MIRA
INFORM REPORT
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Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. METROPOLE
MEGAH |
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Registered Office : |
Jalan Darmo Permai Selatan XIV No.16, |
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Country : |
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Date of Incorporation : |
6 December 2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ceramic Tile and Sanitary Ware
Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 6,180,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of company
P.T. METROPOLE MEGAH
Address
Head Office
Jalan Darmo Permai Selatan XIV No.16
East
Phones - (031)
7348961-63
Fax. - (031)
7348960
Building Area - 2 storey
Office Space - 380 sq. meters
Region - Commercial
Status - Owned
Branch
Komplek Pertokoan MANGGA DUA, Block F-2/1
Jalan Mangga Dua Raya
Phones - (021)
6011537, 6129186
Fax . - (021) 6017277
Building Area - 6 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Owned
Factory
Desa Sumber Dadi
Sumber Gempol
Tulung Agung
Phones - (0355) 323456 (Hunting)
Fax - (0355) 323460, 322966
Building Area - 22,800 sq.
meters
Office Space - 5,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
6 December 2006
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Department of Law and Human Rights
No. C-08222.HT.01.04.TH.2004
Dated 06 April 2004
The Department of Finance
NPWP No. 01.310.682.8-614.000
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
- No.186/I/PMDN/1983
Dated 9 November 1983
- No.254/IV/PMDN/1984
Dated 8 October 1984
- No.88/II/PMDN/1989
Dated 1 July 1989
- No.59/II/PMDN/1996
Dated 26 February 1996
- No. 112/V/PMA/2003
Dated 15 April 2003
The Department of Finance
NPWP No. 01.310.682.8-614.000
Related Company
The LYMAN
INVESTINDO Group Member
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
31,712,000,000.-
Issued Capital : Rp.
31,712,000,000.-
Paid up Capital : Rp.
31,712,000,000.-
Shareholders/Owners :
a. P.T. LIMAN INVESTINDO - Rp. 23,128,000,000.-
Address : Jl. Abdul Muis No. 48-50
b. Mr. Lie Po Teng -
Rp. 472,000,000.-
Address : Jl. Taman Kebon Jeruk Blok G-IV/3
Kembangan,
c. ATLAS PACIFIC INVESTMENT Ltd. - Rp.
8,112,000,000.-
Address :
BUSINESS ACTIVITIES
Lines of Business:
Ceramic Tile and Sanitary Ware Manufacturing
Production Capacity
a. Ceramic Wall Tiles - 2,700,000 sq. meters p.a.
b. Ceramic Floor Tiles -
15,300,000 sq. meters p.a.
c. Sanitary Wares - 300,000 pcs. p.a.
Total Investment
a. Owned
Capital - Rp. 120.0 billion
b. Loan
Capital - Rp. 80.0 billion
c. Total
Investment - Rp. 200.0 billion
Started Operation
1979
Brand Name
ROMAN and ROYAL
Ceramic Tile
Technical Assistance
None
Number of Employee
800 persons
Marketing Area
a. Domestic
(Local) - 70%
b. Export - 30%
Main Distributor
a.
P.T. SATYA LANGGENG SENTOSA in
b.
P.T. ISTANA KEJORA in
c.
P.T. DUTA BANGUNAN in
d.
P.T. CATUR SENTOSA in
e.
Toko DWIJAYA in
Market Situation
Very Competitive
Main Competitors
a. P.T. MULIA
KERAMIK
b. P.T. PLATINUM
c. P.T. KIA
KERAMIK
d. P.T. ANGSA DAYA
e. P.T. SUPER
f. Etc.
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T.
Bank LIPPO Tbk.
Jalan
Tidar No. 23-25
b. P.T.
Bank INTERNASIONAL
Wisma
BII
Jalan Pemuda No. 60-70
c. P.T.
Bank NEGARA
Jalan
Gubernur Suryo No.36
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 360.0
billion
2005 – Rp. 410.0
billion
2006 – Rp. 455.0
billion
2007 – Rp. 260.0
billion (January – June)
Net Profit
(estimated) :
2004 – Rp. 19.0 billion
2005 – Rp. 22.0 billion
2006 – Rp. 26.0 billion
2007 – Rp. 14.5 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr. Osbert Lyman
Directors -
a. Mr. Royson Lyman
b. Mr. Lie Po Teng
Board of
Commissioner :
President Commissioner - Mr. Ridwn Muhammad
Commissioner - a. Mr. Budi Santoso
b. Mr. Makmur Muhammad Nur
Signatories
:
President
Director (Mr. Osbert Lyman) or one of the Directors (Mr. Royson Lyman or Mr.
