|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SATYARAYA KERAMINDOINDAH |
|
|
|
|
Registered Office : |
Jalan Raya Serang Km. 25 Balaraja, Tangerang, 15610 Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
11.12.1988 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-03228 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Ceramic Floor and Wall Tile Manufacturing |
|
|
|
|
No. of Employees : |
490 persons |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Regular |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. SATYARAYA KERAMINDOINDAH
A
d d r e s s :
Head Office
& Factory
Jalan Raya Serang Km. 25
Balaraja, Tangerang, 15610
Banten Province
Indonesia
Phone -
(62-21) 595 1601-3 (Hunting)
Fax - (62-21) 595 1607-08
Email - srki-personnel@lyman.co.id
Website - http://www.romancermics.com
Land Area - 50,000 sq.
meters
Factory Space - 12,600 sq. meters
Region - Industrial
Zone
Status - Owned
Marketing
Office
Lyman
Wing 6th Floor
Kota BNI
Jalan Jend. Sudirman Kav. 1
Jakarta
Pusat, 10220
Indonesia
Phone -
(62-21) 572 2006 (Hunting)
Fax - (62-21) 570 2060
Email - marketing@romanceramics.com
Building Area - 32 storey
Office Space - 600 sq. meters
Region - Commercial
Building
Status - Rent
Singapore
Office
TZE
SAN TRADING (PTE) LTD
143
Cecil Street
#
15 – 03 G B Building
Singapore
069542
Phone -
(65) 62262760
Fax. - (65) 62263634
Building Area - 26 storey
Office Space - 240 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation :
11
December 1988
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-05916.HT.01.04.TH.2004
Dated 11
March 2004
- No. AHU-42874.AH.01.02.TH.2008
Dated 18 July 2008
- No. AHU-AH.01.10-03228
Dated 6 June 2009
Company Status :
Foreign
Investment (PMA) Company
Permit by the Government Department :
a.
The Capital Investment Coordinating
Board
- No. 813/I/PMDN/1988
Dated 19 December 1988
- No. 153/II/PMDN/1993
Dated 6 September 1993
- No. 113/V/PMA/2003
Dated 21 March 2003
b.
The Department of Finance
NPWP No. 01.528.503.4-411.000
Related Company :
The
LYMAN Group Members (see attachment)
Capital Structure :
Authorized
Capital : Rp.
64,441,000,000.-
Issued
Capital :
Rp. 64,441,000,000.-
Paid
up Capital :
Rp. 64,441,000,000.-
Shareholders/Owners
:
a. RICH
RESOURCES INVESTMENT PTE LTD - Rp.
57,997,000,000.-
Address : 128 Tanjong Pagar Road
Outram, Singapore 88535
Singapore
b. P.T. LYMAN INDUSTRINDO -
Rp. 6,444,000,000.-
Address : Jl. Abdul Muis No. 48-50
Jakarta Pusat
Indonesia
Lines
of Business :
Ceramic Floor and Wall Tile Manufacturing
Production
Capacity :
a. Wall Tiles -
2,400,000 sq. meters p.a.
b. Floor Tiles -
4,800,000 sq. meters p.a.
c. Granite -
1,200,000 sq. meters p.a.
Total
Investment :
a. Equity Capital -
Rp. 64.4 billion
b. Loan Capital -
Rp. 152.4 billion
c. Total Investment
- Rp. 216.8
billion
Started
Operation :
1990
Brand
Name :
ROMAN Ceramic
Technical
Assistance :
None
Number
of Employee :
490 persons
Marketing
Area :
Domestic - 85%
Export - 15%
Main
Customer :
Building Supermarket, Building Material Shops
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. GRANITOGUNA BUILDING CERAMICS
b. P.T. KERAMIK INDONESIA
ASOSIASI Tbk
c. P.T. MAHA KERAMINDO PERKASA
d. P.T. MULIAKERAMIK INDAHRAYA
Tbk
e. Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jend. Sudirman
Kav. 1
Jakarta
Pusat, 10220
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Hayam Wuruk No. 84-85
Jakarta Pusat, Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2010 – Rp. 332.0 billion
2011 – Rp. 340.0 billion
2012 – Rp. 352.0 billion
Net
Profit (estimated) :
2010 – Rp. 26.6 billion
2011 – Rp. 28.5 billion
2012 – Rp. 29.9 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr. Lie Po Teng
Director - Mr.
