MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
P.T. PUSAKA MARMER INDAHRAYA |
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Formerly Known as : |
P.T. PUSAKA MARMER INDAH |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
W7-HT.01.10-1919 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Natural Marble Quarrying 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$ 5,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. PUSAKA
MARMER INDAHRAYA
A d d r e s s
Head Office
Jalan Braga No. 5
Phones -
(62-22) 4260620 (Hunting)
Fax - (62-22) 4260622
E-mail - head-office@pumarin.co.id
Website - http://www.pumarin.co.id
Building Area - 2 storey
Office Space - 280 sq. meters
Region - Commercial
Status - Owned
Branch
Gedung Prioritas
Jalan R.P.
Soeroso Kav. 44-46
Phones -
(62-21) 31927411 (Hunting)
Fax - (62-21) 31927311
Building Area - 4 storey
Office Space - 120 sq. meters
Region -
Status - Rent
Factory
Jalan Raya
Padalarang Km. 25.4
Kampung Cisitu,
Desa Citatah
Padalarang 40554,
Phone -
(62-22) 6806211
Fax - (62-22) 6806210
Land Area - 200,000 sq.
meters
Building Area - 180,000 sq.
meters
Region - Industrial
Zone
Status - Owned
summary
Date of Incorporation :
a. 1980 as PD.
GUNUNG MEYUD
b. 4 October 1989
as P.T. PUSAKA MARMER INDAH
c. 27 July 1991
as P.T. PUSAKAMARMER INDAHRAYA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No. W7-HT.01.10-1919
Dated 6 October
2006
Company
Status :
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.555.257.3-428.000
The Capital Investment Coordinating Board
- No. 614/I/PMDN/1991
Dated 25 September 1991
- No.
431/III/PMDN/1994
Dated 19 October 1994
- No.
93/II/PMDN/1996
Dated 2 April 1996
Related
Company :
A Member Company
of the SURYA PERSINDO Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
10,000,000,000.-
Issued Capital : Rp. 5,000,000,000.-
Paid up Capital : Rp. 5,000,000,000.-
Shareholders/Owners
:
a. P.T. INTIMARMER KARYABERSAMA - Rp. 3,000,000,000.-
Address :
Jl. R.P. Soeroso Kav. 44-46
Gondangdia Lama
b. P.T. PUSAKO DECORINDAH - Rp. 2,000,000,000.-
Address : Jl. Braga No. 5
BUSINESS ACTIVITIES
Lines of
Business:
Natural Marble
Quarrying and Processing
Production
Capacity :
Natural Marble - 570,000 sq.
meters p.a.
Total
Investment :
a. Equity Capital - Rp. 5.0 billion
b. Loan
Capital - Rp.
25.6 billion
c. Total
Investment - Rp.
30.6 billion
Started
Operation :
1990
Brand Name :
Pumarin
Technical
Assistance :
None
Number of
Employee :
217persons
Marketing Area
:
Export - 80%
Local - 20%
Main Customer
:
Buyers in the
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
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
B a n k e r
s :
a. P.T. Bank
Jalan Jend. Sudirman Kav. 22-23
b. P.T. Bank
MANDIRI Tbk
Jalan Cikini Raya No. 34-36
c. P.T. Bank CIMB
NIAGA Tbk
Jalan Asia Afrika No. 15
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 615.0
billion
2006 – Rp. 625.0
billion
2007 – Rp. 640.0 billion
2008 – Rp. 330.0
billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 36.9
billion
2006 – Rp. 37.5
billion
2007 – Rp. 38.4
billion
2008 – Rp. 19.8
billion (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Hendrik Setiawan
Director -
Mrs. Ana Widjaya
Board of Commissioners :
President Commissioner -
Mr. Elman Saragih
Commissioners -
a. Mr. Rahni Lowhur Schad
b. Mrs. Nancy Setiawaty
Signatories :
President Director (Mr.
Hendrik Setiawan) or the Director (Mrs. Ana Widjaya) 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
The complete address of the is located at Jalan Braga No. 5, Bandung,
West Java nor at Jalan Sinarmanah No. 28, Bandung, West Java as your order
dated 18 November 2008. But the commissioner of the company (Mrs. Nancy Setiawaty)
is registered at the above address.
Initially the company named PD. GUNUNG MEYUD, it was established in 1980
with the status of sole proprietary company. Then in October 4, 1989 the status
was changed to P.T. (Perseeroan Terbatas) or Limited Liability Company with the
name of P.T. PUSAKAMARMER INDAH with the authorized capital of Rp. 20,000,000
of which Rp. 10,000,000 was issued and fully paid up. The founding shareholders
are Mr. Hendra Setiawan, his younger brother Mr. Hendrik Setiawan, Mrs. Susanti
Hakadinata and Mrs. Daryanti, all are Indonesian of Chinese extraction. The
articles of association of the company have frequently been revised. In July
1991 the company was changed to P.T. PUSAKA MARMER INDAHRAYA abbreviated to
P.T. PUMARIN.
