MIRA
INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
P.T. EAGLEBURGMANN INDONESIA |
|
|
|
|
Formerly Known As : |
P.T. BURGMANN INDONESIA |
|
|
|
|
Registered Office : |
Jalan Jababeka Block J6-E, Kawasan Industri Jababeka Cikarang, Bekasi 17550, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.03.1996 |
|
|
|
|
Com. Reg. No.: |
No. AHU-54198.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Mechanical Seals |
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 |
|
Maximum Credit Limit : |
US$ 290200 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
Name
P.T. EAGLEBURGMANN INDONESIA
Address
Head Office & Factory
Jalan Jababeka Block J6-E
Kawasan Industri Jababeka Cikarang
Bekasi 17550
West Java
Indonesia
Phones - (62-21) 8935313 (Hunting)
Fax - (62-21) 8935315
E-mail - info@id.eagleburgmann.com
Website - http://www.burgmann.com
Land Area - 12,000 sq. meters
Building Area - 9,230 sq. meters
Region - Industrial Estate
Status - Owned
Date of Incorporation
a. 20 March 1996 as P.T. BURGMANN INDONESIA
b. 28 July 2008 as P.T. EAGLEBURGMANN INDONESIA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No
The Ministry
of Law and Human Rights
No. AHU-54198.AH.01.02.TH.2008
Dated 22 August 2008
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department
of Finance
NPWP No. 01.071.477.2-055.000
The Capital
Investment Coordinating Board
- No. 692/I/PMA/1995
Dated 13 December
1995
- No. 223/II/PMA/2004
Dated 13 December
2004
- No. 101/II/PMA/2006
Dated 16 December
2006
The Department
of Industry
No. 201/T/Industri/1997
Dated 12 May 1997
Related Company :
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
US$ 889,380.-
Issued Capital :
US$ 889,380.-
Paid up Capital :
US$ 889,380.-
Shareholders/Owners :
a. EBI ASIA PACIFIC
PTE., LTD. -
US$ 888,579.-
Address : 29 International Business Park
Acer Building
Singapore
b. Mr.
Soebagio Soegiharto -
US$ 801.-
Address : Taman Villa Meruya Block BI/12
Jakarta
Barat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Mechanical Seals Manufacturing
Production Capacity :
a. Mechanical Seals - 25,000 pcs p.a.
b. Gas Lubricated Mechanical Seals - 800 pcs p.a.
c. Stuffing Box Packing - 250 pcs p.a.
d. Magnetic Couplings - 250 pcs p.a.
e. Expansion Joint - 900 pcs p.a.
f. Pre-Cut Gasket -
120,000 pcs p.a.
g. Packing Rings - 30,000 pcs p.a.
Total Investment :
a. Equity Capital -
US$ 0.9 million
b. Loan Capital -
US$ 0.8 million
c. Total Investment -
US$ 1.7 million
Started Operation :
1997
Brand Name :
EAGLEBURGMANN
Technical Assistance :
FEODOR BURGMANN Industries GmbH & Co., of Germany
Number of Employee :
109 persons
Marketing Area :
Local - 100%
Main Customers :
Industrial manufacturing, automotive, contracting, oil and
gas etc.,
Market Situation :
Very Competitive
Main Competitors :
a. P.T. EAGLE INDUSTRY INDONESIA
b. P.T. SEAL JET INDONESIA
c. P.T. PACKINDO SEAL
d. P.T. TRI GRAHA SEASILINDO
e. Etc.,
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Jend.
Sudirman Kav. 22-23
Jakarta Pusat
Indonesia
b. DEUTSCHE Bank AG
Wisma Deutsche
Bank
Jalan Imam Bonjol
80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 23.5 billion
2006 – Rp. 24.5 billion
2007 – Rp. 25.6 billion
2008 – Rp. 16.4
billion (January-June)
Net Profit (estimated) :
2005 – Rp. 2.2 billion
2006 – Rp. 2.3 billion
2007 – Rp. 2.4 billion
2008 – Rp. 1.6 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Soebagio Soegiharto
Director - Mr.
Mamoru Yokota
Board of Commissioners :
President Commissioner - Mr. Yasunari Unemura
Commissioner - Mr. Foo Yin
Yee
Signatories :
President Director (Mr. Soebagio Soegaiharto) or the
Director (Mr. Mamoru Yokota) which must be approved by Board of Commissioner.
