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Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. VOKSEL ELECTRIC TBK |
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Formerly Known As : |
P.T. VOKSEL ELECTRIC |
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Registered Office : |
Jalan Raya Narogong Km. 16, Desa Limusnunggal, Cieungsi, |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
19.04.1971 |
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Com. Reg. No.: |
No. AHU-88902.AH.01.02.Tahun 2008 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Electric and Telecommunication Cable Manufacturing |
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No. of Employees : |
967 employees |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in
2010 and 2011, respectively. The government made economic advances under the
first administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, and historically low rates of inflation. Fitch and Moody's
upgraded Indonesia's credit rating to investment grade in December 2011.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among regions. The government in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. VOKSEL ELECTRIC Tbk
Head Office & Factory 1
Jalan Raya
Narogong Km. 16
Desa
Limusnunggal, Cieungsi
Bogor, 16820
West Java
Indonesia
Phones -
(62-21) 8230525 (3 lines), 8230143
Fax - (62-21) 8230177
E-mail - ve@voksel.co.id
Website - http://www.voksel.co.id
Land Area - 16 hectares
Building Space - 2.2 hectares
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Tipar Cakung Cilincing Km. 3.3
Jakarta Utara, 14140
Indonesia
Phone - (62-21)
4401330 (lines), 4401344, 4403145
Fax - (62-21)
4403035
Land Area - 4.3 hectares
Building Area - 1.4 hectares
Region - Industrial
Zone
Status - Owned
Executive
Office
Menara Karya, 3rd
Floor Unit D
Jalan H.R. Rasuna Said Block X-5 Kav. 1&2
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 5794 4622 (Hunting)
Fax - (62-21) 5794 4649
Building Area - 36 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
a. 19 April 1971 as P.T. VOKSEL ELECTRIC
b. 12 June 1997 as P.T. VOKSEL ELECTRIC Tbk
P.T. Tbk. (Perseroan Terbatas Terbatas) or Public Listed Company
The
Ministry of Law and Human Rights
- No. J A 5/219/17
Dated 24 December 1971
- No. AHU-88902.AH.01.02.Tahun 2008
Dated 21 November 2008
Foreign Investment (PMA) Company
The
President of the Republic of Indonesia
No. B-187/Pres/9/1989
Dated 25 December 1989
The Capital
Investment Coordinating Board
- No. 11/V/PMA/1989
Dated 5 October 1989
- No. 87/II/PMA/1990
Dated 28 May 1990
- No. 683/III/PMA/1993
Dated 15 November 1993
- No. 76/II/PMA/1994
Dated 9 May 1994
a. P.T. ALCARINDO PRIMA (Continuous Casting and Rolling Aluminum Rod
Manufacturing)
b. P.T. ALCAS DHARMA PRATAMA (Steel Casting Manufacturing)
c. P.T. KAWAT MAS PRAKASA (Electrical and Telecommunication Cable
Manufacturing)
Capital
Structure :
Authorized Capital - Rp.
1,000,000,000,000.-
Issued Capital -
Rp. 415,560,259,500.-
Paid up Capital - Rp. 415,560,259,500.-
Shareholders/Owners
:
a. STANDARD CHARTERED Bank, Hong Kong -
Rp. 115,070,656,000.-
b. TRIWISE Group Limited -
Rp. 45,466,848,500.-
c. SWCC SHOWA CABLE SYSTEM CO. LTD., Japan -
Rp. 41,651,016,500.-
d. The Publics -
Rp. 213,371,738,500.-
Lines of
Business :
a. Electric and Telecommunication
Cable Manufacturing
b. Investment Holding
Production
Capacity :
A. Cakung Factory
a. BC Draad/Bolts - 1,800 tons p.a.
b. BC Wires - 3,000 tons p.a.
c. Enamelled Copper Wires - 450 tons p.a.
d. Aluminum Conductors - 4,800 tons p.a.
f. Twisted Cables - 6,600 tons p.a.
g. Electrical Cables - 3,300 tons p.a.
h. Telecommunication Cables - 2,130,000 sckm p.a.
i. Medium Voltage for Underground Cables - 500 sckm p.a.
