MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MAHA
KERAMINDO PERKASA |
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Formerly Known as : |
P.T. MASTERINA
KERAMIKA PRATAMA |
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Registered Office : |
Pusat Perdagangan Bahan Bangunan Dan Interior, Mangga Dua, Block F 1 No.1 Jalan Raya Mangga Dua, Jakarta Utara, 10730 |
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Country : |
Indonesia |
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Date of Incorporation : |
14.11.1996 |
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Com. Reg. No.: |
W7-HT.01.10.2303 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ceramic Tile 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$ 3,500,000 |
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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. MAHA
KERAMINDO PERKASA
A d d r e s s
Head Office
Pusat Perdagangan
Bahan Bangunan dan Interior
Mangga Dua, Block
F 1 No. 1
Jalan Raya Mangga
Dua
Jakarta Utara, 10730
Indonesia
Phone - (62-21) 6011809,
6009939
Fax - (62-21) 6015750
Building Area - 2 storey
Building Space - 400 sq. meters
Region - Commercial
Status - Rent
Branch
Perkantoran
Harmoni Plaza Block J No. 16
Jalan Suryopranoto
No. 2
Jakarta Pusat
Indonesia
Phone - (62-21) 632027
(Hunting)
Fax - (62-21) 632028
Building Area - 2 storey
Building Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Pasar Kemis
Tangerang
Banten Province
Phones - (62-21)
5903252 (Hunting)
Fax - (62-21)
5903249
Land Area - 190,000 sq.
meters
Building Area - 75,000 sq.
meters
Region - Industrial
Zone
Status - Owned
summary
Date of
Incorporation :
14 November 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
No.
W7-HT.01.10.2303
Dated 23 February
2007
Company Status
:
Private National and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Directorate
General of Tax
NPWP No. 01.775.331.0-411.000
The Capital
Investment Coordinating Board
- No. 824/I/PMDN/1988
Dated 21 December 1988
- No. 75/II/PMDN/1994
Dated 8 March 1994
Related Company :
A Member Company of the HOKIARTO or HOBROS Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
400,000,000,000.-
Issued Capital : Rp.
100,000,000,000.-
Paid up Capital : Rp. 50,000,000,000.-
Shareholders/Owners :
a. P.T. HOMAHANA
INDOPRATAMA -
Rp. 40,000,000,000.-
b. Mr. Ho Kiarto
AKA Ho Liong Kie - Rp. 10,000,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Ceramic Tile and Wall Tile Manufacturing
Production
Capacity :
a. Ceramic Tiles -
12,816,000 sq. meters p.a.
b. Ceramic Wall Tiles - 4,200,000 sq. meters p.a.
Total Investment :
a. Equity Capital - Rp. 55.3 billion
b. Loan Capital - Rp. 101.6
billion
c. Total
Investment - Rp. 156.9 billion
Started Operation :
1989 when it was
P.T. MASTERINA KERAMIKA PRATAMA
Brand Name :
Masterina
Technical Assistance :
None
Number of Employee :
1,510 persons
Marketing Area :
Domestic - 70%
Export - 30%
Main Customer :
a. P.T. SARANA
KERAMINDO INDAH SENTOSA
b. P.T. CATUR
SENTOSA ADIPRANA
c. P.T. CATUR
KARDA DEPO BANGUNAN
d. P.T. CATUR
MITRA SEJATI SENTOSA
e. Building
Material Trading
f. Etc.,
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SATYARAYA
KERAMIKINDAH
b. P.T.
MULIAKERAMIK INDAHRAYA Tbk
c. P.T. KERAMINDO
MEGAH PERTIWI
d. P.T. HAENG NAM
SEJAHTERA INDONESIA
e. Etc.,
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Jalan Ir. H. Juanda No. 20
Jakarta Pusat
Indonesia
b. P.T. Bank INTERNASIONAL INDONESIA Tbk
Jalan Arteri Mangga Dua Block
D/6-9
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 370.0
billion
2006 – Rp. 410.0
billion
2007 – Rp. 420.0
billion
2008 – Rp. 226.0
billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 24.0 billion
2006 – Rp. 24.6 billion
2007 – Rp. 25.6 billion
2008 – Rp. 14.7 billion (January-June)
Payment Manner :
Above Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Ho Hariaty
Director - Mr. Budi, MBA
Board of Commissioners :
Commissioner - Mrs. Ramona
Signatories :
President Director (Mrs. Ho Hariaty) or
the Director (Mr. Budi, MBA) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
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 :
US$ 3,500,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. MAHA KERAMINDO PERKASA (P.T. MKP) was established in November 1996 in
Jakarta with an authorized capital of Rp. 400,000,000,000 issued capital of Rp.
100,000,000,000 and paid up capital of Rp. 50,000,000,000. The founding
shareholders are P.T. HOMAHANA INDOPRATAMA (90%) and Mr. Ho Kiarto AKA Ho Liong
Kie (10%), a Chinese Indonesian businessman. The company notarial deed has
never changed as yet. The deed of amendment was made by Mr. Herdimansyah
Chaidirsyah, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. W7-HT.01.10.2303, dated February 23, 2007.
