MIRA INFORM REPORT

 

Report Date :

26th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

P.T. TRAFOINDO PRIMA PERKASA

 

 

Registered Office :

Jl. Hayam Wuruk No. 4 Fx, Jakarta 10120, Indonesia.

 

 

Country :

Indonesia

 

 

Date of Incorporation :

02.11.2000

 

 

Com. Reg. No.:

C-14313.HT.01.04.TH.2001

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturer of Oil-immersed and dry Type Transformer.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2.470,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

Correct Name of company

 

P.T. TRAFOINDO PRIMA PERKASA

 

 

Address

 

Head Office

 

Jl. Hayam Wuruk No. 4 Fx

Jakarta 10120

Indonesia

Phone               - (62-21) 3451384, 3850703, 3861865

Fax.                  - (62-21) 3861869, 3850702

Email                - trafo@trafoindonesia.com

Website            - http://www.trafoindonesia.com

Building Area     - 3 storey

Office Space      - 240 sq. meters

Region              - Commercial

Status               - Owned

 

 

Date of Incorporation

 

02 November 2000

             

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

                                                       

Company Reg.  No.

 

a. No. C-14313.HT.01.04.TH.2001

    Dated 27 November 2001

b. No. C-UM.02.01.15999

    Dated 26 October 2005

 

 

Company Status 

 

National Private Company

           


 

Permit by the Government Department

 

a. The Department of Finance

    NPWP No. .005.790.7-025

 

b. The Department of Trade and Industry

     TDP No. 090515141964

 

 

Related Company

 

The OMETRACO Group Members

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                             : Rp. 100,000,000,000.-

Issued Capital                                   : Rp.   50,000,000,000.-

Paid up Capital                                  : Rp.   50,000,000,000.-

 

Shareholders/Owners :

a. P.T. OMETRACO ARYA SAMANTA              - Rp. 18,250,000,000.-

    Jl. Daan Mogot Km. 12 No. 9

    Jakarta Barat -Indonesia

b. P.T. MILLENIA PROSPERINDO OPTIMA        - Rp.   6,750,000,000.-

    Wisma Bank Tiara, 8th Floor

    Jl. M.T.Haryono Kav. 16

    Jakarta Selatan - Indonesia

c. Mr. Ir. Suryono Limputra                              - Rp.  8,445,000,000.-

    Jl. Anggrek Nelimurni Blok B 70 No. 31

    Jakarta Barat - Indonesia

d. Mr. Drs. Ignatius Herry Wibowo                    - Rp.  2,500,000,000.-

    Jl. Sumatra No. 10

    Jakarta Pusat – Indonesia

e. Mr. Drs. Indra Sandjojo                                - Rp.  4,900,000,000.-

    Jl. Kintamani I No. 4

    Jakarta Utara – Indonesia

f.  Mr. Heontoro Hadiwidjojo                            - Rp.  4,400,000,000.-

    Jl. Permata Hijau Blok JI No. 28

    Jakarta Selatan – Indonesia

g. Mr. Julius Wangsahardja                              - Rp.     675,000,000.-

    Jl. Taman Meruya Ilir Blok F6 No. 4

    Jakarta Barat – Indonesia

h. Mr. Erwin Roebini                                        - Rp.    725,000,000.-

    Jl. Juwed No. 22, Rawamangun

    Jakarta Timur – Indonesia

i.  Mr. Eko Ariyanto                                         - Rp    625,000,000.-

    Jl. Pondok Kelapa Permai Blok BE 2 No. 9

    Jakarta Timur – Indonesia

j.  Mr. Moenartioso                                           - Rp.   575,000,000.-

    Jl. Taman Lebak Bulus 6 No. 9

 

   Jakarta Selatan – Indonesia

j.  Mr. Hari Bambang Agus Raharjo                  - Rp.   450,000,000.-

    Jl. Tanjung Duren Utara I No. 17

     Jakarta Barat – Indonesia

k. Mrs. Sekar Ningrum                                     - Mr.   250,000,000.-

     Jl. Banjarmasin No. 7, Cideng

     Jakarta Pusat - Indonesia

l.  Mr. David Cahya Limputra                            - Rp.   880,000,000.-

    Jl. Anggrek Nelimurni Blok B70 No. 31

    Jakarta Barat – Indonesia

m. Mr. Kurnnadi Kuistono                                - Rp.   575,000,000.-

     Jl. Bona Indah Blok A6 No. 9

     Jakarta Barat – Indonesia

 

 

BUSINESS ACTIVITIES

                             

Lines of Business:       

Oil-immersed and dry Type Transformer manufacturing

 

 

Production Capacity

 

a. Power Transformers                -  25 units p.a.

b. Distribution Transformers        - 1,200 MVA p.a.

c. Instrument Transformers         - 3,600 units p.a.

d. Cable Accessories

    - Jointing Kits                                    - 10,000 units p.a.

