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Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. ISTECH RESOURCES |
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Registered Office : |
Graha Irama Building 9th Floor Unit G, Jalan
H.R. Rasuna Said Block X-1 Kav. 1-2, |
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Country : |
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Date of Incorporation : |
01.02.2000 |
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Com. Reg. No.: |
AHU-AH.01.10-43213 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Construction and Management
Consulting Services |
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No of Employees : |
38 Persons |
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 |
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Status : |
Satisfactory |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
P.T. ISTECH
RESOURCES ASIA
Head Office
Graha Irama
Building 9th Floor Unit G
Jalan H.R. Rasuna
Said Block X-1 Kav. 1-2
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 527 4206 (Hunting)
Fax
- (62-21) 527 4214
E-mail -
ts@istechgroup.com
Website -
http://www.istechgroup.com
Building Area - 26 storey
Office Space -
230 sq. meters
Region -
Commercial Building
Status -
Rent
a. 13 October 1999 as P.T. INDOSPEC ISTECH
INDONESIA
b. 1 February 2000 as P.T. ISTECH RESOURCES ASIA
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
- No.
C-7687.HT.01.01.TH.2000
Dated 30 March 2000
- No.
AHU-07637.AH.01.02.TH.2011
Dated 14 February 2011
- No.
AHU-AH.01.10-43213
Dated 22 October 2013
National Private
Company
The Department of Finance
NPWP No.
01.957.716.2-058.000
The Capital Investment Coordinating Board
- No. 395/I/PMA/1999
Dated 16 June 1999
- No. 153/III/PMA/1999
Dated 19 November 1999
- No. 05/III/PMA/2000
Dated 5 January 2000
The Indonesian Chamber of Commerce & Industry
KADIN Member :
20201.53292
a. P.T. BANGADUA PETROLEUM (Oil and Natural Gas
Exploration)
b. P.T. INDOSPAC ASIA (Inspection and Certification
of Platform Construction (Oil Rig) Services and Investment Holding)
c. ISTECH RESOURCES PTE., LTD., Singapore
(Investment Holding)
Capital
Structure :
Authorized
Capital : US$
250,000.-
Issued Capital : US$
250,000.-
Paid up Capital : US$ 250,000.-
Shareholders/Owners
:
a. ISTECH RESOURCES PTE., LTD. - US$ 121,000.-
Address :
3 Shenton Way
Singapore
b. Mrs. Noviriyanti -
US$ 37,500.-
Address : Jl. Kelapa Puan XII
AG 5, RT. 004 RW. 012
Kelurahan
Kelapa Dua, Kecamatan Kelapa
Dua, Tangerang,
Banten Province
Indonesia
c. Mr. Kuat Santoso -
US$ 31,500.-
Address :
Jl. Wirajati I/Y-11, RT. 007 RW. 007
Kelurahan Cipinang Melayu, Kecamatan
Makasar,
Jakarta Timur
Indonesia
d. Mr. Howardi Somali -
US$ 30,000.-
Address : Jl. Kelapa Puan XII
AG 5, RT. 004 RW. 012
Kelurahan Kelapa
Dua, Kecamatan Kelapa
Dua, Tangerang,
Banten Province
Indonesia
e. Mrs. Siti Soleha -
US$ 30,000.-
Address :
Jl. Sawo 2 RT. 003 RW. 015
Kelurahan
Jatisempurna, Kecamatan
Bekasi Barat, West Java
Indonesia
Lines of Business :
Construction and Management
Consulting Services
Production Capacity :
None
Total Investment :
None
Started Operation :
2000
Brand Name :
Istech Resources Asia
Technical Assistance :
Istech Resources Pte., Ltd.,
Singapore
Number of Employee :
38 persons
Marketing Area :
Local - 100%
Main Customer :
Oil and Gas Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. NIPPON STEEL CONSTRUCTION
INDONESIA
b. P.T. NIPPON STEEL BATAM OFFSHORE
SERVICES
c.
P.T. SANTA FE SUPRACO INDONESIA
d. P.T. SPARROWS OFFSHORE
e. P.T. SUPRACO INDONESIA
Business Trend :
Growing
Bankers :
a. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend. Sudirman Kav. 29-30
Jakarta Selatan
b. P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan H.R. Rasuna Said Kav. 1-A
Jakarta Selatan
c. STANDARD CHARTERED Bank
Wisma Standard Chartered Bank
Jalan Prof. Dr. Satrio No. 164
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 23.0
billion
2012 – Rp. 25.0
billion
2013 – Rp. 27.0 billion
Net Profit
(estimated) :
2011 – Rp. 1.8
billion
2012 – Rp. 2.1
billion
2013 – Rp. 2.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Howardi Somali, MM.
Director -
Mrs. Siti Soleha
Board of Commissioners :
President Commissioner -
Mr. Inder Singh
Commissioners -
Mr. Ramles Manampang Silalahi
Signatories :
President Director (Mr. Ir. Howardi Somali, MM) or the Director (Mrs.
