|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDONESIA COMNETS PLUS |
|
|
|
|
Registered Office : |
Wisma Mulia, 50th
– 51st Floor, Jl. Jend. Gatot Subroto No. 42, Jakarta 12710 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
03.10.2000 |
|
|
|
|
Com. Reg. No.: |
AHU-65194.AH.01.02.Tahun |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Telecommunication and Information Technology Business Services |
|
|
|
|
No of Employees : |
320 persons
(permanent) and 750 persons (outsourcing) |
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 |
|
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 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew more than 6% annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high
oil prices.
|
Source
: CIA |
BASIC SEARCH
|
Name of Company :
P.T.
INDONESIA COMNETS PLUS
Address :
Head Office
Wisma Mulia, 50th – 51st Floor
Jl. Jend. Gatot Subroto No. 42
Jakarta 12710
Indonesia
Phone -
(62-21) 525 3019 (hunting)
Fax - (62-21) 525 3659
Email - humas@iconpln.co.id
Website - http://www.iconpln.co.id
Building Area - 54 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Rent
Date of Incorporation
:
03 October 2000
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Justice and Human Rights
a. No. C-23506 HT.01.01.TH.2000
Dated 01 November 2000
b. No. AHU-65194.AH.01.02.Tahun 2013
Dated 12 December 2013
Company Status :
Private National Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.061.190.3-051.000
Holding Company
:
P.T. PLN (Persero),
a State Owned Power Company (Investment Holding)
Related/Affiliated
Companies :
A member of the PLN
Group (see attachment)
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - Rp. 204,000,000,000.-
Issued Capital -
Rp. 84,859,000,000.-
Paid up Capital -
Rp. 84,859,000,000.-
Shareholders/Owners
:
a.
P.T. PLN (Persero) -
Rp. 84,858,999,000.- (99.999998%)
Address : Jl.
Trunojoyo Blok M No. 135
Kebayoran
Baru
Jakarta
Selatan
Indonesia
b. Yayasan Pendidikan Dan
Kesejahteraan PLN -
Rp. 1,000.- ( 0.000002%)
Address : Jl.
Trunojoyo Blok M No. 135
Kebayoran
Baru
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business
:
Telecommunication and Information Technology
Business Services
Production
Capacity :
None
Total Investment :
None
Started Operation
:
2000
Brand Name :
ICON+
Technical
Assistance :
None
Number of Employee
:
320 persons (permanent) and 750 persons (outsourcing)
Marketing Area :
Export - 90%
Domestic - 10%
Main Customers:
a. P.T. PLN (Persero) and its subsidiary companies
b. Telecommunication Companies
Market Situation :
Very Competitive
Main Competitors :
a. PT. Lintas Teknologi Indonesia
b. PT. Wahana Cipta Sinatria
c. PT. Sistech Kharisma
d. PT. Sigmanet Indonesia
e. PT. Hyperintel Solutions
f. PT. Arjuna Sinatria
Amarta
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
|
Bankers :
a. P.T. Bank RAKYAT INDONESIA Tbk
Gedung BRI
Jl. Jend. Sudirman Kav. 44-46
Jakarta Selatan
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Jend. Gatot Subroto
Kav.36-38
Jakarta Selatan
c. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Total
Income/Revenues (estimated) :
2010 – Rp. 620.0 billion
2011 – Rp. 710.0 billion
2012 – Rp. 1,040.0 billion
2013 – Rp. 1,260.0 billion
Net Profit
(estimated) :
2010 – Rp. 50.0 billion
2011 – Rp. 57.0 billion
2012 – Rp. 83.5 billion
2013 – Rp. 102.0 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Muhammad Buldansyah
Director s -
a. Mr. Hikmat Drajat
b. Mr.
