Hasil Pencarian  ::  Simpan CSV :: Kembali

Abstrak :
PT. AKR Corporindo Tbk adalah perusahaan terbuka yang bergerak di bidang distribution, logistic dan chemical trading di Indonesia. PT. AKR Corporindo Thk merupakan produsen terbesar di Asia Pasitik dan No. 2 di dunia dalam menyediakan bahan baku Sorbitol dan turunannya. Selama tahun 2002 sampai dengan 2005, baik revenue maupun net profit yang diperoleh PT. AKR. menunjukkan kenaikan kinerja dari tahun ke tahun akan tetapi peningkatan revenue dan net profit perusahaan tidak diikuti dengan peningkatan dari earning per share yang dihasilkan oleh perusahaan. Nilai EPS PT. AKA terus menurun dari tahun ke tahun sejak tahun 2003 yaitu sebesar Rp. 259/lembar saham, Rp. 248/1embar di tahun 2004 dan Rp. 191/embar saham di tahun 2005. Perolehan nilai EPS dihitung berdasarkan net profit tahun berjalan dibagi dengan jumlah rata-rata tertimbang saham biasa. Adapun misi yang dimiliki oleh PT AKR Corporindo yaitu berkomitnien untuk meningkatkan nilai stakeholder melalui pertumbuhan yang stabil dan pengoperasian bisnis yang excellent menjadi sejalan dengan apa yang dikatakan dalam ilmu corporate finance, dimana tujuan dan tugas manajemen dalam suatu perusahaan adalah meningkatkan kesejahteraan pemegang saham dengan cara meningkatkan nilai perusahaan. Tujuan dari karya akhir ini adalah untuk menganalisa kinerja PT. AKR dengan menggunakan metode EVA dan MVA serta memprediksi kebangkrutan perusahaan.

---

PT. AKR Corporindo Tbk is a public company which operates in distribution, logistic and chemical trading in Indonesia. PT AKR Cot Corporindo Tbk is the largest supplier for Sorbitol and derivatives starch in Asia Pacific and No. 2 in the world. Since 2002 until 2005, both performance of PT AKR 's revenue and net profit have been increasing front year to year, however the incremental has not been followed with the increasing of earning per share. In contrary, the EPS of PT AKR has been declining from year to year since 2003 which was Rp. 259/share, Rp. 248/share in 2004 and Rp. 191/share in 2005. The computation of EPS was based on the net income divided by the weighted average number of ordinary shares. PT. AKR Corporindo's mission which is committed to building stakeholder value through sustainable growth and operational excellence is harmonized with the corporate finance discipline, where the purpose and duty of the management was to maximize the wealth of the stakeholder by increasing the value of the firm. The purpose of this thesis is to analyze the management performance of PT AKR by utilizing the method of EVA and MVA as well as to predict the financial distress by applying the Altman 's Z-Score. Altman's Z-Score method is utilized in order to predict the company's condition to the possibility of bankruptcy (financial distress). EVA method is the tool to measure how much value has been created for the shareholders while the MVA method is to analyze the company's successful of the post invested capital and how success that investment in the glare from investors? of view. The result showed that company's Z-Score has been declining -since 2002 to 2005 which was finally staved in grey area where the company has the possibility of experiencing the financial distress. Z-Score has been decreased due to the increasing of the short term debt for the working capital improvement. The result of EVA showed the negative value in 2002-2003 but their increased positively in 2004-2005 which indicates that the management has succeeded to create the value. In the contrary, the negative EVA in 2007-7005 indicates that the company's invested capital was higher compare to the market value of company's equity. Nevertheless, the MVA has shown that the trend will positively growth and therefore indicates that investor' trust has been raised towards the ability of PT. AKR to create the added value of the investment.