B. Cileungsi Factory
a. BC Draads
- 360 tons p.a.
b. BC Wires - 600 tons p.a.
c. Enamelled Copper Wires -
1,000 tons p.a.
d. Rectangular Copper Wires - 800 tons p.a.
e. Copper Wire Rods - 9,600 tons p.a.
f. Aluminum Conductors - 3,000 tons p.a.
g. Twisted Cables - 5,100 tons p.a.
h. Electrical Cables - 1,000 tons p.a.
i. Medium Voltage for Underground Cables - 9,000 sckm p.a.
Total
Investment :
a. Equity Capital -
Rp. 63.0 billion
b. Loan Capital -
Rp. 120.4 billion
c. Total Investment -
Rp. 183.4 billion
Started
Operation :
1972
Brand Name :
Voksel Electric
Technical
Assistance :
SHOWA ELECTRIC WIRE & CABLE CO., Japan
Number of
Employee :
967 persons
Marketing Area
:
Local - 65%
Export - 35%
Main Customers
:
a. P.T. PERUSAHAAN LISTRIK NEGARA Tbk (P.T. PLN)
b. Electric equipment stores in major cities in the country and overseas market
in Japan
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. TRANKA KABEL
b. P.T. KABELINDO MURNI
c. P.T. SUPREME CABLE MANUFACTURING
d. P.T. CITRA MAHASURYA INDUSTRIES
e. Etc.
Business Trend
:
Fluctuating
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
Pintu Besar Utara No. 5
Jakarta
Barat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan
Asemka No. 24-27
Jakarta
Barat
Indonesia
Auditor :
Aryanto, Jusuf Mawar & Saptoto, a public accountant
Litigation :
No litigation record in our database
Annual
Sales :
2009 – Rp. 1,729.1 billion
2010 – Rp. 1,309.6 billion
2011 – Rp. 2,014.6 billion
2012 – Rp. 1,152.2 billion (as of 30 June)
Net
Profit :
2009 – Rp. 53.7 billion
2010 – Rp. 10.1 billion
2011 – Rp. 110.6 billion
2012 – Rp. 54.8 billion (as of 30
June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Heru Gondokusumo
Directors -
a. Mrs. Linda Lius
b. Mr. Fumiaki Nakajima
c. Mr. Muliany Anwar
d. Mr. Tan Yong Han
Board of Commissioners :
President Commissioner -
Mr. Kumhal Djamil
Commissioners - a. Mr. Michael
Tjandrawinata
b. Mr. Akihisa Takizawa
c. Mr. Hardi Sasmita
Signatories :
President Director (Mr. Heru
Gondokusumo) or one of the Directors (Mrs. Linda Lius, Mr. Fumiaki Nakajima,
Mr. Muliany Anwar or Mr. Tan Yong Han)
which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Initially the company was established by the virtue of a Domestic Investment (PMDN) facility in April 1971 with an authorized capital of Rp. 200,000,000 and Rp. 40,000,000 of which was issued and paid up. The original founding shareholders of P.T. VOKSEL ELECTRIC were Mr. Agus Gunawan AKA Tan Foek Goan, his wife Mrs. Singowati Widjaja AKA Wong Se Ngo, his younger brother Mr. Sugih Tjandrawinata AKA Tan Soei Tjong and his younger sister in-law Mrs. Muljati Widjaja AKA Wong Liem Fong (Mrs. Sugih Tjandrawinata). The company's notarial deed has frequently been amended. In June 1989 it was converted into a Foreign Investment (PMA) coinciding with the entry of foreign partner SHOWA ELECTRIC WIRE & CABLE CO., of Japan. In July 1990 the authorized capital was raised to Rp. 25,000,000,000 issued and paid up capital to Rp. 20,000,000,000. P.T. VE is a public listed company of the Jakarta Stock Exchange (BEJ) by selling its 15.40% shares to the public. In July 1997, the authorized capital was increased to Rp. 250,000,000,000 issued and paid up capital to Rp. 63,000,000,000. Then in June 1997, the word Tbk. (Terbuka) was added behind the name to comply with the law on public listed company to become P.T. VOKSEL ELECTRIC Tbk., (P.T. VE).
The latest in November 2008, the authorized capital was raised to Rp. 1,000,000,000,000 of which Rp. 415,560,259,500 was issued and fully paid up. The notary deed of amendment was made by a public notary in Jakarta under Company Registration Number AHU-88902.AH.01.02.Tahun 2008, dated 21 November 2008. Then according to Financial Statement as per 30 June 2012 the composition of its shareholders has been changed to become STANDARD CHARTERED Bank Hong Kong (27.69%), TWISE GROUP LTD., (10.94%), SWCC SHOWA CABLE SYSTEM CO, LTD., Japan (10.02%) and Publics less than 5% (51.35%).
