MIRA INFORM REPORT
|
Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BUMI RESOURCES Tbk |
|
|
|
|
Formerly Known As : |
P.T. BUMI MODERN TBK |
|
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|
Registered Office : |
Wisma Bakrie Building 2, 7th Floor, Jl. HR. Rasuna
Said Kav. B-2, |
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Country : |
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|
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
26.06.1973 |
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Com. Reg. No.: |
No. AHU-41681.AH.01.02.Tahun 2010 |
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|
|
|
Legal Form : |
Public Listed Company |
|
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Line of Business : |
Investment Holding |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$. 400.0 million |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of company
P.T. BUMI RESOURCES
Tbk
company Address
Head Office
Jl. HR. Rasuna Said Kav. B-2
Phones - (62-21) 5794 2080 (hunting)
Fax -
(62-21) 5794 2070
Email - operation@bumiresources.com
Website - http://www.bumiresources.com
Building Area - 36 storey
Office Space - 800 sq. meters
Region - Commercial
Status - Owned by
Bakrie Group
Date of Incorporation
26 June 1973 as
P.T. BUMI MODERN, changed its name to P.T. BUMI MODERN TBK., on August 19, 1997
and changed again to P.T. BUMI RESOURCES TBK., on July 5, 2000.
Legal Form
P.T. Tbk.
(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No.
The Ministry of
Law and Human Rights
a. No.
AHU-94186.AH.01.02.Tahun 2008
Dated 09 December 2008
b. No.
AHU-41681.AH.01.02.Tahun 2010
Dated 24 August 2010
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
a. The Capital Investment Coordinating Board
No. 259/II/PMDN/1990
Dated
7 June 1990
b. The Department of Industry and Trade
TDP.
No. 090311129169
Dated
13 February 2001
c. The Department of Finance
NPWP
No. 01.122.101.7-054.000
d. The Market Supervisory Agency
No.
Kep-179/BL/2008
Dated 14 May 2008
Related Company
:
The BUMI
RESOURCES Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- US$.
1,400,714,922
Issued
Capital - US$. 1,400,714,922
Paid up
Capital - US$. 1,400,714,922
Shareholders (as of 30 September 2010) :
a. Glencore International AG., -
US$ 69,908,841 (
5.12%)
b. PT. Bakrie & Brothers Tbk. -
US$. 48,449,143 (
3.55%)
c. The Publics -
US$. 1,248,197,179 ( 91.33%)
Sub-Total -
US$. 1,366,555,163 (100.00%)
d. Treasury Stock -
US$. 34,159,759
Total - US$.
1,400,714,992
BUSINESS ACTIVITIES
Lines of Business :
Investment Holding
Production
Capacity :
None
Total Assets (30
September 2010) :
a. Current Assets - US$ 2,676,752,211
b. Non Current
Assets - US$ 5,713,448,272
c. Total
Assets -
US$ 8,390,200,483
Started Operation
:
1979
Brand Name :
BUMI RESOURCES
Technical Assistance :
None
Number of Employee :
7,130 persons
Marketing Area :
Domestic
(Local) - 50 %
Export - 50%
Market Situation :
Competitive
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank NEGARA
Gedung BNI Wisma 46
Jl. Jend. Sudirman Kav. 1
b. CITIBANK N.A.
Jl. Jend. Sudirman Kav. 54-44
c. P.T. Bank MANDIRI Tbk
Gedung Bank Mandiri
Jl. Gatot Subroto Kav. 36-38
Auditor :
Tjiendradjaja & Handoko Tomo (a member of Mazars)
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2007 – US$ 2,265.5 million
2008 –
2009 –
2010 –
Net Profit :
2007 –
2008 –
2009 –
2010 –
Payment Manner :
Average
Financial Comment :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President
Director - Mr. Ari Saptari Hudaya
Directors -
a. Mr. Eddie Junianto Soebari
b. Mr. Kenneth Patrick Farrell
c. Mr. Dileep Srivastava
d. Mr. Andrew C. Beckham
Board of
Commissioner :
President
Commissioner - Mr. Suryo
Bambang Sulisto
Independent
Commissioners - a. Mr. Iman
Taufik
b. Mr. Fuan Hasan Masyhur
Commissioners - a. Mr.
