|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LP DISPLAYS INDONESIA |
|
|
|
|
Registered Office : |
MM 2100
Industrial Town Block G (Kawasan
Industri MM2100 Blok G) Desa Gandameka – Cikarang Barat Cibitung, Bekasi
17520 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.04.2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Color Picture
Tube Manufacturing |
|
|
|
|
No. of Employees : |
1,414 |
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. LP DISPLAYS INDONESIA
Head Office & Factory
MM 2100
Industrial Town Block G
(Kawasan Industri MM2100 Blok G)
Desa Gandameka – Cikarang Barat
Cibitung, Bekasi 17520
West Java
Indonesia
Phones -
(62-21) 8989534, 8989548 (Hunting)
Fax - (62-21) 8982343, 8989524
Land Area - 50,000 sq.
meters
Office Space - 37,000 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
a. 16 April 2001 as P.T. LG PHILIPS DISPLAYS
INDONESIA
b. 13 April 2007 as P.T. LP DISPLAYS INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-02320.HT.01.01.TH.2001
Dated 22 June 2001
- No. AHU-AH.01.10-18829
Dated 28 October 2009
- No. AHU-29792.AH.01.02.TH.2011
Dated 14 June 2011
- No. AHU-AH.01.10-35211
Dated 28 September 2012
- No. AHU-AH.01.10-44196
Dated 25 October 2013
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.868.712.9-055.001
The Capital Investment Coordinating Board
- No. 162/I/PMA/2001
Dated 7 March 2001
- No. 672/III/PMA/2001
Dated 5 June 2001
- No. 809/III/PMA/2001
Dated 26 June 2001
- No. 237/III/PMA/2005
Dated 16 March 2005
- No. 221/III/PMA/2006
Dated 23 February 2006
The Department of Industry
No. 389/T/Industri/2005
Dated 18 May 2005
Related
Company :
P.T. LG
ELECTRONIC INDONESIA (Electronic and Electrical Household Appliances
Assembling)
Capital
Structure :
Authorized
Capital : US$
380,000,000.-
Issued Capital : US$ 97,000,000.-
Paid up Capital : US$ 97,000,000.-
Shareholders/Owners
:
a. Mr. Park Ju Tae -
US$ 10,476,000.-
b. Mr. Park Tae Gyou -
US$ 6,916,000.-
c. Mr. Lee Sang Dal -
US$ 6,499,000.-
d. Mr. Park Eui Kyoo -
US$ 6,373,000.-
e. Mr. Park Lee Giu -
US$ 6,121,000.-
f. Mr. Chun
Hansung -
US$ 5,995,000.-
g. Mr. Lee Sang Hyun -
US$ 5,995,000.-
h. Mr. Kang Su Dong -
US$ 5,985,000.-
i. Mr. Hwang Tae Hoon -
US$ 5,917,000.-
j. Mr. Hwang Jong Ryul - US$
5,432,000.-
k. Mr. Park Dong Jin -
US$ 5,335,000.-
l. Mr. Lim Sung Dai -
US$ 5,063,000.-
m. Mr. Lee Seung Mun -
US$ 5,102,000.-
n. Mr. Lee Kyuhyun -
US$ 4,229,000.-
o. Mr. Kim Tae Gab -
US$ 4,229,000.-
p. Mr. Jeong Dong Jin -
US$ 4,229,000.-
q. Mr. Lee Eun Min -
US$ 3,104,000.-
Lines of
Business :
Color Picture
Tube Manufacturing
Production
Capacity :
a. Color Picture Tube (CPT) -
5.0 million pieces p.a.
b. Color Display Tube (CDT) -
2.0 million pieces p.a.
c. Deflection Yoke (DY) - 6.0
million pieces p.a.
d. Electric Gun (E-Gun) - 10.0 million pieces p.a.
Total
Investment :
a. Equity Capital - US$
97.0 million
b. Loan Capital - US$
39.8 million
c. Total Investment - US$ 136.8 million
Started
Operation :
1 July 2001
Brand Name :
LP Displays
Technical
Assistance :
LG Group, South
Korea
Number of
Employee :
1,414 persons
Marketing Area
:
Export - 90%
Local - 10%
Main Customer
:
Buyers in South
Korea
Market
Situation :
Very Competitive
Main
Competitor :
P.T. MT PICTURE
DISPLAY INDONESIA
Business Trend
:
Fluctuating
B a n k e r s :
a. CITIBANK
N.A.
Citibank Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan - Indonesia
b. P.T. Bank KEB INDONESIA
Jalan Jend. Sudirman No. 28
Jakarta 10220
– Indonesia
c. P.T. Bank WOORI INDONESIA
Jakarta Stock Exchange Building 16th
Floor
Jalan Jend. Sudirman Kav. 52
Jakarta 12190
- Indonesia
d. P.T. Bank CENTRAL ASIA Tbk
Menara BCA Grand Indonesia
Jalan M.H. Thamrin No. 1
Jakarta Selatan - Indonesia
Auditor :
KAP, Hadori Sugiarto Adi & Rekan
Litigation :
No litigation
record in our database
Annual Sales :
2011 – US$ 185.2
million
2012 – US$ 193.0
million
2013 – US$ 202.0
million
Net Profit :
2011 – US$ 6.8
million
2012 – US$ 7.0
million
2013 – US$ 8.6
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Park Ju Tae
Directors -
a. Mr. Park Tae Gyou
b. Mr. Park Eui Kyoo
c. Mr. Park Le Giu
d. Mr. Lee Sang Dal
Board of Commissioners :
Commissioner -
Mr. Kim Kee In
Signatories :
President Director (Mr.
