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Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. LOTTE |
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Registered Office : |
Jalan Jend. Ahmad Yani No. 78 Pulomas Jakarta Timur, 10150 |
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Country : |
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Date of Incorporation : |
09.06.1993 |
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Com. Reg. No.: |
No. AHU-03893.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Chewing Gum and Candy Manufacturing |
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No. of Employees : |
734 persons |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Source
: CIA
P.T. LOTTE
INDONESIA
Head Office
Jalan Jend. Ahmad Yani No. 78
Pulomas
Jakarta Timur,
10150
Indonesia
Phones -
(62-21) 4251077 (Hunting)
Fax - (62-21) 4243527
E-mail - info@lotte.co.id
Website - http://www.lotte.co.id
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
MM2100 Industrial
Town Block E-3
Cikarang Barat, Cibitung
Bekasi, 17520
West Java
Indonesia
Phones -
(62-21) 898 0029 (Hunting)
Fax - (62-21) 898 0516
Land Area - 30,000 sq.
meters
Building Space - 12,500 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
9 June 1993
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-5403.HT.01.01.TH.93
Dated 30 June 1993
- No. AHU-03893.AH.01.02.TH.2009
Dated 19 January 2009
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.081.595.9-431.000
The President of the Republic of Indonesia
No.
B-71/Pres/5/1993
Dated 7 May 1993
The Capital Investment Coordinating Board
- No. 69/I/PMA/1993
Dated 21 May 1993
- No. 170/II/PMA/1994
Dated 4 October 1994
- No. 158/II/PMA/2000
Dated 14 July 2000
- No. 369/III/PMA/2001
Dated 2 April 2001
- No. 766/III/PMA/2001
Dated 21 July 2001
The Department of Industry
No.
201/T/Industri/1996
Dated 26 March
1996
Related
Company :
A Member Company
of the GUDANG GARAM Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
30,000,000.-
Issued Capital : US$
22,500,000.-
Paid up Capital : US$
22,500,000.-
Shareholders/Owners
:
a. LOTTE COMPANY LTD. -
US$ 12,600,000.-
Address :
20-1, Nishi-shinjuku 3-chome
Shinjuku-ku, Tokyo
Japan
b. P.T. SURYA INWESTINDO PERKASA - US$ 8,910,000.-
Address : Jl. Achmad Yani No. 78
Pulomas, Jakarta Timur
Indonesia
c. MARUBENI CORPORATION - US$ 990,000.-
Address : 1-4-2 Ohtemachi,
Chiyoda-ku
Tokyo
Japan
Lines of
Business :
Chewing Gum and
Candy Manufacturing
Production
Capacity :
a. Chewing Gum -
10,200 tons p.a.
b. Bubble Gum - 3,780 tons p.a.
Total
Investment :
a. Equity Capital - US$ 22.5 million
b. Loan Capital - US$
9.2 million
c. Total Investment - US$ 31.7 million
Started
Operation :
1994
Brand Name :
Lotte Indonesia
Technical
Assistance :
Lotte Co., Ltd.,
Japan
Number of
Employee :
734 persons
Marketing Area
:
Local - 80%
Export - 20%
Main Customer
:
Snack and Food
Distributors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. HAWAI
CONFECTIONERY FACTORY
b. P.T. MUSTIKA MANIS UTAMA
c. P.T. PERFETTI VAN MELLE INDONESIA
d. P.T. PUSAN MANIS MULIA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Menara BCA Grand Indonesia
Jalan M.H. Thamrin No. 1
Jakarta Pusat
Indonesia
b. The Bank of Tokyo
– Mitsubishi Ufj Ltd.
Midplaza building
Jalan Jend.