Sulaiman Zuhdi Pane
b. Mr. Nalinkant Amratlal Rathod
c. Mr. Kusumo A. Martoredjo
d. Mr. Jay Abdullah Alatas
e. Mr. Anton Setianto Soedarsono
Signatories
:
President
Director (Mr. Ari Saptari Hudaya) or one of the Directors (Mr. Eddie Junianto
Soebari, Mr. Kenneth Patrick Farrell,
Mr. Dileep Srivastava and Mr. Andrew C. Beckham) which must be approved by the
Board of Commissioners.
CAPABILITIES
Management
Capability :
Satisfactory
Business Morality
:
Satisfactory
Credit Risk :
Below Average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit
Limit :
US$. 400.0 million on the 90 days of payment
OVERALL PERFORMANCE
Originally named P.T. BUMI MODERN, the company
was established in June 1973 with an authorized capital of Rp 200,000,000.-
entirely issued and paid up. The company was founded by Mr. Drs. Imam Kadri
Soeprakto, Mr. Achmad Soegianto and P.T. INDONESIA MODERN SURABAYA as the
original shareholders. The company's notarial act was since revised a couple of
times. In December 1981 the authorized capital was increased to Rp
7,500,000,000.- with the issued and paid up capital amounting to Rp
7,375,000,000.- Concurrently all the original shareholders withdrew and were
replaced by P.T. ASURANSI JIWA BERSAMA BUMI PUTERA 1912 (P.T. AJB BP 1912), Mr.
Haji Abdoel Latief Tojib and Mr. Peter Sondakh. In December 1989 all the above
shareholders, except PT AJB BP 1912, pulled out. In July 1990 the company went
public, selling 28.60% of its shares through the Stock Exchange.
In August 1997 the company's name was changed
to P.T. BUMI MODERN Tbk. and concurrently new shareholders joined the company,
namely P.T. BAKRIE CAPITAL INDONESIA (P.T.BCI), P.T. TASPEN, P.T. JAN DARMADI
CORPORATION and P.T. JAMINAN SOSIAL TENAGA KERJA (P.T. JAMSOSTEK). On this
occasion the authorized capital was increased to Rp 396,000,000,000.- with the
issued and paid up capital amounting to Rp 99,000,000,000.-. In November 1997
the company made a second offer of shares on the stock exchange. At the same
time the company's issued and paid up capital was stepped up to Rp
396,000,000,000.-. On this occasion P.T. AJB BP 1912 withdrew as a shareholder
from the company.
In February 2000 the company's authorized
capital was increased to Rp 10,000,000,000,000.- with the issued and paid up
capital amounting to Rp 9,702,000,000,000.-. Concurrently new shareholders
joined the company, namely LONG HAUL HOLDINGS Ltd., of
Pursuant to the notary deed of amended was made by Mr. Aulia Taufani,
SH., a public notary in Jakarta, 12 June 2008 that the shareholders of P.T. BR Tbk., are PT. Bakrie & Brothers
Tbk. (14.28%), PT. Samuel Sekuritas Indonesia (3.69%), Jupiter Asia No. 1 Pte.
Ltd., (4.30%), JP Morgan Chase Bank NA (1.95%), The Bank of
The latest pursuant to the consolidated financial statement of P.T. BR
Tbk., for ended 30 September 2010, that the shareholders of P.T. BR Tbk., are
PT. Bakrie & Brothers Tbk. (3.55%), Glencore International AG., (5.12%) and
Publics (91.33%). Concurrently, the
authorized capital was converted to US dollar become US$ 1,400,714,922 entirely
was issued and fully paid up. The latest
amendment notary deed has obtained registration number from the Department of
Law and Human Rights under No. AHU-41681.AH.01.02.Tahun 2010, dated 24
August 2010. No changes have been effected in term of its
shareholding composition and capital structures to date.
