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Report No. : |
330649 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KAYU TROPICAL
LANCAR JAYA |
|
|
|
|
Registered Office : |
Jalan Kendangsari YKP Block G No. 40, Surabaya, 60292, East Java |
|
|
|
|
Country : |
Indonesia
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|
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Date of Incorporation : |
09.12.1997 |
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|
|
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Com. Reg. No.: |
AHU-AH.01.10-42390 |
|
|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Wood
Working Industry. |
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|
|
No. of Employees : |
78 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 |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially
increased electric power capacity, since taking office. Fuel subsidies were
almost completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
Name
of Company :
P.T. KAYU TROPICAL LANCAR JAYA
A
d d r e s s :
Head Office
Jalan
Kendangsari YKP Block G No. 40
Surabaya,
60292
East
Java
Indonesia
Phone -
(62-31) 8410914
Fax - (62-31) 8410914
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan
Raya Desa Wotan No. 88
Panceng,
Sedayu
Gresik,
61153
East
Java
Indonesia
Phones -
(62-31) 3940 388, 3948 277
Fax - (62-31) 3941 988
Land Area - 3,700 sq.
meters
Building Space - 1,800 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
9 December
1997
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
-
No. C2-7212.HT.01.01.TH.1998
Dated 23 June 1998
-
No. AHU-40924.AH.01.02.TH.2009
Dated 24 August 2009
- No.
AHU-AH.01.10-42390
Dated 17 October 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.823.168.8-609.000
The Department of Industry
-
No. 8/3525/IU/III/PMDN/Industri/2012
Dated 3 April 2012
-
No. P2T/2/14.08/01/IV/2012
Dated 4 April 2012
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued
Capital :
Rp. 250,000,000.-
Paid
up Capital :
Rp. 250,000,000.-
Shareholders/Owners
:
a. Mr. Haji Saiful Arif -
Rp. 249,000,000.-
Address : Jl. Raya Bungah, RT. 003 RW. 001
Kelurahan Bungah, Kecamatan Panceng
Gresik, East Java
Indonesia
b. Mr. Haji Dalhar Hakiki -
Rp. 1,000,000.-
Address :
Jl. Belitung 7/46
Kelurahan Bungah, Kecamatan Panceng
Gresik, East Java
Indonesia
Lines
of Business :
Woodworking
Industry
Production
Capacity :
Decking,
Flooring, etc., - 6,000
cubic meters p.a.
Total
Investment :
Owned
Capital -
Rp. 1.0 billion
Started
Operation :
1999
Brand Name :
Kayu Tropical Lancar
Jaya
Technical Assistance
:
None
Number of Employee :
78 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in China,
Australia, New Zealand, Japan
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ABDIKARSA
NUSAKAYUUTAMA
b. P.T. ADIKAMOLEK
JAYA
c. P.T. KAYUINTAN
PERMATAABADI
d. P.T. KEW WOOD
INDUSTRIES
e. Etc.
Business Trend :
Growing
B
a n k e r :
P.T.
Bank NEGARA INDONESIA Tbk
Gresik
Main Branch
East
Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 11.8 billion
2013
– Rp. 13.4 billion
2014
– Rp. 15.0 billion
Net
Profit (estimated) :
2012
– Rp. 0.7 billion
2013
– Rp. 0.9 billion
2014
– Rp. 1.1 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Soebagio Rachmad
Board of Commissioners :
President Commissioner - Mr. Haji Saiful Arif
Commissioner - Mr. Ir. Haji Abdul Hamid
Signatories :
Director (Mr.
Soebagio Rachmad) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. KAYU TROPICAL LANCAR JAYA (P.T. KTLJ) was
established in Gresik, East Java based on notary deed Mr. Winadi Wiranata, SH.,
no. 8 dated 9 December 1997 with an authorized capital of Rp. 1,000,000,000
issued capital of Rp. 250,000,000 entirely paid up. The founding and
shareholders of the company originally were Mr. Kusnadi Chandra, Mr. Nicholas
Yulian Marsigit and Mr. Destri Heri Sofiadianto, they all are Indonesian
businessmen of Chinese extraction. Its article of association had been changed
and according to revision of notary deed in July 2009 Mr. Kusnadi Chandra, Mr.
