|
Report Date : |
07.02.2013 |
|
Tel. No.: |
62 298 525 024 |
|
Fax No.: |
62 298 525 022 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LIFE UTAMA INDUSTRIES AND TRADING |
|
|
|
|
Registered Office : |
Desa Ngimbun RT. 04 RW. 03, Karangjati Kecamatan Bergas, Kabupaten Semarang Semarang, 50522 Central Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
16.12.2000 |
|
|
|
|
Com. Reg. No.: |
No. AHU-34576.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Synthetic & Leather Gloves Manufacturing |
|
|
|
|
No. of Employees : |
170 persons |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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. LIFE
UTAMA INDUSTRIES AND TRADING
Head Office & Factory
Desa Ngimbun RT.
04 RW. 03, Karangjati
Kecamatan Bergas,
Kabupaten Semarang
Semarang, 50522
Central Java
Indonesia
Phones -
(62-298) 525 024 (Hunting)
Fax - (62-298) 525 022
E-mail - pt.luit@gmail.com
Land Area - 10,000 sq.
meters
Office Space - 6,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
16 December 2000
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-236 HT.01.01.TH.2003
Dated 25 June 2003
- No. AHU-34576.AH.01.02.TH.2009
Dated 22 July 2009
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.204.763.3-509.000
The Capital Investment Coordinating Board
No.
36/03/I/PMA/2000
Dated 15 December
2000
The Department of Industry and Trade
TDP No.
111711900293
Dated 30 April
2004
Related
Company :
None
Capital
Structure :
Authorized
Capital : US$
600,000.-
Issued Capital : US$
150,000.-
Paid up Capital : US$ 150,000.-
Shareholders/Owners
:
a. Mr. Moon Seong Gu -
US$ 90,000.-
Address : 80-7 Song Jeng Ri
Kuang Ju Gun Kyeng Gi Do
Seoul,
South Korea
b. Mr. Choi Jae Hyo -
US$ 30,000.-
Address : 6-206 Woo Yi Green
Villa 486-18
Sang Moon I Dong, Do Bong Ku
Seoul, South
Korea
c. Mr. Kang Hee Sung -
US$ 30,000.-
Address : 188-1 Kang Nam Gu,
Poi Dong Seoul
City
South Korea
Lines of
Business :
Synthetic &
Leather Gloves Manufacturing
Production
Capacity :
Synthetic &
Leather Sport Gloves - 720,000 pieces
p.a.
Total
Investment :
a. Equity Capital - US$ 150,000.-
b. Loan Capital - US$ 350,000.-
c. Total Investment - US$ 500,000.-
Started
Operation :
2002
Brand Name :
Life Utama
Industries and Trading
Technical
Assistance :
None
Number of
Employee :
170 persons
Marketing Area
:
Export -
100%
Main Customer
:
Buyers in South
Korea and Japan
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ADIRA
SEMESTA INDUSTRY
b. P.T. DAYUP
INDO
c. P.T.
INDOGLOVES JAYA
d. P.T. PANGESTU
GUNAGLOVES
e. P.T. SASMITA
ABADI GLOVES
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank RABOBANK INTERNATIONAL
Jalan Padanaran No. 24
Semarang, Central Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Pemuda No. 90-92
Semarang,
Central Java
Indonesia
c. P.T. Bank
MANDIRI Tbk
Jalan
Pemuda No. 73
Semarang,
Cental Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 25.3
billion
2011 – Rp. 28.0
billion
2012 – Rp. 31.0
billion
Net Profit
(estimated) :
2010 – Rp. 2.0
billion
2011 – Rp. 2.3
billion
2012 – Rp. 2.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Kang Hee Sung
Director -
Mr. Choi Jae Hyo
Board of Commissioners :
Commissioner -
Mr. Moon Seong Gu
Signatories :
President Director (Mr.
