MIRA INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. EBARA INDONESIA |
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Registered Office : |
Jl. Raya
Jakarta – Bogor Km. 32, Desa curug, Cimanggis, Depok, Bogor, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
22.12.1980 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-14814 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Industrial Pump 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$ 1,870,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. EBARA INDONESIA
company Address
Head Office & Factory
Jl.
Raya Jakarta – Bogor Km. 32
Desa
curug, Cimanggis, Depok
Bogor,
West Java
Phones - (62-021) 8740852, 8740853
Fax -
(62-021) 8740033
Email - marketing@ebaraindonesia.com
Website - http://www.ebaraindonesia.com
Land Area - 51,000 sq.
meters
Building Space - 12,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
22 December 1980
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
a. No. AHU-57996.AH.01.02.Tahun 2009
Dated 26 November 2009
b. No.
AHU-AH.01.10-14814
Dated 18 May 2011
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.003.165.6-052.000
Holding
Companies :
a. P.T. DONOMULIO
INDUSTRY of Indonesia (Investment Holding)
b. EBARA
COPORATION of Japan (Investment Holding)
Affiliated/Associated
Company :
P.T. INDOBARA
BAHANA (Trading and Distribution of Ebara Pumps)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- US$. 7,330,000 (Rp. 68,572,150,000)
Issued Capital - US$. 7,330,000 (Rp.
68,572,150,000)
Paid up Capital - US$. 7,330,000 (Rp.
68,572,150,000)
Shareholders/Owners :
a. P.T. DONOMULIO INDUSTRY - US$. 2,250,000 (30.7%)
Address : Jl.
Raya Jakarta-Bogor Km. 32
Cimanggis, Depok
West Jawa -
Indonesia
b. EBARA CORPORATION - US$. 5,080,000 (69.3%)
Address : 11-1, Haneda
Asahi-Cho
Ohta-ku, Tokyo
Japan
BUSINESS ACTIVITIES
Lines of Business
:
Industrial Pump Manufacturing
Production
Capacity :
a. Centrifugal Pumps - 6,000 units p.a.
b. Centrifugal & Sec Pumps - 5,000 units p.a.
c. Centrifugal Multi Stage Pumps -
450 units p.a.
d. Submersible Pumps - 150 units
p.a.
e. Submersible Swage Pumps -
275 units p.a.
f.
Chemical Processing Pumps - 100 units p.a.
g. Mixed Flow Pumps - 25
units p.a.
h. Centrifugal Self Priming - 2,500 units p.a.
i.
Centrifugal Volute Pumps -
6,820 units p.a.
j.
Water Pumps -
2,000 units p.a.
k. Water Treatment Plant - 5 units p.a.
Total Investment :
a. Equity Capital - US$.
7.3 million
b. Loan Capital - US$.
4.0 million
c. Total
Investment - US$.11.3
million
Started Operation :
1983
Brand Name :
EBARA
Technical Assistance :
Ebara Corporation of Japan
Number of Employee :
420 persons
Marketing Area :
Domestic - 50%
Export - 50%
Main Customers:
a. PT. INDOBARA
BAHANA as sole distributor in locally
a. Overseas buyers
in Japan and Asian countries.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDOPUMP
LESTARI
b. P.T. KSB
INDONESIA
c. P.T. METALINA
TUNGGAL
d. P.T. TORISHIMA
GUNA ENGINEERING
e. P.T. BONOBEL INTER NUSA Corp.
f. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. The Bank of Tokyo-Mitsubishi
UFJ Ltd.
MidPlaza Building
Jl. Jend. Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
b. P.T. Bank PERMATA Tbk
Permata
Plaza
Jalan
Jend. Sudirman No. 27
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 252.0
billion
2009 – Rp. 280.0
billion
2010 – Rp. 320.0
billion
2011 – Rp. 182.0
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 14.0
billion
2009 – Rp. 15.6
billion
2010 – Rp. 18.0
billion
2011 – Rp. 10.2
billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr. Takehiro Machida
Directors -
a. Mr. Shotaro Kuryu
b. Mr. Hisashi Oikawa
c. Mr. Takao Yamaguchi
d. Mr. Subianto Leonardi
e. Mr. Fecacio Jusuf Hanafi
f. Mr. Satria Sugiharto Widjaja
Board of Commissioners :
President Commissioner -
Mr. Akihiko Nagamine
Commissioner - Mr. Ir. Tjandra Harsaja
Signatories :
President
Director (Mr. Takehiro Machida) or one of the Directors (Mr. Shotaro Kuryu, Mr.
