|
Report No. : |
309977 |
|
Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. VOKSEL ELECTRIC
TBK |
|
|
|
|
Registered Office : |
Jalan
Raya Narogong Km. 16, Desa Limusnunggal, Cieungsi, Bogor, 16820 West
Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
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
Address
:
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.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.