MIRA INFORM REPORT

 

 

Report Date :

08.05.2007

 

IDENTIFICATION DETAILS

 

Name :

P.T. SATYARAYA KERAMINDOINDAH

 

 

Registered Office :

Jalan Raya Serang Km. 25, Balaraja, Tangerang, 15610, Banten Province

 

 

Country :

Indonesia

 

 

Date of Incorporation :

11 December 1988

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Ceramic Floor and Wall Tile Manufacturing 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 3,600,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

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

 

No.

Indicator

2001

2002

2003

2004

2005

1.

Economic Growth (%)

3.83

4.37

4.87

5.13

5.78

2.

Inflation (%)

12.55

10.03

5.06

6.40

17.17

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

4.

Foreign Trade Balance (million US$)

25,248.5

23,104.6

24,142.3

25,614.6

27.202.7

5.

Export (million US$)

56,321

57,159

61,058

71,585

83,314

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

 

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

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions