|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LAWE ADYAPRIMA SPINNING MILLS |
|
|
|
|
Registered Office : |
Wisma Argo
Manunggal, 17th Floor, Jl. Gatot Subroto Kav. 22, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
18.07.1990 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-01508 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Spinning Mills
Industry |
|
|
|
|
No. of Employees : |
620 |
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 – 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 |
|
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. LAWE ADYAPRIMA SPINNING MILLS
Head Office
Wisma Argo
Manunggal, 17th Floor
Jl. Gatot Subroto
Kav. 22
Jakarta 12930
Indonesia
Phones -
(62-21) 2520069 (hunting)
Fax - (62-21) 2521551
Email - laweadyaprima@argo.co.id
Building Area - 22 storey
Office Space - 450 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Rumah Sakit
No. 112
Ujung Berung,
Bandung 40612
West Java,
Indonesia
Phones -
(62-22) 7800448
Fax - (62-22) 7800174
Land Area - 9.5 hectares
Building Space - 8,200 sq. meters
Region - Industrial
Zone
Status - Owned
18 July 1990
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
AHU-33417.AH.01.02.Tahun 2008
Dated 16 June 2008
b. No.
AHU-AH.01.10-00165
Dated 06 January 2010
c. No.
AHU-AH.01.10-01508
Dated 16 January 2012
Domestic
Investment Company (PMDN)
The Department of
Finance
NPWP No. 01.356.594.0-062.000
The Capital
Investment Coordinating Board
- No.
341/I/PMDN/1993
Dated 5 November 1993
- No.
244/T/INDUSTRI/1998
Dated 10 June 1998
A member of the ARGO
MANUNGGAL Group (see attachment)
Capital
Structure :
Authorized Capital - Rp. 50,000,000,000.-
Issued Capital - Rp. 25,000,000,000.-
Paid up Capital - Rp. 25,000,000,000.-
Shareholders/Owners
:
a. PT. TUNAS
KORALINDO - Rp. 8,541,675,000.-
(34.17%)
Address : Wisma Argo Manunggal
Jl. Gatot
Subroto Kav. 22
Jakarta 12930
Indonesia
b. Mr. The
Nicholas - Rp.
8,437,500,000.- (33.75%)
Address : Jl. Terusan Hanglekir II
Kav. W No. 43
Jakarta Selatan
Indonesia
c. Mr. Hungkang Sutedja -
Rp. 8,020,825,000.- (32.08%)
Address : Jl. Terusan Hanglekir II
Kav. WG No. 6
Jakarta Selatan
Indonesia
Lines of
Business :
Spinning Mills
Industry
Production
Capacity :
Textile
Yarns - 134,600 bales p.a.
Total
Investment :
a.
Equity Capital - Rp. 30.0 billion
b.
Loan Capital - Rp. 142.0
billion
c.
Total Investment - Rp. 167.0 billion
Started
Operation :
1994
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
620 persons
Marketing Area
:
Local -
80%
Export - 20%
Main Customers
:
a. A member of
the ARGO MANUNGGAL Group
b. Overseas buyers
in Belgium, Germany, Philippine, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Ade
Textile Indutry
b. PT. Apac
Inti Corpora
c. PT. Budi Texindo Prakarsa
d. PT. Industri Sandang Nusantara
e. PT. Marga Sandang
f. PT.
Natatex Prima Corp.
g. PT. Panasia Indosyntec Tbk.
h. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Gatot Subroto Kav. 36-38
Jakarta 12190
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Jend. Sudirman Kav. 58
Jakarta 12190
Indonesia
c. CITIBANK N.A.
Jalan Jend. Sudirman Kav. 54-55
Jakarta 12190
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales (estimated)
:
2009 – Rp. 660.0
billion
2010 – Rp. 695.0
billion
2011 – Rp. 720.0
billion
2012 – Rp. 770.0
billion
Net Profit
(estimated) :
2009 – Rp. 26.0
billion
2010 – Rp. 27.4
billion
2011 – Rp. 28.5
billion
2012 – Rp. 30.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. The Nicholas
Director -
Mr. Hong Jung Kwang
Board of Commissioners :
President Commissioner -
Mr. Hungkang Sutedja
Commissioner -
Mr. Otjeng Sutedja
Signatories :
President Director (Mr.