Iskandar
Board of Commissioners :
President Commissioner - Mr. Ir. H. Mochamad Harry Jaya Pahlawan
Commissioners -
a. Mr. Satriyo Wibowo
b. Mr. H. Moestafa Nadjib
c. Dr. Ir. Bambang Adi Winarso, MSc.
d. Mr. Ritme Aulia Jafar
Signatories :
President Director (Mr. Muhammad
Buldansyah) or one of the Directors (Mr. Hikmat Drajat or Mr. Iskandar) which
must be approved by Board of Commissioners
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceed normally
Proposed Credit Limit :
Moderate amount
OVERALL PERFORMANCE
|
P.T. INDONESIA COMNETS PLUS was established in
Jakarta based on Notarial Deed No. 3 dated October 3, 2000 made by Notary Raden
Roro Hariyanti Poerbaningsih, SH., a notary in Jakarta with an authorized
capital of Rp. 22,000,000,000.- of which Rp. 5,500,000,000.- was issued and
fully paid up. The founding shareholders of the Company are P.T. PERUSAHAAN
LISTRIK NEGARA, abbreviated P.T. PLN (Persero) - 99.99998% and Mrs. Tjut
Juslina Rijanto Pratignjo, SH (0.00002%).
The Deed of establishment has been approved by the Minister of Law and
Human Right in its Decision Letter Number C-23506 HT.01.01.TH.2000, dated
November 1, 2000. The Articles of
association of the company have frequently been revised, most recently by
notarial Deed No. 66 dated November 22, 2013 made by Notary Mochamad Nova
Faisal, SH., the authorized capital was raised to Rp. 204,000,000,000.- of
which Rp. 84,859,000,000.- was issued and fully paid up. Concurrently, Mrs. Tjut Juslina Rinjanto
pulled out and her shares are sold to Yayasan Pendidikan dan Kesejahteraan
PLN. The amendment to
notarial Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-65194.AH.01.02.Tahun 2013 dated
December 12, 2013.
P.T. PLN
(Persero) is a state owned company, engaged in the development and management
of electric power in Indonesia. Initially P.T. PLN monopolized the electricity
management in Indonesia. By the existence of Law No. 15 Year 1985 private
sectors are allowed to take part. The company manages several kinds of electric
power namely : Diesel Power Station (PLTD), Hydro Power Station (PLTA), Steam
Power Station (PLTU), Gas Power Station (PLTG). Steam and Gas Power Station
(PLTU) and Geothermal Power Station are (PLTP) spreading out all over
Indonesia. Besides, P.T. PLN (Persero) also distributes some of electric power
produced by local companies. The total production of electric energy is now
amounting to 156,798 GWh consisting of 115,434 GWh of owned production and the
rest of 41,364 GWh bought from private electric company.
P.T. INDONESIA COMNETS PLUS or daily known as P.T. ICON+ has been in operation as from 2000 in telecommunication and technology information providing service to support P.T. PLN's operation. P.T. ICON+ is also provider of other related network services for the company's consumers and publics. The type of products and services being offered by P.T. ICON+ among them are network/bandwidth. The request for broadband is coming from telecommunication management, cellular phones operators, television broadcasting companies, internet service provider (ISP) and multi media broadcast management. P.T. ICON+ is able to meet large demand for bandwidth covering wider areas by using Right of Ways in line with the development of telecommunication, internet and multimedia market in Indonesia in the future.
The product of P.T. ICON+ is the usage of
fiber optic network whose areas has reached Java and Bali, Right of Ways (ROW)
covering national network areas and master customers of P.T. PLN. Its product
can be also used for closest user group (for company's internal use, inter-city
communication or inter office communication), the telephone operator to fulfill
of backbone among its STO or inter-city whose facility is still not yet
available, ISP operator and cellular operator to meet the need for backboned
among BTS with MSC and among the MSC.
Beside that P.T. ICON+ to become provider
for Local-loop network access, Digital Power Lines Carrier (DPLC) as the
technology using normal low voltage distribution cable and automatically
transmitting the data with broadband capacity. The availability of the above
DPLC facility will enable P.T. ICON+ to provide direct information network to
customers in the country or through cooperation with multi media providers and
multi broadcasting firms.
At present, the newest products of P.T.
ICON+ are ICONect (Internet Protocol –Virtual Private Network, Metronet and
Clear Channel), ICONApps (Contact Center, APKT and AP2T), ICONBase (Hosting,
Cloud an Colocation) and ICONWeb (Indonesia Internet Exchange or IIX, Internet
Corporate and IP Transit NAP). Along with the development of technology, this time P.T. ICON+ emerged as a
major provider of fiber optic-based telecommunications networks for PLN and
other company outside of PLN. With a
length of fiber optic cable network which reaches 891 000 KM, ICON + has
currently spread across six islands in Indonesia, Sumatra, Java, Bali, Nusa
Tenggara, Sulawesi, and Kalimantan. P.T. ICON+ is tasked with providing
business support services consisting of high-speed telecommunications network
services, communication services, and data center services. We observed that
P.T. ICON+ is classified as a large-sized company of its kind in the country of
which the operation has been growing in the last three years.
