MIRA
INFORM REPORT
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Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. UNELEC
INDONESIA |
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Registered Office : |
Jalan Swadaya PLN Klender, Klender, Jakarta Timur, 13010 |
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Country : |
Indonesia |
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Date of Incorporation : |
21.05.1969 |
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Com. Reg. No.: |
C-23730 HT.01.04.TH.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Transformer Distribution and Other
Technical Goods Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 4,078,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. UNELEC INDONESIA
A d d r e s s
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
Building Area - 10,500 sq.
meters
Building 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 :
P.T. PERUSAHAAN LISTRIK NEGARA Tbk (Electrical Generating and
Distribution)
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
a. P.T. PERUSAHAAN
LISTRIK NEGARA Tbk
b. P.T. INDONESIAN
POWER
c. P.T. PLN BATAM
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
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Kebayoran Baru Branch
Jalan Melawai No. 12
Jakarta Selatan
Indonesia
b. 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) :
2005 – Rp. 285.0
billion
2006 – Rp. 292.0
billion
2007 – Rp. 310.0
billion
Net Profit
(estimated) :
2005 – Rp. 20.0 billion
2006 – Rp. 21.9
billion
2007 – Rp. 24.8
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 Board of Commissioners.
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$ 4,078,000.- 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. The plant produce Dist Transformer 8-1600 KVA of 15,000 units,
Dist Transformer 5-20 MVA70 of 20 units, Power Transformer 5-60 MVA/150 KV of
40 units, Tissue Electrical Equipment /1-52 KV of 6,600 units, Tissue
Electrical Equipment>52 KV of 780 units, Isolating Switches of 250 units,
Circuits Breakers of 130 units and Metal Clad Switchgears of 400 units
respectively per annum. The plant has absorbed an investment of US$ 20.7
million, come from owned capital of US$ 11.3 million, reinvested profit of US$
2.8 million and the rest from loans. 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, P.T. INDONESIAN
POWER, P.T. PLN BATAM and others under the UNINDO brand and license of GEC
ALSTHOM, the largest electrical components industry in the world. The UNINDO
products had 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.
We observed that the condition of transformer distribution industry had
kept on rising in the last five years in line with the growth of electric energy
in Indonesia. Competition is very tight on account of lots of similar companies
operating in the country. Business Position of P.T. UNINDO is favorable
considering the company has established wide trading networks both of home and
overseas. We believe that the company is in position to maintain and boost its
business in coming years. 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 :
Trend
of P.T. PLN, 2002-2006*
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Description |
Units |
2002 |
2003 |
2004 |
2005 |
2006* |
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Installed
Capacity |
MW |
21,114 |
21,207 |
21,459 |
22,515 |
22,531 |
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Electricity
Produced |
000 MWh |
108,359 |
113,020 |
119,105 |
124,505 |
127,369 |
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Electricity Sold |
000 MWh |
88,412 |
90,440 |
99,826 |
105,933 |
112,228 |
Source : P.T. PLN Tbk *) Estimated
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 2005
amounted to Rp. 285.0 billion increased to Rp. 292.0 billion in 2006 and to Rp.
310.0 billion in 2007 and projected to go on rising by at least 8% in 2008. The
operation in 2007 yielded an estimated net profit at least Rp. 24.8 billion and
the company has an estimated total net worth at Rp. 190.0 billion. 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 (49) with
13 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
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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%)