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MIRA
INFORM REPORT
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Report No. : |
492604 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. LAMIPAK PRIMULA INDONESIA |
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Registered Office : |
Gedung Tifa, 5th Floor, Jl. Kuningan Barat No. 26, Jakarta 12710 |
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Country : |
Indonesia |
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Date of Incorporation : |
17.12.1985 |
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Com. Reg. No.: |
AHU-AH.01.03-0190661 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Subject is
engaged in Laminated Printing, Laminated Tube and Plastic Tube Manufacturing |
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No. of Employees : |
290 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
US$ 4.9 million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
Company name and address
Name of Company :
P.T. LAMIPAK PRIMULA INDONESIA
A d d r e s s :
Head
Office
Gedung Tifa, 5th Floor
Jl. Kuningan Barat No. 26
Jakarta 12710
Indonesia
Phone - (62-21) 520 0729 (hunting)
Fax -
(62-21) 527 6423
Email - info@lamipak.co.id
Building Area - 18 storey
Office Space - 140 sq. meters
Region - Commercial
Status - Rent
Sidoarjo
Factory
Jl.
Sawunggaling No. 26, Gilang
Kel. Taman, Kec. Sidoarjo
East Java 61257
Indonesia
Phone - (62-31) 788 1418
Fax -
(62-31) 788 1419
Land Area - 11,813 sq. meters
Building Area -
8,930 sq. meters
Region - Industrial Zone
Status - Owned
Cikarang
Factory
Jl.
Jababeka Raya Blok E 12-17
Jababeka
Industrial Park Cikarang
Bekasi
17832
Indonesia
Phone - (62-21) 8983 0797
Fax -
(62-21) 8983 4074
Land Area - 2,600 sq. meters
Building Area - 1,500 sq. meters
Region - Industrial Estate
Status - Rent
Date of Incorporation :
17
December 1985
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
- No.
C2-543.HT.01.01.TH.87
Dated 23 January 1987
- No.
C-1340.HT.01.04.TH.2000
Dated 03 February 2000
- No.
AHU-15317.AH.01.02.Tahun 2009
Dated 24 April 2009
- No.
AHU-AH.01.10-37047
Dated 15 October 2012
- No. AHU-AH.01.03-0066305
Dated 25 July 2016
- No.
AHU-AH.01.03-0190661
Dated 14 November 2017
Company Status :
National
Private Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 01.061.546.6-052.000
Holding
Company :
P.T.
BERLINA Tbk. (Plastic Product Industry and Investment Holding)
Related/Affiliated
Company :
A
member of the DWI SATRIA UTAMA Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital - Rp. 2,746,450,000.- (US$.2,450,000)
Issued Capital - Rp. 2,746,450,000.-
(US$.2,450,000)
Paid up Capital - Rp. 2,746,450,000.-
(US$.2,450,000)
Shareholders/Owners :
a.
P.T. BERLINA Tbk. - Rp. 1,922,515,000.- (70%)
Address : Jl. Kuningan Barat No. 26
Jakarta Selatan
Indonesia
b.
LAMITUBE TECHNOLOGIES Ltd -
Rp. 823,935,000.- (30%)
Address :
Mauritius
Mauritius British Island
BUSINESS ACTIVITIES
Lines of Business :
Laminated
Printing, Laminated Tube and Plastic Tube Manufacturing
Production Capacity :
a. Laminated
Tube Printing - 500 million
per annum
b. Laminated
Tubes - 533
million per annum
c. Plastic
Tubes - 40 million per annum
Total Investment :
Owned
Capital - Rp. 20.0 billion
Started Operation :
1986
Brand Name :
Lamipak
Primula Indonesia
Technical Assistance :
None
Number of Employee :
290 persons
Marketing Area :
a. Domestic - 80%
b. Export - 20%
Main Customers :
a.
Pharmaceutical Industries
b. Cosmetic
Industries
c. Food and
Beverage Industries
d. Etc
Market Situation :
Very
Competitive
Main Competitors :
a. PT. Bagus Indolabel
b. PT.