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$ 290,200 on 90 days D/A
OVERALL PERFOMANCE
Initially the company named P.T. BURGMANN INDONESIA, it was established
in Jakarta on 20 March 1996 with an issued capital of US$ 729,000 wholly issued
fully and paid up. The founding shareholders of the company originally were
EUROCAM TECHNOLOGY SDN BHD of Malaysia and Mr. Song Soon Hee of Malaysia. The
company notarial deed had been changed a couple of times. In October 2004 the
authorized capital was raised to US$ 889,380 entirely issued and paid up. On
the same occasion, EUROCAM TECHNOLOGY SDN BHD., of Malaysia pulled out and the
whole shares sold to BURGMAN INDUSTRIES GmbH & Co., KG of Germany as new
shareholder. The latest in July 2008 BURGMANN INDUSTRIES GmbH & Co., KG of
Germany and Mr. Song Soon Hee pulled out and the whole shares sold to EBI ASIA
PACIFIC PTE., LTD., of Singapore and Mr. Soebagio Soegiharto as new
shareholder. On the same occasion the company was changed to P.T. EAGLEBURGMANN
INDONESIA (P.T. EBI).
The company’s latest shareholders are EBI ASIA PACIFIC PTE., LTD.,
(99.92%) and Mr. Soebagio Soegiharto (0.08%). The deed of
amendment was made by Mr. Refizal, SH., was approved by the Ministry of Law and
Human Right in its Decision Letter No. AHU-54198.AH.01.02.TH.2008, dated August
22, 2008.
P.T. EBI acquired a Foreign Investment (PMA) facility for dealing with
the manufacturing of mechanical seals. Its plant located at Jalan Jababeka
Block J6-E, Kawasan Industri Jababeka Cikarang, Bekasi, West Java over 12,000
sq. meters wide land. The plant has started with operation in 1997 and had expanding
frequently to increasing production capacity. The company offers production of
mechanical seals, accessories; installation, commissioning, overhaul and repair
of mechanical seals and supply systems; warehouse comprehensively stocked with
complete seal systems and spare parts; technical support and training cources.
The plant produces Mechanical Seals of 25,000 pcs, Gas Lubricated Mechanical
Seals of 800 pcs, Stuffing Box Packing of 250 pcs, Magnetic Couplings of 250
pcs, Expansion Joint of 900 pcs, Pre-Cut Gasket of 120,000 pcs and Packing
Rings of 30,000 pcs respectively per annum. The construction of the plant has
absorbed an investment of US$ 1.7 million come from owned capital of US$ 0.9
million and the rest from loans. The manufacturing of the above products is
fully using FEODOR BURGMANN Industries GmbH & Co., KG technology of
Germany.
P.T. EBI always giving technical and commercial advice about design,
solution, selection and recommendation of seals itself, their application or in
the after-sales service. The whole of its products is marketed locally through
dealers and distributors spreading in Indonesia. Besides, the products supplied
to oil and gas industries, petrochemical industries, automotive and machinery,
construction, marine and aircraft and others. P.T. EBI has also become the
first seal manufacturer in Indonesia certified to ISO 9001 since April 16,
2000. We observed that P.T. EBI is still classified as a medium-size company of
its kind in Indonesia and its business has been growing slowly within the last
two years.
We observed that the demand for insulation materials, mechanical seals
and mechanical gasket has kept on rising until the middle of 1997 in line with
the rapid growth of various industrial sector as the consumers, but later
declined until 1999 as the impact of economic crisis battering Indonesia as
from the middle of 1997. As from that time on, the demand growth started to
pick-up again in line with the amelioration of economic condition. It is
estimated that the demand growth will continue on fluctuating within the next
two or three years. In the meantime, we realized that market competition is
very tough on account of many other similar companies operating in the country
to date. P.T. EBI's current business position is considered to be still quite
good for it has succeeded to develop a fairly wide range of marketing network
in the country.
Until this time P.T. EBI 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.
23.5 billion rose to Rp. 24.5 billion in 2006 increased to Rp. 25.6 billion in
2007. The total sales turnover as from January to June 2008 amounted to Rp. 16.4
billion with a net profit of Rp. 1.6 billion and projected to go on rising by
at least 6% in 2008. The company has an estimated total networth of at least
Rp. 11.0 billion. We observe that P.T. EBI is supported by foreign partner with
has financially strong and sound behind it. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. EBI is led by Mr. Soebagio Soegiharto (47) a
businessman and professional manager with experience in mechanical seals
manufacturing and trade. Daily activities he is assisted by Mr. Mamoru Yokota
(51) a professional manager of Japan as a director. The management is handled
by experienced staff in this business, having maintained a wide business
relation with private businessmen at home and abroad as well as with government
sectors. 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. EAGLEBURGMANN 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)