MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. KIA SERPIH MAS |
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Formerly Known As : |
P.T. SERPIH MAS |
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Registered Office : |
Jalan Raya Narogong Km. 51,9, Desa Limusnunggal, Cileungsi, Bogor, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
01.10.1994 |
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Com. Reg. No.: |
AHU-80855.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ceramic 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$ 5,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. KIA
SERPIH MAS
A d d r e s s
Head Office &
Factory 1
Jalan Raya
Narogong Km. 51,9
Desa
Limusnunggal, Cileungsi
Bogor, West Java
Indonesia
Phones - (62-21) 8230023
(Hunting)
Fax - (62-21) 8230013, 82497781
Land Area - 25,000 sq.
meters
Building Area - 18,700 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory
II
Kawasan Industri
Surya Cipta Swadaya
Jalan Surya
Lestari Kav. 1 & 2
Teluk Jambe
Karawang 41361
West Java
Indonesia
Phones - (62-267)
440401-06
Fax - (62-267) 440410-11
Land Area - 12,000 sq.
meters
Building Area - 10,500 sq.
meters
Region - Industrial
Estate
Status - Owned
summary
Date of Incorporation :
a. 15 December
1980 as P.T. SERPIH MAS
b. 01 October
1994 as P.T. KIA SERPIH MAS
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-80855.AH.01.02.TH.2008
Dated 3 November
2008
Company
Status :
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.002.742.3-431.000
The Capital Investment Coordinating Board
No. V/PMA/2008
Dated November
2008
Related
Company :
A Member Company
of the ONGKO Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized
Capital : Rp.
1,450,000,000,000.-
Issued Capital : Rp.
1,129,579,000,000.-
Paid up Capital : Rp.
1,129,579,000,000.-
Shareholders/Owners
:
a. FAIRBAIRN HOLDINGS LIMITED - 95.13%
Address :
Oliaji Trade Centre 1st Floor
Victoria, Mahe
Seychelles
b. P.T. MITRA INVESTINDO MULTICORPORA - 3.73%
Address : Kompl. Atap Merah
Block E. No. 10
Jl.
Pencenongan No. 71
Jakarta Pusat
Indonesia
c. P.T. KERAMIKA INDONESIA ASOSIASI Tbk - 1.14%
Address : Graha Atrium 5th
Floor
Jl. Senen Raya
No. 135
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Ceramic Tile
Manufacturing
Production
Capacity :
a. Ceramic Tiles - 13.3 million
sq. meters p.a.
b. Special Bricks - 3.7 million pcs p.a.
c. Granite Tiles - 1.1 million sq. meters p.a.
Total
Investment :
a. Owned Capital - Rp. 179.0 billion
b. Loan
Capital -
Rp. 395.7 billion
c. Total
Investment - Rp.
574.7 billion
Started
Operation :
1984
Brand Name :
KIA
Technical
Assistance :
None
Number of
Employee :
517persons
Marketing Area
:
Export - 60%
Local - 40%
Main Customer
:
a. P.T. CATUR
SENTOSA ADIPRANA
b. P.T. CATUR
KARDA DEPO BANGUNAN
c. P.T. CATUR
MITRA SEJATI SENTOSA
d. Building
material shops and others
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
CENTRAL ASIA Tbk
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan Cikini Raya No. 34-36
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales (estimated)
:
2005 – Rp. 405.0
billion
2006 – Rp. 412.0
billion
2007 – Rp. 426.0
billion
2008 – Rp. 216.0
billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 24.3
billion
2006 – Rp. 24.7
billion
2007 – Rp. 25.2
billion
2008 – Rp. 12.9
billion (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Chrisnandar
Board of Commissioners :
President Commissioner -
Mr. Chan Laurence Gordon
Commissioner -
Mr. Hendra Surjana
Signatories :
Director (Mr.
Chrisnandar) which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 5,500,000 on
90 days D/A
OVERALL PERFOMANCE
Initially the company named P.T. SERPIH MAS, it was established in
Jakarta on December 15, 1980 with an authorized capital of Rp. 2,500,000,000
issued capital of Rp. 1,500,000,000 entirely paid-up. Founders and original
shareholders are Mr. Drs. Armyn, Mr. Kaharudin Ongko AKA Ong Ka Huat, Mr. Ir.
Soeyatno and Mr. Santoso Arief Gunawan. They are wholly Indonesian businessmen
of Chinese extraction. The company notarial deed has subsequently been changed
for a couple of times. In October 1994, the company renamed to P.T. KIA SERPIH
MAS (P.T. KSM). Later in March 1998, the authorized capital was increased to
Rp. 200,000,000,000 issued capital to Rp. 116,000,000,000 entirely paid up and
concurrently its entire shares were taken over by P.T. ONGKO MULTICORPORA, P.T.
