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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. TIMAH INDUSTRI |
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Registered Office : |
Jl. Jend.
Sudirman No. 51 Pangkal Pinang 33121 Bangka Island, Babel Province |
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Country : |
Indonesia |
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Date of Incorporation : |
18.06.1998 |
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Com. Reg. No.: |
No. AHU-AH.01.10-29895 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Mechanical,
Engineering and Fabrication |
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No. of Employees : |
180 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – 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 6.2%
and 6.5% 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 fiscal deficit below 3%, 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 2013 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 high
oil prices.
Source
: CIA
P.T. TIMAH INDUSTRI
Head Office &
Workshop
Jl. Jend. Sudirman No. 51
Pangkal Pinang 33121
Bangka Island, Babel Province
Indonesia
Phone -
(62-717) 425 8000 (hunting)
Fax - (62-717) 425 8080
Email - corsec@pttimah.co.id
Jakarta Office
Jl. Medan Merdeka Timur No. 15
Jakarta 10110
Indonesia
Phone -
(62-21) 2352 8000 (hunting)
Fax - (62-21) 2352 8080
Factory
Jalan Eropa 1
Kav. A3,
Kawasan Industri
Estate Cilegon (KIEC)
Kel. Kotasari,
Kec. Grogol, Cilegon
Banten Province
Indonesia
Date of Incorporation :
18 June 1998
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
- No.
C2-7751.HT.01.01.Th.98
Dated 29 June 1998
- No.
AHU-98048.AH.01.02.Tahun 2008
Dated 18 December 2008
- No.
AHU-AH.01.10-29895
Dated 10 August 2012
Company Status :
National Private
Company
Permit by the Government Department :
The Department of Finance
NPWP No.
01.628.271.7-051.000
Holding
Company :
P.T. TIMAH
(Persero) Tbk (Investment Holding)
Capital
Structure :
Authorized
Capital - Rp.
800,000,000,000.-
Issued
Capital - Rp.
200,000,000,000.-
Paid up
Capital - Rp.
200,000,000,000.-
Shareholders/Owners
:
a. P.T. TIMAH (Persero) Tbk. - Rp. 199,980,000,000.- (99.99%)
Address : Jl. Jend. Sudirman
No. 51
Pangkal Pinang 33121
Bangka Island,
Babel Province
Indonesia
b. P.T. TIMAH
INVESTASI MINERAL - Rp. 20,000,000.- ( 0.01%)
Address : Jl. Medan Merdeka Timur No. 17
Jakarta
Pusat 10110
Indonesia
Lines of
Business :
a. Mechanical, Engineering and Fabrication
b. Tin Chemical Industry
Production
Capacity :
Tin Chemical (Bankastab) – 10,000 tons p.a.
Total
Investment :
Owned Capital - Rp. 200 billion
Started
Operation :
1998
Brand Name :
Timah Industri
Technical
Assistance :
None
Number of
Employee :
180 persons
Marketing Area
:
Domestic - 100%
Main Customer
:
a. PT. Tambang Timur (as main customer)
b. Etc.
Market Situation
:
Very Competitive
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Gedung Wisma Baja
Jl. Jend. Gatot
Subroto Kav. 54
Jakarta Selatan
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jl. Jend.
Gatot Subroto No. 55
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 1,034.0 billion
2011 – Rp. 1,127.6 billion
2012 – Rp. 1,186.8 billion
Net Profit
(estimated) :
2010 – Rp. 117.0 billion
2011 – Rp. 115.6 billion
2012 – Rp. 98.0 billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. G. Handri
Kustanto
Director -
Mrs. Lily Harlina
Board of Commissioners :
President Commissioner - Mr. Dadang Mulyadi, SE, MM
Commissioners - a. Mr. Ronald Tambunan
b. Mr. Zureidar
c. Mr. Edi Prasodjo, MSc
d. Mrs. Yennita
Signatories :
President Director (Mr. ) or Director (Mrs. Anya Nathalie Ahlstrom) which
must be approved by Board of Commissioners (Mr. Ralf Klaus Wunderlich and Mr.
