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Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PUNJ LLOYD |
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Registered Office : |
Wisma GKBI, 17th Floor |
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Country : |
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Date of Incorporation : |
28.02.1997 |
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Com. Reg. No.: |
No. AHU-AH.01.10-41242 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engineering, Procurement and Contracting Services |
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No. of Employees : |
65 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
Name of Company :
P.T. PUNJ LLOYD INDONESIA
Address:
Head Office
Wisma GKBI, 17th Floor Suite 1708
Jalan Jend. Sudirman No. 28
Jakarta Pusat, 10210
Indonesia
Phones -
(62-21) 5785 1944 (Hunting)
Fax - (62-21) 5785 1952
E-mail - info@pt.pli.com
Website - http://www.punjlloyd.com
Building Area - 28 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
28 February 1997
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. AHU-AH.01.10-15340
Dated 22 June 2010
- No.
AHU-58127.AH.01.02.TH.2012
Dated 14 November 2012
- No. AHU-AH.01.10-41242
Dated 22 November 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.071.978.9-058.000
The Capital
Investment Coordinating Board
- No. 120/I/PMA/1997
Dated 27 February 1997
- No. 561/III/PMA/2003
Dated 26 May 2003
- No. 69/III/PMA/2004
Dated 29 January 2004
Related Companies :
a. P.T. MEINDO ELANG INDAH (Oil and Gas Contracting Services and
Investment Holding)
b. P.T. SEMPEC INDONESIA (Engineering Contracting Services)
c. The PUNJ LLOYD Group, India
Capital Structure :
Authorized Capital : US$
4,000,000.-
Issued Capital : US$
3,888,055.-
Paid up Capital : US$
3,888,055.-
Shareholders/Owners :
a. PUNJ LLYOD LIMITED -
US$ 3,885,722.-
Address : Mumbai
New Delhi, India
b. Mr. Atul Punj -
US$ 2,333.-
Address : 10 Prithviraj Road
New Delhi, 110011
India
Lines of Business :
Engineering, Procurement and Contracting Services
Production Capacity :
None
Total Investment :
Owned Capital - US$ 4.0 million
Started Operation :
1998
Brand Name :
Punj Lloyd Indonesia
Technical Assistance :
Punj Llloyd Limited, India
Number of Employee :
65 persons
Marketing Area :
Local - 100%
Main Customer :
Oil and Natural Gas Exploration and Production
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AMEC BERCA INDONESIA
b. P.T. BECTHEL INDONESIA
c. P.T. MCDERMOTT INDONESIA
d. P.T. SAIPEM INDONESIA
e. Etc.
Business Trend :
Growing
B a n k e r :
CITIBANK N.A.
Bapindo Plaza Office Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 375.0 billion
2011 – Rp. 386.0 billion
2012 – Rp. 397.0 billion
2013 – Rp. 198.0 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 29.5 billion
2011 – Rp. 31.0 billion
2012 – Rp. 32.0 billion
2013 – Rp. 13.6 billion (January – June)
Payment Manner :
Delayed to P.T. BAKRIE CONSTRUCTION INDONESIA worth US$ 799,600
(Default)
Financial Comments :
Weak
Board of Management :
President Director - Mr. Manoj Soni
Director - Mr. Ashok Kumar Singh
Board of Commissioners :
Commissioner - Mr. Atul Punj
Signatories :
President Director (Mr. Manoj Soni) or the
Director (Mr. Ashok Kumar Singh) which must be approved by Board of
Commissioner
Management Capability :
Satisfactory
Business Morality :
Prudent
Credit Risk :
High
Credit Recommendation :
Credit is not recommended
Proposed Credit Limit :
C.O.D.
P.T. PUNJ LLOYD INDONESIA (P.T. PLI) was established in Jakarta on
February 28, 1997 with the authorized capital of US$ 1,000,000 issued and paid up
capital of US$ 250,000. The founding shareholders of the company are PUNJ LLOYD
Sdn. Bhd., of Malaysia and PUNJ LLOYD Ltd of India. The articles of association
of the company have frequently been revised. In October 2002, the issued
capital was raised to US$ 302,500 wholly paid up. Later, the issued capital was
raised again to US$ 402,500 fully paid up and concurrently whole shares of the
company were controlled by PUJN LLOYD Ltd and Mr. Vimal Kishore Kaushik of
India.
Then in May 2003, Mr. Vimal Kishore Kaushik of India pulled out and
replaced by PUNJ LLOYD SDN BHD of Malaysia. Then in June 2010 the authorized
capital was raised to US$ 4,000,000 issued capital of US$ 3,888,055 entirely
issued and paid up.
