|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. VOKSEL ELECTRIC TBK |
|
|
|
|
Registered Office : |
Jalan Raya
Narogong Km. 16, Desa Limusnunggal, Cieungsi, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
19.04.1971 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-07237 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Electric and Telecommunication Cable Manufacturing |
|
|
|
|
No. of Employees : |
1,410 |
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 : |
Slow but correct |
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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 |
Name of
Company :
P.T. VOKSEL
ELECTRIC Tbk
A d d r e s s
:
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
Date of
Incorporation :
a. 19 April 1971 as P.T. VOKSEL ELECTRIC
b. 12 June 1997 as P.T. VOKSEL ELECTRIC Tbk
Legal Form :
P.T. Tbk. (Perseroan Terbatas Terbatas) or Public Listed Company
Company Reg.
No. :
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
- No. AHU-AH.01.10-07237
Dated 28 February 2014
Company Status
:
Foreign Investment (PMA) Company
Permit by the
Government Department :
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
Related
Companies :
a. P.T. ALCARINDO PRIMA
(Continuous Casting and Rolling Aluminum Rod Manufacturing)
b. P.T. ALCAS DHARMA PRATAMA
(Steel Casting Manufacturing)
c. P.T. ANUGRAH BAKTI NUSA
(General Trading and Services)
d. P.T. BANGUN PRIMA SEMESTA
(General Trading)
e. P.T. CENDEKIA GLOBAL SOLUSI
(General Trading and Services)
f. P.T. KAWAT MAS PRAKASA
(Electrical and Telecommunication Cable Manufacturing)
g. P.T. MAJU BERSAMA GEMILANG
(General Trading and Services)
h. P.T. PRIMA MITRA ELEKTRINDO
(General Trading and Services)
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. 135,070,656,000.-
b. BNP PARIBAS WEALTH S/A Twise Group Ltd - Rp.
45,466,848,500.-
c. SWCC SHOWA CABLE SYSTEM CO. LTD., Japan -
Rp. 41,651,016,500.-
d. The Publics -
Rp. 193,371,738,500.-
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 :
1,410 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
B a n k e r s
:
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 :
Gani Sigiro & Handayani (Grant Thornton), a public accountant
Litigation :
No litigation record in our database
Annual
Sales :
2011 – Rp. 2,014.6 billion
2012 – Rp. 2,484.2 billion
2013 – Rp. 2,510.8 billion
2014 – Rp. 1,073.6 billion (as per 30 June)
Net Profit :
2011 – Rp. 110.6 billion
2012 – Rp. 147.0 billion
2013 – Rp. 39.1 billion
2014 – (Rp. 27.4 billion) (as per
30 June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Kumhal Djamil
Directors -
a. Mr. David Lius
b. Mr. Fumiaki Nakajima
c. Mr. Muliany Anwar
d. Mr. Ferry Suarly
Board of Commissioners :
President Commissioner -
Mrs. Linda Lius
Commissioners - a. Mr. Akihisa
Takizawa
b. Mr. Hardi Sasmita
c. Mr. Christianto Wibisono
d. Mr. Tjahyadi Lukiman
Signatories :
President Director (Mr. Kumhal
Djamil) or one of the Directors (Mr. David Lius, Mr. Fumiaki Nakajima, Mr.
Muliany Anwar or Mr. Ferry Suarli)
which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
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).
Then 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. Later according to notary
documents mrs. Nanette Cahyanie Handari Adi Warsito, SH., no. 25 dated 20 May
2014 the company board o director and the board of commissioner had been
changed. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-07237 dated February 28, 2014.
Then according to financial statement as per 30 June 2014 the composition of
its shareholders has been changed to become STANDARD CHARTERED Bank Hong Kong
(32.50%), BNP PARIBAS WEALTH S/A TWISE GROUP LTD., (10.94%), SWCC SHOWA CABLE
SYSTEM CO, LTD., Japan (10.02%) and Publics less than 5% (46.54%).
P.T. VE is an
Indonesia-based company primarily engaged in manufacturing cables. Its products
include bare copper conductors, bare aluminum conductors, power cables,
telecommunication cables and fiber optic cables. It is also engaged in trading
and provisioning contractor services The Company operates its manufacturing
facility in Bogor, Indonesia. 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; 99.5% shares of P.T.
BANGUN PRIMA SEMESTA in general contracting and trading; 99.9% shares of P.T.
CENDEKIA GLOBAL SOLUSI in general trading and distribution; 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.
Demand for power cables is expected to grow 10% -15%
supported by projects
government power, particularly through the National Electricity Company (PT PLN), and the demand
for transmission cables
from the private sector
to construction of houses, buildings, and factories.
However, lately, construction
of power plants has been hampered by technical problems and difficulties with
the realization of land acquisition.
The growth in the
property sector expected to decline due to rising interest rate of Bank Indonesia (BI), more tight regulatory
loan-to-value (LTV)
and mortgage, credit
expansion more low,
and political uncertainty
ahead of elections. Copper cable revenue grew
an impressive compound annual growth rate (CAGR) of
36% during the years 2009 to 2013 while the aluminum
wires grow with
a CAGR of 30%. For
2014, we estimate
ISIC revenues will
decline due to the current
industry developments as well as a decrease in the price of copper and
aluminum. However, we believe the
prospects ISIC remain bright,
although currently there are short-term obstacles. In
addition to that, in August 2015,
a new production facility
for cable voltage
high (made of copper) will begin
commercial production.
