|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KERAMIKA INDONESIA ASSOSIASI TBK |
|
|
|
|
Registered Office : |
Graha Atrium, 5th
Floor, Jl. Senen Raya No. 135, Jakarta 10410 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2012 (Consolidated) |
|
|
|
|
Date of Incorporation : |
28.11.1968 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-19088 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Ceramic Floor, Wall and Roofing Tiles
Industry |
|
|
|
|
No. of Employees : |
1,504 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 : |
No complaints |
|
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6% annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source : CIA |
P.T. KERAMIKA INDONESIA ASSOSIASI TBK
Head
Office
Graha Atrium, 5th
Floor
Jl. Senen Raya No. 135
Jakarta 10410
Indonesia
Phones - (62-21) 386 2322 (hunting)
Fax. -
(62-21) 386 2253
Email - mkt@kiaceramics.com
Website - www.kiaceramics.com
Building Area - 18 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Factories
a. Jl. Raya Narogong Km. 51,9
Limusnunggal,
Cileungsi,
Bogor,
West Java
Indonesia
Phones - (62-21) 8230023 (hunting)
Fax. - (62-21) 8230013
b. Kota Industri Surya Cipta
Jl.
Surya Lestari Kav. 1 & 2
Kel. Ciampel, Karawang Timur 41363
Bekasi, West Java
Indonesia
Phones - (62-267) 440 401 (hunting)
Fax. - (62-267) 440 411
c. Jl. Raya
Karang Andong
Pasinan, Lemah Putih
Wringin
Anom, Gresik 61176
East
Java
Indonesia
Phones - (62-31) 791 2630 (hunting)
Fax. - (62-31) 791 2638
28 November 1968
P.T. Tbk. (Perseroan Terbatas Terbuka) or Public Listed Company
The Ministry of
Law and Human Rights
a. No. J.A. 5/22/5
Dated 5 March 1969
b. No. AHU-32720.AH.01.02.Tahun 2008
Dated 12 June 2008
c. No. AHU-58268.AH.01.02.Tahun 2011
Dated 28 November 2011
d. No. AHU-AH.01.10-19088
Dated 29 May 2012
Company Status
Foreign Investment Company
Permit by the Government
Department
a. The
Department of Finance
NPWP No. 01.001.688.9-054.000
b. The
President of the Republic of Indonesia
No. 126/Pres/11/1968
Dated 9 November 1968
c. The Minister
of Industry
No. 353/M/XI/68
Dated 21 November 1968
d. The Capital
Investment Coordinating Board
No. 25/V/1992
Dated 15 June 1992
e. The Capital
Market Supervisory Agency
- No. S-1816/PM/1994
Dated 4 November 1994
- No. S-1345/PM/1997
Dated 18 June 1997
- No.
Peng-07/BEJ-PSR/DEL/08/2004 (the company’s shares have delisted from JSE)
Dated 23 August 2004
- No.
Peng-005/BEI.PSR/UPT/10-2008 (the shares were listed again )
Dated 15 October 2008
SCG BUILDING MATERIALS Co. Ltd., of Thailand (Investment Holding)
a. P.T. KIA KERAMIK MAS (Ceramic Roofing Tile Industry)
b. P.T. KIA SERPIH MAS (Ceramic Floor Tile Industry)
Capital Structure
:
Authorized Capital - Rp.
1,822,800,000,000.-
Issued Capital - Rp.
1,612,180,500,000.-
Paid up Capital - Rp.
1,612,180,500,000.-
Shareholders/Owners
:
a. SCG
Building Materials Company Ltd., -
Rp. 1,509,733,129,065.- (96.31%)
b.
PT. Mitra Investindo Multicorpora -
Rp. 60,509,442,000.- ( 1.93%)
c.
Publics -
Rp. 41,494,120,500.- ( 1.76%)
Lines of Business
:
Ceramic Floor, Wall and Roofing Tiles
Industry
Production
Capacity :
a. Ceramic Floor and Wall Tiles -
30.0 million sq. meters p.a.
b. Ceramic Roofing Tile -
30.0 million pieces p.a.
Total Investment :
a. Equity Capital - Rp.
1,975.3 billion
b. Loan Capital - Rp. -
0 billion
c. Total Investment - Rp. 1,975.3 billion
Started Operation
:
1 9 6 8
Brand Name :
KIA and IMPRESSO
Technical
Assistance :
None
Number of Employee
:
1,504 persons
Marketing Area :
Domestic - 40%
Export - 60%
Main Customers :
a. Building Materials Supermarkets, Dealers and Agents in Indonesia
b. Property Contracting Companies in Indonesia
c. Overseas buyer in Asia, Europe and the United States of America
Market Situation :
Very Competitive
Main
Competitors :
a. PT.