    - Terminating Kits                   - 20,000 units p.a.

    - Bushing Insulators and

      Connectors                          - 14,000 units p.a.

 

 

Total Investment

 

Owned Capital      - Rp. 50.0 billion

 

 

Started Operation

 

2001

 

 

Brand Name

 

TRAFINDO

 

 

 

 

 

Technical Assistance

 

None

 

 

Number of Employee

 

235 persons                                     

 

 

Marketing Area

 

Domestic (Local)    - 100%

 

 

Main Customers

 

a. P.T. Perusahaan Listrik Negara (PLN)

b. P.T. Sapta Pusaka Nusantara

c. P.T. Siemens Indonesia

d. P.T. Inti Karya Persada Teknik (IKPT)

e. P.T. Arkonin

f.  P.T. Leitech Consultindo

g. P.T. Caltex Pacific Indonesia

h. P.T. Kaltim Prima Coal

i.  P.T. Freeport Indonesia

j.  P.T. Pertamina, etc.

 

 

Market Situation

 

Very Competitive

 

 

Main Competitors

 

a. P.T. Bambang Djaja

b. P.T. Centrado Prima International

c. P.T. Unindo

d. P.T. Chint Indonesia

e. P.T. L&R International

f.  Etc.

 

 

Business Trend

 

Growing

 

BANKER, AUDITOR & LITIGATION

 

Bankers  :

a.       P.T. Bank International Indonesia Tbk.

Jl. Batu Tulis Raya No. 7

Jakarta Pusat

Indonesia

b.       P.T. Bank Mandiri Tbk.

Jl. Gatot Subroto K. 36-38

Jakarta Barat

Indonesia

c.       P.T. Bank Negara Indonesia Tbk.

      Jl. Jend. Sudirman Kav. 1

      Jakarta Selatan

      Indonesia


Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Sales Turnover (estimated) :

2004 – Rp. 140.0 billion

2005 – Rp. 155.0 billion

2006 – Rp. 180.0 billion

 

Net Profit (Loss) :

2004 –  Rp.   9.0 billion

2005 –  Rp. 12.5 billion

2006 –  Rp. 13.6 billion

           

Payment Manner :

Promptly

 

Financial Comments :

Fairly Strong

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Karnnadi Kuistono

Directors                                         - a. Mr. Eko Ariyanto

                                                        b. Mr. Julius Wangsahardja

                                                        c. Mr. Erwin Roebini  

 

Board of Commissioner :

President Commissioner                   - Mr. Drs. Ignatius Herry Wibowo

 

Commissioners                                - a. Mr. Ir. Suryono Limputra

                                                        b. Mr. Drs. Indra Sandjojo

                                                        c. Mr. Hoentoro Hadiwidjojo



Signatories :

President Directors (Mr. Karnnadi Kuistono) or one of the Directors (Mr. Eko Ariyanto, Mr. Julius Wangsahardja or Mr. Erwin Roebini)  which must be approved by President Commissioner (Mrs. Drs. Ignatius Herry Wibowo)) or one of the Commissioner (Mr. Ir. Suryono Limputra, Mr. Drs. Indra Sandjojo or Mr. Hoentoro Hadiwidjojo).

 

 

CAPABILITIES

 

Management Capability :

Fairly Good

 

 

Business Morality

 

Fairly Good

 

 

Credit Risk

 

Below Average

 

 

Credit Recommendation

 

Credit can be proceeded normally

 

 

Proposed Credit Limit 

 

Moderate Amount

 

 

Maximum Credit Limit

 

US$ 2.470,000.- on the 90 days D/A

 

 

OVERALL PERFOMANCE

 

P.T. TRAFOINDO PRIMA PERKASA (P.T. TPP) was established in November 2000 with the authorized capital of Rp. 35,000,000,000 of which Rp. 9,000,000,000 was issued and fully paid up. The founding shareholders are Mr. Tofan Andriyanto and Mrs. Lucia Maris Lastari Gunadi, both are Indonesian of Chinese extraction. The articles of association have frequently been revised. In November 2001, the authorized capital of the company was raised to Rp. 100,000,000,000 of which Rp. 35,500,000,000 was issued and fully paid up and concurrently whole shareholders withdrew and replaced by P.T. INTAN TATA BUANA PERSADA, Mr. Ir. Suryono Limputra, Mr. Hoentoro Hadiwidjojo, the three are Indonesian businessmen of Chinese extraction.