Citrajaya Labelindo
c. PT. Lego
Label Indonesia
d. PT. Mandiri
Cipta Labelindo
e. PT. Muler
Pasific Labelindo
f. PT. Pura Barutama
g. PT. Surya
Baru, etc
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
H.R. Rasuna Said Branch
Jl.
H.R. Rasuna Said Blok C-5
Jakarta
Selatan
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Gedung Menara Karya, Ground Flour
Jl.
H.R. Rasuna Said Blok X-5 Kav.1-2
Jakarta
Selatan
Indonesia
c. The Hong
Kong and Shanghai Banking Corp.
Plaza Kuningan, Ground Flour
Jl. H.R.
Rasuna Said Kav. C11-14
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2013 – Rp.
330.0 billion
2014 – Rp.
380.0 billion
2015 – Rp. 416.0 billion
2016 – Rp.
472.0 billion
2017 – Rp.
528.0 billion
Net Profit (estimated) :
2013 – Rp.
14.9 billion
2014 – Rp.
17.2 billion
2015 – Rp.
18.6 billion
2016 – Rp.
22.0 billion
2017 – Rp.
24.6 billion
Payment Manner :
Almost
Promptly
Financial Comments :
Fairy
KEY EXECUTIVES
Board
of Management :
President Director -
Mr. Widya Noerlan
Director -
Mrs. Yosia Esther Wijaya
Board
of Commissioners :
President Commissioners -
Mr. Lisjanto Tjiptobiantoro
Commissioners -
a. Mr. Ashok Kumar Goel
b. Mr. Yerry Goei
Signatories
:
President
Director (Mr. Widya Noerlan) or Director
(Mrs. Yosia Esther Wijaya) which must be approved by Board of Commissioner (Mr.
Lisjanto Tjiptopbiantoro)
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Below Average
Credit
Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate
amount
Maximum
Credit Limit :
US$ 4.9
million on the 90 days of payments
OVERALL PERFORMANCE
P.T.
LAMIPAK PRIMULA INDONESIA (P.T. LPI) was established on December 17, 1985 with
an authorized capital of US$.3,500,000 of which US$ 2,450,000 was issued and
fully paid up. The founding shareholders
of the company are P.T. BERLINA Tbk., of Indonesia (70%) and PROPACK HOLDING
A.G. of Switzerland (30%). The deed of
establishment was approved by the Minister of Justice of the Republic of
Indonesia through its Decree No. C2-543.HT.01.01.TH.87 dated January 23,
1987. Its articles of association have
subsequently been changed for several times.
In 2008, based on Notary Deed of Henny Tanuwidjaja, SH., No. 01 dated
November 1, 1999, the authorized capital was decreased to US$ 2,450,000 (Rp.
2,746,450,000) was issued and fully paid up. Concurrently,
PROPACK HOLDING A.G., withdrew and it whole shares are sold to LAMITUBE
TECHNOLIGIES Ltd., of Mauritius.
In
June 2012 based on Notary Deed No. 104 dated June 11, 2012 of Anita
Anggawidjaja, SH., concerning the change in composition of the Company’s board
of Commissioners and Directors. This amendment to Deed has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-AH.01.10-37047 dated October 15, 2012. In June 2016 based on Notary Deed No.
545 dated June 28, 2016 of Anita Anggawidjaja, SH., concerning the
reappointment of the Company’s board of Commissioners and Directors. The amendment to Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-AH.01.03-0066305
dated July 25, 2016. The most
recently by Notary Deed of Yuli Kristi, SH., No. 3 dated November 14, 2017,
concerning the change in composition of the Company’s board of
Commissioners. This amendment
to Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decree No. AHU-AH.01.03-0190661 dated
November 14, 2017.
