MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. DULMISON INDONESIA |
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Registered Office : |
Cikarang Industrial Estate, Jalan Jababeka Raya Block V/1, Cikarang, Bekasi 17530,
West
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
08.12.1994 |
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Com. Reg. No.: |
W7-HT.01.10-9392 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Electrical Component |
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$ 2,000,000 |
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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. DULMISON INDONESIA
A d d r e s s
Head Office
Cikarang
Industrial Estate
Jalan Jababeka
Raya Block V/1
Cikarang, Bekasi
17530
West Java
Indonesia
Phones - (62-21) 8934866 (Hunting)
Fax - (62-21)
8934964, 8934216
E-mail - mail@dulmison-info.com
Land Area - 5,000 sq. meters
Building - 4,300 sq. meters
Region - Industrial Estate
Status - Owned
Date of Incorporation
8 December 1994
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
W7-HT.01.10-9392
Dated 27 June
2007
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.070.931.9-413.001
The President of the Republic of Indonesia
No.
B-299/Pres/9/1994
Dated 26
September 1994
The Capital Investment Coordinating Board
- No.
317/I/PMA/1994
Dated 17 October 1994
- No.
453/III/PMA/2000
Dated 31 March 2000
- No.
848/III/PMA/2000
Dated 3 July 2000
- No.
1096/III/PMA/2001
Dated 15 August 2001
- No.
1381/I/PMA/2002
Dated 17 December 2002
- No.
358/II/PMA/2006
Dated 8 November 2006
Related Company
a. EMERALD GROUP
S.A.R.L., Luxemburg (Electrical Component Industry and Investment
Holding)
b. TYCO
ELECTRONICS Group S.A, Luxemburg (Electrical Component Industry and Investment
Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
2,500,000.-
Issued Capital : US$
2,500,000.-
Paid up Capital : US$
2,500,000.-
Shareholders/Owners
:
a. EMERALD GROUP S.A.R.L. - US$ 2,475,000.-
Address : Grand Duchy of Luxemburg
Luxemburg
b. TYCO ELECTRONICS GROUP S.A. - US$
25,000.-
Address : Grand Duchy of Luxemburg
Luxemburg
BUSINESS ACTIVITIES
Lines of
Business:
Electrical
Component Manufacturing
Production Capacity
A. Initial Plant
a. Insulator (20 KV) -
200,000 sets p.a
b. Heliformed (Wire Formed Products) - 400,000 sets p.a.
c.
Transmission Hardware (150-500 KV) -
150,000 sets p.a.
d. Distribution Hardware (LV up to 70 KV) - 370,000 sets p.a.
e. Earthrod & Accessories - 200,000 sets
p.a.
B. Expansion Plant (Planned)
a. Heliformed (Wire Formed Products) - 500,000 sets p.a.
b. Distribution Hardware -
500,000 sets p.a.
c. Transmission Hardware -
100,000 sets p.a.
d. Trading, Imports and Distribution of
Connectors,
Arrester, Cables etc) -
US$ 2.0 million
Total Investment
A. Initial Plant
a. Equity Capital - US$ 2.5 million
b. Loan Capital - None________
c. Total Investment - US$ 2.5 million
B. Expansion Plant (Planned)
a. Equity Capital - None
b. Loan Capital - US$ 1.7 million
c. Total Investment - US$ 1.7 million
Started Operation
1997
Brand Name
Dulmison
Technical Assistance
TYCOELECTRONIC
GROUP of Luxemburg
Number of Employee
117 persons
Marketing Area
Domestic
(Local) - 10%
Export - 90%
Main Customer
a. Distributors
b. Buyers in
Malaysia, Thailand, Singapore, Australia, UK, Germany, USA
Market Situation
Very Competitive
Main Competitors
a. P.T. AZET
SURYA INDONESIA
b. P.T. CLIPSAL
MANUFACTURING JAKARTA
c. P.T. DHEMAR
NUSANTARA
d. P.T. TECO
MULTIGUNA ELEKTRO
e. P.T.