Sudirman Kav. 9-10
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 137.0
billion
2010 – Rp. 142.0
billion
2011 – Rp. 157.0
billion
2012 – Rp. 81.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 10.7
billion
2010 – Rp. 11.4
billion
2011 – Rp. 12.6
billion
2012 – Rp. 6.6 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Atsushi Sakai
Vice President Director -
Mr. Heru Budiman
Directors -
a. Mr. Makoto Tokiwa
b. Mr. Edijanto
c. Mr. Yasuyuki Kojima
Board of Commissioners :
President Commissioner -
Mr. Kyuk Ho Shin
Vice President Commissioner -
Mr. Susilo Wonowidjojo
Signatories :
President Director (Mr. Atsushi
Sakai) or Vice President Director (Mr. Heru Budiman) or one of the Directors
(Mr. Makoto Tokiwa, Mr. Edijanto or Mr. Yasuyuki Kojima) 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
P.T. LOTTE INDONESIA
(P.T. LI) was established in June 1993 with an authorized capital of US$
10,000,000 of which US$ 4,500,000 was issued and paid up. The founding
shareholders of the company are P.T. SURYA INWESTINDO PERKASA as the home
partner and two Japanese companies, namely LOTTE Co. Ltd., and MARUBENI
Corporation, as foreign partners. He company notary documents had been changed
a couple of times. In October 1994 the company's issued and paid up capital was
increased to US$ 7,600,000. Then according to the latest revision of notary
deed of Mr. Buntario Tigris Darmawa Ng., SH., No. 94 dated 11 December 2008 the
company authorized capital was increased to US$ 30,000,000 issued capital to
US$ 22,500,000 fully and paid up. Wit this development the composition of its
shareholders has been changed to become LOTTE CO., LTD., Japan (56%), P.T.
SURYA INWESTINDO PERKASA (39.6%) and MARUBENI CORPORATION, Japan (4.4%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-03893.AH.01.02.TH.2009 dated January 19, 2009.
We note that the
home partner, P.T. SURYA INWESTINDO PERKASA, is a member company of the GUDANG
GARAM Group, the biggest business group in Indonesia at present in the clove
cigarette industry and trade.
P.T. LI operates
under Foreign Investment (PMA) facilities issued by Capital Investment
Coordinating Board (BKPM) to deal with chewing gum industry with its plant
located in the MM2100 Industrial Town Block E.3, Cibitung, Bekasi (West Java), standing
on a 3 hectare land. The plant has been in operation since 1994 produces of
chewing gums and bubble gums. The plant has been expanding frequently to
increasing production capacity. Development of the plant has cost an investment
of US$ 31.7 million, with US$ 22.5 million having come from company capital and
US$ 9.2 million from loans. P.T. LI's production consists of various types and
tastes, including gum, candy, biscuits, snack, chocolate, juicy & fresh,
breath refreshing, blueberry, cool mint (giving a cool feeling), bubble
gums, etc., all marketed under the now well-known LOTTE
trademark. Most of basic material being imported from Japan, South Korea, Spain
and other countries. P.T. LI is a leading chewing gum manufacture in Indonesia
with many kind of product range such as Chewing Gum, Bubble Gum, Novelty Gum,
Hard Candy, Soft Candy and Lollipop Candy. At present, the company's production
is entirely marketed in the country. Besides, P.T. LI also accept private label
basis where design/artwork must be provided by buyer. All of the product are
adapting to the newest technology. Most of the product can be supplied with
centre filling, solid or in liquid form. Also their product can be value added
as well using their significant protective coating in maintaining the freshness
and having longer shelf life in the market. Besides, some 20% of the
products exported to Asian countries as of now also we have been servicing
these markets for at least 19 years. P.T. LOTTE INDDONESIA is
classifiable as major company in Indonesia and its business operation has kept
evidently on running smoothly to date.
Generally, local
demand for candies had been increasing by 6% to 7% on the average per annum up
in the last five years having close relation with the economic growth and the
increasing population in the country. 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. Up to
this time, the Company has not significantly suffered from the economic crisis.
In response to these economic events, during 2010 the Company had plans as follows:
Negotiation
with main customer regarding increasing selling price. Cost reduction in
business trip, pantry needs, technical support cost from Japan, etc. Stop
production of products which do not reach profit target. Reduction
finishing cost and transportation cost with transferring product. Improvement
of internal production such reducing NG product, increasing cycle time and
increasing machine running time. 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. LI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
LI 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. 137.0 billion rose to Rp. 142.0 billion in 2010 increased to
Rp. 157.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at Rp. 81.0 billion with a net profit of Rp. 6.6 billion and projected
to go on rising by at least 6% in 2013. The company has an estimated total
networth of at least Rp. 120.0 billion.
We observe that
P.T. LI 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. LI is led by Mr. Atsushi Sakai (57) a businessman and professional
manager of Japan with experience in chewing gum and bubble gum manufacturing
and trading. 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. We are convinced P.T.
LOTTE INDONESIA is sufficiently fairly good for business transaction.