Nicholas Yulian Marsigit and Mr. Destri Heri Sofiadianto pulled out and the
whole share taken over by Mr. Haji Saiful Arif (99.6%) and Mr. Haji Dalhar
Hakiki (0.4%). The latest according to revision of notary deed Mr. Wimphry
Suwignjo, SH., no. 6 dated 1 September 2013 the company board of director and
the board of commissioner had been changed. The deed of amendments was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-42390 dated October 17, 2013.
P.T. KTLJ is a national private company started with
operating since 1999 dealing with wood working industry. Its plant is located
at Jalan Raya Panceng No. 88, Desa Wotan, Panceng, Gresik, East Java standing
on a land of 3,700 sq. meters. The company produces of sawn timber, moulding,
furniture, housing component, decking, flooring, etc., with production capacity
of 500 cubic meters per month. According information most of raw materials in
the form of merbau, kruing, ulin, apitong logs obtained from East Java, P.T.
INHUTANI and others. An innovator in the
door industry, P.T. KTLJI's development of ground breaking manufacturing
technology has brought stylish doors within the price reach of the widest
possible section of the consumer market. In creating outstanding products with
the beauty of natural timbers, P.T. KTLJ is very mindful to ensure that
environmental concerns are being met. As such, P.T. KTLJ only sources timber
from countries that practice responsible forest management. Mr. Soebagio,
Director of P.T. KTLJ explained the whole product is exported to Australia, New
Zealand, China, Japan and Europe unions. We observe the operation of P.T. KTLJ
has been growing and developing well in the last three years.
The woodworking industry had been turning down within the
last five years due to lack of raw materials, as far from transportation
facility and fluctuation of export demand. It is estimated will keep going down
within the coming two or three years as the impact of global economic crisis
and tight banking liquidity since October 2008 hitherto. But we are sure that
P.T. KTLJ will be able to maintain its business in the next years. The growth
of said business is evident from the production and utility growth of the
processed wood export volume and export value of plywood and sawn timber below:
The Export Growth of the Indonesian Main Processed Wood
Products
2008 – 2013*
|
Type of
Commodities |
2008 |
2009 |
2010 |
2011 |
2012 |
2013* |
|
Plywood : -Volume (000 tons) -Value (US$ million) |
1,659.3 1,527.2 |
1,430.4 1,189.5 |
1,834.7 1,635.3 |
1,891.0 1,953.4 |
1,950.5 2,011.3 |
1,692.2 1,974.1 |
|
San Timber: -Volume (000 tons) -Value (US$ million) |
51.1 55.6 |
36.4 36.7 |
32.3 31.3 |
43.4 42.1 |
53.6 54.1 |
43.9 42.4 |
|
Other Wood Products: -Volume (000 tons) -Value (US$ million) |
1,059.3 1,238.2 |
1,201.4 1,048.8 |
1,825.1 1,204.0 |
2,164.6 1,293.5 |
2,216.0 1,277.2 |
2,154.4 1,164.4 |
Until this time P.T. KTLJ has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. KTLJ is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in 2012 amounted to Rp. 11.8 billion increased to Rp.
13.4 billion in 2013 rose to Rp. 15.0 billion in 2014 and projected to go on
rising by at least 6% in 2015. The operation in 2014 yielded an estimated net
profit of at least Rp. 1.1 billion and the company has an estimated total
networth of at least Rp. 3.0 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. KTLJ is led by Mr. Soebagio
Rachmad (49) a professional manager with experience in wood working industry.
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. KAYU TROPICAL LANCAR JAYA is
sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
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.