MIRA INFORM REPORT
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Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. REKAYASA INDUSTRI |
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Registered Office : |
Jalan Kalibata
Timur I No. 36, Jakarta 12740 |
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Country : |
Indonesia |
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Date of Incorporation : |
12.08.1981 |
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Com. Reg. No.: |
No. W7-HT.01.10.1184 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Engineering,
Constructing and Consulting Services |
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 |
|
Maximum Credit Limit : |
US$. 16.0
million |
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. REKAYASA INDUSTRI
company Address
Head Office
Jalan Kalibata
Timur I No. 36
Jakarta 12740
Indonesia
Phones -
(62-21) 7988700, 7988707-28-29
Fax - (62-21) 7988701, 7988702
Email - admin@rekayasa.com
Website - http://www.rekayasa.com
Building Area - 5 storey
Office Space - 16,000 sq.
meters
Region - Commercial
Status - Owned
Date of Establishment
12 August 1981
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
a. No.
C2-22.838.HT.01.04.TH.98
Dated 28 October 1998
b. No.
W7-HT.01.10.1184
Dated 24 January 2007
Company Status
State Owned
Enterprises
Permit by the Government
Department
The Department of Finance
NPWP No.
01.000.494.3-051.000
The Government Decree
- PP No. 17 Tahun
1981
Dated 12 August 1981
- No.
5-757/MK.016/1994
Dated 8 October 1994
Holding Company
PT. PUPUK
SRIWIDJAJA or PUSRI (Investment Holding)
Subsidiary Companies
a. PT. YASA
INDUSTRI NUSANTARA (Contracting Services)
b. PT. TRACON
INDUSTRI (Trading and Consulting Services)
c. PT. RAKAYASA
ENGINEERING (Engineering Services)
d. PT. JABAR
REKIND GEOTHERMAL (Geothermal and Power Plant)
e. COMPSPAIN SA
XXI (Fabricating Services)
Affiliated/Associated Companies
a. PT. MEGA
ELTRA (General Trading)
b. PT. REKADAYA ELEKTRIKA (EPC Power Plant)
c. PT. PUSPETINDO
(Steel Fabricating and Engineering)
d. PT. BAKRIE
REKINDO BIO ENERGI (Biodiesel Industry)
e. REKAYASA
INDUSTRI MALAYSIA Sdn. Bhd. (Engineering and Construction Services)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital - Rp.
148,000,000,000
Issued Capital - Rp. 50,300,000,000
Paid up Capital - Rp. 50,300,000,000
Shareholders/Owners
:
a. PT. PUPUK
SRIWIDJAJA (Persero) - Rp.
45,300,000,000 (90%)
Address : Jalan Mayor Zen
Palembang 30118
South Sumatr
Indonesia
b. The
Government of the Republic of Indonesia -
Rp 2,500,000,000 ( 5%)
Address : BUMN 16 Building, 2nd
Floor
Jalan Dr.
Wahidin Sudirohusodo No. 2
Jakarta Pusat
Indonesia
c. PT. PUPUK
KALIMANTAN TIMUR -
Rp. 2,500,000,000 ( 5%)
Address : Jl. James Simandjuntak No. 1
Bontang Utara 75313
East Kalimantan
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Engineering,
Constructing and Consulting Services
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 148.0 billion
Started
Operation :
August 1981
Technical
Assistance :
None
Number of
Employee :
960 persons
Marketing Area
:
Local -
100%
Main Customers
:
a. PT. Perusahaan
Listrik Negara (PLN)
b. PT. Pertamina
c. PT. Aneka Tamban
d. PT. Perkebunan Nusantara XIV
e. PT. Kaltim Nitrate Industri (Orica)
f. PT. Pupuk
Kujang, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Inti Karya
Persada Teknik
b. PT. Truba Jaya
Engineering
c. PT. Thiess
Contractors Indonesia
d. PT. Ssangyong
Engineering & Construction
e. PT. Istana
Karang Laut, etc
Business Trend
:
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers :
a. PT. Bank NEGARA INDONESIA Tbk
Wisma BNI
Kota 46
Jl. Jend.
