|
Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MANUNGGAL ENGINEERING |
|
|
|
|
Formerly Known As : |
P.T. MAXIMA
ENGINEERING |
|
|
|
|
Registered Office : |
BRI Tower II, 30th - 31st Floor, Jalan Jend. Sudirman Kav. 44-46, Jakarta
Pusat, 10210 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
19.06.2006 |
|
|
|
|
Com. Reg. No.: |
No. C-20638
HT.01.04.TH.2006 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Design Engineering, Procurement and Construction, Industrial Plant and Services |
|
|
|
|
No. of Employees : |
27 employees |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in
2010 and 2011, respectively. The government made economic advances under the
first administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, 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 in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. MANUNGGAL ENGINEERING
Head Office
BRI Tower II, 30th
- 31st Floor
Jalan Jend. Sudirman Kav. 44-46
Jakarta Pusat, 10210
Indonesia
Phones -
(62-21) 5793 2255 (Hunting)
Fax - (62-21) 5785 2402
Building Area - 34 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
a. 19 June 2006 as P.T. MAXIMA ENGINEERING
b. 26 June 2006 as P.T. MANUNGGAL ENGINEERING
P.T. (Perseroan Terbatas)
or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-18607 HT.01.01.TH.2006
Dated 26 June 2006
- No. C-20638 HT.01.04.TH.2006
Dated 14 July 2006
Private National
Company
The Department of
Finance
NPWP No.
02.545.707.8-011.000
The Department of Industry and Trade
TDP No.
090315150414
Dated 11 December
2006
A Member Company
of the TRUBA ALAM MANUNGGAL Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
200,000,000,000.-
Issued Capital : Rp. 50,000,000,000.-
Paid up Capital : Rp. 50,000,000,000.-
Shareholders/Owners
:
a. P.T.
MANUNGGAL INFRASOLUSI -
Rp. 49,999,000,000.-
Address : BRI Tower 30th
– 31st Floor
Jl. Jend.
Sudirman Kav. 44-46
Jakarta Pusat
Indonesia
b. P.T.
MANUNGGAL POWER -
Rp. 1,000,000.-
Address : BRI Tower 30th
– 31st Floor
Jl. Jend.
Sudirman Kav. 44-46
Jakarta Pusat
Indonesia
Lines of
Business :
Design
Engineering, Procurement and Construction, Industrial Plant and Services
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 50.0
billion
Started
Operation :
July 2006
Brand Name :
Manunggal
Engineering
Technical
Assistance :
None
Number of
Employee :
27 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Manufacturing
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ACERGY
INDONESIA
b. P.T. CITRA WAHYU DIATAMA
c. P.T. ENCONA INTI INDUSTRI
d. P.T. KRAKATAU ENGINEERING
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank SYARIAH MANDIRI Tbk
Plaza
Mandiri
Jl. Gatot
Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T.
Bank NEGARA INDONESIA Tbk
Wisma BNI Kota 46
Jl. Jend. Sudirman
Kav. 1
Jakarta Pusat
Indonesia
c. P.T.
Bank CIMB NIAGA Tbk
CIMBNiaga Tower
Jl. Jend. Sudirman Kav.12
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Total Revenue
(estimated) :
2009 – Rp. 121.0 billion
2010 – Rp. 127.0
billion
2011 – Rp. 132.0
billion
2012 – Rp. 70.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 9.7 billion
2010 – Rp. 10.6
billion
2011 – Rp. 11.5
billion
2012 – Rp. 6.5 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Ir. Hari
Takariyadi, MT
Board of Commissioners :
President Commissioner -
Mr. Krtiyoso
Commissioner -
Mr. Arifin Wiguna
Signatories :
Director (Mr. Ir. Hari
Takariyadi, MT) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Based on investigation result the correct name of the Subject is P.T. MANUNGGAL ENGINEERING not P.T. TRUBA MANUNGGAL ENGINEERING as stated in your order ref. no. 197820 dated 18 October 2012.
Originally named P.T. MAXIMA ENGINEERING was incorporated in Jakarta based on notary deed of Mr. Benediktus Andy Widyanto, SH., No. 3 dated 19 June 2006 with an authorized capital of Rp. 4,000,000,000 issued capital of Rp. 1,000,000,000 entirely paid up. The founding and shareholders of the company originally were P.T. MAXIMA INFRASTRUKTUR and Mr. Heru Hidayat. The company notary deed has been changed and according to the latest revision of notary documents of Mr. Robert Purba, SH., No. 71 dated 26 June 2006 the company name was changed to P.T. MANUNGGAL ENGINEERING (P.T. ME). Concurrently the company authorized capital was increasing to Rp. 200,000,000,000 issued capital to Rp. 50,000,000,000 fully and paid up. On the same occasion the whole shares had been taken over by P.T. MANUNGGAL INFRASOLUSI (99.99%) and P.T. MANUNGGAL POWER (0.01%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. C-20638 HT.01.04.TH.2006 dated July 14, 2006.