Leopard Lyman
Board of Commissioners :
President
Commissioner - Mr. Poedji
Koentarso
Commissioner -
Mr. Royson Lyman
Signatories :
President
Director (Mr. Lie Po Teng) or the Director (Mr. Leopard Lyman) which must be
approved by the Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be
proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
P.T.
SATYARAYA KERAMINDOINDAH (P.T. SK) was established in September 1988 with an
authorized of Rp. 27,500,000,000 entire issued of which Rp. 5,500,000,000 was
paid up. Founders and original shareholders are Mr. Osbert Lyman AKA Lie
Djiwang Oe, his brother Mr. Royson Lyman, Mr. Jacobus Lumentut wholly
Indonesian businessmen of Chinese extraction, Mr. Massi Suaib and Mr. Makmur
Muhammad Nur, both are indigenous businessmen. The company notary deed has
subsequently been revised for several times. In December 1994, its authorized
capital was increased to Rp. 53,000,000,000 wholly issued and paid up. On the
same occasion, its entire shares were takeover by P.T. METROPOLE MEGAH and P.T.
LYMAN INDUSTRINDO, national private companies. In December 2003, its authorized
capital was increased to Rp. 64,441,000,000 wholly issued and paid up. On the same occasion the shares of the
company was controlled by P.T. METROPOLE MEGAH (82.24%), P.T. LYMAN INDUSTRINDO
(0.01%) and ORIENTAL EQUITY INVESTMENT Ltd., of Hong Kong (17.75%).
Then
in June 2008 the board of commissioner has been changed, however the
capitalization structure of the company remained the same. The deed of
amendment was made by Mr. Fardian, SH., a public notary in Jakarta under
Company Registration No. AHU-42874.AH.01.02.TH.2008 dated July 18, 2008. Then
according to the latest revision of notary documents of Mr. Surjadi, SH., No.
30 dated 28 November 2008, P.T. METROPOLE MEGAH and ORIENTAL EQUITY INVESTMENT
LTD., pulled out and the whole shares sold to RICH RESOURCES INVESTMENT PTE,
LTD., of Singapore as new shareholder. With this time the composition of its
shareholders has been changed to become RICH RESOURCES INVESTMENT PTE, LTD.,
Singapore (90%) and P.T. LYMAN INVESTINDO (10%). The latest revision of notary
documents was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-03228 dated April 6, 2009.
P.T.
SK is a member company of the LYMAN Group, a medium-size business group led by
Mr. Susanta Lyman AKA Lie Siong Thay.
P.T.
SK acquired a Foreign Investment (PMA) facility for dealing with ceramic wares,
floor tile and table wares manufacturing with plant located at Jalan Raya
Serang Km. 25, Balaraja, Tangerang (Banten Province) standing on around 50.0
hectares land. The plant has been designed to have a capacity to respectively
produce wall tiles, floor tiles and granites. But, the company has just
realized the production of wall and floor ceramic tiles with the size of
between 40 X 40 cm, 20 X 25 cm, 10 X 20 cm, 25 X 33 cm and 20 X 20 cm. The
plant had been in operating since 1990 and has been expanding to increasing
production capacity. The plant has absorbed an investment of Rp. 216.8 billion
come from owned capital of Rp. 64.4 billion and the rest from loan. The plant
produces wall tiles of 2,400,000 sq. meters, floor tiles of 4,800,000 sq.