The global economic outlook is still at risk because of the level of inflation in the
country's economic progress is
still too low, although the situation is getting better. In the country, tightening fiscal and monetary
policies will lead to shrinkage economic growth,
as seen by the growth
in first quarter which is only 5.21%,
however we remain
confident in the economic outlook Indonesia. Power cable demand
outlook still interesting,
especially if we
see Indonesia's economic fundamentals
are strong with
growth relatively stable, the growth of a
strong middle-income population, the
magnitude of the housing needs continue to grow, progress in projects
government
infrastructure through the Master
Plan for the Acceleration and Expansion
Economic Development (MP3EI) and plans to intensify
development smelters in Indonesia.
In the State
Budget year 2014, the Government allocates Rp.145.4 trillion for construction of
infrastructure to stimulate the economic growth, which consist of
transportation of Rp.124.5 trillion, electricity & energy of Rp.16.3
trillion, housing of Rp.4.6 trillion. The Ministry of transportation targets to
build 20 new airports, renovate 120 airports, and build new rail road track of
98.1 km (including double tracks). Meanwhile, the budget for energy
infrastructure will be allocated to increase power plant capacity to 164 MW,
transmission of 4,881 kms, substation of 1,020 MVA and distribution of 136.72
MVA. In addition, the Government target to increase electrification ratio to
81.4% next year.
PLN will
allocate more than Rp.5.5 trillion for capital expenditure in the next year.
The fund will be allocated to build power plant and transmission projects in
each island in Indonesia. PLN assumes that Crash Program of 10,000 MW Power
Plant Phase I will finish next year, since this program already finished 80%.
This is a good prospect for the Company to increase sales of power cable,
especially to PLN and private sector. In 2014, PT Telkom plans to optimize the
existing IP Radio contract through an amendment contract to accelerate the
provision of Telkomsel backhaul Node-B and restructuring TITO contracts and add
4 global partners in the FTTH deployment. We expect demand for optical fiber
will increase next year. In the property sector, Perseroan predicts the
property sector will grow around 20-25%, slightly decrease compared to this
year of average 30%. The Company needs to formulate marketing strategy to
increase free market sales as the market is still huge and potential. The
Company needs to set competitive price, increase production capacity, expand
market share and improve brand image.
According to
financial statement of P.T. VE that total sales turnover of the company in 2011
amounted at Rp. 2,014.6 billion with a net profit of Rp. 110.6 billion soaring
to Rp. 2,484.2 billion with a net profit of Rp. 147.0 billion in 2012 increased
to Rp. 2,510.8 billion with a net profit of Rp. 27.4 billion in 2013. As per 30
June 2014 the sales turnover reached at least Rp. 1,073.6 billion with a net
loss of Rp. 27.4 billion and projected the sales turnover will be higher by at
least 6% in 2015. 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 2011, 2012,
2013, and per 30 June 2014 is attached.
(In
Million Rupiah)
|
DECCRIPTION |
30 June 2014 |
31 December |
||
|
2013 |
2012 |
2011 |
||
|
A. Operating Result |
|
|
|
|
|
- Net Sales |
1,073,612 |
2,510,818 |
2,484,173 |
2,014,609 |
|
- Gross Profit |
39,595 |
258,011 |
372,106 |
303,541 |
|
- Operating Income (loss) |
33,933 |
51,602 |
217,239 |
175,309 |
|
- Net Income (loss) |
(27,423) |
39,093 |
147,021 |
110,621 |
|
B. Financial Position |
|
|
|
|
|
- Current Assets |
1,418,385 |
1,507,266 |
1,430,617 |
1,357,377 |
|
- Fixed Assets Nets |
476,299 |
448,564 |
267,461 |
193,405 |
|
- Deferred Tax Asset |
11,347 |
3,418 |
6,467 |
7,668 |
|
- Other Assets |
- |
- |
61,228 |
14,589 |
|
- Total Assets |
1,894,684 |
1,955,830 |
1,698,078 |
1,573,039 |
|
- Short-term Liabilities |
1,294,530 |
1,328,174 |
1,072,478 |
1,054,553 |
|
- Total Liabilities |
1,320,617 |
1,354,581 |
1,095,012 |
1,076,394 |
|
- Equity |
574,067 |
601,249 |
603,063 |
496,645 |
|
C. Stockholders Equity |
|
|
|
|
|
- Share Capital |
415,560 |
415,560 |
415,560 |
415,560 |
|
- Additional Paid-up
Capital |
940 |
940 |
940 |
940 |
Notes: 31 December 2011, 2012, 2013 audited by Gani
Sigiro & Handayani (Grant Thornton)
30
June 2014 un audited
The management
of P.T. VE is headed by Mr. Ir. Kumhal Djamil (76), a professional manager with
experienced in electric and telecommunication cable manufacturing. Ir. Kumhal
Djamil serves as the President Commissioner and Independent Commissioner of PT
Voksel Electric Tbk since June 29, 2009. He was General Director of
International Commerce and National Commerce. He was also appointed as the
President Commissioner and Commissioner in various companies. He joined the
Company in 2004 as Commissioner. He holds a degree in Economics from
Universitas Indonesia in 1984 and a degree in Engineering from Rheinisch-Westfaelische
Technische Hochschule Aachen in 1965. He is the Chairman of Company's Audit
Committee.
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.60.84 |
|
|
1 |
Rs.98.72 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.