P.T. VE is in affiliation with some other companies, such as, P.T. ALCARINDO PRIMA, engaged in continues casting and aluminum rod industry, P.T. ALCAS DHARMA PRATAMA in steel casting industry and P.T. KAWAT MAS PRAKARSA in electrical and telecommunication cable manufacturing.
As stated above that P.T. VE originally obtained a Domestic Investment (PMDN) facility in cable manufacturing. Its style however has changed to a Foreign Investment (PMA) facility after a Japanese participant joined the company in 1990. P.T. VE initially operated a plant located on Jalan Perintis Kemerdekaan, Pulogadung, East Jakarta - over 1.0 hectare wide land started-up with commercial operation in 1972 by producing low voltage electric cable and copper wires. Later in 1982, the company expanded and concurrently relocated its plant to new location on Jalan Tipar, Cakung, East Jakarta over 4.3 hectares wide land. The company had also in 1992 developed another new factory unit in Cileungsi, Bogor, West Java over 16 hectares wide land. In the middle of 1995, its expansion in Cakung, East Jakarta and in Cileungsi, Bogor, West Java started operation in the middle of 1995. Through its continuous pursuit for quality excellence, the Company was awarded numerous international quality certificates, such as ISO 9002:1994 year 1995, ISO 9001:1994 year 1999 and ISO 9001:2000 year 2003 and ISO 9001:2008 year 2009 from SGS Yarsley International Certification Services, Ltd. In 2008, the Company obtained KEMA Certificate from KEMA Nederland B.V. The Company is highly committed to prevent environmental pollution and enhance the safety and health in the working environment. In line with this commitment, the Company has obtained ISO - 14001 and OHSAS - 18001 in January 2010.
P.T. VE markets its products both domestically and
internationally. For domestic market, majority sales stems from P.T. Perusahaan
Listrik Negara ("PLN') and P.T. Telekomunikasi Indonesia Tbk
("Telkom'). In addition, the Company also supplies free market cables to
contractors and distributors. For export sales, the Company markets to various
countries such as: Brunei, Philippines, Singapore, Malaysia, Thailand,
Cambodia, Vietnam, Srilanka, Myanmar, Hong Kong, India, Bangladesh, Japan,
Nepal, Korea, UAE, Yemen, Fiji Island, Australia, Eqypt, Cyprus, Brazil,
Pakistan etc.
P.T. VE Product Range:
Ř
Bare
Copper: Round wire, rectangular wire, stranded wire.
Ř Bare Aluminum: Aluminum wire,
stranded wire, aluminum conductor steel reinforced.
Ř Power Cable: Cross linked
polyethylene insulated cable low voltage and medium voltage, polyethylene
insulated cable, polyvinyl insulated cable.
Ř Communication Cable: Indoor cable,
coaxial cable, jumper wire, burial, drop wire, aerial cable, direct buried
cable, duct (conduit) cable.
Ř Optical Fiber Cable: Loose tube type
of silica glass optical fiber cable for indoor, aerial, direct buried, All
Dielectric Self Supporting (ADSS) and duct installation.
Besides that, P.T. VE is also engaged in investment holding
by controlling 90% shares of P.T. ANUGRAH BAKTI NUSA in general trading and
distribution; 98% shares of P.T. BANGUN PRIMA SEMESTA in general contracting
and trading; 99% shares of P.T. CENDEKIA GLOBAL SOLUSI in general trading and
distribution and 99% shares of P.T. PRIMA MITRA ELEKTRINDO in general trading,
development and services. We observe that P.T. VE operation has been
fluctuating in the last five years.