Kang Hee Sung) or the Director (Mr. Choi Jae Hyo) 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. LIFE UTAMA
INDUSTRIES AND TRADING (P.T. LUIT) was established in Bergas Semarang Regency,
Central Java based on notary deed of Mr. Kiagus Daud, SH., No. 11 dated 16
December 2000 with an authorized capital of US$ 600,000 issued capital of US$
150,000 fully and paid up. The company was founded by Mr. Moon Seong Gu (60%),
Mr. Choi Jae Hyo (20%) and Mr. Kang Hee Sung (20%), they are businessmen of
South Korea. The company notary deed was approved by the Ministry of Law and
Human Rights in its decision letter No. C-236 HT.01.01.TH.2003 dated June 25,
2003. The company notary deed has been changed and according to the latest
revision of notary documents of Mr. Kiagus Daud, SH., No. 21 dated 3 April 2009
the company’s board of director and the board of commissioner reappointed to
lead and run of the company’s operation (see profile of this report). The
latest revision of notary documents was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-34576.AH.01.02.TH.2009 dated July
22, 2009.
P.T. LUIT is
obtained Foreign Investment (PMA) company facility from Capital Investment
Coordinating Board (BKPM) to deal with synthetic and leather gloves
manufacturing. The plant is located at Desa Ngimbun RT. 04, RW. 03 Karangjati,
Bergas district, Semarang Regency, Central Java, standing on a land of 10,000
sq. meters. The plant has been in operating since 2002 by produces of synthetic
& leather sport gloves based on job orders from their buyers. According
information the company produces of synthetic and leather sport glove with
capacity of 60,000 pieces per month. Most of raw materials like leather is
obtained from Central Java and East Java, while the rest is also imported from
South Korea and Japan. Previously the company exported and products based on
job order as from 2009 to 2011 from buyers in Lost Angeles, USA. Mrs. Ety,
Marketing & ADM staff of the company said the whole product is exported
based on brand and job orders basis from their buyers in South Korea and Japan.
All P.T. LUIT products are comfortable, practical and provide health care
worker with a variety of choices and styles from which to choose. From the ever
popular leather synthetic glove which offers high tensile strength, no protein,
chemical resistant, abrasion resistant. P.T. LUIT products are tested and
manufactured under strict guidelines and compliance with state of the art techniques.
We observe that P.T. LUIT is a small size company of its kinds with operation
has been growing and developing well in the last three years.
According to
Indonesian Rubber Glove Manufacturing Association (IRGMA) that up to 2005, the
world’s demand for rubber gloves amounted to 60.0 billion pairs per annum.
Meanwhile, the largest consuming countries in worldwide include the USA
reaching 50% of the world’s demand for rubber gloves. According to IRGMA, the
national rubber glove production up to end 2003 amounted to 6.9 billion pairs
while the rubber products as the basic materials in same period reached 392,127
tons. The export value of the national rubber gloves based on data from the
Central Bureau of Statistics (BPS) in 2005 reached to US$ 200 million rose to
US$ 250 million in 2006, decrease to US$ 153.6 million in 2007 to US$ 175.9
million in 2008 and to US$ 210 million in 2009. However, the rubber glove
products in the country have been facing various obstacles such as the basic
materials, the increasing fuel price, gas and tight competition. The business
position of P.T. LUIT is favorable in line with its growing operational
networks and wide product marketing coverage.
Until this time
P.T. LUIT has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
LUIT 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. 25.3 billion rose
to Rp. 28.0 billion in 2011 increased to Rp. 31.0 billion in 2012 and projected
to go on rising by at least 6% in 2013. The operation in 2012 yielded an
estimated net profit of at least Rp. 2.5 billion and the company has an
estimated total networth of at least Rp. 15.0 billion. We observe that P.T.
LUIT 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. LUIT is led by Mr. Kang Hee Sung (44) a businessman and professional
manager of South Korea with experience in synthetic & leather hand gloves
manufacturing and trading. Daily activity he is assisted by Mr. Choi Jae Hyo
(50) 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. LIFE UTAMA
INDUSTRIES AND TRADING is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
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.