PT. PERSADA TEKNIKINDONESIA CREDIT REPORT(REPORT DATE: JANUARY 20XX)

COMPANY OVERVIEWCOMPANY NAME

PT. PERSADA TEKNIKFORMER NAME

CV. TEKNIK INDONESIADATE OF CHANGE

22 FEBRUARY 1982
DATE OF INCORPORATION

19 APRIL 1979
TYPE OF COMPANY

LIMITED LIABILITY COMPANY OR PERSEROAN TERBATAS (PT)LEGALIZATION

NO. C2-1XXX.HT.01.04.TH’82
DATED 1 OCTOBER 1982
NO. C2-12.XXX.HT.01.04.TH’97
DATED 17 NOVEMBER 1997
NO. AHU-40XXX.AH.01.02.TAHUN 2008
DATED JULY 11TH, 2008
GOVERNMENT PERMIT(S)THE DEPARTMENT OF TRADE
NO. TDP – 09031509797
DATED 18 FEBRUARY 1998
DIRECTORATE GENERAL OF TAXATIONNUMBER OF TAXPAYER – 01.360.XXX.2-015.000
BUSINESS ADDRESSWISMA IKPT, JL. MT HARYONO KAV. XX, JAKARTA 12XXX – INDONESIATELEPHONE

FACSIMILEWEBSITE / EMAIL(62-21) 829 2XXX

(62-21) 828 1XXX, 835 3XXX

mail@ipt.com

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
2

COMPANY OVERVIEWCOMMENCEMENT OF OPERATIONS

1981
BUSINESS CATEGORYNON FACILITY COMPANY
LINE OF BUSINESSENGINEERING AND CONSTRUCTION SERVICES
STAFF STRENGTHAPPROXIMATELY – 820 EMPLOYEESCAPITALIZATIONAUTHORIZED CAPITALISSUED CAPITALPAID UP CAPITAL- IDR 5,500 MILLION- IDR 5,500 MILLION- IDR 5,500 MILLION

LISTED STATUS

STOCK EXCHANGE

NONA

AFFILIATE (S) / ASSOCIATE (S)TOYO GROUPSALES TURNOVER (ESTIMATED)INVESTMENT

2010- US$ 390,000,000
2011- US$ 430,000,000

NA

TOTAL ASSETS

NA
PRODUCTION CAPACITYNA
STATUS OF INVESTMENTNA
BANKERSBANK MANDIRIBANK PERMATA
AMERICAN EXPRESS BANKMAXIMUM CREDIT GUIDEUSD 5,000,000

CREDIT RATING

DP6

THIS
REPORT
MUST
NOT(Dh)BEunless
COMMUNICATEDTO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER[All figures
quotedin Indonesia
DirhamRupiahunlessotherwiseotherwise
stated]stated]PARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
3

