MIRA
INFORM REPORT
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Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
PT HOT HED INDONESIA |
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Registered Office : |
AKA Building 2nd
Floor, Jalan Warung Jati Barat No. 20, Jakarta Selatan, 12550 |
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Country : |
Indonesia |
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Date of Incorporation : |
30 November 1992 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Oil and Gas Mining Tools Supplies, Trading
and Services |
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$ 421,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NAME
P.T. HOT-HED INDONESIA
Address
Head Office
AKA Building 2nd
Floor
Jalan Warung Jati
Barat No. 20
Jakarta Selatan,
12550
Indonesia
Phone - (62-21) 789 1341,
789 1342-43
Fax - (62-21) 789 5778
E-mail - hhintl@hot-hed.com
Building Area - 6 storey
Office Space - 240 sq. meters
Region - Commercial
Building
Status - Rent
Branch
Jalan Wijaya
Kusuma RT. 34/RW. 10 No. 24
Gunung Sari Ilir
Balikpapan 76121
East Kalimantan
Indonesia
Phone - (62-542) 734 557
Fax - (62-542) 734 557
Building Area - 2 storey
Office Space - 400 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
30 November 1992
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No
The Ministry of
Justice and Human Rights
No. C-22790
HT.01.04.TH.2004
Dated 10 September
2004
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The President of
the Republic of Indonesia
No. B-213/Pres/9/1992
Dated 15 September 1992
The Capital
Investment Coordinating Board
No. 198/I/PMA/1992
Dated 5 October 1992
The Department of
Finance
NPWP No. 1.070.688.5-052
Holding Company
HOT-HED INTERNATIONAL S.A., of Panama
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$
1,000,000.-
Issued Capital : US$
1,000,000.-
Paid up Capital : US$ 1,000,000.-
Shareholders/Owners :
a. HOT-HED INTERNATIONAL S.A. - US$ 800,000.-
Address : Calle Aquilino De La Guardia
Numero 8
Panama
b. Mr. Robert Charles Fleischmann - US$ 200,000.-
Address : Jl. Nangka No. 120 A
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Oil and Gas Mining Tools Supplies, Trading
and Services
Production
Capacity :
None
Total Investment :
a. Equity Capital - US$ 1.0
million
b. Loan Capital - None
c. Total
Investment - US$ 1.0 million
Started Operation
1993
Brand Name
Hot-Hed
Technical Assistance
HOT-HED INTERNATIONAL of Panama
Number of Employee
42 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. MEDCO
ENERGY INTERNATIONAL Tbk
b. P.T. PERTAMINA
c. EXXONMOBIL OIL
INDONESIA INC.
d. P.T. NIPPON
STEEL CONSTRUCTION INDONESIA
e. PETROCHINA
INTERNATIONAL INC.
f. P.T. PETROSEA
Tbk
g. Etc.,
Market Situation
Very Competitive
Main Competitors
a. P.T. WOOD GROUP
INDONESIA
b. P.T. FMC
SANTANA PETROLEUM INDONESIA
c. P.T. KVAERNER
OILFIELD INDONESIA
d. P.T. IMECO
INTER SARANA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav.
22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 28.5
billion
2006 – Rp. 30.0
billion
2007 – Rp. 32.0
billion
Net Profit (Loss)
:
2005 – Rp. 2.0 billion
2006 – Rp. 2.2 billion
2007 – Rp. 2.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Robert Charles Fleischmann
Director - Mr. Louis Jasper Posey Wardlan
Operational Manager - Mr. David Silaban
Board of Commissioners :
Commissioner - Mr. Drs. James Benyamin Lumenta
Signatories :
President Director (Mr. Robert Charles
Fleischmann) or the Director (Mr. Louis Jasper Wardlan) which must be approved
by the Board of Commissioners
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$ 421,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. HOT-HED INDONESIA (P.T. HHI) was established in Jakarta on 30 November
1992 with an authorized capital of US$ 1,000,000 entirely issued and paid up.
The founding shareholders of the company are HOT-HED INTERNATIONAL S.A., of
Panama as foreign partner and P.T. JALAMAS NUSANTARA of Indonesia as local
partner. The company's notary
deed has been changed. In August 2004, P.T. JALAMAS NUSANTARA pulled out and
replaced by Mr. Robert Charles Fleischmann of the United Kingdom. The deed of
amendment was made by Mrs. Maria Kristiana Soeharyo, SH., a public notary in
Jakarta under Company Registration Number C-22790 HT.01.04.TH.2004, dated
September 10, 2004.
P.T. HHI obtained a Foreign Capital Investment (PMA)
facility issued by the Capital Investment Coordinating Board (BKPM) to deal
with oil and gas mining tools trading, supplies and services. The company
provides services including casing & wellhead installation system services
in oil and gas drilling operation using HOT-HED’s Welding Technology, platform
maintenance & repair and anchoring system services in offshore construction.
To find more about their patented oil tolls products, specialty
onshore/offshore services and equipment rental. Some of the company services
and rentals are Pretest, Hydraulic Bolt Tightening, Hot Bolting, Cold Bolting,
Hot Tapping, Cold Cutting, Hydraulic Bolt Tensioning, Diesel Piling Hammers,
Fabrication & Welding, Well Head Installation, BOP Testing, Hydrostatic
Testing and Hydraulic Nut Splitters.
The whole oil tools products is imported from the United
States by using HABITAT, HOT-CHEK, Press-Test, Mud-Saver, Hot-Bev’lr, Hot-Jnt
and Lock-Well Nuts brands. The whole oil tolls products is supplied to oil and
gas contracting such as P.T. APEXINDO PRATAMA DUTA Tbk, P.T. MEDCO ENERGY INT’L
Tbk, ANADARKO PETROLEUM CORPORATION, BEYOUND PETROLEUM, P.T. CHEVRON PACIFIC
INDONESIA, NEXEN INC, CNOOC SES, CHONOCOPHILIPS INDONESIA INC, P.T. NISCONI,
JAPAN PETROLEUM EXPLORATION, P.T. PERTAMINA, P.T. PETROSEA Tbk, P.T.
SAAG-UTAMA, STAR ENERGY KAKAP LTD, P.T. THIES CONTRACTORS, TOTAL E&P
INDONESIE, VICO INDONESIA and other oil drilling company. The operation of P.T.
HHI has been growing steadily in the last five years.
The demand for oil and gas construction services has been growing slowly
in the last five years. The new investments in oil and gas exploration tend to
decline within the above period. The Indonesian State Oil & Gas Company
(P.T. PERTAMINA) and the foreign oil contracting firms are estimated to have
spent their US$ 1,300 million to US$ 1,400 million per annum for the purchasing
of oilfield equipments, construction and other petroleum services. The above
total spending is estimated to continue remaining at the same level in the next
five years. Although, the above given amount of total spending was relatively
big in volume but market competition will be very sharp particularly in
services and undersea works business considering many other similar companies
operating in the country. P.T. HHI is in a good
position in the above business activities for having already secured as its
regular customers a number of domestic and foreign oil companies operating in
Indonesia.
Until this time P.T. HHI 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. 28.5 billion, increased to Rp. 30.0 billion
in 2006 to Rp. 32.0 billion in 2007. We estimated the company has yielded net
profit of Rp. 2.5 billion in 2007 with an estimated total networth by at least
Rp. 15.0 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2008. We observe that P.T. SLK is supported by foreign
partner with has financially strong and sound 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. HHI is led by Mr. Robert Charles Fleischmann (61)
a businessman with 25 years of experience in oil and gas mining tools trading,
supplies and services. 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. HOT-HED 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.
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%)