Andrew John Terry)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T.
TIMAH INDUSTRI (P.T. TIN) was established in Bangka based on notarial Deed No.
74 dated 18 June 1998 of Imas Fatimah, Sh., notary in Jakarta with an
authorized capital of Rp. 800,000,000,000.- of which Rp. 200,000,000,000.- was
issued and fully paid up. The founding
shareholders of the company are P.T. TIMAH (Persero) Tbk. (99.99%) and P.T.
TIMAH INVESTASI MINERAL (0.01%). The
deed of establishment has been approved by the Minister of Justice of the
Republic of Indonesia through Decision Letter No. C2-7751 HT.01.01.TH.98 dated
29 June1998.
The
Company’s article of association has been amended for several times, most
recently by notarial Deed of Drs. Andy Alhadis Agus, SH., No. 12 dated 25 July
2012 the company board of director and the board of commissioner had been
changed. However, no changes have been effected in term of its shareholding
composition and capital structures to date. The amendment to notarial Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-29895
dated 10 August 2012.
P.T. TIN has been operating since 1998 in mechanical, engineering and steel fabricating with its workshop located at Jl. Jend. Sudirman No. 51, Pangkal Pinang, Bangka Island, Babel Province on a land of some 27.3 hectares (owned by its holding company PT. Timah Tbk.). Mr. Prawiro, an administrative staff of the company explained that P.T. TIN produces of spare parts of tin mining, steel fabrication and construction services for its affiliated company P.T. TAMBANG TIMAH is engaged in tin mining. At the early of 2009, P.T. TIN starts bulding tin chemical plant located at Jalan Eropa 1, Kav.A3, Kawasan Industri Estate Cilegon, Kotasari sub-district, Grogol district, Cilegon, Banten on a land of 8.0 hectares. The plant has been operating since mid-2010 with production capacity of 10,000 tons tin chemicals per annum. The company’s products is marketed locally with “Bankastab” brand. According to plant its production capacity will be increased to 30,000 tons tin chemical per annum. We observed that P.T. TIN is classified as a medium sized company of its kind in the country of which the operation has been growing slowly in the last three years.
Generally,
the demand for mechanical, engineering, steel fabricating and tin chemical in
the country had significantly rising by 8% to 10% per year in the last five
years, in line with the growth of industrial sector such as mining, oil and
natural gas, petrochemical, pulp and paper, etc. But, as from October 2008, the demand growth
for the products has kept on dwindling as an impact of global economic crisis
as told above. Beside, the competition
is very tight on account many similar companies operating in the country. The demand was increasing in the early 2009
due to economic condition was gradually recovery in the country. The growth
rate is now estimated at 5% to 7% per year.
P.T. TIN 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 statement publicly. P.T. TIN’s management is very reclusive to
outsider and rejecting to disclose its financial condition but we estimated
that total sales turnover of the company in 2010 increased to Rp. 1,034.0 billion
increased to Rp. 1,127.6 billion in 2011 and rose again to Rp. 1,186.8 billion
in 2012. The operation of the company in 2012 is estimated to have gained a net
profit of Rp. 98.0 billion with a total
assets of Rp. 925.0 billion. It’s the sales turnover is projected to be rising
at least 5% in 2013. So far, we did not
hear that P.T. TIN has been black listed by Bank Indonesia (Central Bank) or
involved in detrimental cases being settled in the court.
Since July 2012, the management of P.T.
TIN led by Mr. G. Handri Kustanto (52) replacing Mr. Purwijayanto (53) as
President Director. In his daily activities, he is assisted by Mrs. Lily
Harlina (48) as Director. The company’s
management is appraised to have experience in mechanical, engineering and steel
fabricating. The management also
supported by a number team of professional managers 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 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.
We
believed that P.T. TIMAH INDUSTRI is sufficiently fairly good for business
transaction. However, in view of the economic condition in the country is still
unstable, we recommend to treat prudently in extending any new loan to the
company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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.