MIRA
INFORM REPORT
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Report Date : |
29.10.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. TRUBA JAYA ENGINEERING |
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Formerly Known As : |
P.T. TRUBA JURONG ENGINEERING |
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Registered Office : |
Wisma PSM, Jl. Swadaya II No. 7, Tanjung Barat,
Pasar Minggu, Jakarta Selatan |
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Country : |
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Date of Incorporation : |
08.04.1976 |
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Com. Reg. No.: |
No. AHU-AH.01.10-00029 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Engineering, Procurement and Construction Services |
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No. of Employees : |
380 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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.
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Source : CIA |
Name of Company
P.T. TRUBA JAYA ENGINEERING
Registration Address
Head Office
Wisma PSM
Jl. Swadaya II No. 7
Tanjung Barat, Pasar Minggu
Jakarta Selatan
Indonesia
Phones -
(62-21) 7803300, 7891481, 7815760
Fax. - (62-21)
7801054, 7823968
Email - marketing@trubagroup.com
Website - http://www.trubagroup.com
Building Area - 6 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Fabrication Site
Jl. Satopati II, Rt.001/Rw.001
Bantar Gebang Utara
Bekasi, West Java
Indonesia
Phones -
(62-21) 8250227, 8250439
Fax. - (62-21)
8250438
Construction Equipment Pool
Jl. Raya Cilincing No. 17
Cilincing, Tanjung Priok
Jakarta Utara
Indonesia
Phones - (62-21) 4406725-6
Fax. - (62-21) 4416710
Date of Incorporation
8 April 1976 as
P.T. TRUBA JURONG ENGINEERING, changed its name to P.T. TRUBA JAYA ENGINEERING,
on July 20, 2007
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Laws and Human Rights
a. No.
W29-1525.HT.01.04.TH.2007
Dated 10 August 2007
b. No.
AHU-43280.AH.01.02.Tahun 2008
Dated 21 July 2008
c. No.
AHU-AH.01.10-00029
Dated 02 January 2012
Company Status
Domestic
Investment Company (PMDN)
Permit by the Government Department
a. The
Department of Finance
NPWP No. 01.308.504.8-017.000
b. The
Investment Coordinating Board
- No. 12/V/PMA/1997
Dated 12 February 1997
- No. 240/II/PMA/1998
Dated 25 September 1998
- No. 124/II/PMA/2001
Dated 30 April 2001
- No. 112/II/PMA/2002
Dated 30 May 2002
- No. 27/V/PMA/2007
Dated 04 July 2007
c. The
Department of Public Works
SIUJK No. 0901.2.76.88.00.608
Dated
04 July 1988
d. The Department of Industry and Trade
TDP No. 09031522649
Dated 01 April 1999
Holding Company
P.T. MANUNGGAL INFRSOLUSI
Ultimate Holding Company
P.T. TRUBA ALAM MANUNGGAL ENGINEERING Tbk
Affiliated/Associated Company
A member of the TRUBA Group
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 4,800,000,000,000.-
Issued Capital - Rp. 1,209,000,000,000.-
Paid up Capital - Rp. 1,209,000,000,000.-
Shareholders/Owners
a. P.T. MANUNGGAL INFRASOLUSI - Rp. 1,203,544,013,700.- (99.55%)
Address: Jl. Jend. Sudirman Kav. 26
Central Jakarta
b. P.T. KURNIA UNGGUL SEJAHTERA - Rp.
5,246,286,300.- ( 0.43%)
Address: Wisma Kyoei Princes, 20th
Floor
Jl. Jend. Sudirman Kav. 3
Central Jakarta
c. P.T.
MULTI ENERGI PERSADA -
Rp. 209,700,000.- ( 0.02%)
Address: Jl. Swadaya II No. 7
South Jakarta
BUSINESS ACTIVITIES
Lines of
Business :
a. Engineering, Procurement and Construction Services
b. Investment Holding
Production
Capacity :
a. Steel Structure - 4,500 tons p.a.
b. Piping - 1,200 tons p.a.
c. Boiler - 1,600 tons p.a.
d. Plate Works - 2,500 tons p.a.
Total Investment :
a. Equity Capital - Rp. 67.4 billion
b. Reinvested Profit - Rp. 253.4 billion
c. Loan Capital - Rp. 31.4 billion
d. Total Investment - Rp. 352.2 billion
Started
Operation :
1 9 7 6
Brand Name :
Truba Jaya
Engineering
Technical
Assistance :
None
Number of
Employee :
380 persons
Marketing Area
:
Domestic - 100%
Main Customers
:
The government
and private sectors
Market
Situation :
Very Competitive
Business Trend
:
Declining
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank INTERNASIONAL INDONESIA Tbk
Wisma BII Tower 2, 6th Floor
Jl. M.H. Thamrin No. 51
Jakarta Pusat
b. P.T. Bank DANAMON INDONESIA Tbk.
Bank Danamon Tower
Jl. Prof. Dr. Satrio Kav. EIV No. 6
Jakarta Selatan
c. P.T. Bank MIZUHO INDONESIA Tbk.