 

In October 2005, the issued and paid up capital of the company was raised to Rp. 50,000,000,000.-  The capital structures and shareholder composition of the company in details are as shown on “Capital and Ownership” of this report.  The deed of amendment was made by Mrs. Trisnawati Mulia, SH., a public notary in Jakarta under Company Registration Number C-UM.02.01.15999, dated October 26, 2005.  P.T. TPP is a member of the OMETRACO Group, a company group of which the majority business stakes are controlled by family of the late Mr. Ferry Teguh Santosa.

 

P.T. TPP is dealing with oil-immersed and dry type transformers manufacturing by taking over the activities of its sister company P.T. MULTI AGRO PERSADA (Ex. P.T. TRAFINDO PERKASA) since 2001. The company operates a plant located at Jalan Siliwangi, Alam Jaya Sub-District, Jati Uwung, Tangerang, Banten Province.The company’s products use the TRAFINDO brand, with capacity from 1 kVA up to 5000 kVA, maximum 36 kV  for distribution transformers and from 2 MVA up to 20 MVA maximum 36 kV for power transformers. TRAFINDO transformers are designed and manufactured to meet the international and national standards such as SPLN 50/97, SLI and IEX publication 76 standards. Upon customers request, P.T. TPP is also capable to meet others standards such as BS, NEMA/ANSI and others.

 

The customers of the company come from various business sectors in the country including electronic power development, contracting and oil companies of  P.T. PERUSAHAAN LISTRIK NEGARA (PLN), P.T. SAPTA PUSAKA NUSANTARA, P.T. SIEMENS INDONESIA, P.T. INTI KARYA PERSADA TEKNIK (IKPT), P.T. ARKONIN, P.T. LEITECH CONSULTINDO, P.T. PERTAMINA, P.T. CALTEX PACIFIC INDONESIA, P.T. KALTIM PRIMA COAL, P.T. FREEPORT INDONESIA and  apartments of DHARMAWANGSA SQUARE, FOUR SEASONS, malls of ITC MANGGA DUA, KELAPA GADING TRADE CENTER, hospitals of HARAPAN KITA Hospital, HASAN SADIKIN Hospital and others.

 

Generally, demand for transformer instrument, distribution & power transformer, jointing & termination and other electrical products had been increasing by 8 to 10 up to mid 1997 and then fluctuating having close relation with the activities of electric power plant industries, electrical contractors, oil & gas, mining, the development of apartment, hotel, shopping center and other business sectors using the above products. It seems the demand rose again within the last three years, but still in a small scale. It is estimated the demand will be higher by at least 5% at least until next year.   The competition is very tight on account of many similar companies operating in the country. We note that the business position of P.T. TPPs good in line with wide operational networks and marketing coverage.

 

The management of P.T. TPP is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that sales turnover of the company in 2004amounted to Rp. 140.0 billion with a net profit of Rp. 9.0 billion went up to Rp.155.0 billion with a net profit of Rp. 12.5 billion in 2005 and rose again to Rp. 180.0 billion with a net profit of Rp. 13.6 billion in 2006.  It is estimated to be increasing by 10% in 2007.  The total networth of the company is about Rp. 60.0 billion.  So far, we have never heard that the company has been black listed by Bank Indonesia (Central Bank). Its payment to suppliers is running punctually.

 

The management of P.T. TRAFOINDO PRIMA PERKASA  is led by Mr. Karnnadi Kuistono (51) as the president dirctor with 20 years of experience in industry and trading of electrical equipment. In his daily activities, he is assisted by three other directors namely Mr. Eko Ariyanto (48) as finance director, Mr. Julius Wangsahardja (53) as production director and Mr. Erwin Roebini (43) as marketing director.  The management of the company is handled by professional managers having wide relation with overseas and national private businessmen as well as with the government sectors. P.T. TPP 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 new loan to the company.

 


 

 

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/normal.

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions