MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PT PAUWELS TRAVO ASIA |
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Formerly Known As : |
P.T. PAUWELS ARYASADA TRAFO INDONESIA |
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Registered Office : |
Kawasan Industri Menara Permai Kav. 10, Jalan Raya
Narogong Km. 23.8, Desa Dayeuh, Cileungsi, Bogor 16820, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
20 November 1990 |
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Com. Reg. No.: |
AHU-AH.01.10-0764 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Power Transformer Manufacturing |
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$ 3950000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. PAUWELS TRAVO ASIA
Address
Head Office & Factory
Kawasan Industri Menara Permai Kav. 10
Jalan Raya Narogong Km. 23.8
Desa Dayeuh, Cileungsi
Bogor 16820, West Java
Phones - (62-21) 8230430 - 36
Fax - (62-21) 8230268,
8234222
Website - http://www.pauwels.com
E-mail - ptasia@attglobal.net.id
Land Area - 12,000 sq.
meters
Office Space - 8,500 sq. meters
Region - Industrial Estate
Status - Owned
Date of Incorporation
20 November 1990
as P.T. PAUWELS ARYASADA TRAFO INDONESIA
03 December 1996 as P.T. PAUWELS TRAFO ASIA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg No
The Ministry of Law and Human Rights
No.
AHU-AH.01.10-0764
Dated 09 January
2008
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The President of the Republic of Indonesia
No. B-225/Pres/8/1990
Dated 07 August 1990
The Capital Investment Coordinating Board
No. 261/I/PMA/1990
Dated 20 August 1990
Parent Companies
PAUWELS INTERNATIONAL N.V., of Belgium
(Investment Holding)
LAMEWA Ltd., of Malaysia (Investment
Holding)
P.T. META FOKUS SARANA ANANDA of Indonesia
(Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 37,060,000,000.-
Issued Capital : Rp. 23,518,276,000.-
Paid up Capital : Rp. 23,518,276,000.-
Shareholders/Owners :
a. PAUWELS INTERNATIONAL N.V. of Belgium -
US$ 13,404,602,000.-
b. LAMEWA Ltd., of Malaysia -
US$ 8,937,019,000.-
b. P.T. META FOKUS SARANA ANANDA of Indonesia - US$ 1,176,655,000.-
BUSINESS ACTIVITIES
Lines of Business:
Power Transformer Manufacturing
Production Capacity
Power Transformers - 3,000
MVA per annum
Total Investment
a. Equity Capital - US$. 10.2 million
b. Loan Capital - US$. 14.7 million
c. Total
Investment - US$.
24.9 million
Started Operation
April 1994
Brand Name
PAUWELS TRAVO
Technical Assistance
PAUWELS INTERNATIONAL N.V., of Belgium
Number of Employee
290 persons
Marketing Area
Domestic -
45%
Export -
55%
Main Customer
a. P.T. PERUSAHAAN
LISTRIK NEGARA (PLN)
b. P.T. CHEVRON
PACIFIC INDONESIA
c. TOTAL INDONESIE
d. Export to
Vietnam, Thailand, Australia, the Philippines and others
Market Situation
Very Competitive
Main Competitors
a. P.T. TRAFOINDO
PRIMA PERKASA
b. P.T. CENTRADO
PRIMA INTERNATIONAL
c. P.T. WISMA
NIAGATAMA PERKASA
d. P.T. UNINDO
e. P.T. RAWA BUAYA
f. P.T. PROSPEK ELEKTRINDO
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank INTERNASIONAL INDONESIA Tbk
Head Office
Jalan M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
b. P.T. Bank PANIN Tbk
Head Office
Jalan Jend. Sudirman Kav. 1
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 180.0
billion
2005 – Rp. 215.0
billion
2006 – Rp. 250.0
billion
2007 – Rp. 295.0
billion
Net Profit (Loss)
:
2004 – Rp. 16.0 billion
2005 – Rp. 18.0 billion
2006 – Rp. 19.5 billion
2007 – Rp. 22.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Emmanuel Valentinus Domen
Director s -
a. Mr. Dileep Sahebrao Patil
b. Mr. Ir. Triawan Saleh
c. Mr. Sanjay Jain
d. Mr. Agus Tjiptomo
Board of Commissioners :
President Commissioner - Mr. Syahril Anwar
Commissioners - a.
Mr. Sudhir Mohan Trehan
b. Mr. Eric Van Zele
Signatories :
President Director (Mr. Emmanuel
Valentinus Domen) or one of the Directors (Mr. Dileep Sahebrao Patil, Mr. Ir.
