|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LANGGENG JAYA PLASTINDO |
|
|
|
|
Registered Office : |
Jalan Raya Kedamean 16, Desa Kedamean, Gresik, Surabaya,
61175, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
06.03.2008 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-15825 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Engaged in plastic recycling industry |
|
|
|
|
No. of Employees : |
76 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a
vast polyglot nation, grew more than 6% annually in 2010-12. 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 fiscal deficit
below 3%, 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 2013 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 high 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
6 March 2008
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. AHU-48164.AH.01.01.TH.2008
Dated 6 August 2008
- No. AHU-AH.01.10-15825
Dated 26 April 2013
Private National
Company
The Department of
Finance
Not Available
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) :
2010 – Rp. 8.2 billion
2011 – Rp. 9.5 billion
2012 – Rp. 11.0
billion
2013 – Rp. 6.5 billion (January – June)
Net Profit
(estimated) :
2010 – Rp. 0.7
billion
2011 – Rp. 0.8
billion
2012 – Rp. 1.0
billion
2013 – Rp. 0.6
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
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. The company notary deed had been changed and according to the latest revision of notary deed Mr. Satria Amiputra Amimakmur, SH., M.Kn., No. 78 dated 14 March 2013 the company board of director and the board of commissioner reappointed 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-AH.01.10-15825 dated April 26, 2013.
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. Potential of the consumption of plastic
products in Indonesia is still quite large. Moreover, the national per capita
consumption of only 10 pounds per years. This is relatively low compared to
other ASEAN countries, such as Singapore, Malaysia, and Thailand, which reached
40 kilograms per capita per year. During this time, the consumption of plastic
packaging products was driven by growth in the food and beverage industries to
reach 60 percent. In Indonesia, the plastic packaging industry, there were 892
units. Plastic packaging products (rigid packaging), soft (flexible packaging)
as well as thermoforming and extrusion market products spread across a number
of regions in Indonesia.
The current
installed capacity of the plastic packaging industry reached 2.35 million tons
per year. However, utilization of 70 percent, so that the average production
reached 1.65 million tons, while the labor absorption around 350,000 people.
Although the structure of the national plastic industry is fairly complete or
integrated from upstream to downstream, but there are still some obstacles and
barriers, including import of plastic raw materials, such as polypropylene
which reached 484,000 tons of total requirement of 976 000 ton per year. In
addition, the plastic industry is still not supported upstream petrochemical
industry that produces crude oil (naphtha) and condensate. Upstream
petrochemical industry in Indonesia, many of which do not have oil refineries
(oil refinery) to produces the basic raw material of plastic. Limitations of
the processing makes the upstream petrochemical industry is importing naphtha
feedstock of 1.6 million ton and 33 million barrels of condensate per year.
Naphtha and condensate is the base material for plastic industry raw materials.
To reduce the import of raw materials, the government continues to encourage
the development of crude oil processing industries (oil refinery) that is
integrated with the structure of the industry from upstream to downstream. In
this case, the government is ready to provide incentive, such as the abolition
of tax (tax holiday), tax relief (tax allowance), or exemption from import duty
for capital goods. In addition, the government will also encourage the
development of human resources required.
Until this time P.T. LJP has not been registered with Indonesian Stock Exchange, so that they had 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 2010 amounted to Rp. 8.2 billion rose to Rp. 9.5 billion in 2011 increased to Rp. 11.0 billion in 2012. As from January to June 2013 the sales turnover has reached at least Rp. 6.5 billion with a net profit of Rp. 0.6 billion and projected to go on rising by at least 5% in 2014. The company has an estimated total networth of at least Rp. 5.5 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 (30) a young
businessman and professional manager with experience plastic recycling industry
and in trading. Daily activity he is assisted by Mrs. Christine Halim (38) 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.