MIRA INFORM
REPORT
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Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. PERKASA INAKAKERTA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.08.1988 |
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Com. Reg. No.: |
No. W7-HT.01.04-68 |
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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 : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 5,000,000 |
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Status : |
Satisfactory |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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. PERKASA INAKAKERTA
company address
Head Office
Jalan H.R. Rasuna
Said Block X-1 Kav. 1-2
Phones -
(62-21) 526 9868 (Hunting), 5268462-63
Fax - (62-21) 526 9866, 5268464
Building Area - 22 storey
Office Space - 400 sq. meters
Region -
Status - Rent
Branch Office
Komplek
Phones -
(62-542) 872369 (Hunting)
Fax - (62-542) 874603
Building Area - 2 storey
Office Space - 300 sq. meters
Region -
Status - Rent
Mining Site
Bengalon,
Bulungan Regency
Kabupaten Kutai
Timur
Retained Area - 20,037
hectares
Date of Incorporation
5 August 1988
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
No.
W7-HT.01.04-68
Dated 3 January
2007
Company Status
Private National
Company
Permit by the Government
Department
The Department
of Finance
Not Available
The
Directorate General of Mines & Energy
- No. 4611/29/M.DJP/1993
Dated 30 November 1993
- No. 851/201/DJP/K/1994
Dated 5 July 1994
- No. PKP2B
Dated 30 March 2007
- No. 343.K/30/DJB/2007
Dated 13 August 2007
Related Company
A Member Company
of the BAYAN Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
150,000,000,000.-
Issued Capital : Rp.
120,000,000,000.-
Paid up Capital : Rp.
120,000,000,000.-
Shareholders/Owners
:
a. P.T. BAYAN
RESOURCES Tbk -
75%
Address :
Jl. H.R. Rasuna
Said Block X-1 Kav. 1-2
b. P.T. BAYAN
ENERGY -
25%
Address :
Jl. H.R. Rasuna
Said Block X-1 Kav. 1-2
BUSINESS ACTIVITIES
Lines of
Business :
Coal Mining and
Distillation
Production
Capacity :
Coals -
2,012,806 tons per annum
Total
Investment :
Owned Capital - Rp. 150.0
billion
Started
Operation :
March 2008
Brand Name :
Perkasa
Inakakerta
Technical
Assistance :
None
Number of
Employee :
127 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Asian
Countries, Europe
Market Situation
:
Very Competitive
Main
Competitors :
a. P.T. BATUBARA
SELARAS SAPTA
b. P.T. INDIKA
ENERGY Tbk
c. P.T.
INDOTAMBANG RAYA MEGAH Tbk
d. P.T. HANSON
INTERNATIONAL Tbk
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank INTERNATIONAL
Plaza BII
Jalan M.H. Thamrin No. 53
b. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend. Sudirman Kav. 29-31
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 710.0
billion
2009 – Rp. 745.0
billion
2010 – Rp. 820.0
billion
Net Profit
(estimated) :
2008 – Rp. 42.6
billion
2009 – Rp. 59.6
billion
2010 – Rp. 69.7
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Dato Low Tuck Kwong
Directors -
a. Mr. Engky Wibowo
b. Mr. Soehandojo
Board of Commissioners :
Commissioner -
Mr. Komajaya
Signatories :
President Director (Mr.
Dato Low Tuck Kwong) or one of the Directors (Mr. Engky Wibowo or Mr.
Soehandojo) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 5,000,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. PERKASA INAKAKERTA (P.T. PIK) was established in August 1988 with n authorized capital of Rp. 150.000,000 issued and paid up capital of Rp. 120,000,000. The previous founding shareholders are Mr. Ibrahim Risjad and his wife Mrs. Dr. Zakiah Risyad (Mrs. Salim Zakiah Rishad) and his daughter Mrs. Dina Risjad. They are indigenous business family. The company's notarial act has frequently been revised. In March 1998 the authorized capital was raised to Rp. 3,500,000,000 entirely was issued and paid up. By the same time Mrs. Zakiah Risjad and Mrs. Dina Risjad resigned as shareholders and replaced by Mr. Hendry Liem, Mr. Engky Wibowo and Mr. Tjiptadin Halim. In December 2006 the authorized capital was increased to Rp. 150,000,000,000 issued capital to Rp. 120,000,000,000 entirely paid up. On the same occasion the whole shares had been controlled by P.T. KALTIM BARA SENTOSA (70%), Mr. Engky Wibowo (15%) and Mr. Dato Low Tuck Kwong (15%). The company notary act was made was approved by the Ministry of Law and Human Right in its Decision Letter No. W7-HT.01.04-68, dated January 3, 2007.