BUSINESS PROFILE/ OPERATIONS
Background
Subject was initially named TEKNIK INDONESIA, when it was set up on 19th April 1979 under
the legal status Commanditaire Vennoetschaap (CV) or Limited Partnership Company. The
founders were Mr. Suklan representing PT. Karya, Mr. Alwin representing PT. Rigunas, Mr.
Sukarno representing PT. Agung and Mr. Maknawi representing PT. Matra Widya.
On 22nd February 1982, Subject changed its name and status into Limited Liability Company or
Perseroan Terbatas (PT) PERSADA TEKNIK (PT). At the same time, Subject has authorized
capital of IDR315 million, of which only IDR94 million was issued and paid up.
In 1988 the authorized capital of Subject was increased to IDR2,200 million, of which IDR2,150
million was issued and paid up. After that Subject’s notarial documents were changed again in
1995, marked by an alteration in the composition of the shareholders. These became: Mr.
Hasan/ Bob Hasan (46.05%), PT. Karya (14.65%), PT. Matra Widya (7.86%), PT. Jasa FerriePartners (7.86%), PT. Nusa (7.86%), PT. Abadi (7.86%), and PT. Unecona (7.86%).
In November 1997 composition of the shareholders changed to become: Mr. Bob Hasan(52.68%), PT. Matra Widya (15.37%), PT. Karya (14.32%), PT. Ferrie Partners (7.68%), PT.
Utama (7.68%), and Karyawan IKPT (2.27%).
In 2005, according to some sources, shares of Mr. Bob Hasan at IKPT are shares belonged to
Nusamba Group. Thus, indirectly, majority shareholder of IKPT is Nusamba (Nusantara Ampera
Bhakti). As information, 80% shares of Nusamba are owned by three foundations, which were
set up by the former President Soeharto. Those three foundations are Yayasan Dharmais,
Yayasan Supersemar and Yayasan Dana Karya Abadi (Dakab). Meanwhile, the other 20% are
owned by Mr. Sigit Hardjojudanto (son of Mr. Soeharto) and Mr. Bob Hasan.
Related to the indirect ownership, management of IKPT has changed names of its shareholders,
and removes Mr. Bob Hasan from his ownership. Due to the case, Mr. Bob Hasan filed a claim
against management of IKPT in order to return his share ownership. Up to the completion ofthis report, however, we could not obtain information about the progress of the case. Also, we
could not obtain the latest revision act, so that we could not provide detail about the current
shareholder structure of Subject.
On July 1st, 2008, Subject’s authorized capital amounted to IDR. 2.2 billion --fully issued andpaid up. Meanwhile, shareholder structure of Subject comprise: Miss Siti Taskiyah (31.50%),
Mr. Setya Permadi (13.50%), PT. Matra Widya (29.69%), PT. Ferrie Pratama (7.68%), PT.
Grada Matra Tiara (7.68%), PT. Optima Cakrawala (7.68%), Karyawan PT. Persada Tehnik(2.27%).
Based on news from third party sources, we learn that on February 7, 2011, Toyo Engineering
Corporation of Japan (Japanese engineering firm Toyo Engineering Corporation) acquired 47
percent shares in Indonesia's engineering firm PT Persada Teknik (PT) for undisclosed
consideration. Toyo told shareholders Tuesday (February 7) that it decided to invest in PT in
accordance with its group strategy of expanding and reinforcing the regional EPC network
among emerging countries and in consideration of the potential of Indonesia. Toyo’s investment
in and enhancement of collaboration with IKPT will expand business in Indonesia of both of
Toyo and PT with their technologies, know-how and human resources shared by each other.
TOYO expects PT to be a partner in its project operation out of Indonesia. Unfortunately, up to
the completion of this report, we are unable to obtain the legalization act, so that we don’t haveofficial info about the current shareholder structure and capitalization structure of Subject.
Nevertheless, based on news from mass media, we learn that Subject’s current capitalization is
IDR5.5 billion or equivalent to US$600,000.
THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
4

BUSINESS PROFILE/ OPERATIONS
Operations
Started operation in 1981, PT is a Non Facility Company that is engaged in Engineering andConstruction Services. Subject’s head office is located at a fast developing commercial area of
Jakarta, precisely at Wisma PT, Jalan MT Haryono Kav XX, Jakarta Selatan. The Head Office issupported by one Project Office at Tebet, Jakarta Selatan. The two sites are belonged to
Subject.
The services offered by Subject are quite numerous, including Turn Key Contractors, ProjectManagement,
Process
Engineering,
DesignEngineering,Engineering
Development,
Procurement, Construction, Star Up & Commission, Quality Assurance, Post & Contract Services,
Plant Service & Maintenance, as well as feasibility studies. Meanwhile their major clients consistof Oil and Gas Industries (Offshore platforms, Refineries, LNG/LPG Plants), the Petrochemicals
Industries (fertilizer, PTA, VCM, Paraxylene plants), the energy sectors (Nuclear, Geothermal,
Diesel, Hydro), and others heavy industries.
Subject has worked on a large number of projects, inside and outside Indonesia. Few of the
projects are shown in the following tables:
Name of Project
Engineering
ServiceforProcess Simulation on Gas
Fuel System due to Additional
Compressor
Utilities,
Infrastructure,
Marine, and Tankage for
Aromatic Plant TPPI
Flare
Gas
&
HydrogenRecovery Systems
Betara Complex Development
Ammonia & Urea Plant Kujang
Waste Water Treatment

Contract Value(US$)
Up to US$ 10
million

PeriodLocation

OwnersApr’04 –May’04

Riau Province

Kond

US$ 200 mill –US$ 400 millJun’04
Jun’06–

Tubam East Java

Indotama

Up to US$ 10 millJan’04 –Feb’05May’03 –May’05
Dec’02 –Dec’05
2003
2005

Balikpapan, East
Kalimantan
Jambi

UP V

Cikampek, WestJava
Gresik, East Javajang

US$ 10 mill –US$ 100 mill
US$ 100 mill –US$ 200 mill
N.A.

