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Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LAGAWICO PRATAMA |
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|
|
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Registered Office : |
Jalan Perak Barat No. 151, Kelurahan Perak
Barat, Kecamatan Krembangan Surabaya, 60177, East Java |
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Country : |
Indonesia |
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Year of Establishments: |
1989 |
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|
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Com. Reg. No.: |
No. AHU-35710.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Oil
and Energy Contractors Services |
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No. of Employees : |
35 |
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 |
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Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.2% and 6.5% 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 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. LAGAWICO PRATAMA
Head Office
Jalan
Perak Barat No. 151
Kelurahan
Perak Barat, Kecamatan Krembangan
Surabaya,
60177
East
Java
Indonesia
Phones -
(62-31) 3525241, 3558377
Fax - (62-31) 3534150, 3558378
E-mail - lagawico@indo.net.id
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Building
Status - Rent
1989
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
No. AHU-35710.AH.01.02.TH.2008
Dated
25 June 2008
National
Private Company
The Department of
Finance
NPWP
No. 01.441.146.6-631.000
None
Capital
Structure :
Authorized
Capital : Rp.
40,000,000,000.-
Issued
Capital :
Rp. 10,000,000,000.-
Paid
up Capital :
Rp. 10,000,000,000.-
Shareholders/Owners
:
a. Mr. Azis Wijaya -
Rp. 5,000,000,000.-
Address : Jl. Perak Barat No. 151
Kelurahan Perak Barat, Kecamatan Krem
bangan, Surabaya, East Java
Indonesia
b. Mrs. Tan Linda Tanujaya -
Rp. 4,800,000,000.-
Address : Jl. Perak Barat No. 151
Kelurahan Perak Barat,
Kecamatan Krem
bangan, Surabaya, East Java
Indonesia
c. Mr. Redi Tjahjono, S. SOS -
Rp. 200,000,000.-
Address :
Jl. Kebraon MManis Tengah I No. 39
Surabaya, East Java
Indonesia
Lines
of Business :
Oil
and Energy Contractors Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1989
Brand
Name :
Lagawico
Pratama
Technical
Assistance :
None
Number
of Employee :
35
persons
Marketing
Area :
Local - 100%
Main
Customers :
a. P.T. PLN (Persero) Tbk
b. P.T. INDONESIA POWER
c. P.T. PLTU Cilacap
d. Etc
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. APINUS RAMA
b.
P.T. DEMPO INDAH PERKASA
c.
P.T. INDOKARYA DUTA PERKASA
d.
P.T. LABAN RAYA SAMODRA
e.
P.T. RICKY JAYA PRATAMA
Business
Trend :
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Gedung Bumi Mandiri
Jalan Jend. Basuki Rachmat No.
129-137
Surabaya, East Java
Indonesia
b. P.T. Bank JAWA TIMUR
Jalan Jend. Basuki Rachmat No. 98-104
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 59.0 billion
2011
– Rp. 66.0 billion
2012
– Rp. 70.0 billion
Net
Profit (estimated) :
2010
– Rp. 4.7 billion
2011
– Rp. 5.3 billion
2012
– Rp. 5.9 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Azis Wijaya
Director -
Mr. Redi Tjahjono
Board of Commissioners :
Commissioner - Mrs. Tan Linda Tanujaya
Signatories :
President
Director (Mr. Azis Wijaya) or the Director (Mr. Redi Tjahjono) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. LAGAWICO PRATAMA (P.T. LP) was established in Surabaya, East Java
in 1989 by Mr. Azis Wijaya, his wife Mrs. Tan Linda Tanujaya both are
Indonesian business family of Chinese descents and Mr. Redi Tjahjono an
indigenous businessman. The company notary deed had been changed a couple of
times and according to the latest revision of notary documents the company
authorized capital was amounted at Rp. 40,000,000,000 issued capital of Rp.
10,000,000,000 fully and paid up. With this time the composition of its
shareholders are Mr. Azis Wijaya (50%), his wife Mrs. Tan Linda Tanujaya (48%)
and Mr. Redi Tjahjono (2%). The deed of amendments was approved by the Ministry
of Law and Human Rights in its decision letter No. AHU-35710.AH.01.02.TH.2008
dated June 25, 2008.
P.T. LP has been operating since 1989 engaged in the field of oil and
energy contracting services. The company provides services in mechanical
electrical, piping, civil construction and engineering, etc. After operating
since 1989 the company engaged in civil construction of harbors, docks,
dredging, road construction, building, warehouse and industrial, and non
residential buildings. Later the company activity has been expanded into
mechanical and electrical contracting including piping, storage of oil and gas
production facilities, installation of pressure vessels and tanks. The company
has been completed the construction and installation of Jamper Pipe 12, P.T.
PETROKIMIA GRESIK; Jamper P.T. PERTAGAS, Porong, East Java; Santos Project
Grati, Pasuruan, East Java owned by SANTOS SAMPANG PTY LTD; Biodiesel Tank of
P.T. WILMAR NABATI INDONESIA, Gresik, East Java; Interconnection 12, Legundi
cerme of P.T. PERUSAHAAN GAS NEGARA Tbk; New Installation of Catodhic
Protection PHE WMO Gresik owned by P.T. PERTAMINA HULU ENERGI WEST MADURA
OFFSHORE; Fabrication and Erection of Condensate Trap owned by P.T. PERTAGAS at
GRE Gresik, East Java; road construction PLN – PLTU Cilacap along 3.5 sq.
kilometers and others. Currently P.T. LP under still completion the
construction of piping and storage tanks of oil and gas production facilities
owned by P.T. PERTAMINA in Tuban, East Java. We observe the operation of P.T.
LP is classified a small size company of its kinds in the country which
operation has been growing and developing well in the last three years.
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 has plans as follows: Negotiation with main
customer regarding increasing selling price. Cost reduction in business trip,
pantry needs, Improvement
of internal production, 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. LP has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of the company 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. 59.0 billion
rose to Rp. 66.0 billion in 2011 increased to Rp. 70.0 billion in 2012 and
projected to go on rising by at least 5% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 5.9 billion and the company has an
estimated total networth of at least Rp. 15.0 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. LP is led by Mr. Azis Wijaya (52) a businessman
with experience in oil and energy contracting services. Daily activity he is
assisted by Mr. Redi Tjahjono (42) 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. LAGAWICO
PRATAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
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 |
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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.