|
Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TRUBA ALAM MANUNGGAL ENGINEERING Tbk |
|
|
|
|
Registered Office : |
BRI Tower II,
31st Floor, Jl. Jend. Sudirman Kav. 44-46, Jakarta 10210 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
12.02.2001 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-22625 |
|
|
|
|
Legal Form : |
Public Listed
Company |
|
|
|
|
Line of Business : |
Engineering,
Procurement and Construction Services |
|
|
|
|
No. of Employees : |
857 employees |
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 : |
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 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. TRUBA ALAM MANUNGGAL ENGINEERING Tbk
Head Office
BRI Tower II,
31st Floor
Jl. Jend. Sudirman Kav. 44-46
Jakarta 10210
Indonesia
Phones - (62-21) 5793 2255 (hunting)
Fax. - (62-21)
5785 2402
Email - gamala.katoppo@truba-manunggal.com
Website - http://www.truba-manunggal.com
Building Area - 34 storey
Office Space - 450 sq. meters
Region - Commercial
Status - Rent
12 February 2001
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
The Ministry of Law and Human Rights
a. No.
C-22.HT.01.01.TH.2002
Dated 21 January 2002
b. No.
AHU-14987.AH.01.02.Tahun 2008
Dated 27 March 2008
c. No.
AHU-51891.AH.01.02.Tahun 2009
Dated 27 October 2009
d. No.
AHU-AH.01.10-22625
Dated 14 December 2009
Foreign
Investment Company (PMA)
The Department of Finance
NPWP No.
02.058.954.5-054.000
The Investment Coordinating Board
- No.
70/I/PMA/2001, dated 01 February 2001
- No.
352/III/PMA/2001, dated 28 March 2001
a. P.T. ALAM MANUNGGAL
of Indonesia (Investment Holding)
b. P.T. MANDALA
KAPITAL of Indonesia (Investment Holding)
c. INDO
INFRASTRUCTURE GROUP Pte. Ltd., of Singapore (Investment Holding)
A member of the
TRUBA Group
Capital
Structure :
Authorized Capital - Rp. 3,200,000,000,000.-
Issued Capital - Rp. 1,579,945,626,000.-
Paid up Capital - Rp. 1,579,945,626,000.-
Shareholders
(latest):
a. P.T. MANDALA
KAPITAL of Indonesia - Rp.
492,832,500,000.- (31.19%)
b. P.T. ALAM
MANUNGGAL of Indonesia - Rp.
161,395,823,000.- (10.22%)
c. INDO
INFRASTRUCTURE GROUP Pte. Ltd. -
Rp. 201,013,933,000.- (12.72%)
b. The Publics -
Rp. 724,712,370,000.- (45.87%)
Lines of
Business :
a. Engineering,
Procurement and Construction Services
b. Integrated
Power Plant
c. Investment
Holding
Production
Capacity :
None
Total Assets
(31 Dec. 2011) :
a. Current Assets - Rp. 2,931.1 billion
b. Non-current Assets - Rp. 1,036.1 billion
c. Total Investment - Rp. 3,967.2 billion
Started
Operation :
2002
Brand Name :
Truba Alam Manunggal
Technical
Assistance :
None
Number of
Employee :
857 persons
Marketing Area :
Local - 100%
Main Customers
:
a. PT. Chevron
Pacific Indonesia
b. PT. Robert
Schaefer Indonesia
c. PT. Jurong
Engineering Lestari
d. Konsorsium
Shanghai electric Corp. with MIS
e. Taihei Dengyo kaisha, Ltd. – Paiton, Probolinggo
f. China National electrical Engineering Corp. –
Indramayu
g. China National
technical Import & Export Corp. - Suralaya
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Indonesia
Power
b. PT. Pembangkit Jawa Bali
c. PT. Paiton Energy
d. PT. Metaepsi
Pejebe Power Generation
e. PT. Dayabumi
Salak Pratama Ltd.
