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Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. CG POWER SYSTEMS INDONESIA |
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Formerly Known As : |
P.T. PAUWELS TRAFO ASIA |
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Registered Office : |
Kawasan Industri Menara Permai Kav. 10, Jalan Raya Narogong Km. 23.852, Desa Dayeuh, Kecamatan Cileungsi, Bogor, 16820, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
20.11.1990 |
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Com. Reg. No.: |
No. AHU-AH.01.10-31715 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Power Transformer |
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No. of Employees : |
298 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
Name of Company :
P.T. CG POWER SYSTEMS INDONESIA
A d d r e s s :
Head Office & Factory
Kawasan Industri Menara Permai Kav. 10
Jalan Raya Narogong Km. 23.852
Desa Dayeuh, Kecamatan Cileungsi
Bogor, 16820
West Java
Indonesia
Phones -
(62-21) 823 0430 (Hunting)
Fax - (62-21) 823 4222, 823 0268
E-mail - inquiry@cgglobal.com
Website -
http://www.cgglobal.com
Land Area - 35,000 sq.
meters
Building Space - 25,000 sq. meters
Region - Industrial
Estate
Status - Owned
Branch Office
Menara FIF, 12th Floor
Jalan T.B. Simatupang Kav. 15
Lebak Bulus, Cilandak
Jakarta Selatan, 12240
Indonesia
Phones -
(62-21) 290 45195 (Hunting)
Fax - (62-21) 290 45196
E-mail - inquiry@cgglobal.com
Building Area - 17 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
a. 20 November 1990 as P.T.
PAUWELS ARYASADA TRAFO INDONESIA
b. 3 December 1996 as P.T.
PAUWELS TRAFO ASIA
c. 15 October 2009 as P.T.
CG POWER SYSTEMS INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-AH.01.10-0764
Dated 9 January 2008
- No.
AHU-50039.AH.01.02.TH.2009
Year 2009
- No.
AHU-38183.AH.01.02.TH.2010
Dated 3 August 2010
- No. AHU-AH.01.10-31715
Dated 4 October 2011
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.069.333.1-055.000
The President of the Republic of Indonesia
No. B-255/Pres/8/1990
Dated 7 August 1990
The Capital Investment Coordinating Board
No. 261/I/PMA/1990
Dated 20 August 1990
Related Companies :
a. CG POWER SYSTEMS BELGIUM
N.V., Belgium (Investment Holding)
b. A Member Company of the
METAEPSI Group (see attachment)
Capital Structure :
Authorized Capital : US$
20,000,000.-
Issued Capital : US$
12,692,000.-
Paid up Capital : US$
12,692,000.-
Shareholders/Owners :
a. CG POWER SYSTEMS BELGIUM N.V. -
US$ 12,057,000.-
Address : Antwerpsesteenweg 167
B-2800 Mechelen
Belgium
b. P.T. MAHESA ENGINEERS AND CONSTRUCTION - US$ 635,000.-
Address : Jl. D.I. Panjaitan Kav. 2
Kelurahan Rawabunga,
Kecamatan Jatinegara
Jakarta Timur
Indonesia
Lines of Business :
Power Transformer Manufacturing
Production Capacity :
Power Transformers - 6,000
MVA p.a.
Total Investment :
a. Equity Capital - US$ 12.7 million
b. Loan Capital - US$ 14.7 million
c. Total Investment- US$
27.4 million
Started Operation :
April 1994
Brand Name :
CG Power Systems Indonesia
Technical Assistance :
CG Power Systems Belgium N.V., Belgium
Number of Employee :
298 persons
Marketing Area :
Export - 80%
Local - 20%
Main Customer :
Buyers in Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASATA UTAMA ELECTRICAL INDUSTRIES
b. P.T. MORAWA ELECTRIC TRANSBUANA
c. P.T. TATUNG ELECTRIC INDONESIA
d. P.T. TRAFOINDO PRIMA
PERKASA
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Wisma BII
Jalan
M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Jend.