Wisma BII Tower 2,
24th Floor
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Total
Income/Revenue (estimated) :
2009 – Rp.
1,728.0 billion
2010 – Rp.
1,632.0 billion
2011 – Rp.
1,541.0 billion
Net Profit
(Loss)- estimated :
2009 – Rp. 6.8
billion
2010 – Rp. 6.2
billion
2011 – Rp. 5.9
billion
Payment Manner
:
Almost promptly
Financial
Comments :
Unhealthy
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Haji Erman Suparno
Directors -
a. Mr. I Wayan Madik Kesuma
b. Mr. Meah Md Abdul Gofran
c. Mr. Rustomo
d. Mr. Haposan Samosir Pakpahan
Board of Commissioner :
President Commissioner -
Mr. Sidarta Sidik
Commissioners -
a. Suadi Atma
b. Mr. Sokkalingam Visvanathan
c. Mr. Moneristo Kasiman Sirait
d. Richard Harjani
Signatories :
President Director (Mr.
Haji Erman Suparno) or one of the Directors (Mr. I Wayan Madik Kesuma, Mr. Meah
Md. Abdul Gofran, Mr. sutomo and Mr. Haposan Samosir Pakpahan) which must be
approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
Initially named P.T. TRUBA JURONG ENGINEERING, it was established in April 1976 with an authorized capital of Rp 100,000,000.- of which Rp 20,000,000.- was issued and paid up. The company was founded by P.T. ALL TRUBA INDAH and P.T.TRI USAHA BHAKTI, both are private companies and members of the TRUBA Group, as the original shareholders. The company's notarial act was since revised a couple of times. In July 1998 the authorized capital was increased to Rp 200,000,000,000.- of which Rp 50,473,920,000.- was issued and paid up. The articles of association of the company have frequently been changed. In July 2006, the issued capital was raised to Rp. 150,000,000,000 fully paid up and concurrently P.T. TRI USAHA BHAKTI withdrew and its shares were taken over by P.T. MANUNGGAL INFRASOLUSI of Indonesia. Since that time the shareholders of P.T. TRUBA JURONG ENGINEERING have been P.T. MANUNGGAL INFRASOLUSI of Indonesia (51%), JURONG ENGINEERING LTD of Singapore (45%) and P.T. ASRISARI SASANA of Indonesia (4%). On 9 February 2007, into the company entered a new shareholder namely P.T. MULTI ENERGI PERSADA by purchasing 3,500,000 shares of P.T. ASRISARI SASANA worth Rp. 3.5 billion.
On 4 July 2007, JURONG ENGINEERING Ltd and P.T. ASRISARI SASANA withdrew and their shares were sold to P.T. MANUNGGAL INFRASOLUSI. Since that time whole shares of P.T. TRUBA JURONG ENGINEERING have been controlled by P.T. MANUNGGAL INFRASOLUSI (96%), P.T. MULTI ENERGI PERSADA (2.33%) and P.T. KURNIA UNGGUL SEJAHTERA (1.67%). On 20 July 2007, the name of P.T. TRUBA JURONG ENGINEERING was changed to P.T. TRUBA JAYA ENGINEERING (P.T. TJE).
Latest, in November 2011, the authorized capital was raised again to Rp. 4,800,000,000,000.- of which Rp. 1,209,000,000,000.- was issued and fully paid up. Since then, the shareholders of the company are P.T. MANUNGGAL INFRASOLUSI (99.55%), P.T. KURNIA UNGGUL SEJAHTERA (0.43%) and P.T. MULTI ENERGI PERSADA (0.02%). The amendment to notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-00029 dated January 2, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
We observed that the shareholders of P.T. MANUNGGAL INFRASOLUSI are PT.
Manunggal Infrasolusi Utama (99.99%) and others (0.01%). An the shareholders of P.T. MANUNGGAL
INFRASOLUSI UTAMA are MANUNGGAL INFRASOLUSI INTERNATIONAL Pte. Ltd., of
Singapore (95%) and others (5%). And the
shareholders of MANUNGGAL INFRASOLUSI INTERNATIONAL Pte. Ltd. are Radianz
Investment Limited of BVI (100%). And
the shareholder of RADIANZ INVESTMENT LIMITED is P.T. TRUBA ALAM MANUNGGAL
ENGINEERING Tbk. (100%). For full
details see the shareholders chart below.
Source: PT. Truba Alam Manunggal
Engineering Tbk
P.T. TJE has been in operation since 1976 in engineering, procurement and constructing services. A number of projects carried out by P.T. TJE among others are civil and electrical works of Diesel Power Plant (2x660 Kw) owned by P.T. PLN in Air Raja, Tanjung Pinang, Riau, completed in end 1996; erection of 3 unit boilers and auxiliaries of Grati Combined Cycle Power Plant owned by P.T. PLN in Pasuruan, East Java, completed in January 1997; material and warehouse management of Muara Tawar Combined Cycle Power Plant project owned by P.T. PLN in North Jakarta, completed in January 1997; erection of boiler for units 5 & 6 and electrostatistic precipitor of Power Plant project owned by P.T. PLN in Suralaya, West Java, completed in April 1997; erection of 6 units HRSG and BOP of Tambak Lorok Combined Cycle Power Plant project owned by P.T. PLN in Tambak Lorok, Semarang, Central Java, completed in May 1997; installation of steam turbines of Power Plant units 5,6 & 7 project owned by P.T. PLN in Suralaya, West Java, completed in March 1998. The project being completed is an erection of 2 units coal fired steam generator/boiler and accessories of Power Plant project owned by P.T. PAITON ENERGY in Paiton, East Java, completed in January 1999.