Business Activities
P.T. BR Tbk has been in operation since 1979, at first in hotelry
development and management. The company at first was managing and developing a
hotelry complex named HYATT BUMI SURABAYA, a five star hotel with 511 rooms, in
Previously in October 1997 P.T. BR Tbk. had expanded business to the
Republic of Uzbekistan by having taken over 100% of P.T. BAKRIE INVESTINDO's
shares in LIMITED LIABILITY SOCIETY BUMI MODERN UZBEKISTAN (owning an hotel)
worth US$ 38,000,000.-. The company then was renamed BUMI UZBEKISTAN Ltd.
Initial name of the four-star hotel was Le Meriden Hotel managed by Le Meridien
of
After sale of its hotel assets in
To finance its project P.T. BR Tbk in December 2000 issued US$ 12.0
million worth of bonds. Other than to finance the above project, the proceeds
of the bond issue were also partly used to finance an oil mining project in TAC
Sambidoyong,
On July 16, 2003 P.T. BR Tbk., signed the agreement
on the taking over of 100% shares of RIO TINTO Ltd.,
Early 2008 PT. BR Tbk., is planning to acquire (acquisition) shares of
HERALD RESOURCES Ltd., an Australian mining company valuing of A$ 455 million (Rp. 3.70
trillion). Mr. Dileep Srivastava, corporate secretary of PT. BR Tbk., on an
interview with Kompas (January 30, 2008) explained that “presently we own
shares of Herald Resources amounting to 19,7% and it will be added until its
majority ownership, at least 51% until maximal 100%. Offering price of A$ 2.25 per
share is the fair price because of Herald’s share price in the Australian stock
market amounted to A$ 1.60 until A$ 1.70 per share” Dileep Srivastava said.
Herald Resources is an Australian mining company that its main asset is
timbale and zinc mining concession in Dairi,
In acquiring Herald Resources, PT. BR Tbk., will use its
subsidiary company namely Callipso Investment Pte. Ltd. a company established
in
Prior to implementation of such plan, on January 31, 2008, Kompas and Bisnis Indonesia reported that PT. Aneka Tambang (Antam) and Zhenzhen Zhongjin Liugnan Nonfemet Co., from China offered share of Herald Resources at the price of A$ 2.50 per share, meanwhile PT. BR Tbk., (Callipso Investment) just offered A$ 1.25 per share. Because of there is an higher offering, Herald management revoked directly recommendation to the shareholders to release their shares to Callipso and Herald management recommended the shareholders to release their shares to Antam and Zhongjin. It caused by offering price of Antam and Zongjin higher 11% than offering price of Callipso.
Mr. Dedi Aditya, President Director of Antam told that
“acquisition on Herald Resources is an opportunity for Antam to get major
ownership on Dairi project and to build strategic partnership with one of the
famous timbale and zinc company in
If this consortium (Antam & Zhongjin) successfully in
purchasing 100% shares of Herald, Antam shall control 52% participation
ownership of Dairi project, and the rest shall be controlled by Zhongjin.
Zhongjin is a zinc processing and mining company in
President Director of PT. BR Tbk., Ari Saptari Hudaya, when asked the
possibility to raise offering price of Herald’s share, told that said
opportunity is still exist. Pursuant to him (Ari Saptari Hudaya) PT. BR Tbk.,
shall consider such matter. “But until now, it is still on level of S$ 2.25 per
share, let we see later”. While corporate secretary of PT. BR Tbk., Dileep
Srivastava told that it is too early to response the offering from Antam and
Zhongjin. “We are interested to Herald and it was a fact that we have 19.81%
shares of Herald. We are waiting for
more detail information from the other offerer.” Dileep said.
