MIRA INFORM REPORT

 

 

Report No. :

509720

Report Date :

22.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

P.T. POLINDO UTAMA

 

 

Registered Office :

Jl. Bayur Kali No. 118, RT.001/004, Lebak Wangi Sub-District, East Sepatan District, Tangerang 15520, Banten Province

 

 

Country :

Indonesia

 

 

Date of Incorporation :

27.07.2005

 

 

Com. Reg. No.:

AHU-009934.AH.01.02.Tahun 2016

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

·         PET Flakes and Recycled Polyester Chip Manufacturing

·         Plastic Bottle and Cup Manufacturing

 

 

No. of Employees :

140

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Indonesia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.

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.

 

Source : CIA

 

Company summery

 

Correct Name of Company :

P.T. POLINDO UTAMA

 

Address :

Head Office & Factory

Jl. Bayur Kali No. 118, RT.001/004,

Lebak Wangi sub-district, East Sepatan district,

Tangerang 15520, Banten Province

Indonesia

Phones             - (021) 5579 2797 (hunting)

Fax       - (021) 5579 2796

Email    - info@polindoutama.com

Website            - http://www.polindoutama.com

Land Area         - 4.5 hectares

Building Area    - 2.6 hectares

Region              - Industrial Zone

Status               - Owned

 

Date of Incorporation :

27 July 2005

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. C-24539.HT.01.01.TH.2005

    Dated 06 September 2005

b. No. AHU-19160.AH.01.02.Tahun 2009

    Dated 07 May 2009

c. No. AHU-009934.AH.01.02.Tahun 2016

    Dated 26 May 2016

 

Company Status :

National Private Company

 

Permits by the Government Department :

The Department of Finance

NPWP No. 02.484.678.4-415.000

 

Related/Affiliated Company :

Not available

 

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         - Rp. 2,000,000,000.-

Issued Capital               - Rp. 2,000,000,000.-

Paid up Capital             - Rp. 2,000,000,000.-

 

Shareholders/Owners :

a. Mr. Darwin Law                    - Rp. 1,600,000,000.- (80%)

     Address : Jl. 20 December No.99, RT.007/003

                    Pegadungan sub-district, Kalideres district

                    West Jakarta

                   Indonesia

b. Mrs. Lim Ai Lian                  - Rp.    200,000,000.- (10%)

     Address : Jl. 20 December No.99, RT.007/003

                    Pegadungan sub-district, Kalideres district

                    West Jakarta

                   Indonesia

c. Mr. Daniel Lawrence Angelo Law      - Rp.    200,000,000.- (10%)

     Address : Jl. Citra 3 Blok B-20/2, RT.007/013

                    Pegadungan sub-district, Kalideres district

                    West Jakarta

                   Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

a. PET Flakes and Recycled Polyester Chip Manufacturing

b. Plastic Bottle and Cup Manufacturing

 

Production Capacity :

On the order basis

 

Total Investment :

a. Equity Capital            - Rp.  20.0 billion

b. Loan Capital              - Rp.  30.0 billion

c. Total Investment        - Rp.  50.0 billion

 

Started Operation :

September 2005

 

Brand Name :

POLINDO UTAMA

 

 

Technical Assistance :

None

 

Number of Employee :

140 persons

 

Marketing Area :

Domestic          - 60%

Export              - 40%

 

Main Customers :

a. Textile, Bottling and Plastic Products Industries in the country

b. Overseas Market in North America, Europe, the Middle East, Taiwan and China

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. BOTELI PLASTIK INDONESIA

b. P.T. BUANA JAYA PLASTIK

c. P.T. CAHAYA AGUNG INDOPLAST

d. P.T. TEGUH KARYA MAKMUR

e. P.T. MULTI SARANA PLASTINDO

f.  P.T. CENTRAL PLASTIK PERKASA

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.  P.T. BANK CENTRAL ASIA Tbk.

     Tangerang Main Branch

     Jl. Kisamaun No. 57

     Tangerang, Banten Province

     Indonesia

b.  P.T. BANK MANDIRI Tbk.

     Tangerang Main Branch

     Jl. Kisamaun No. 214

     Tangerang, Banten Province

     Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2014 – Rp. 120.0 billion

2015 – Rp. 134.0 billion

2016 – Rp. 148.0 billion

2017 – Rp. 165.0 billion

 

Net Profit (estimated) :

2014 – Rp.   7.8 billion

2015 – Rp.   8.5 billion

2016 – Rp.   9.6 billion

2017 – Rp. 10.7 billion

 

Payment Manner :

No Complaints

 

Financial Comments :

Fairly

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                    - Mrs. Lim Ai Lian

Director                                                - Mr. Daniel Lawrence Angelo Law

Operating Manager                    - Mr. Eris Sofianto

Marketing Manager                    - Mr. Willy Sawanggono

 

Board of Commissioners :

Commissioner                           - Mr. Darwin Law

 

