|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ROMAN CERAMIC INTERNATIONAL |
|
|
|
|
Registered Office : |
Lyman
Wing Kota-BNI 6th Floor, Jalan Jend.
Sudirman Kav. 1, Jakarta Pusat, 10220 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.02.2006 |
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|
|
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Com. Reg. No.: |
No. AHU-27917.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ceramic Floor and Wall Tile Manufacturing |
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No. of Employees : |
248 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No Complaints |
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|
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. ROMAN CERAMIC INTERNATIONAL
Head Office
Lyman
Wing Kota-BNI 6th Floor
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat, 10220
Indonesia
Phone -
(62-21) 572 2006, 570 0880, 570 8558
Fax - (62-21) 570 2060, 570 0990, 574 5777
Building Area - 32 storey
Building Space - 400 sq. meters
Region - Commercial
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 - 143,523 sq.
meters
Building Area - 112,000 sq.
meters
Region - Industrial
Estate
Status - Owned
6 February 2006
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-11177
HT.01.01.TH.2006
Dated 20
April 2006
- No.
AHU-27917.AH.01.02.TH.2009
Dated 23 June
2009
Foreign Investment (PMA) Company
The
Department of Finance
NPWP No. 02.026.767.0-052.000
The
Department of Industry and Trade
TDP No. 09.05.1.26.53732
Dated 22 May 2006
The
Capital Investment Coordinating Board
No. 113/I/PMA/2006
Dated 6 February 2006
The LYMAN or SATYA DJAYA RAYA Group Members
Capital
Structure :
Authorized Capital :
US$ 10,000,000.-
Issued Capital :
US$ 10,000,000.-
Paid up Capital :
US$ 10,000,000.-
Shareholders/Owners
:
a.
RICH RESOURCES INVESTMENT Pte. Ltd. -
US$ 9,000,000.-
Address :
128 Tanjong Pagar Road
Singapore 088535
Singapore
b.
P.T. LYMAN INVESTINDO -
US$ 1,000,000.-
Address :
Lyman Wing Kota-BNI 6th Floo
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Lines
of Business :
Ceramic Floor and Wall Tile Manufacturing
Production
Capacity :
a. Wall Tiles -
2,000,000 sq. meters p.a.
b. Floor Tiles -
2,500,000 sq. meters p.a.
Total
Investment :
a. Equity Capital -
US$ 10.0 million
b. Loan Capital -
None
c. Total Investment
- US$ 10.0
million
Started
Operation :
July 2007
Brand
Name :
Roman Ceramic International
Technical
Assistance :
RICH RESOURCES of Singapore
Number
of Employee :
248 persons
Marketing
Area :
Export - 70%
Local - 30%
Main
Customers :
a. P.T. SATYA LANGGENG 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
Bankers :
a. P.T. Bank NEGARA
INDONESIA Tbk
Wisma BNI
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
b. P.T. Bank DBS INDONESIA
Plaza BRI
Jalan Basuki Rachmat 122
Surabaya, East Java
Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2010 – Rp. 121.0 billion
2011 – Rp. 128.0 billion
2012 – Rp. 134.0 billion
Net
Profit (estimated) :
2010 – Rp.
9.7 billion
2011 – Rp. 10.5 billion
2012 – Rp. 11.5 billion
Payment
Manner :
Above Average
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr. Lie Po Teng
Directors - a.
Mr. Tho Tuck Foo
b. Mr. Leopard Lyman
Board of Commissioners :
President
Commissioner - Mr. Royson
Lyman
Commissioner -
Mr. Poedji Koentarso
Signatories :
President
Director (Mr. Lie Po Teng) or one of the Directors (Mr. Tho Tuck Foo and Mr.
Leopard Lyman) which must be approved by Supervisory Board
Management Capability :
Good
Business Morality :
Good
P.T. ROMAN CERAMIC INTERNATIONAL (P.T. RCI) was established in Jakarta on 6 February 2006 with an authorized capital of US$ 10,000,000 entirely issued and paid up. The founding shareholders of the company are RICH RESOURCES INVESTMENT PTE LTD, of Singapore as foreign partner, and P.T. LYMAN INVESTINDO as local partner. The deed of amendment was made by Mr. Sutjipto, SH., a public notary in Jakarta under Company Registration Number C-11177 HT.01.01.TH.2006, dated April 20, 2006. The company notary deed has been changed and in April 2009 the board of directors and the board of commissioners reappointed to lead and run of the company’s operations. The latest revision of notary documents was made by Mr. Surjadi, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-27917.AH.01.02.TH.2009 dated June 23, 2009.
We observe the local partner namely P.T. LYMAN INVESTINDO is a private company in investment holding and majority shares is controlled by Mr. Susanta Lyman AKA Lie Siong Thay and his family members. Mr. Susanta Lyman is also founder and majority shareholders of the LYMAN Group or SATYA DJAYA RAYA Group members, a medium-sized group in Indonesia.
P.T. RCI acquired a Foreign Investment (PMA) facility for dealing with in floor and wall ceramic tile manufacturing whose plant located in Kawasan Ngoro Industri Persada Block P No. 3, Ngoro, Mojokerto, East Java on a land of 143,523 sq. meters. The plant has been in operation since July 2007 by produces of wall tiles of 2,000,000 sq. meters and floor tiles of 2,500,000 sq. meters respectively per annum. Its whole products were originally marketed domestically under popular brands ROMAN. The plant has absorbed an investment of US$ 10.0 million originally come from owned capital. Some 30% of its products is directly exported to Asian countries, European countries and the rest 70% is marketed domestically through its sister company P.T. SATYA LENGGENG SENTOSA as a distributor. But for direct local sales is handled by a number of dealers appointed by the above distributor like P.T. ISATANA KEJORA, P.T. DUTA BANGUNAN, P.T. CATUR SENTOSA ADIPRANA and other building supermarket such as MITRA 10, DEPO BANGUNAN and other building material trading. Roman produces floor and wall ceramic tiles. Its floor tiles falls within the category of group B1 and its wall tiles under the category of B3 (ISO 13006). Roman products are completed with accessories such as Listello, Inserto, Torello, Corner, Dot, Listel, Panels, etc. We observe that P.T. RCI is a medium-size of its kind in floor and wall tile manufacturing which operation had been growing and developing well in the lat three years.
