MIRA INFORM REPORT

 

 

Report Date :

14.06.2007

 

IDENTIFICATION DETAILS

 

Name :

P.T. UNELEC INDONESIA

 

 

Registered Office :

Jalan Swadaya PLN Klender, Klender, Jakarta Timur, 13010

 

 

Country :

Indonesia

 

 

Date of Incorporation :

21 May 1969

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Transformer Distribution and Other Technical Goods Manufacturing  

 

 

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

 

Maximum Credit Limit :

US$ 3,800,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Correct name of Company

 

P.T. UNELEC INDONESIA

 

 

Address

 

Head Office & Factory

Jalan Swadaya PLN Klender

Klender

Jakarta Timur, 13010

Indonesia

Phone               - (62-21) 460 4180 (Hunting)

Fax.                  - (62-21) 460 4181, 460 4182, 460 6158

Land Area         - 10,500 sq. meters

Factory Space   - 8,000 sq. meters

Region              - Industrial Zone

Status               - Owned

 

 

Date of Incorporation

 

21 May 1969

 

                                  

Legal Form

 

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

 

                                                       

Company Reg. No.

 

The Ministry of Justice and Human Rights

No. C-23730 HT.01.04.TH.2002

Dated 02 December 2002

 

 

Company Status 

 

Foreign Investment (PMA) Company

 

           

Permit by the Government Department

 

The President of the Republic of Indonesia 

No. B-143/Pres/12/1968

Dated 27 December 1968

 

The Capital Investment Coordinating Board

- No. 23/II/PMA/1978

  Dated 30 December 1978

- No. 131/VI/PMA/1981

  Dated 4 November 1981

- No. 18/II/PMA/1983

  Dated 17 May 1983

- No. 14/II/PMA/1984

  Dated 2 August 1984

- No. 10/II/PMA/1986

  Dated 7 July 1986

- No. 24/II/PMA/1988

  Dated 20 June 1988

- No. 42/II/PMA/1993

  Dated 29 April 1993

- No. 1048/III/PMA/2003

  Dated 25 September 2002

 

The Department of Finance

NPWP No. 1.000.192.3-055.000

 

 

Related Company

 

a. The PLN Group Members

b. P.T. BHUMANDALA AGUNG (Investment Holding)

c. P.T. BAROID INDONESIA (Drilling Mud and Treating Chemical Processing)

d. P.T. SUMBER ALAM LEMBATA (Baroid Mining)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                             : US$ 11,338,000.-

Issued Capital                                   : US$ 11,338,000.-

Paid up Capital                                  : US$ 11,338,000.-

 

Shareholders/Owners :

a. P.T. PERUSAHAAN LISTRIK

   NEGARA Tbk of Indonesia                               - US$ 3,668,000.-

b. ALSTOM HOLDINGS of France                       - US$ 7,670,000.-

   

 

BUSINESS ACTIVITIES

                             

Lines of Business:       

Transformer Distribution and Other Technical Goods Manufacturing  

 

Production Capacity :

a. Dist Transformer 8-1600 KVA                          - 15,000 units p.a.

b. Dist Transformer 5-20 MVA 70             -        20 units p.a.

c. Power Transformer 5-60 MVA/ 150 KV -        40 units p.a.

d. Tissue Electrical Equipment/ 1-52 KV              -   6,600 units p.a.

e. Tissue Electrical Equipment >52 KV                -      780 units p.a.

f. Isolating Switches                                           -      250 units p.a.

g. Circuit Breakers                                             -      130 units p.a.

h. Metal Clad Switchgears                                  -      400 units p.a.        

 

Total Investment :

a. Equity Capital                                - US$ 11.3 million

b. Re-invested Profit                           - US$   2.8 million

c. Loan Capital                                  - US$   6.6 million

d. Total Investment                            - US$ 20.7 million

 

 

Started Operation

 

1971

 

 

Brand Name

 

UNINDO

 

 

Technical Assistance

 

ALSTHOM HOLDINGS of France

 

 

Number of Employee

 

450 persons                                     

 

 

Marketing Area

 

Domestic    - 85%

Export         - 15%                            

 

 

Main Customer

 

P.T. PERUSAHAAN LISTRIK NEGARA Tbk

 

 

Market Situation

 

Very Competitive

 

 

Main Competitors

 

a. P.T. AREVA TRANSMISSION

b. P.T. CENTRADO PRIMA INT’L

c. P.T. MERLIN GERIN INDONESIA

d. P.T. TRAFOINDO PRIMA PERKASA

e. P.T. SIEMENS INDONESIA

f. Etc.,

 

 

Business Trend

 

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank MANDIRI Tbk

    Melawai Branch

    Jalan Melawai Raya No. 12 Kebayoran Baru

    Jakarta Selatan

    Indonesia

b. P.T. Bank NEGARA INDONESIA Tbk

    Wisma 46-Kota BNI

    Jalan Jend. Sudirman Kav. 1

    Jakarta Pusat

    Indonesia

c. P.T. Bank SOCIETE GENERAL INDONESIA

    Jakarta Stock Exchange Building

    Jalan Jend. Sudirman Kav. 52-53

    Jakarta Selatan

    Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2004 – Rp. 274.0 billion

2005 – Rp. 285.0 billion

2006 – Rp. 292.0 billion

 