Structure of the Company’s Subsidiaries as of September 30, 2010
|
Name of Subsidiaries and Associated |
Principal Activities |
Percentage of Ownership (%) |
Total Assets (US$) |
|
Direct Ownership : |
|
|
|
|
Forerunner International Pte Ltd |
Special Purpose
Company |
100.00 |
1,767,030,273 |
|
Sangatta Holding Limited |
Special Purpose
Company |
100.00 |
672,289,128 |
|
Enercoal Resources Pte. Ltd. |
Special Purpose
Company |
100.00 |
567,184,487 |
|
Knightley Business Resources Pte |
Special Purpose
Company |
100.00 |
3,548,662 |
|
Bumi |
Special Purpose
Company |
100.00 |
2,127,792,250 |
|
Kalimantan Coal Limited |
Special Purpose
Company |
100.00 |
667,437,843 |
|
PT. Bumi Resources Minerals Tbk. |
Trading |
99.99 |
2,121,060,021 |
|
PT. Sitrade Coal |
Special Purpose
Company |
99.99 |
276,569,081 |
|
PT. Mitratama Perkasa |
Mining Service |
30.00 |
116,485,128 |
|
PT. Bumi Resources Investment |
Service |
99.99 |
526,485,128 |
|
PT. Cipta Prima Sejati |
Service |
99.75 |
44,152 |
|
PT. Lumbung Capital |
Service |
99.80 |
53,085 |
|
PT. Kaltim Prima CBM |
Coal Bed Methane
Mining |
99.00 |
1,111,218 |
|
PT. Arutmin CBM |
Coal Bed Methane
Mining |
99.00 |
10,971 |
|
Gallo Oil ( |
Oil Mining |
79.99 |
178,885,105 |
|
PT. Arutmin |
Coal Mining |
70.00 |
687,375,461 |
|
PT. IndoCoal Kalsel Resources |
Special Purpose
Company |
70.00 |
837 |
|
PT. IndoCoal Kaltim Resources |
Special Purpose
Company |
70.00 |
543 |
|
Westside Corporation Ltd. |
Coal Bed Methane
Mining |
20.20 |
26,290,000 |
|
PT. Visi Multi Artha |
Coal Bed Methane
Mining |
30.00 |
2,999,136 |
|
PT. Artha Widya Persada |
Coal Bed Methane
Mining |
30.00 |
3,854,163 |
|
PT. Kaltim Prima Coal |
Coal Mining |
13.60 |
2,172,629,971 |
|
PT. Coalindo Energy |
Services |
6.63 |
417,295 |
|
Calipso Investment Pte. Ltd. |
Special Purpose
Company |
0.01 |
778,439,895 |
|
Lemington Investments Pte. Ltd. |
Special Purpose
Company |
0.01 |
198,350,184 |
|
PT. Citra Palu Mineral |
Gold Mining |
0.01 |
15,359,989 |
|
PT. Multi Capital |
Trading |
0.01 |
1,060,282,188 |
|
|
|
|
|
|
Indirect Ownership : |
|
|
|
|
Herald Resources Ltd. |
Coal Steam Gas
Mining |
99.99 |
140,886,624 |
|
Bumi Resources Japan Co. Ltd. |
Marketing
Services |
100.00 |
12,354,357 |
|
International Minerals Company,
LLC |
Special Purpose
Company |
100.00 |
45,808,110 |
|
Calipso Investment Pte. Ltd. |
Special Purpose
Company |
99.99 |
778,439,855 |
|
Lemington Investments Pte. Ltd. |
Special Purpose
Company |
99.99 |
198,350,184 |
|
PT. Citra Palu Minerals |
Gold Mining |
96.97 |
15,359,989 |
|
PT. Multi Capital |
Trading |
99.99 |
1,060,282,188 |
|
PT. Green Resources |
Special Purpose
Company |
99.50 |
106,737 |
|
Konblo Bumi, Inc. |
Gold Mining |
94.10 |
5,051,546 |
|
Bumi Holdings SAS |
Special Purpose
Company |
60.00 |
16,034,946 |
|
PT. Multi Daerah Bersaing |
Trading |
75.00 |
1,074,176,820 |
|
PT. Newmont Nusa Tenggara |
Mining |
18.00 |
3,380,440,000 |
|
Bumi Mauritania SA |
|
60.00 |
181,373,561 |
|
Pendopo Coal Ltd. |
Investment
Holding |
89.00 |
6,508,935 |
|
PT. Pendopo Energi Batubara |
Coal Mining |
84.45 |
6,888,935 |
|
PT. Gorontalo Minerals |
Gold Mining |
80.00 |
46,235,561 |
|
Leap-Forward Finance Ltd. |