We observe that P.T. MANUNGGAL INFRASOLUSI is a member company of the TRUBA ALAM MANUNGGAL Group, a medium sized business group engaged in design engineering, procurement and construction services, power plant, coal mining and other services.
P.T. ME is a private national company started to be operating since July 2006 dealing with design engineering, procurement and construction, industrial plant and services. Since it was established, P.T. ME has been involved in engineering and construction projects relating to the development and expansion of their production facilities. It has also completed projects for other business entities, the Government and local governments. Projects P.T. ME has completed include design engineering, procurement and construction services of P.T. INDAH KIAT PULP & PAPER; design engineering and construction services of P.T. INTERNATIONAL NICKLE INDONESIA Tbk; P.T. CHEVRON PACIFIC INDONESIA. Besides, P.T. ME has been completed project of P.T. KARAKATAU STEEL Tbk in Direct Reduction Iron Plant, Slab Steel Plant II, Deducting Finishing Stand of HSM, Batch Annealing Line of CRM (all four being engineering, procurement & construction works), Slab Reheating Furnace HSM, Coil & Transfer Car of HSM, Partial Oxydation of Reactor Hyl-III (all three being Project Management works). The other projects are design engineering, procurement and construction services for P.T. ROBERT SCHEFER SOROS in power plant development and design engineering of power plant and diesel engine rental services for P.T. PERUSAHAAN LISTRIK NEGARA in South Sulawesi and North Sulawesi. The diesel engine rental services cooperation with consortium P.T. CENTRAL DAYA ENERGI. We observe the operation of P.T. ME has been growing and developing well in the last three years.
The local demand for design engineering procurement and construction, industrial plant and services, electrical equipment products 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. The demand for electric energy is estimated to be rising next year in line with the glowing opening of new electric installation networks in various regions in the country being certainly followed by the demand for electrical equipment products. Java and Bali alone have absorbed 60% of electricity in Indonesia. The power covering Java – Bali in early 2010 hit the highest point at 17,000 MW.
The power capacity across the national is only 28,000 MW. Such figure will be very misleading if P.T. PLN make the average of national figures. In the three years (2010-2013) the mounting availability of power in the Java-Bali system shows extraordinary escalation. There will be about additional power of 11,000 MW within three years for the two islands. It means there is 50% expansion for three years of 18% growth a year. The competition is very tight on account of lots of similar companies operating in the country. The business position of P.T. ME is favorable for having established regular customers and wide marketing networks. The forecast of production and consumption of national electricity power in Indonesia as following table:
The Production and
Sales of National Electricity, 2005 – 2011
|
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 |
- |
157,997 |
Source: Department of Mines and
Energy Resources
Until this time P.T. ME has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. ME is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales revenue of the company in 2009 amounted to Rp. 121.0 billion rose to Rp. 127.0 billion in 2010 increased to Rp. 132.0 billion in 2011. As from January to June 2012 the sales revenue has reached at least Rp. 70.0 billion with a net profit of Rp. 6.5 billion and projected to go on rising by at least 6% in 2013. The company has an estimated total networth of at least Rp. 50.0 billion. We observe that P.T. ME is supported by TRUBA ALAM MANUNGGAL Group 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. ME is led by Mr. Ir. Hari Takariyadi,
MT (47) a professional manager with experience in design engineering
procurement and construction, industrial plant and services. 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. MANUNGGAL
ENGINEERING is sufficiently fairly good for business transaction.
Attachment:
List of the
TRUBA ALAM MANUNGGAL Group Members
1.
AEROKARTO INDONESIA, P.T. (Aerial Survey and Mapping)
2.
AEROTOPOGRAFIA, P.T. (Topograhics and Environment Survey)
3.
ALAM INTI MINANG, P.T. (General Trading)
4.
BATU PENGGAL CHEMICAL INDUSTRY, P.T. (Urea Formaldehyde Glue
Processing)
5.
BHAKTI WIRA HUSADA, P.T. (Health Equipment and
Pharmaceutical Distribution)
6.
BUMI ALAM MANUNGGAL, P.T. (Mining, General Trading)
7.
CILEGON FABRICATORS, P.T. (Steel Fabricating)
8.
EQUATOR MANUNGGAL POWER, P.T. (Trading, Services, Industry,
Construction)
9.
