#TITLE_ALTERNATIVE#
<br /> <br /> <br /> In running the business, companies generally obtain funding from loans, one of them is from banks. These loans have a risk of non-performing loans if the company can not manage its cash flow. Firms in a state of non-performing loans are usually needed additio...
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| Format: | Theses |
| Language: | Indonesia |
| Online Access: | https://digilib.itb.ac.id/gdl/view/19226 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | <br />
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In running the business, companies generally obtain funding from loans, one of them is from banks. These loans have a risk of non-performing loans if the company can not manage its cash flow. Firms in a state of non-performing loans are usually needed additional funds to complete. The funds are divided into two: external (bank loans / investors) and internal (shareholder loans / retained earning). <br />
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PT.X is a company that is engaged in coal transportation services. In 2008 the company apply for a loan to Bank B with a nominal Rp 60 M over 5 years, but in the half of the second year company's cash flow disrupted by the presence of delayed payments from customers and then the Bank restructured loans back with an extended period of up to 5 years back and lower interest rates on installment credit to be smaller to ease the burden PT.X. <br />
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In the course of the month of November 2011 PT.X agains face problem with their credit rating because the owners are investing in the wrong place, resulting in impaired corporate cashflow. As of January 2012 the non-performing loans of PT.X worth Rp 4.5 M with credit rating collectibility two (non-bankable) and the threat of raising to collectibility four in the coming months if seeing the predictions of the cashflow condition. On the other hand PT.X has a chance to make the company grow, from the PLN Coal contract within 6 years. <br />
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Alternative financing through the banking system was not possible because of the company in a state of non-bankable, funding through investor are difficult because the company conditions are 'sick'. Internal funding that possible is through retained earning because shareholders do not have enough funding. The retained earning PT.X has been allocated in assets. The solution is to sell the assets, the firm has three alternatives that make the company SPV as a buyer of its assets, selling to other companies with market or below market prices. Based on considerations of time and 'value' it is better to sell to the SPV company. <br />
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For business development PT.X will run the projects from PT PLN batubara with the investors from China. For the feasibility of the project is carried out following the feasibility calculations, 4.42 year return period, NPV Rp 3,624,328,649, IRR 14.22%, ROI 18.61%, ROE 93.06% and BBP 41.14%. |
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