MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P T DAYACAYO ASRITAMA |
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Registered Office : |
Komplek Prisma Kedoya Plaza Block A-26, Jalan Arteri Sisi Tol (Pejuangan), Jakarta Barat, 11480 |
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Country : |
Indonesia |
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Date of Incorporation : |
23.10.1990 |
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Com. Reg. No.: |
No.
C2-27942.HT.01.04.TH.1998 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Marble Mining
and Processing |
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$ 1,231,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. DAYACAYO ASRITAMA
Address
Head Office
Komplek Prisma Kedoya Plaza Block A-26
Jalan Arteri Sisi Tol (Pejuangan)
Jakarta Barat, 11480
Indonesia
Phones - (62-21) 5310026, 5324876 (Hunting)
Fax -
(62-21) 5310022, 5364281
E-mail - pancayasa@indosat.net.id
Website - http://www.dayacayo.com
Building Area - 2 storey
Office Space - 220 sq. meters
Region - Commercial Building
Status - Owned
Branch
Jalan Boulevard Komplek Ruko Jacint II No. 6-7
Panakkukan Mas
Ujung Pandang
South Sulawesi
Indonesia
Phones - (62-411) 440143, 440258
Fax -
(62-411) 440490
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial Building
Status - Rent
Factory
Jl. Desa Mangilu, Kecamatan Bungoro
Kabupaten Pangkep
South Sulawesi
Land Area - 250,000 sq. meters
Building Area - 80,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
23 October 1990
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
No. C2-27942.HT.01.04.TH.1998
Dated 14 October 1998
Company Status
Private National and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Capital
Investment Coordinating Board
No. 418/I/PMDN/1995
Dated 7 August 1995
Related Company
A Member Company of the PANCA YASA Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 20,000,000,000.-
Issued Capital :
Rp. 8,000,000,000.-
Paid up Capital :
Rp. 8,000,000,000.-
Shareholders/Owners :
a. P.T. PANCAYASA PRIMATANGGUH - Rp. 7,922,000,000.-
b. P.T. PUSAKO DECORINDAH -
Rp. 78,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Marble Mining and Processing
Production Capacity :
a. Marble Block - 24,000 cu meters p.a.
b. Marble Sheets -
720,000 cu meters p.a.
Total Investment :
a. Equity Capital -
Rp. 8.0 billion
b. Loan Capital -
Rp. 15.1 billion
c. Total Investment -
Rp. 23.1 billion
Started Operation :
1995
Brand Name :
CREMA
Technical Assistance :
None
Number of Employee :
117persons
Marketing Area :
Export - 80%
Local - 20%
Main Customer :
Buyers in the USA, Australia etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BANDUNG MARMER
b. P.T. INDOKAWA ROCHLINE MARBLE INDUSTRY
c. P.T. MARINDATARA RAYA
d. P.T. MARMER GRANIT MAS
e. Etc.,
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank DANAMON INDONESIA Tbk
Jalan Jend.
Sudirman Kav. 45
Jakarta Selatan
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Jend. Gatot
Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 115.0 billion
2006 – Rp. 120.0 billion
2007 – Rp. 130.0 billion
2008 – Rp. 65.0
billion (January-June)
Net Profit (estimated) :
2005 – Rp. 8.0 billion
2006 – Rp. 8.4 billion
2007 – Rp. 9.1 billion
2008 – Rp. 4.5 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Liauw Budi Arifandi
Director - Mr.
Soegiharto Simon
Board of Commissioners :
President Commissioner - Mr. Johannes Kaliman
Commissioner - Mr. Jason
Golardi
Signatories :
President Director (Mr. Liauw Budi Arifandi) or the Director
(Mr. Soegiharto Simon) which must be approved by Board of Commissioner.