Special Purpose
Company |
50.00 |
54,176,536 |
|
PT. Fajar Bumi Sakti |
Coal Mining |
50.00 |
56,676,769 |
|
IndoCoal Resources (Cayman) Ltd. |
Coal Distributor |
70.00 |
596,996,725 |
|
Candice Investment Pte. Ltd. |
Special Purpose
Company |
70.00 |
15,297,229 |
|
PT. Marvel Capital |
Special Purpose
Company |
69.30 |
112,561 |
|
PT. Dwikarya Prima Abadi |
Special Purpose
Company |
69.30 |
470,653 |
|
PT. Nusa Tambang Pratama |
Mining Service |
69.30 |
27,825,688 |
|
PT. Dairi Prima Mineral |
Lead and Zinc
Mining |
80.00 |
684,589,651 |
|
Zurich Assets International Ltd. |
Special Purpose
Company |
80.00 |
-- |
|
PT. Kaltim Prima Coal |
Coal Mining |
51.40 |
2,172,629,971 |
|
PT. Seamgas |
Methane Gas
Exploration and Mining Contractor |
50.00 |
3,383,046 |
|
Tansar Gas Pte. Ltd. |
Special Purpose
Company |
50.00 |
41,872 |
|
KPC CBM Pte. Ltd. |
Special Purpose
Company |
50.00 |
95,886 |
|
Arutmin CBM Pte. Ltd. |
Special Purpose
Company |
50.00 |
9,286 |
|
Kalenergy Pte. Ltd. |
Special Purpose
Company |
50.00 |
154 |
|
Westprima Resources Pte. Ltd. |
Special Purpose
Company |
50.00 |
1,013 |
|
PT. Darma Henwa Tbk. |
Contractor |
28.78 |
454,530,072 |
|
PT. Coalindo Energy |
Service |
8.95 |
417,295 |
|
PT. Cipta Prima Sejati |
Service |
0.25 |
44,152 |
|
PT. Bumi Resources Minerals Tbk. |
Trading |
0.20 |
2,121,060,021 |
Source: Consolidated
Financial Statement of PT. BR Tbk., (September 30, 2010)
P.T. BR Tbk., participates its shares in
mining companies particularly coal mining industries. Generally mining activities for such minerals such as tin,
cooper, nickel, bauxite, iron and other minerals have fluctuated and for gold
have been expanding in the country in the last five years. The trend has been
in line with the weak prices of nickel and bauxite and with the firm price of
gold on the international market. The mineral mining activities in
Production Growth of Some Minerals
in
|
Year |
Tin (Ton) |
Cooper Ore Concentrate (Ton) |
(Ton) |
Bauxite (Ton) |
Coal (Ton) |
Gold (Kg) |
Silver (Kg) |
|
2002 |
88,142 |
3,786,695 |
4,366,235 |
1,283,485 |
103,060,426 |
142,238 |
288,806 |
|
2003 |
71,695 |
3,238,306 |
4,395,429 |
1,262,595 |
114,610,123 |
141,019 |
285,205 |
|
2004 |
70,338 |
2,810,333 |
4,118,980 |
1,330,827 |
126,850,806 |
92,444 |
262,932 |
|
2005 |
78,404 |
3,553,808 |
3,706,998 |
1,419,666 |
152,722,438 |
142,894 |
326,993 |
|
2006 |
80,933 |
2,938,009 |
4,353,833 |
1,501,937 |
181,060,907 |
93,176 |
270,153 |
|
2007 |
66,137 |
2,814,952 |
7,118,436 |
1,251,147 |
174,832,673 |
117,851 |
268,967 |
|
2008 |
52,449 |
2,601,799 |
6,966,061 |
1,764,656 |
198,167,511 |
69,914 |
324,168 |
|
2009 |
44,113 |
3,484,122 |
5,806,886 |
1,276,797 |
209,344,688 |
126,963 |
321,127 |
Source: Central Bureau of Statistics
(BPS),
Financial
Situation
Total income of P.T. BR Tbk., in 2008 reached US$ 3,378.4 million with a
net profit of US$. 371.7 million, declined to US$. 3,219.3 million with a net profit
of US$. 190.4 million in 2009. Up to 30
September 2010, total income of P.T. BR Tbk., reached US$ 3,174.1 million with
a net profit of US$. 195.6 million, and with a total assets of Rp. 8,390.2
million. The financial highlights of company in the last three years are pictured
