MIRA
INFORM REPORT
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Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
AREVA T & D |
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Formerly Known as: |
P.T. AREVA DISTRIBUTION |
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Registered Office : |
Jl. Pulo Buaran Raya Blok III EE Kav. 2-3-6, Kawasan Industri Pulogadung, Jakarta 13260, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
23.02.1976 |
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Com. Reg. No.: |
C-09753.HT.01.04.TH.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Electric Panel |
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$
7,740,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T.
AREVA T& D
Address
Head Office & Factory
Jl. Pulo Buaran Raya Blok III EE Kav. 2-3-6
Kawasan Industri Pulogadung
Jakarta 13260
Indonesia
Phone - (62-21) 4603480, 4610790
Fax. - (62-21) 4603201, 4603486
Land Area - 6,900 sq. meters
Office Space - 2,200 sq. meters
Region - Industrial Estate
Status - Rent
Branches
- Jl. S. Parman RT. 02 No. 51
Gunung Sari Ulu
Balikpapan Tengah 76122
East Kalimantan
Phone - (62-542) 7028650
Fax. - (62-542) 745411
- Jl. Kelintang Baru I No. 1-3
Surabaya, East Java
Phone - (62-31) 8281400
Fax. - (62-31) 8284011
- Jl. Angkatan 45 No. 2250
Palembang, South Sumatra
Phone - (62-711) 366144
Fax. - (62-711) 365997
Date of Incorporation
- 23 February 1976 as P.T. BINA ELECTRO
- 05 May 1981 as P.T. AEG BINA
- 01 June 1990 as P.T. AEG INDONESIA
- 23 October 1998 as P.T. ALSTOM DISTRIBUTION
- 06 April 2005 as P.T. AREVA DISTRIBUTION
- 12 October 2006 as P.T. AREVA T & D
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-09753.HT.01.04.TH.2005
Dated 11 April 2005
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Capital Investment Coordinating Board
- No. 32/VI/PMA/1981
Dated 05 May 1981
- No. 644/II/PMA/1990
Dated 12 April 1990
- No. 104/II/PMA/1993
Dated 11 October 1993
Related Company
AREVA T
& D HOLDING SA of France (Holding Company)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 4,890,000,000.-
Issued Capital : Rp. 3,189,750,000.-
Paid up Capital : Rp. 3,189,750,000.-
Shareholders/Owners :
- AREVA T&D HOLDING S.A.
of France - Rp. 3,030,262,000.-
- Mr. Ir. Liasta Singarimbun
of Indonesia -
Rp. 159,488,000.-
BUSINESS ACTIVITIES
Lines
of Business:
Electric Panel Manufacturing
Production Capacity
a. Switch Boards - 1,000 units p.a.
b. Free Standing Switchboards - 1,000 units p.a.
c. Switch Circuit Breakers - 55,000 units p.a.
d. Cable Shoes - 300,000 pcs. p.a.
e. Current Traveo - 20,000 units p.a.
f. KWH Meter 3 Phase - 5,000 units p.a.
g. Rectifier/UPS - 320 units p.a.
Total Investment
a. Equity Capital - US$ 3.5 million
b. Loan Capital - US$ 1.7 million
c. Total Investment - US$ 5.2 million
Started Operation
1977
Brand Name
AREVA
Technical Assistance
AREVA T&D HOLDING SA of France
Number of Employee
162 persons
Marketing Area
Domestic - 80%
Export - 20%
Main Customer
- P.T. Perusahaan Listrik Negara (PLN)
- P.T. Pertamina
- Other Electrical Installation Companies in the country
Market Situation
Very Competitive
Main Competitors
a. P.T. Scheider Indonesia
b. P.T. Panelindo Makmur Sentosa
c. P.T. Alfaprima Penlindo
d. P.T. Intimuara Electrindo
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker s :
a. P.T. Bank Negara Indonesia Tbk.
Wisma Kota BNI 46
Jalan Jend. Sudirman Kav. 1
Jakarta Selatan
b.
Deutsche Bank
Deutsche Bank Building
Jalan Imam Bonjol No. 80
Jakarta Pusat
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 112.0 billion
2005 – Rp. 126.0 billion
2006 – Rp. 138.0 billion
Net Profit (Loss) :
2004 – Rp. 7.0 billion
2005 – Rp. 8.2 billion
2006 – Rp. 9.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Herve Maurice Frank Picolet
Directors -
a. Mr. Olivier Paul Ruiz
b. Mr. Vincent Lery
Board of Commissioners :
President Commissioner - Mr. Jacques Maurice Dres
Commissioners -
Mr. Stephen Tan Siew Hua
Signatories :
President Director (Mr. Herve Maurice Frank
Pinolet) or one of the Directors (Mr. Olivier Paul Ruiz or Mr. Vincent Lery)
which must be approved by President Commissioner (Mr. Jacques Maurice Dres) or
the Commissioner (Mr. Stephen Tan Siew Hua).