Business Trend :
Declining
Banker s :
a. P.T.
Bank SYARIAH MANDIRI Tbk
Plaza Mandiri
Jl. Gatot
Subroto Kav. 36-38
Jakarta Selatan
b. P.T.
Bank NEGARA INDONESIA Tbk.
Wisma BNI Kota 46
Jl. Jend. Sudirman
Kav. 1
Jakarta Pusat
c. P.T.
Bank CIMB NIAGA Tbk
CIMBNiaga Tower
Jl. Jend. Sudirman Kav.12
Jakarta Selatan
Auditor :
Tanubrata Sutanto
Fahmi & Rekan
Litigation :
No litigation
record in our database
Sales
Turnover/Revenue :
2008 – Rp.
2,948.7 billion
2009 – Rp.
2,727.5 billion
2010 – Rp.
2,571.1 billion
2011 – Rp.
1,968.3 billion
Net Profit
(Loss) :
2008 – (Rp. 180.1
billion)
2009 – Rp. 216.4 billion
2010 – (Rp. 55.2 billion)
2011 – (Rp. 586.3
billion)
Payment Manner
:
Something delay
Financial
Comments :
Weak
Board of Management :
President Director - Mr. Sidarta Sidik
Directors -
a. Mr. Andre Purnawan
b. Mr. Shi Hongchao
c. Mr. F.X. Agus Edyono
Board of Commissioners :
President Commissioner -
Mr. Richard Harjani
Commissioner -
Mr. Siswanto
Signatories :
President Director (Mr.
Sidarta Sidik) or one of Directors (Mr. Andre Purnawan, Mr. Shi Hongcao and Mr.
FX Agus Edyono) which must be approved by Board of Commissioners (Mr. Richard
Harjani and Mr. Siswanto)
Management Capability :
Fairly
Business Morality :
Fairly
P.T. TRUBA ALAM MANUNGGAL
ENGINEERING was established in Jakarta on February 01, 2001 with the authorized
capital of Rp. 2,000,000,000.- of which Rp. 1,000,000,000.- was issued and
fully paid up. The founding shareholders of the company are PT. Truba Jurong
Engineering (72%), PT. Alam Baru nan Permai (10%), Mr. ruly Taher (10%), Mr.
Imam Supabngat 95%) and Mr. rudy Soelaiman (3%), the three are indigenous
businessman. The Company’s Articles of
Association was made by Mohamad Rasjid Umar, SH., a public notary in Balikpapan
(East Kalimantan) and it was approved by the Ministry of Law and Human Rights
in its decision letter No. C-22.HT.01.01.TH.2002 dated 21 January 2002.
The articles of association of the company have frequently
been changed. In October 2006, the
company went public by selling some of its shares through the capital market in
Indonesia. Since that time the name has
been changed to P.T. TRUBA ALAM MANUNGGAL ENGINERING Tbk., abbreviated to P.T.
TAMET. In August 2007, the authorized capital of P.T. TAMET was increased to
Rp. 3,200,000,000,000.- of which Rp. 1,361,315,634,000.- was issued and fully
paid up. In March 2008, the issued
capital was raised again to Rp. 1,498,044,408,700.- and fully paid up. The shareholders of the company were PT.
Mandala Capital (29.38%), P.T. Alam Manunggal (14.42%), both of Indonesia, Indo
Infrastructure Pte., Ltd., of Singapore (14.97%) and the publics (41.23%). The amendment to the Articles of Association was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-14987.AH.01.02.Tahun 2008 dated 27 March 2008.
The latest, in October
2009 the issued capital was raised again to Rp. 1,579,945,626,000.- and fully
paid up. The latest amendment to the
Articles of Association was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-AH.01.10-22625, dated 14 December 2009. Pursuant to
annual report of the company, as of 31 December 2011, the shareholders of the
company are PT. Mandala Kapital (31.19%), PT. Alam manunggal (10.22%), Indo
Infrastructure Group Pte. Ltd., (12.72%) and the publics (45.87%). No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. TAMET or “the Company” obtained a Foreign Capital Investment (PMA)
facility issued by the Capital Investment Coordinating Board (BKPM) to deal
with engineering, procurement and contracting services, including integrated
power plant and investment holding.
