MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDOMINCO MANDIRI |
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Registered Office : |
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Country : |
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Date of Incorporation : |
11 November 1988 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Coal Mining and Distillation |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 33,900,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. INDOMINCO MANDIRI
Address
Head Office
Jalan R.A. Kartini No. 26, Cilandak
Phones - (021) 7504395, 7504396
F a x -
(021) 7504417, 7690453
Telex -
47628 IMM JKT
Building Area - 18 storey
Office Space - 250 sq. meters
Region - Commercial
Status - Rent
Coal Mining Location
Jalan Pelakan Km. 30
Bontang 75311
Phones - (0548) 26235
Fax -
(0548) 26241
Land Area - 71,939 hectares
Office Space - 190 sq. meters
Region - Coal Mining
Zone
Status - Concession
Onwed
Date of
Incorporation
a. 11 November 1988 as P.T. GEMILANG KUMALA
b. 10 October 1989 as P.T. INDOMINCO MANDIRI
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C2-1392.HT.01.04.TH’96
Dated 2 February 1996
Company Status
Domestic Investment (PMDN) Company
Permit by the
Government Department
The Department of Mines and Energy
No. 097.B.Ji/292/1990
Dated 5 October 1990
Related Company
a. P.T. BARASENTOSA LESTARI (Coal Mining)
b. P.T. CENTRALINK WISESA INTERNATIONAL
(Investment Holding)
c. P.T. JORONG BARUTAMA GRESTONE (Coal Mining)
d. P.T. KITADIN (Coal Mining and Distillation)
e. P.T. NUSANTARA THAI COAL
(Bituminous Mining)
f. P.T. NUSANTARA THAI MINING
SERVICES (Survey and Consulting Services on Coal Mining)
g. P.T. TRUBAINDO COAL MINING
(Coal Mining)
h. Etc.
CAPITAL AND
OWNERSHIP
Capital Structure :
Authorized
Capital - Rp.
20,000,000,000.-
Issued
Capital - Rp. 12,500,000,000.-
Paid Up
Capital - Rp. 12,500,000,000.-
Shareholder/Owner :
P.T. INDO
TAMBANGRAYA MEGAH - Rp. 12,500,000,000.- (100%)
BUSINESS ACTIVITIES
Lines of Business:
Coal Mining and Distillation
Production Capacity
Coals - 10,500,000 tons p.a.
Total Investment
a.
Equity Capital - Rp. 12.5 billion
b.
Loan Capital - Rp. 215.1 billion
c.
Total Investment - Rp. 227.6 billion
Started Operation
April 1997
Brand Name
INDOMINCO
Technical
Assistance
None
Number of Employee
615 persons
Marketing Area
Export - 70%
Domestic - 30%
Main Customer
Buyers in Japan, Taiwan, Malaysia, Bangladesh, South Korea,
Hong Kong, Europe and other countries and the rest is absorbed by P.T.
INTERNATIONAL NICKEL INDONESIA (nickel mining and processing in South Sulawesi) and P.T.
INDOCEMENT TUNGGAL PRAKARSA Tbk (the largest cement producer in Indonesia). Its
marketing is supported by sister company P.T. KITADIN.
Market Situation
Very Competitive
Main Competitors
a. P.T. Kaltim
Prima Coal
b. P.T. Adaro
c. P.T. Arutmin
d. P.T. Kideco
Jaya Agung
e. P.T. Berau Coal
f. P.T. Tanito Harum
Business Trend
Growing
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T.
Bank
Wisma
BCA
Jalan
Jend. Sudirman Kav. 22-23
b. P.T.
Bank MIZUHO
Plaza
BII Menara 2
Jalan
M.H. Thamrin Kav. 51
c. JP MORGAN CHASE
Bank
Jalan Jend.
Sudirman Kav. 21
d, The Bank of
Mid
Jalan Jend.
Sudirman Kav. 10-11
e. STANDARD CHARTERED
BANK
Wisma Standard
Charterd Bank
Jalan Jend.
Sudirman No. 33 A
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 1,588.5
billion
2005 – Rp. 2,148.6
billion
2006 – Rp. 2,471.0
billion
2007 – Rp. 1,433.0
billion (January – June)
Net Profit
(Estimated) :
2004 – Rp. 49.0 billion
2005 – Rp. 68.0 billion
2006 – Rp. 76.5 billion
2007 – Rp. 43.0 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President
Director - Mr. Somyot Ruchirawat
Directors -
a. Mr. Lukmanul Hakim
b.
Mr. Nelson Gylding Dornell Borch
c. Mr. Fredi
Chandra
d. Mr. Jusuf
Muliadi
Project Manager - Mr. L.F. Blanchard
Board of
Commissioners :
Chairman - Mr. Sutoyo, SH
Members - a. Mr. Frans Wirawan
b.
Mr. Thomas Willi Kern
Signatories
:
President
Director (Mr. Somyot Ruchirawat) or one of the Directors (Mr. Lukmanul Hakim,
Mr. Nelson Gylding Dornell BOrch, Mr. Fredi Chandra and Mr. Jusuf Muliadi)
which must be approved by Board of Commissioners
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Low
Credit Recommendation
Credit should be proceeded promptly
Proposed Credit
Limit
Fairly large
amount
Maximum Credit Limit
US$ 33,900,000.- on the 90 days of payments
OVERALL PERFOMANCE
Previously named P.T. GEMILANG KUMALA, the company was established in November 1988 with an authorized capital of Rp. 150,000,000.-, issued and paid up capital of Rp. 120,000,000.-. The original founding shareholders are Mr. Suratno and Mr. Hindarto Budiono, They are native businessmen. In October 1989 the company was renamed P.T. INDOMINCO MANDIRI (P.T. IM), and by the same time its authorized capital was raised to Rp. 5,000,000,000.- issued and paid up capital to Rp. 2,000,000,000.-. The notarial act has frequently been revised. In July 1994 the authorized capital was increased to Rp 20,000,000,000.- issued and paid-up capital of Rp 5,000,000,000. In July 1996, the issued and paid-up capital was raised to Rp 12,500,000,000. On the same occasion, the whole shares controlled by P.T. INDO TAMBANGRAYA MEGAH and P.T. INDOMIX PERKASA both are national private companies.
