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Report No. : |
333284 |
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Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. CONSPEC
PERTAMA INDONESIA |
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Registered Office : |
Jalan Hipe 9, Raya Legok Km. 8, Desa Legok, Tangerang 15820, Benten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
02.09.2001 |
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Com. Reg. No.: |
AHU-08732.AH.01.02.Tahun 2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Oil and Natural Gas Contracting Services. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Indonesia |
A2 |
A2 |
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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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
Correct
Name of Company :
P.T. CONSPEC PERTAMA INDONESIA
A
d d r e s s :
Head
Office
Jalan
Hipe 9, Raya Legok Km. 8
Desa
Legok, Tangerang 15820
Benten
Province
Indonesia
Phones -
(62-21) 546 1238
Fax - (62-21) 546 1239
Email - info@conspec.biz
Website - http://www.conspec.biz
Building Area - 2 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
02
September 2001
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-08732.AH.01.02.Tahun 2014
Dated
28 February 2014
Company
Status :
Foreign
Investment Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.846.037.8-415.000
Related/Affiliated
Company :
Not available
Capital
Structure :
Authorized
Capital - Rp.
10,000,000,000.-
Issued
Capital -
Rp. 2,500,000,000.-
Paid
up Capital -
Rp. 2,500,000,000.-
Shareholders/Owners
:
a. Mr. Ir.
Hari Mulijono Santosa - Rp.
1,625,000,000.- (65%)
b. Mr. Ir.
Paulus Kurniawan Koesoemo
Widagdo,
MBA -
Rp. 875,000,000.- (35%)
Lines of Business
:
Oil and Natural Gas Contracting services
Production
Capacity :
None
Total Investment :
None
Started Operation
:
2 0 0 1
Brand Name :
CPI
Technical
Assistance :
None
Number of Employee
:
40 persons
Marketing Area :
Domestic
- 60%
Main Customers :
a. Oil and Natural Gas Industries
b. Mineral Mining Industries
c. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a.
PT. Agrabudi Karyamarga
b.
PT. Marga Nujyasumo Agung
c.
PT. Anugerah Jaya Mulia Utama
d.
PT. Karya Murni Perkasa
e. PT. Berkah Bumi Ciherang
f. PT. Angkasa
Teknik Raya
g. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jl. Kisamaun No. 57
Tangerang, Banten
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jl. Imam Bonjol No. 71, Karawaci
Tangerang, Banten
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Total
Income/Revenues (estimated) :
2012
– Rp. 28.0 billion
2013
– Rp. 32.0 billion
2014
– Rp. 36.0 billion
Net
Profit (estimated) :
2012
– Rp. 2.2 billion
2013
– Rp. 2.5 billion
2014
– Rp. 2.8 billion
Payment
Manner :
Almost
promptly
Financial
Comments :
Fairly
Board of Management :
President Director - Mr. Ir. Hari Mulijono Santosa
Director -
Mr. Ir. Paulus Kurniawan Koesoemowidagdo, MBA
Board of Commissioners :
Commissioner - Ms. Ir. Peggy Surjawati Zacharia
Signatories :
President
Director (Mr. Ir. Hari Mulijono Santosa) or Director (Mr. Ir. Paulus Kurniawan
Koesoemowidagdo, MBA) which must be approved by Board of Commissioner
Management Capability :
G o o d
Business Morality :
G o o d
P.T. CONSPEC PERTAMA INDONESIA (P.T. CPI)
was established in September 2001 in Jakarta.
However, we don’t know the amount of
the company’s capital and initial shareholders. Its
articles of association have subsequently been changed for several times. In February 2014, based on notary Deed of
Endang Moeliani, SH., notary in Jakarta, the authorized capital was raised to
Rp. 10,000,000,000.- of which Rp. 2,500,000,000.- was issued and fully paid
up. According to notary Deed, the
shareholders of the company are Mr. Mr. Ir. Hari Mulijono Santosa (65%) and Mr.
Ir. Paulus Kurniawan Koesoemo Widagdo, MBA, (35%), both are indigenous
businessmen. This amendment to Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-08732.AH.01.02.Tahun
2014 dated February 28, 2014. Since
then, no changes have been effected in term of its shareholding composition and
capital structure to date.
In accordance with article 3 (three) of the
articles of association contained in the deed of establishment, the scope of
activities of the Company is primarily in general contracting, development,
trading, industry and services. The
company registered office located on Jalan Hipei 9 Raya Legok Km. 8, Desa
Legok, Tangerang, Banten province.
We observed that P.T. CPI has been in operation since 2001 in contracting services and decided to focus on the construction of grouting, injection, waterproofing and flooring. Most o the structural strengthening works handled by P.T. CPI are in the building and infrastructure segments, including off-shore constructions. Construction service are handled by the Company are various infrastructure projects such as; bridges, wharfs, roads and container yards. In addition P.T. CPI services for the work for the construction of multi-storey buildings such as; offices / apartments, shopping malls, residential, places of workshop, Sport and recreation places and also industrial sectors such as factories and warehouses. Until now hundreds of projects have been untertaken by using Carbon Fiber Reinforced Polymer (CFRP). We observed that P.T.CPI is classified as a small sized company of its kind in the country of which the operation has been growing slowly in the last three years.
Generally, the demand for construction
services for mining, oil and gas activities have fluctuated and for gold have
been expanding in the country in the last five years. As from October 2008, the demand growth for
geological and mining services has kept on dwindling as an impact of global
economic crisis as told above. The
demand was increasing in the early 2009 due to economic condition was gradually
recovery in the country. The growth rate is now estimated at 5% to 7% per year.
Market competition is very tight due to a large number of similar companies
operating in the country. Business
position of P.T. CPI is favorable for it has controlled a wide marketing
network in the country.
Until this time P.T. CPI has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial
statement publicly. P.T. CPI’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total income/revenues of the company
in 2012 amounted to Rp. 28.0 billion increased to Rp. 32.0 billion in 2013 and
rose again to Rp. 136.0 billion in 2014.
The operation in 2014 yielded a net profit at least Rp. 2.8 billion and
the company has a total net worth of Rp. 12.0 billion. It is projected that total sales turnover of
the company will increase at least 6% in 2015.
So far we did not hear that P.T.CPI has been black listed by Bank
Indonesia (Central Bank) or having detrimental cases being settled in local
district court.
The management of P.T. CPI is led by Mr. Ir.
Hari Mulijono Santosa (45) as president director and CEO of the company. He
graduated from Petra Christian University, Surabaya, East Java Majoring in
Civil Engineering. In daily activities he is assisted by Mr. Ir. Paulus
Kurniawan Koesoemowidagdo, MBA (46) as director and Ms. Ir. Peggy Surjawati
Zaharia (28) as commissioner. They have
wide relations with government sector and private businessmen at home and
abroad. 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. CPI is appraised to be good for
business transaction. However, in view
of the economic condition in the country is still unstable, we recommend to
treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.