|
Report No. : |
346017 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PT. HARIFF DAYA TUNGGAL ENGINEERING |
|
|
|
|
Registered Office : |
Jalan Soekarno Hatta
No. 450, Bandung 40266, West Java |
|
|
|
|
Country : |
Indonesia
|
|
|
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Date of Incorporation : |
17.03.1982 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-37021 |
|
|
|
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Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engineering Service, System Design,
Manufacturing and Turnkey Project in Telecommunication Sectors |
|
|
|
|
No. of Employees : |
150 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
BASIC SEARCH
|
Name of Company :
PT. HARIFF DAYA TUNGGAL ENGINEERING
A d d r e s s :
Head Office
Jalan Soekarno Hatta
No. 450
Bandung 40266, West
Java
Indonesia
Phones -
(62-22) 756 2000 (hunting), (0811) 229 7342
F a x -
(62-22) 756 6117
Email - marketing@hariff.com
Website - http://www.hariff.com
Land Area - 13,000 sq. meters
Building Area - 8,000
sq. meters
Region - Commercial
Status - Owned
Jakarta Branch Office
Gallery Simprug
Jl. Teuku Nyak Arif
No. 10-J
Jakarta Selatan 12220
Indonesia
Phone -
(62-21) 739 5641
F a x -
(62-21) 726 7236
Building Area - 4 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
17 March 1982
Legal Form :
PT. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of
Law and Human Right
a. No.
C2-1887-HT.01.01.TH 82
Dated
22 November 1982
b. No. AHU-05211.AH.01.02.Tahun 2009
Dated
26 February 2009
c. No. AHU-AH.01.10-37021
Dated
05 September 2013
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.361.382.3-441.000
a. P.T. TELEHOUSE ENGINEERING (Mechanical
Devices Telecommunication Industry)
b. P.T. SARANA INTI PERSADA (Telecom Tower
Infrastructure Rental Services)
c. P.T. TELEMEDIA NUSANTARA
(Telecommunication Contractor)
d. P.T. STARCOM SOLUSINDO (Developed
Internet Access and Data Transmission)
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - Rp. 1,500,000,000.-
Issued Capital - Rp. 1,125,000,000.-
Paid up Capital - Rp. 1,125,000,000.-
Shareholders/Owners
:
a. Mr.
Ahmad Sukri Bay -
Rp. 201,600,000.- (17.9%)
Address : Jalan Taurus No. 48
Bandung, West
Java
Indonesia
b. Mr.
Helmi Abdullah Baasir - Rp.
144,000,000.- (13.0%)
Address : Jalan Simpang Pahlawan III No. 27
Bandung, West
Java
Indonesia
c. Mr.
Bambang Sutedjo -
Rp. 201,600,000.- (17.9%)
Address : Jalan Suryalaya No. XVII No. 17
Bandung, West
Java
Indonesia
d. Mr.
Dadang Yuhana -
Rp. 201,600,000.- (17.9%)
Address : Jalan Atlas II No. 06
Bandung, West
Java
Indonesia
e. Mr. Haji Budi Permana - Rp. 201,600,000.-
(17.9%)
Jalan Batununggal
Indah VIII No. 33
Bandung, West
Java
Indonesia
f. Mr. Bambang Susilardjo - Rp. 105,000,000.- ( 9.4%)
Jalan Golf Timur V No. 02
Bandung, West Java
Indonesia
g. Koperasi Karyawan P.T. HDTE - Rp.
69,000,000.- ( 6.0%)
BUSINESS ACTIVITIES
|
Lines of Business
:
Engineering Service, System Design, Manufacturing
and Turnkey Project in Telecommunication Sectors
Production
Capacity :
On the order basis
Total Investment :
Owned Capital - 5.0 billion
Started Operation
:
1982
Brand Name :
HARIFF
Technical
Assistance :
None
Number of Employee
:
150 Persons
Marketing Area :
Local -
100%
Main Customers :
a. P.T. TELEKOMUNIKASI INDONESIA
b. P.T. NOKIA SIEMENS NETWORKS
c. P.T. INDOSAT Tbk
d. PT. APLIKASNUSA LINTAS ARTA
e. PT. CAKRAWALA ANDALAS TELEVISI
f.
