MIRA INFORM REPORT
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Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. FAIRGOLD INTERNATIONAL INDONESIA |
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Registered Office : |
Menara Duta Building 7th Floor B Wing, Jalan H.R. Rasuna Said Kav. B-9, Jakarta
Selatan, 12910 |
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Country : |
Indonesia |
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Date of Incorporation : |
15.09.2008 |
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Com. Reg. No.: |
No.
AHU-84340.AH.01.01.TH.2008 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Coal Mining
Contracting |
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No. of Employees
: |
27 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 197,300 |
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Status : |
Moderate |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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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 |
Name of Company
P.T. FAIRGOLD
INTERNATIONAL INDONESIA
company Address
Head Office
Menara Duta
Building 7th Floor B Wing
Jalan H.R. Rasuna Said Kav. B-9
Jakarta Selatan, 12910
Indonesia
Phones -
(62-21) 5290 1940 (Hunting)
Fax - (62-21) 5290 1944, 5290 1965
E-mail - sundersr@gmail.com
Building Area - 12 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
15 September 2008
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No.
AHU-84340.AH.01.01.TH.2008
Dated 11 November
2008
Company Status
Foreign
Investment (PMA) Company
Permit
by the Government Department
The Department of
Finance
Not Available
The Capital
Investment Coordinating Board
No.
1479/I/PMA/2008
Dated 8 September
2008
Related Company
A Member Company
of the TRISAKTI Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
1,200,000.-
Issued Capital : US$ 300,000.-
Paid up Capital : US$ 300,000.-
Shareholders/Owners
:
a. FAIRGOLD
INTERNATIONAL LIMITED - US$
285,000.-
Address : Room No. 1302, 131F
Golden Gate
Commercial
Building 136-138, Austin
Road, Tsimshatsui Kawloon
Hong Kong
b. Mr.
Sankaran Sundararaman -
US$ 15,000.-
Address : Apartment Simprug
Garden II IIAPCO
Complex No. 11,
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Coal Mining
Contracting
Production
Capacity :
None
Total
Investment :
a. Equity Capital - US$ 0.3 million
b. Loan Capital -
US$ 0.7 million
c. Total Investment - US$ 1.0 million
Started
Operation :
2009
Brand Name :
Fairgold
International Indonesia
Technical
Assistance :
Fairgold
International Limited Hong Kong
Number of
Employee :
27 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in
Southeast Asian countries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. LAMINAR
INTERNATIONAL
b. P.T. PUTRA UTAMA MANDIRI
c. P.T. SANTAN BATUBARA
d. P.T. SIGMA CEMERLANG SINERGI
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
MANDIRI Tbk
Gedung
Menara Duta
Jalan H.R.
Rasuna Said Kav. B-9
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Menara Imperium Lower Ground Block A Unit
16
Jalan H.R. Rasuna Said Kav. 1
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 14.2
billion
2010 – Rp. 15.0
billion
2011 – Rp. 8.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 1.1
billion
2010 – Rp. 1.2
million
2011 – Rp. 0.7
million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Taparia Shyam Sunder
Directors -
a. Mr. Sundararaman Madanchander
b. Mr. David Ho Lam Yang
Board of Commissioners :
President Commissioner -
Mr. Pao Loo Bobby Yang
Commissioner -
Mr. Sankaran Sundararaman
Signatories :
President Director (Mr.
Taparia Shyam Sunder) or one of the Directors (Mr. Sundararaman Madanchander or
Mr. David Ho Lam Yang) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 197,300 on 90
days D/A
OVERALL PERFORMANCE
P.T. FAIRGOLD INTERNATIONAL INDONESIA (P.T. FII) was established in Jakarta based on notary deed of Mr. Dewantari Handayani, SH., No. 011 dated 15 September 2008 with an authorized capital of US$ 1,200,000 issued capital of US$ 300,000 entirely paid up. The founding shareholders of the company are FAIRGOLD INTERNATIONAL LIMITED of Hong Kong (95%) and Mr. Sankaran Sundararaman, a businessman of India (5%). Based on our knowledge up to writing the report the notary documents of the company have not undergone any changes. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-84340.AH.01.01.TH.2008 dated November 11, 2008.
We observe that P.T. FII is a member company of the TRISAKTI Group, a small sized business group dealing with trading and exporter of coal, mineral mining, coal mining contracting, trading and export import services, corporate affairs & event management, mine management services and etc.
