MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
MULIAKERAMIK INDAHRAYA TBK |
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Formerly Known as : |
P.T. MULIA MENARA PERSADA |
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Registered Office : |
Kuningan Plaza (North Tower) 10th Floor, Jalan
H.R. Rasuna Said Kav. C 11 14, Kuningan, Jakarta Selatan |
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Country : |
Indonesia |
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Date of Incorporation : |
19.04.1990 |
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Com. Reg. No.: |
C-UM.02.01.3577 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Ceramic Tile and Sanitary Wares
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$. 13,2 million |
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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. MULIAKERAMIK
INDAHRAYA Tbk
A d d r e s s
Head Office
Kuningan Plaza
(North Tower) 10th Floor
Jalan H.R. Rasuna
Said Kav. C 11-14
Kuningan
Jakarta Selatan
Indonesia
Phone - (62-21) 5207729
(5 lines), 5200777
Fax - (62-21) 5200946
Building Area - 24 storey
Office Space - 800 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Kawasan Ngoro Industri Persada
Block P No. 3, Ngoro
Mojokerto
East Java
Phones - (62-321) 616
241-8
Fax - (62-321)
616 251
Land Area - 40,000 sq.
meters
Building Area - 32,000 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
a. 19 April 1990
as P.T. MULIA MENARA PERSADA
b. 22 October
1990 as P.T. MULIA CERAMIC
c. 21 January
1991 as P.T. MULIAKERAMIK INDAHRAYA
d. 2 August 1997
as P.T. MULIAKERAMIK INDAHRAYA Tbk
Legal Form
P.T. (Perseroan
Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No.
C-UM.02.01.3577
Dated 14 November
2002
Company Status
Private National and Domestic Investment (PMDN) Company
Permit by the Government
Department
- No.
270/I/PMDN/1991
Dated 8 April 1991
- No.
177/II/PMDN/1994
Dated 3 May 1994
- No.
199/II/PMDN/1995
Dated 11 August 1995
- No.
25/II/PMDN/1997
Dated 20 February 1997
Related Company
A Member Company of the MULIA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,500,000,000,000.-
Issued Capital : Rp. 400,000,000,000.-
Paid up Capital : Rp. 400,000,000,000.-
Shareholders/Owners :
a. P.T. MULIA
INDUSTRINDO Tbk -
Rp. 395,600,000,000.-
Address : Kuningan Plaza, North Tower, 10th Floor
Jl. H.R. Rasuna Said Kav. C 11-14
Jakarta Selatan
Indonesia
b. P.T. MULIA
GLASS -
Rp. 4,400,000,000.-
Address : Kuningan Plaza, North Tower, 10th Floor
Jl. H.R. Rasuna Said Kav. C 11-14
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Ceramic Tile and Sanitary Wares
Manufacturing
Production Capacity
a. Ceramic Tiles - 44,617,500 sq.
mtrs. p.a.
b. Sanitary
Wares - 300,000 units p.a.
c. Granite
Tiles -
25,375,000 sq. mtrs. p.a.
Total Investment
a. Equity
Capital - Rp.
298.3 billion
b. Reinvested
Profit - Rp. 82.6 billion
c. Loan
Capital - Rp.
849.8 billion
d. Total
Investment - Rp. 1,230.7 billion
Started Operation
August 1992
Brand Name
Mulia Ceramik
Technical Assistance
Europe Technology
Number of Employee
2,950 persons
Marketing Area
Domestic - 80%
Export - 20%
Main Customer
a. P.T. MULIA INDUSTRINDO
Tbk (Sole Distributors)
b. Building
Materials Shops and Traders
c. Building
Contracting
d. P.T. CATUR
MITRA SEJATI SENTOSA
e. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. ROMAN
CERAMIK INTERNATIONAL
b. P.T.