Mr. Muhammad Buldansyah
AKA Danny Buldansyah, President Director
of P.T. ICPN+, said
this year the company expects revenue in
its efforts to reach Rp 1.25 trillion to Rp 1.3
trillion. Approximately 45% of the company's business comes from its parent company, and 55% came from
public segments, such
as telecom operators, manufacturing companies, banks, and governments. In the
first half of this year, the
company recorded a net profit of
Rp 50 billion. He explained, ICON +
income earned each year continue to increase significantly. This can be shown by example
the company's revenue in 2011 the company's revenue reached Rp 700 billion, up nearly
50 percent 2012,
reaching Rp 1 trillion.
Until this time P.T. ICON+ has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. We observed that total income/revenues of
the company in 2011 amounted to Rp. 710.0 billion increased to Rp. 1,040.0
billion in 2012 and rose again to Rp. 1,260.0 billion in 2013. The operation in
2013 yielded an estimated net profit at least Rp. 102.0 billion and the company
has an estimated total net worth at Rp. 260.0 billion. It is projected that
total sales turnover of the company will increase at least 15% in 2014. We observe that P.T. ICON+ is supported by
financially strong business family 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. ICON+ is led by Mr.
Muhammad Buldansyah (51) as president director, a professional manager with
more than 25 years of experience in telecommunication and IT business
services. He earned a bachelor’s degree
majoring in Electronic Control from Bandung Institute of Technology (ITB) and
has served as president director of P.T. ICON+ since 10 February 2012. In daily his operation, he is assisted by two
directors namely Mr. Hikmat Drajat (47), obtained a bachelor’s degree majoring
in electronics engineering from ITB and Mr. Iskandar (44), obtained a
bachelor’s degree majoring in Economics and Accounting from University of Islam
Indonesia (UII). The management is having maintained a wide business relation
with private businessmen at home and abroad and with the government sectors as
well. 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. INDONESIA COMNETS PLUS or ICON+ is fairly good for business
transaction.
1.
BAJRADAYA SENTRANUSA, P.T. (Electricity Power Plant)
2.
BUKIT PEMBANGKIT INNOVATIVE, P.T. (Electricity Power Plant)
3.
DALLE ENERGY BATAM, P.T. (Electricity Power Plant)
4.
GEO DIPA ENERGI, P.T. (Geothermal Power Plant)
5.
HALEYORA POWER , P.T. (Electricity Power Plant)
6.
INDONESIA COMNETS PLUS, P.T. (Telecommunication &
Information Technology Business)
7.
INDONESIA POWER, P.T. (Electricity Power Plant)
8.
KOMIPO PEMBANGKIT AN JAWA BALI, P.T. (Operational and
Maintenance Services)
9.
MAJAPAHIT HOLDING B.V, the Netherlands (Finance Services)
10.
MITRA ENERGI BATAM, P.T. (Electricity Power Plant)
11.
PERUSAHAAN LISTRIK NEGARA (PLN), P.T. (Holding Company)
12.
PEMBANGKIT JAWA BALI, P.T. (Electricity Power Plant)
13.
PELAYARAN BAHTER ADHIGUNA, P.T. (Coal Shipping Services)
14.
PELAYARAN LISTRIK NASIONAL TARAKAN, P.T. (Electricity Power
Plant & Distribution)
15.
PERTA DAYA GAS, P.T. (LNG Transportation and Storage)
16.
PLN BATUBARA, P.T. (Coal Mining and Trading
17.
PLN GEOTHERMAL, P.T. (Geothermal Power Plant)
18.
PRIMA LAYANAN NASIONAL ENJINIRING, P.T. (Electricity
Engineering Construction)
19.
RAJAMANDALA ELECTRIC POWER, P.T. (Electricity Power Plant)
20.
SUMBER SEGARA PRIMADAYA, P.T. (Electricity Power Plant)
21.
UNELEC INDONESIA, P.T. (Electrical Supports Services)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.27 |
|
|
1 |
Rs. 103.66 |
|
Euro |
1 |
Rs. 85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.