|
Report Date : |
30.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LUCKY ABADI TEXTILE FACTORY |
|
|
|
|
Registered Office : |
Jl. Tugu Raya RT.011/RW.010 (Jl. Raya
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.08.1972 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Spinning Mills Industry |
|
|
|
|
No. of Employees : |
3,000 |
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 : |
No complaints |
|
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 30, 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. LUCKY ABADI
TEXTILE FACTORY
Head Office & Factory
Jl. Tugu Raya RT.011/RW.010
(Jl. Raya Bogor Km. 30, Kelapa Dua)
Kel. Tugu, Kec. Cimanggis
Depok 16951, West Java
Indonesia
Phones -
(62-21) 871 0288 (hunting)
F a x -
(62-21) 871 0290
Email - lucky@luckytex.com
Website - http://www.luckytex.com
Land Area - 12 hectares
Building Area - 8 hectares
Region - Industrial Zone
Status - Owned
Date of
Incorporation :
11 August 1972
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. Y.A. 5/155/5
Dated 25 April 1973
b. No.
C2-14284.HT.01.04.TH.98
Dated 21 September 1998
c. No. AHU-11293.AH.01.Tahun 2009
Dated 06 April 2009
d. No.
AHU-AH.01.10-43433
Dated 22 October 2013
Company Status :
Domestic Investment Company (PMDN)
Permit by the
Government Department :
a. The
Department of Finance
NPWP No. 01.001.835.6-431.000
b. The Capital
Investment Coordinating Board
-
No. 143/Sekr/Sp/PMDN/1973
Dated 22 March 1973
-
No. 201/II/PMDN/1989
Dated 15 December 1989
-
No. 439/III/PMDN/1994
Dated 25 October 1994
Affiliated/Associated
Companies :
a. P.T. LUCKY
PRINT ABADI (Weaving and Printing Industry)
b. P.T. LUCKY
INDAH KERAMIK (Ceramic Tableware Industry)
c. P.T. PATAL
CIMANGGIS INDAH (Spinning Mills and Investment Holding)
d. P.T. SANDANG
MUTIARA ERA MULIA (Textile Industry)
Capital Structure
:
Authorized Capital - Rp 25,000,000,000.-
Issued Capital - Rp 10,700,000,000.-
Paid up Capital - Rp 10,700,000,000.-
Shareholders/Owners
:
a. Mrs. Lily Tamin - Rp 1,981,883,000.-
(18.52%)
Address : Jl. Bukit II/2, RT.008/RW.013
Kec. Kebayoran Lama
South Jakarta
b. Mrs. Rusjati
Tamin - Rp
2,561,824,000.- (23.94%)
Address : Jl. Kencana Permai V/48, RT.002,RW.015
Kec. Kebayoran Lama
South Jakarta
c. Mr. Hermansjah
Tamin - Rp 2,278,832,000.-
(21.30%)
Address : Jl. Bukit Hijau V/7, RT.010, RW.013
Kec. Kebayoran Lama
South Jakarta
d. Mrs. Ratnasari
Tamin - Rp
1,196,461,000.- (11.18%)
Address : Jl. Kencana Permai VII/6, RT.001, RW.015
Kec. Kebayoran Lama
South Jakarta
e. Mrs. Farida
Jamin - Rp 981,000,000.- ( 9.17%)
Address : Jl. Darmawangsa II No.20, RT.007, RW.001
Kec. Kebayoran Baru
South Jakarta
f. P.T. PATAL
CIMANGGIS INDAH - Rp 1,700,000,000.- (15.89%)
Address : Jl. Tiang Bendera II No. 82
Roa Malaka, Tambora
West Jakarta
Lines of Business
:
Spinning Mills Industry
Production
Capacity :
Spinning Mills - 14,400 tons per annum
Total Investment :
a. Owned Capital - Rp. 10.7 billion
b. Loan Capital -
Rp. 70.0 billion
c. Total Investment -
Rp. 80.7 billion
Started Operation
:
1 9 7 3
Brand Name :
LUCYTEX
Technical
Assistance :
None
Number of Employee
:
3,000 persons
Marketing Area :
Export - 30% and the rest (70%) for local
market
Main Customers :
a. Overseas buyers in Japan, Korea, Vietnam,
Malaysia, China, Colombia and Taiwan
b. Textile industries and towel factories in
the country
Market Situation :
Very Competitive
Main Competitors :
a. PT. Indah Jaya Textile
b. PT. Apak Inti
Corpora
c. PT. Argo
Manunggal
d. PT. Kumafiber
e. PT. Fuji Palapa
Textile
f. PT. Panasia Indosyntex
g. PT. Sunrise
Bumi Textile
Business Trend :
Growing
B a n k e r s :
a. The Hong Kong
and Shanghai Banking Corp.
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
b. P.T. Bank MANDIRI Tbk
Mandiri Plaza
Jl. Jend. Gatot
Subroto Kav.36-38
Jakarta
Selatan
c. P.T. Bank INTERNASIONAL INDONESIA Tbk
BII Plaza II
Jl. M.H.