P.T. KALTIM PRIMA COAL
g. P.T. TIMAH Tbk., etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. TEKNOLOGI RISET GLOBAL
b. PT. LEN INDUSTRI
c. PT. ABHIMATA PERSADA
d. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a. PT.
BANK MANDIRI Tbk
Jalan
Soekarno-Hatta No. 486
Bandung, West Java
Indonesia
b BANK
CENTRAL ASIA Tbk
Jalan
Soekarno-Hatta No. 240
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Total
Income/Revenue (estimated) :
2012 – Rp.132.0 billion
2013 – Rp 145.0 billion
2014 – Rp.158.0 billion
2015 – Rp.
86.0 billion (January – June)
Net Profit
(estimated) :
2012 – Rp.11.6 billion
2013 – Rp.12.8 billion
2014 – Rp.13.9 billion
2015 – Rp.
7.6 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments
:
Fairly
KEY EXECUTIVES
|
Board
of Management :
President Director -
Mr. Haji Budi Permana
Directors -
a. Mr. Mohamad Syaban
b. Mr. Budhy Erlangga Sendjaja
c. Mr.Sarfan Hasibuan
d. Mr. Bramantyo Pambudi
e. Mr.Danny Prakuntadi Irawan
Board of
Commissioners :
President Commissioner -
Mr. Ahmad Shukri Bay
Commissioner -
a. Mr. Helmi Abdullah Baasir
b. Mr. Bambang Sutedjo
c. Mr. Dadang Yuhana
Signatories :
President Director (Mr. Haji Budi Permana) or one of the Director
(Mr. Mohamad Syaban, Mr. Budhy Erlangga Sendjaja, Mr. Sarfan Hasibuan, Mr.
Bramantyo Pambudi or Mr. Danny Prakuntadi Irawan) which must be approved by the
Board of Commissioners
CAPABILITIES
|
Management
Capability :
G
o o d
Business
Morality :
G o o d
OVERALL PERFORMANCE
|
P.T. HARIFF DAYA TUNGGAL ENGINEERING (P.T. HDTE)
was established in Bandung (West Java) based on Notarial Deed No. 96 dated
March 17, 19824 made by Notary Haji Bebasa Daeng Lalo, SH., with an authorized
capital of Rp. 10,000,000.- of which Rp 2,000,000.- was issued and fully paid
up. The founding shareholders of the company are Mr. Ahmad Shukri Bay (50%) and
Mr. Raffiuddin Nasution (50%), both are indigenous businessmen. The Deed of establishment has been approved
by the Minister of Law and Human Rights of the Republic of Indonesia through
its Decision Letter No. C2-1887-HT.01.01.TH.1982 dated November 22, 1982.
The articles of association of the company
have frequently been changed, the latest based on notary deed of Nining
Puspitaningtyas, SH., No. 263 dated July 31, 2013 the authorized capital was
raised to Rp 1,500,000,000.- of which Rp 1,125,000,000.- was issued and fully
paid up. The latest shareholders of the company are Mr. Ahmad Shukri Bay
(17.9%), Mr. Bambang Sutedjo (17.9%), Mr. Dadang Yuhana (17.9%), Mr. Haji Budi
Permana (17.9%), Mr. Helmi Abdullah (13.0%), Mr. Bambang Susilardjo (9.4%) and
Koperasi Karyawan HARIFF DAYA TUNGGAL ENGINEERING (6.0%). The amendment to Deed
has been approved by the Minister of Law and Human Rights through its Decision
Letter No. AHU-AH.01.10-37021 dated September 05, 2013.
P.T. HDTE is a national private company,
dealing with engineering services, design systems, manufacturing and turnkey
project in telecommunication sector.
Starting its business in 1982, the Company was more involved in HF, VHF
and UHF Communication Project, including
power system, renewable energy, information & communication
technology (ICT) and manage services.