Abstrak :
Akibat memburuknya kondisi perekonomian akibat kenaikan harga minyak mentah dunia, perusahaan dan bank-bank harus memikirkan cara untuk dapat mempertahankan kelangsungan hidup dari usahanya. Kondisi perekonomian seperti ini menyebabkan perusahaan dan bank-bank mengalami apa yang disebut dengan financial distress, yaitu berdasarkan definisi yang dikemukakan Stephen A. Ross dalam Buku Corporate Finance Sixth Edition; Financial distress is a situation where a firm's operating cash flows are not sufficient to satisfy current obligations (such as trade credits or interest expenses) and the firms is forced to take corrective action. Edward I. Altman telah mengembangkan suatu model yang dapat digunakan oleh Para analis keuangan untuk mengetahui kebangkrutan suatu perusahaan, yaitu Z-Score Model, yang diterapkan pada perusahaan manufaktur dan non manufaktur; perusahaan private dan perusahaan non manufaktur. Berdasarkan hasil pengujian terhadap Laporan Keuangan Bank-Bank yang telah dicabut ijin usahanya, didapatkan hasil test bahwa lebih dari 50% bank-bank tersebut tergolong bangkrut. Atas dasar hat tersebut, penulis berkesimpulan bahwa Z -Score Model Altman untuk perusahaan private dan manufaktur dapat diterapkan pada Laporan Keuangan Bank. Bank-bank yang telah tergolong bangkut tersebut oleh Bank Indonesia disebut sebagai bank bermasalah. Bank-bank ini mendapatkan pengawasan khusus dari Bank Indonesia dan diupayakari untuk dapat disehatkan kembali kondisinya, dengan berbagai cara seperti merger, akuisisi, mencari investor, dan lain-lain, selanjutnya apabila tidak bisa disehatkan kembali maka bank tersebut akan dilikuidasi. Z-Score Model yang dikembangkan oleh E.I. Altman ini masih perlu diteliti kembali khususnya untuk meramalkan kebangkrutan bank-bank, karena terdapat perbedaan yang mendasar dan kegiatan usaha perusahaan dengan perbankan. Di samping itu Z-Score Model dan Altman ini belum memasukkan unsur risiko, off balance sheet transactions dan prudential banking sesuai dengan ketentuan yang berlaku di perbankan.

---

Because of the deterioration of economic conditions since the government increased fuel prices, many companies included banks have been in trouble in its financial condition. To maintain the sustainability of its business, every company must have a good solution in order to deal with this problem. This condition complies with the definition made by Stephen A. Ross in his book Corporate Finance Sixth Edition stating that Financial distress is a situation where a firm's operating cash flows are not sufficient to satisfy current obligations (such as trade credits or interest expenses) and the firms is forced to take corrective action. Edward I. Altman had developed Z-Score Model to predict firm's bankruptcy. He made two models for different company, that were Z-Score Model for manufacturing and non manufacturing companies and Z-Score Model for private company and non manufacturing company. The result of testing Z-Score Model to Financial Statement from liquidated banks is that, more than 50% of these banks are proven to be bankrupt banks. Based on this empirical result, I conclude that Z-Score Model from Altman is a good model to predict bank's bankruptcy. This finding is appropriate with the measures taken by Bank Indonesia as a Central Bank that classified these banks as insolvent banks. These banks, then, received special treatment from Bank Indonesia. In order to make financial condition of these banks was sound, banks and Bank Indonesia must have such solutions as searching new investor, adding up capital, merger, acquisitions, takeovers, etc. Bank Indonesia gave opportunity to bank as follows; if a bank cannot be restored or fail after acquiring special treatment, banks will be closed by Bank Indonesia. Z-Score Model from E.I. Altman must have developed again because these models are designed for manufacture and non manufacture and private company. If these models are used to banking, many thing likes risk, off balance sheet transactions and prudential banking should be accounted in order to create a suitable models for bank's bankruptcy.

