MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TOMOE VALVE
BATAM |
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Registered Office : |
Block F2, Latrade Industrial Park, Jl. Sei Binti Tanjung Uncang,
Batam 29422, Kepri Province |
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Country : |
Indonesia |
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Date of Incorporation : |
15.09.2005 |
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Com. Reg. No.: |
AHU-AH.01.10-14152 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Pipe Valve and Actuator |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 870,000. |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. TOMOE VALVE
BATAM
A d d r e s s
Head Office & Factory
Block F2, Latrade
Industrial Park
Jl. Sei Binti
Tanjung Uncang
Batam 29422
Kepri Province
Indonesia
Phones - (62-778) 395 466, 395 470
Fax - (62-778) 395 475
Land Area - 8,600 sq.
meters
Building Space - 4,500 sq. meters
Region - Industrial
Park
Status - Rent
Date of Incorporation
15 September 2005
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Justice and Human Rights
a. No.
AHU-11219.AH.01.02.TH.2008
Dated 06 March 2008
b. No.
AHU-AH.01.10-14152
Dated 06 June 2008
Company Status
Foreign Investment (PMA) Company
Permit by the Government Department :
The Capital
Investment Coordinating Board
No. 1010/I/PMA/2005
Dated 14 September 2005
The Department of
Finance
NPWP No. 02.498.107.8-215.000
Related Company
A Member of the TOMOE Group of Japan
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- US$. 4,000,000.-
Issued Capital - US$. 1,800,000.-
Paid up Capital - US$. 1,800,000.-
Shareholders/Owners :
a.
TOMOE VALVE INDUSTRY PTE. LTD. - US$.
1,778,000.- (98.78%)
Address : 3, Chi Bee Avenue
Singapore 619928
Singapore
b.
TOMOE VALVE S.E.A. PTE. LTD. - US$. 22,000.- ( 1.22%)
Address : 3, Chi Bee Avenue
Singapore 619928
Singapore
BUSINESS ACTIVITIES
Lines of Business:
Pipe Valve and Actuator Manufacturing
Production Capacity
a. Pipe Valves - 70,300 pieces
(380 tons) p.a.
b. Actuators - 43,300 units
(240 tons) p.a.
Total Investment
a. Equity Capital - US$. 1.8 million
b. Loan Capital - US$. 2.0 million
c. Total
Investment - US$. 3.8
million
Started Operation
June 2006
Brand Name
TOMOE VALVE
Technical Assistance
TOMOE VALVE Corp., of Osaka,
Japan
Number of Employee
180 persons
Marketing Area
Export - 100%
Main Customer
Export to Oil and
Gas Companies in Middle East
Market Situation
Very Competitive
Main Competitors
a. P.T. ALPHACON
VALFINDO
b. P.T. ROXMON
INDONESIA
c. P.T. KEYSTONE
INDONESIA
d. P.T. PIPING
SYSTEM INDONESIA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Batam Branch
Kepri Province
Indonesia
b. The Bank of Tokyo, Mitsubishi, UFJ Ltd.
Midplaza, 1st – 3rd
Floor
Jalan Jend. Sudirman Kav.
10-11
Jakarta Selatan
Indonesia
Auditor
Internal Auditor
Litigation
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 27.5 billion
2007 – Rp. 65.0
billion
Net Profit (estimated)
:
2006 – Rp. 1.8 billion
2007 – Rp. 5.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Yoshio Takayama
Director s -
a. Mr. Mikio Yamaguchi
b. Mr. Akitoshi Yamamoto
Board of Commissioners :
President Commissioner - Mr. Rachmat Gobel
Commissioners - a.
Mr. Hajime Kinoshita
b. Mr. Takeshi Yamamoto
c. Mr. Junichi Mitsui
Signatories :
President Director (Mr. Yoshio
Takayama) or one of the Directors (Mr. Mikio Yamaguchi or Mr. Akitoshi
Yamamoto) 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$ 870,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. TOMOE VALVE BATAM (P.T. TVB) was established in Batam in September
2005 with an authorized capital of US$. 500,000.- was issued capital of US$.
220,000.- and fully paid up. The
founding shareholders of the company are TOMOE VALVE INDUSTRY Pte. Ltd., of
Singapore (90%) and TOMOE VALVE S.E.A. Pte. Ltd., of Singapore (10%). The company's notary deed has frequently
been revised. Lastly in March 2008 the authorized capital was raised to US$. 4,000,000.-
issued and paid up capital to US$ 1,800,000.
The deed of amendment was made by Mrs. Maria Anastasia Halim, SH., a
public notary in Batam under Company Registration Number
AHU-11219.AH.01.02.TH.2008 dated March 6, 2008 and Number AHU-AH.01.10-1412,
dated June 6, 2008.
We observe the shareholders of P.T. TVB namely TOMOE VALVE INDUSTRY Pte.
Ltd., and TOMOE VALVE S.E.A., Pte. Ltd., are foreign companies which the shares
are controlled by Mr. Yoshio Takayama
(69), a Japanese Businessman.
P.T. TVB obtained a Foreign Investment Company (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) in September 2005 to deal with
pipe valve and actuator manufacturing.
Its plant is located at Latrade Industrial Estate, Jalan Sie Binti, Tanjung
Uncang, Sagulung, Batam, Kepri Province on a land of 8,600 square meters. According to its license, the plant has
annual production capacity of 70,300 pieces (380 tons) of pipe valves and 43,300 unit (240 tons) of
actuators per annum. The plant has
absorbed an investment of US$ 3.8 million come from owned capital of US$ 1.8
million and the rest is loans. The plant has been in operation since June 2006
producing pipe valves. The whole of the
products is exported to oil and gas
companies in Arab Saudi, Iraq, Iran and other Middle East Countries. P.T. TVB
is classified as a big sized company of its kind in the country of which the
operation has been growing in the last two years.
In overall views we find the demand for pipe valve, actuator and oil and
gas field equipment had been rising by 10% to 12% per year in the last five
years, in line with the rapid growth of oil and gas industries. In general, we observed that in the last
seven years, national oil and gas industry has been experiencing a production
decline due to low investment for new reserve exploration. The amount of
investment in oil exploration sector in 2005 is merely US$ 801 million, far
below that of 1998, which was about US$ 1,080 million, and in 2003 the figure
was even merely US$ 244 million. As a result, Indonesia very much depends on
imported crude oil and fuel (oil fuel) that is increasing from year to year.
National oil production is currently falling below one million barrels
per day (about 900,000 barrels per day in the last several months), a sharp
decline compared to that of 1997 that achieved 1.3 million barrels per day.
National Petroleum Engineers estimated that Indonesian oil production will
increase from one million to 1.3 million barrels per day in 2009, four years
from now. It can be achieved only if Cepu oil field (Pertamina—Exxon Mobile
TAC) capable of producing 170,000 bpd can be operated according to the
schedule.
Until this time P.T. TVB 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 2006 amounted to
Rp. 27.5 billion with a net profit of Rp. 1.8 billion and increased to Rp. 65.0 billion in 2007 with a
net profit of Rp. 5.5 billion. It is
estimated the company has an estimated total networth at least Rp. 45.0
billion. It is projected that total
sales turnover of the company will increase at least 15% in 2008. We observe that P.T. TVB 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. TVB is led by Mr. Yoshio Takayama (69) a Japanese
businessman with 30 years of experience in valve and actuator
manufacturing. Daily operation, he is
assisted by two directors namely Mr. Mikio Yamaguchi (52) and Mr. Akitoshi
Yamamoto (52). 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. TOMOE VALVE BATAM 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%)