Siti Soleha) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
The correct name of the Subject is P.T. ISTECH RESOURCES ASIA not ISTECH
ENERGY EP-5 PTE LTD., as stated in your order ref. no. 284474 dated 2 September
2014.
Originally named P.T. INDOSPEC ISTECH INDONESIA established in Jakarta
on 13 October 1999 with the authorized capital of US$ 250,000 wholly issued and
paid-up. Founders and shareholders are ISTECH RESOURCES ASIA Pte., Ltd., of
Singapore and P.T. INDOSPEC ASIA of Indonesia. It’s articles of association has
frequently been changed for a couple of times.
On 1 February 2000, the company renamed to P.T. ISTECH RESOURCES ASIA
(P.T. IRA). Later in January 2011 P.T. INDOSPECT ASIA pulled out and the whole
share sold to Mr. Howardi Somali, Mrs. Noviriyanti, Mrs. Siti Soleha and Mr.
Kuat Santoso as new shareholders. With this time the composition of its
shareholders has been changed to become ISTECH RESOURCES PTE., LTD., Singapore
(48.4%), Mrs. Noviriyani (15%), Mr. Kuat Santoso (12.6%), Mr. Ir. Howardi
Somali, MM (12%) and Mrs. Siti Soleha (12%). The latest according to the
revision of notary deed Mr. Rusnaldy, SH., no. 15 dated 8 October 2013 the
company board of director and the board of commissioner had been changed to
lead and runs of the company’s operation. The deed of amendments was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-43210 dated October 22, 2013.
P.T. IRA acquired a Foreign Investment (PMA) license issued by BKPM
(Investment Coordinating Board) for dealing with construction works services
and management consulting services. Its services is including technical
services competency based training and assessment (CBTA) services, quality
assurance/quality control services, project management services, engineering
services , etc. The service may range from feasibility studies, conceptual and
preliminary engineering to detail offshore oil and gas industry. Some of the
foreign oil contracting firms used its services are KODECO INDONESIA, PREMIER OIL NATUNA SEA,
PREMIER ANOA GAS EXPORT PROJECT Indonesia/ Singapore, SANTA FE TUBAN Field
Development, LASMO LOGISTIC Indonesia, KODECO POLENG TAC, P.T. J.RAY Mc DERMOTT
INDONESIA, UNOCAL WEST SENO Field Development, P.T. BANGADUA PETROLEUM, UNOCAL
RAPAK LTD., P.T. McDERMOTT INDONESIA, TAHIPO (Pogo Producing) Benchamas field
development in Thailand, CTOC Drilling Operations in Malaysia, CTOC Field
Development in Malaysia, KELLOG BROWN & ROOT in Singapore & Australia
and Japan Vietnam Petroleum Corporation in Vietnam.
P.T. IRA’s focus is on delivering integrated project management and engineering
services, provided at all project stages ranging from exploration to
production, construction to maintenance, upstream and downstream. P.T. IRA’s
operation had been growing slowly amid the economic crisis striking Indonesia
since mid 1997. Beside that the company is also backed with technical
assistance from parent company ISTECH RESOURCES Pte. Ltd., Singapore a business
firm dealing with technical and engineering design facilities services.
The demand for construction works services, oil and gas equipment has
been growing slowly in the last five years. The new investments in oil and gas
exploration tended to decline within the above period. Generally we find the
demand for directional drilling, mud logging, measurement while drilling
services, offshore survey services like geophysics and seismic has been
fluctuating within the last five years, in line with the growth of oil &
natural gas industries in the country. It is projected that the demand will
keep going up in five years to come. 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. 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. IRA has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. IRA is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 23.0 billion rose to Rp. 25.0 billion in 2012
increased to Rp. 27.0 billion in 2013 and projected to go on rising by at least
6% in 2013. The operation in 2013 yielded an estimated net profit of at least
Rp. 2.3 billion and the company has an estimated total networth of at least Rp.
3.0 billion.
We observe that P.T. IRA is supported by foreign partner 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. IRA is led by Mr. Ir. Howardi Somali, MM (58) a
businessman and professional manager with experience in construction and
management consulting services. Mr. Ir. Howardi is a Mechanical Engineer from
Bandung Instiute of Technology and an MBA in management with over 30 years of
experience in Project Management and Personnel Services in the field of oil and
gas industries. He is vastly experienced in Inspection & Certification
Services as well as Technical Support. He started his career with a company
affiliated to American Bureau of Shipping and held various posts of
responsibility and was their Business Development Head. He is The Director and
key person in Istech Resources Asia for over 10 years. He has particularly
strong experience of working in Indonesia over the past 30 years, where he has deep
and broad experience in building business operations. He has an in-depth and
vast knowledge and experience in management consultancy and Indonesian oil and
gas laws.
The company's management is handled by professional staff in the above
business. Daily activity he is assisted by Mrs. Siti Soleha (55) as director.
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. ISTECH RESOURCES ASIA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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Report Prepared
by : |
NIT |
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.