MULIAKERAMIK INDAHRAYA Tbk
c. P.T. KERAMINDO
MEGAH PERTIWI
d. P.T. HAENG NAM
SEJAHTERA INDONESIA
e. P.T. SATYARAYA
KERAMIK INDAH
f. Etc.,
Business Trend
Fluctuating
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank
NIAGA Tbk
Graha NIAGA
Jalan Jend. Suddirman Kav. 58
Jakarta Selatan
b. P.T. Bank
INTERNASIONAL INDONESIA Tbk
Plaza BII
Jalan M.H. Thamrin No. 51
Jakarta Pusat
c. P.T. Bank RAKYAT INDONESIA Tbk
BRI Building
Jalan Jend. Sudirman No. 44-45
Jakarta Pusat
Indonesia
Auditor :
Hans Tuanakota, Mustofa & Halim
Litigation :
In mid-1999, the
former Chairman Mr. Joko Sugiarto Tjandra as defendant in any claims :
a.
involved
in corruption case of Bank Bali's scandal
b.
involved
in corruption case of Bank BRI’s scandal (bad debtor)
FINANCIAL FIGURE
Annual Sales :
2005 – Rp. 1,150.9
billion
2006 – Rp. 966.6 billion
2007 – Rp. 1,100.0
billion (estimated)
Net Profit (Loss)
:
2005 – Rp. (183.2) billion
2006 – Rp. 77.2 billion
2007 – Rp. 85.0 billion (estimated)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Eka Tjandranegara
Directors - a. Mr. Hendra Heryadi Widjanarko
b. Mr. Rudy Djaja
c. Mr. Hendrata Atmoko
d. Mr. Hendrik Polisar
Board of Commissioners :
President Commissioner - Mr. Drs. Tony Surjanto
Commissioners - a.
Mr. Tjahja Sathiadi
b. Mr. Handrian Tjahja
Signatories :
President Director (Mr. Eka Tjandranegara) or one of the Directors
(Mr. Hendra Heryadi idjanarko,
Mr. Rudy Djaja, Mr. Hendrata Atmoko or Mr. Hendrik Polisar) which
must be approved by Board of Commissioners.
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$. 13,2 million on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T. MULIA MENARA PERSADA, the company was established
in 1990 with an authorized capital of Rp. 100,000,000 issued and paid up
capital of Rp. 20,000,000. The previous founding shareholders are Mr. Eka
Tjandranegara AKA Tjan Kok Koei and his younger brother Mr. Joko Soegiato
Tjandra AKA Tjan Kok Hui and Mr. Gunawan Tjandra AKA Tjan Kok Kwang, Chinese
origins Indonesian business family. In January 1991 the company was renamed
P.T. MULIAKERAMIK INDAHRAYA (P.T. MI). In June 1997, P.T. MI sold the bond to
the public through Surabaya Stock Exchange (BES) worth Rp 100.0 billion within
7 years. Since then its name changed to P.T. MULIAKERAMIK INDAHRAYA Tbk. (MIT).
The latest, its authorized capital was raised to Rp. 1,500,000,000,000 issued and
paid up capital to Rp. 400,000,000,000. The shareholders are now P.T. MULIA
INDUSTRINDO Tbk, a public listed company and P.T. MULIAGLASS. The deed of
amendment was made by Mrs. Hennywati Sumaharjana, SH., a public notary in
Jakarta under Company Registration Number C-UM.02.01.3577, dated November 14,
2002.
We observe that P.T. MIT is a member company of the MULIA Group, a large
business group headed by Mr. Eka Tjandranegara AKA Tjan (Ho) Kok Koei.
P.T. MIT is the biggest producer of ceramic tile and sanitary wares
industry in the country. The plant is located at Desa Lemah Abang, Bekasi, West
Java, on a land of some 40 hectares. The plant has been operating since August
1992 and has been expanding frequently to increasing production capacity in
ceramic tile and sanitary wares. The plant produces ceramic tiles of 44,617,500
sg. meters, sanitary wares of 300,000 units and granite tiles of 25,375,000 sq.
meters respectively per annum. Some 80% of the products are marketed under the
MULIA CERAMIC brand by its holding company P.T. MULIA INDUSTRINDO Tbk.