Lie Po Teng) which must be approved by Board of Commissioner
CAPABILITIES
Management
Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit
Limit
Moderate Amount
Maximum Credit Limit
US$ 6,180,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company was established in February 1975 with an authorized capital of Rp. 100,000,000.- issued capital of Rp. 20,000,000.- wholly paid-up. Founders and original shareholders of P.T. METROPOLE MEGAH (P.T. MM) are Mr. Susanta Lyman AKA Lie An Djien AKA Lie Siong Thay, his son Mr. Herman AKA Lie Siauw Tjien and Mr. Henry Lukman AKA Tjio Hok Kie, they are wholly Chinese origin Indonesian businessmen. Its articles of association has frequently been changed for a couple of times. In 1982, the authorized capital was increased to Rp. 5,500,000,000.- issued and paid-up capital to Rp. 2,750,000,000.- and concurrently Mr. Herman and Mr. Henry Lukman pulled out from the company and replaced by Mr. Roysen Lyman, Mr. Osbert Lyman both are sons of Mr. Susanta Lyman, Mr. Jacobus Lumentut, Mr. Bertha Lukman, Mr. Budhiman wholly Chinese origin Indonesian businessmen and Mr. Ir. Achmad Moestahid Astari, Mr. Makmur Muhammad Nur and Massia Suaib. The latter three are indigenous businessmen. In 1989, the authorized capital was increased again to Rp. 12,200,000,000.- issued capital to Rp. 6,840,000,000.- wholly paid-up.
Later In December 2003, the authorized capital was increased
again to Rp. 31,712,000,000.- entirely issued and paid up. Since then, the shareholders of the company
are P.T. LYMAN INVESTINDO (72.93%), Mr. Lie Po Teng (1.49%) and ATLAS PACIFC
INVESTMENT Ltd., of
P.T. MM started with operation in 1979 in floor and wall
ceramic tile manufacturing whose plant
located in Desa Sumberdadi, Kecamatan Sumber Gempol, Tulung Agung,
In 1994, P.T. MM took over some 72% shares of P.T. SATYARAYA
KERAMINDO INDAH, a member of the LYMAN Group also dealing with floor and wall ceramic
tile. Its plant is located at Jalan Raya Serang Km. 25, Tangerang,
Up to end 1999, the local demand for floor and wall tile declined as the impact of the economic crisis battering the country since mid 1997. However, since early 2000 the demand for the above products has been increasing in line with the amelioration of the economic condition in the country. The competition is very tight on account of many floor and wall tile companies operating in the country. The business position of P.T. MM is good because ROMAN and ROYAL brands are very popular in the country. The long-term prospect of the company is favorable especially if the economic recovery is commenced soon.
P.T MM’s management is very closed to outsiders and rejected to
disclose its financial conditions but we estimated that the company’s sales
turnover in 2004 reached Rp. 360.0 billion increased to Rp. 410.0 billion in
2005 to Rp. 4550.0 billion in 2006 and
projected to increase by at least 12% in 2007. The company’s net profit in 2006 reached Rp.
26.0 billion with a total networth of Rp. 300.0 billion. We noted that P.T MM
is financially strong being backed by LYMAN
Group a financially strong business group of
P.T. MM's management is led by Mr. Osbert Lyman AKA Lie Djwang Oe (59) with 25 years experiences in ceramics and wall tiles trading and manufacturing. Mr. Osbert Lyman is a top figure of the LYMAN Group, who has been in woodbased in lucky for more than 32 year. The management is daily backed by Mr. Royson Lyman and Mr. Lie Po Teng, both as directors and a number of professional managers with broad experience in the above business. They have wide relation with home and overseas private businessmen as well as with the government sector. P.T. MM is appraised quite good for normal business transactions. But in view of the fact that the Indonesian economy has not yet made a full recovery, prudence is highly recommended before extending a new 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. |
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%)