Projects having been carried out by P.T. TJE include mechanical and electrical works in the development project of Liquified Natural Gas (LNG) Tangguh, Cirebon owned by PERTAMINA, mechanical and electrical works in the expansion project of fertilizer plant owned by P.T. PUPUK KALTIM in East Kalimantan (UBS Lingga Urea Bulk) and maintenance and reparation services work of machineries of INCO and CHEVRON, foreign oil companies in Duri, Riau Province, the development of electric power plant in Paiton, Probolinggo, East Java; PERTAMINA Balikpapan, East Kalimantan, PLTA Suralaya; PLTA Tanjung Jati B; Riyadh Power and others.
On May 2010, P.T. TJE was awarded a contract worth US$.
114.9 million, consisting of projects from Chevron Pacific Indonesia, oil and
gas projects in Riau worth US$. 98.9 million and mining construction project in
East Kalimantan worth US$. 16 million. Then in July 2011, P.T. TJE
received two new contracts from P.T.
KRAKATAU STEEL Tbk., and P.T. KRAKATAU DAYA LISTRIK with a contract value of
Rp. 57.59 billion. Earlier in May 2011,
P.T. TJE also was awarded a contract worth US$. 87 billion from P.T. INCO and
EPC (engineering, procurement and contracting) projects of Buntok power plant,
in East Kalimantan with a contract value of Rp. 254 billion.
Further in the first quarter of
Other than operating in engineering, procurement and contracting, P.T. TJE is also as shareholders and controls 100% shares of TRUBA JURONG ENGINEERING Pte., Ltd., of Singapore, 99.93% shares of P.T. TRUBA ANUGRAH PRAKASA, 99% shares of P.T. GADING MEGAH JAYA, 55.87% shares of P.T. PRASADA SAMYA MUKTI, 79.43% shares of P.T. TRUBA MANDIRI and 100% shares of MANUNGGAL (Beijing) INTERNATIONAL Trade Co. ltd., of China. The table of P.T. TSP’s subsidiary companies shall be as follows:
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Name of Subsidiary |
Lines of Business |
Ownership commenced |
% of Ownership |
Total Assets (31 Dec. 2011) |
|
Truba Jurong Engineering Pte. Ltd., Singapore |
Development, trading, transportation, workshop, agriculture, mining,
industries and service |
1998 |
100 |
170.5 |
|
PT. Truba Anugrah Prakasa, South Jakarta |
Development, trading, industries, transportation, agriculture,
printing, service and workshop |
1999 |
99.93 |
15,220.4 |
|
PT. Gading Megah Jaya, East Jakarta |
Development, Industries, service and trading |
2000 |
99.0 |
90,659.2 |
|
PT. Prasada Samya Mukti, South Jakarta |
Trading, industries, development, mining, transportation, agriculture,
workshop, printing and services |
1989 |
55.87 |
33,020.3 |
|
PT. Truba Mandiri, South Jakarta |
Design, engineering, procurement and construction, infrastructure and
industrial plant |
2001 |
79.43 |
16,727.4 |
|
Manunggal (Beijing) International Trade Co. Ltd., Beijing |
Trading |
2008 |
100 |
23,840.2 |
Source: PT. Truba Alam
Manunggal Engineering Tbk
Until this time P.T. TJE has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. TJE is very reclusive towards outsiders and rejected to disclose its financial condition. However, we observed that total income/revenue of the company in 2009 amounted to Rp. 1,728.0 billion declined to Rp. 1,632.0 billion in 2010 dropped again to Rp. 1,541.0 billion in 2011. The operation in 2011 yielded an estimated net profit of Rp. 5.9 billion and the company has an estimated total asset of Rp. 2,695.0 billion. 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 company’s management is headed by Mr. Haji Erman Suparno (62) as President Director and he is assisted by four directors namely Mr. I Wayan Madik Kesuma (45), Mr. Meah Md Abdul Gofran (56), Mr. Rustomo (59) and Mr. Haposan Samosir Pakpahan (55). The management of the company is handled by experienced professional managers and experts in engineering, procurement and contracting services. They have wide relations with private businessmen within and outside the country and with the government sector. So far we have never heard that the board of directors and commissioners of the company involved in business malpractices or detrimental cases that settled through the court. Their litigation record is clean and they have never involved in civil or criminal cases or politics in the country. They are not in bankruptcy condition as their business is running well.
Considering the company’s operation is declining in the last three years
and unstable economic condition in the country, we recommend to treat extra
prudently in extending any new loans to P.T. TRUBA JAYA ENGINEERING.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
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 |
|
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NB |
New Business |
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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.