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Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ZUG INDUSTRY INDONESIA |
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Registered Office : |
Pergudangan Miami, Jalan Rawa Melati Block A1 No. 5, Kelurahan Tegal Alur, Kecamatan Kalideres Jakarta Barat, 11820 |
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Country : |
Indonesia |
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Date of Incorporation : |
13.05.2004 |
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Com. Reg. No.: |
AHU-53560.AH.01.02.TH.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Boiler |
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No of Employees : |
250 persons |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
BASIC SEARCH |
Name of Company :
P.T. ZUG INDUSTRY INDONESIA
Address :
Head Office & Factory
Pergudangan Miami
Jalan Rawa Melati Block A1 No. 5
Kelurahan Tegal Alur, Kecamatan Kalideres
Jakarta Barat, 11820
Indonesia
Phones -
(62-21) 5595 2077 (Hunting)
Fax - (62-21) 5595 1873
E-mail - sales.id@zug-power.com
Website - http://www.zug-power.com
Land Area - 17,000 sq.
meters
Building Space - 230 sq. meters
Region - Industrial
Zone
Status - Rent
Branch Office
Jalan Ir. Haji Juanda II No. 26 C
Kelurahan Sukadamai, Kecamatan Polonia
Medan, 20157
North Sumatera
Indonesia
Phones -
(62-61) 4556 752
Fax - (62-61) 4556 753
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
13 May 2004
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C-18834.HT.01.01.TH.2004
Dated
28 July 2004
- No.
AHU-53560.AH.01.02.TH.2012
Dated
17 October 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.116.428.0-059.000
The Department of Industry and Trade
TDP No. 090215328277
Dated 3 December 2004
The Capital Investment Coordinating
Board
No. 227/I/PMA/2004
Dated 27 April 2004
Related Company :
P.T. TAKA TURBOMACHINERY INDONESIA (Turbine Rotating
Equipment Manufacturing)
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital :
US$ 11,613,000.-
Issued Capital :
US$ 4,625,800.-
Paid up Capital :
US$ 4,625,800.-
Shareholders/Owners :
a. Henkie Leo -
US$ 4,043,210.-
Address : Jl. Taman Villa Meruya Block C 3 No. 15 A
Kelurahan Meruya Utara,
Kecamatan
Kembangan, Jakarta Barat,
Indonesia
b. Mr. Williem -
US$ 559,180.-
Address : Jl. Teluk Gong, RT. 010 RW. 007
Kelurahan Pejagalan,
Kecamatan Penjaringan
Jakarta Utara, Indonesia
c. Mr. Chen Weiping -
US$ 23,410.-
Address : Jiangsu, Yixing Shi
Zhoo Tie Zheng Chen Qiao,
China
BUSINESS
ACTIVITIES
|
Lines of Business :
Boiler Manufacturing
Production Capacity :
a. Package
Boilers - 160 unit
p.a.
b. Industrial
Boilers - 100 unit
p.a.
c. Pressure
Vessels - 75 unit p.a.
Total Investment :
Owned Capital - US$ 11.6 million
Started Operation :
2005
Brand Name :
ZUG
Technical Assistance :
STEINMMULLER GmbH of Germany
Number of Employee :
250 persons
Marketing Area :
Local - 100%
Main Customer :
Power Plants, Industry and Civil
Contractors
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BOUSTEAD MAXITHERM
INDUSTRIES
b. P.T. CILEGON FABRICATORS
c. P.T. GRAND KARTECH Tbk
d. P.T. HITACHI CONSTRUCTION
MACHINERY
e. P.T. MECHMAR JAYA INDUSTRIES
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
Bankers :
a. Hongkong and
Shanghai Banking Corp. Ltd.
World Trade
Centre
Jalan Jend.
Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL
ASIA Tbk
Menara BCA Grand
Indonesia
Jalan M.H.
Thamrin No. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2011 – Rp. 450.0 billion
2012 – Rp. 475.0 billion
2013 – Rp. 510.0 billion
Net Profit (estimated) :
2011 – Rp. 36.0 billion
2012 – Rp. 40.0 billion
2013 – Rp. 43.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
Director - Mr. Henkie Leo
General Manager - Mr. Heri Purnomo
Board of Commissioners :
Commissioner - Mr. Williem
Signatories :
Director (Mr. Henkie
Leo) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE |
Based on investigation the correct name of report is P.T. ZUG INDUSTRY
INDONESIA not P.T. ZUG MANUFACTURE INDONESIA as stated in your order ref. no.
273290 dated 19 June 2014.
P.T. ZUG INDUSTRY INDONESIA (P.T. ZII) was established in Jakarta based
on notary deed Mr. Umar Ali, SH., no. 5 dated 13 May 2004 with the authorized
capital of US$ 400,000 issued capital of US$ 100,000 entirely paid up. The
founding and shareholders of the company are Mr. Henkie Leo, Mr. Ngadiman
Kosumo both are of Indonesia and Mr. Lin Tsung Chi of China. The company notary
deed had been changed a couple of times. The latest according to the revision
of notary deed Mr. Andy Azis, SH., no. 3 dated 12 July 2012 the company
authorized capital was increased to US$ 11,613,000 issued capital to US$
4,625,800 entirely paid up. On the same occasion Mr. Ngadiman Kosumo and Mr.
Lin Tsung Chi pulled out and the whole share taken over by Mr. Williem of
Indonesia and Mr. Chen Weiping of China as new shareholders. With this
development the composition of its shareholders has been changed to become Mr. Henkie
Leo (87.40%), Mr. Williem (12.09%) and Mr. Chen Weiping (0.57%). The deed of
amendment was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-53560.AH.01.02.TH.2012 dated October 17, 2012.