meters and granite of 1,200,000 sq. meters respectively per annum. Since both
facilities began producing floor and wall tiles for international market more
than a decade ago, Roman has grown steadily to emerge as a leading
international player, exporting to more than 50 countries worldwide. This
strong marketing network has enabled the company to offer quality products with
the latest trend available in the market. Today, Roman has an annual production
capacity of 8.4 million square meters and manages the whole manufacturing
process from the raw materials to the finished products. In line with Roman
philosophy: Quality Ceramic
Tiles, the certification of ISO 9001 ensures the company has what
it takes to compete in the global market. Some 85% of the products is marketed
locally under ROMAN brands. The marketing of the products is handled by its
sister company P.T. SATYA LANGGENG SENTOSA. Meanwhile, the rest 15% is exported
to Australia, Singapore and Thailand on the job order basis. P.T. SK belongs to
a medium-size of its kind and operation had been growing within the last 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)
P.T. SK has
not been registered with Indonesian Stock Exchange, so that they shall not
obliged to announce their financial statement. The management of P.T. SK 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. 332.0 billion increased to Rp. 340.0 billion in 2011 to Rp.
352.0 billion in 2012 and projected to go on rising by at least 5% in 2013. It
is estimate the operation of the company in 2012 gained a net profit of Rp.
29.9 billion and the company has an estimated total net worth at least Rp. 91.0
billion. We observe that P.T. SK is supported by financially fairly strong
behind it. So far, we have never heard of 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. SK is led by Mr. Lie Po Teng (66) with 29 years of
experience in ceramic and wall tiles manufacturing and trade. In operating the
business he is assisted by Mr. Leopard Lyman (39) a son of Mr. Osbert Lyman AKA
Lie Djiwang Oe (66). The management of the company is handled by professional
managers having wide relation with private businessmen within and outside the
country and with the government sectors as well. We observed that management’s
reputation in said business is fairly good. So far, we have never heard that
the company’s management involved in business malpractice 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.
PT. SATYARAYA KERAMINDOINDAH is fairly good for business
transaction. However, in view of the global economic slowdown we recommend to
treat prudently in extending a loan to the company.
Attachment:
List of the LYMAN Group Members
1. ARIES
UTAMA ENTERPRISES, P.T. (Real Estate Development and Management)
2. ERNA
DJULIAWATI, P.T. (Integrated Woodbased Industry)
3. NTT
INDONESIA, P.T. (Telecommunication Contracting, System and Supplier)
4. KALIMANTAN
BIMA PERMAI, P.T. (Oil Palm Plantation and Refinery)
5. KALIMANTAN
SANGGAR PUSAKA, P.T. (Oil Palm Plantation and Refinery)
6. KERAMINDO
MEGAH PERTIWI, P.T. (Ceramic Roofing Tile Manufacturing)
7. LAHAN
CAKRAWALA, P.T. (Rubber Plantation and Processing)
8. LEECORP
DEVELOPMENT LTD., Hongkong, (Investment Holding)
9. LYMAN
INVESTINDO, P.T. (Trading and Investment Holding)
10. METROPOLE
TRADING CO. (Trading and Distribution of Building Materials)
11. METROPOLE
MEGAH, P.T. (Ceramic Tile Manufacturing)
12. ORIENTAL
ASAHI LYMAN CARTON BOX, P.T. (Carton Box Manufacturing)
13. SATYA
DJAYA RAYA TRADING COY., P.T. (Trading)
14. SATYA LANGGENG SANTOSA, P.T. (Trading)
15. SATYARAYA
KERAMINDOINDAH, P.T. (Ceramic Tableware, Floor Tile & Wall Tile Industry)
16. SINAR
DINAMIKA KAPUAS, P.T. (Oil Palm Plantation and Palm Oil Processing)
17. SWADHARMA KERRY SATYA, P.T. (Hotelry)
18. SWADHARMA
PRIMA UTAMA, P.T. (Property Management and Development)
19. WIRA
RIVACO MANDUM, P.T. (Rubber Plantation and Processing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.