In April 1996, the authorized capital was raised to Rp. 5,000,000,000
entirely issued and paid up. The latest in September 2006 the authorized
capital was increased to Rp. 10,000,000,000 issued capital to Rp. 5,000,000,000
entirely paid up. On the same occasion, Mr. Hendra Setiawan, Mr. Hendrik
Setiawan, Mrs. Susanti Hakadinata and Mrs. Daryati pulled out and the whole
shares sold to P.T. INTIMARMER KARYABERSAMA and P.T. PUSAKA DECORINDO, both are
private national company as new shareholders. The deed of amendment was made by
Mr. P. Sutrisno A. Tampubolon, SH., M.Kn., was approved by the Ministry of Law
and Human Right in its Decision Letter No. W7-HT.01.10-1919, dated October 06,
2006.
We observe that majority business stakes owner namely P.T. INTIMARMER
KARYABERSAMA is a private national company dealing with investment holding and
majority shares is held by Mr. Drs. Surya Paloh. He also founder and majority
business stakes owner of the SURYA PERSINDO Group, a small-size private
business group in Indonesia dealing with press publication, commercial
broadcasting television, and printing services. Meanwhile the other shareholder
P.T. PUSAKA DECORINDO is a private national company dealing with investment
holding and majority business stakes is held by Mr. Hendra Setiawan and Mr.
Hendrik Setiawan.
P.T. PUMARIN was established in the framework of Domestic Investment
(PMDN) company to deal with natural marble quarrying and processing of which
the plant is located at Jalan Padalarang Km. 25.4, Cisitu Village, Citatah Sub
district, Padalarang, Bandung, West Java on a land of 20.0 hectares having been
in operation since 1990. The company invested 2 quarries in West Java and 3
quarries in
P.T. PUMARIN have a complete set of advanced processing equipment, such
as block cutter machines, automatic polishing processing lines and slabs,
Gangsaw machines with 800 blades & special craft machines : tumble, borders
and irregular shaped processing equipment from Italy. The company has produces
of natural marble with various products range includes :
Tiles :
Moon, Java Cream, Cream Baltica, Emerald
Colored Marble : Grey, Brown, Rosso, Multi
Color Marbles, etc
Slabs/Art Stone : Craft Lines, Interlocks,
Mosaics, French Patters, Fireplaces,
Pedestals, Tables, Colums,
Mrs. Ana Widjaya, a director of the company, said that the marbles being
produced by the company comprise tiles and floor natural marbles. She went on
to say that some 80 tons of the company products is exported to
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. PUMARIN 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.
615.0 billion rose to Rp. 625.0 billion in 2006 increased to Rp. 640.0 billion
in 2007. The total sales turnover as from January to June 2008 amounted to Rp.
330.0 billion with a net profit of Rp. 19.8 billion and projected to go on
rising by at least 5% in 2009. The company has an estimated total networth of
at least Rp. 91.0 billion. We observe that P.T. PUMARIN is supported by SURYA
PERSINDO Group, a small size business group with has financially fairly strong
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank
The management of P.T. PUMARIN is led by Mr. Hendrik Setiawan (43) a
businessman and professional manager with experience in natural marble
quarrying and processing. Daily operation he is assisted by Mrs. Ana Widjaya
(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. PUSAKAMARMER INDAHRAYA 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.
Attachment :
List of the
SURYA PERSINDO Group
1. BAKTI CAKRADAYA, P.T. (General Trading and
Investment Holding)
2. CITRA MEDIA PURNAMA, P.T. (Press Publishing)
3. CITRA JIMBARAN INDAH HOTEL, P.T. (Hotelry)
4. CITRASARANA GRAHA REALTY CORPORATION, P.T.
(Hotelry)
5. GALAMEDIA BANDUNG, P.T. (Press Publishing)
6. GRAHA SURYAJAYA, P.T. (Hotelry)
7. INTIMARMER KARYABERSAMA, P.T. (Investment
Holding)
8. INDOCATER, P.T. (Catering Services)
9. KARYA BANJAR SEJAHTERA, P.T. (Press
Publishing)
10. KARYA MAPULUS, P.T. (Press Publishing)
11. MASA KINI MANINDO, P.T. (Press Publishing)
12. MIMBAR UMUM, P.T. (Press Publishing)
13. PUSAKAMARMER INDAHRAYA, P.T. (Natural Marble
Quarrying and Processing)
14. MEDIA TELEVISION
15. SURYA PERSINDO, P.T. (Investment Holding and
Graphic Printing)
16. TRI DHARMA KARYA, P.T. (General Contracting)
17. TUNGGAL BAYU, P.T. (Graphic Printing)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
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%)