Since it’s established in 2001, P.T. TAMET has worked with leading
international EPC providers from around the world. Over the course of the past several years,
P.T. TAMET has maintained a strong focus on forging strategic partnerships with
leading power equipment manufacturers and power producers from China such as
Shanghai Electric Power Corporation, Qingdao Jieneng Power Station Engineering,
Chengda engineering Corp., China National Technology Import & Export
Corporation (CNEEC) and others.
In 2011 the Company has had six projects awarded by Daewoo Engineering
Company, PT. Krakatau Steel (Persero) Tbk., PT. Krakatau Daya Listrik (KDL),
PT. INCO, PT. Robert Schaefer Soros Indonesia and PLN. The sixth project was an EPC and construction
project with total project value of USD 28.98 million and IDR 269,852,694,837.
The Company was working on nine ongoing construction projects in 2011 with a total value of USD 402.5 million and IDR 206,674,000,000. the nine projects include; Muara Karang Gas Power Plant Project 775 MW, North Jakarta; CFPP Indramayu 3x330 MW, West Java; CFPP Pelabuhan Ratu 3x300-400 MW, West Java; CFPP 1 Suralaya Banten Unit #8 1x600-700 MW, Banten, Unit #8 2x660-700 MW, Banten; Tanjung Jati-B, 2x660 MW, CFPP – Mechanical Erection of Boiler & Auxiliary Equipment, Central Java; Paiton 3 Expansion Project 1x815 MW, East Java; CCP Muara Tawar Block 5 – Extension Project, North Jakarta; Boiler Balance of Plant Erection Works for Tanjung Jati “B” Expansion unit 3&4 (2x660 MW) CFPP Project, Central Java, and Erection Works of Condenser & LP Heaters Critical Piping & Steam Turbine Generator Piping Package for Tanjung Jati “B” Expansion Project unit 3&4 (2x660 MW) Central Java, Indonesia.
Meanwhile there were eight projects that have been completed in 2011; Muara Karang Gas Power Plant Project 775 MW, North Jakarta; CFPP 1 Suralaya Banten Unit #8 1x600-700 MW, Banten; Tanjung Jati-B, 2x660 MW, CFPP – Mechanical erection of Boiler & Auxiliary Equipment, Central Java; Boiler Balance of Plant Erection Works for Tanjung Jati “B” Expansion unit 3&4 (2x660 MW) CFPP Project, Central Java; Erection Works of Condenser & LP Heaters Critical Piping & Steam turbine Generator Piping Package for Tanjung Jati “B” Expansion Project unit 3&4 (2x660 MW) Central Java, Indonesia; and turnkey Overhaul Boiler Unit 3 project PT, KDL, Cilegon, Banten.
Awarded Projects in 2011
|
No. |
Projects |
Type |
Client |
Contract |
Starting Date |
|
|
US$ |
Rp’000 |
|||||
|
1. |
Mechanical Erection Work, Power
Plant 2x60 MW, Merak-Banten |
Construction |
Daewoo Engineering Company |
8,500,000 |
-- |
11-Apr. |
|
2. |
Lime Calcining Plant II Project,
PT. Krakatau Steel, Cilegon - Banten |
EPC |
PT.
Krakatau Steel (Persero) Tbk. |
1,131,350 |
21,521,000 |
11-Jul. |
|
3. |
Turnkey Overhoul Boiler Unit-3 PT,
KDL, Cilegon - Banten |
Construction |
PT.
Krakatau Daya Listrik (KDL) |
-- |
8,088,000 |
11-Jul. |
|
4. |
Electric Furnace #2, Rotary Kiln
#3, Rotary Kiln #1 Rebuild Main Construction, Saroako - South Sulawesi |
Construction |
PT. INCO |
2,876,367 |
63,263,984 |
11-May |
|
5. |
Mechanical Erection Structure for
KPC1 Melawan Project, East Kalimantan |
Construction |
PT. Robert Schaefer Soros
Indonesia |
7,040,000 |
-- |
11-Oct. |
|
6. |
Pembangunan
PLTU Skala Kecil 2 x 7 MW Tebo |
EPC |
PLN |
9,437,322 |
176,979,711 |
11-Dec |
|
T O T A L |
|
|
28,985,039 |
269,852,695 |
|
|
Source: PT. Truba Alam Manunggal
Engineering Tbk
Ongoing Projects in 2011
|
No. |
Projects |
Type |
Client |
Contract |
Starting Date |
|
|
US$ |
Rp’000 |
|||||
|
1. |
Muara Karang Gas Power Plant
Project 775 MW, North Jakarta |
Construction |
Mitsubishi |
22,939,749 |
107,874,000 |
Dec’07 |
|
2. |
PLTU
Pelabuhan Ratu 3x300 – 400 MW, West Java |
Construction |
SEC / Maxima |
207,500,000 |
-- |
Aug’07 |
|
3. |
PLTU Indramayu 3x330 MW, Coal
Fired Power Plant, West Java |
Construction |
CNEEC |
54,250,000 |
-- |
Nov’07 |
|
4. |
PLTU
1 Suralaya Banten Unit #8 1x600-700 MW, Banten |
Construction |
CNTIEC |
22,800,000 |
98,800,000 |
Jan’08 |
|
5. |
Tanjung Jati – B, 2x660 MW, CFPP –
Mechanical Erection of Boiler & Auxiliary Equipment, Central Java |
Construction |
JEL |
12,500,000 |
-- |
Jul’09 |
|
6. |
Paiton 3 Expansion Project 1x815
MW, East Java |
Construction |
TDK |
58,918,000 |
-- |
Nov’09 |
|
7. |
CCPP
Muara Tawar Block 5 – Extension Project, North Jakarta |
Construction |
JEL |
3,450,000 |
-- |
Feb’10 |
|
8. |
Boiler Balance of Plant Erection
Works for Tanjung Jati “B” Expansion Unit 3&4 (2x660 MW) CFPP Project,
Central Java |
Construction |
Sumitomo |
14,550,000 |
-- |
Jan’10 |
|
9. |
Erection Works of Condenser &
LP Heaters Critical Piping & Steam Turbine Generator Piping Package for
Tanjung Jati “B” Expansion Project unit 384 (2x660 MW) Central Java, Indonsia |
Construction |
JEL |
5,550,000 |
-- |
Feb’10 |
|
T O T A L |
|
|
402,457,749 |
206,674,000 |
|
|
Source: PT. Truba Alam Manunggal
Engineering Tbk
Completed Projects in 2011
|
No. |
Projects |
Contract |
|
|
US$ |
Rp’000 |
||
|
1. |
Muara Karang Gas Power Plant
Project 775 MW, North Jakarta |
22,939,749 |
107,874,000 |
|
2. |
PLTU
1 Suralaya Banten Unit #8 1x600-700 MW, Banten |
22,800,000 |
98,800,000 |
|
3. |
Tanjung Jati – B, 2x660 MW, CFPP –
Mechanical Erection of Boiler & Auxiliary Equipment, Central Java |
12,500,000 |
-- |
|
4. |
CCPP
Muara Tawar Block 5 – Extension Project, North Jakarta |
3,450,000 |
-- |
|
5. |
Tanjung Jati – B, 2x660 MW, CFPP –
Mechanical Erection of Boiler & Auxiliary Equipment, Central Java |
12,500,000 |
-- |
|
6. |
Boiler Balance of Plant Erection
Works for Tanjung Jati “B” Expansion unit 3&4 (2x660 MW) CFPP Project,
Central Java |
14,550,000 |
-- |
|
7. |
Erection Works of Condenser &
LP Heaters Critical Piping & Steam Turbine Generator Piping Packge for
Tanjung Jati “B” Expansion Project unit 3&4 (2x660 MW) Central Java |
5,550,000 |
-- |
|
8. |
Turnkey Overhoul Boiler Unit 3 PT,
KDL, Cilegon, Banten |
-- |
8,088,000 |
|
T O T A L |
94,289,749 |
214,762,000 |
|
Source: PT. Truba Alam Manunggal
Engineering Tbk
Beside, P.T. TAMET
(the Company) has direct and indirect investments of more than 50% of ownership
in the subsidiaries as follows:
(In Rp million)
|
Name of Subsidiary |
Lines of Business |
Ownership commenced |
% of Ownership |
Total Assets (31 Dec. 2011) |
|
Harvest Star Holdings Ltd., (Harvest), BVI |
Investment |
2009 |
100 |
1,737,731.6 |
|
Radianz Investment Ltd., (Radianz) BVI |
Investment |
2009 |
100 |
1,540,589.0 |
|
PT. Karangasem Manunggal Power (KMP),
Central Jakarta |
Development, general trading, industry, transportation, agribusiness |
2008 |
91% |
-- |
|
PT. Truba Power Indonesia (TPI), Central Jakarta |
Business management consulting |
2010 |
0.28 |
-- |
|
Through TPI |
|
|
|
|
|
PT. Truba Power Utama, Central Jakarta |
Development, general trading, industry, transportation, agribusiness |
2010 |
99.9 |
-- |
|
PT. Truba Segihan Utama, Samarinda |
Mining, construction and contractor |
2007 |
70.0 |
-- |
|
PT. Bumi Alam Manunggal, Central
Jakarta |
Mining, trading, service, development, industries and transportation |
2008 |
96.0 |
-- |
|
PT. Alam Inti Mining, Central Jakarta |
Mining, trading, service, development, industries and transportation |
2008 |
60.0 |
-- |
|
Through Harvest |
|
|
|
|
|
CDE International Pte. Ltd., (CDEI), Singapore |
General Trading, Investment |
2009 |
100 |
1,393,163.8 |
|
Through CDEI |
|
|
|
|
|
PT. Manunggal Power, (MP) South Jakarta |
Design Engineering, Procurement and Construction, Infrastructure,
Industries, Services |
2006 |
47.5 |
-- |
|
Through MP |
|
|
|
|
|
PT. Menamas Mitra Energi, Samarinda |
Development, trading, industries, services |
2007 |
29.48 |
-- |
|
PT. Manunggal Power Utama (MPU), South Jakarta |
Design Engineering, Procurement and Construction, Infrastructure,
Industries, Services |
2009 |
99.98 |
-- |
|
|
Development, trading, industries, services |
|
|
|
|
PT. Equator Manunggal Power, Central Jakarta |
Trading, services, industry and construction |
2010 |
75.1 |
-- |
|
TAME Investment Pte. Ltd., Singapore |
Investment |
2008 |
100 |
-- |
|
PT. Ranyza Energi, South Jakarta |
Development, trading, industry, mining and service |
2010 |
80.0 |
-- |
|
Through MPU |
|
|
|
|
|
PT. Maxima Infrastructure, South Jakarta |
Industry, trading, services, construction, contractor, mining, agency,
agriculture and transportation |
2005 |
99.99 |
-- |
|
Through Radianz |
|
|
|
|
|
Manunggal Infrasolusi International Pte. Ltd., (MIFI), Singapore |
Investment |
2009 |
100 |
1,563,878.5 |
|
Through MIFI |
|
|
|
|
|
PT. Manunggal Infrasolusi Utama (MIFU), Jakarta |
Construction, mining, wholesale trading, power station |