Hisashi Oikawa, Mr. Takao Yamaguchi, Mr. Subianto Leonardi, Mr. Fecacio Jusuf Hanafi and Mr. Satria Sugiharto
Widjaja) which must be approved by Board of Commissioners (Mr. Akihiko Nagamine
and Mr. Ir. Tjandra Harsaja)
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below average
Credit
Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit
Limit :
US$ 1,870,000.- on the 90 days of payments
OVERALL PERFORMANCE
P.T. EBARA INDONESIA (P.T. EI) was established in Jakarta in December 1980 with the authorized capital of US$ 1,065,000 issued and paid up capital of US$ 800,000. The founding shareholders are EBARA CORPORATION (EC) of Japan and P.T. DONOMULIO INDUSTRY LTD (P.T. DI) of Indonesia. The company's notarial act has frequently been changed. In August 1989, the company's authorized capital was increased to US$ 3,000,000 wholly issued and paid up. In September 1995, the authorized capital was increased again to US$ 5,000,000 wholly issued and paid up. In 2009, the company's authorized capital was increased to US$ 7,330,000 wholly issued and paid up with the composition of 69.30% of Japan and the rest of Indonesia. The latest deed of amendment was made by Ms. Sitti Laela Sopha Zein, SH., a public notary in Jakarta under Company Registration Number AHU-57996.AH.01.02.Tahun 2009 dated November 26, 2009 and No. AHU-AH.01.10-14814, dated May 18, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
We note that the local partner of P.T. EI is P.T. DI, a national private company dealing with gas tube industry. The majority shares of the company are controlled by Mr. Subianto Leonardi being also the founding shareholder of P.T. INDOBARA BAHANA dealing with trading of industrial pumps.
P.T. EI obtained a Foreign Capital Investment (PMA) license in the manufacturing of industrial pumps. The company is the first domestic manufacturer of water pumps in Indonesia. The plant is located in Desa Cimanggis, Depok, Bogor, West Java on a land of 5.1 hectares. The site serves as complete range of company's facilities, such as factory building, offices, repair and service facilities, and warehouse. There are more than 400 highly committed and professional employees supporting the over all Company's activities producing more than 20,000 unit of water pumps and other related products annually. The company produces various types and sizes of pumps for industry such as volute pumps, submersible pumps, vortex pumps, vacuum pumps, plastic pumps, process pumps and so forth. In additions the company produces gear pump, booster unit, aerator system, etc. Whole products are marketed by P.T. INDOBARA BAHANA using EBARA brand. The company’s products and services have received overwhelming response and acceptance in the market. This includes significant projects such as: Pumping plant Surabaya River Improvement Project; Water Treatment Plant at East Jakarta Industrial Park, Bukit Indah Industrial Park, MM 2100 Industrial Town; Air Cooling System Plant; Cooling Water Pump and Chilled Water Pump. Since 1995 the Company has exported products to various countries, including to the Principal in Japan. We observed that P.T. EI is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for industrial pump has been growing by 8%
to 10% in the last five years in line with the development of various industrial
sectors in the country such as office building, industrial plants, plantation
and agricultural, water treatment and drinking water, mining industries and
others. It is estimated to keep on
growing by at least 6% up to next year.
However, the competition is very tight on account of lots of similar
companies dealing with shoe safety manufacturing such as PT. Indopump Lestari,
PT. KSB Indonesia, PT. Metalina Tunggal,
PT. Torishima Guna Engineering, PT. Bonobel Intger Nusa Corp., and others. P.T. EI is considered to be in a favorable
business position in view of the company's experience in the above business.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statements publicly. The management of P.T. EI is very closed to outsiders and rejected to disclose its financial conditions. We estimated that total sales turnover in 2008 is estimated to have reached Rp. 252.0 billion increased to Rp. 280.0 billion in 2009 to Rp. 320.0 billion in 2010 and projected to be rising by at least 12% in 2011. The operation of the company in 2010 is estimated to have gained a net profit of Rp. 10.2 billion with a total networth of Rp. 120.0 billion. So far we have never heard that P.T. EI has been black listed by Bank Indonesia (central bank) or detrimental cases being settled in local district court. Payment condition for domestic and overseas suppliers is good with the credit payment system of 1 month to 3 months.
The management of
P.T. EI is led by Mr. Takehiro Machida or Machida Takehiro (44) as president
director, with 12 years of experience in industrial pump manufacturing. In his
daily activities, he is assisted by six directors namely Mr. Shotaro Kuryu
(60), Mr. Hisashi Oikawa (63), Mr. Takao Yamaguchi (39), Subianto Leonardi
(71), Mr. Fecacio Jusuf Hanafi (38) and Mr. Satria Sugiharto Widjaja (53). The management is having maintained a
wide business relation with private businessmen at home and abroad as well as
with government sector. So far, we did not hear that the company’s management
involved in the business malpractices 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. EBARA INDONESIA is
still appraised to be good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.46.18 |
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UK Pound |
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.