As from March 2001 65% shares of P.T. IM have been taken over by P.T. CENTRALINK WISESA INTERNATIONAL (P.T. CWI). In the same time, P.T. CWI also purchased 100% shares of P.T. KITADIN, 65% shares of P.T. TRUBAINDO COAL MINING and 86% shares of P.T. BARASENTOSA LESTARI all through Indonesian Bank Restructuring Agency (IBRA) worth of US $ 45.5 million.
Based on a conditional share sale and purchase agreement between P.T. INDOMIX PERKASA, P.T. INDO TAMBANGRAYA MEGAH (P.T. ITM) and P.T. CENTRALINK WISESA INTERNATIONAL (P.T. CWI) dated 3 October 2002, P.T. ITM and P.T. CWI agreed to purchase 4,375 shares (35%) of the Company (P.T. INDOMINCO MANDIRI) owned by P.T. INDOMIX PERKASA. This transaction was executed on 20 February 2003 resulting in a 100% ownership of P.T. INDOMINCO MANDIRI by P.T. INDO TAMBANGRAYA MEGAH.
The amendment of the article of association is still in
process, therefore the approval from Minister of Law and Human Rights of the
P.T. IM is a domestic capital investment (PMDN) company,
engaged in coal mining and distillation with a status of Coal Contract of Work (PKB),
with its concession of 71,939 hectares in Block III,Santan, Bontang, Muara
Badak and Sangata, Kutai District,
P.T. IM has completed the construction of its permanent facilities in 1999 which can handle up to 5.0 million tons per year, expandable up to 7.5 million tons per year. The company also has its own port and loading facilities to enhance the export of coal. The mine stockyard and port stockyard contain identical twin boom stackers. Coal is truck hauled from the mine stockyard to the port stockyard. A 6-kilometer conveyor connects the port stockyard to loading facilities, which supports vessels of up to 90,000 tons.
P.T. IM produced 3.86 million tons in 2001, increased to 5.33
million tons in 2002 to 5.90 million
tons in 2003 to 6.58 million tons in
2004 to 8.90 million tons in 2005 and to
Rp. 10.2 million tons in 2006. P.T. IM is working together with the SUMITOMO
Corporation and MARUBENI Corporation, both of
Generally outlook we find the demand for coal had been rising by 15% to 20% within the last five years in the international market, as evident from the export growth of Indonesian coal within the last five years released by Central Board of Statistics (BPS) showing that the Indonesian coal export in 2003 amounted 89,021.8 thousand tons worth US$ 1,980.1 million rocketed to 105,629.9 thousand tons worth US$ 2,748.8 million in 2004 to 129,044.1 thousand tons worth US$ 4,354.0 million in 2005 and rose again to 184,008.9 thousand tons worth US$ 6,085.7 million in 2006.
Whereas, the national coal production in 2003 reached 114.6
million metric tons jumped up to 126.8 million metric tons in 2004 to 141.1
million metric tons in 2005 and rose again to 150.8 million metric tons in
2006. The growth of coal production and
export in
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Year |
Production (thousand tons) |
Export (thousand tons) |
Export Value (US$ million) |
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2001 |
90,351.8 |
66,505.4 |
1,617.5 |
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2002 |
103,060.4 |
73,124.9 |
1,762.4 |
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2003 |
114,610.1 |
89,021.8 |
1,980.1 |
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2004 |
126,850.8 |
105,629.9 |
2,748.8 |
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2005 |
141,058.5 |
129,044.1 |
4,354.0 |
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2006 |
150,848.1 |
184,008.9 |
6,085.7 |
Source : The Central Bureau of
Statistics (BPS)
We consider P.T. IM to be able to uphold its business, in especially the bleak domestic economic condition at present, for having already secured a steady clientele and having developed a wide operations network. Besides, P.T. IM commands a good reputation in the above business in the country.
Until now, PT. IM has not been a go public company, so that it is not obliged to announce its annual report to the public. Other than the company is not obliged to announce its statement report to the Department of Industry and Trade. So that we are so difficult to get its detailed statement report.
Management of PT. IM is very closed to other party especially on its financial situation. But we observed that total sales turnover obtained by PT. IM in 2004 amounted to Rp. 1588.5 billion, increased to Rp. 2,148.6 billion in 2005 to Rp. 2,471.0 billion in 2006 and projected to be rising by at least 15% in 2007. The company’s net profit from its business operation amounted to Rp. 76.5 billion in 2006. And the company has total networth about Rp. 650.0 million.
We appraised that financial situation of the company is health
and strong enough. Pursuant to our source in Bank
P.T. IM's management is led by Mr. Somyot Ruchirawat (52), a
professional manager of BANPU PUBLIC Company Ltd., of
We appraised that P.T. INDOMINCO MANDIRI is feasible for business transaction. But in view of economic condition in the country remains unstable, we recommend to treat prudently in extending loan to the company.
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)