|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PREFORMED LINE PRODUCTS INDONESIA |
|
|
|
|
Registered Office : |
Cikarang
Industrial Estate Jalan Jababeka Raya Block V/1 Cikarang, Bekasi 17530 West
Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
24.07.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Electrical
Component Manufacturing |
|
|
|
|
No. of Employees : |
117 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
P.T.
PREFORMED LINE PRODUCTS INDONESIA
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 - teguhh@preformed.asia
Website - http://www.preformed.asia/Indonesia
Land Area - 3,000 sq.
meters
Building - 2,200 sq.
meters
Region - Industrial
Estate
Status - Owned
Date
of Incorporation :
a. 8 December 1994 P.T. DULMISON INDONESIA
b. 24 July 2011 as P.T. PREFORMED LINE PRODUCTS
INDONESIA
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
- No. AHU-43342.AH.01.02.TH.2011
Dated 25 August 2011
- No. AHU-AH.01.10-12522
Dated 13 April 2012
Company
Status :
Foreign
Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 01.070.931.9-055.000
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.
PREFORMED LINE PRODUCTS AUSTRALIA PTY
LTD (Electrical Component Industry and
Investment Holding)
b.
PREFORMED LINE PRODUCTS COMPANY
(Electrical Component Industry and Investment
Holding)
Capital
Structure :
Authorized
Capital : US$
2,200,000.-
Issued
Capital :
US$ 2,200,000.-
Paid
up Capital :
US$ 2,200,000.-
Shareholders/Owners
:
a. PREFORMED LINE PRODUCTS AUSTRALIA
PTY LTD. - US$ 2,199,900.-
Address : 190 Power St, Glendenning
NSW 2761, Australia
b. PREFORMED LINE PRODUCTS COMPANY - US$ 10.-
Address :
660 Beta Drive
Mayfield Village
Ohio 44143, United States of America
Lines
of Business :
Electrical
Component Manufacturing
Production
Capacity :
a.
Insulator (20 KV) - 200,000 sets p.a.
b.
Heliformed (Wire Formed Products) - 900,000 sets p.a.
c.
Transmission Hardware (150-500 KV) - 250,000 sets p.a.
d.
Distribution Hardware (LV up to 70 KV) - 870,000 sets p.a.
e.
Earthrod & Accessories - 200,000 sets
p.a.
f.
Trading, Imports and Distribution of
Connectors, Arrester, Cables etc) - US$ 2.0 million
Total
Investment :
a.
Equity Capital - US$ 2.2 million
b.
Loan Capital - US$ 1.7 million
c.
Total Investment - US$ 3.9 million
Started
Operation :
1997
Brand
Name :
Preformed
Technical
Assistance :
Preformed
Line Products Australia Pty, Ltd., Australia
Number
of Employee :
117
persons
Marketing
Area :
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
B
a n k e r s :
a.
WESTPAC Banking Corporation
Wisma Standard Chartered Bank
Jalan Jend. Sudirman Kav. 33 A
Jakarta 10220
Indonesia
b.
P.T. Bank COMMONWEALTH
Wisma Metropolitan II
Jalan Jend. Sudirman Kav. 29-31
Jakarta 12920
c.
P.T. Bank ANZ INDONESIA
ANZ
TOWER 8th Floor
Jalan Jend. Sudirman Kav. 33 A
Jakarta Pusat, 10220
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2011
– Rp. 145.0 billion
2012
– Rp. 152.0 billion
2013
– Rp. 163.0 billion
Net
Profit (Loss) :
2011
– Rp. 10.1 billion
2012
– Rp. 11.4 billion
2013
– Rp. 12.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board
of Management :
Director - Mr. Bernardus Effendi Ristionovianto
Export Sales and Tenders Manager - Mr. Teguh Hadiwinato
Domestic Sales Manager - Mr. Effendy Sinaga
Board
of Commissioner :
Commissioner - Mr. Norman Leslie Windell
Signatories :
Director (Mr.
Bernardus Effendi Ristionovianto) which must be approved by Board of
Commissioner
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small
amount – periodical review
Based on investigation the correct name of Subject is
P.T. PREFORMED LINE PRODUCTS INDONESIA not P.T. PERFORMED LINE PRODUCT as
stated in your order ref. no. 255488 dated 20 February 2014.