We observe P.T. HOMAHANA INDOPRATAMA is a private national company of
which 70% of its shares is owned by Mr. Ho Kiarto AKA Ho Liong Kie and 30% by
his younger brother Mr. Ho Kianto AKA Ho Liong Kian. P.T. MKP is a member of
the HOKIARTO or HOBROS Group, a business group headed by Mr. Ho Kiarto AKA Ho
Liong Kie and his younger brother Mr. Ho Kianto AKA Ho Liong Kian.
P.T. MKP is a continuance of P.T. MASTERINA KERAMIKA PRATAMA in ceramic
tile manufacturing industry operating its plant located at Desa Pasar Kemis,
Tangerang, Banten Province, on a land of some 19 hectares. The plant has annual
production capacity of 12,816,000 square meters of ceramic tiles and 4,200,000
square meters of wall tiles. The plant has absorbed an investment of Rp. 156.9
billion come from owned capital of Rp. 55.3 billion and the rest from loans.
The whole products are marketed using MASTERINA brand, a well-known ceramic
tile brand in the country. P.T. MKP has appointed its affiliated company P.T.
SARANA KERAMINDO INDAH SENTOSA as a sole distributor, having controlled a wide
marketing network in the country. Besides, some of the products is sold through
P.T. CATUR KARDA DEPO BANGUNAN, P.T. CATUR MITRA SEJATI SENTOSA both are
dealing in building material supermarket and others. Since mid-1998 P.T MKP
concentrates to export and now more than 30% of the products is exported to
Singapore, Brunei, the Philippines, Australia, Africa, Europe, Oceania country
and Mid-East. We observe that P.T. MKP has been growing in 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)
|
Year |
Production |
Export |
Import |
Supply |
|
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. MKP 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.
370.0 billion rose to Rp. 410.0 billion in 2006 increased to Rp. 420.0 billion
in 2007. As from January to June 2008 the sales turnover has amounted to Rp.
226.0 billion with a net profit of Rp. 14.7 billion. It is projected the sales
turnover will be declining by at least 3% in 2009 due to the global economic
crisis. The company has an estimated total networth of at least Rp. 223.0
billion.
The management of the company is headed by Mrs. Ho Hariaty (56), a
daughter of Mr. Ho Kiarto AKA Ho Liong Kie (72), a businessman with more than
25 years of experience in industry and trading of ceramic tiles and floor
tiles. He is also the prime mover of the HOBROS Group, a company being
established by Mr. Ho Kiarto being in cooperation with his younger brother the
HOBROS Group, a company group being established by Mr. Ho Kiarto along with his
younger brother Mr. Ho Kianto AKA Ho Liong Kian (60). Mr. Ho Kiarto has close
relation with Mr. Bustanil Arifin, SH, the former chief of BULOG and the former
Minister of Cooperative during the former President Soeharto era. Initially,
the business of the HOBROS Group had rapidly been growing up to mid 1997 but
the business declined drastically as the impact of the economic crisis and
sharp rupiah depreciation against foreign currencies. Mr. Ho Kiarto had frequently
faced the court in the country in several cases including the smuggling case of
imported sugar being kept in HOBROS Firm’s warehouse (owned by Mr. Ho Kiarto),
the settlement of bad debt of P.T. HOKINDO Bank (owned by Mr. Ho Kiarto) with
P.T. PERUSAHAAN PENGELOLA ASSET (Ex. IBRA) and the corruption case of land
exchange between BULOG and P.T. GORO BATARA SAKTI. The above cases have yet to
be completely settled and still being investigated.
On account of the unstable economic condition in the country, we
recommend to treat prudently in business transaction and in extending a loan to
the company.
Attachment :
List of the HOBROS
Group Members
1.
ALAS
BUANA RAYA, P.T. (Integrated System Solution Services)
2.
ALAS BUMI
INDAH, P.T. (Sport Shoe Manufacturing)
3.
GEMAWIDIA
STATINDO KOMPUTER, P.T. (Trading and Distribution of Computer Peripherals,
Computer Application Training)
4.
HARJAMUKTI
LANGGENG, P.T. (Transportation and Warehouse Management)
5.
HEBEL
INDONESIA, P.T. (Light Weight Concrete Manufacturing)
6.
HOBROS,
Firma (Sugar and Flour Mill Distribution)
7.
HOKINDO,
P.T. Bank (Banking)
8.
HOKIBEL
INTERNUSA, P.T. (Investment Holding)
9.
HOTAN
JAYA GRAYA, P.T. (Frozen Shrimp and other Marine Product Exporters)
10. KERSOMAJU MESTIMERDAMEL, P.T.
(Container Terminal Management)
11. KHOM FOODS, P.T.
12. MAHA KERAMINDO PERKASA, P.T.
(Granite Tile Manufacturing)
13. PATAKA KARYA SENTOSA, P.T. (Property
Develop and Management)
14. PORSMO CERAMIC COMPANY, P.T.
(Granite Tile Manufacturing)
15. PRIMADIAN KALIMAS, P.T. (Milk
Distribution_
16. SARANAKRAMINDO INDAH SENTOSA, P.T.
(Ceramic and Granite Tile Manufacturing)
17. SUMBER PRATAMA REJEKI BUMI, P.T.
(Container Terminal Management)
18. TEGUH TIMUR, P.T. (General
Contracting)
19.
Etc.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.52 |
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UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
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%)