SCHENEIDER INDONESIA
f. P.T. SEMESTA
ELTRINDO PURA
g. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. WESTPAC
Banking Corporation
Wisma
Standard Chartered Bank
Jalan
Jend. Sudirman Kav. 33 A
Jakarta 10220
b. P.T. Bank
COMMONWEALTH
Wisma
Metropolitan II
Jalan
Jend. Sudirman Kav. 29-31
Jakarta 12920
c. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Plaza BII
Jalan M.H. Thamrin No. 55
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 135.0
billion
2006 – Rp. 145.0
billion
2007 – Rp. 155.0
billion
Net Profit
(Loss) :
2005 – Rp. 10.8
billion
2006 – Rp. 11.6
billion
2007 – Rp. 12.4
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Geoffrey Thomas Geelan
Director -
Mrs. Lilian Legawati Theodorus
Board of Commissioner
:
Commissioner -
Mr. Ian William Humpreys
Signatories :
President Director (Mr. Geoffrey Thomas
Geelan) or the Director (Mrs. Lilian Legawati Theodorus) which must be approved
by Board of Commissioner.
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$ 2,000,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. DULMISON
INDONESIA (P.T. DI) was established in Bekasi, West Java on 8 December 1994
with the authorized capital of US$ 700,000 issued capital of US$ 400,000 entirely
paid up. The founding shareholders of the company are DULMISON PTY. LTD., of
Australia as foreign partner and P.T. RAGAM OBOR HIKMAH as local partner. In
December 2002 the authorized capital was increased to US4 2,200,000 entirely
fully and paid up. The company notary deed has been changed a couple of times.
In November 2005, DULMISON PTY., LTD., of Australia and P.T. RAGAM OBOR HIKMAH
withdrew and the entered into the company namely TYCO GROUP S.A.R.L., and TYCO
INTERNATIONAL GROUP., S.A., both of Luxemburg as new shareholders. On the same
occasion the authorized capital was raised to US$ 2,500,000 wholly issued and
paid up. The latest in June 2007, TYCO GROUP S.A.R.L., and TYCO INTERNATIONAL
GROUP S.A., pulled out and replaced by EMERALD GROUP S.A.R.L., (99%) and TYCO
ELECTRONICS GROUP S.A., (1%) both of Luxemburg. The deed of amendment was made
by Mr. Sutjipto, SH., was approved by the Ministry of Law and Human Right in
its Decision Letter No. W7-HT.01.10-9392, dated June 06, 2007.
P.T. DI obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with electrical
component manufacturing. The plant located at Cikarang Industrial Estate, Jalan
Jababeka Raya Block V/1, Cikarang, Bekasi, West Java on a land of 5,000 sq.
meters. The plant has been operating since 1997 and has been expanding
frequently to increasing production capacity. The plants produce various types
of electrical component such as Insulators (20 KV) of 200,000 sets, Heliformed
(Wire Formed Products) of 400,000 sets, Transmission Hardware (150-500 KV) of
150,000 sets, Distribution Hardware (LV up to 70 KV) of 370,000 sets and
Earthrod & Accessories of 200,000 sets per annum respectively. The plant
has absorbed an investment of US$ 2.5 million, originally come from owned
capital.
To accommodate the increasing markets demand, in November 2006 P.T. DI
got an expansion permit to increase production capacity which an investment of
US$ 1.7 million originally coming from loan. The expansion plant will be
operating the end of 2008 and will produce 500,000 sets of Heliformed, 500,000
sets of Distribution Hardware, 100,000 sets of Transmission Hardware and
trading, import and distribution of connectors, arrester, cable and other per annum.
About 90% of its production is exported to various countries like Singapore,
Malaysia, Australia, Thailand, United Kingdom, Germany and the USA, while the
rest is locally marketed under Dulmison brand through its distributors
spreading in major cities in the country. We observed that P.T. DI’s is
classified as a medium sized company in the country with electrical component
manufacturing of which operation has been growing in the last three years.
We observed that the electrical equipment 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. DI 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 Figures
Until this time P.T. DI 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.
135.0 billion rose to Rp. 145.0 billion in 2006 increased to Rp. 155.0 billion
in 2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 12.4 billion and the
company has an estimated total networth of at least Rp. 112.0 billion. We
observe that P.T. DI is supported by foreign partner with has financially
strong and sound behind it. So far, we did not heard that the company having
been black listed by the Central Bank (Bank Indonesia).
The management of P.T. DI is led by Mr. Geoffrey Thomas Geelan (67) a
professional manager from Australia with 25 years of experience electrical
component manufacturing and trade. The management is quite creative and
dynamic, having maintained a wide business relation with private businessmen at
home and abroad 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.
P.T. DULMISON INDONESIA is sufficiently 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%)