On the same occasion PUNJ LLOYD SDN. BHD., of Malaysia pulled out and
replaced Mr. Atul Punj of India as new shareholder. With this development the
composition of its shareholders has been changed to become PUNJ LLOYD LIMITED.,
of India (99.94%) and Mr. Atul Punj of India (0.06%). The revision of notary
deed was made by Mr. Fardian, SH., was approved by the Ministry of Law and
Human Right in its Decision Letter No. AHU-AH.01.10-15340, dated June 22, 2010.
Then according to the latest revision of notary documents of Mala Mukti,
SH., No. 14 dated 7 September 2012 the company board of director and the board
of commissioner had been changed. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-41242
dated November 22, 2012.
P.T. PLI has been in operation since 1998 dealing with engineering
procurement and contracting services including onshore & offshore pipe
lines, infrastructure services, processing plant, engineering services, plant
& facility management and power plant services. Mrs. Oka, a staff of the
company, said that the company has carried out several projects especially in
oil and gas. The projects having been done by the company include the Panaran
pumping island pipe line of P.T. PERUSAHAAN GAS NEGARA. P.T. PLI together with
its parent company PUNJ LLOYD Ltd., of India is the winner of tender of
designing works, installation and testing of gas transmission line of Pagardewa
– Labuhan Maringgai, a part of project of South Sumatra – West Java Phase II of
274 km long owned by P.T. PERUSAHAAN GAS NEGARA Tbk of which the development of
the project has started at the end of 2006.
The Gulf Grissik Corridor Block in south Sumatra, the Gulf South Jambi
Block and Santa Fe Jabung Block includes several gas fields with proven
reserves. The Panaram Pumping pipeline was planned to transport natural gas to
potential markets, Caltex in Duri and industries in Batam Island and to
Singapore Power. The Panaran Pemping pipeline is a crucial link of the
Grissik-Sakaran-Batam-Singapore pipeline. The pipeline was completed in 2003
and connects the Indonesian islands of Batam, Tanjung Kubu, Teluk Dalam, Lumba
Besar and Pulao Pemping by a 31-km, 28-inch diameter onshore and offshore gas
pipeline for PT. Perusahaan Gas Negara.
The other project are he offshore and onshore pipe lines for Tunu field
development phase 9, process plant project of Peceko Development phase 4, both
of TOTALPINAELF E & P INDONESIE; infrastructure project of Duri Steam
flooding area 10 of P.T. CHEVRON PACIFIC INDONESIA and several other projects.
P.T. PLI together with other companies P.T. THIESS CONTRACTORS INDONESIA
and P.T. ASTRATEL NUSANTARA are investors having passed pre-qualification test
for developing Solo – Kertosono Toll Road of 162 km long. The three companies
will be invited by the chairman of Toll Road Management Board (BPJT) for tender
process of the development of that toll road. It is planned that the tender of
Solo – Kertosono Toll Road will be divided into two packets namely Solo – Ngawi
of 75 km long with an estimated investment of Rp. 3.93 trillion and Ngawi –
Kertosono of 87 km long with an estimated investment of Rp. 4.56 trillion.
The other projects completed by P.T. PLI are Tunu South Utility Platform
(SUP) Deck TPIIS/EPSC5, Mahakam River, East Kalimantan owned by TOTAL E&P
INDONESIE. TOTAL Tunu is a gas and condensate field located on East Kalimantan
(Indonesia) on the the outer margin of the Mahakam delta, partially onshore in
swamp areas and partially offshore in shallow waters. The main objective of the
Phase 11 development is to maintain production whilst allowing for a decrease
in the wellhead pressure from the current 25-30 barg to as low as 10 barg, with
a corresponding reduction of the reservoir abandonment pressures.
The company constructed a swamp and near shore pipeline project from Pt.
Bouygues Offshore for the owner, TOTAL E&P Indonesie. This project resulted
in the company’s continued presence in Kalimantan, with TOTAL E&P Indonesie
as the client. P.T. PLI has executed projects in the face of language barriers
and cultural differences, which the company overcame by its policy of
recruiting locals. Sometimes working through the populated villages and towns
is a logistical challenge, both for men and machines. Challenges like
inaccessibility of islands, environmentally sensitive mangrove forests,
undulating terrain, rocky seabed with live coral reefs and granite rock,
working in the busiest shipping route connecting Singapore and Indonesia,
crossing a river through difficult terrain by horizontal directional drilling
and constructing two terminal stations on hilltops involving 500,000 m3
of earthwork did not unnerve P.T. Punj Lloyd Indonesia. Interacting and working
with the locals gave the Company valuable insight into the Indonesian work
culture. P.T. Punj Lloyd Indonesia has created a permanent bank of trained
local personnel, which is a rich valuable asset to us and has been deployed at
our sites world-wide.
