MIRA INFORM REPORT

 

 

Report Date :

22.03.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. UNELEC INDONESIA

 

 

Registered Office :

Jalan Swadaya PLN Klender  Klender Jakarta Timur, 13010

 

 

Country :

Indonesia

 

 

Date of Incorporation :

21.05.1969

 

 

Com. Reg. No.:

No. AHU-AH.01.10-12235

 

 

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$ 4,600,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

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

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

- No. AHU-18128.AH.01.02.TH.2008

  Dated 11 April 2008

- No. AHU-73524.AH.01.02.TH.2008

  Dated 14 October 2008

- No. AHU-AH.01.10-12235

  Dated 19 May 2010

 

Company Status :

Foreign Investment (PMA) Company

 

Permit by the Government Department :

a. The Department of Finance

    NPWP No. 01.000.192.3-055.000

b. The President of the Republic of Indonesia 

    No. B-143/Pres/12/1968

    Dated 27 December 1968

c. 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/2002

      Dated 25 September 2002

 

Related Companies :

a. P.T. AREVA T&D (Electric Panel Manufacturing)

b. P.T. PERUSAHAAN LISTRIK NEGARA (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 (Persero)                                          - US$ 3,668,000.-

    Address : Jl. Trunojoyo Block M I/135

                    Kebayoran Baru, Jakarta Selatan

                    Singapore, SINGAPORE

b. AREVA T&D HOLDING SA                               - US$ 7,670,000.-

    Address :  Place De La Couple

                     92084, Paris La Defense

                     France

    

 

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 :

AREVA T&D of France

 

Number of Employee :

450 persons                                   

 

Marketing Area :

Domestic    - 85%

Export         - 15%                          

 

Main Customers :

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. ABB INSTALLATION MATERIALS

b. P.T. CENTRADO PRIMA INT’L

c. P.T. MERLIN GERIN INDONESIA

d. P.T. SIEEMENS INDONESIA

e. P.T. TRAFOINDO PRIMA PERKASA

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 GENERALE 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) :

2008 – Rp. 320.0 billion

2009 – Rp. 340.0 billion

2010 – Rp. 355.0 billion

 

Net Profit (estimated) :

2008 – Rp. 25.6 billion

2009 – Rp. 27.4 billion

2010 – Rp. 29.0 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Emmanuel Valentius Domen

Vice President Director                     - Mr. Syofvi Felienty

Director                                           - Mr. Richard Johannes Purwadi

 

Board of Commissioners :

President Commissioner                   - Mr. Wisnoentoro Martokoesoemo

Vice President Commissioner           - Mr. Bagarian Sirait

Commissioner                                 - Mr. Vincent Chia

 

Signatories :

President Director (Mr. Emmanuel Valentius Domen) or Vice President Director (Mr. Syofvi Felianty) or the Director (Mr. Richard Johannes Purwadi) 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$ 4,600,000.- 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 latest in February 2008 the whole shares has been taken over by AREVA T&D HOLDING SA of France (67.65%) and P.T. PERUSAHAAN LISTRIK NEGARA (Persero) (32.35%) as new shareholders. 

 

 

 

      The deed of amendment was made by Mr. Rusnaldy, SH., a public notary in Jakarta was approved by the Ministry of Law and Human Right under Company Registration Number C-23730 HT.01.04.TH.2002, dated December 02, 2002 and the latest No. AHU-18128.AH.01.02.TH.2008 dated April 11, 2008.

 

      The latest in April 2010 the board of directors and the board of commissioners had been changed to lead and runs of the company’s operation (see profile of this report). The latest revision of the company notary documents was made by DR. A. Partomuan Pohan, SH., LL.M., a public notary in Jakarta and was approved by the ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-12235 dated May 19, 2010.

 

      We observe the local partner P.T. PLN is a state owned business enterprises which majority shares controlled by the Government of the Republic of Indonesia. P.T. UNINDO is a member company of the PLN Group.

