MIRA
INFORM REPORT
|
Report Date : |
20th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. MULIAGLASS |
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Registered Office : |
Kuningan
Plaza, North Tower, 10th Floor, Jl. H.R. Rasuna Said Kav. C11-14,
Jakarta Selatan, Indonesia |
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Country : |
Indonesia |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
29.01.1990 |
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Com. Reg. No.: |
C2-25080.HT.01.04.TH.1989 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
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|
|
|
Line of Business : |
Float
Glass and Bottle Industry |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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|
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
Correct name of company
P.T. MULIAGLASS
Address
Head Office
Kuningan
Plaza, North Tower, 10th Floor
Jl. H.R.
Rasuna Said Kav. C11-14
Jakarta
Selatan
Indonesia
Building
Area - 10 storey
Office
Space - 120 sq. meters
Region - Commercial
Status - Rental
Branch
Komplek
Mulia Industry
Jl. Raya
Tegal Gede
Lemah
Abang, Cikarang
West
Jawa, Indonesia
Land
Area - 45.0 ha.
Building
Area - 13.6 ha.
Region - Industrial Estate
Status - Owned
Date of Incorporation
a. 6
October 1989 as P.T. INDOGLASS
b. 29
January 1990 as P.T. MULIAGLASS
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No. C2-25080.HT.01.04.TH.1989
Dated 24 September 1989
Company Status
National
Private and Domestic Investment Company
Permit by the
Government Department
a.
The Department of Finance
- No. 450/I/PMDN/1990
Dated 19 May 1990
- No. 573/III/PMDN/1990
Dated 21 August 1990
- No. 113/II/PMDN/1991
Dated 11 June 1991
- No. 168/III/PMDN/1993
Dated 23 April 1993
b.
The Department of Finance
NPWP No. 1.346.331.0-11
Related
Companies :
The
MULIA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
500,000,000,000.-
Issued Capital : Rp.
464,000,000,000.-
Paid up Capital : Rp.
464,000,000,000.-
Shareholders/Owners :
a. P.T. MULIA INDUSTRINDO Tbk., -
Rp. 463,999,999,000.-
Address : Kuningan Plaza, North Tower, 3rd Floor
Jl. HR. Rasuna Said Kav. C11-14
Jakarta Selatan - Indonesia
b. P.T. MULIA SENTRA USAHA -
Rp. 1,000.-
Address : Kuningan Plaza, North Tower, 3rd Floor
Jl. HR. Rasuna Said Kav. C11-14
Jakarta Selatan Indonesia
BUSINESS ACTIVITIES
Lines of Business
Float Glass and Bottle Industry
Production Capacity
a. Sheet
Glass - 595,000 tons p.a.
b.
Bottles - 140,000 tons
p.a.
c. Glass
Blocks - 35,000 tons p.a.
d. Car
Safety Glass - 120,000 tons p.a.
Total Investment
a. Equity Capital - Rp. 464.0 billion
b. Loan Capital -
Rp. 700.0 billion
c. Total Investment -
Rp. 1,164.0 billion
Started Operation
a. July 1992 in Bottle Industry
b. August 1992 in Float Glass
Indsutry
Brand Name
MULIAGLASS
Technical Assistance
None
Number of Employee
4,120
persons
Marketing Area
Domestic (Local) -
35 %
Export (Overseas) -
65%
Main Customer
a. P.T. Coca Cola Indonesia
b. P.T. Nestle Indonesia
c. P.T.
Indofood Sukses Makmur Tbk.
d. P.T.
ABC Food Industries, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. Asahimas Flat Glass
b. P.T. Tamindo Permai Glass
c. P.T. Tunggal Majuasri Glass
d. P.T. Multi Arthamas Glass
Industry
e. Etc.
Business Trend
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers
P.T. Bank Internasional Indonesia
Tbk.,
BII
Plaza
Jl. M.H. Thamrin Kav. 22
Jakarta Pusat
Indonesia
P.T.
Bank Rakyat Indonesia Tbk.
Gatot Subroto Branch
Jl. Gatot Subroto Kav. 9-11
Jakarta Selatan
P.T. Bank Central Asia Tbk.
Cikarang Branch
Jl. Pembangunan No. 24-27
Cikarang, West Java
Auditor
Osman
Ramli Satrio & Rekan (a member of Deloitte Touche Tohmatsu)
Litigation
No litigation
record in our database
FINANCIAL FIGURE
Total Net Sales
2002 Rp. 1,235.2 billion
2003 Rp. 1,226.0 billion
2004 Rp. 1,452.8 billion
2005 Rp. 1,536.0 billion
2006 Rp. 682.7 billion (as per 30 June 2006)
Net Profit (Net Loss)
2002
Rp. 269.2 billion
2003
Rp.