Meanwhile some 20% of the products are also exported to Singapore, Hong Kong,
India, Australia, Canada, the USA and Europe. The plant has absorbed an
investment of Rp. 1,230.7 billion come from owned capital of Rp. 298.3 billion,
reinvested profit of Rp. 82.6 billion and the rest from loans. P.T. MIT has
acquired in ISO 9002 certificate of an international quality management of
Swiss. The operation of P.T. MIT had been fluctuating since the early 1998 as
the impact of economic crisis occurred in the country. The crisis has a bad
impact on many industrial sectors as many property projects as consumers have
been delayed and discontinued.
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
According to financial statement of the company in 2005 amounted to Rp.
1,150.9 billion with a net loss of Rp. 183.2 billion, dropt to Rp. 966.6
billion with a net profit of Rp. 77.2 billion in 2006. We estimated the total
sales turnover of the company in 2007 amounted to Rp. 1,100.0 billion with a
net profit of Rp. 85.0 billion in 2007 and projected to go on rising by at
least 6% in 2008. The company has yet been reported the financial statement as
from July to December 2006. We observe that P.T. MIT is supported by
financially fairly strong business group behind it.
The management of P.T. MIT is led by Mr. Eka Tjandranegara AKA Tjan (Ho)
Kok Koei (60), a businessman with 30 years experience in ceramic tiles and
sanitary wares production. He
graduated of Business Administration of Stamford College, Singapore, in
1965. He is also the prime mover of the MULIA Group. Daily, he is assisted by
other directors namely Mr. Hendra Heryadi Widjanoarko (58), a graduate of MDP,
Asian Institute Management, Philippines, in 1980. Previously the chairman was
Mr. Joko Soegiarto Tjandra AKA Tjan Kok Hui (58), a younger brother of Mr. Eka
Tjandranegara. But he has involved in Bank BALI corruption case (Bank Bali
scandal), since 1 March 2001, he was replaced by Mr. Tony Surjanto (62) a
top-executive of the MULIA Group. In the past the management had maintained a
close relationship with many government authorities during Mr. Soeharto era. In
early 2000, Mr. Joko Sugiarto Tjandra used to be stood trial at South Jakarta
district court but decision of high court in June 2001 released Mr. Joko
Sugiarto Tjandra and the claim was ceased by the issuing of SP3 (ceasing
investigation) by the South Jakarta district court.
From the above
negative factor surrounding P.T. MULIAKERAMIK INDAHRAYA Tbk, we recommend to
treat prudently in extending a loan to the company.
Attachment :
List of the
MULIA Group Members
1.
ANPA
INTERNATIONAL, P.T. (Office Block Rental)
2.
BERSAMA
MULIA, P.T. (General Contracting)
3.
BUMI
MULIA PERKASA DEVELOPMENT, P.T. (Office Block Rental)
4.
CIPTA
PARAMITA INDAH, P.T. (Architect, Design and Engineering)
5.
DHARMA
PERKASA MANDIRI, P.T. (Real Estate Development and Contracting)
6.
EKA
GUNATAMA MANDIRI, P.T. (Investment Holding)
7.
FIRST
NATIONAL GLASSWARE, P.T. (Glass-ware Manufacturing)
8.
GERBANG
TEKNOLOGI CIKARANG, P.T. (Electrical Component Supplier and Machinery
Assemblers)
9.
FIVE
PILLARS OFFICE PARKS, P.T. (Office Block Rental)
10.
GUNAPARAMITA
PRIMASATYA, P.T. (Carton Box Manufacturing and Investment Holding)
11.
GRAHABUANA
CIKARANG, P.T. (Property Development and Management, Investment Holding)
12.
GRAHAMANDALA
MULIATAMA, P.T. (Trading and Suppliers)
13.
HAMTEC
OVERSEAS, P.T. (Trading and Supplier)
14.
HARUYO
ENTERPRISE INC., P.T. (Trading)
15.
HOME
OVERSEAS, P.T. (Trading)
16.
INDOCARGOMAS
PERSADA, P.T. (Land Transportation, Trucking and Investment Holding)
17.
KAWASAN
INDUSTRI JABABEKA, P.T. (Industrial Estate and Real Estate Management)
18.
JABABEKA
INFRASTRUKTUR, P.T. (General Contracting and Infrastructure Management)
19.
