MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SATYARAYA
KERAMINDOINDAH |
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Registered Office : |
Jalan Raya Serang Km. 25, Balaraja, Tangerang, 15610, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
11 December 1988 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ceramic Floor and Wall Tile
Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 3,600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
P.T. SATYARAYA KERAMINDOINDAH
Address
Head Office &
Factory
Jalan Raya Serang
Km. 25
Balaraja,
Tangerang, 15610
Banten Province
Indonesia
Phone - (62-21) 595
1601(Hunting)
Fax. - (62-21) 595 1607-08
Land Area - 50,000 sq.
meters
Factory Space - 12,600 sq. meters
Region - Industrial
Zone
Status - Owned
Marketing Office
Lyman Wing 6th
Floor
Kota BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat, 10220
Indonesia
Phone - (62-21) 572 2006
(Hunting)
Fax. - (62-21) 570 2060
Building Area - 32 storey
Office Space - 600 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
11 December 1988
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-15.110.HT.01.04.TH.1998
Dated 24 September
1998
Company Status
Private and Domestic Investment (PMDN) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
- No. 813/I/PMDN/1988
Dated 19 December 1988
- No. 153/II/PMDN/1993
Dated 6 September 1993
Related Company
The SATYA DJAYA RAYA or LYMAN Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
53,000,000,000.-
Issued Capital : Rp.
53,000,000,000.-
Paid up Capital : Rp.
53,000,000,000.-
Shareholders/Owners :
a. P.T. METROPOLE MEGAH - Rp. 52,999,000,000.-
Address : Lyman Wing 6th Floor
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
b. P.T. LYMAN INDUSTRINDO - Rp.
1,000,000.-
Address : Lyman Wing 6th Floor
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Ceramic Floor and Wall Tile
Manufacturing
Production Capacity
a. Wall Tiles -
2,400,000 sq. mtrs. p.a.
b. Floor Tiles - 4,800,000
sq. mtrs. p.a.
c. Granite -
1,200,000 sq. mtrs. p.a.
Total Investment
a. Equity Capital - Rp. 53.0 billion
b. Loan Capital - Rp. 152.4
billion
c. Total
Investment - Rp. 205.4 billion
Started Operation
1991
Brand Name
ROMAN Ceramic
Technical Assistance
None
Number of Employee
460 persons
Marketing Area
Domestic - 85%
Export - 15%
Main Customer
Building
Supermarket, Building Material Shops
Market Situation
Very Competitive
Main Competitors
a. P.T.
MULIAKERAMIK INDAHRAYA Tbk
b. P.T. MAHA
KERAMINDO PERKASA
c. P.T.
GRANITOGUNA BUILDING CERAMICS
d. P.T. KERAMIK
INDONESIA ASOSIASI Tbk
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat, 10220
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Hayam Wuruk No. 84-85
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 240.0
billion
2005 – Rp. 260.0
billion
2006 – Rp. 275.0
billion
Net Profit (Loss)
:
2004 – Rp. 14.4 billion
2005 – Rp. 18.2 billion
2006 – Rp. 19.2
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Osbert Lyman
AKA Lie
Djiwang Oe
Director - Mr. Royson Lyman
Board of Commissioners :
President Commissioner - Mr. Jakobus Lumentut
Commissioner -
Mr. Makmur Muhammad Nur
Signatories :
President Director (Mr. Osbert Lyman)
or the Director (Mr. Royson Lyman) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 3,600,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. SATYARAYA KERAMINDOINDAH (P.T. SK) was established in September 1988 with an authorized of Rp. 27,500,000,000.- entire issued of which. Rp 5,500,000,000.- was paid up. Founders and original shareholders are Mr. Osbert Lyman AKA Lie Djiwang Oe, his brother Mr. Royson Lyman, Mr. Jacobus Lumentut wholly Indonesian businessmen of Chinese extraction, Mr. Massi Suaib and Mr. Makmur Muhammad Nur, both are indigenous businessmen. Its articles of association has subsequently been revised for several times. In December 1994, its authorized capital was increased to Rp. 53,000,000,000.- wholly issued and paid up. On the same occasion, its entire shares were takeover by P.T. METRO POLE MEGAH and P.T. LYMAN INDUSTRINDO, national private companies. The deed of amendment was made by Mrs. Raharti Sudjardjati, SH., a public notary in Jakarta under Company Registration Number C2-15.110.HT.01.04.TH.1998, dated September 24, 1998. P.T. SK is a member company of the SATYA DJAJA RAYA Group or the LYMAN Group, a medium-size business group led by Mr. Susanta Lyman AKA Lie Siong Thay.