Sudirman Kav. 1 (Senayan)
Jakarta
Pusat, 10270
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 332.0 billion
2012 – Rp. 344.0 billion
2013 – Rp. 351.0 billion
Net Profit (estimated) :
2011 – Rp. 27.2 billion
2012 – Rp. 29.4 billion
2013 – Rp. 30.1 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Hukumchand Lakhotiya
Directors - a. Mr. Jayant Govindrao Kulkarni
b. Mr. Dileep Sahebrao Patil
c. Mr. Martin Kelly
Board of Commissioners :
President Commissioner - Mr. Laurent Dominique Leon Demortier
Commissioners - a. Mr. Ir. Syahril Anwar
b. Mr. Wilton Henriques
Signatories :
President Director (Mr. Hukumchand
Lakhotiya or one of the Directors (Mr. Jayant Govindrao Kulkarni, Mr. Dileep
Sahebrao Patil or Mr. Martin Kelly) which must be approved by Board of
Commissioner.
Management Capability :
Good
Business Morality :
Good
Originally named P.T PAUWELS ARYASADA TRAFO INDONESIA, the company was
established in Jakarta on 20 November 1990 with an authorized capital of US$
4,500,000 and an issued capital of US$ 1,000,000 of which US$ 500,000 was paid
up. The company was founded by PAUWELS INTERNATIONAL N.V. of Belgium and P.T.
ARYA SADA PERKASA of Indonesia as the original shareholders. The company's
notarial act was since revised a couple of times. In December 1996 the company
was renamed P.T. PAUWELS TRAFO ASIA. On this occasion the authorized capital was
increased to US$ 10,150,000 entirely issued and paid up. On the same occasion
the entire shares were taken over by PAUWELS INTERNATIONAL N.V. (60%) and P.T.
META EPSI ENGINEERING (40%), a private company. In December 2007, the
authorized capital of the company was raised to US$ 20,000,000 of which US$
12,692,000 was issued and fully paid up. Since that time the shareholder of the
company have been PAUWELS INTERNATIONAL B.V. of Belgium (57.0%), LAMEWA Ltd of
Malaysia (38.0%) and P.T. META FOKUS SARANA ANANDA of Indonesia (5.0%).
Later on 15 October 2009 the company name was changed to P.T. CG POWER
SYSTEMS INDONESIA (P.T. CPSI). Then according to the latest revision of notary
documents of Mr. Sutjipto, SH., No. 148 dated 4 October 2011 P.T. META FOKUS
SARANA ANANDA and PAUWELS INTERNATIONAL N.V. withdrew and replaced by CG POWER
SYSTEMS BELGIUM N.N. and P.T. MAHESA ENGINEERS AND CONTRACTOR as new
shareholders. With this time the composition of its shareholders has been
changed to become CG POWER SYSTEMS BELGIUM N.V., (95%) and P.T. MAHESA
ENGINEERS AND CONTRACTOR (5%). The latest revision of notary documents was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-31715 dated October 4, 2010.
The above local partner is a member of the META EPSI Group, a big-sized
business group in oil contracting business in Indonesia in which the majority
business stakes are controlled by Mr. Ir. Sjahril Anwar and Mr. Darmoyo
Doyoatmodjo, both are indigenous businessmen. CG POWER SYSTEM BELGIUM N.V. is a
member company of the CG GLOBAL Group, a big sized business group in the power
transformer industry based in Belgium. The group owns a very wide business
network in many big cities in various countries.
P.T. CPSI is a Foreign Investment (PMA) company facility to deal with
power transformer manufacturing. It’s plant, located on 35,000 sq. meters land
in the Menara Permai Industrial Estate, Jalan Raya Narogong Km. 23.853,
Cileungsi, Bogor, West Java, has been in operation since April 1994 under the
license and technology of CG POWER SYSTEMS BELGIUM N.V., Belgium. P.T. CPSI
produces power transformer of 230 kV voltages and of 250 MVA capacities which
is the first and biggest type of transformer in Southeast Asia. In June 1999
P.T. CPSI succeeded in acquiring the ISO 9001 certificate from KEMA. In
mid-2000 P.T. CPSI planned to produce transformer of 500 kV voltages, a
high-tension transformer still being imported up to now. The economic crisis
since mid-1997 has adversely affected P.T. CPSI on account of the falling
demand for electric equipment, including transformer, from the state
electricity company P.T. PLN and private electricity companies. Since then P.T.