In general,
demand for ceramic tile and other ceramic increased in the last five years. On
the others side of the ceramic export market conditions even more alarming
because of a decline in the last three years. With the domestic market is still
huge and the limited utilization, ceramics companies in the country was no
longer rely on export markets. Demand from the outside there is no movement increases.
In terms of
marketing, ceramic products in the domestic market has not encountered
significant obstacles. In fact, local ceramic products are far superior when
compared to the products of China (China), especially in terms of competitive
prices. However, the growth of the ceramics industry in the country is
relatively stagnant. Gas supply limitations make this industry can not grow
more rapidly and take advantage of existing market optimally. Limited gas
supply constraints also one new investment interest in the ceramic industry
sector. The government was expected to make sure and prioritizing the needs of
the gas supply to the industry in the country, rather than exporting it.
Thus, utilization
of industrial ceramic production in the country could be maximized. Indonesian
Ceramic Industry Association (Asaki) estimated production of ceramics by the
end of 2012 reached 330 million square meters, up 10% over last year's
realization of 300 million square meters thanks to the improving macro-economic
conditions nationwide. For this year, the national ceramics production can
penetrate 330 million square meters, an increase of 10% due to improved
macroeconomic nationwide. This is impacting on the growing purchasing power.
Improved macro-economic conditions nationwide, according to Elisa (Asaki) makes
the construction of both residential property and office continues to grow,
contribute to a ceramics manufacturer in the country to increase production
capacity. The increase in production capacity of ceramic is also supported by
the additional supply of gas because the gas supply increasingly filled the
ceramic industry can produce optimal.
Production Capacity and
Export Value of National Ceramic Industry, 2008 – 2012
|
Year |
Production (Million Sq. Meters) |
Export (Thousand US$) |
|
2008 |
264.0 |
33,614.4 |
|
2009 |
281.9 |
29,087.0 |
|
2010 |
327.0 |
22,824.3 |
|
2011 |
300.0 |
17,204.2 |
|
2012 |
330.0 |
18,924.6 |
Source: Department of Industry and
Trade (Processed by ICB)
Until this time P.T. RCI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 121.0 billion rose to Rp. 128.0 billion in 2011 increased to Rp. 134.0 billion in 2012 and projected to go on rising by at least 5% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 11.5 billion and the company has an estimated total networth of at least Rp. 55.0 billion. We observe that P.T. RCI is supported by foreign partner with has financially strong and sound behind it. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. RCI is led by Mr. Mr. Lie Po Teng (66) a businessman with 29 years of experience in the ceramic floor and wall tile manufacturing. Previously he has a general manager of P.T. SATYARAYA KERAMINDOINDAH dealing with ceramic floor and wall tile manufacturing. Daily operation, he is assisted by two directors namely Mr. Tho Tuck Foo (62) and Mr. Leopard Lyman (39). The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good.
The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. ROMAN CERAMIC INTERNATIONAL is sufficiently fairly good for business transaction.
Attachment:
List
of the LYMAN or SATYA DJAYA RAYA Group Members
1. ARIES
UTAMA ENTERPRISES, P.T. (Real Estate Development and Management)
2. ERNA
DJULIAWATI, P.T. (Integrated Woodbased Industry)
3. KALIMANTAN
BIMA PERMAI, P.T. (Oil Palm Plantation and Refinery)
4. KALIMANTAN
SANGGAR PUSAKA, P.T. (Oil Palm Plantation and Refinery)
5. KERAMINDO
MEGAH PERTIWI, P.T. (Ceramic Roofing Tile Manufacturing)
6. LAHAN
CAKRAWALA, P.T. (Rubber Plantation and Processing)
7. LEECORP
DEVELOPMENT LTD., Hongkong, (Investment Holding)
8. LYMAN
INVESTINDO, P.T. (Trading and Investment Holding)
9. METROPOLE
TRADING CO. (Trading and Distribution of Building Materials)
10. METROPOLE
MEGAH, P.T. (Ceramic Tile Manufacturing)
11. NTT
INDONESIA, P.T. (Telecommunication Contracting System and Supplier)
12. ORIENTAL
ASAHI LYMAN CARTON BOX, P.T. (Carton Box Manufacturing)
13. ROMAN
CERAMIC INTERNATIONAL, P.T. (Ceramic Floor and Wall Tile Manufacturing)
14. SATYA
DJAYA RAYA TRADING COY., P.T. (Trading)
15. SATYA
LANGGENG SANTOSA, P.T. (Trading)
16. SATYARAYA
KERAMINDOINDAH, P.T. (Ceramic Tableware, Floor Tile & Wall Tile Industry)
17. SINAR
DINAMIKA KAPUAS, P.T. (Oil Palm Plantation and Palm Oil Processing)
18. SWADHARMA
KERRY SATYA, P.T. (Hotelry)
19. SWADHARMA
PRIMA UTAMA, P.T. (Property Management and Development)
20. WIRA
RIVACO MANDUM, P.T. (Rubber Plantation and Processing)
21. Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.