      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, and 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 AREVA T&D of France, the largest electrical components industry in the world. Besides some of the products supplied to P.T. GUDANG GARAM Tbk, P.T. HM SAMPOERNA Tbk, P.T. FREPOORT INDONESIA, P.T. TOBA PULP LESTARI Tbk, P.T. KRAKATAU STEEL, P.T. PERTAMINA, TOTAL E&P INDONESIE, CONOCOPHILIPS INDONESIA INC., etc. 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.

     

      The local demand for electrical equipment products has been growing in the last five years in line with the demand and need of electric energy in the country in the last five years. The demand for electric energy is estimated to be rising next year in line with the glowing opening of new electric installation networks in various regions in the country being certainly followed by the demand for electrical equipment products. Java and Bali alone have absorbed 60% of electricity in Indonesia. The power covering Java – Bali in early 2010 hit the highest point at 17,000 MW. The power capacity across the national is only 28,000 MW. Such figure will be very misleading if P.T. PLN make the average of national figures. In the three years (2010-2013) the mounting availability of power in the Java-Bali system shows extraordinary escalation. There will be about additional power of 11,000 MW within three years for the two islands. It means there is 50% expansion for three years of 18% growth a year.

 

 

      The competition is very tight on account of lots of similar companies operating in the country. The competition is very tight on account of lots of similar companies operating in the country. The business position of P.T. UNINDO is favorable for having established regular customers and wide marketing networks. The forecast of production and consumption of national electricity power in Indonesia as following table:

 

The Production and Consumption of National Electricity, 2002 – 2009

 

Year

Electricity Production (GWh)

Electricity Consumption (GWh)

2002

108,191

87,409

2003

113,019

90,439

2004

120,244

99,425

2005

124,449

107,031

2006

126,168

112,609

2007

141,711

121,554

2008

149,329

129,018

2009

115,714

  99,817

Source: Department of Mines and Energy Resources

 

      P.T. UNINDO has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. UNINDO is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 320.0 billion increased to Rp. 340.0 billion in 2009 and to Rp. 355.0 billion in 2010 and projected to go on rising by at least 5% in 2011. Its estimated the company has yielded a net profit at least Rp. 29.0 billion 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. Emmanuel Valentius Domen (47) a professional manager of Belgium with 15 years of experience in transformer distribution and other technical goods. 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 business malpractices 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.

 

Attachment:

 

List of the PLN Group Members

 

1.       BAJRADAYA SENTRA GUNA, P.T. (Hydro Power Plant Development and Management)

2.       GEO DIPA ENERGI, P.T. (Geothermal Electric Steam Power Plant)

3.       INDONESIA COMNET PLUS, P.T. (Telecommunication Network Services)

4.       INDONESIA POWER, P.T. (Electric Steam Power Plant)

5.       MAJAPAHIT HOLDING B.V. (Funding Finance Services)

6.       PEMBANGKITAN JAWA BALI, P.T. (Electric Steam Power Plant)

7.       PELAYANAN NASIONAL LISTRIK BATAM, P.T. (Electric Diesel Power Plant Development and Management)

8.       PELAYANAN LISTRIK NASIONAL TARAKAN, P.T. (Electric Diesel Power Plant Development and Management)

9.       PLN BATUBARA, P.T. (Electric Steam Power Plant Development)

10.   PLN GEOTHERMAL, P.T. (Geothermal Electric Steam Power Plant)

11.   PERUSAHAAN LISTRIK NEGARA, P.T. (Electric Power Plant Development and Distribution Management)

12.   PRIMA LAYANAN NASIONAL ENJINIRING, P.T. (Electric Engineering Services)

13.   UNELEC INDONESIA, P.T. (Transformer Distribution and Other Technical Goods Manufacturing)

14.   Etc.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.05

UK Pound

1

Rs.73.05

Euro

1

Rs.63.81

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.