FIRST INDONESIA PLANT HIRE, P.T. (Heavy Equipment and
Construction Rental)
10. GADING MEGAH JAYA, P.T.
(General Trading, Industry, Development)
11. INDOTRUBA TENGAH, P.T. (Oil
Palm Plantation Management)
12. INDOTRUBA TIMUR, P.T. (Oil
Palm Plantation Management)
13. INTERNATIONAL TIMBER
CORPORATION INDONESIA (Integrated Woodbased)
14. KARANG ASEM MANUNGGAL POWER,
P.T. (Development, General Trading)
15. KARKO KULTURA UTAMA, P.T.
(Fishery and Parennial Corp Plantation)
16. KAYAN RIVER INDAH PLYWOOD, P.T. (Plywood Manufacturing)
17. KAYAN RIVER TIMBER PRODUCT,
P.T. (Plywood Manufacturing)
18. KHARISMA ARYAPAKSI, P.T.
(Hotelry)
19. KULTURA JAYA TRIUSAHA, P.T.
(Coffee Plantation and Processing)
20. LUKITA WAHANA SARI, P.T.
(Trading)
21. MANUNGGAL ENGINEERING, P.T.
(Design Engineering Procurment and Construction Services)
22. MANUNGGAL INFRASOLUSI, P.T.
(Investment Holding)
23. MANUNGGAL POWER, P.T. (Desig
Engineering, Procurement and Construction Services)
24. MANUNGGAL POWER UTAMA, P.T.
(Design Engineering, Procurment and Construction Services)
25. MARABUNTA EMKL, P.T. (Sea
Freigh Forwarding)
26. MAXIMA INFRASTRUKTUR, P.T.
(Industry, General Trading)
27. MENAMAS MITRA ENERGI, P.T.
(Development, General Trading, Industry, Services)
28. MERANTI SAKTI INDAH PLYWOOD,
P.T. (Plywood Manufacturing)
29. MINAMULIA DJAYA BHAKTI, P.T.
(Fishery and Canned Fish Industry)
30. PALOPO TIMBER COMPANY, P.T.
(Logging and Sawmilling)
31. PANCA USAHA PALOPO PLYWOOD,
P.T. (Plywood Manufacturing0
32. PONDOK INDAH PADANG GOLF,
P.T. (Golf Court Management)
33. PRASADA SAMYA MUKTI, P.T.
(Trading, Sole Agent and Distribution of Boilers)
34. PURNA SADHANA, P.T.
(Metalworking and Contracting)
35. RANYZA ENERGI, P.T.
(Development, Trading, Industry)
36. SAKAI SAKTI, P.T. (Construction
Equipment Assembling and Manufacturing)
37. SETIA SARANA, P.T. (Air
Transport Charter)
38. SINKONA INDONESIA LESTARI,
P.T. (Quinine Manufacturing)
39. SUAR ALAM ENGINEERING, P.T.
(General Trading, Development, Industry)
40. SUMBER MAS INDAH
PLYWOOD, P.T. (Plywood Manufacturing)
41. SUMBER MAS TIMBER, P.T.
(Logging and Sawmilling)
42. TALIABU LUNA TIMBER, P.T.
(Logging)
43. TIMBER TRADING INTERNATIONAL
SOUTH ASIA, Hong Kong (Trading)
44. TRI USAHA BHAKTI, P.T.
(Investment Holding)
45. TRUBAINDO COAL MINING, P.T.
(Geology Survey and Exploration Services)
46. TRUBA ALAM MANUNGGAL
ENGINEERING Tbk, P.T. (Engineering Procurement and Construction Services and
Investment Holding)
47. TRUBA ANUNGRAH PRAKARSA,
P.T. (General Trading, Development, Industry)
48. TRUBA JATIPURNA ENGINEERING,
P.T. (Contracting and Civil Engineering)
49. TRUBA JAYA ENGINEERING, P.T.
(Mechanical and Electrical Contracting)
50. TRUBA JURONG EINGINEERING
Pte., Ltd., Singapore (Mechanical and Electrical
Contracting)
51. TRUBA MANDIRI, P.T. (Design
Engineering, Procurement and Construction Services)
52. TRUBA POWER INDONESIA, P.T.
(Business Management Consulting)
53. TRUBA POWER UTAMA, P.T.
(Power Plant Development)
54. TRUBA RAYA TRADING, P.T.
(Exporter of Quine, Coffee, Tapioca, Distribution of Flour
and Sugar,
Importers of Coffee Filters)
55. TRUBA SEGIHAN UTAMA, P.T.
(Mining, Construction and Contractors)
56. TRUBA UNITRINDO PERKASA,
P.T. (Equipments Rental, Maintenance and Recondition)
57. WAHANA BHAKTI UTAMA, P.T.
(Metalworking Workshop, etc.)
58. YAYASAN KARTIKA EKA PAKSI
(Sosial Foundation)
59. Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.67 |
|
UK Pound |
1 |
Rs.86.05 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.