MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ENERGI MEGA PERSADA TBK |
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Formerly Known As : |
P.T. ENERGI MEGA PERSADA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
16.10.2001 |
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Com. Reg. No.: |
No. AHU-10395.AH.01.02.TH.2009 |
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Legal Form : |
Publicly Listed Company |
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Line of Business : |
Investment Holding |
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
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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. ENERGI
MEGA PERSADA Tbk
Address
Head Office
Rasuna Epicentrum
Jalan H.R. Rasuna
Said
Phones -
(62-21) 2994 1540 (Hunting)
Fax - (62-21) 2994 1541
E-mail - info@energi-mp.com
Website - http://www.energi-mp.com
Building Area - 50 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
Registration data
Date of Incorporation :
a. 16 October 2001 as P.T. ENERGI MEGA PERSADA
b. 30 July 2004 as P.T. ENERGI MEGA PERSADA Tbk
Legal Form :
P.T. Tbk
(Perseroan Terbatas Terbuka) or Publicly Listed Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-10395.AH.01.02.TH.2009
Dated 1 April
2009
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.091.654.0-054.000
The Capital Market Supervisory Agency
No.
S-1480/PM/2004
Dated 26 May 2004
Related
Company :
A Member Company of
the BAKRIE Group
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
5,500,000,000,000.-
Issued Capital : Rp.
4,058,411,041,000.-
Paid up Capital : Rp.
4,058,411,041,000.-
Shareholders/Owners
:
a. P.T. BAKRIE & BROTHERS Tbk - Rp. 1,023,115,062,000.-
b. Mr. Rennier Abdul Rachman Latief - Rp.
38,849,650,000.-
c. P.T. KONDUR
d. Mr. Julianto Benhayudi - Rp. 5,000,000.-
e. P.T. BRANTAS
f. Public less than 5% - Rp. 2,970,680,884,000.-
BUSINESS ACTIVITIES
Lines of
Business :
Investment
Holding
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 4,500.0
billion
Started
Operation :
2001
Brand Name :
Energi Mega
Persada
Technical
Assistance :
None
Number of
Employee :
528 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Europe
Union and the
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BENAKAT PETROLEUM
Tbk
b. P.T. BUMI
HASTAMUKTI
c. P.T. MEDCO
ENERGI INTERNATIONAL Tbk
d. P.T. RATU
PRABU Tbk
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank PERMATA Tbk
Plaza Permata
Jalan Jend. Sudirman Kav. 27
b. P.T. Bank CIMB NIAGA Tbk
Plaza CIMB NIAGA
Jalan Jend. Sudirman Kav. 25
Auditor :
Tjendradjaja
& Handoko Tomo (MAZARS) Public Accountant
Litigation :
No litigation
case in our database
FINANCIAL FIGURE
Annual Sales :
2007 – Rp.
1,859.1 billion
2008 – Rp.
1,444.4 billion
2009 – Rp. 568.2 billion (As per 30 June)
Net Loss :
2007 – Rp. 34.9 billion
2008 – Rp.
1,729.4 billion
2009 – Rp. 76.7 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Imam Pria Agustino
Directors -
a. Mr. Didit Agripinanto Ratam
b. Mr. Amir Balfas
Board of Commissioners :
President Commissioner -
Mr. Ari Saptari Hudaya
Commissioners -
a. Mr. Suyitno Patmosukisno
b. Mr. Nalinkant Amratlal Rathod
c. Mr. A. Quoyum Tjandranegara
d. Mr. Sulaiman Zuhdi Pane
Signatories :
President Director (Mr.
Imam Pria Agustino) or one of the Directors (Mr. Didit Agripinanto Ratam or Mr.
Amir Balfas) which must be approved by Board of Commissioner
CAPABI LITIES
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$ 5,000,000 on
90 days D/A
OVERALL PERFORMANCE
Originally named P.T. ENERGI MEGA
PERSADA was established in October 2001 with an authorized capital of Rp.
500,000,000 with issued capital of Rp. 200,000,000 wholly paid-up. Founders and
original shareholders were Mr. Julianto Benhayudi and Mr. Ir. Rennier Abdul
Rachman Latief, both are indigenous businessmen. In February 2003, the
authorized capital has increased to Rp. 800,800,000,000 and issued capital to
Rp. 200,777,777,800 wholly paid up. On the same occasion, the company had been
joined by new two new shareholders respectively P.T. KONDUR
In June 2004,
the company went public by selling its 30% shares to the publics through
Jakarta Stock Exchanges (JSE) and since that time the name of the company was
changed to P.T. ENERGI MEGA PERSADA Tbk. (P.T. EMPT). Then, the authorized capital was raised to Rp.