Abstrak :
Tesis ini membahas mengenai permohonan pailit Perusahaan Efek (PT Antaboga Deltasekuritas Indonesia) yang diajukan oleh salah satu kreditornya karena izin usahanya telah dicabut oleh Bapepam. Dalam ketentuan Pasal 2 ayat (4) UUK-PKPU menjelaskan bahwa permohonan pailit dalam hal debitor adalah Perusahaan Efek, hanya dapat diajukan oleh Bapepam. Penelitian ini bertujuan untuk mengetahui bagaimana penerapan kewenangan Bapepam dalam upaya permohonan pailit Perusahaan Efek yang telah dicabut izin usahanya, serta bagaimanakah perlindungan hukum dan kepastian hukum para kreditor PT Antaboga Deltasekuritas Indonesia akibat putusan MA RI No. 340K/Pdt.Sus/2010. Jenis penelitian yang digunakan dalam penelitian ini adalah yuridis-normatif. Hasil dari penelitian menunjukkan, bahwa permohonan pailit terhadap Perusahaan Efek yang telah dicabut izin usahanya adalah mutlak kewenangan eksklusif Bapepam, akan tetapi seyogianya terbuka kemungkinan dapat juga diajukan oleh kejaksaan dan kreditor. Pemenuhan nilai kepastian hukum dalam putusan MA RI No. 340.K/Pdt.Sus/2010 sudah sesuai dengan ketentuan Pasal 2 ayat (4) UUK-PKPU dan Penjelasannya, tetapi keputusan tersebut relatif hanya memberikan kepastian kepada debitor saja dan Majelis Hakim sama sekali tidak memberikan perlindungan terhadap kepentingan pihak kreditor yang tidak bisa mendapatkan hak pemenuhan tagihan yang seharusnya dibayar oleh pihak debitor. ...... This thesis is to analyze a bankruptcy petition of Securities Company (PT Antaboga Deltasekuritas Indonesia) filed by one of its creditors due to its business license revoked by Bapepam. In accordance with Article 2 paragraph (4) of UUK-PKPU states that a bankruptcy petition may, in the case debtor is a Securities Company, only be filed by Bapepam. This research is aimed at identifying how Bapepam implementsits power for the bankruptcy petition of Securities Company whose business license has been revoked, and how is the legal protection and certainty for the creditors of PT Antaboga Deltasekuritas Indonesia in consequence of Decision of Supreme Court of RI No. 340K/Pdt.Sus/2010. Type of research applied in this research is normative juridical approach. The result shows that a bankruptcy petition against the Securities Company whose business license is revoked absolutely is the exclusive power of Bapepam, however this does not rule out the possibility that attorney general and creditor may fill the petition. The fulfillment of legal certainty in the Decision of Supreme Court of RI No. 340.K/Pdt.Sus/2010 has complied with the provisions of Article 2 paragraph (4) of UUK-PKPU and its explanatory notes. However, it is relative due to gives only to Debtor, and the Panel of Judges by no means provides legal protection to the benefit of creditors fail to obtain right for the right of payment that should be made by the debtor.

Abstrak :
"ABSTRAK
" The debtor must be insolvent rsquo; merupakan asas hukum kepailitan yang menekankan kepailitan hanya dapat dijatuhkan kepada debitur insolven. Tidak diaturnya asas tersebut secara tekstual dalam UUKPKPU nomor 37 tahun 2004 mendorong hakim untuk tidak mempertimbangkannya dalam membuat suatu putusan. Hal ini memberikan peluang dipailitkannya debitur yang solven. Secara khusus, permasalahan yang dibahas adalah ketaatan hakim terhadap asas tersebut dalam membuat putusan. Penelitian ini menggunakan metode penelitian normatif legal research dan perbandingan hukum comparative law . Adapun pengumpulan data dilakukan dengan studi dokumen dan wawancara. Data yang telah terkumpul dianalisis secara kualitatif. Analisis dilakukan dengan pendekatan hukum dan pendekatan ekonomi untuk mengukur kesehatan keuangan debitur dengan Altman Z-score sebagai model insolvency test. Berdasarkan hasil analisis terhadap 4 putusan pengadilan niaga, 2 putusan kepailitan tidak mempertimbangkan adanya asas ini, yaitu dengan dipailitkannya Telkomsel yang kondisi keuangannya masih solven serta tidak dipertimbangkannya status insolvensinya Garuda. Analisis ini menunjukkan adanya inkonsistensi dalam menerapkan asas the debtor must be insolvent dalam putusan hakim niaga. Inkonsistensi penerapan terjadi karena asas tersebut tidak dijadikan sebagai syarat pengajuan proses kepailitan dan PKPU dalam undang-undang. Selain itu, asas juga masih sulit diterapkan oleh hakim karena belum diaturnya instrumen insolvency test yang dapat digunakan untuk menilai kondisi keuangan debitur. Untuk itu, asas tersebut harus diformulasikan secara tekstual dalam undang-undang sebagai sebuah syarat pengajuan permohonan agar hakim lebih terikat terhadap asas tersebut untuk dipertimbangkan dalam membuat putusan. Perubahan ketentuan dalam undang-undang ini harus dilakukan agar tercipta keadilan yang seimbang bagi kreditur dan debitur. "

