MIRA INFORM REPORT
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Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. LANGGENG
JAYA PLASTINDO |
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Registered Office : |
Jalan Raya Kedamean 16, Desa Kedamean, Gresik Surabaya, 61175, East
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
06.03.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Plastic Recycling Industry |
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No. of Employees : |
76 persons |
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RATING & COMMENTS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government
made economic advances under the first administration of President YUDHOYONO
(2004-09), introducing significant reforms in the financial sector, including
tax and customs reforms, the use of Treasury bills, and capital market
development and supervision. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment
grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T. LANGGENG JAYA PLASTINDO
Head Office &
Factory
Jalan Raya Kedamean 16
Desa Kedamean, Gresik
Surabaya, 61175
East Java
Indonesia
Phones -
(62-31) 7914412 (Hunting)
Mobile Phone - 83111222 Mr.
Christian Pranata
Mobile Phone - 34569777 Mrs.
Popy
Fax - (62-31) 7914413
Land Area - 8,000 sq.
meters
Building Space - 3,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
6 March 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
No. AHU-48164.AH.01.01.TH.2008
Dated 6 August 2008
Company Status :
Private National Company
Permit by the Government Department :
The Department of
Finance
Not Available
Related Company :
None
Capital Structure :
Authorized Capital : Rp.
10,000,000,000.-
Issued Capital : Rp. 2,500,000,000.-
Paid up Capital : Rp. 2,500,000,000.-
Shareholders/Owners :
a. Mrs. Christine Halim -
Rp. 1,250,000,000.-
Address : Jl. Donorejo No. 60
Surabaya, East Java
Indonesia
b. Mr. Pamungkas -
Rp. 750,000,000.-
Address : Dusun Krajen RT. 07 RW. 01
Kelurahan Gentengkulon,
Banyuwangi
East Java
Indonesia
c. Mr. Christian Pranata -
Rp. 500,000,000.-
Address : Desa Kedamean RT. 005 RW. 002
Kedamean, Gresik
East Java
Indonesia
Lines of Business :
Plastic Recycling Industry
Production Capacity :
Plastic Scraps Granulated (ABS & Hips Scrap) - 100 tons per month
Total Investment :
Owned Capital - Rp. 10.0 billion
Started Operation :
2009
Brand Name :
Langgeng Jaya Plastindo
Technical Assistance :
None
Number of Employee :
76 persons
Marketing Area :
Local - 20%
Export - 80%
Main Customer :
Plastic Products Industries
Market Situation :
Very Competitive
Main Competitors :
a. ANUGERAH KEMAKMURAN PLASTIK
b. P.T. DUTABUDI TULUSREJO
c. C.V. GALUH INDAH SENTOSA
d. C.V. LAZUARDI PRIMA
SEJAHTERA
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Darmo No. 5
Surabaya, East Java
Indonesia
b. P.T. Bank DANAMON
INDONESIA Tbk
Jalan Raya Darmo No. 59
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 7.0 billion
2010 – Rp. 8.2 billion
2011 – Rp. 9.5 billion
2012 – Rp. 5.5 billion (January – June)
Net Profit (estimated) :
2009 – Rp. 0.6 billion
2010 – Rp. 0.7 billion
2011 – Rp. 0.8 billion
2012 – Rp. 0.4 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Christian Pranata
Director - Mrs. Christine Halim
Board of Commissioners :
Commissioner - Mr. Pamungkas
Signatories :
President Director (Mr. Christian
Pranata) or the Director (Mrs. Christine Halim) which must be approved by Board
of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. LANGGENG JAYA PLASTINDO (P.T. LJP) was established in Gresik,
Surabaya, East Java based on notary deed of Mr. Wahyudi Suyanto, SH., No. 018
dated 6 March 2008 with the authorized capital of Rp. 10,000,000,000 issued
capital of Rp. 2,500,000,000 entirely paid up. The founding and shareholders of
the company are Mrs. Christine Halim AKA Christine Lin (50), Mr. Christian
Pranata (20%) and Mr. Pamungkas (30%), they are Indonesian businessmen of
Chinese extraction. Based on our knowledge up to writing the report the notary
documents of the company have not undergone any changes. The company notary
document was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-48164.AH.01.01.TH.2008 dated August 6, 2008.