P.T. FII obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with coal mining contracting services. P.T. FII started with operation in 2009 dealing with coal mining contracting high technology heavy equipment rental services, general mining and construction services by cooperating with coal mining companies. The company carries out various works among others road maintenance and developments especially for new coal mining projects (Haul road construction and maintain), tin and coal ore dredging and transportation (load, haul and dump truck of ore and waste), mining heavy equipments reparation and maintenance, land escape reparation and maintenance. To materialize the above projects and heavy equipment rental services, P.T. FII uses and hires lot of heavy equipments with high price products including Large Dozer for ripping in lieu of blasting, pushing-up, stockpile materials, pushing over dump truck on waste dam, rehabilitation of mine site, dam sumps and drainage, large excavator for load ore and waste to dump truck, scale the mine walls, dig sumps and drain, Front End Loaders for crusher feed, load ore and waste to dump truck, cleanup mine floor and haul road, drainage and sumps repair; Graders for mine haul road construction, general mine cleanup and others.
According information from Mr. Vijay (Operational Manager) explained the company did not have mining permit or mining authorization (KP) just acted as coal mining contracting. In its operation, P.T. FII cooperation with holder of mining authorization (KP) license in Satui, Sungai Danau, South Kalimantan. P.T. FII has no mining concession from the Regional Government of South Kalimantan. P.T. FII cooperation and gains coals from KUD and the others company in coal mining in Satui, Sungai Danau, South Kalimantan. According information the company has mined 40,000 tons of coal with GCV 5,800 to 6,000. The whole coal exported to Malaysia, Thailand, China and India. Besides, according to the license, P.T. FII is also engaged in trading and exporter of coal, iron ore, agricultural products and woodworking products industries. We observe P.T. FII classified a small size company of its kinds of which operation has been growing slowly in the last three years.
We find that the demand for coal mining contracting services, heavy/mining equipment rental, repair and maintenance services and mining contracting services was rising by about 7% to 8% on the average per year in the five years, in close correlation with the fast development of mining companies in the country. The international market demand for coal has kept on rising within the last five years as evident from the data put-out by the Central Bureau of Statistic (BPS) regarding Indonesian coal product export as bellows. The national coal industries in Indonesia have swiftly been growing. According to the Central Bureau of Statistics (BPS), the national coal export in 2005 amounted US$ 4,354.0 million rocketed to US$ 6,085.7 million in 2006 to US$ 6,681.5 million in 2007 and rose again to US$ 10,485.1 million in 2008 rocketed to US$ 13,817.3 million in 2009 to US$ 18,499.3 million in 2010 and projected to go on rising by at least 6% in 2011.
Whereas, the national coal production in 2005 reached 152.7 million tons rocketed to 193.8 million tons in 2006 to 216.9 million tons in 2007 to 240.2 million tons in 2008 increased to 256.2 million tons in 2009 and rose again to 275.2 million tons in 2010. The growth of coal production and export in Indonesia in 2005 to 2010 is pictured on the following table:
|
Year |
Production (thousand tons) |
Export (thousand tons) |
Value (US$ million) |
|
2005 |
152,722 |
110,790 |
4,354.0 |
|
2006 |
193,761 |
143,633 |
6,085.7 |
|
2007 |
216,946 |
163,000 |
6,681.5 |
|
2008 |
240,249 |
191,430 |
10,485.1 |
|
2009 |
256,181 |
198,366 |
13,817.3 |
|
2010 |
275,164 |
208,000 |
18,499.3 |
Source: Directorate General Coal and
Mineral, Statistic of Central Board and processed by ICB
Until this time P.T. FII has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. FII is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total revenue of the company in 2009 amounted to Rp. 14.2 billion rose to Rp. 15.0 billion in 2010. As from January to June 2011 the sales revenue amounted at Rp. 8.0 billion with a net profit of at least Rp. 0.7 billion and projected to go on rising by at least 6% in 2012. The company has an estimated total networth of at least Rp. 9.0 billion. We observe that P.T. FII 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 Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. FII is led by Mr. Taparia Shyam Sunder (57) a professional manager of India with experience in coal mining contracting and export import of coal. Daily activity he is assisted by Mr. Sundararaman Madanchander (25) and Mr. David Ho Lam Yang (32) as Directors. 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. FAIRGOLD INTERNATIONAL INDONESIA is sufficiently fairly good for business transaction.
Attachment:
List of the TRISAKTI Group Members
1.
FAIRGOLD INTERNATIONAL INDONESIA, P.T. (Coal Mining
Contracting Services)
2.
JAYA SAKTI INDOTAMA, P.T. (Trading and Exporter of
Coal and Iron Ore)
3.
MAHA SAKTI INDOTAMA, P.T. (Mine Management
Services)
4.
SHANKARA IMPEX INTERNATIONAL, P.T. (Trading and
Export Import, Coal and Iron Ore Exporter)
5.
TRISAKTI CONSULTINDO, P.T. (Corporate Affairs &
Event Management Services)
6.
TRISAKTI MINERALS & RESOURCES, P.T. (Mine
Management Services)
7.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.40 |
|
UK Pound |
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.70.44 |
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 |
|
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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.