In overall we find that cable industry in the country had been rising by 6% to 7% per year within the last five years. The competition is very tight on account of many similar companies producing optics cables in the country including P.T. KMI WIRE & CABLE Tbk, P.T. SUCACO Tbk, P.T. TEMBAGA MULIA SEMANAN Tbk, P.T. VOKSEL ELECTRIC Tbk, P.T. JEMBO CABLE COMPANY Tbk, P.T PRYSMIAN CABLE INDONESIA and P.T. COMMUNICATION CABLE SYSTEMS INDONESIA. Apart from abundant electric and telecommunication cables in the country, also lots of imported cables are being offered which caused competition to be hard. Besides, starting in the second semester 2008, many markets in various parts of the world experienced adverse economic condition. This condition was triggered by, amongst others, the housing and mortgage loans crisis in the United States of America (US) that spread to securities, structures products and commodity markets. The volatility in the US markets coupled with the sharp appreciation in the US Dollars and a series of corporate bankruptcies and takeovers enabled the crisis to spread to other parts of the world. The impact of the global economic crisis has also been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease, commodity prices decreased, securities market declines, interest rate increased, followed by decreases, tightened liquidity conditions, and increased credit risks. Up to this time, the Company has not significantly suffered from the economic crisis. In response to these economic events, during 2010 the Company has plans as follows: Negotiation with main customer regarding increasing selling price. Cost reduction in business trip, pantry needs, etc. Stop production of products which do not reach profit target. In spite of the adverse economic conditions, management believes that the Company will be able to continue operating as going concern for the foreseeable future.
According to financial statement of P.T. VE that total sales turnover of the company in 2009 amounted at Rp. 1,729.1 billion with a net profit of Rp. 53.7 billion declined to Rp. 1,309.6 billion with a net profit of Rp. 10.1 billion in 2010 increased to Rp. 2,014.6 billion with a net profit of Rp. 110.6 billion in 2011. As per 30 June 2012 the sales turnover reached at least Rp. 1,152.2 billion with a net profit of Rp. 54.8 billion and projected the sales turnover will be higher by at least 6% in 2013. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers. The financial highlight as per 31 December 2009, 2010, 2011 and per 30 June 2012 is attached.
(In
Million Rupiah)
|
DECCRIPTION |
30 June 2012 |
31 December |
||
|
2011 |
2010 |
2009 |
||
|
A. Operating Result |
|
|
|
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|
- Net Sales |
1,152,231 |
2,014,609 |
1,309,570 |
1,729,113 |
|
- Gross Profit |
182,778 |
303,541 |
153,228 |
197,884 |
|
- Operating Income (loss) |
68,841 |
175,309 |
47,287 |
82,477 |
|
- Net Income (loss) |
54,847 |
110,621 |
10,262 |
53,563 |
|
B. Financial Position |
|
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|
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- Current Assets |
1,496,632 |
1,357,377 |
904,218 |
969,269 |
|
- Fixed Assets Nets |
207,445 |
193,405 |
211,047 |
212,644 |
|
- Deferred Tax Asset |
7,293 |
7,668 |
6,572 |
6,635 |
|
- Other Assets |
40,989 |
18,004 |
14,337 |
54,272 |
|
- Total Assets |
1,734,707 |
1,573,039 |
1,126,481 |
1,237,958 |
|
- Short-term Liabilities |
1,196,572 |
1,054,553 |
719,232 |
843,454 |
|
- Total Liabilities |
1,219,380 |
1,076,394 |
740,456 |
862,504 |
|
- Equity |
515,328 |
496,645 |
386,024 |
375,454 |
|
C. Stockholders Equity |
|
|
|
|
|
- Share Capital |
415,560 |
415,560 |
415,560 |
415,560 |
|
- Additional Paid-up
Capital |
940 |
940 |
940 |
940 |
Notes: 31 December
2009, 2010, 2011audited by Aryanto, Amir Jusuf, Mawar & Saptoto,
30 June 2012 un audited
The management of P.T. VE is headed by Mr. Heru Gondokusumo (54), a
businessman with experience for some 20 years in this business. Mr. Heru Gondokusumo
has been President Director of PT Voksel Electric Tbk since June 30, 2011. He
joined the Company in 1988 and started his career as the Chief of Maintenance
Department. He was appointed as Maintenance Manager in 1992, Production Manager
in 1994 and Plant Manager in 1998 in Cileungsi factory. He was the General
Manager in Commercial Division from 2006 to 2008 and Commercial Director from
June 5, 2008 to June 30, 2011. It is also handled by a number of professional
managers with experience and expertise in cable products industry and trade
especially from Japan. They have wide relations with private businessmen within
and outside the country. So far, we did not hear that
the management of the company being filed to the district court for detrimental
cases or involved in any business malpractices. The company’s litigation
record is clean and it has not registered with the black list of Bank of
Indonesia. P.T. VOKSEL ELECTRIC Tbk is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.16 |
|
UK Pound |
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.