KERAMIKA INDONESIA ASSOSIASI Tbk., P.T. ONGKO DINAMIKA and INTERNATIONAL
FINANCE CORPORATION of the USA. The latest in September 2008 the authorized
capital further increased to Rp. 1,450,000,000,000 issued capital to Rp.
1,129,579,000,000 fully and paid up. On the same occasion, P.T. ONGKO
MULTICORPORA, P.T. ONGKO DINAMIKA and INTERNATIONAL FINANCE CORPORATION
withdrew and the whole shares sold to P.T. MITRA INVESTINDO MULTICORPORA of
Indonesia and FAIRBAIRN HOLDINGS LIMITED of Seychelles. The deed of amendment
was made by Mrs. Sri Hidianingsih Adi Sugijanto, SH., was approved by the
Ministry of Law and Human Right in its Decision Letter No.
AHU-80855.AH.01.02.TH.2008, dated November 03, 2008.
The ONGKO Group is facing serious financial difficulties. The group at
the end 1997 was indebted of Rp. 8.24 trillion along with its interest to the
Indonesian Bank Restructuring Agency (IBRA) (now P.T. PERUSAHAAN PENGELOLA
ASET). To fulfill its liabilities, the ONGKO Group had guaranteed 25 company
members to P.T. PPA.
P.T. KSM obtained a Foreign Capital Investment (PMDN) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with ceramic tile
manufacturing. The company is operating two plant units being located at Jalan
Raya Narogong Km. 51.9, Limusnunggal Village, Cileungsi, Bogor, West Java and
on Jalan Surya Lestari, Teluk Jambe, Karawang, West Java. The plant has been
operating since 1984 and has expanding frequently to increasing production
capacity by produces of ceramic tiles of 13.3 million sq. meters, special
bricks of 3.7 million pcs and granite tiles of 1.1 million sq. meter per annum
respectively. The above plant has absorbed and investment of Rp. 574.7 billion
come from owned capital of Rp. 179.0 billion and the rest from loans. Mr.
Rusdianto, the director of the company, said that the plants produce floor
tiles with various sizes from the smallest to the largest of 40 x 40 cm. Some
60% of the floor tiles being produced by the company is exported to Italy,
China, the USA, Japan and others and the rest is locally marketed using KIA
brand. Besides, the products is also distributed by other distributors and
building material supermarkets such as P.T. CATUR SENTOSA ADIPRANA, P.T. CATUR
KARDA DEPO BANGUNAN, P.T. CATUR MITRA LESTARI and other building material shops
in the country. P.T. KSM is classified as a medium sized company of its kind of
which the operation 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. KSM 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. 405.0
billion rose to Rp. 412.0 billion in 2006 increased to Rp. 426.0 billion in
2007. The total sales turnover as from January to June 2008 amounted to Rp.
216.0 billion with a net profit of Rp. 12.9 billion and projected to go on
rising by at least 4% in 2009. The company has an estimated total networth of
at least Rp. 527.0 billion.
The management of P.T. KSM is led by Mr. Chrisnandar (33) a businessman
and professional manager with experience in ceramic tiles manufacturing. 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. In view of the negative factors above and the unstable economic
condition in the country we recommend to treat prudently in extending a loan to
the company.
Attachment :
List of the ONGKO
Group Members
1.
ADHYMULYO MAS, P.T. (Real Estate & Housing
Development)
2.
ARYA UPAYA
GRAHA, P.T. (Property Management)
3.
BAN WIN
HENG CO., (Hong Kong) Ltd. (Deposit Taking)
4.
BANK
UMUM NASIONAL (BUN), P.T. (Banking and Investment Holding)
5.
BINA
IMPERAL PLASTICS, P.T. (Plastic Bottles & Plastic Containers Manufacturing
Industry)
6.
BUNAS FINANCE
INDONESIA, P.T. (Financing Services)
7.
CAHAYA TERANG
REALTY Sdn. Bhd. Malaysia (Real
Estate Development)
8.
DER
KWEI KEMASAN INDAH INDONESIA, P.T.
9.
FIRST CHICAGO
ASIA Merchant Bank (Merchant Banking)
10.
FONTANA GARDEN
DEVELOPMENT, P.T. (Real Estate Development)
11.
FRIEDRIECH
GROHE ARMATUREN Fabric GmbH (Sanitaryware Manufacturing)
12.
GEMALA
MISORI, P.T. (Investment Holding)
13.
GREEN OASIS COSMETIC INTERNATIONAL, P.T. (Cosmetic
Manufacturing)
14.
GREEN HILL GARDEN, P.T. (Real Estate & Housing
Development)
15.
G.P. ENTREPRISE HOLDING Sdn. Bhd. - Malaysia
(Investment Holding)
16.
G.P. COMMODITIES Sdn. Bhd. - Malaysia (General
Trading)
17.