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$ 1,231,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. DAYACAYO ASRITAMA (P.T. DA) was incorporated in October 1990 with an authorized capital of Rp. 100,000,000 issued and paid up capital of Rp. 20,000,000. The original founding shareholders are Mr. Johannes Kaliman, Mr. Piet Undap, Mr. Liauw Budi Arifandi, Mr. Soegiarto Simon and Mr. Edy Sukartono, all Chinese-Indonesian businessmen. The company's notarial act has frequently been revised. In August 1998 the authorized capital was raised to Rp. 20,000,000,000 issued and paid up capital to Rp. 8,000,000,000. By the same time the entire shares had been controlled by Mr. Liauw Budi Arifandi and P.T. PANCAYASA PRIMATANGGUH, a national private company. The deed of amendment was made by Mr. Tri Firdaus Albarsyah, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. C2-27942.HT.01.04.TH.1998, dated October 14, 1998.
The shareholder of P.T. DA namely P.T. PANCAYASA PRIMATANGGUH is a member of the PANCAYASA Group, a medium-sized business group in the country headed by Mr. Liauw Budi Arifandi mentioned above.
P.T. DA is a Domestic Capital Investment Company (PMDN) in natural marble mining and processing. Its plant is located at Desa Mangilu, Bungoro District, Pangkep Regency, South Sulawesi. The plant has a production capacity of 24,000 cu. meters marble block and 720,000 cu.meters marble sheets per year respectively. It had been operating since the end 1995 with an investment of Rp. 23.1 billion coming from company's capital of Rp. 8.0 billion and the rest from loan. Mr. Widyo Yuwono, a marketing staff said to our inquiry that some 80% of the product is marketed locally using Crema brand and the rest is exported to the USA and other countries. It seems that P.T. DA belongs to a medium-sized of its kind and the operation had been growing within the last three years.
In overall views we find the demand for ceramic tiles, sanitary wares and the like had been rising by 10% to 12% per year in the last five years, in line with the rapid growth of property sector like hotel, apartment, real-estate, office building, etc. Its projected the demand for ceramic tile will be rising in the last five years. While competition, is very tight due to a large number of similar companies operating in the country. The economic crisis battering the country since mid 1997 followed by the sharp rupiah depreciation against US$, Japan Yen, Germany Mark and other hard foreign currencies has brought bad impact to the property and constructing businesses such as the development of housings, real estates, office buildings, shopping buildings, apartments and others.
Production and Supply of Ceramic, 2000-2005 (M2)
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Year |
Production |
Export |
Import |
Supply |
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2000 2001 2002 2003 2004 2005 |
202.145.086 219.460.190 229.348.751 238.749.581 241.487.952 243.875.657 |
20.891.905 24.107.793 26.603.651 31.422.758 35.193.489 31.838.221 |
560.325 920.060 171.427 3.779.582 4.346.829 10.490.953 |
181.813.506 196.272.457 202.916.527 211.106.675 210.641.293 222.528.389 |
Source : Central Bureau of
Statistic (BPS), processed by ICB
Until this time P.T. DA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2005 amounted to Rp. 115.0 billion rose to Rp. 120.0 billion in 2006 increased to Rp. 130.0 billion in 2007. The total sales turnover as from January to June 2008 amounted to Rp. 65.0 billion with a net profit of Rp. 4.5 billion and projected to go on rising by at least 5% in 2009. The company has an estimated total networth of at least Rp. 28.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The economic crisis broke in mid 1997 has caused the PANCA YASA Group to face financial difficulties. According to data from the Indonesian Banking Restructuring Agency (IBRA), several members of the PANCA YASA registered as bad debtors are P.T. DA with a debt of Rp. 21,845,432,000, P.T. PANCAYASA PRIMATANGGUH of Rp. 48,872,369,000 and US$ 5,449,423, P.T. YASARONA ASRINDO of Deutsch Mark 634,000, P.T. PANCAPRIMA SUPAYASA of Rp. 20,049,296,282 and P.T. TRIASA BUANA TANGGUH of Rp. 9,351,144,000. Based on our latest information that whole debt of the PANCA YASA group has been restructurized.
The management of P.T. DA is led by Mr. Liauw Budi Arifandi (53) a businessman and professional manager with experience in natural marble quarrying and processing. He is also president director of holding company P.T. PANCAYASA PRIMATANGGUH and also as primemover of the PANCA YASA Group. Daily operation he is assisted by Mr. Soegiarto Simon (46) as a director. The management is handled by experienced staff in this business, having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. So far, we did not hear 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. P.T. DAYACAYO ASRITAMA is sufficiently 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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%)