst & Young)
Litigation :
No litigation
record in our database
Annual Sales :
2009 – Rp.
1,067.4 billion
2010 – Rp.
1,140.8 billion
2011 – Rp.
1,210.0 billion (estimated)
Net Profit :
2009 – Rp. 122.7
billion
2010 – Rp. 43.5 billion
2011 – Rp. 84.7 billion (estimated)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Finney Henry Katuari
Directors -
a. Mr. Ir. Lilik Sujieanto
b.
Mr. Masaru Neda
c. Mr. Hanny Sutanto
d. Mr. Naoyoshi Sonoda
Board of Commissioners :
President Commissioner -
Mr. Kenjiro Kobayashi
Commissioners -
a. Mr. Alex Ivan Tanojo
b. Mr.
Ir. Eddy William Katuari
c. Mr. Toru Mikami
Signatories :
President Director (Mr.
Finney Henry Katuari) or the Directors (Mr. Ir. Lilik Sujieanto, Mr. Masaru
Neda, Mr. Hanny Sutanto or Mr. Naoyoshi Sonoda) which must be approved by Board
of Commissioner.
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$ 5,000,000 on
90 days D/A
Initially named P.T. LIONINDOJAYA, the company was established in May 1989 with the authorized capital of US$ 2,000,000 wholly issued and paid up. The founding shareholders are LION CORPORATION of Japan, Mr. Hendrik Tanojo, Mr. Ir. Eddy William Katuari, Mr. Hanny Sutanto, Mr. Finney Henry Katuari and Mr. Ir. Lilik Sujieanto, all are Indonesian businessmen of Chinese extraction. The articles of association of the company have frequently been revised. In January 2001, the authorized capital was increased to US$ 11,000,000 wholly issued and paid up. Later, in October 2003 the company renamed to P.T. LION WINGS (P.T. LW) and the shareholders of the company are LION CORPORATION of Japan, P.T. MITRAJAYA EKAPRANA of Indonesia and Mr. Ir. Lilik Sujieanto. Then in May 2008 the authorized capital was raised to US$ 16,000,000 wholly issued and paid up. With this time the composition of its shareholders has been changed to become LION CORPORATION of Japan (48%), P.T. MITRAJAYA EKAPRANA (48%) and Mr. Ir. Lilik Sujieanto (4%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-16394 dated June 27, 2008. According to the latest revision of notary documents of Mr. Irawan Soerodjo, SH, MSi., No. 226 dated 15 August 2008 the board of directors and the board of commissioner has been changed to lead and runs of the company’s operation. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-100354.AH.01.02.TH.2008 dated December 30, 2008.
It seems the shareholder namely P.T. MITRAJAYA EKAPRANA is a member of the WINGS Group, a medium-sized business group of which the majority business stakes is controlled by the above Katuari family. Mr. Johannes Ferdinan Katuari died in the end of 2003 and currently the ownership of the WINGS Group went over into his sons. Some 50% of the business stakes of the WINGS Group is now controlled by the sons of the late Mr. Johannes Ferdinan Katuari respectively Mr. Teddy Jeffrey Katuari (63), Mr. Ir. Eddy William Katuari (59), Mr. Finney Henry Katuary (57) and the late Mr. Drs. Freddy Ignatius Katuari (55) while another 25% is owned by Mr. Hardjo Susanto and his sons and the rest 25% owned by Alex Ivan Tanojo and his family. The WINGS Group’s business stakes in several joint venture companies being established under cooperation with another business group is minority but having important role because it has an integrated business within its soaps and detergent manufacturing.
P.T. LION WINGS (P.T. LW) obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with cosmetics, detergent, toothpaste and household appliances cleaning products. The company took over the activities and plant of P.T. CIPTA SEGAR HARUM having been in operation since 1987. Its plant is located at Jalan Rawa Girang No.4, Pulogadung Industrial Estate, East Jakarta on a land of 1.6 hectares. The plant of the company has frequently been expanded since it was taken over in 1998. Since August 2005, whole activities of its plant at Jalan Rawa Girang No. 4, Pulogadung Industrial Estate, East Jakarta have been relocated to its new plant at Jalan Inspeksi Cakung Drain Timur No. 1, Cakung, East Jakarta. P.T. LW at present operates a new plant located at Jalan Inspeksi Cakung Drain Timur No. 1, Cakung, East Jakarta on a land of 2.5 hectares.