20.2 billion
2004
(Rp. 208.2 billion)
2005
(Rp. 223.1 billion)
2006
Rp.
18.3 billion (as per 30 June 12006)
Total Assets (as per 30 June 2006)
a. Current Assets - Rp. 1,056.6
billion
b. Non Current
Assets - Rp. 1,607.8
billion
c. Total Assets - Rp. 2,664.4
billion
Total Liabilities (as per 30 June 2006)
a. Current
Liabilities - Rp.
3,323.6 billion
b. Non Current
Liabilities - Rp. 57.3 billion
c. Stockholders
Equity (Defisit) -(Rp. 716.5 billion)
d. Total
Liabilities -
Rp. 2,664.4 billion
Payment Manner
Sometime delay
Financial Comments
Unhealthy
KEY EXECUTIVES
Board of
Management
President Director -
Mr. Eka Tjandranegara aka Tjan (Ho) Kok Koei
Directors
- a. Mr. Hendra
Heryadi Widjonarko
b. Mr. Handrian Tjahja
c. Mr. Hendrik Pohsar
d. Mr. Johan Dharmawan
Board of
Commissioners
President Commissioner - Mr. Tony Surjanto
Commissioners - a. Mr. Rudy Djaja
b. Mr. Tjahja Sathiadi
Signatories
The President Director (Mr. Eka
Tjandranegara aka Tjan Ho Kok Koei) or one of Directors (Mr. Hendra Heryadi
Widjonarko, Mr. Handrian Tjahja, Mr. Hendrik Pohsar or Mr. Johan Dharmawan)
which must be approved by President Commissioner (Mr. Tony Surjanto) or one of
the Commissioner (Mr. Rudy Djaja or Mr. Tjahja Sathiadi
CAPABILITIES
Management
Capability
Fairly Good
Business Morality
Fairly Good
Credit Risk
Above Average
Credit
Recommendation
Credit should be extended under guarantee
Proposed Credit Limit :
C.O.D. To small
amount
Maximum Credit
Limit
No
Comment
OVERALL PERFOMANCE
Originally named P.T. INDOGLASS, the company was established on October
6, 1988 with an authorized capital of Rp 100,000,000.- of which Rp 20,000,000.-
was issued and paid up. The company was founded by Mr. Eka Tjandranegara AKA
(also known as) Tjan Kok Koei and his 2 younger brothers, Mr. Djoko Soegiarto
Tjandra AKA Tjan Kok Hui and Mr. Gunawan Tjandra AKA Tjan Kok Kwang. They are
an Indonesian business family of Chinese extraction. The company's notarial act
was since revised a couple of times. On January 29, 1990 the company's name was
changed to P.T. MULIAGLASS, which name also doubles as its trading style. In
August 1996 the company's entire shares were taken over by P.T. MULIA
INDUSTRINDO Tbk. Concurrently the company's authorized capital was increased to
Rp 500,000,000,000.- with the issued and paid up capital amounting to Rp
464,000,000,000.-.
P.T. MULIA INDUSTRINDO Tbk. is a publicly listed company in which the
majority shares are controlled by Mr. Eka Tjandranegara AKA Tjan Kok Koei and
members of his family. Mr. Tjandranegara is the founder and majority business
stake owner of the MULIA Group, a big-size Indonesian business group.
P.T. MULIAGLASS is dealing with float glass (a high quality sheetglass),
glass bottle and glass block making industry. Its plant is located at Kompleks
Mulia Industri, Jalan Raya Tagel Gede Lemah Abang, Cikarang, Bekasi, West Java,
on a land of some 45.3 hectares, 13.6 hectares of which is used for building
and warehouse. In this location is also found a ceramic tile plant managed
by P.T. MULIAKERAMIK INDAHRAYA, a
sister company of P.T. MULIAINDUSTRINDO Tbk. P.T. MULIAGLASS started producing
commercially of sheet glass since September 1992. In 1993 it produces glass
bottle and glass block and in 1997 it produces safety glass (for car). Presently P.T. MULIAGLASS has an installed
production capacity of 595,000 tons sheet glass, 120,000 units safety glass,
140,000 tons glass bottle and 35,000 tons glass block per year.
In July 1998 P.T. MULIAGLASS had to close down one of the three glass
bottle electric furnace due to a lack of public purchasing power for consumer
goods. Hence the installed capacity of glass bottle dropped from 140,000 tons
to 77,000 tons per year. All products of P.T. MULIAGLASS are distributed by
P.T. MULIA INDUSTRINDO Tbk., its holding company. Some 65% of sheet glass
product is exported to several countries in Europe, the Mideast, Africa, Asia,
Australia and New Zealand. While the glass bottle is sold locally to soft drink
industries like P.T. COCA COLA INDONESIA, P.T. NESTLE INDONESIA, P.T. INDOFOOD
SUKSES MAKMUR Tbk., P.T. ABC FOOD
INDUSTRIES, etc.