Signatories :

President Director (Mrs. Lim Ai Lian) or Director (Mr. Daniel Lawrence Angelo Law) which must be approved by the board of commissioner (Mr. Law Darwin)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

OVERALL PERFOMANCE

 

P.T. POLINDO UTAMA (P.T. PU) was established in Jakarta based on Notary Deed No. 350 dated July 27, 2005 drawn up by Ingrid Lannywaty, SH., notary in Jakarta with an authorized capital of Rp. 1,000,000,000.- of which Rp 500,000,000.- was issued and paid up. The founding shareholders of the company are Mr. Darwin Law (80%), Mrs. Lim Ai Lian (10%) and Mr. Daniel Lawrence Angelo Law AKA Law Cai Cai (10%). The Deed of Establishment was approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decision Letter No. C-24539.HT.01.01.TH.2005 dated September 6, 2005.

 

Its articles of association have subsequently been changed for several times.  In 2009, based on Notary Deed No. 113 dated March 20, 2009 drawn up by Inggrid Lannywaty, SH., concerning changes of the whole article of association of the Company’s to conform with Law No. 40 Year 2007 concerning Limited Liability Company. The amendment to Deed was approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-19160.AH.01.02.Tahun 2009 dated May 07, 2009.  The most recently by Notary Deed of Antoni Halim, SH., No. 12 dated May 20, 2016, the authorized capital was raised to Rp. 2,000,000,000.- entirely was issued and paid up. But, no changes have been effected in term of its shareholding composition and capital structure to date.  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-009934.AH.01.02.Tahun 2016 dated May 26, 2016.

 

P.T. PU has been in operation since 2005 dealing with PET flakes and recycled polyester chip manufacturing.  Its plant is located at Jl. Bayur Kali No.118, RT.001/004, Lebak Wangi sub-district, East Sepatan district, Tangerang, Banten Province on a land of 4.5 hectares producing recycled polyester chips and PET flakes.  P.T. PU has the capacity to produce 1500 metric tons of recycled PET flakes per month. As such, the company produces high-quality and fiber-grade PET flakes that have been utilized for primary packaging and textiles by a number of household brands. To support the production of its PET flakes, P.T. PU provides an efficient logistic service whereby its fleet of trucks transport plastic waste to the company’s 23 recycling centers spread across Indonesia. Furthermore, the company began producing plastic bottles and cups in 2017 through the utilization of a mixture of recycled and virgin PET flakes.  Recycled polyester chips and PET flakes produced from P. PU is used by various industrial sectors such as textile industry, plastic bottle industry, plastic food packaging industry and others.  Some 40% of its products are exported to North America, Europe, the Middle East, Taiwan and China. We observed that P.T. PU is classified as a large sized company of its kind in the country of which the operation has been growing in the last five years.

 

In overall we find the demand for cool-sculpting products or health clinics had been rising by the average 10% to 12% per year within the last five years in line with the growth of textile industry, plastic bottle industry, plastic food packaging industry 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.

 

Table of Indonesian Economic Indicators from 2012 to 2017

 

 Indonesian Economic Indicators

  2013

  2014

  2015

  2016

  2017

Gross Domestic Product  (PDB)

5.6

5.0

4.8

5.0

5.1

Consumer Price Index (inflation

8.4

8.4

3.4

3.0

3.6

Government Debt

28.7

24.7

27.0

27.9

28.5

Exchange Rate  (IDR/USD)

11,563

11,800

13,400

13,309

13,381

Current Account Balance

-3.3

-3.1

-2.1

-1.8

-1.7

Population  (in millions)

251

254

258

261

264

Poverty  (percentage of population)

11.5

11.0

11.2

10.7

10.1

Unemployment  (percentage of  workforce)

6.3

5.9

6.2

5.6

5.5

Reserves  (in billion USD)

99.4

111.9

105.9

116.4

130.2

 

Until this time P.T.  PU 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. PU’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 134.0 billion increased to Rp 148.0 billion in 2016 and rose again to Rp. 165.0 billion in 2017.  The operation in 2017 yielded a net profit at least Rp. 10.7 billion and the company have an estimated total net worth of Rp. 80.0 billion.  So far we did not hear that the P.T. PU 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.

 

The management of P.T. PU is headed by Mrs. Lim Ai Lian (57) as President Director of the company.  In her daily activities she is assisted by Mr. Daniel Lawrence Angelo Law (43) as director and a number of professional managers such as Mr. Eris Sofianto as Operation manager and Mr. Willy Suwanggono as marketing manager.  The company’s management is having wide relation with private businessmen of home and overseas as well as with the government sectors.  We observed that management’s reputation in the business is fairly good. So far, we did not hear that the company’s management involved in the business malpractices 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. POLINDO UTAMA is sufficiently good for normal 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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.09

UK Pound

1

INR 91.41

Euro

1

INR 79.93

IDR

1

INR 0.0048

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.