P.T. PLI also actively contributes towards community development by
helping the locals. It has built a mosque and a school in a densely populated
area along a pipeline route. Its commitment to establish a presence in the
region has resulted in continued investment in construction and amphibian
equipment. The equipment yard at Sungaipurun overhauls and repairs equipment
and includes a jetty for small ships and barges. In 2008, P.T. MAKMUR SEJAHTERA
WISESA a member company of P.T. ADARO ENERGI Tbk, appointed P.T. PLI and PUNJ
LLOYD LTD., India, as contractor engineering, procurement & construction of
power plant, and SIEMENS Industrial Turbomachinery S.R.O., of Czech Republic as
supplier of steam turbine generator. Besides, P.T. PLI also acted as
engineering, procurement and contractor for TOTAL E&P INDONESIE,
CONOCOPHILIPS INDONESIA INC., P.T. PERUSAHAAN GAS NEGARA Tbk and other
projects.
The on going project are the construction of onshore and offshore
pipeline and oil & gas facilities Peciko Onshore Development Phase-4, East
Kalimantan owned by TOTAL E&P INDONESIE; Panaran Pemping Gas Pipeline, EPC
and Installation of 28 “dia, 30 km pipeline, also known as the Hoping Island
Project, 10 km as laid in offshore in water depths up to 20 m and 7 kms in
marchy and swamp area owned by P.T. PERUSAHAAN GAS NEGARA (Persero) Tbk. P.T.
PLI is classified as a medium sized company of its kind in the country of which
the operation has been growing slowly in the last three years.
Generally, demand for oil and gas equipment, piping systems, fittings,
flanges, actuators, valves and other technical equipments had kept increasing
by 8% to 10% per annum in the last five years in line with the growth of
industrial sectors including oil and natural gas, chemical and petrochemical
industry, LNG plant, oil refinery and other sectors requiring these equipments.
It is projected that the demand will keep going up in five years to come. The
competition is very tight on account of many similar companies operating in the
country. Besides that the growing crude oil price started as from the middle of
1999 and constantly rising within 2007 has blown fresh air to Indonesian
government and oil companies.
In the effort of stabilizing the world's crude oil price above US$ 90
per barrel in 2008 and sharply dropped to US$ 40 to US$ 100 per barrel in early
2012. Despite crude oil price problem, Indonesia has kept on attempting to
increase its crude oil and natural gas production including natural gas.
Details on production growth of Indonesian crude oil and natural gas as from
2000 to 2012 are pictured bellows.
|
Year |
Petroleum (000 barrels) |
Gas |
||
|
Gas (000 MSCF) |
LNG (000 MMBTU) |
LPG (MT) |
||
|
2000 |
516,503 |
2,907,327 |
1,411,608 |
2,062,616 |
|
2001 |
490,145 |
2,803,034 |
1,257,446 |
2,190,120 |
|
2002 |
474,884 |
3,031,028 |
1,352,878 |
1,792,575 |
|
2003 |
420,995 |
3,142,605 |
1,347,349 |
1,921,757 |
|
2004 |
438,455 |
3,113,338 |
1,390,466 |
1,677,619 |
|
2005 |
387,698 |
3,036,195 |
1,338,782 |
1,581,727 |
|
2006 |
366,993 |
3,178,278 |
1,159,770 |
1,238,572 |
|
2007 |
357,143 |
2,949,506 |
1,258,951 |
1,671,715 |
|
2008 |
357,501 |
3,136,657 |
1,093,435 |
1,800,383 |
|
2009 |
346,312 |
3,023,944 |
970,769 |
1,560,929 |
|
2010 |
341,228 |
3,291,912 |
1,017,216 |
2,538,106 |
|
2011 |
332,752 |
4,811,814 |
1,373,829 |
n.a. |
|
2012* |
238,946 |
2,396,952 |
890,030 |
n.a |
Source: Statistic
of Central Board 2012* (January – September)
Until this time P.T. PLI has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The
management of P.T. PLI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2010 amounted to Rp. 375.0 billion rose to Rp. 386.0 billion in 2011
increased to Rp. 397.0 billion in 2012. As from January 2013 the sales has
amounted at Rp. 198.0 billion with a net profit of Rp. 13.6 billion.
However P.T. PLI has
facing financial difficulties due
to increased operating costs. Based
on the information that P.T. PLI still has debts to P.T. Bakrie Construction Indonesia US$ 799.600 which is due
in June 2012. Previous
P.T. PLI installments promise to pay the entire debt, but until now P.T. PLI
has not paid all the debts. P.T. Bakrie Construction Indonesia filed a
bankruptcy petition against P.T. PLI through the Commercial Court, Central
Jakarta. Bankruptcy petition was filed because P.T. PLI fails to pay its debts.
But the case is still in the process of looking for hard evidence and the trial
schedule has not been determined.
The management of P.T. PLI is headed by Mr. Manoj Soni (50) a
professional manager of India with experience in engineering, procurement and
construction services. Daily activity he is assisted by Mr. Ashok Kumar Singh
(43) as director. 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. From the whole negative factor surrounding P.T. PUNJ
LLOYD INDONESIA we recommend to stop any new proposed loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.