Triawan Saleh, Mr. Sanjay Jain or Mr. Agus Tjiptomo) which must be approved by
the Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 3,950,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T PAUWELS ARYASADA TRAFO
INDONESIA, the company was established in 1990 with an authorized capital of
US$ 4,500,000.- and an issued capital of US$ 1,000,000.- of which US$ 500,000.-
was paid up. The company was founded by PAUWELS INTERNATIONAL N.V. of Belgium
and P.T. ARYA SADA PERKASA of Indonesia as the original shareholders. The
company's notarial act was since revised a couple of times. In January 1996 the
company was renamed P.T. PAUWELS TRAFO ASIA (P.T. PTA). On this occasion the
authorized capital was increased to US$ 10,150,000.- entirely issued and paid
up. On the same occasion P.T. PTA's entire shares were taken over by PAUWELS
INTERNATIONAL N.V. (60%) and P.T. META EPSI ENGINEERING (40%), a domestic
private company.
In December 2007, the authorized capital of the company was converted to
Rp. 37,060,000,000.- of which Rp. 23,518,276,000.- was issued and fully paid
up. Since that time the founders of P.T
PTA have been PAUWELS INTERNATIONAL B.V., of Belgium (57%), LAMEWA Ltd., of
Malaysia (38%) and P.T. META FOKUS SARANA ANANDA of Indonesia (5%). The deed of amendment was made by Mr.
Sutjipto, SH., a public notary in Jakarta under Company Registration Number
AHU-AH.01.10-0764, dated January 09,
2008.
The above local partner is a member of the META EPSI Group, a big-sized
business group in oil contracting business in Indonesia in which the majority
business stakes are controlled by Mr. Ir. Sjahril Anwar and Mr. Darmoyo
Doyoatmodjo, are indigenous businessmen.
PAUWELS INTERNATIONAL B.V., is a member company of the PAUWELS Group, a
big-sized business group in the power transformer industry based in
Belgium. The group owns a very wide
business network in many big cities in various countries.
P.T. PTA operates in power transformer
manufacturing. Its plant, located on a some 1.0 hectare land in the Menara Permai
Industrial Estate Kav. 10, Jalan Raya Narogong Km. 23.853, Cileungsi, Bogor
(West Java), has been in operation since April 1994 under the license and
technology of PAUWELS INTERNATIONAL N.V., Belgium. P.T. PTA produces power
trafos of 230 kV voltage and of 250 MVA capacity which is the first and biggest
type of trafo in Southeast Asia. In June 1999 P.T. PTA succeeded in acquiring
the ISO 9001 certificate from KEMA.
In mid-2000 P.T. PTA planned to produce trafos
of 500 kV voltage, a high-tension trafo still being imported up to now. The
economic crisis since mid-1997 has adversely affected P.T. PTA on account of
the falling demand for electric equipment, including trafos, from the state
electricity company P.T. PLN and private electricity companies. Since then P.T.
PTA has started focusing marketing to overseas.
The products of the company are locally sold
particularly to a number of company members of the META EPSI Group whose main
business are dealing with engineering and drilling contracting services, P.T.
PERUSAHAN LISTRIK NEGARA (PLN), P.T. CHEVRON PACIFIC INDONESIA, TOTAL INDONESIE
and a number of foreign oil companies.
Besides, a large extent of products of P.T. PTA is exported to various
countries including Vietnam, Malaysia, Thailand, Australia, the Philippines and
other countries. We observe that the
operation of the company has been running smoothly and growing in the last
three years. The export market of the
company is fully supported by PAUWELS INTERNATIONAL B.V., of Belgium.
The economic crisis has badly hurt P.T. PTA's
business on account of the dwindling domestic demand for trafos. But nevertheless, P.T. PTA is still doing
quite well for being still able to continue production and to export its
production. In the long term, the company has quite good long-term prospects,
especially as soon as the economy starts recovering.
The company's management is very closed to
outsiders about the company's finances in particular. P.T. PTA's sales turnover
in 2004 is estimated at Rp 145.0 billion, increased to Rp 215.0 billion in 2005
rose again to Rp 250.0 billion in 2006
and rose again to Rp 295.0
billion in 2007. The company in
2007 made a net profit of about Rp 22.0 billion from its operations. P.T. PTA
has an estimated total networth of around Rp 180.0 billion. The company's sales are projected to
increase by at least 10% in 2008.
So far, we did not hear that P.T. PTA has been
black listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court.
Payment manner for domestic and overseas suppliers is good with the
credit payment system of 1 month to 3 months.
P.T. PTA's management is headed by Mr.
Emmanuel Valentinus Domen (44), a professional manager of PAUWELS INTERNATIONAL
N.V. of Belgium. He is assisted by four
directors, namely Mr. Dileep Sahebrao Patil (52), Mr. Ir. Triawan Saleh (62),
Mr. Sanjay Jain (72) and Mr. Agus Tjiptomo (60). They are also supported by a number of professional managers from
Belgium, India and Indonesia. The management
reputation is power transformer manufacturing is good. The company’s management has wide relations
with many private businessmen within and outside the country, while having
quite good ties with the government sector. So far, we have never yet heard of
the company's management having been involved in business malpractices.
P.T. PTA is appraised to be good for normal 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. |
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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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%)