The Nicholas) or the Director (Mr. Hong Jung Kwang) which must be approved by
Board of Commissioners
Management Capability :
Good
Business Morality :
Good
P.T. LAWE ADYAPRIMA SPINNING MILLS (P.T. LASM) was established in July 1990 with the authorized capital of Rp. 6,000,000,000.- issued capital of Rp. 1,200,000,000.- wholly paid-up. Founders and original shareholders are Mr. Musa (an indigenous businessman), Mr. Otjeng Sutedja, Mr. Hartono Hasan, Mrs. Lie Ang Sioe Nio and Mr. Karman Widjaja, all are Indonesian businessmen/woman of Chinese extraction. The articles of association of the company have frequently been changed for a couple of times. In December 1997 the authorized capital was increased to Rp. 50,000,000,000.- issued capital to Rp. 25,000,000,000.- entirely paid-up. On the same occasion, its shares haven been entirely taken over by P.T. TUNAS KORALINDO, Mr. Haji Syamsudin Matalatta and Mr. Harry Harsanto.
The latest April 2007, Mr. Haji Syamsudin Matalatta and Mr. Harry Harsanto pulled out and whole shares are sold to Mr. The Nicholas and Mr. Hungkang Sutedja, both are Indonesian businessmen of Chinese Extraction. The composition shareholders of the company are P.T. TUNAS KORALINDO (34.17%), Mr.The Nicholas (33.75%) and Mr. Hungkang Sutedja (32.08%). Since then, no further changes have been in its shareholding composition and capital structure to date. This latest amendment to Articles of Association was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. AHU-AH.01.10-01508 dated 16 January 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
We observe that P.T. TUNAS KORALINDO is a member company of the ARGO MANUNGGAL Group, a big sized company group headed by Mr. The Ning (Nien) King and his family member such as Mr. The Nicholas and Mr. Hungkang Sutedja.
P.T. LASM obtained a Domestic Investment (PMDN) facility dealing with spinning mills operating as from May 1994. Basically, P.T. LASM took over the assets and operation of P.T. PATAL DHARMA KALIMAS operating as from 1990 whose plant located at Jalan Rumah Sakit No. 112, Ujung Berung, Bandung, West Java standing on 9.5 hectares. The plant has a production capacity of 134,600 bales spurn yarn per annum. The raw materials (cotton) to produce the above products are mostly obtained from the USA, Australia, Pakistan and India. Mr. Chowdhry, a marketing staff of the company explained that main product of the company are cotton yarn, 85% cotton and fiber synthetic yarn. He added that around 80% of products is marketed locally while the rest 20% is exported to European countries such as Belgium, Germany and Asia such as Philippine and Brunei. P.T. LASM is still classified as a medium sized company of its kind in Indonesia and its business operation has kept on growing slowly in the last five 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 Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010 and to 450,900 tons (US$ 7,801.5 million) in 2011.
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 and declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011.
The export volume
and value of the national TPT products in 2002 to 31 March 2012 are pictured on
the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
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 1,873.3 |
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 1,493.3 375.7 |
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 1,318.1 |
Source: Central Bureau of Statistic *) January to March 2012
Until this time P.T. LASM has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial
statement publicly. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. P.T. LASM’s management is
very reclusive to outsider and rejecting to disclose its financial condition
but we estimated the total sales turnover of the company in 2010 amounted to
Rp. 695.0 billion increased to Rp. 720.0 billion in 2011 and rose again to Rp.
770.0 billion in 2012. The operation in
2012 yielded a net profit at least Rp. 30.0 billion and the company has a total
net worth of Rp. 380.0 billion. It is
projected that total sales turnover of the company will increase at least 5% in
2013. So far we did not hear that P.T.
LASM has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court. The company usually
pays its debts punctually to suppliers.