P.T. LW’s wide-ranging consumer products encompass toothpaste, toothbrushes, cosmetics, soaps, shampoos, rinses, laundry detergents, dishwashing detergent, household cleaners, as well as pharmaceutical and food products. All of these products enjoy high brand awareness and major shares in their respective markets.
Products Categories
Hair Care, Emeron shampoo, Botanical shampoo, Zinc shampoo, Kodomo shampoo
Oral Care, Ciptadent toothpaste, Ciptadent toothbrush, Smile Up toothpaste, Smile Up toothpaste, Fresh & White toothbrush, Fluordent toothpaste, Zact toothpaste, Kodomo toothpaste, Kodomo toothbrush, System toothbrush
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Skin
Care, Emeron Handy & Body lotion variant: Pink (Mawar) and Mangir. Emeron
White (Whitening) series : Handi & Body lotion, Face Tonic, Milk Cleanser
and Scrub
-
Children
Toiletries, Kodomo series : shampoo, body wash, toothpaste and toothbrush
-
Dishwashing Liquid, Mama Lemon, Mama
Lime & Mama Ultra
-
Botanical
series : liquid body soap, shampoo and facial cleanser
-
Lavenda
Mosquito repellent lotion
P.T. LW produces various types of hair care, oral care, skin care, children toiletries, dish washing liquid, liquid body soap, and anti-mosquitoes lotion. The technology and license used by the company to produce its products come from LION CORPORATION of Japan. The products of the company are known with various brands. For hair care, the company uses Emeron, Zinc and Kodomo brands, for oral care using Ciptadent, Smile Up, Fresh, Systema brands, for dish washing liquid using Mama Lemon, Mama Lime, Mama Ultra brands, for liquid body soap using Botanical brand and for anti-Mosquitoes lotion using Lavenda brand. Some 80% of the products are marketed locally being handled by its sister company P.T. SAYAP MAS UTAMA, and the other 20% is exported to Singapore, Malaysia and other African countries.
We generally note that the demand of consumer good and household cleaner products has kept on increasing in line with the growth of household needs. However, the global economic crisis battering Indonesia since October 2010, the demand had been declining. Since 2009 the demand had gone up and it is estimated to keep increasing at least 5% to 7% in two or three years to come. Meanwhile, the competition is very tight on account of many similar companies operating in the country. The business position of P.T. LW is good on account of the company’s products are well known and having wide marketing networks in big cities in the country.
The Growth of Detergent Production, 2005-2010
(Ton)
|
Year |
Powder |
Cream |
Bar |
Liquid |
Total |
|
2005 2006 2007 2008 2009 2010 |
130,703 144,548 155,714 165,057 174,960 186,332 |
380,573 399,928 424,960 450,458 477,485 507,089 |
66,674 70,065 74,451 78,918 83,653 88,672 |
48,125 50,572 53,738 56,962 60,379 64,002 |
626,075 665,113 708,862 751,395 796,477 846,095 |
Source: Processed by ICB
Until this time P.T. LW has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
According to financial statement of P.T. LW per 31 December 2009 amounted at
Rp. 1,067.4 billion with a net profit of Rp. 122.7 billion increased to Rp.
1,140.8 billion with a net profit of at Rp. 43.5 billion in 2010. We estimated
the sales turnover of the company amounted at Rp. 1,210.0 billion with a net
profit of at least Rp. 84.7 billion in 2011 and projected to go on rising by at
least 6% in 2012. The company has an estimated total net worth of at least Rp.
178.0 billion. We observe that P.T. LW 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 condense financial
statement is shown.