Later in June 2008, P.T. KALTIM BARA SENTOSA, Mr. Engky Wibowo and Mr. Dato Low Tuck Kwong pulled out and the whole shares controlled by P.T. BAYAN RESOURCES Tbk (75%) and P.T. BAYAN ENERGY (25%). However the latest revision of notary deed under still processing at the Ministry of Law and Human Rights for legalization.
We observe the majority shareholder P.T. BAYAN RESOURCES Tbk is a public listed company dealing with investment holding which sold some 31.6% shares through Indonesian Stock Exchange (BEI). Besides, P.T. BAYAN ENERGY is a member company of the BAYAN Group, a large size business group in coal mining and mining contracting, coal trader and export and majority business stakes is held by Mr. Dato Low Tuck Kwong.
P.T. PIK is
dealing with coal mining and distillation whose mining concession area
located in Bengalon district, Bulungan, East Kutai Regency, East Kalimantan on
20,037 hectares. Initially the exploration license was issued since November
1997 with mining concession of 58,710 hectares. But it has been realized just
about 35,720 hectares. The mining location is at desa Sekerat, Sangkulirang
district, East Kutai regency,
On 20 November 1997, PT. PIK performed PKP2B with the Government of Republic of Indonesia. PKP2B gave time limit in line with general investigation, feasibility study, construction and production as well as mining activity with period of 30 years. The area of PKP2B covers 58,710 hectares in Kutai Regency, East Kalimantan. Having released several areas as approved by Minister of Energy and Mineral Resources of Republic of Indonesia through Decree No. 343.K/30/DJB/2007, the areas of PKP2B were reduced to 20,037 hectares in Sepaso Village, Bengalon District, Bulungan, Kutai Regency, East Kalimantan.
Based on PKP2B,
PT. PIK was released from any certain
tax collection such as the obligation of import tax and Value Added Tax (PPN)
and Income Tax Article 22 based on Income Tax Regulation in 1994 on import of
certain goods which are not produced in Indonesia. According to the Decree of
Minister of Energy and Mineral Resources No. 343.K/30/DJB/2007 dated 13 August
2007 on the Bginning of Exploration Phase (Production) in accordance with
PKP2B, the development area of PT. PIK being under exploitation was
10,110 hectares and this approval would be effective from 30 March 2007 up to
29 March 2037. The rest area of 9.927 hectares is under the phase of
feasibility study and the approval was effective up to 2 January 2007. On the date of reporting, PT. PIK is under
the process to improve its permit to construction process from Directorate
General of Mineral, Coal and Geothermal. The management believed that it would
be easy to gain the extended permit.
Open pit mining
activities in Bulungan, Bengalon district has started since mid-2007 and March
2008 have produced 800.000 tons of coal. Bengalon coal mining project was
conducted by P.T. BUKIT MAKMUR MANDIRI UTAMA with Overburden Removal system.
Bengalon coal project has proved coal reserves of 21.8 million tons
unexpectedly with an average of 4.680 calories kcal / kg. P.T. PIK produces
coal amounting to 2,012,806 tons and the whole exported to
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
According to the Central Bureau of Statistics (BPS), the national coal
export in 2003 amounted to 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 to 184,008.9 thousand tons
worth US$ 6,085.7 million in 2006 to 195,785.8 thousand worth US$ 6,681.5
million in 2007 and rose again to 201,021.7 thousand tons worth US$ 10,485.1
million in 2008.