on the following table:
(in US$)
|
Description |
30 September 2010 |
31 December 2009 |
31 December 2008 |
|
Assets |
|
|
|
|
a. Current Assets |
2,676,752,211 |
2,051,639,591 |
1,632,573,975 |
|
b. Non Current Assets |
5,713,448,272 |
5,359,288,943 |
3,602,220,107 |
|
c. Total Assets |
8,390,200,483 |
7,410,928,534 |
5,234,794,082 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
a. Current Liabilities |
2,548,482,085 |
2,115,257,404 |
2,102,889,786 |
|
b. Non Current Liabilities |
4,050,647,460 |
3,699,011,862 |
1,613,564,755 |
|
c. Total Liabilities |
6,599,129,545 |
5,814,269,265 |
3,716,454,541 |
|
d. Minority Interest |
386,251,897 |
125,687,100 |
352,858,621 |
|
|
|
|
|
|
e. Stockholders’ Equity - net |
1,404,819,041 |
1,470,972,168 |
1,165,480,920 |
|
f. Total Liabilities and
Stockholder’s Equity |
8,390,200,483 |
7,410,928,534 |
5,234,794,082 |
|
|
|
|
|
|
Income
Statements |
|
|
|
|
a. Total Income/Revenue |
3,174,108,917 |
3,219,274,206 |
3,378,393,105 |
|
b. Cost of Revenue |
2,000,981,132 |
2,115,579,560 |
1,765,663,110 |
|
c. Gross Profit |
1,173,127,785 |
1,103,694,646 |
1,612,729,995 |
|
d. Operational Expense |
394,039,474 |
465,447,027 |
510,520,695 |
|
e. Operating Income |
779,088,311 |
638,247,619 |
1,102,209,300 |
|
f. Operating Profit Before Tax |
657,307,930 |
517,655,112 |
1,032,726,233 |
|
g. Net Profit |
195,609,661 |
190,448,692 |
371,690,961 |
Source: P.T. Bumi
Resources Tbk
P.T. BR Tbk's management is headed by Mr. Ari Saptari Hudaya (52) who
already has a long experience in various business fields. He also is a professional
manager of the BAKRIE Group. In daily operation he is assisted by four
directors namely Mr. Eddie Junianto Soebari (55), Mr. Kenneth Patrick Farrell
(56), Mr. Dileep Srivastava (52) and Mr. Andrew C. Beckahm (49). The president commissioner is Mr. Suryo
Bambang Sulisto who is also a commissioner of P.T. JAMSOSTEK, and as a chairman
of the Indonesian Indigenous Businessmen (HIPPI). The management of P.T. BR Tbk., has a closed
relation with Indonesian Army (TNI-AD) as the Yayasan Kartika Eka Paksi (YKEP)
is shareholder of P.T. BR Tbk. YKEP is a big foundation owning several business
activities. It was founded by TNI-AD (Indonesian army) to accommodate
activities of officers and members of TNI-AD who are going to retire.
So far we have never heard that the board of directors and commissioners
of the company involved in business malpractices or detrimental cases that
settled through the court. Their
litigation record is clean and they have never involved in civil or criminal
cases or politics in the country. They
are not in bankruptcy condition as their business is running well. They are not
listed in the black list of Bank
P.T. BUMI RESOURCES Tbk. is appraised to be fairly
good for business transaction. However,
in view of the unstable economic condition in the country, we recommend to
treat prudently in business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.16 |
|
|
1 |
Rs.70.64 |
|
Euro |
1 |
Rs.58.68 |
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 |
|
---- |
NB |
New Business |
---- |
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.