P.T. LASM’s management is led by Mr.
The Nicholas (46) as President Director.
He is also a top executive of the ARGO MANUNGGAL Group, with more than
18 years experience in textile and textile products trading and manufacturing.
In his day-to-day activities, he is assisted by Mr. Hong Jung Kwang (60) as
Director. The management is also handled by a number of professional staff,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sector. So far, we did not hear that the
company’s management involved in a
business malpractice or detrimental cases that settled in the country.
The company’s litigation record is clean and it has not registered with the
black list of Bank of Indonesia.
P.T. LASM 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.
Attachment:
List of the ARGO
MANUNGGAL Group Members
1.
ACRYL
TEXTILE MILLS, P.T. (Acrylic Spun Yarn Manufacturing Industry)
2.
ADHIHUTAMA
MANUNGGAL, P.T. (Trading)
3.
ALFA
GOLDLAND REALTY, P.T. (Housing Development)
4.
ARGA
FAJAR TEXTILE INDUSTRY, P.T. (Integrated Textile Industry)
5.
ARGO
BENI MANUNGGAL, P.T. (Integrated Textile Industry)
6.
ARGO
BEKTI MANUNGGAL, P.T. (Integrated Textile Industry)
7.
ARGO
MANUNGGAL INTERNATIONAL, P.T. (Investment Holding)
8.
ARGO
PANTES, P.T. (Integrated Textile Mills)
9.
BEKASI
FAJAR INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)
10. BENINDO
SARANA, P.T. (Trading)
11. BIMA BISALLOY, P.T. (Trading and
Importing of Steel Plates)
12. BINA SATWA, P.T. (Poultry Formula
Feed Manufacturing Industry)
13. BISMA NARENDRA, P.T. (Metal Coated
Processing)
14. BUDI DHARMA JAKARTA, P.T. (Steel
Melting and Rolling Industry)
15. CANDRA SARI CHEMICAL, P.T. (Chemical
Industry)
16. CERAT BINA TEXTILE INDONESIA, P.T.
(Trading)
17. CITRA MANUNGGAL FEEDMILL, P.T.
(Poultry Feed Milling)
18. DAYA MANUNGGAL TEXTILE, P.T.
(Integrated Textile Industry and Investment Holding)
19. DAYA SAKTI PERDIKA, P.T. (Rental
Office Block Management and Investment Holding)
20. DEVISI MULTI SEJAHTERA, P.T.
(Investment Holding)
21. DHARMA KALIMAS, P.T. Patal (Spinning
and Weaving)
22. DHARMA MANUNGGAL TEXTILE, P.T.
(Integrated Textile Industry and Investment Holding)
23. DHARMA MARUWA GARMENT INDUSTRY, P.T.
(Garment Manufacturing)
24. DHARMA VALMODE, P.T. (Garment
Manufacturing)
25.
GAYA PERSAKTI SYNTHETIC, P.T. (Spinning
Mills)
26. GRAND PERINTIS INDUSTRY, P.T.
(Integrated Textile Industry)
27. GRAND TEXTILE INDUSTRY, P.T.
(Weaving, Finishing and Printing Industry)
28. GRIYA BEKASI ESTETIKA, P.T. (Real
Estate Management)
29. INDONESIAN SYNTHETICS TEXTILE MILLS,
P.T. (Synthetic Textile Manufacturing)
30. INTI MANUNGGAL MULTI DEVELOPMENT,
P.T. (Real Estate Development)
31. JAKARTA TRIAPPAREL, P.T. (Garment
Manufacturing)
32.
KAMALTEX, P.T. (Spinning Mills)
33. KRAWANG UTAMA TEXTILE INDUSTRIES,
P.T. (Integrated Textile Industry)
34. KUKUH MANUNGGAL FIBER INDUSTRIES,
P.T. (Synthetic Staple Fibre Manufacturing and Investment Holding)
35. KURABO MANUNGGAL TEXTILE INDUSTRIES,
P.T. (Integrated Textile Industry)
36. LAWE ADYAPRIMA SPINNING MILLS, P.T.
(Spinning)
37.