CPSI has started focusing its marketing to overseas. The company produces
transformer by order from buyers. The Company manufactures Power Transformers
and Auto Transformers and forms an integral part of the Power Systems Strategic
Business Unit of CG the Company has branches in New Zealand and Australia.
The factory has an annual capacity of 6,000 MVA, per annum. It produces
Power Transformers up to 250MVA and 275kV. P.T. PLN is a major local customer
and around 80% of the Company's production is exported to Australasia, SE Asia
and Middle East Asia countries. Till date, approximately 1500 units of power
transformers have been delivered across 5 continents, facilitating supply of
electricity to more than 72 million people. The Company's Transformers have
following industrial and residential applications: mines, wind farms, aluminum
smelters, oil and gas applications, steel mills, geothermal substation, severe
seismic and coastal areas and residential complexes (low noise transformers).
The Company is self-contained with in-house design, procurement, manufacturing
and testing capabilities. The Company also provides full after sales service
for the erection and commissioning of Power Transformers. After sales services
remain throughout the warranty period and service life of its manufactured
products. P.T, CPSI employs staff and workers with Tertiary and technical
qualifications in electrical and mechanical engineering disciplines. Key staff
and workers have had significant periods of training at CG's Belgium factories,
with periodic updating both in Belgium and CG Power Systems Indonesia, via
worker exchange. The Company operates proven design programs to individually
design products to customer specifications and satisfaction.
The products of the company are locally sold particularly to a number of
company members of the META EPSI Group whose main businesses are dealing with
engineering and drilling contracting services; P.T. PERUSAHAAN LISTRIK NEGARA
(P.T. PLN); P.T. CHEVRON PACIFIC INDONESIA; TOTAL E&P INDONESIE and a
number of foreign oil companies. Besides, a large extent of products of P.T.
CPSI is exported to various countries including Vietnam, Thailand, Australia,
the Philippines and others. We observe that the operation of the company has
been running smoothly and growing in the last three years.
The local demand for electrical equipment products like transformer and
others electrical equipment 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. 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 |
Source: Department of Mines and Energy Resources
Until this time P.T. CPSI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. CPSI 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. 332.0 billion
rose to Rp. 344.0 billion in 2012 increased to Rp. 351.0 billion in 2013 and
projected to go on rising by at least 5% in 2014. The company’s operation in
2013 yielded a net profit of Rp. 30.1 billion. The company has an estimated
total networth of at least Rp. 187.0 billion. We observe that P.T. BBI 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. CPSI is led by Mr. Hukumchand Lakhotiya (45) a
professional manager of India with experience in power transformer
manufacturing and trading. Daily activity he is assisted by Mr. Jayant
Govindrao Kulkarni (60), Mr. Dileep Sahebrao Patil (58) and Mr. Martin Kelly
(54) as Directors. 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. CG POWER SYSTEMS INDONESIA is sufficiently fairly good for
business transaction.
List of the
METAEPSI Group Members
ANDIRA AGRO, P.T. (Palm Oil
Plantation)
CG POWER SYSTEMS INDONESIA, P.T.
(Power Transmission Manufacturing)
MAHESA ENGINEERS AND CONTRACTORS,
P.T. (Mechanical Electrical Contractors and Investment Holding)
MAHESA REKATAMA ENJINEERING, P.T
(General Contractors)
META EPSI, P.T. (Mechanical Works,
Engineering Construction and Investment Holding)
MESITECHMITRA PURNABANGUN, P.T.
(Plant Maintenance Services)
META EPSI MINATARA, P.T. (Fish
Farming)
MESA INTI KEBUN, P.T. (Palm Oil
Plantation)
MENAMAS MITRA ENERGY, P.T.
(Electrical Power Plant)
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
Report Prepared
by : |
NNA |
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.