Petro

Sumitomo

At present time, Subject is working on project called Collie, WA Project for Perdaman inAustralia. This US$ 3.5-billion engineering and construction project is quite big, with 3 years ofconstruction time. Main Contractor of this project is; Samsung Engineering from Korea,
meanwhile IKPT is secondary contractor. This project will start in year 2010. According tospokesperson from PERDAMAN, they chose Samsung and IKPT because they have experiences,with strong technical and financial capability to complete the Collie Urea Project within 2013
timeframe.
In its operation, Subject also rents out heavy equipment, such as Crawler Crane, Mobile Crane,
Roughter Crane, Forklift, Wheel Loader, Excavator and Trucking.
Subject owns Joint venture partners, namely; TECP, Rekayasa, Chiyoda Corp & SemCorb,
KELOGG. Major customers of Subject are; PERTAMINA, DEVON, BP, LNG-BADAK, HESS, ESSO,MOBIL, PT. Freeport Indonesia, TOTAL, ARCO, PETROCHINA, CALTEX, KONDUR PETROLEUM
S.A., SATOMO INDOVYL MONOMER, etc.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
5

BUSINESS PROFILE/ OPERATIONS
Operations (Cont’d)According to Mr. Aris Budi (Marketing Department, contacted on April 30 th , 2012), Subject isthe tender winner of EPC 2 project in Banyuurip, Blok Cepu with value of US$ 57 million, in
consortium with PT. KELSRI. The project is targeted to complete a 72-kilometer, 20-inch piping
project, stretching from Desa Mojodelik, Kecamatan Ngasem, Bojonegoro until Desa Karang
Agung, Kecamatan Palang, Tuban, in 15 months.
If there is no problem, work for the project will start in April 2012, so that in June 2013, thepiping project will be completed. The piping project is to support a peak oil production (165,000
barrel per day/BPH) in Blok Cepu. Operator of the Cepu Block is Mobil Cepu Limited (MCL).
Meanwhile, Subject has just handed over a Coal Boiler Plant Construction Project, which isowned by PT.Pupuk Kaltim.
Below the current projects of Subject:

Main Items Imported and Country of Origin
Machinery, Tools and Equipment from USA, Singapore, Australia, Europe, Japan, etc
Main Items Exported and Country of Destination
None developed during the course of the investigation.
Facilities
Head OfficeWisma IKPT
Jl. MT Haryono Kav. XX
Jakarta 12XXX – Indonesia
Phone-(62-21) 829 2XXX
Fax-(62-21) 828 1XXX, 835 3XXX
PO Box: 6XXX JKT 12XXX
THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
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BUSINESS PROFILE/ OPERATIONS
Facilities (Cont’d)
Man Power Supply
PT. Karinda Sumber Daya
Jl. Prof. Dr. Soepomo No. X, Tebet
Jakarta 12870 – Indonesia
Phone-(62-21) 829 0XXX
Fax-(62-21) 829 7XXX
Office Building:a. Area- Commercial
b. Status- Owned

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
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SHAREHOLDERS & MANAGEMENT
Shareholders
a. TOYO – 47%b. Others – 53%
Supervisory Board
ChairmanMembers- Mr. Fusayama- Mr. Judi
- Mr. Kita
- Mr. Sumarso

Management Board
President Director
Directors- Mr. Hori
- Mr. Tanaka- Mr. Abe
- Mr. Prasetyo- Mr. I Made
- Mr. Budidana

The management of Subject is led by Mr. Hori. He is assisted by Tanaka, Mr. Abe, Mr. Prasetyo,
Mr. I Made, Mr. Budidana as Directors.
Operationally, they are supported by some 820 employees.
So far, we haven’t heard any information concerning the involvement of Subject’s management
and owners in any dirty business practice.
Authorized Signatories
President Director of Subject (Mr. Hori) or the Directors (Mr. Tanaka, Mr. Abe, Mr. Prasetyo, Mr.
I Made, Mr. Budidana) which must be approved by shareholders meeting.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
8