Sudirman Kav. 1
Jakarta
Pusat
b. PT. Bank MANDIRI Tbk
Plaza
Mandiri
Jl. Imam
Bonjol No. 61
Jakarta
Pusat
Auditor :
Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 1,817.4
billion
2008 – Rp.
2,888.3 billion
2009 – Rp.
2,363.7 billion
2010 – Rp.
2,680.0 billion (estimated)
Net Profit
(loss) - estimated :
2007 – Rp. 57.2
billion
2008 – Rp. 40.7
billion
2009 – Rp. 21.0
billion
2010 – Rp. 32.0
billion (estimated)
Payment Manner
:
Fairly
Financial
Comments :
Fairly
KEY EXECUTIVES
Board of
Management (latest) :
President Director -
Mr. Moch. Ali Suharsono
Directors
- a. Mr.
Hendradi Gunarso
b. Mr. Alex Darma Balen
c. Mrs. Nicke Widyawati
Board of
Commissioner (latest) :
President Commissioner -
Mr. Agus Tjahajana
Commissioners -
a. Mr. Ageng Purboyo
b. Mr. Karseno
c. Mr. Johny Sudarmono
d. Mr. Dharma Bakti
Signatories :
President Director (Mr. Moch. Ali
Suharsono) or one of the Directors (Mr. Hendradi Gunarso, Mr. Alex Darma Balen
and Mrs. Nicke Widiawati) which must be approved by President Commissioner (Mr.
Agus Tjahajana) and one of the commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Above average
Credit Recommendation :
Credit should be extended under guarantee
Proposed
Credit Limit :
C.O.D. To small
amount
Maximum Credit Limit :
US$. 16.0 million
on 90 days D/A
OVERALL PERFORMANCE
The company was established in 1981 with an authorized capital of Rp 25,000,000,000.- issued capital of Rp 5,100,000,000.- of which Rp 600,000,000.- was paid up. Initial founding shareholders of P.T. REKAYASA INDUSTRI (P.T. RI) are the government of the Republic of Indonesia and Mrs. Ita Gambiro as a proxy for the Indonesian government. The Article of Association made by Mr. Hadi Moendoro, SH., a public notary in Jakarta and it has obtained registration number from the Minister of Justice Republic of Indonesia by virtue of its decree No. J.A. 5/335/21 dated 17 May 1982.
The company's Articles of Association was converted for several times. Based on the Minister of Finance Decree No. S 757/MK.016/1994 dated 8 October 1994, that large portion of government shares in P.T. RI was sold out to state owned companies P.T. PUPUK SRIWIDJAYA (P.T. PUSRI) and P.T. PUPUK KALIMANTAN TIMUR (P.T. PUPUK KALTIM). In May 1998, the government shares was reduced from Rp 5,100,000,000.- to Rp 2,500,000,000.-, and, therefore, the capital structure of P.T. RI was an authorized capital of Rp 148,000,000,000.-, issued and paid up capital of Rp 37,000,000,000.-. But, in 15 August 2000, issued and paid up capital was increased to Rp 50,300,000,000.- Since that time, the shareholders of the company are PT. PUSRI (90%), the government of the Republic of Indonesia (5%) and PT. PUPUK KALTIM (5%).
The amendment Articles of Association made by Mrs. R. Ay. Poppy Darmawan, SH., a public notary in Jakarta and it has obtained registration number from the Department of Law and Human Rights under No. AHU-70897.AH.01.02.Tahun 2008 dated 7 October 2008 and No. AHU-AH.01.10-16364 dated 30 June 2010. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. PUSRI is the parent company of the PUSRI Group, the largest state-owned business group of fertilizer industry under the supervision of the State Minister of State-owned Enterprises (BUMN).