Economic crisis battering Indonesia since mid 1997 elicited bad impact
to P.T. MULIAGLASS, as evidence from its operation from 1998 up to 2001
suffering from loss. Its operation started to awake in 2000 in line with the
amelioration of economic condition in the country.
Generally, glass-sheet and glass wares industry had lately been rising
again after a stagnation in 1998 due to economic crisis. The production
(including glass bottles) had been rising again within the last six years
(1999-2005). The economic crisis in 1998 made many local glassware/glass-sheet
industries have been beaten seriously due to many projects discontinued like
office building development, hotels, apartment, houses, etc.
As the export market has a great opportunity to rise, the production of
Indonesian glass-sheet has increased again sharply to 895,081 tons in 2003 to
917,172 tons in 2004 and rose again to 938,266 tons in 2005. The other glass wares including glass
bottles have also been growing as evident in the table below :
|
Year |
Production of Glass-sheet (Ton) |
Growth (%) |
Production of Glass-wares (Ton) |
Growth (%) |
|
1998 |
560,933 |
-14.15 |
498,558 |
1.73 |
|
1999 |
513,754 |
-8.41 |
325,409 |
-34.73 |
|
2000 |
741,500 |
44.33 |
468,504 |
43.97 |
|
2001 |
854,300 |
15.21 |
620,752 |
32.49 |
|
2002 |
873,250 |
2.22 |
717,324 |
15.56 |
|
2003 |
895,081 |
2.50 |
765,500 |
6.72 |
|
2004 |
917,172 |
2.47 |
820,922 |
7.24 |
|
2005 |
938,266 |
2.30 |
891,193 |
8.56 |
Source :
The Department of Industry and Trade
According to the financial report of P.T. MULIAGLASS audited by Hans Tuanakotta Mustofa & Halim (a
member of Deloitte Touche Tohmatsu), the total sales turnover of P.T.
MULIAGLASS in 2001 amounted to Rp. 1,235.2 billion with a total net loss of Rp.
99.1 billion, increased respectively to Rp. 1,242.2 billion with a
total net profit of Rp. 269.2 billion in 2002
and declined to Rp. 1,226.0 billion in 2001 with a total net profit
of Rp. 20.2 billion in 2003. In 2004 the total of its sales turnover
amounted to Rp. 1,452.8 billion with a total net loss of Rp. 208.2 billion,
increased to Rp 1,536.0 billion with a total net loss of Rp 233.1 billion in
2005 and as per 30 June 2006 amounted to Rp 682.7 billion with a net profit of
Rp 18.3 billion. P.T. TSPTs total
asset as of 30 June 2006 amounted to Rp 2,664.4 billion.
The president director of P.T. MULIAAGLASS is Mr. Eka Tjandranegara AKA
Tjan Kok Koei (60), a graduate of Business Administration Stamford College,
Singapore, in 1965. He is also the prime mover of the MULIA Group. Daily, he is
assisted by two directors namely Mr. Hendra Heryadi Widjanoarko (56), a
graduate of MDP, Asian Institute Management, Philippines, in 1980 and Mr.
Handrian Tjahja (68), a graduate Shell Petroleum College Plaju, in 1960.
Previously the chairman was Mr. Joko Soegiarto Tjandra AKA Tjan Kok Hui (56), a
younger brother of Mr. Eka Tjandranegara. But he has involved in Bank BALI
corruption case (Bank Bali scandal), since 1 March 2001, he was replaced by Mr.
Tony Surjanto (60) a top-executive of the MULIA Group. In the past the management had maintained a
close relationship with many government authorities during Mr. Soeharto era. So
far, we have never yet heard of the company's management being been involved in
business malpractices or detrimental cases being settled in local district
court.
Considering the companys operation
is losses (2004 & 2005) and unstable economic condition in the
country, recommend to treat extra prudently in extending any new loans to P.T.
MULIAGLASS.