Muliakeramik Indahraya Tbk
b. PT. Roman Ceramik International
c. PT. Keramindo Megah Pertiwi
d. PT. Haeng Nam Sejahtera Indonesia
e. PT. Satyaraya Keramik Indah
f. PT. Platinum
Ceramics Industri
g. PT. Angsa Daya
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk
Gedung Jakarta Lloyd Ltd.
Jl. Senen Raya No. 44
Jakarta Pusat
b. P.T. Bank CENTRAL ASIA Tbk
Cikini Branch
Jl. Cikini Raya 60 T-U
Jakarta Pusat
c. P.T. Bank UOB INDONESIA Tbk.
Thamrin Branch
Jl. M.H. Thamrin Kav.8-9
Jakarta Pusat
Auditor :
Jamaludin, Ardi, Sukimto & Rekan (Public Accountants)
Litigation :
No litigation record in our database
Net Sales/Income :
2009 – Rp. 359.9 billion
2010 – Rp. 582.3 billion
2011 – Rp. 650.5 billion
2012 – Rp. 780.2 billion
Net Profit (loss)
:
2009 – Rp. 27.3 billion
2010 – Rp. 14.6 billion
2011 – (Rp. 20.2 billion)
2012 – Rp. 71.0 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Cherdsak Niyomsilpa
Directors - a. Mr. Chalermchai Chirasakyakul
b. Mr. Kaewsawan Amatachiwin
c. Mr. Handono Warih
Board of Commissioner :
President Commissioner -
Mr. Pichit Maipoom
Commissioners - a. Mr. Kajohndet Sangsuban
b. Mr. Aree Chavalitcheewingul
c. Mr. Surasak Kraiwitchaicharoen
d. Mr. Padung Likitsajjakul
e. Mr. Thanarak Silavanich
Signatories :
President Director (Mr. Cherdsak
Niyomsilpa) or one of the Directors (Mr.
Chalermchai Chirasakyakul, Mr. Kaewsawan Amatachiwin or Mr. Handono Warih)
which must be approved by Board of
Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Originally the company was named P.T. KERAMIKA INDONESIA ASSOSIASI,
the company was established based on notarial deed No.78 dated 28 November 1968
of Juliaan Nimrod Siregar, SH., with an authorized capital of Nfl. 10,000,000.-
of which Nfl. 5,600,000.- was issued and fully paid up. The founding shareholders of the company are
Mr. Oei Jogn Tjioe, Mr. Eugene Trismitro, Mr. Kaharudin Ongko, Mr. Maulana
Ghozali, Mr. Diah Koswara, Mr. Charles Salim (they are Indonesian businessmen
of Chinese extraction) and INTERBETON N.V., a private company. Deed of
establishment was approved by the Minister of Justice of the Republic of
Indonesia based on the Decree No. J.A.5/22/5 dated 5 March 1969. The articles of association have been amended
several times. On November 4,
1994, the Company conducted initial public
offering of 25 million shares to the public through Jakarta and Surabaya Stock
Exchange. Subsequently the name
of the company became P.T. KERAMIKA INDONESIA
ASSOSIASI Tbk. (PT. KIA).
Concurrently the authorized capital was raised to Rp. 547,500,000,000.-
of which Rp. 428,009,490,000.- was issued and fully paid up.
Most recently by notarial deed of Sri Hidianingsih Adi Sugijanto, SH., No. 28 dated September 20, 2011 the authorized capital of the company is Rp. 1,822,800,000,000.- of which Rp. 1,612,180,500,000.- was issued and fully paid up. Since the time, the shareholders of the company are SCG Building Materials Company Ltd., of Thailand (96.31%), PT. Mitra Investindo Multicorpora of Indonesia (1.93%) and Publics (1.76%). The amendment to Article of Association has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-58268.AH.01.02.Th.2011 dated 28 November 2011 and No. AHU-AH.01.10-19088 dated 29 May 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T.
KIA has been in operation since 1968 dealing with ceramic floor, wall and
roofing tile industry. The Company and
its subsidiaries managing three plant located at Jl. Raya Narogong Km. 51,9, Cileungsi,
Bogor, West Java; Kawasan Industry Surya Cipta, Jl. Surya Lestari Kav. 1&2,
Karawang Timur, Bekasi, West Java and Jl. Raya Karang Andong, Wringin Anom,
Gresik, East Java. The plants are equipped with state of art machinery capable
of delivering 30.0 million square meters of ceramic floor and wall tiles, and
30.0 million ceramic roofing tiles per annum.
