MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
PROFAB INDONESIA |
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Registered Office : |
Jalan Bawal Kav. V, Batu Merah, Batam Island, Kepri
Province |
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Country : |
Indonesia |
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Date of Incorporation : |
27.07.1998 |
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Com. Reg. No.: |
C-24315 HT.01.01.TH.2000 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Pressure Vessel Fabrication Manufacturing |
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$ 270,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. PROFAB
INDONESIA
A d d r e s s
Head OffIce & Factory
Jalan Bawal Kav. V, Batu Merah
Batam Island
Kepri Province
Indonesia
Phones - (0778) 413256, 413252
Fax. - (0778) 413260
Land Area - 21,500 sq. meters
Building Space - 5,800 sq. meters
Region - Industrial
Zone
Status - Rent
summary
Date of Incorporation :
27 July 1998
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Justice and Human Rights
No. C-24315
HT.01.01.TH.2000
Dated 17 November
2000
Company Status
:
Foreign Investment (PMA) Company
Permit by the Government Department :
The Capital
Investment Coordinating Board
No.
364/I/PMA/1998
Dated 16 July 1998
The Department of Finance
NPWP. Mo. 1.085.074.1-215
Holding Company :
MONTAQUE HOLDINGS
Pty., Ltd., of Australia (Investment Holding)
Affiliated Company :
Not Available
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - US$. 200,000.-
Issued Capital - US$.
100,000.-
Paid up Capital - US$.
100,000.-
Shareholders/Owners :
a. MONTAQUE HOLDINGS Pty. Ltd., of Australia - US$. 60,000.- (60%)
b. Mr. John William Grono of Australia -
US$. 40,000.- (40%)
BUSINESS ACTIVITIES
Lines of Business:
Pressure Vessel
Fabrication Manufacturing
Production
Capacity :
a. Pressure Vessels - 200 pcs. p.a.
b. Heat Exchangers - 100 pcs. p.a.
c. Skids - 50 pcs. p.a.
d. Spooling -
1,000 pcs. p.a.
Total Investment :
a. Owned Capital - US$. 100,000.-
b. Loan Capital - US$. 300,000.-
c. Total Investment -
US$. 400,000.-
Started Operation :
1 9 9 9
Brand Name :
PROFAB
Technical Assistance :
MONTAQUE HOLDINGS Pty. Ltd., of Australia
Number of Employee :
80 persons
Marketing Area :
Domestic
(Local) - 100%
Market Situation :
Very Competitive
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank
CENTRAL ASIA Tbk
Batam Branch
Batam Islands, Kepri Province
Indonesia
b. P.T. Bank NEGARA INDONESIA
Tbk
Batam Branch
Batam Islands, Kepri Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 18.0 billion
2006 – Rp. 22.5 billion
2007 – Rp. 26.0 billion
2008 – Rp. 15.0 billion (January - June)
Net Profit (Loss)
:
2005 – Rp. 1.7 billion
2006 – Rp. 2.1 billion
2007 – Rp. 2.4 billion
2008 – Rp. 1.3 billion (January - June)
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
D i r e c t o
r - Mr. John William Grono
Board of Commissioners :
Member - Mr. Paul Montaque
Signatories :
The
Directors (Mr. John William Grono) which must be
approved by Commissioner (Mr. Paul
Montaque)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 270,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. PROFAB INDONESIA (P.T. PI) was established in Jakarta in July 1998
with an authorized capital of US$.
200,000 of which US$. 100,000 was issued and paid up. The founding shareholders of the company are MONTAQUE HOLDINGS
Pty., Ltd., of Australia and Mr. John William Grono, an Australian businessman.
The notary deed of the company was made by
a public notary in Jakarta under Company Registration Number C-24315 HT.01.01.TH.2000,
dated 17 November 2000.
P.T. PI obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with pressure vessel
fabrication by managing a plant located at Jalan Bawal Kav. V, Batu Merah,
Batam Island, Kepri Province on a land of 2,1 hectares having been in
commercial operation since mid-1999.
The plant has an installed proeuction capacity of 200 units of pressure
vessels, 100 units of heat exchangers, 50 units of skids and 1,000 units of
spooling. The development of the plant
has absorbed an investment of US$ 400,000 coming from own capital of US$
100,000 and the rest from loans. A
marketing staff of the company said that whole products of P.T. PI are locally
marketed. P.T. PI is classified as a
medium sized company of its kind in the country of which the operation has been
running smoothly and growing.
Generally, local demand for pressure vessel, heat exchangers, machinery
product and steel fabricating had been increasing 8% to 10% on the average per
annum up to mid 1997 having close relation with the growth of manufacturing
industries especial chemical and petrochemical industries, shipping services in
the above period as consumers. However,
the economic crisis in the county in 1997-1998 had caused the demand to decline
up to end 1999 and started increasing since 2000 in line with the amelioration
of the economic condition in the country.
The competition is very tight on account of lots of similar companies
operating in Indonesia. The business
position of P.T. PI is appraised to be favorable for having established wide
marketing networks in the country. We
believe that P.T. PI is in position to thrive its business in the future.
Until this time P.T. PI 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. 18.0 billion, increased to Rp. 22.5 billion
in 2006 and rose again to Rp. 26.0
billion in 2007 with a net profit of Rp. 2.4 billion. It is estimated the company has an estimated total networth at
least Rp. 20.0 billion. It is projected that total sales turnover of the
company will increase at least 13% in 2008.
We observe that P.T. PI is supported by financially strong behind it. So
far, we did not hear 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. PI is led by Mr. John William Grono (appr. 48), a
professional manager of Australia with 12 year experience in pressure vessel
and steel fabrication. In his daily
activities, he is assisted by Mr. Paul Montaque as commissioner. The
management is handled by professional managers of home and overseas having wide
relation with domestic and foreign businessmen as well as with the government
sectors. 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. PROFAB INDONESIA 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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%)