|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LP DISPLAYS |
|
|
|
|
Registered Office : |
MM 2100 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.04.2007 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-44196 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing
of Color Picture Tube |
|
|
|
|
No. of Employees : |
1,414 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, has grown strongly since
2010. During the global financial crisis, Indonesia outperformed its regional neighbors
and joined China and India as the only G20 members posting growth. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25% 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 also faces the
challenges of quelling labor unrest and reducing fuel subsidies 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
a. 16 April 2001 as P.T. LG PHILIPS DISPLAYS
INDONESIA
b. 13 April 2007 as P.T. LP DISPLAYS INDONESIA
P.T. (Perseroan
Terbatas) or Limited Liability Company
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
Foreign
Investment (PMA) Company
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
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
2014 – US$ 109.0
million (January – June)
Net Profit :
2011 – US$ 6.8
million
2012 – US$ 7.0
million
2013 – US$ 8.6
million
2014 – US$ 4.8
million (January – June)
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
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. As from January to June 2014 the sales
turnover has reached at least US$ 109.0 million with a net profit of at least
US$ 4.8 million. It is projected the sales turnover will be higher by 5% in
2015. 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.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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.