Mr. Rusdianto, a production staff of the company, said that production
of floor tile and wall tile in 2012 reached 21.73 million square meters, increased
by 2.2 million square meters from 2011 while the production of roof tile was
22.80 million pieces, decreased by 0.17 million pieces compared to 2011. Some
60% of the floor tiles being produced by the company are exported to Italy,
China, the USA, Japan and others and the rest are locally marketed using KIA
and IMPRESSO brand. Besides, the
products are also distributed by other distributors and building material
supermarkets, dealers, agents and shops in the country. Besides, P.T. KIA is
also active in investment holding by controlling 86.68% shares of P.T. KIA
SERPIH MAS (ceramic roofing tile industry) and 99.21% shares of P.T. KIA
KERAMIK MAS (ceramic floor tile industry). P.T. KIA is classified as a large
sized company of its kind of which the operation has been growing in the last
three years.
Generally,
the demand for ceramic floor and wall tiles, marble tiles and granite tiles in
the country had significantly rising by 8% to 10% per year in the last five
years, in line with the growth of office building, hotels, apartment, real
estate, housing and other properties.
But, as from October 2008, the demand growth for ceramic tiles, marble
tiles and granite tiles has kept on dwindling as an impact of global economic
crisis as told above that making many property projects were discontinued and
lower public purchasing power.
The
demand was increasing in the early 2009 due to economic condition was gradually
recovery in the country. The growth rate is now estimated at 5% to 7% per
year. Market competition is very tight
due to a large number of similar companies operating in the country such as PT.
Muliakeramik Indahraya Tbk., PT. Roman Ceramik International, PT. Keramindo
Megah Pertiwi, PT. Haeng Nam Sejahtera Indonesia, PT. Satyaraya Keraik Indah, PT.
Platinum Ceramics Industry, PT. Angsa Daya and others. Business position of P.T. KIA is favorable
for it has controlled a wide marketing network at home and abroad and their
product has been widely known among consumers in the country.
According
to consolidated statement of financial position, the net sales of P.T. KIA in
2010 amounted to Rp 582.3 billion with a net profit of Rp 14.6 billion
increased to Rp 650.5 billion with a net loss of Rp 20.2 billion in 2011 and
rose again to Rp 780.2 billion with a net profit of Rp 71.0 billion in 2012.
The increasing of net income was also a result of decreasing of interest
expense of around Rp 40 billion and the decrease in loss of foreign exchange by
Rp 30 billion compared to 2011 which was attributable to the Company’s
successful settlement on bank loan in March 2012. The company’s consolidated
statement of financial position in 2009, 2010, 2011 and 2012 are attached. So far we did not hear that the P.T. KIA has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
The
management of P.T. KIA is led by Mr. Cherdsak Niyomsilpa (52) a Thailand
businessman and professional manager with 12 years of experience in the ceramic
tile manufacturing and trading. Daily
operation, he is assisted by three directors namely Mr. Chalermchai
Chirasakyakul (65), Mr. Kaewsawan Amatachiwin (46), both from Thailand and Mr.
Handono Warih (51) of Indonesia. 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. 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.
KIA 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.
PT. KERAMIKA INDONESIA ASOSIASI Tbk
CONSOLIDATED STATEMETNS
OF FINANCIAL POSITION
As of 31 December
2009, 2010, 2011 and 2012
(in million Rupiah)
|
DESCRIPTION |
31 December |
|||
|
2012 |
2011 |
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and cash
equivalent |
154,614.0 |
70,564.5 |
3,226.8 |
12,802.7 |
|
- Trade receivables
- net |
267,022.2 |
268,123.4 |
304,748.3 |
339,292.2 |
|
- Other receivables |