2009 |
95 |
1,598,659.1 |
|
TAME turnkey Contracting Pte. Ltd., Singapore |
Industrial plant engineering services |
2007 |
100 |
55,478.0 |
|
Through MIFU |
|
|
|
|
|
PT. Manunggal Infrasolusi (MIF),
South Jakarta |
Design, engineering, procurement and construction, industrial plant
and services |
2009 |
99.99 |
3,114,296.3 |
|
Through MIF |
|
|
|
|
|
PT. Manunggal Engineering, Jakarta |
Design, engineering, procurement and construction, industrial plant
and services |
2006 |
99.99 |
368,068.2 |
|
Indo Infrastructure Development Pte. Ltd. Singapore |
Investment |
2007 |
100 |
-- |
|
PT. Truba Jaya Engineering (THE), South Jakarta |
Development, trading, industries, transportation, agriculture,
printing, service and workshop |
2006 |
99.55 |
2,695,670.0 |
|
PT. Suar Alam Engineering, Jakarta |
Development, trading, industry, mining and service |
2007 |
99.99 |
5,336.1 |
|
Through TAME Turkey |
|
|
|
|
|
Tume turnkey (Labuan) Pte. Ltd, |
Trading |
2008 |
100 |
2,653.8 |
|
Through TJE |
|
|
|
|
|
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
According to financial report of P.T. TAMET, its sales turnover has been declining in the last four years. In 2008, P.T. TAMET’s sales turnover reached Rp. 2,948.7 billion with a net loss of Rp. 180.1 billion declined to Rp. 2,727.5 billon with a net profit of Rp. 216.4 billion in 2009 to Rp. 2,571.1 billion with a net loss of Rp. 52.8 billion in 2010 to Rp. 1,968.3 billion with a net loss of Rp. 586.3 billion in 2011. Up to present, we have yet to gain the statement of income of P.T. TAMET in fiscal 2012. But, pursuant to Indonesia today daily, as of 30 June 2012, its sales turnover of the Company was Rp. 692.9 billion with a net profit of Rp. 60.6 billion. The Company’s balance sheets and statement of income as of 31 December 2008, 2009, 2010 and 2011are attached in this report.
The management of P.T. TAMET is headed by Mr. Sidarta Sidik (45) as president director, a creative and dynamic young businessman. He holds a Master of Science fromn Stanford Unversity, California, USA and a Bachelor of Science from University of Washington. In his daily activities, he is assisted by three directors Mr. Andre Purnawan (49), Mr. Shi Hong Chao (42) and Mr. F.X. Agus Edyono (65). The management of the company has a good business reputation in engineering, procurement and contracting services. The management is handled by professional experts having wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the management of the company has been involved in business malpractices. We observed that the company’s management is not actively joined in any political party activity in the country.
Considering the company’s operation is declining in the last four years and unstable economic condition in the country, we recommend to treat extra prudently in extending any new loans to the Company.