P.T. HDTE Provides of power supply for any electrical equipment,
renewable energy, network, control & monitoring, broadband wireless and
maintenance services. In doing the work, P.T. HD cooperation (partnership)
with a number of overseas
companies, among others; BSB Power Company Ltd., of Hong Kong, NARADA
Power Source Co. Ltd., of China, Jiangsu Shuangdeng Group Co. Ltd., (Shoto) of
China, HBL Power Systems Ltd., of India, Exide Technologies (Sonnenshein) of
Germany, North Star Battery company Inc., of the USA and P.T. NIPRESS of
Indonesia. The Company’s customers are telecommunication
companies such as; P.T. TELEKOMUNIKASI INDONESIA Tbk., P.T. TELKOMSEL, P.T.
INDOSAT Tbk., P.T. BAKRIE TELECOM, P.T. NOKIA SIEMENS NETWORKS, P.T. APLIKANUSA
LINTAS ARTA, P.T. CAKRAWAWALA ANDALAS TELEVISI and mining companies such as
P.T. KALTIM PRIMA COAL, P.T. TIMAH Tbk., P.T. INDOMINCO, etc. We observed that P.T. HDTE is classified as
a medium sized company of its kind in the country of which the operation has
been growing in the last three years.
Generally, the demand of telecommunication
sectors has kept on increasing in line with the growth of various industrial
sectors in the country in the last five years. It is estimated that the demand
will still be increasing in the five years to come. The competition is very
tight on account of many similar companies operating in the country. The solid and steady domestic economy,
increased government activity in infrastructure development and improving
investment climate in Indonesia with the rising of Country Rating to Investment
Grade, and also supported by Indonesia’s economic indicators such as inflation,
exchange rates and interest rates are expected to encourage the business
sectors.
The global economy condition is expected to
remain unpredictable in 2015.
Macroeconomic indicators from China showed downward trend. In contrary, macroeconomic indicators of the
US and India showed improvement. Both of
these indicated continued uncertainties.
In Europe, concerns on the development of Greece’s economy are also
expected to add uncertainties in the global economy environment. Despite these uncertainties, many analysts
expected positive outlook for the Asian region.
OECD and IMF have predicted that the China’s economy will grow 7.1%
while India is expected to grow between 6.4 – 6.6%. The global economic crisis that accompanied the decline of the Indonesian
Rupiah (IDR) against the US Dollar in the past two months, resulting in
Indonesian people's purchasing power declined sharply. The value of the Rupiah
from Rp. 9,500.- per US dollar in 2010, has now slumped to Rp. 13.500 per US
Dollar. It is estimated that the financial crisis will continue until the end
of 2015.
The company is neither public listed nor
bond issued company. Therefore, the company has no obligation to publish
financial statement publicly. The management of P.T. HDTE is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimate that total income/revenues of the
company in 2012 amounted to Rp. 132.0 billion increased to Rp. 145.0 billion in
2013 and rose again to Rp. 158.0 billion
in 2014. The operation of the company in
2014 yielded a net profit at least Rp. 13.9 billion and the company has a total
net worth of Rp. 75.0 billion. It is
projected that total income/revenues of the company will increase at least 8%
in 2015. So far we did not hear that
P.T. AS has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court. The company usually
pays its debts punctually to suppliers.
The management of P.T. HDTE is headed by Mr.
Haji Budi Permana (61) as president director and CEO of the company. He is a businessman who experienced for more
than 32 years in telecommunication equipment manufacturing and trading. In his daily activities, he is assisted by
five directors namely Mr. Mohamad Syaban (58), Mr. Budhy Erlangga Sedjaja (39), Mr. Sarfan
Hasibuan (43), Mr. Bramanntyo Pambudi (56) and Mr. Danny Prakuntadi Irawan
(38). Management of this company has extensive relationships with many employers
at home and abroad. Their relationship with the public sector is quite good. So far, we did not hear that the company’s management involved in the
business malpractices 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. HDTE is appraised to be good for
business transaction. However in view of the economic condition in the country
is still unstable, we recommend to treat prudently in extending any new loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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|
Report Prepared
by : |
TPT |
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.