MIRA
INFORM REPORT
|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TOMOE VALVE BATAM |
|
|
|
|
|
|
Registered Office : |
Block F-2, Latrade Industrial Park Jalan Sei Binti Tanjung Uncang Batam, 29422 Kepulauan Riau Province |
|
|
|
|
|
|
Country : |
Indonesia |
|
|
|
|
|
|
Date of Incorporation : |
25.10.2005 |
|
|
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-14152 |
|
|
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
|
|
Line of Business : |
Manufacturing of Valves Butterfly, Actuator and Accessories |
|
|
|
|
|
|
No. of Employees : |
157 persons |
|
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The
government made economic advances under the first administration of President
YUDHOYONO (2004-09), introducing significant reforms in the financial sector,
including tax and customs reforms, the use of Treasury bills, and capital
market development and supervision. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source : CIA
Name of Company
P.T. TOMOE
VALVE BATAM
Address
Head Office & Factory
Block F-2,
Latrade Industrial Park
Jalan Sei Binti
Tanjung Uncang
Batam, 29422
Kepulauan Riau
Province
Indonesia
Phones -
(62-778) 395466, 395470
Fax - (62-778) 396475
E-mail - sales@tomoe-batam.com
Land Area - 8,600 sq.
meters
Building Space - 4,500 sq. meters
Region - Industrial
Park
Status - Rent
Registration data
Date of Incorporation :
25 October 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-33878.HT.01.01.TH.2005
Dated 20 December 2005
- No. AHU-11219.AH.01.02.TH.2008
Dated 06 March 2008
- No. AHU-AH.01.10-14152
Dated 06 June 2008
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.498.107.8-215.000
The Department of Industry and Trade
TDP No.
041012904280
Dated 24 January
2006
The Capital Investment Coordinating Board
No.
1010/I/PMA/2005
Dated 14
September 2005
Related
Company :
A Member of the
TOMOE VALVE Group, 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.-
Address :
3, Chi Bee Avenue
Singapore
619928
Singapore
b. TOMOE
VALVE S.E.A. PTE LTD. - US$ 22,000.-
Address : 3, Chi Bee Avenue
Singapore
619928
Singapore
BUSINESS ACTIVITIES
Lines of
Business :
Manufacturing of
Valves Butterfly, Actuator and Accessories
Production Capacity
:
a. Valves -
70,300 pieces p.a.
b. Actuators -
43,300 pieces 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 Batam
Technical
Assistance :
Tomoe Valve
Industry Pte, Ltd., Singapore
Number of
Employee :
157 persons
Marketing Area
:
Export -
80%
Local - 20%
Main Customer
:
Industrial
Manufacturing
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. FILTEC
INDO TEKNOLOGI
b. P.T. MULTI SUKSES PRATAMA
c. P.T. KEYSTONE
INDONESIA
d. P.T. YOKOGAWA
MANUFACTURING BATAM
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Komplek
Harapan Business Centre Block I
Jalan R.E.
Martadinata
Batam, Kepulauan Riau Province
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Brigjend. Katamso
Tanjung
Uncang, Batam
Kepulauan Riau Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 118.0
billion
2010 – Rp. 125.0
billion
2011 – Rp. 131.0
billion
2012 – Rp. 71.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 8.2 billion
2010 – Rp. 8.7
billion
2011 – Rp. 9.8
billion
2012 – Rp. 5.4
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Osamu Furukawa
General Manager -
Mr. Basuki
Board of Commissioners :
President Commissioner -
Mr. Rachmat Gobel
Commissioners -
a. Mr. Hajime Kinoshita
b. Mr. Akitoshi Yamamoto
c. Mr. Takeshi Yamamoto
Signatories :
President Director (Mr. Osamu
Furukawa) 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
OVERALL PERFORMANCE
P.T. TOMOE VALVE
BATAM (P.T. TVB) was established in Batam, Kepulauan Riau Province based on
notary deed of Mrs. Maria Anastasia Halim, SH., No. 82 dated 25 October 2005 with
an authorized capital of US$. 500,000 issued capital of US$ 220,000 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 approved by the Ministry of Law and
Human Rights in its decision No. 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 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. It was a lead that saw the TOMOE butterfly valve
range develop and flourish in home markets and
throughout the world. P.T. TVB products are Manual Actuator, Valve Actuator,
The Triple Offset Process Valve, Anti Vibration Check Valve, High Performance
Butterfly Valve, Tom Disco Butterfly Valve and Rubber Seated Butterfly Valve.
The products application for DHC and Air Conditioning, Water Treatment Plants,
Process Industries, Energy System, Oil and Gas and Marine. About 80% of the
products is exported to oil and gas companies in Singapore, Arab Saudi, Iraq,
Iran and other Middle East Countries. While the rest 20% marketed locally
through distributors P.T. SAHABAT AGUNG CITRA and P.T. TVAP CITRA both are in
Jakarta. Besides the company is also supplied the products to P.T. PERTAMINA
and other oil and gas company in Indonesia, water treatment plant and chemical
industries, energy, oil and gas industries, petrochemical plants, and shipping
(marine) industries. 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 three 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 tended to decline within
the above period. Generally we find the demand for directional drilling, mud
logging, measurement while drilling services, offshore survey services like
geophysics and seismic has been fluctuating within the last five years, in line
with the growth of oil & natural gas industries in the country. It is
projected that the demand will keep going up in five years to come. The
competition is very tight on account of many similar companies operating in the
country. Besides that the growing crude oil price started as from the middle of
1999 and constantly rising within 2007 has blown fresh air to Indonesian
government and oil companies. In the effort of stabilizing the world's crude
oil price above US$ 90 per barrel in 2008 and sharply dropped to US$ 40 to US$
100 per barrel in early 2011. Despite crude oil price problem, Indonesia has
kept on attempting to increase its crude oil and natural gas production
including natural gas. The business position of P.T. BHI is favorable on
account of having already established customers and wide marketing networks in
the country. Details on production growth of Indonesian crude oil and natural
gas as from 2004 to 2011 are pictured bellows.
Source: Department of Energy &
Mineral Resources
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. The management of P.T.
TVB is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2009
amounted to Rp. 118.0 billion rose to Rp. 125.0 billion in 2010 increased to
Rp. 131.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at least Rp. 71.0 billion with a net profit of Rp. 5.4 billion and
projected to go on rising by at least 5% in 2013. The company has an estimated
total networth of at least Rp. 15.0 billion. We observe that P.T. TVB 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 company usually pays its debts punctually to suppliers.
The management
of P.T. TVB is led by Mr. Osamu Furukawa (54) a a professional manager of Japan
with experience in manufacturing of valves butterfly, actuators and
accessories. The company's management is handled by professional staff in the
above business. They have wide relations with private businessmen within and
outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
|
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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.