Originally the company named P.T. DULMISON INDONESIA 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$ 2,200,000 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. Later in July 2011 the company named was
changed to P.T. PREFORMED LINE PRODUCTS INDONESIA (P.T. PLPI). On the same
occasion the whole shares had been taken over by PREFORMED LINE PRODUCTS
(AUSTRALIA) PTY LTD of Australia (99.99%) and PREFORMED LINE PRODUCTS COMPANY
of the USA (0.01%). Later according to the latest revision of notary deed Mr.
Mala Mukti, SH., No. 44 dated 10 April 2012 the company board of director and
the board of commissioner had been changed to lead and runs of the company’s
operation. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-12522 dated April 13, 2012.
P.T. PLPI 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 3,000 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$ 2.2 million, originally come from owned
capital. The 3000 m2 factory is a major supplier of a wide range of fittings
and accessories for overhead transmission and distribution lines and associated
communications infrastructure, serving customers in Indonesia and around the
world. The ISO9001 certified facility manufactures products that are based on a
specialized capability in formed wire and cast aluminum products and include
specialist vibration control equipment, such as Dogbone Vibration Dampers,
Spacer Dampers and Armor Grip Support Units, as well as a wide range of helical
wire products. For the communications infrastructure, a complete range of OPGW
and ADSS cable fittings and accessories, as well as fiber optic splice
closures, are also manufactured and supplied.
To accommodate the increasing markets demand, in November
2006 P.T. PLPI 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 PREFORMED brand through its
distributors spreading in major cities in the country. We observed that P.T.
PLPI’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. PLN is the main supplier of electricity to the national
grid and originally supplied all electricity from its own plants which is
financed and built. Between 1996 and 2006 PLN set up 27 Power Purchase
Agreements (PPAs) with Independent Power Producers (IPPs) and 22 of these had
to be renegotiated following the 1998-1999 economic crisis. There was almost no
investment in new power plants between 2000 and 2006. PLN launched its 10,000
MW electricity expansion program, comprising 35 new coal-fired power stations,
to meet the growing demand for power amid power shortage, especially in the provinces,
and to replace the use of fuel oil. PLN aimed to generated 6,900 MW from 10 new
power plants in Java, alongside 25 power plants on other island outside The
Java-Bali System generating 3,100 MW. The second 10,000 MW program would
comprise 93 power stations, to be built between 2010 and 2014, with a total
capacity of 10,153 MW. Of this 5,770 MW or 57% would be for The
Java-Bali-Madura gird and the rest would be for Sumatra, Kalimantan, Sulawesi
and Eastern Indonesia. PLN originally planned that up to 48% of the second
10,000 MW power program would be generated from geothermal sources, 26% from
coal, 14% from natural gas and 12% from hydropower. The proposed fuel mix was
then amended to 37% geothermal 33% coal-fired, 16% from gas and 12% from hydroelectric
power.
The Production and
Sales of National Electricity, 2005 – 2012
|
Year |
Electricity Production (GWh) |
Electricity Sales (GWh) |
|
2005 |
127,371 |
107,032 |
|
2006 |
133,109 |
112,610 |
|
2007 |
142,440 |
121,247 |
|
2008 |
149,438 |
129,019 |
|
2009 |
155,333 |
134,582 |
|
2010 |
165,621 |
147,297 |
|
2011 |
172,246 |
157,997 |
|
2012 |
177,383 |
163,527 |
Until this time P.T. PLPI has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. PLPI is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in 2011 amounted to Rp. 145.0 billion rose to Rp. 152.0
billion in 2012 increased to Rp. 163.0 billion in 2013 and projected to go on
rising by at least 6% in 2014. The operation in 2013 yielded an estimated net
profit of at least Rp. 12.2 billion and the company has an estimated total
networth of at least Rp. 65.0 billion. We observe that P.T. PLPI 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. PLPI is led by Mr. Bernardus
Effendi Ristionovianto (48) a professional manager with experience in
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. PREFORMED LINE PRODUCTS INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.