P.T. SK acquired a Domestic Investment (PMDN) facility for dealing with ceramic wares, floor tile and table wares manufacturing with plant located at Jalan Raya Serang Km. 25, Balaraja, Tangerang (Banten Province) standing on around 50.0 hectares land. The plant has been designed to have a capacity to respectively produce wall tiles, floor tiles and granites. But, the company has just realized the production of wall and floor ceramic tiles with the size of between 40 X 40 cm, 20 X 25 cm, 10 X 20 cm, 25 X 33 cm and 20 X 20 cm. The plant had been in operating since 1991 and has been expanding to increasing production capacity. The plant has absorbed an investment of Rp. 205.4 billion come from owned capital of Rp. 53.0 billion and the rest from loan. The plant produces wall tiles of 2,400,000 sq. meters, floor tiles of 4,800,000 sq. meters and granite of 1,200,000 sq. meters respectively per annum. Some 85% of the products is marketed locally under ROYAL and ROMAN brands. The marketing of the products is handled by its sister company P.T. SATYA LANGGENG SENTOSA. Meanwhile, the rest 15% is exported to Australia, Singapore, Thailand on the job order basis. P.T. SK belongs to a medium-size of its kind and operation had been growing within the last three years.
In overall views we find the demand for building materials has been increasing by 8% to 10% per annum in the last five years having close relation with the growth of various industrial sectors including property sectors, office buildings, apartments, shopping centers and automotive sectors. The demand for paints is estimated to be rising by at least 6% per annum in the coming five years. The competition is very tight on account of lots of similar company operating in Indonesia. The economic growth has started increasing from 4.37% in 2002 to 4.87% in 2003 to 5.13% in 205 and to 5.78% in 2005. The several Indonesian Economic indicators in detail is pictured on following table:
The Growth of Indonesian Several Economic Indicators
2001-2005
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No. |
Indicator |
2001 |
2002 |
2003 |
2004 |
2005 |
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1. |
Economic Growth (%) |
3.83 |
4.37 |
4.87 |
5.13 |
5.78 |
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2. |
Inflation (%) |
12.55 |
10.03 |
5.06 |
6.40 |
17.17 |
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3. |
Gross growth based on constant price 1993 (billion Rp) |
1,442,984.5 |
1,506,124.4 |
1,579,558.9 |
1,660,578.8 |
1,753,903.0 |
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4. |
Foreign Trade Balance (million US$) |
25,248.5 |
23,104.6 |
24,142.3 |
25,614.6 |
27.202.7 |
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5. |
Export (million US$) |
56,321 |
57,159 |
61,058 |
71,585 |
83,314 |
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6. |
Import (million US$) |
30,289 |
31,289 |
32,551 |
46,525 |
58,329 |
Source : Central Bureau of Statistic
Until this time P.T. SK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2004 amounted to Rp. 240.0 billion increased to Rp. 260.0 billion in 2005 and to Rp. 275.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 19.2 billion and the company has an estimated total net worth at least Rp. 127.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. SK is supported by financially fairly strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. SK is led by Mr. Osbert Lyman AKA Lie Djiwang Oe (59) with 25 years of experience in ceramic and wall tiles manufacturing and trade. In operating the business he is assisted by director namely Mr. Royson Lyman (50). The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice 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.
PT. SATYARAYA KERAMINDOINDAH is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)