P.T. ZII is obtained Foreign Investment (PMA) company facility from the
Capital Investment Coordinating Board (BKPM) to deal with boiler manufacturing.
The company manages a plant located in Pergudangan Miami, Jalan Rawa Melati
Block A1 No. 5, Tegal Alur, Kalideres, West Jakarta standing on a land of
17,000 sq. meters. The plant has been in commenced operation since 2005 by
produce of boiler and related equipment. In 2005, the Company got its first
project in the power-generation industry, when it installed (and, later
contracted to maintain) for P.T. Pabrik Kertas Tjiwi Kimia Tbk two boilers with
total capacity of 90 ton per hour for captive power plant of the client. This
followed by 150 ton boilers for P.T. Lontar Papyrus later the same year. With
the momentum of the first 10,000 MW Fast Track Program of Indonesia, the
Company started its fast development into the power segment with focus on small
capacity IPP clients. To keep price attractive, the Company has secured
agency of Wuxi Zozen Boilers Co. Ltd. and Hangzhou Chinen Steam Turbine.
P.T. ZII is able manufacture industrial boilers with a range from 2 to
110 tons per hour and power plant boilers in the range of 20 to 250 tons per
hour. With a pressure up to 130 bar, super heater temperatures up to 545ºC and
sub critical temperature of 570ºC. P.T. ZII total installed capacity is up to
12,000 tons per year. This is achieved by replacing the time consuming and
labour intensive jobs, such as plate/pip e bending, rolling, cutting and
welding, with automated machines. The company has installed an array of heavy
automated CNC machinery along their assembly line. The factory stands alongside
their new office complex, ensuring engineering and manufacture are in close
contact. The office and manufacturing facility are set on a total area 3 ha in
prominent industrial and warehousing area. A second area of 8 ha has now been
acquired for their future expansion.
As the market grew rapidly, the Company began its own manufacturing and
assembly line of boilers and related equipments. In 2008, the Company set up
its own factory in Jakarta and started manufacturing a wide range of equipment
including boilers, heat exchangers, steel structures, water treatment
equipment, etc. This effort enabled the Company to become an integrated EPC
contractor in a faster pace. The Company soon realized that there was a growing
market in Indonesia for full EPC of small coal fired power plants, both for the
public and private sector. So the investment was made and a new state of the
art factory was constructed in Jakarta for the manufacture of boilers. This is
the most modern facility of its kind in Indonesia. Having this facility along
with their in house design and engineering departments, allows Zug to offer a
much faster and competitive solution to the customers, from first discussions
to full project completion. Their experience covers not only coal fired Power
Plants, but renewable energy solutions, such as Solar, Hydro, Biomass, and Heat
Recovery Systems.
P.T. ZII is one of the leading boiler manufacturers and power plant
contractors in Indonesia. Through co-operation with partners in Germany and
China, supported by design team with international background and rich
experiences in both industrial and power plant projects, they have obtained an
edge over competitors in providing a reliable and integrated package solution
for their customers. P.T. ZII customers are P.T. PETROKIMIA GRESIK, P.T. MUSIM
MAS, P.T. RIAU POWER, P.T. RIMAU ELEKTRIK, P.T. PLN (Persero), P.T. PLN/WASKITA
KARYA, P.T. REKADAYA ELEKTRIKA (Timika), P.T. TIAU ENERGI TOGA (Duri), P.T.
INDUSTRI KARET DELI and many others. We observe P.T. ZII is one of the biggest
producer of boilers in the country with operation has been growing and
developing well in the last three years.
Generally outlook, the demand for industrial boilers had kept on rising
by 7% to 9% per annum in the last five year in line with the rapid growth of
industrial sectors as users, but later declined under the impact of global
economic crisis since October 2008. The crisis caused the imported basic
materials and operation cost to sky rocket amid the sluggish purchasing power.
The business position of the company is still favorable for the management has
built fixed customers and wide marketing network in the country. Global
economic downturn and the necessity for stabilizing national economy have
affected Indonesia’s economic growth. Domestic economy in 2013 was estimated to
grow 5.7%, slower when compared to 2012 growth of 6.2%. In 2014, national
economic growth is expected to be better, close to the lower limit of the range
of 5.8%-6.2% in line with the improvement of global economy. Inflation in 2013
rose to 8.38% from 4.30% in 2012, or above the inflation target of 4.5±1%,
caused by the turmoil of domestic food prices and the increase of subsidized
fuel prices at the end of June 2013. Then, the increase in subsidized fuel
prices has pushed the increase in prices. However, the inflation gradually
returned to normal since September 2013. Looking ahead, Bank of Indonesia
believes that inflation will remain under control in the range of 4.5±1% in
2014 and 4.0±1% in 2015 (Source: Bank Indonesia/Tinjauan Kebijakan Moneter
Januari 2014).
Until this time P.T. ZII has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. ZII is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated
that total sales turnover of the company in 2011 amounted to Rp. 450.0 billion
rose to Rp. 475.0 billion in 2012 increased to Rp. 510.0 billion in 2013 and
projected to go on rising by at least 6% in 2014. The operation in 2007 yielded
an estimated net profit of at least Rp. 1.4 billion and the company has an
estimated total networth of at least Rp. 43.0 billion. We observe that P.T. ZII
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 company usually pays its debts punctually to
suppliers.
The management of P.T. ZII is led by Mr. Henkie Leo (44) a businessman
and professional manager with experience in boiler manufacturing and trading.
The company's management is handled by professional staff in the above
business. 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. ZUG INDUSTRY INDONESIA is sufficiently fairly good for business
transaction. However, in view of the unstable political in the country we
recommend to treats prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.16 |
|
|
1 |
Rs. 102.23 |
|
Euro |
1 |
Rs. 82.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
SMT |
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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.