Attachment:
PT. TRUBA ALAM
MANUNGGAL ENGINEERING Tbk
And Subsidiaries
FINANCIAL
STATEMENTS
Per 31 December
2008, 2009, 2010 and as 2011
(in million Rp)
|
DESCRIPTION |
31 December |
|||
|
2011 |
2010 |
2009 |
2008 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash Available |
69,353.2 |
251,359.8 |
314,208.2 |
471,722.8 |
|
- Short-term Investment |
-- |
-- |
-- |
410,813.8 |
|
- Trade Receivable |
|
|
|
|
|
* Third Parties |
277,790.4 |
478,453.4 |
442,579.6 |
382,063.5 |
|
* Related Parties |
72,015.2 |
4,690.6 |
460.3 |
39,233.1 |
|
- Retention Receivables Third Parties - net |
136,004.9 |
229,409.5 |
205,375.9 |
150,921.4 |
|
- Unbilled Contract Revenues |
295,712.6 |
320,766.1 |
304,532.6 |
472,236.0 |
|
- Other Receivable |
|
|
|
|
|
* Third Parties |
114,629.3 |
372,725.9 |
217,483.8 |
87,978.1 |
|
* Related Parties |
456,760.7 |
159,786.1 |
618,681.5 |
896,320.9 |
|
- Inventories |
15,077.1 |
72,254.7 |
41,805.6 |
51,101.5 |
|
- Advance Payments |
222,087.2 |
448,464.9 |
1,014,743.6 |
1,023,190.2 |
|
- Prepaid Expenses |
1,144,598.9 |
1,602,062.9 |
1,268,601.2 |
1,009,269.8 |
|
- Prepaid Taxes |
8,803.9 |
16,074.4 |
67,153.9 |
82,067.8 |
|
Total Current Assets |
2,931,114.8 |
3,956,048.3 |
4,495,626.1 |
5,076,918.9 |
|
|
|
|
|
|
|
b. Non-Current Assets |
|
|
|
|
|
- Long-term Investment |
324,916.9 |
116,149.0 |
103,569.8 |
251,743.9 |
|
- Trade Fund |
-- |
22.3 |
-- |
-- |
|
- Property and Equipment - net |
544,968.8 |
2,215,474.4 |
1,739,385.5 |
1,490,862.8 |
|
- Deposits |
22,532.7 |
93,811.9 |
197,749.0 |
266,488.8 |
|
- Deferred Tax Assets |
9,131.1 |
2,218.6 |
29,688.7 |
113,550.3 |
|
- Other Non-Current Assets |
134,559.2 |
16,702.0 |
35,139.5 |
35,125.0 |
|
Total Non Current
Assets |
1,036,108.8 |
2,444,378.4 |
2,105,532.5 |
2,157,770.9 |
|
TOTAL ASSETS |
3,967,223.6 |
6,400,426.6 |
6,601,158.6 |
7,234,689.8 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Trade Payables |
|
|
|
|
|
* Third Parties |
445,084.0 |
649,369.2 |
553,326.1 |
424,452.9 |
|
* Related Parties |
13,016.2 |
11,686.9 |
21,851.2 |
2,693.4 |
|
- Contract Advances |
|
|
|
|
|
* Third Parties |
146,987.2 |
250,872.3 |
362,780.5 |
727,853.9 |
|
* Related
Parties |
1,087.8 |
314.7 |
1,128.0 |
1,314.0 |
|
- Dividend Loans |
-- |
-- |
-- |
-- |
|
- Other Payables |
|
|
|
|
|
* Third Parties |
100,938.2 |
20,389.8 |
175,886.0 |
7,020.7 |
|
* Related Parties |
12.9 |
6,690.0 |
-- |
-- |
|
- Accrued Expenses |
278,987.8 |
420,009.8 |
279,505.0 |
375,897.6 |
|
- Taxes Payable |
62,683.9 |
28,875.5 |
31,330.4 |
17,785.7 |
|
- Current Maturities
of Long-term Payable |
-- |
343,558.0 |
-- |
-- |
|
- Current Maturities
of Long-term Debt |
|
|
|
|
|
* Bank Loans |
417,185.5 |
659,587.0 |
388,076.8 |
206,794.7 |
|
* Consumer
financing Loans |
14,375.8 |
60,126.1 |
59,917.9 |
40,172.4 |
|
Total Current
Liabilities |
1,480,359.2 |
2,451,579.2 |
1,873,771.9 |
1,803,985.5 |
|
|
|
|
|
|