RELATED COMPANIESNone developed during the course of the investigation.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
9

BANKING & FINANCIAL INFORMATION
Bankersa. Bank Mandiri
b. Bank Permata
c. American Express Bank
Financial Condition
We predict that Subject’s sales turnover amounted to US$ 390 million in 2010 or increasingfrom US$ 430 million in 2009.
As Subject is not a public listed company there is no obligation for Subject to publish its
financial statements. Due to this fact, we are unable to give a clearer picture regarding thisissue.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
10

INDUSTRY INFORMATION
Indonesia, ranked the fourth most populated country in the world with 240 million of its
population, has achieved more than 6% of economic growth in year 2010 and 2011. The recent
slowdown of global economy has affected the country less than other emerging countries. To
keep and boost this economic growth, the country needs to accelerate development of
infrastructure facilities such as power plants and transportation systems. The development of
infrastructure in Indonesia is a target of Japan’s public-private joint promotion to export a
package of Japanese products, technologies and know-how.
As such potential and positive outlook of Indonesian economy is widely acknowledged in theworld, the country is now attracting more foreign investments of not only oil & gas companies
but manufacturers planning to establish overseas production facilities in Indonesia.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
11

SUPPLEMENTARY INFORMATION
None developed during the course of the investigation.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
12

SUMMARY
Subject was initially named TEKNIK INDONESIA, when it was set up on 19th April 1979 under thelegal status Commanditaire Vennoetschaap (CV) or Limited Partnership Company. On 22nd
February 1982, Subject changed its name and status into Limited Liability Company or Perseroan
Terbatas (PT) PERSADA TEKNIK (PT).
Started operation in 1981, Subject is a Non Facility Company that is engaged in Engineering andConstruction Services. Subject’s head office is located at a fast developing commercial area of
Jakarta, precisely at Wisma PT, Jalan MT Haryono Kav XX, Jakarta Selatan. The Head Office issupported by one Project Office at Tebet, Jakarta Selatan. The two sites are belonged to Subject.
As Subject is not a public listed company there is no obligation for Subject to publish its financial
statements. Due to this fact, we are unable to give a clearer picture regarding this issue.
Based on the above, Subject’s credit rating is DP6.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
13

RATING EXPLANATION/ SCORESHEET
Default Frequency<0.1%

DP Credit
RatingDP1

0.1% - <0.2%DP2

0.2% - <0.4%DP3

0.4% - <1.0%DP4

1.0% - <3.0%DP5

3.0% - <8.0%DP68% - <14.0%

DP7

14.0% - <30%

DP8

Explanation

Status*

Possess extremely strong financial
fundamental with high incentive
and capability for repayment of
obligations.
Has strong financial health withabove average capability formeeting payments.
Stable financial health and above
normal operational environment.
General unfavourable factors are
not likely to cause distress.
Overall financial health andoperation are considered normal.
Capable of meeting its
commitments. May be susceptible
to difficulties in the event ofdrastic changes in economic
conditions.
Adequate financial capabilities tomeet normal commitments.
However, adverse changes in
economic condition could lead to
doubtfulness in the ability to pay.
Sufficiently sound financial
ability to meet normal
obligations. Capabilities inreacting to adverse operational
condition are limited orconsider doubtful.
Weakness in financial ability isapparent. Vulnerable tounfavourable changes in theeconomic and operational
environment and is likely to fall
into a weakened financial
condition.
Apparent weakness in financial
health with limited capability tomeet its obligations especially inthe event of any adverse changes
in operating environment.

Premium

Premium
StrongStrongModerate

Moderate

MonitorMonitor*DP 1 to DP 4 is comparable to “Investment Grade” rated securities, and DP 5 to DP 6 iscomparable to “High Yield” rated securities, and DP 7 to DP8 is comparable to “High Risk” rated
securities.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHERPARTY. It is furnished by Experian in STRICT CONFIDENCE at your request for your exclusive use. In accepting this report you
hereby agree to be responsible for all damages arising from a violation or breach of the above confidentiality obligation. This
report is not intended to be used as the sole basis for any business decision and is based upon data which is provided by third
parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss or
injury caused by your use or disclosure of this report.
14