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Report Date : |
06.10.2014 |
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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|
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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
|
MIRAs 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 |
|
Payment Behaviour : |
Slow but correct |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
A2 |
A2 |
|
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 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since
2010. During the global financial crisis, Indonesia outperformed its regional
neighbors and joined China and India as the only G20 members posting growth.
The government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25% 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 also faces the
challenges of quelling labor unrest and reducing fuel subsidies in the face of
high oil prices.
|
Source
: CIA |
Name of Company :
P.T. PUNJ LLOYD INDONESIA
A d d r e s s :
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 :
Declining
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) :
2011 Rp. 386.0 billion
2012 Rp. 397.0 billion
2013 Rp. 220.0 billion
2014 Rp. 102.0 billion (January June)
Net Profit
(estimated) :
2011 Rp. 31.0 billion
2012 Rp. 32.0 billion
2013 Rp. 22.8 billion
2014 Rp.
8.6 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
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 companys 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.
The outlook for the country's oil and gas
sector is becoming increasingly uncertain. We forecast the long-term decline in
total liquids production and a stagnation of gas production. This is mainly a
result of the slow pace of exploration and development, exacerbated by an
increasingly uncertain regulatory environment as resource nationalism creeps
into the government's policy towards the sector. Opportunities for exports will
be further compromised by the domestic market's increasing energy demand.
Hence, falling oil and gas exports is another key trend we identify for
Indonesian oil and gas. The main trends and developments we highlight for
Indonesia's oil and gas sector are:
We forecast that oil and gas reserves will
most likely be on a downward trend in the coming decade: oil reserves are
expected to decrease from an estimate of 4.0 bn barrels (bbl) of oil at the
beginning of 2013 to 3.7 bn bbl in 2017, falling further still to 3.4 bn bbl by
2022. For gas, we expect reserves levels to be stagnant as addition from
exploration successes in East Kalimantan cancels out natural depletion from
existing fields. Reserves are forecast to fall from 3.07 tcm in 2013 to 2.80
tcm in 2017, and fall further to 2.51 tcm unless the pace of drilling activity
picks up. The oil and gas industry makes a huge contribution to the Indonesian
economy, providing energy and products that stimulate economic and social
development. In addition to their core products and services, oil and gas
companies and associated service industries also contribute to economic
development by building capacity, using and developing local content, providing
employment, investing in training and education, and introducing new
technologies.
Investor interest in exploration and
production in Indonesia remains high, and there have been significant increases
in new Production Sharing Contracts and in the number of new projects currently
underway and or being planned. Current hydrocarbon reserves in Indonesia's
tertiary sedimentary basins are estimated at 8.4 billion barrels of oil and
164.9 trillion cubic feet of gas.
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 2011 amounted to Rp.
386.0 billion rose to Rp. 397.0 billion in 2012 drop to Rp. 220.0 billion in
2013. As from January to June 2014 the sales has amounted at Rp. 102.0 billion
with a net profit of Rp. 8.6 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. According information
P.T. PLI has also bed debts to P.T. INDONESIA MARINE. However since December
2013 P.T. Bakrie Construction revoke bankruptcy petition against P.T. PLI after
the company pay debts owed to P.T. Bakrie Construction. Revocation petition was
approved by the bankruptcy court and stated grant revocation case field by the
applicant.
The management of P.T. PLI is headed by Mr.
Manoj Soni (51) 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.61.75 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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 SCs 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.