P.T. LJP is a private national company started to be operating since
2009 to deal with plastic recycling industry. The plant is located at Jalan
Raya Kedamean 16, Desa Kedamean, Gresik, East Java standing on 8,000 sq.
meters. Besides, all used plastic articles (plastic scraps) like jerry can,
plastic pails and other plastic products are obtained from several collectors
of used plastic goods in East Java. The used plastic products are recycled into
plastic resin, virgin and recycle PE, Pet Resin Injection (Extrusion, Blowing,
Coating), LDPE (Injection & Film Grade), PVC granular/PVC resin/PVC
compound. According information the plants produces of plastic scrap granular
(ABS 7 Hips Scrap) with capacity 100 tons per month. However since 21 September
2012 part plastic resin storage shed on fire. Mrs. Popy, marketing staff of
P.T. LJP explained the barn was on fire about 40%, due to fire department
official managed to localize the fire. However, Mrs. Popy explained that the
current recycling plant is still in production to this day as the factory
plastic recycling is not burned. Currently they have to rebuild the plastic
seed storage and expected to be completed later this year.
Further Mrs. Popy explained the most of above merchandise is entirely
sold in the ranks of plastic industries operating in Surabaya such as P.T.
CIPTA PLASTINDO RAYA, P.T. YANASURYA BHAKTIPERSADA, P.T. PROFILIA INDOTECH,
P.T. MULTIPLAST JAYA TATAMANDIRI, P.T. ISENFAK BERKAT ANUGERAH, P.T. KEMASELOK
PLASTINDO and others. Besides, some of the products is exported to China,
Southeast Asian countries, Mid East and others. We consider P.T. LJP’s
operations to have been slow in growing in the last three years. The global
economic crisis has affected the company’s business, due operational costs have
much gone up while the intake capacity of consuming industries has decreased.
We find that generally the demand for plastic granular has been
vacillating in the last five years in line with the development of plastic
industries in the country. According information imports of plastic granular
(PE, PP, PVC, PS, SAN, ABS) have fluctuated in the last five years. Besides,
starting in the second semester 2008, many markets in various parts of the
world experienced adverse economic condition. This condition was triggered by,
amongst others, the housing and mortgage loans crisis in the United States of
America (US) that spread to securities, structures products and commodity
markets. The volatility in the US markets coupled with the sharp appreciation
in the US Dollars and a series of corporate bankruptcies and takeovers enabled
the crisis to spread to other parts of the world. The impact of the global
economic crisis has also been felt in Indonesia as the Indonesian Rupiah
weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks.
In response to these economic events, during 2010 the Company has plans
as follows: Negotiation
with main customer regarding increasing selling price. Cost reduction in
business trip, pantry needs, etc. Stop production of products which do not
reach profit target. In spite of the adverse economic conditions, management
believes that the Company will be able to continue operating as going concern
for the foreseeable future.
Until this time P.T. LJP has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. LJP is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2009 amounted to Rp. 7.0 billion rose to Rp. 8.2 billion in 2010
increased to Rp. 9.5 billion in 2011. As from January to June 2012 the sales
turnover has reached at least Rp. 5.5 billion with a net profit of Rp. 0.4
billion and projected to go on rising by at least 5% in 2013. The company has
an estimated total networth of at least Rp. 5.0 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. LJP is led by Mr. Christian Pranata (29) a young
businessman and professional manager with experience plastic recycling industry
and in trading. Daily activity he is assisted by Mrs. Christine Halim (37) 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. LANGGENG JAYA
PLASTINDO is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.97 |
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1 |
Rs.85.45 |
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Euro |
1 |
Rs.69.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
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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.