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Report No. : |
346800 |
|
Report Date : |
28.10.2015 |
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.: |
AHU-AH.01.10-41242 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Providing Engineering, Procurement
and Contracting Services. |
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No. of Employees : |
65 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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) |
|
Indonesia |
A2 |
A2 |
|
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 |
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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 |
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) :
2012 – Rp. 397.0
billion
2013 – Rp. 220.0
billion
2014 – Rp. 204.0
billion
Net Profit
(estimated) :
2012 – Rp. 32.0
billion
2013 – Rp. 22.8
billion
2014 – Rp. 17.2
billion
Payment Manner
:
Delayed to P.T.
BAKRIE CONSTRUCTION INDONESIA worth US$ 799,600 (Default) and P.T. PATRA
SUPPLIES & P.T. INDOTURBINE
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
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.
According information since the end 2014 the company has not obtained projects.
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 five 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 2012 amounted to Rp. 397.0 billion declined to Rp. 220.0 billion in
2013 drop to Rp. 204.0 billion in 2014 and projected to be declined by at least
20% because the company has no projects since the end 2014 up to present.
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.
Later since July 2015 P.T. PLI has facing financial problem because P.T.
PATRA SUPPLIES AND SERVICES and P.T. INDOTURBINE has sued through PKPU
(Permohonan Penundaan Kewajiban Pembayaran Utang). P.T. PLI has fails to pay
debts of US$ 131,771 P.T. PATRA SUPPLIES AND SERVICES and US$ 54,364 on P.T.
INDOTURBINE. PKPU case is registered
with the No. 47
/ PKPU / 2015 / PN.JKT.PST dated
21 January 2015. P.T.
PLI requested an extension of time for payment of debt. Central Jakarta
District Court judge who handled the case PKPU grant P.T. PLI to postpone extend
the time for payment of the
debt.
The management of P.T. PLI is headed by Mr. Manoj Soni (52) a
professional manager of India with experience in engineering, procurement and
construction services. Daily activity he is assisted by Mr. Ashok Kumar Singh
(44) 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.64.96 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.