(In million Rp)
|
Descriptions |
31 December |
|
|
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
a. Current Assets |
448,942 |
449,298 |
|
b. Non Current Assets |
261,664 |
216,371 |
|
c. Other Assets |
25,089 |
1,946 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
710,606 |
665,669 |
|
B. LIABILITIES
&STOCKHOLDERS EQUITY |
|
|
|
a. Current Liabilities |
541,522 |
543,273 |
|
b. Non Current Liabilities |
23,145 |
19,988 |
|
c. Stockholders Equity : -
Paid Up Capital -
Additional Paid Up Capital -
Retained Earnings Total Stock holders
Equity |
64,062 48,896 32,981 145,939 |
64,062 48,896 (10,550) 102,408 |
|
C. INCOME STATEMENT |
|
|
|
a. Sales Net |
1,140,802 |
1,067,367 |
|
b. Operating Profit |
89,262 |
94,681 |
|
c. Net Profit (loss) |
43,531 |
122,715 |
Notes: 31 December 2009, 2010 Audited by Purwantono, Suherman &
Surja
The management of P.T. LW is led by Mr. Ir. Finney Henry Katuari (59) a
businessman and professional manager with experience cosmetic, detergent and
cleansing manufacturing. 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. LION WINGS is sufficiently fairly good for
business transaction.
Attachment:
List of the W I N G
S Group Members
1.
ADYABUANA PERSADA, P.T. (Ceramic Floor Tile Manufacturing)
2.
AKTIF INDONESIA INDAH, P.T. (Industrial Chemicals
Processing)
3.
ASPIRASI LUHUR, P.T. (Investment Holding)
4.
BIMA MAS SEJATI JAYA, P.T. (General Trading)
5. BIMA NUSA RAJAWALI, P.T. (General Trading)
6.
DIAN LESTARI PERDANA, P.T. (Office Block Rental Management)
7.
ECOGREEN OLEOCHEMICALS, P.T. (Fatty Alcohol Industry)
8.
EKA TATA MAKMUR, P.T. (Real Estate and Housing Development)
9.
EKATAMA RAYAINDAH, P.T. (Housing Development)
10. EKONOMI RAHARJA, P.T. Bank (Banking)
11.
FOSFINDO, P.T. (Investment Holding)
12.
FINDECO JAYA, P.T. (Alkyl Benzene Sulfonate Processing)
13.
GAWI MAKMUR KALIMANTAN, P.T. (Oil Pal Plantation and Pal Oil
Refinery)
14.
KARUNIA ALAM SEGAR, P.T. (Instant Noodles Processing
Industry)
15.
LION WINGS, P.T. (Cosmetic, Detergent, Toothpaste and
Cleansing Manufacturing)
16.
MULTI INDOMANDIRI, P.T. (Glass Tablewares Manufacturing)
17.
MULTINUSA LESTARI, P.T. (Housing Development)
18.
MULTIPACK UNGGUL, P.T. (Corrugated Box, Printing and Soft
Packaging Manufacturing)
19.
PETRO CENTRAL, P.T. (Industrial Chemical Processing)
20. PRAKARSA ALAM SEGAR, P.T. (Instant Noodles Processing Industry)
21.
PONDOK PALEMINDAH, P.T. (Housing Development)
22.
PONDOK PALEM INDAH PERMAI, P.T. (Housing Development)
23.
PONDOK PALEM INDAH RAYA, P.T. (Housing Development)
24.
SAYAP MAS UTAMA, P.T. (Soap and Cosmetic Industry)
25.
SADHANAGRAHA ADHIKA, P.T. (Investment Holding)
26.
SARANAGRIYA LESTARI KERAMIK, P.T. (Ceramic Industry)
27.
SATYAWADA MITRAUSAHA (Investment Holding)
28.
SIAM-INDO CONCRETE PRODUCTS, P.T. (Natural Fiber
Cement/Roofing Sheets Manufacturing)
29.
SIAM-INDO GYPSUM INDUSTRY, P.T. (Gypsum Plasters and
Compound Manufacturing)
30.
SRIWIJAYA ALAM SEGAR, P.T. (Food Processing Industry)
31.
TIRTA ALAM SEGAR, P.T. (Food and Beverages Processing
Industry)
32.
UNGGUL INDAH CORPORATION, (Industrial Chemical Processing)
33.
UNIPACK INDOSYSTEMS, P.T. (Plastic Flexible Packaging
Manufacturing)
34.
VARIA INDOWIN PERKASA, P.T. (Integrated Shrimp Culture)
35.
WINGS SURYA, P.T. (Soap, Detergent, Water glass and Plastic
Packaging Industry)
36.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.78.15 |
|
Euro |
1 |
Rs.65.09 |
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.