PT. BERLINA Tbk., is a public listed company, whose shares are owned by PT. Dwi Satria Utama (54.57%), Mr. Lisjanto Tjiptobiantoro (5.08%),
Mr. Atmadja Tjiptobiantoro (2.39%), Komodo Fund (10.41%) and Public (27.55%). P.T. Dwi Satria Utama
is the parent company of the DWI SATRIA UTAMA Group, a small sized company group focusing its business on plastic
packaging industry, laminating and printing industry, plastic bottle and tooth
brush industry, general trading and services.
P.T. LPI
has been operating since 1986 dealing with laminated tube and plastic tube
manufacturing. The company has
two factories located at Sidoarjo (East Java) and Cikarang (West
Java). In
2001-2002, the company is adding 3 Ultra High Speed Laminated Tube Line and In
2005, the Company established a new factory in Cikarang, West Java.
We observed that P.T. LPI is the first laminated tube producer in
Indonesia. The Company produces laminated and plastic
tubes with various models and functions supplied to many multinational
companies with international brands worldwide. P.T. LPI's products is marketed through its
parent company P.T. BERLINA Tbk., which has secured a number of regular
customers like PT. Unilever Indonesia, PT. Beiersdorf Indonesia, PT. Kao
Indonesia, PT. Sara Lee Indonesia, PT. Mandom Indonesia, PT. SC Johnson, PT.
Mustika Ratu, PT. Konimex, Orang Tua Grop, etc.
P.T. LPI also succeeded to export around 20% of its products to several
countries including South East Asia, Sri Lanka, Bangladesh, Pakistan, Middle
East and Africa. We observed that P.T.
LPI is classified as a large-sized company of its kind in the country of which
the operation has been growing in the last three years.
Generally,
the demand for laminated and plastic tube in the country had significantly
rising by 8% to 10% per year in the last five years, in line with the growth of
pharmaceutical and cosmetic industries, food and beverage, packaging,
supermarkets and a stable economic growth in the period. The growth rate is now estimated at 6% to 8%
per year. The solid and steady domestic economy, Indonesia with the rising of
Country Rating to Investment Grade, and also supported by Indonesia’s economic
indicators such as inflation, exchange rates and interest rates are expected to
encourage the business sectors.
Macroeconomic
indicators from China showed downward trend.
In contrary, macroeconomic indicators of the US and India showed
improvement. Both of these indicated
continued uncertainties. The global economic
crisis that accompanied the decline of the Indonesian Rupiah (IDR) against the
US Dollar in the past two months, resulting in Indonesian people's purchasing
power declined sharply. The value of the Rupiah from Rp. 11,800.- per US dollar
at the end of 2014, has now slumped to Rp. 13.500 per US Dollar.
Table of Indonesian Economic Indicators from 2012 to 2016
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Indonesian Economic Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
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Gross
Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
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Consumer
Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
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Government
Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
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Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
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Current
Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
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Population (in millions) |
247 |
250 |
253 |
255 |
258 |
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Poverty (percentage
of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
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Unemployment (percentage
of workforce) |
6.1 |
6.3 |
5.9 |
6.2 |
5.6 |
|
Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Until this time P.T. LPI 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. LPI’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 2015 amounted to Rp. 416.0 billion increased to Rp. 472.0
billion in 2016 and rose again to Rp. 528.0 billion in 2017. The
operation in 2017 yielded a net profit at least Rp. 24.6 billion and the
company has a total net worth of Rp. 310.0 billion. So far we did not hear that P.T. LPI 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.
LPI's management is led by Mr. Widya Noerlan (62) as president director and CEO
of the company. He is a professional
manager with wide experience more than 23 years in laminated and plastic tube
manufacturing. In his day-to-day
activities, he is assisted by Mrs. Yosia Esther Wijaya (51) as director and also
a number of professional staff having maintained wide relation with home and
overseas private businessmen as well as with the government sector. 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.
We are convinced that P.T. LAMIPAK PRIMULA INDONESIA is
fairly good for normal business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.81 |
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|
1 |
INR 90.66 |
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Euro |
1 |
INR 79.94 |
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IDR |
1 |
INR 0.0046 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.