Park Ju Tae) or one of the Directors (Mr. Park Tae Gyou, Mr. Park Eui Kyoo, Mr.
Park Le Giu or Mr. Lee Sang Dal) 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
Originally named P.T. LG PHILIPS DISPLAYS INDONESIA was established in
Bekasi, West Java in April 2001 with the authorized capital of US$ 55,000,000
issued capital of US$ 27,500,000 wholly paid up. Founders and original
shareholders originally are LG ELECTRONICS INC., of South Korea and Mr. Kim Kee
In, a South Korean businessman. The company notary documents had been changed a
couple of times. In June 2001, LG ELECTRONICS INC., of South Korea pulled out
and replaced by its sister company LG PHILIPS DISPLAYS CHINA BV., of the
Netherlands and concurrently the authorized capital was increased to US$
380,000,000 issued capital to US$ 97,000,000 wholly paid up. In March 2005, LG
PHILIPS DISPLAYS INVESTMENTS of Netherlands entered into the company as new
shareholder. Later in April 2007 the company was changed to P.T. LP DISPLAYS
INDONESIA (P.T. LPDI). Then in September 2008 LG PHILIPS DISPLAYS CHINA B.V,
was changed to LP DISPLAYS INTERNATIONAL B.V., of Netherlands and concurrently
LP DISPLAYS EINDHOVEN B.V, of Netherlands joined the company as new
shareholder.
Then in October
2009 LP DISPLAYS INTERNATIONAL B.V., and LP DISPLAYS EINDHOVEN B.V., pulled out
and the whole shares sold to MGA HOLDING CORPORATION LIMITED of Hong Kong as
new shareholder (100%). The revision of notary documents was made by Mrs. Siti
Safarijah, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-61255.AH.01.10-18829, dated October 28, 2009. Later according
to the latest revision of notary documents of Mrs. Sri Irmiati, SH., M.Kn., No.
7 dated 19 September 2012 MGA HOLDING CORPORATION LTD., Hong Kong pulled out
and the whole shares taken over by Mr. Park Ju Tae (10.8%), Mr. Park Tae Gyou
(7.6%), Mr. Park Eui Kyoo (6.6%), Mr. Park Le Giu (6.3%) and Mr. Lee Sang Dal
(6.2%) and other (see profile) as new shareholders. Later according to the latest
revision of notary deed Mr. Hasbullah Abdul Rasyid, SH., K.Kn., No. 201 dated
25 September 2013 the company board of director and commissioner re-elected 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.01.10-44196 dated October 25, 2013.
P.T. LPDI obtained a Foreign
Investment (PMA) license issued by BKPM (Investment Coordinating Board) for
dealing with electronic tube and component manufacturing operating as from 1
July 2001 by taking over two of all four factories of its sister company P.T.
LG ELECTRONICS DISPLAYS DEVICES INDONESIA located at MM-21000 Industrial Town,
Bekasi, West Java which operation as from 1996. The company is engaged in
manufacturing, assembling and selling of electronic television tubes in
complete form and/or complete knockdown form and is engaged in any other
activities or business necessary for or incidental to the attainment of the
manufacturing, assembling and selling electronic colour picture tubes. Both of
the above two factories taken over by P.T. LPDI are color picture & display
tube manufacturing unit and its component manufacturing unit. The plant
produces color picture tube (CPT) some 5.0 million pieces, color display tube
(CDT) of 2.0 million pieces, deflection yoke of 6.0 million pieces and electric
gun (E-Gun) of 10.0 million pieces respectively per annum. But since February
2003 the unit of fly back transformer (FBT) and machinery has been transferred
to P.T. JUNGWOO ELECTRONICS INDONESIA. The plant has been absorbed an
investment of US$ 136.0 million, come from owned capital of US$ 97.0 million
and the rest from loans. Some 90% of product is exported to South Korea while
the rest is directly absorbed by its sister company in Indonesia namely P.T. LG
ELECTRONIC INDONESIA for the assembling of color TV and color monitor. Beside
that P.T. LPDI's product is also sold to SANYO brand TV assembling company in
Indonesia. We see the operation of P.T. LPDI has been growing in the last tree
years.