Net Profit (Loss) :

2004 – Rp. 19.2 billion

2005 – Rp. 20.0 billion

2006 – Rp. 21.9 billion

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mr. Stephane Ageorges

Directors                                   - a. Mr. Hendry Gozali

                                                  b. Mr. Deny Koeswandito

 

Board of Commissioners :

President Commissioner - Mr. Guy Delcroix

Commissioners                          - a. Mr. Quesnel Nicolas Pierre

                                                  b. Mr. Drs. Herry Soepangkat

                                                  c. Mr. Dr. Adhi Satria

                                                  d. Mr. Albert Halim AKA Lim Sien Poen

                                                           

Signatories :

President Director (Mr. Stephane Ageorges) or one of the Directors (Mr. Hendry Gozali, or Mr. Deny Koeswandito) which must be approved by Supervisory Board.

 

 

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

 

 

Maximum Credit Limit

 

US$ 3,800,000.- on the 90 days of payments

 

 

OVERALL PERFOMANCE

 

P.T. UNELEC INDONESIA abbreviated P.T. UNINDO was established in Jakarta in 1969 with an authorized capital of US$ 2,000,000.-, issued and paid up capital of US$ 900,000.-. The founding shareholders are P.T. PERUSAHAAN LISTRIK NEGARA (P.T. PLN) of Indonesia and Societe France Indonesienne d'Equipment S.A. (SFIE/GEC ALSTHOM), a joint ventured of France and the UK. In 1973 the shares of P.T. PLN was taken over by the Indonesian Government. In 1983 came in new private shareholders namely P.T. INDOKOR INDONESIA and P.T. BHUMANDALA AGUNG. In September 1999, the authorized capital was raised to US$ 8,268,000 fully issued and paid up concurrently the shareholders of the company are ALSTOM FRANCE S.A. of France, P.T. PERUSAHAAN LISTRIK NEGARA (P.T. PLN) and P.T. BHUMANDALA AGUNG both of Indonesia. Its articles of association has been frequently amended lastly in September 2002 its authorized capital was raised to US$ 11,338,000 fully issued and paid up and concurrently P.T. BHUMANDALA AGUNG pulled-out and the whole shares sold to ALSTHOM HOLDINGS of France. The deed of amendment was made by Mrs. Rini Soemintapoera, SH., a public notary in Jakarta under Company Registration Number C-23730 HT.01.04.TH.2002, dated December 02, 2002.

 

P.T. UNINDO is a Foreign Investment (PMA) corporate in transformer distribution and other technical goods manufacturing. Its plant is located at Jalan Swadaya PLN Klender, East Jakarta, which had been operating since 1971. It used to produce only electrical components like distribution transformer, power and panel transformer to cut off low and high voltage. But then it expanded into production of medium voltage power and panel electricity transformer. A small part of production had been exported to South Korea, Japan, Belgium and Germany, while the others for local consumption of P.T. PLN Tbk under the UNINDO brand and license of GEC ALSTHOM, the largest electrical components industry in the world. The UNINDO products has been awarded with ISO 9002 certificate, the world recognition of quality management system from DET NORSKE VERITAS  the Netherlands. P.T. UNINDO is classified as a big sized company in  transformer distribution and technical goods manufacturing  in Indonesia and its business operation  has kept on running smoothly and growing to date.

     

In general, demand for electric energy has been increasing in the last five years as evidence from energy sales, the customer growth and demand forecast of electric power in Indonesia as following table :

 

Demand Forecast (Low Scenario)

Description

2001

2002

2003

2004

2005

2006

Jawa-Bali

 

 

 

 

 

 

-Energy Sales (TWh)

69,12

74,82

81,74

89,27

97,47

106.22

-Growth Rate (%)

11,5

6,5

6,7

7,0

7,3

7,2

-Peak Demand (MW)

13,326

14.174

14.862

15.844

16,965

18.168

-No.Of Customers (Mio)

20.12

20.78

21.74

22.80

23.95

25.16

Outer Island

 

 

 

 

 

 

-Energy Sales (TWh)

16.41

17.63

19.39

21.41

23.72

26.28

-Growth Rate (%)

7.3

7.4

10.0

10.4

10.8

10.8

-Peak Demand (MW)

3.85

4.12

4.52

4.98

5.50

6.07

-No.Of Customers (Mio)

9.48

9.95

10.69

11.50

12.38

13.32

     Source : P.T. PLN Tbk

 

Until this time P.T. UNINDO has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2004 amounted to Rp. 274.0 billion increased to Rp. 285.0 billion in 2005 and to Rp. 292.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 21.9 billion and the company has an estimated total net worth at Rp. 190.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. UNINDO is supported by financially strong and sound businessmen of France behind it. So far, we did not hear 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. UNINDO is led by Mr. Stephane Ageorges (48) with 12 years of experience in transformer distribution and other technical goods. He is a professional manager of ALSTHOM Holdings of France. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear that the company’s management involved in a dirty business practice 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.

 

PT. UNELEC INDONESIA is fairly 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

 

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