Whereas, the national coal production in 2003 reached 114.6 million tons
jumped up to 126.8 million tons in 2004 to 126.5 million tons in 2005 to 181.1
million tons in 2006 declined to 174.8 million tons in 2007 and rose again to
181.6 million tons in 2008. The growth of coal production and export in
|
Year |
Production (thousand tons) |
Export (thousand tons) |
Value (US$ million) |
|
2001 |
90,351.8 |
66,505.4 |
1,617.5 |
|
2002 |
103,060.4 |
73,124.9 |
1,762.4 |
|
2003 |
114,610.1 |
89,021.8 |
1,980.1 |
|
2004 |
126,850.8 |
105,629.9 |
2,748.8 |
|
2005 |
152,722.4 |
129,044.1 |
4,354.0 |
|
2006 |
181,060.9 |
184,008.9 |
6,085.7 |
|
2007 |
174,832.7 |
195,785.8 |
6,681.5 |
|
2008 |
181,570.0 |
201,021.7 |
10,485.1 |
|
2009 |
187,099.2 |
234,793.1 |
13,817.3 |
Source: Statistic of Central Board
Until this time P.T. PIK has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of P.T. PIK is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2008 amounted to Rp.
710.0 billion rose to Rp. 745.0 billion in 2009 increased to Rp. 820.0 billion
in 2010 and projected to go on rising by at least 5% in 2011. The operation in
2010 yielded an estimated net profit of at least Rp. 69.7 billion and the
company has an estimated total networth of at least Rp. 190.0 billion. So far,
we did not heard that the company having been black listed by the Central Bank
(Bank
The management of P.T. PIK is led by Mr. Dato Low Tuck Kwong (63) a businessman and professional manager with experience in coal mining, coal mining contracting, coal trader and exporter etc. Mr. Dato' Low Tuck Kwong started his business in Indonesia in 1973 when he established a construction company specializing in general civil works, earth works and marine construction. The company's extensive experience and knowledge in civil engineering enable it to venture into contract coal mining in 1988. Following that in November 1997, Dato' Low acquired his first mining concession through P.T. Gunungbayan Pratamacoal, and P.T. Dermaga Perkasapratama that owns and operates Balikpapan Coal Terminal in 1998. Since then, a number of new concessions have been acquired and formalized into a legal holding structure through P.T. Bayan Resources.
Since 2001, the Bayan Group on average has added one new concession to
its portfolio each year. The Bayan Group continuous to evaluate new coal
opportunities in
Attachment:
List of the
BAYAN Group Members
- BARA TABANG,
P.T. (Coal Mining)
- BAYAN ENERGY,
P.T. (Trading and Investment Holding)
- BAYAN
RESOURCES Tbk, P.T. (Trading and Investment Holding)
- BRIAN ANJAT
SENTOSA, P.T. (Coal Mining)
- DERMAGA
PERKASAPRATAMA, P.T. (
- FAJAR SAKTI
PRIMA, P.T. (Coal Mining)
- FIRMAN KETAUN
PERKASA, P.T. (Coal Mining)
- GUNUNGBAYAN
PRATAMA COAL, P.T. (Coal Mining)
- IMA GLOBAL
LINK, P.T. (Investment Holding)
- JAYA SUMPILES
- KALTIM OTR
TYRES, P.T. (Tires Manufacturing)
- KIDECO JAYA
AGUNG, P.T. (Coal Mining)
- KTH MINING
ENGINEERING, P.T. (Coal Mining Contracting Services)
- LIAN BENG
ENERGY, P.T. (Coal Mining Contracting and Heavy Equipment Rental Services)
- METALINDO
PROSESTAMA, P.T. (Trading)
- MUJI INTI
UTAMA, P.T. (Investment Holding)
- MUJI LINES,
P.T. (Coal Transportation and Shipping Services)
- PERKASA INAKAKERTA,
P.T. (Coal Mining)
- TEGUH SINAR
ABADI, P.T. (Coal Mining)
- WAHANA
BARATAMA MINING, P.T. (Coal Mining)
- Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
RATING EXPLANATIONS
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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.