The demand for
electronic components including color pictures tubes has kept on rising in the
five years in line with the progress achieved in color television manufacturing
industry in Indonesia. There are two similar companies now operating in
Indonesia respectively P.T. LP DISPLAYS INDONESIA and P.T. MT PICTURE DISPLAY
INDONESIA whose produce color picture tubes. According to the Indonesian
Electronic Goods Producers Association (GABEL), the demand for Indonesian
electronic goods, from both the domestic and export market, has been rising
sharply. The demand for electronic goods is still much dominated by household
appliances like color TV, video CD, electric iron, water pump, vacuum cleaner,
electric fan, gas stove, rice cooker, etc. Business position of P.T. LPDI is
fairly good because some 90% of the products is exported.
Until this time
P.T. LPDI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The management of P.T.
LPDI is very reclusive towards outsiders and rejected to disclose its financial
condition. According to financial statement with audited by Public Accountant
Hadori Sugiarto Adi & Rekan the sales turnover in 2010 amounted at US$
200.6 million with a net profit of US$ 4.8 million decreased to US$ 185.2
million with a net profit of US$ 6.8 million.
We estimated the
sales turnover in 2012 amounted at US$ 193.0 million increased to US$ 202.0
million in 2013. The operation in 2013 has yielded a net profit of US$ 8.6
million and projected to go on rising by at least 5% in 2014. The company has
an estimated total networth of at least US$ 115.0 million. We observe that P.T.
LPDI 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 financial statement as per 31 December 2010 and
2011 is attached below.
(In US$)
|
Descriptions |
31 December |
|
|
|
2011 |
2010 |
||
|
A. ASSETS |
|
|
|
|
a. Current Assets |
|
|
|
|
- Cash and Cash
Equivalent |
11,525,115 |
4,125,660 |
|
|
- Restricted Cash |
1,307,668 |
3,847,284 |
|
|
- Trade Receivable |
19,149,501 |
20,072,644 |
|
|
- Loan Restricted |
60,990 |
- |
|
|
- Inventory |
15,755,619 |
8,409,151 |
|
|
- Prepaid Tax |
913,242 |
1,830,164 |
|
|
- Prepayments and Other
Receivable |
2,110,138 |
2,123,004 |
|
|
- Total Current Assets |
50,822,272 |
40,407,908 |
|
|
a. Non Current Assets |
|
|
|
|
- Fixed Assets |
27,628,800 |
31,917,259 |
|
|
- Deferred Tax Assets |
1,761,756 |
2,253,070 |
|
|
- Other Assets |
52,909 |
139,817 |
|
|
- Total Non Current
Assets |
29,443,465 |
34,310,146 |
|
|
Total Assets |
80,265,737 |
74,718,054 |
|
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
a. Current Liabilities |
|
|
|
|
- Trade Payable |
10,634,243 |
7,134,708 |
|
|
- Other Liability and
Accrual |
22,437,836 |
21,192,473 |
|
|
- Tax Payable |
586,012 |
720,204 |
|
|
- Total Current Liability |
33,658,092 |
29,047,386 |
|
|
b. Non Current Liabilities |
|
|
|
|
- Provision for Employee
Benefit |
1,415,102 |
1,247,367 |
|
|
- Total Non Current Liability |
1,415,102 |
1,247,367 |
|
|
- Total Liability |
35,073,193 |
30,294,753 |
|
|
c. Stockholders Equity |
|
|
|
|
- Share Capital |
34,726,000 |
40,740,000 |
|
|
- Loss from Capital Reduction |
- |
(32,631) |
|
|
- Accumulated Profit (Loss) |
10,456,544 |
3,715,931 |
|
|
-
Total Equity |
45,192,544 |
44,423,300 |
|
|
-
Total Liability & Equity |
80,265,737 |
74,718,054 |
|
|
|
|
|
|
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales – Net
|
185,248,693 |
200,592,995 |
|
|
b. Cost of Goods Sold |
165,030,455 |
179,602,995 |
|
|
c. Gross Profit |
20,218,244 |
20,989,999 |
|
|
d. Operating Expenses |
11,060,584 |
13,689,225 |
|
|
e. Net Income (loss) from Operating |
9,157,659 |
7,300,774 |
|
|
f. Profit Before Income Tax |
9,273,999 |
7,129,457 |
|
|
g. Expense (Benefit) Deferred Income Tax |
2,504,755 |
2,358,406 |
|
|
h. Net Profit |
6,759,244 |
4,771,052 |
|
Notes: Ended 31 December 2011 and
2010 Audited by KAP Hadori Sugiarto Adi & Rekan
The management of P.T. LPDI is led by Mr. Park Ju Tae (57) a
professional manager of LG ELECTRONICS Group of South Korea. Daily activity he
is assisted by Mr. Park Tae Gyou (51), Mr. Park Eui Kyoo (49), Mr. Park Le Giu
(55) and Mr. Lee Sang Dal (53) also a professional managers of South Korea. The
management is handled by experienced professional manager in electronic component
trading of the LG ELECTRIC Group, South Korea having wide relation with home
and overseas private businessmen. They have already maintained a wide business
relation among private companies at home and abroad as well as among government
agencies. So far, we did not hear that the management of the company being
filed to the district court for detrimental cases or involved in business
malpractices. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. P.T. LP DISPLAYS INDONESIA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
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.