G.P. SECURITIES Sdn. Bhd. - Malaysia (Securities)
18.
HOCK SOON & Co. Pte. Ltd. (Contracting)
19.
INDO AMERICAN CERAMICS, P.T. (Ceramics Tableware
Manufacturing)
20.
INDO KAYU
NUSANTARA, P.T. (Logging & Sawmill)
21.
INDO LAND, P.T. (Property Management)
22.
INDO LAND
JAYA, P.T. (Real Estate Development)
23.
INDO PALAPA, P.T. (Real Estate Development)
24.
INDOKISAR DJAYA, P.T. (Real Estate Development)
25.
INTER DESIGN
MULTI PRIMA, P.T. (Architects
& Building Contractors)
26.
INTERNATIONAL TRUST
& FINANCE Ltd. (Non Bank
Financing)
27.
INTERNUSA ANTAR
CIPTA, P.T. (Contracting)
28.
INTI
KAYU LANGGENG, P.T. (Sawmill &
Timber Trade)
29.
KEDJAYAAN BUDI, P.T. (Trading)
30.
KERAMIKA
INDONESIA ASOSIASI Tbk., P.T. (Ceramic Tableware and Sanitary Manufacturing)
31.
KIA
SERPIH MAS, P.T. (Ceramics Roofing Tile
Industry)
32.
KURNIA HARAPAN
JAYA, P.T. (Cosmetic Manufacturing)
33.
LIGITA JAYA, P.T. Pelayaran (Bulk Cargo Carriers)
34.
LINCOLN RAYA
INDUSTRIES, P.T. (Writing Instrument Manufacturing)
35.
MARCO NUSANTARA, P.T. (Real Estate & Housing
Development)
36.
METRO
UTAMA RAYA ELECTRONIC INDUSTRY, P.T. (Audio Magenetic Cassette Manufacturing)
37.
MIRABELLA COSMETICS, P.T. (Cosmetics Manufacturing
Industry)
38.
MISORI UTAMA, P.T. (Real Estate Development)
39.
MUREI MEGAH
MAGNINDO, P.T. (Electronics Household Manufacturing)
40.
NUSANTARA DUTA
DJAYA INVESTMENT CORP., (Investment Company)
41.
ONG BULLION
Pte. Ltd. (Property)
42.
ONG COMMODITIES Pte. Ltd. (Future Trading)
43.
ONG FINANCE
(Hong Kong) Ltd. (Non Bank Financing)
44.
ONG HOLDING
(Hong Kong) Ltd. (Investment Holding)
45.
ONG LAND &
CO. Pte. Ltd. (Property)
46.
ONG MANAGEMENT CO. Pte. Ltd. (Management Trust)
47.
ONG &
COMPANY Pte. Ltd. (Trading)
48.
ONGKO MULTICORPORA (Investment Holding)
49.
ONGKO MULYO
HOSPITAL, P.T. (Hospital Management)
50.
PULOMAS
GEMALA MISORI, P.T. (Apartment and Shopping Centre Development and Management)
51.
REI
SEWINDU, P.T. (Collective Indonesia Real Estate Investment Company, General
Trade, Distributor of Building Materials & Suppliers)
52.
RIMBA PLYWOOD
BUNGUS, P.T. (Plywood Manufacturing Industry)
53.
RIMBA SUKYONG, P.T. (Plywood Manufacturing
Industry)
54.
S
& R REALTY Pte. Ltd. (Real Estate Development &
Management)
55.
SARANA
BERSAMA PEMBIAYAAN INDONESIA, P.T. (Holding & Investment Company of
Collective Indonesia Banks in the Asean Finance Corp., Ltd., Singapore)
56.
SEGITIGA PLAZA
HOTEL, P.T. (Hotel and Restaurant Management)
57.
SERPIH MAS, P.T. (Trading)
58.
SOUTH CENTRAL
RUBBER Pte. Ltd. (Rubber Works)
59.
SUMATRA MATCH
FACTORY, P.T. (Safety Matches Manufacturing)
60.
SUMBER
KERAMIK KHARISMA DINAMIKA, P.T. (Distributor of Building Materials &
Agents)
61.
SUMBER TENAGA, P.T. (Trading)
62.
SURYA NUSANTARA, P.T. Bank (Banking)
63.
TANAH REJEKI, P.T. (Ceramic Buidling Material
Manufacturing)
64.
TEO TJO
TJOEN & SONS Pte. Ltd. (Trading)
65.
TIMUR ENTREPRISE COMPANY, P.T. (General Trade,
Import & Export)
66.
UMUM NASIONAL, P.T. Bank (Banking)
67.
VENLO SANITAIR, N.V. (Sanitaryware Manufacturing)
68.
WELWIN FINANCE (Hong Kong) Ltd.
(Non Bank Financing)
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
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. |
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%)