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MIRA INFORM REPORT
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Report No. : |
496377 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. WASCO ENGINEERING INDONESIA |
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Registered Office : |
Jalan Brigjend. Katamso Km. 5 Tanjung Uncang, Batu Aji, Batam, 29424,Kepulauan Riau Province |
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Country : |
Indonesia |
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Date of Incorporation : |
28.04.2006 |
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Com. Reg. No.: |
AHU-AH.01.03-0981418 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited
Liability Company |
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Line of Business : |
Design, Engineering, Fabrication and Construction for Oil
and Gas Industry |
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No. of Employees : |
173 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Foreign Investment Company |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
BASIC
SEARCH
Name of Company :
P.T. WASCO ENGINEERING
A d d r e s s :
Head
Office & Factory
Jalan Brigjend. Katamso Km. 5
Tanjung Uncang, Batu Aji
Batam, 29424
Phones - (62-778) 396212 (Hunting)
Fax - (62-778) 396211
E-mail - info@wascoenergy.com
recruitment.batam@wascoenergy.com
Land Area - 120,000 sq. meters
Building Space - 65,000 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation :
a. 28
April 2006 as P.T. MEGARON SEMESTA
b. 25
February 2012 as P.T. WASCO ENGINEERING INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The
Ministry of Law and Human Rights
- No.
C-17421.HT.01.01.TH.2006
Dated
14 June 2006
- No.
AHU-13564.AH.01.02.TH.2012
Dated14
March 2012
- No.
AHU-AH.01.10-03523
Dated
6 February 2013
- No.
AHU-AH.01.03-0981418
Dated
19 November 2015
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The
Department of Finance
NPWP No. 02.504.120.3-217.000
The
Department of Industry and Trade
TDP No. 33.10.1.09.05773
Dated 29 June 2006
Related Company :
WASCO ENGINEERING TECHNOLOGIES PTE,
LTD., Singapore (Investment Holding)
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 2,000,000,000.-
Issued Capital : Rp. 1,836,700,000.-
Paid up Capital : Rp. 1,836,700,000.-
Shareholders/Owners :
a.
WASCO ENGINEERING TECHNOLOGIES TE., LTD. -
Rp. 1,744,900,000.-
Address :
Samsung Hub, Singapore
b. Mr. Karim
Tanado -
Rp. 91,800,000.-
Address : Jl. Karang Asem Tengah, RT. 07
RW. 02
Kelurahan Kuningan Timur, Kecamatan
Setiabudi, Jakarta Selatan,
Indonesia
BUSINESS
ACTIVITIES
Lines of Business :
Design, Engineering, Fabrication and Construction for Oil
and Gas Industry
Production Capacity :
None
Total Investment :
None
Started Operation :
2007
Brand Name :
Wasco Engineering
Technical Assistance :
Wasco Engineering Technologies Pte., Ltd., Singapore
Number of Employee :
173 persons
Marketing Area :
Local - 100%
Main Customer :
Buyers in oil and gas contracting
services
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AKER SOLUTION
b. P.T. FRANKS
c. P.T. MCDERMOTT
d. P.T.
e. P.T. NIPPON STEEL & SUMIKIN
CONSTRUCTION
Business Trend :
Declining
BANKER,
AUDITOR & LITIGATION
B a n k e r s :
a. P.T.
Bank
Jalan
Raja Ali Haji No. 18
Batam,
b. P.T.
Bank OCBC NISP Tbk
Batam
Main Branch
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated) :
2015 – Rp. 210.0 billion
2016 – Rp. 197.9 billion
2017 – Rp. 185.2 billion
Net Profit (estimated) :
2015 – Rp. 10.5 billion
2016 – Rp. 9.8 billion
2017 – Rp. 8.3 billion
Payment Manner :
Average
Financial Comments :
Fairly strong
KEY
EXECUTIVES
Board
of Management :
President
Director - Mr. Thiagarajan Pradeep Kumar
Directors - a.
Mr. Ramanathan PR Singaram
b. Mr. Shamugam Karupiah
Board
of Commissioners :
Commissioner - Mr.
Giancarclo Maccagno
Signatories
:
President Director (Mr. Thiagarajan
Pradeep Kumar) or one of the Directors (Mr. Ramanathan PR Sing or Mr. Shamugam
Karupiah) which must be approved by Board of Commissioner
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
OVERALL
PERFORMANCE
Based on search and investigation the correct
address of the Subject is located at Jalan Brigjend. Katamso Km. 5, Tanjung
Uncang, Batu Aji, Batam, Kepulauan Riau Province, not Gedung Graha Nagoya Mas 2nd
Floor Unit 204, Jalan Imam Bonjol Nagoya in Batam, as stated in your order ref.
no. 496377 dated 6 March 2018.
Originally the company named P.T.
MEGARON SEMESTA was set-up in Jakarta on 28 April 2006 with the authorized
capital of Rp. 2,000,000,000 issued capital of Rp. 800,000,000 fully and paid
up. The founding and shareholders of the company are P.T. SAS INTERNATIONAL,
Mr. Karim Tanadi and Mr. Herman Karmana, both are Indonesian businessmen of
Chinese descents. The company notary deed had been changed a couple of times.