P.T. REKAYASA INDUSTRI (PT.RI) has been operating in engineering, procurement, constructing and consulting service. It has completed the development of large urea fertilizer plant in Lhok Sumaweh, West Aceh, Daerah Istimewa Aceh, other state owned fertilizer plant in Bontang, East Kalimantan, portland cement plant in Gresik, etc. Until now it has frequently been appointed as main-contractor of the above plants expansion project. It is also doing the development of chemical, petrochemical, oil, gas & energy, pipe line projects, etc. The following is the list of names of projects experiences operated by the Company:
Refinery & Petrochemical Project
Experience
|
No. |
Name of Project |
Project Owner |
Period |
Scope of Work |
|
1. |
Maintenance Bone & Takalar Sugar Plant, Makassar |
PT Perkebunan Nusantara XIV |
2008 - Present |
E.P.C. |
|
2. |
Ammonium Nitrate Orica Project at Bontang, East Kalimantan |
PT Kaltim Nitrate Industri (ORICA) |
2008 – Present |
E.P.C. |
|
3. |
RCC of Gas to Propylene Project (ROPP) |
PT Pertamina (Persero) |
2008 - 2010 |
E.P.C. |
|
4. |
LPG Lembang, South Sumatra |
PT Surya Esa Perkasa |
2006 - 2007 |
E.P.C. |
|
5. |
Technical and Cost Estimation Study of Ethylene Tanks T-2 BOG Recovery System and Reduce ethylene Working Level in FB-901 |
PT Styrindo Mono Indonesia Jakarta - Indonesia |
2005 |
E |
Mineral, Energy & Infrastructure
Project Experiences
|
No. |
Name of Project |
Project Owner |
Period |
Scope of Work |
|
1. |
Suralaya Coal Fired Power Plant 1 x 600 MW |
PT Perusahaan Listrik Negara (PLN) |
2007 - 2010 |
E.P.C. for Civil Works |
|
2. |
Boral Cement Terminal Project |
PT Roda Persada, Jakarta -
Indonesia |
2007 – 2008 |
E.P.C. |
|
3. |
Mechanical, Electrical and Instrument Work for FeNi-3 Project |
Kawasaki Heavy Industries, Kobe - Japan |
2004 - 2005 |
P.C. |
|
4. |
FeNi-3 Project, Pomala, Sulawesi |
PT Aneka Tambang (Persero) Kupang – East Nusa Tenggara |
2004 – 2006 |
P.C. |
|
5. |
Semen Kupang-2 Project, Kupang |
PT Semen Kupang (Persero) Kupang,
East Nusa Tengara |
2000 – 2001 |
E.P.C. |
Geothermal Project Experiences
|
No. |
Name of Project |
Project Owner |
Period |
Scope of Work |
|
1. |
Lahendong III Geothermal Plant Project 1x20 MW, Tomohon,
North Sulawesi |
PT Perusahaan Listrik Negara (PLN) |
2007 - Present |
E.P.C. |
|
2. |
Wayang Windu Phase 2 Geothermal Power Plant Project, 1 x 110 MW, Pengalengan, West Java |
PT Star Energy Holding Limited |
2007 – 2008 |
E.P.C.C |
|
3. |
Total Project Kamojang 4.1 x 60 MW Geothermal Power Plant |
PT Pertamina Dit Hulu |
2006 - 2008 |
E.P.C.C |
|
4. |
Lahendong II Geohermal 1 x 20 MW |
PT PLN – Jakarta Indonesia |
2005 – 2007 |
E.P.C. |
|
5. |
Lahendong Geothermal Pipe Line Project. |
BUD Engineering Pte. Ltd., Lok Yang Way - Singapore |
1998 – 1999 |
E. |
Gas Project Experiences
|
No. |
Name of Project |
Project Owner |
Period |
Scope of Work |
|
1. |
EPC 1 Offshore Pipeline Oyong Phase 2 Project |
Santos (Sampang) Pty. Ltd. |
2008 - 2009 |
E.P.C. |
|
2. |
Sumatra Construction Services Sumatra Light North (CS SLN
Project) |
PT tripatra Flur FPM PT Chevron Pacific Indonesia |
2007 – Present |
C |
|
3. |
EPC Pipeline System for Gas Production Facility Jambi
Merang Development |
PT Pertamina – Hess Jambi Merang |
2007 – 2008 |
E.P. |
|
4. |
Rig Assist Project |
PT Tripatra Flour FPM PT Chevron Pacific Indonesia |
2006 – 2008 |
Operation Maintenance Services |
|
5. |
SSWJ Phase 2 Offshore Pipeline |
PT Perusahaan Gas Negara Jakarta - Indonesia |
2005 – 2008 |
E.P.C. |
Source: PT. Rekayasa Industri
Besides, P.T. RI is also active in investment holding by controlling 80% shares of PT. YASA INDUSTRI NUSANTARA (contracting services), 80% shares of PT. TRACON INDUSTRI (trading and consulting services), 80% shares of PT. REKAYASA ENGINEERING (engineering), 45% shares PT. JABAR REKIND GEOTHERMAL (geothermal), 49% shares COMPSPAIN, SA XXI in Spain (Fabricating), 30% shares of PT. BAKRIE REKINDO BIO ENERGI (biodiesel industry), 7.7% shares PT. MEGA ELTRA (general trading), 4.29% shares PT. REKADAYA ELEKTRIKA (EPC power plant), 0.08% shares PT. PUSPETINDO (steel fabricating) and 0.08% shares REKAYASA INDUSTRI MALAYSIA Sdn. Bhd., in Malaysia (engineering and contracting).