---

" "ABSTRACT
" lsquo The debtor must be insolvent 39 is the principle of bankruptcy law that emphasizes bankruptcy is only able to be imposed to the insolvent debtor. The non regulation of the principle textually in UUKPKPU number 37 of 2004 encourages the judge not to consider it in making decision. This provides an opportunity for solvent debtor to be bankrupted. In particular, the issue discussed is the adherence of judges to the principle in making decisions. This method of research conducted was based on legal research and comparative law approach. Data were collected through the study of documents and conducting series of interviews, which were then qualitatively analyzed. The analysis was conducted by legal approach and economic approach to measure the financial health of the debtor with Altman Z score as the insolvency test instrument. Based on the analysis of four commercial court decisions, two bankruptcy decisions do not consider the existence of this principle that is with the bankrputcy status of Telkomsel with the solvent condition and not considered of Garuda insolvency status. This analysis shows the inconsistency in applying lsquo the debtor must be insolvent principle rsquo in the decision of commercial judges. The inconsistency of implementation occurs because the principle is not used as requirement for filing bankruptcy proceedings and moratorium in the law. In addition, the principle is also still difficult to apply by the judge because the insolvency test instrument that could be used to assess the financial condition of the debtor has not been regulated. For that reason, the principle should be formulated in a textual manner as a requirement for filing an application for judges to be more attached to the principle to be considered in making a decision. The changes to the provisions of this law should be taken to create fair equity for creditors and debtors.

Abstrak :
Kepailitan dapat terjadi pada siapapun, termasuk koperasi. Kepailitan terhadap koperasi pada dasarnya mengacu kepada UUK-PKPU. Sebuah koperasi dapat mengalami kepailitan yang diakibatkan oleh koperasi itu sendiri sebagai badan hukum ataupun karena para pengurusnya. Sejak koperasi dinyatakan pailit, maka koperasi selaku debitor kehilangan hak untuk menguasai dan mengurus harta yang termasuk ke dalam harta pailit dan akan diserahkan kepada kurator. Profesi kurator memiliki peranan penting dalam perkara kepailitan, yang mana kurator diangkat oleh Pengadilan untuk melakukan pengurusan dan pemberesan terhadap harta pailit debitor. Seorang kurator haruslah merupakan seseorang yang profesional di bidangnya dan dapat memastikan bahwa seluruh tindakan yang dilakukan olehnya semata-mata untuk kepentingan harta debitor pailit. Seringkali kurator menjumpai berbagai hambatan yang datang baik dari pihak debitor ataupun kreditor ketika melaksanakan tugasnya. Metode penelitian yang penulis gunakan dalam skripsi ini adalah metode penelitian normatif yuridis yang dilakukan dengan cara meneliti bahan-bahan pustaka ataupun data sekunder. Dalam menghadapi hambatanhambatan yang terjadi, kurator memerlukan perlindungan hukum agar dirinya mendapatkan keamanan dan ketenangan sehingga menghasilkan kinerja yang optimal dan menunjang indenpendensi dari kurator itu sendiri. Hingga saat ini dalam UUK-PKPU ataupun peraturan lainnya belum diatur mengenai perlindungan dan pengaturan terhadap profesi kurator secara khusus. Maka dari itu diperlukan adanya suatu pedoman, yang mana dari pedoman tersebut diharapkan akan dikembangkan menjadi peraturan khususnya di bidang kepailitan ataupun dijadikan acuan untuk perbaikan regulasi UUK-PKPU terkait perlindungan profesi kurator ......Bankruptcy can happen to anyone, including cooperatives. The bankruptcy of cooperatives basically refers to UUK-PKPU. A cooperative can run into bankruptcy caused by the cooperative itself as a legal entity or because of its committees. Since the cooperative is declared bankrupt, the cooperative as the debtor loses the right to control and manage assets that are included in bankruptcy assets and will be handed over to the curator. The curator has an important role in bankruptcy cases, in which the curator is appointed by the Court to administer and settle the debtor's bankruptcy assets. A curator must be someone who is professional in his field and can ensure that all actions taken by him are solely for the benefit of the bankrupt debtor's assets. Often, curators encounter various obstacles that come from both debtors and creditors when carrying out their duties. The research method that I use in this thesis is a juridical normative research method which is carried out by examining library materials or secondary data. In facing the obstacles that occur, curators need legal protection so that they can get security and peace so as to produce optimal performance and support the independence of the curators themselves. Until now, UUK-PKPU or other regulations have not specifically regulated the protection and regulation of the curator profession. Therefore, it is necessary to have a guideline, which of these guidelines is expected to be developed into regulations, especially in the field of bankruptcy or as a reference for improving UUK-PKPU regulations related to the protection of the curator profession.