Thamrin Kav. 51
Jakarta
Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 210.0 billion
2011 – Rp. 234.0 billion
2012 – Rp. 260.0 billion
2013 – Rp. 142.0 billion (January – June)
Net Profit
(estimated) :
2010 – Rp. 12.5 billion
2011 – Rp. 14.0 billion
2012 – Rp. 15.6 billion
2013 – Rp.
8.5 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of
Management :
Director -
Mr. Yusup Supono
Board of Commissioner :
Commissioner - Mr. Johannes Johny Indriady,
SH.
Signatories
:
Director
(Mr. Yusup Supono) which must be approved by the Board of Commissioner (Mr.
Johannes Johny Indriady, SH)
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Below average
Credit
Recommendation :
Credit should be
proceeded normally
Proposed Credit
Limit :
Moderate amount
P.T. LUCKY ABADI TEXTILE FACTORY (P.T. LATF)
was established in Jakarta based on Deed No. 45 dated August 11, 1972 made by Ridwan
Suselo, SH., Notary in Jakarta with an authorized capital of Rp.
1,000,000,000.- of which Rp. 200,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mr. Djohansjah Tamin (35%), Mr. Widjajadi Widjaja (32.5%) and Mr. Muliadi
Kartono (32.5%). They are Indonesian
businessmen of Chinese extraction. The
Deed of establishment has been approved by the Minister of Justice of the
Republic of Indonesia through its Decision Letter No. Y.A. 5/155/5 dated April
25, 1973. The articles of association of
the company have frequently been revised.
In February 1998 the authorized capital was raised to Rp
25,000,000,000.- of which Rp 10,700,000,000.- was issued and fully paid up. Details on its shareholding composition and
capital structure are as shown on page 3 of this report. Most recently by Deed No. 19 dated September
11, 2013 made by Notary Makmur Tridharma, SH., the company’s board of director
and board of commissioner was changed. The amendment to Deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through its
Decree No. AHU-AH.01.10-43433 dated September 11, 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. LATF is a member
company of the LUCKY Group, a small sized company group focusing its business
on textile and ceramic tableware industry.
The Group is headed by Mrs. Lily Tamin (63), an Indonesian businesswoman
of Chinese extraction.
P.T. LATF obtained a Domestic Capital
Investment (PMDN) facility issued by the Capital Investment Coordinating Board
(BKPM) to deal with textile industry by managing two plant units; spinning and
weaving facilities. Its plant located at
Jl. Tugu Raya RT.011, RW.010 (Jl. Raya Bogor Km. 30, Kelapa Dua), Tugu
sub-district, Cimanggis district, Depok, Bogor, West Java on a land of 12.0
hectares and has been in operation since 1973.
But, since 1989, the factory was dedicated to spinning facilities. The company’s
products cover exclusively 100% cotton yarn, ranging from 7s to 40s (carded,
spiced, doubled & twisted) with an installed capacity of 70,000 spindles
and an output of more than 1200 tons of yarn per month. The Company used only 100% quality cotton
which are imported from USA, Brazil and West Africa. Some 30% of the company’s products are
exported to several countries like Japan, Korea, Vietnam, Malaysia, China,
Columbia and Taiwan, and others while the rest is locally absorbed by knitting,
weaving and towel factories, also are allocated to its sister company P.T.
LUCKY PRINT ABADI. P.T. LATF is
classified as a medium sized company in the country dealing with textile
industry of which the operation had been running smoothly and growing steadily
in the last three years.
Generally, demand for textile and textile product including cotton yarn,
polyester textured yarn, finished fabrics, garment, textile chemicals and raw
materials has been fluctuating in the last five years. According to the Central Bureau of Statistics
(BPS) the Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in
2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$
4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in
2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$
4,721.8 million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3 million) in
2011 and rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012. The export volume and value of the national
TPT products in 2002 to 2012 are pictured on the following table.
|
Year |
Textile Products |
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 |
The company is neither public listed nor bond
issued company. Therefore, the company has no obligation to publish financial
statement publicly. The management is
very reclusive and unlikely to expose its financial condition to outsider. We
estimate that sales turnover of the company in 2010 amounted to Rp. 210.0
billion increased to Rp. 234.0 billion in 2011 to Rp. 260.0 billion in 2012 and
projected to be increasing by at least 8% in 2013. The operation of the company
in 2012 is estimated to have gained a net profit of Rp. 15.6 billion with a net
worth of Rp. 120.0 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. LATF is headed by Mr.
Yusup Supono (61) as director and Mr. Johannes Johny Indriady, SH (54) as
commissioner. But we believe that the
prime-mover of the company is Mrs. Lily Tamin (63), a businesswoman with
experience for more than 30 years in textile industry and trading. She is the first daughter of the late Mr.
Djohansjah Tamin, the founder of the company.
In his daily activities, she is assisted by a number of professional
staffs with know-how in textile industry and trading. The management has maintained a wide relation
with private businessmen at home and abroad as well as with government
authorities. So far, we did not hear
that the company's management having been involved in the business
malpractices.
P.T. LATF is appraised to be good for
business transaction. However, in view
of the economic condition in the country is still unstable, we recommend to
treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.