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit Limit
Moderate
amount
Maximum Credit Limit
US$
7,740,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. BINA
ELECTRO, it was established in February 1976.
the founding and shareholders of the company are P.T. GUNA ELEKTRO of
Indonesia and AEG TELEFUNKEN of Germany.
The articles of association of the company have frequently been
revised. In May 1981, the company
renamed to P.T. AEG BINA. In June 1990,
the name of the company was chaed to P.T. AEG INDONESIA and in October 1998 to
P.T. ALSTOM DISTRIBUTION. In April
2005, the company’s named was changed
again to P.T. AREVA DISTRIBUTION with the authorized capital of Rp.
4,890,000,000.- of which Rp. 3,189,750,000.- was issued and fully paid up and
concurrently whole shares of the company were controlled by AREVA T&D
HOLDING SA of France and Mr. Ir. Liasta Singarimbun, an indigenous
businessman. In Oktober 2006, Its
affiliated company P.T. AREVA TRANSMISSION (dealing with contracting electrical
services) merge to P.T. AREVA DISTRIBUTION and concurrently the company renamed
to P.T. AREVA T&D abbreviated P.T.
ATD.
P.T. ATD is a foreign capital
investment (PMA) company engaged in electrical panel manufacturing with its
plant located at Pulogadung Industrial Estate, Jl. Pulo Buaran Blok III EE Kav. 2-3-6, East Jakarta,
on a land of some 6,900 sq. meters. The
company’s plant produces electrical equipments like air insulated switchgears,
capacitors, circuit breakers, generator circuit breakers, controls, monitoring
systems, facts, fuses, instrument transformers, LV switch boards, measuring,
recording products, protection relay, substation automation, transformators and
others. Mrs. Ekawati, a staff ot the
company said that some 80% of the company’s products are marketed to various
companies like P.T. Perusahaan Listrik Negara (PLN), P.T. Pertamina and other electrical
contracting companies in major cities in the country while the rest is exported
to Asian and Eropean countries.
Besides, the company also
provides electrical services including automation emergency support, network
consulting, equipment expertise, spare parts and management and training for
operators, maintenance staff engineers, supervisors and management, protection,
substation control, electrical safety and others. To support its activities, the company opens branch offices in
Balikpapan, Surabaya and Palembang.
P.T. ATD is classified as a medium sized company of its kind in the
country of which the operation has been running smoothly and growing slowly in
the last three years.
Generall, demand for electrical
equipments and electric panel systems had kept on increasing up to mid 1997 in
line with the growth of electrical installation development. However, since that time the demand had been
declining up to end 1999 as the impact of the economic crisis in the
country. The demand is estimated to
be rising by 5% to 6% in the coming two – three years. Meanwhile, the competition is very tight on
account of lots of similar companies operating in the country. The business position of P.T. ATD is
appraised to be good for having established regular customers and wide
marketing networks in major cities in the country.
The management is very reclusive
and strongly rejected to cite its financial condition, but we estimated the
sales turnover in 2004 at Rp, 112,0 billion with a net profit of Rp. 7.0
billion, rose to Rp. 126.0 billion with a net profit of Rp. 8.2 billion and
rose again to Rp. 138.0 billion with a net profit of Rp. 9.5 billion. We predicted that sales turnover will
increase again by 8% to 10% in 2007. Its estimated that the company has total
networth about Rp. 65.0 billion. WE did
not hear that the company having been black listed by Bank Indonesia (Central
Bank) and registered in the court for detrimental cases. The payment manner of the company has been
running smoothly ranging from 1 to 23 months.
The management of P.T. ATD is
headed by Mr. Herpe Maurice Frank Picolet (49), a well experienced and
professional manager in electrical panel manufacturing. Daily, he is assisted by tow directory
namely Mr. Olivier Paul Ruiz and Mr. Vincent Lery, and a number of professional
managers with experience and expertice in the business. The company is having maintained a wide
business relation among private companies at home and abroad as well as among
government agencies. So far, we did not
hear that P.T. ATD has been involved in business malpractices.
P.T. ATD is appraised to be 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/normal. |
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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