1,113.8 |
9,608.6 |
251.4 |
529.2 |
|
- Inventories |
187,927.3 |
162,784.0 |
141,483.5 |
129,945.2 |
|
- Advances |
9,133.7 |
13,867.1 |
2,017.2 |
2,909.9 |
|
- Prepaid expenses |
9,402.4 |
15,836.3 |
18,151.0 |
17,358.4 |
|
- Prepaid taxes |
7,080.8 |
29,545.4 |
30,669.7 |
9,064.1 |
|
Total Current
Assets |
636,294.1 |
570,329.4 |
500,547.9 |
511,901.8 |
|
b. Non Current Assets |
|
|
|
|
|
- Fixed Assets -
net |
1,328,355.1 |
1,299,658.8 |
762,797.7 |
783,274.7 |
|
- Assets not used
in operations |
177,396.2 |
177,396.2 |
198.1 |
-- |
|
- Security deposits |
1,445.5 |
1,456.5 |
1,211.3 |
23,567.1 |
|
- Other non-current
assets |
324.0 |
792.1 |
1,367.2 |
1,763.2 |
|
Total Non Current
Assets |
1,507,520.8 |
1,479,303.5 |
765,574.4 |
808,614.0 |
|
TOTAL LIABILITIES TOTAL ASSETS = &
STOCKHOLDERS’ EQUITY |
2,143,814.9 |
2,049,632.9 |
1,266,122.3 |
1,320,515.8 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Bank loans |
-- |
784,382.0 |
163,104.5 |
-- |
|
- Trade payables |
68,595.6 |
78,651.5 |
112,730.8 |
125,577.5 |
|
- Taxes payables |
6,908.1 |
3,048.5 |
1,584.4 |
7,649.2 |
|
- Accrued expenses |
33,067.0 |
16,892.5 |
25,273.4 |
31,395.7 |
|
- Current portion of long-term debts
|
|
|
|
|
|
* Financial lease |
-- |
13.6 |
566.7 |
29,557.7 |
|
* Bank loans |
-- |
-- |
25,208.3 |
-- |
|
Total Current
Liabilities |
108,570.7 |
882,988.1 |
328,468.1 |
393,930.2 |
|
b. Non Current Liabilities |
|
|
|
|
|
- Long-term debt,
net of current portion |
|
|
|
|
|
* Finance lease |
-- |
-- |
460.6 |
186,801.2 |
|
* Bank loans |
-- |
-- |
181,958.3 |
-- |
|
- Senior amortizing
loan |
-- |
-- |
62,410.6 |
88,769.0 |
|
- Convertible bonds |
-- |
-- |
247,000.0 |
247,000.0 |
|
- Employee benefits
liabilities |
49,531.3 |
41,009.7 |
35,147.5 |
28,763.1 |
|
- Deferred tax
liabilities |
10,389.6 |
17,651.1 |
19,168.6 |
121,608.4 |
|
- Guarantee
deposits |
-- |
38,000.0 |
38,000.0 |
38,000.0 |
|
Total Non Current
Liabilities |
59,920.9 |
96,660.8 |
584,145.7 |
710,941.7 |
|
c. Equity
|
|
|
|
|
|
- Issued and Paid
Up Capital |
1,612,180.5 |
929,250.0 |
2,212,500.0 |
2,212,500.0 |
|
- Additional
paid-in Capital |
155,323.1 |
8,283.1 |
43,750.0 |
43,750.0 |
|
- Additional paid-in capital in excess |
4,329.3 |
-- |
-- |
-- |
|
- Balance arising
from transactions |
41,684.7 |
41,684.7 |
41,684.7 |
-- |
|
- Retained earning |
|
|
|
|
|
* Appropriated |
-- |
-- |
25.0 |
25.0 |
|
* Un-appropriated |
88,565.7 |
19,403.5 |
(2,016,392.1) |
(2,106,785.3) |
|
- Non controlling
interests |
73,240.0 |
71,362.7 |
35,193.7 |
-- |
|
Total Equity |
1,975,323.2 |
1,069,984.0 |
316,761.2 |
149,489.7 |
|
|
|
|
|
|
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – net |
780,233.6 |
650,547.0 |
582,295.7 |
359,943.6 |
|
b. Cost of Goods Sold |
(650,673.3) |
(543,673.6) |
(477,418.5) |
(288,392.5) |
|
c. Gross Profit |
129,560.2 |
106,873.4 |
104,877.2 |
71,551.1 |
|
d. Total Operating Expenses |
(52,058.8) |
(28,065.7) |
(36,232.5) |
(36,031.4) |
|
e. Operating Profit |
77,501.4 |
78,807.5 |
68,644.7 |
35,519.7 |
|
f. Other Income (Expenses) |
(8,176.0) |
(47,642.4) |
(61,361.8) |
(6,115.7) |
|
g. Profit before finance costs and income
tax |
69,325.4 |
31,165.1 |
7,282.9 |
29,404.0 |
|
h. Finance costs |
(5,547.4) |
(52,922.9) |
-- |
-- |
|
i. Profit before income tax expense |
63,778.0 |
(21,757.8) |
7,282.9 |
29,404.0 |
|
h. Estimated tax benefit (expense) |
7,261.4 |
1,517.5 |
8,621.8 |
(1,361.8) |
|
i. Profit (loss) before minority interest |
71,039.4 |
(20,240.2) |
15,904.7 |
28,042.2 |
|
j. Minority interest |
-- |
-- |
(1,332.1) |
(713.9) |
|
k. Net Profit |
71,039.4 |
(20,240.2) |
14,572.5 |
27,328.2 |
Note: 31 December 2009,
2010, 2011 and 2012 audited by Jamaludin, Ardi, Sukimto & Rekan
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
UK Pound |
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.83.14 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.