Attachment
FINANCIAL STATEMENT OF P.T. MULIAGLASS
Per 31 December 2003, 2004, 2005 and per 30 June 2006
A. BALANCE SHEETS
STATEMENT
(in Rp million)
|
D e s c r i p t i o n |
30 June 2006 |
31 December |
||
|
2005 |
2004 |
2003 |
||
|
A. Current Assets |
|
|
|
|
|
-
Cash and Cash Equivalent |
6,559 |
40,547 |
148,483 |
200,282 |
|
-
Short Term Investment |
124,541 |
149,745 |
276,463 |
745 |
|
-
Trade Receivable |
|
|
|
|
|
*
Related Parties |
394,299 |
303,426 |
271,974 |
235,897 |
|
*
Third Parties |
- |
88,329 |
104,776 |
104,947 |
|
-
Other Receivable |
4,295 |
14,496 |
15,459 |
1,003 |
|
-
Inventories |
439,270 |
352,052 |
216,838 |
255,205 |
|
-
Advance |
33,690 |
72,564 |
26,908 |
100,473 |
|
-
Prepaid Taxes |
52,435 |
32,567 |
9,981 |
7,933 |
|
-
Prepaid Expenses |
1,549 |
1,776 |
4,727 |
1,918 |
|
Total
Current Assets |
1,056,568 |
1,055,502 |
1,075,609 |
908,403 |
|
B. Non Current
Assets |
|
|
|
|
|
-
Restricted Cash in Bank |
- |
4 |
4 |
2,283 |
|
- Due
to Related Parties |
52,536 |
75,945 |
16,919 |
8,433 |
|
-
Deferred Tax Assets |
30,522 |
41,627 |
140,051 |
143,186 |
|
-
Share Investment |
400 |
400 |
400 |
400 |
|
-
Fixed Assets |
1,522,651 |
1,570,957 |
1,521,644 |
1,531,613 |
|
-
Other Non Current Assets |
1,695 |
5,614 |
43,612 |
4,802 |
|
Total Non Current Assets |
1,607,804 |
1,694,548 |
1,722,630 |
1,690,717 |
|
TOTAL ASSETS |
2,664,373 |
2,750,050 |
2,798,239 |
2,599,120 |
|
C. Current
Liabilities |
|
|
|
|
|
-
Trade Payable |
|
|
|
|
|
*
Related Parties |
- |
- |
- |
- |
|
*
Third Parties |
151,628 |
71,248 |
55,335 |
39,184 |
|
-
Other Payable |
4,354 |
23,480 |
13,526 |
3,773 |
|
-
Taxes Payable |
137 |
1,016 |
3,400 |
2,640 |
|
-
Accrued Expanses |
406,693 |
419,255 |
325,859 |
196,550 |
|
-
Current Maturities of Long Term Loan |
2,760,775 |
2,919,413 |
2,856,499 |
2,614,135 |
|
Total
Current Liabilities |
3,323,587 |
3,434,412 |
3,254,619 |
2,856,282 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Due
to Related Parties |
- |
- |
- |
- |
|
-
Current Maturities of Long Term Loan |
- |
- |
- |
- |
|
-
Provision for Employee Benefit |
57,321 |
52,451 |
47,379 |
38,418 |
|
Total
Non Current Liabilities |
57,321 |
52,451 |
47,379 |
38,418 |
|
Deferred Foreign Exchange Difference |
- |
- |
- |
- |
|
Equity |
|
|
|
|
|
-
Issued and Paid up Capital |
464,000 |
464,00 |
464,000 |
464,000 |
|
-
Agio Share |
54,000 |
54,000 |
54,000 |
54,000 |
|
-
Retained Earnings (Deficit) |
(1,234,535) |
(1,254,813) |
(1,021,759) |
813,580) |
|
Total
Equity (Deficit Equity) |
(716,535) |
(736,813) |
(503,759) |
(295,580) |
|
TOTAL LIABILITIES & DEFICIT EQUITY |
2,664,373 |
2,750,050 |
2,798,239 |
2,599,120 |
B. PROFIT &
LOSS STATEMENT
|
D e s c r I p t I o n |
31 June 2006 |
31 December |
||
|
2005 |
2004 |
2003 |
||
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
682,720 |
1,536,028 |
1,452,806 |
1,226,032 |
|
b. Cost of Goods Sold |
(631,008) |
(1,226,295) |
(1,103,276) |
(971,830) |
|
c. Gross Profit |
51,712 |
309,733 |
349,530 |
254,202 |
|
d. Operational Expenses |
(128,765) |
(234,920) |
(246,953) |
(220,743) |
|
e. Operational Profit |
(77,053) |
74,813 |
102,577 |
33,459 |
|
f. Other
Income (Expenses) |
106,466 |
(209,443) |
(307,622) |
9,836 |
|
g. Profit Before Income Tax |
29,412 |
(134,630) |
(205,045) |
43,295 |
|
h. Income Tax |
(11,105) |
(98,424) |
(3,134) |
(23,102) |
|
i. Net Profit |
18,307 |
(233,054) |
(208,179) |
20,193 |
Remarks
:
a. In 2003 & 2004 audited by Hans Tuanakotta Mustofa & Halim (a
member of Deloitte Touche Tohmatsu)
b. In 2004 & 2005 audited by Osman Ramli Satrio & Rekan (a
member of Deloitte Touche Tohmatsu)
c. 30 June 2006 not yet audited (un-audited)
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|