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Report No. : |
304127 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SATYARAYA KERAMINDOINDAH |
|
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|
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Registered Office : |
Jalan Raya Serang Km. 25 Balaraja, Tangerang,
15610 Banten Province |
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|
|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
11.12.1988 |
|
|
|
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Com. Reg. No.: |
AHU-AH.01.10-14292 |
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|
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Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
Manufacturer of Ceramic Floor and Wall Tile |
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|
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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 : |
Slow but correct |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
A2 |
|
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, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high Oil
Prices.
|
Source
: CIA |
Name
of Company :
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
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
-
No. AHU-AH.01.10-14292
Dated 17 April 2013
Company Status :
Foreign
Investment (PMA) Company
Permit by the Government Department :
The
Department of Finance
NPWP
No. 01.528.503.4-411.000
The
Capital Investment Coordinating Board
No.
113/V/PMA/2003
Dated
21 March 2003
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) :
2012 – Rp. 352.0 billion
2013 – Rp. 362.0 billion
2014 – Rp. 395.0 billion
Net
Profit (estimated) :
2012 – Rp. 29.9 billion
2013 – Rp. 32.0 billion
2014 – Rp. 33.2 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
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.
Then according to the 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 according to the
revision of notary deed Mrs. Tintin Surtini, SH., no. 01 dated 3 April 2013 the
company board of director and the board of commissioner re-elected to lead and
runs of the company’s operation. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-14292
dated April 17, 2013.
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 – 2013
|
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 |
|
2013 |
352.0 |
21,000.2 |
P.T. SK has not been registered with Indonesian Stock
Exchange, so that they had 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 2012 amounted to Rp. 352.0 billion increased to Rp. 362.0 billion in
2013 to Rp. 395.0 billion in 2014 and projected to go on rising by at least 5%
in 2015. It is estimate the operation of the company in 2014 gained a net
profit of Rp. 33.2 billion and the company has an estimated total net worth at
least Rp. 112.0 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 (68)
with 30 years of experience in ceramic and wall tiles manufacturing and trade.
In operating the business he is assisted by Mr. Leopard Lyman (41) a son of Mr.
Osbert Lyman AKA Lie Djiwang Oe (68). 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.
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.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.