Abstrak :
Karya Akhir ini membahas analisis laporan keuangan dari salah satu perusahaan industri baja di Indonesia, yaitu PT XYZ, dengan menggunakan metode analisis rasio, analisis prediksi kebangkrutan Altman Z Score, dan analisis DuPont untuk mendapatkan faktor utama penyebab potensi kebangkrutan pada perusahaan dan sebagai referensi untuk perbaikan kinerja perusahaan dalam lima tahun ke depan. Penelitian ini bersifat kuantitatif dengan menggunakan sumber data primer dari hasil wawancara dan data sekunder dari laporan internal perusahaan dan website resmi lainnya.

---

Focus of this research is to analyze performance of one of the steel company in Indonesia, stated here as PT XYZ, using financial ratio, Altman Z Scores bankruptcy prediction analysis, and DuPont analysis in order to find main factors that cause potential bankruptcy in the company and as a reference for companys performance improvement in the next five years. This research is quantitative with the use of data from internal resources and other official websites.

Abstrak :
ABSTRACT
Skripsi ini membahas mengenai permohonan kepailitan terhadap Badan Usaha Milik Negara yakni PT Merpati Nusantara Airlines berdasarkan Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang. Selain itu, terdapat pembahasan mengenai beberapa kasus permohonan kepailitan terhadap beberapa Badan Usaha Milik Negara sebagai perbandingan, serta perdebatan mengenai lingkup keuangan negara dalam keuangan Badan Usaha Milik Negara. Metode yang digunakan untuk penulisan skripsi ini adalah metode penelitian kepustakaan dengan bentuk penelitiaan yuridis normatif yang berfokus kepada pengolahan data sekunder. Di akhir bagian, penelitian ini berkesimpulan bahwa PT Merpati Nusantara Airlines dapat diajukan permohonan pailit tanpa melalui Menteri Keuangan karena PT Merpati Nusantara Airlines merupakan Badan Usaha Milik Negara berbentuk Persero bukan berbentuk Perum yang melaksanakan kepentingan publik dan modalnya tidak terbagi atas saham berdasarkan pasal 2 ayat (5) Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan.

---

ABSTRACT
This thesis mainly discusses about the bankruptcy petition against a State-Owned Enterprise PT Merpati Nusantara Airlines based on The Act No. 37 Year of 2004 on Bankruptcy and Suspension of Debt Payment. Furthermore, this thesis will compare cases on bankruptcy petition of State-Owned Enterprises, and also presenting arguments about State-Owned Enterprises assets in correlation with States Assets. The method used in writing this thesis is literary research with the thesis being a juridical-normative report that focuses towards secondary-data processing. This thesis concludes that PT Merpati Nusantara Airlines is legible to be filed a bankruptcy petition without a prior notice from the Ministry of Finance due to PT Merpati Nusantara Airlines being a Persero-type of State-Owned Enterprise unlike the Perum type which serves public needs and its capital is.