Then in February 2012 the company was
changed to P.T. WASCO ENGINEERING INDONESIA (P.T. WEI). On the same occasion
P.T. SAS INTERNATIONAL and Mr. Herman Karmana withdrew and the whole shares
sold to WASCO ENGINEERING TECHNOLOGIES PTE, LTD.,
P.T. WEI is a foreign investment (PMA)
company started to be operating since 2007 engaged in the field provision of
engineering, design, fabrication and construction services for oil and gas
industry. The company manages 12 hectares waterfront fabrication base in Batam,
Jalan Brigjend. Katamso Km. 5, Tanjung Uncang, Batu Aji,
The company is approved Ariel
distributor from Ariel Corporation and Waukesha Power Partner from GE Energy
Gas Engine, enabling us to design Engineering Compression solutions which can
be custom built to address specific and unique situations. This has given us access
to OEM spare parts and allows strategically positioned P.T. WEI to provide
after-market services in the Energy Industry in
The
Batam facility executes e-house and sub-station activities as per the pre-determined
equipment layout given by large switch gear manufacturers such as ABB, Siemens,
Schneider and Emerson for remote instrument rooms. This yard specializes in the
full range of e-house construction activities right from basic engineering
design up to procurement and construction.
We observe P.T.
WEI’s operation has decreased since the beginning of 2015, due slump world oil
prices. Requests design, engineering construction or fabrication of offshore platform
rigs continue to decline as the weakening global oil and gas business and the
drop in oil prices. We observe that P.T. WEI operation has
been declining in the last three years.
The Company considers that the oil and gas
industry is still one of the important economic pillars in Indonesia. Lifting
target that continue to be pursued by the Government considering domestic
requirement continues to increase from time to time, but has not been followed
by an increase in national capacity. Therefore, the government continues to
develop potential cooperation in exploration and infrastructure development
through deregulation in this industry. World oil price seems to stabilize in
2017 and with oil companies able to negotiate the contracts with lower cost of
goods and services, it is expected that there will be more drilling activities
at end of 2017 or early 2018 when projects are expected to be profitable. Due
to the over-stock of oil in North America and
Middle East which
resulted in the declined of world oil price drastically and even below US$ 30
per barrel in the beginning 2016. While the production cost of crude oil in
Indonesia is around US$25-30 per barrel for on-shore wells and more expensive
for off-shore wells. This has consequently resulted in decrease or postponement
of new drilling activities in general.
Crude
Petroleum (Condensate) and Gas Production, 2005 – 2016*
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Year |
Crude Petroleum (000 barrels) |
Gas |
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Gas (000 MSCF) |
LNG (000 MMBTU) |
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2005 |
387,698 |
3,036,195 |
1,338,782 |
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2006 |
366,993 |
3,178,278 |
1,159,770 |
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2007 |
357,143 |
2,949,506 |
1,258,951 |
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2008 |
357,501 |
2,893,415 |
1,093,435 |
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2009 |
346,312 |
3,023,944 |
970,769 |
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2010 |
341,228 |
3,291,912 |
1,017,216 |
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2011 |
332,752 |
3,256,379 |
1,139,750 |
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2012 |
214,985 |
3,174,644 |
1,051,017 |
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2013 |
301,199 |
2,967,374 |
971,334 |
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2014 |
289,948 |
2,808,588 |
963,907 |
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2015 |
462,545 |
4,086,906 |
1,441,345 |
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2016* |
151,722 |
1,256,435 |
436,795 |
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Until
this time P.T. WEI has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management of P.T. WEI is very reclusive towards outsiders
and rejected to disclose its financial condition. We observed that total
sales turnover of the company in 2015 amounted to Rp. 210.0 billion drops Rp.
197.9 billion in 2016 decrease to Rp. 185.2 billion in 2017 and projected to be
declining by at least 4% in 2018 due slump world oil prices. The operation in
2017 yielded an estimated net profit of at least Rp. 8.3 billion and the
company has an estimated total networth of at least Rp. 55.0 billion. We
observe that P.T. WEI 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
The
management of P.T. WEI is led by Mr. Thiagarajan Pradeep Kumar (52) a
professional manager of Singapore with experience in provision of design,
engineering, fabrication and construction services for oil and gas industry. He
graduated and reached Marine Engineering Specialization from Indian Naval
College of Marine Engineering & Technology, 1989 – 1990 and Bachelor of
Engineering, Production from Institution PSG College of Technology, 1985 –
1989.
But
the prime mover is Mr. Giancarlo Maccagno (55) an
Italian was first appointed as an Executive Director of WSC on 1 June 2004 and
subsequently promoted to be the Deputy Managing Director on 1 January 2007. Mr.
Maccagno is also the Chief Executive Officer of the Wasco Energy Group of
Companies. He is responsible for the overall business and management operations
of the WSC Group. Mr. Maccagno attained his Bachelor in Business Administration
from Tecnico Commerciale Maddalena Adria (RO)
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. 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. WASCO
ENGINEERING INDONESIA is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.08 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.