MALIGI SPINNING MILL LTD., P.T.
(Spinning Mills)
38.
MANGGIS, P.T. Peternakan Ayam (Poultry)
39. MANUNGGAL GENERAL INSURANCE, P.T.
(Marine and Fire Insurance Services)
40. MANUNGGAL OTOMOTIF, P.T. (Motorcycle
Manufacturing)
41. MANUNGGAL PRIME DEVELOPMENT, P.T.
(Real Estate & Property Management)
42. MANUNGGAL MULTI FINANCE,
P.T.(Financing)
43. MATAHARI DIPTANUSA, P.T. (Investment
Holding)
44. MEGAPUTRA MANUNGGAL, P.T. (Insurance
brokerage Services)
45. MEGAPOLIS MANUNGGAL INDUSTRIAL
ESTATE, P.T. (Industrial Estate Management)
46. MENTENG GRIYALESTARI, P.T. (Real
Estate & Apartment Management)
47. METROPOLITAN MANUNGGAL DEVELOPMENT,
P.T. (Real Estate Management)
48. MULTI SWEET INDUSTRIES, P.T.
(Confectionery Manufacturing)
49. PERINTIS TEXTILE INDUSTRY, P.T.
(Textile Industry and Investment Holding)
50.
POLA SEJATI SPINNING MILLS, P.T.
(Spinning Mills)
51. POLLUX INDONESIA TEXTILES INDUSTRY,
P.T. (Textile Manufacturing)
52. PRALON CORPORATION, P.T. (PVC Pipes
& Fitting, PVC Corrugated Sheets and PVC Compound Manufacturing Industry)
53. PRESIDENT FEED INDONESIA, P.T.
(Cattle food Manufacturing)
54. RAGAM LOGAM, P.T. (Trading and
Investment Holding)
55. SAJIAN NARENDRA, P.T. (Investment Holding)
56. SEGORO ADIDAYA STEEL, P.T. (Concrete
Bar Manufacturing)
57. SOUTH GRAND TEXTILE MILLS, P.T.
(yarn Spinning and Dyeing)
58. SUMBER BAJA MAKMUR, P.T. Pabrik
Kawat (Barbed Wires and G.I. Wires Manufacturing)
59. SUMBER SEJAHTERA JAKARTA, P.T.
(Cement Industry and Investment Holding)
60. SUMERA TRADING, P.T. (Trading
Company)
61. SUTRATEX CITRA SEJATI, P.T. (Textile
Industry and Investment Holding)
62. TASINDO TASSA, P.T. (Travelling and
Sport Bag Manufacturing)
63. TATA RUBBERINDO INDUSTRIES, P.T.
(Rubber Glove Manufacturing)
64. THE FAST CHANNEL INDONESIA
ELECTRONICS, P.T. (Computer Component Manufacturing)
65. TIGA MANUNGGAL SYNTHETIC INDUSTRIES,
P.T. (Integrated Textile Industry)
66. TOPTONE ELECTRONIC INDUSTRIES, P.T.
(Electronic Component Manufacturing)
67. TOYO ASAHI BICYCLE INDUSTIES, P.T. (Bicycle
Manufacturing)
68. TRILINK CYCLEINDO INDUSTRIES, P.T.
(Bicycle/Tricycle and Toy's Spare Part and Component Manufacturing)
69. TRISTATE GENERAL CORPORATION,
P.T. (Trading and Supplier)
70. TRISTATE HOVERCRAFT INDUSTRIES, P.T.
(Hovercraft Assembling)
71. TRISTATE TEXTILE LTD., P.T. (Spinning Mills)
72. TUNAS KORALINDO, P.T. (Investment
Holding)
73. WORLD YAMATEX LTD., P.T. (Weaving)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
UK Pound |
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
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.