JAYA
SUMPILES INDONESIA, P.T. (Piling, Foundation Works and Construction)
20.
MEKAR
SERTAJAYA, P.T. (Land Clearing and Development and Investment Holding)
21.
MULIA
BATARA SEMESTA, P.T. (Office Block Rental and Shopping Centre Management)
22.
MEKAR
SERTAJAYA, P.T. (Real Estate, General Contracting, Supplier and Investment
Holding)
23.
MULIA
CEMERLANG DIANPERSADA, P.T. (Office Block Rental Management)
24.
MULIAGLASS,
P.T. (Float Glass and Bottle Industry)
25.
MULIA
GRAHA MINA RESOURCES, P.T. (Office Block Management and Rental)
26.
MULIA
GRAHA PERMAI, P.T. (Real Estate Development)
27.
MULIA
GRAHA TATA LESTARI, P.T. (Hotelry)
28.
MULIA
GRAHA TATAINDAH, P.T. (Office Block Rental Management)
29.
MULIA
INDOLAND, P.T. (Office Block Marketing)
30.
MULIA
INDUSTRINDO, P.T. (Trading and Distribution of Float Glass and Bottle and
Ceramic Tile and Sanitary Wares, Investment Holding)
31.
MULIA
INDUSTRINDO FINANCE B.W. NETHERLANDS (Financing)
32.
MULIA
INTIPELANGI, P.T. (Condominium, Shopping Mall and Office Block Owner and Rental
Management)
33.
MULIA
KENCANA DWIPATAMA, P.T. (Trading and Investment Holding)
34.
MULIA
KERAMIK INDAHRAYA Tbk. (Ceramic Tile and Sanitary Wares Manufacturing)
35.
MULIA
PERSADA GEMILANG, P.T. (Property Management)
36.
MULIA
PERSADA PACIFIC, P.T. (Office Block Rental and Shopping Block Development
Management)
37.
MULIA
PERSADA TATAINDAH, P.T. (Office Block Rental Management)
38.
MULIA
PERSADA TATALESTARI, P.T. (Office Block Rental Management)
39.
MULIA
REKAYASATAMA, P.T. (AC Installation Equipment Manufacturing)
40.
MULIACEMERLANG
DIANPERSADA, P.T. (Modern Office Block Development and Rental)
41.
MULIAKERAMIK
INDAH RAYA, P.T. (Ceramic Tile and Sanitary Tile Manufacturing)
42.
MULIALAND,
P.T. (Property Management and Development, Investment Holding)
43.
MULIAMATARI
CEMERLANG, P.T. (Development and Management of Hotel and Shopping Center)
44.
MULIASEJATI
PRIMAMAS, P.T. (Office Block Rental Management)
45.
MULIASEKAR
PERSADA, P.T. (Trading and Supplier)
46.
PADANG
GOLF CIKARANG, P.T. (Country Club & Golf Course Management)
47.
PERTAMA
METALPERKASA, P.T. (Stainless Tableware Manufacturing)
48.
PERTAMASARANA
SEJAHTERA, P.T. (Polymer Concrete Sanitary Ware Manufacturing)
49.
PERTAMA
GLASS INTIKARSA, P.T. (Household Glass Manufacturing)
50.
SANGGAR
MUSTIKA INDAH, P.T. (Office Block Rental Management)
51.
SANGGAR
MUSTIKA MULIARAYA, P.T. (Office Block Rental Management)
52.
SANGGAR
MUSTIKA MULIA PERMAI, P.T. (Hotel and Condominium Management)
53.
SUM
CHEONG PILING Pte., Ltd., Singapore (Trading)
54.
SUMPILES
INVESTMENT (Pte) Ltd., Singapore (Trading)
55.
TJANDRANEGARA
INVESTINDO, P.T. (Investment Holding)
56.
THE
FIRST NATIONAL GLASSWARE LTD., P.T.
57.
TRI
DHARMA SAKTI INDAH, P.T. (Developer and Rental Office Management)
58.
WIDYA
DHARMA BINA USAHA, P.T. (Consulting)
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%)