|
b. Non-Current
Liabilities |
|
|
|
|
|
- Post-Employment Benefits
Obligation |
55,846.7 |
52,680.4 |
42,954.7 |
36,243.0 |
|
- Deferred Tax
Liabilities |
663.5 |
48,569.0 |
41,332.1 |
25,514.2 |
|
- Long-term Debt – net
of current maturities |
|
|
|
|
|
* Bank Loans |
220,077.6 |
393,528.1 |
407,165.4 |
277,221.9 |
|
* Consumer financing
Loan |
67.0 |
31,147.1 |
91,147.6 |
97,505.7 |
|
- Bonds Payable |
-- |
-- |
198,337.6 |
197,725.1 |
|
- Long-term Payable –
net of current maturities |
877,582.7 |
1,457,622.5 |
1,883,116.1 |
-- |
|
- shareholder’s Loans |
-- |
-- |
-- |
2,979,839.9 |
|
Total Non Current
Liabilities |
1,154,237.5 |
1,983,547.1 |
2,664,043.5 |
3,614,049.9 |
|
c. Minority Interest |
-- |
62,007.8 |
104,893.5 |
108,040.2 |
|
d. Stockholders Equity |
|
|
|
|
|
- Issued and Paid Up
Capital |
1,579,945.6 |
1,579,945.6 |
1,579,945.6 |
1,554,735.7 |
|
- Additional Paid In
Capital - net |
114,702.1 |
114,702.1 |
114,702.1 |
106,511.3 |
|
- Difference in value
arising from restructuring |
(17,654.1) |
(17,654.1) |
(17,654.1) |
(17,654.1) |
|
- Foreign currencies
translation |
(130,488.2) |
-- |
-- |
-- |
|
- Retained Earnings |
|
|
|
|
|
* Appropriated |
3,494.1 |
3,494.1 |
3,494.1 |
3,494.1 |
|
* Un-appropriated |
(232,242.2) |
222,804.7 |
277,962.0 |
61,527.2 |
|
Total Stockholders Equity |
1,317,756.6 |
1,903,292.5 |
1,958,449.8 |
1,708,614.2 |
|
- Non-controlling interest |
14,870.3 |
62,309.7 |
104,893.5 |
-- |
|
Total Equity |
1,332,626.9 |
1,965,300.3 |
2,063,343.2 |
1,708,614.2 |
|
TOTAL
LIABILITIES AND EQUITY |
3,967,223.6 |
6,400,426.6 |
6,601,158.6 |
7,234,689.8 |
|
|
|
|
|
|
|
C. INCOME STATEMENTS |
|
|
|
|
|
a.
Sales – Net |
1,968,269.2 |
2,571,100.8 |
2,727,511.5 |
2,948,679.8 |
|
b. Cost of Goods Sold |
(1,787,974.1) |
(2,220,738.5) |
(2,371,033.8) |
(2,441,292.7) |
|
c. Gross Profit |
180,295.1 |
350,362.3 |
356,477.7 |
507,387.0 |
|
d. Operating Expenses |
(178,602.7) |
(224,485.8) |
(287,090.0) |
(331,256.2) |
|
e. Operating Profit (loss) |
1,692.4 |
125,876.5 |
69,387.7 |
176,130.8 |
|
f. Other Income (Expenses) |
(127,855.0) |
(80,370.4) |
325,350.1 |
(360,790.1) |
|
g. Profit (loss) Associated Companies |
(284,826.4) |
7,243.0 |
4,139.5 |
17,158.3 |
|
h. Profit (loss) Before Tax |
(410,989.0) |
52,749.1 |
398,877.4 |
(167,501.1) |
|
i. Income Tax Expenses |
(44,845.1) |
(105,528.2) |
(181,553.1) |
(8,030.3) |
|
j. Profit (loss) before minority interest |
(455,834.1) |
(52,779.1) |
217,324.2 |
(175,531.4) |
|
k. Other Comprehensive Income (Loss) |
(130,488.2) |
-- |
(889.4) |
(4,592.4) |
|
l.
Net Profit (Loss) |
(586,322.3) |
(52,779.1) |
216,434.8 |
(180,123.8) |
Note: 31 December 2008, 2009, 2010 and 2011 audited by Tanubrata Sutanto
Fahmi & Rekan
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.81 |
|
UK Pound |
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.50 |
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.