In 2009, the global
crisis still made an impact on business activity, owing to several factors,
such as the decline in oil prices that subsequently reduced the attractiveness
of the oil sector to investors. To
anticipate this, PT. RI at the beginning of the year deployed a strategy to
enter into Operation & Maintenance (O&M) project, in order to sustain
short-term performance. However, by
mid-2009, the Company’s condition had improved, especially on the business
aspect of winning new projects, whose value actually exceeded the total new
projects won in 2008. Compared with
2009, the new contracts obtained in 2009 amounted to Rp 2.99 trillion or 108%
of realized figure in 2008.
(in
million rupiah)
|
New Sales |
2009 |
2008 |
% |
|
Refinery & Petrochemical |
1,332,865 |
1,653,556 |
81% |
|
Gas |
64,381 |
370,096 |
17% |
|
Geothermal |
124,080 |
542,170 |
23% |
|
Mineral Env. & Infrastructure |
1,349,303 |
28,790 |
4687% |
|
Total Parent |
2,871,099 |
2,594,613 |
111% |
|
Subsidiaries |
120,063 |
173,336 |
69% |
|
Total Consolidated |
2,991,162 |
2,767,949 |
108% |
Source: PT. Rekayasa Industry
Mr. Radian Z. Hosen, a manager of P.T. RI for Minerals, Environment & Infrastructure division said that in
In December 2009, HAFAR MARINE Pte Ltd, a Singaporean company filed a lawsuit against PT. RI at South Jakarta District Court, in the case of
broken subsea pipeline which was built by PT. RI in working on offshore pipeline installation project Oyong Block
According to financial statement the total service sale of P.T. RI in 2007 amounted to Rp 1,817.4 billion with a net profit of Rp 57.2 billion increased to Rp 2,888.3 billion with a net profit of Rp 40.7 billion in 2008 and declined to Rp. 2,363.7 billion with a net profit of Rp 21.0 billion in 2009, with total assets of Rp. 1,649.2 billion. Up to present, we have yet to gain the financial statement of P.T. RI of 2010. But we estimated that the total sale of PT. RI in 2010 amounted to Rp. 2,680.0 billion with a net profit of Rp. 32.0 billion and estimated it will be higher by at least 12% in 2011. So far we did not hear that the P.T. RI has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court.
Since 20 January 2011, the management of the company has been headed by Mr. Moch. Ali Suharsono (57) as president director with more than 20 years experiences in industrial engineering services. Before promoted as the president director, he used to be an industrial plants director of P.T. RI replacing Mr. Ir. Triharyo Indrawan Soesilo who has retired. In his daily activities, he is assisted by three directors namely Mr. Hendradi Gunarso, Mr. Alex Darma Balen and Mrs. Nicke Widyawati. The management has a good business reputation in engineering services. The operation of the company is backed up by P.T. PUSRI and P.T. PUPUK KALTIM. The management has wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the company has been involved in business malpractices. We believed that P.T. RI is good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.17 |
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.