Attachment:
List of the GUDANG GARAM Group Members
1.
ADHIGUNA
MULTI PLANEXTRAK, P.T. (Chemical
Products Processing)
2.
ADILAKSA
MANUNGGAL, P.T. (Trading and Investment Holding)
3.
AGUNG GUMELAR INTERNATIONAL, P.T.
(Investment Holding)
4.
ANTANG CAHAYA BARU, P.T. (Sawmilling and
Woodbased Industry)
5.
BHAKTI SURYAWANGSA, P.T. (Investment
Holding)
6.
CENGKEH
ZANZIBAR, P.T. (Clove Distribution)
7.
ENSO SURYA PTE. LTD. of Singapore (Property
Development)
8.
G ANDUM,
P.T. (Clove Cigaratte
Manufacturing)
9.
GUDANG
GARAM TBK., P.T. (Clove Cigarette Manufacturing & Investment
Holding)
10.
HALIM
INDONESIA Bank, P.T. (Banking)
11.
HALIM
WONOWIDJOJO, P.T. (White Cigarette Manufacturing)
12.
HARI
MAHARDIKA USAHA, P.T. (Investment
Holding)
13.
INDOALUM
INTIKARSA, P.T. (Aluminum Sheet
and Foil Manufacturing)
14.
INTISURYA
CORPORA, P.T. (Trading and Investment Holding)
15.
JATIPURNA ARTINDO DESIGN, P.T. (Woodworking
Industry)
16.
KARYADIBYA MAHARDHIKA, P.T. (Clove
Cigarette Manufacturing)
17.
KARYA MULIA INDAH, P.T. (Cigarette
Manufacturing)
18.
KARYA NIAGA BERSAMA, P.T. (Clove Cigarette
Manufacturing)
19.
LAKTA UTAMA, P.T. (Investment Holding)
20.
LIDJEN, P.T. Perkebunan (Clove Plantation)
21.
LOTTE
INDONESIA, P.T. (Chewing Gum Manufacturing)
22.
MADISTRINDO PRIMA, P.T. (Chewing Gum
Trading and Distribution)
23.
MATAHARI
KATTURIPAN INDONESIA, P.T. (Real
Estate & Property Management)
24.
MENARA KARTIKA BUANA, P.T. (Property
Development)
25.
PAMENANG PANCADHATU, P.T. (Cement Building
Materials Industry)
26.
PANDIA
PRATAMA NUSANTARA, P.T. (Real
Estate & Property Management)
27.
PANDYA
PERKASA, P.T. (Paper Trading and Distribution)
28.
PANGLIMA PAMENANG, P.T. (Mineral Water
Trading and Distribution)
29.
PANVERTA
CAKRAKENCANA, P.T. (Plastic Sheet, Rotogravure Printing)
30.
PARASIDHA
INTI JAYA, P.T. (General Trading)
31.
PERFECTINDO
PRATAMA PLASTIC, P.T. (Plastic Products Industry)
32.
PRINTCOLOR INDONESIA, P.T. (Printing Ink
Industry)
33.
SELOWARSIH, P.T. (Ice Making and Cold
Storage Manufacturing)
34.
SURYA
BHAKTI UTAMA, P.T. (Cigarette
Distribution)
35.
SURYA
INWESTINDO PERKASA, P.T. (General Trading, Supplier and Investment
Holding)
36.
SURYA
JAYA BHAKTI, P.T. (Cigarette
Distribution)
37.
SURYA
KERTA BHAKTI, P.T. (Cigarette
Distribution)
38.
SURYA
PAMENANG, P.T. (Cultural and Industrial Paper Manufacturing)
39.
SURYA
RAYA INDAH, P.T. (Hotelry)
40.
SURYA
WISATA, P.T. (Recreation Centre Management)
41.
SURYA
ZIG ZAG, P.T. (Cigarette Paper Making)
42.
SURYADUTA
INVESTAMA, P.T. (Investment Holding)
43.
TAMAN
SRIWEDARI, P.T. (Clove Cigarette Manufacturing)
44.
TAMAN MALIBU INDAH, P.T. (Property
Development)
45.
TIRTAMAS MEGAH, P.T. (Mineral Water
Processing Industry)
46.
TRIAS
SENTOSA, P.T. (OPP Film Manufacturing)
47.
WIRA
DEDANA, P.T. (Trading)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.