1,500,000,000,000 of which Rp. 949,144,517,700 was issued and pad up. The
latest in March 2009 the authorized capital was raised to Rp. 5,500,000,000,000
issued capital to Rp. 4,058,411,041,000 entirely paid up. The capital
structures and shareholders composition of the company see profile of this
report. The company notary act was made by Mr. Humberg Lie, SH., was approved
by the Ministry of Law and Human Right in its Decision Letter No.
AHU-10395.AH.01.02.TH.2009, dated April 1, 2009. The majority share of P.T.
EMPT is owned by P.T. BAKRIE & BROTHERS Tbk is a public listed company
which majority shares is controlled by Ir. Aburizal Bakrie and family members.
P.T. EMPT is operating in
field of management of oil and gas mining company management services and as
the holding company of the sister companies which are engaged in the field of
oil and gas mining business. In February 2003, P.T. EMPT has taken over 100%
shares of RHI Corporation, a business firm based in
On February 2004, P.T. EMPT
has again taking over 96% shares of P.T. IMBANG TATA ALAM (P.T. ITA), the owner
of 26.03% of mining concession at Malacca Strait PSC Block in
KALILA ENERGY Ltd (KEL) is
the owner of 84.24% shares of LAPINDO BRANTAS Inc. (LAPINDO) which is engaged
in the field of oil and gas exploration and as the operator and mining
concession of 50% of Blok Brantas PSC located in Sidoarjo region, Mojokerto and
Pasuruan,
In September 2004, P.T. EMPT
took over 100% shares of ENERGI MEGA PRATAMA Inc., (EMP Inc.), a company being
established in
Therefore, P.T. EMPT and its
subsidiaries are the owners of mining concession of 60.49% in Malacca Strait
PSC Block in
|
No. |
Name of Block |
Working Interest Owners |
Percentage |
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1. |
Brantas PSC |
- Lapindo Brantas Inc. |
50.00% |
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- Novus Indonesia Brantas Co. |
50.00% |
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2. |
Malacca Straits PSC |
- OOGC Malacca Ltd. |
39.51% |
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- Kondur Petroleum S.A. |
34.46% |
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- PT. Imbang Tata Alam |
26.03% |
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3. |
Kangean PSC |
- EMP Kangean Ltd. |
60.00% |
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- EMP Explortion (Kangean) Ltd. |
40.00% |
Source: P.T. EMPT
Therefore, P.T. EMPT and its
sister companies are owners of 60.49% working interest of Blok Malacca Straits
PSC in
P.T. EMPT is an
independent upstream oil and gas company headquartered in
In April 2008
acquired the Tonga PSC for US$ 11,800,000-. Tonga PSC is estimated to have up
to 90 million barrels of Oil Equivalent in place. The block which is located in
North Sumatera made discovery of 850 barrels of oil per day in
In May 2009 was
awarded 2 new Coal Bed Methane Contracts ( Sangatta -2 and Tabulako ) in
Kalimantan with the combined estimated resources of 1.5 trillion cubic feet of
gas (signature bonus paid : US$ 2.5 million).
In November 2009
EMPT signed an agreement with Inpex Masela Ltd to acquire 10% participating
interest in Masela PSC in the Arafura Sea,
In February 2010
EMPT completed the 2nd Rights Issue; raising Rp 4.84 trillion (US$ 519 million)
proceed. The rights proceed was used to partly repay the outstanding loan (US$
250 million) and to secure the acquisition of 10% stake in Masela PSC from Inpex
Masela Ltd. Post the loan repayment, ENRG’s consolidated Debt to Equity ratio
improved from 3.2x (FYE 2009) to 0.5x (1Q 2010). In November 2010 EMPT
completed the financial closing of the 10% acquisition of Masela PSC from
Inpex. Consequently, EMP net 2P reserves increased by 235% to 532 million
barrels equivalent.
The growing
crude oil price started as from the middle of 1999 and constantly rising within
2007 has blown fresh air to Indonesian government and oil companies. In the
effort of stabilizing the world's crude oil price above US$ 90 per barrel in
2008 and sharply dropped to US$ 40 to US$ 44 per barrel in early 2009. Despite crude oil price problem,
Indonesia Crude Oil and Natural Gas Production
2002 – 2009
|
Year |
Crude Oil (000’ Barrels) |
Natural Gas (000’MSCF) |
|
2002 |
474,884 |
3,041,875 |
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2003 |
420,995 |
3,142,605 |
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2004 |
438,455 |
3,113,338 |
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2005 |
387,698 |
3,036,195 |
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2006 |
367,049 |
2,971,372 |
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2007 |
348,348 |
2,707,628 |
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2008 |
357,501 |
2,771,627 |
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2009 |
345,490 |
2,506,803 |
Source: Directorate General of Oil
and Gas
According to
financial statement which audited by Tjendradjaja & Handoko Tomo (Mazars),
Public Accountant that sales turnover of P.T. EMPT in 2008 amounted to Rp.
1,859.1 billion with a net loss of Rp. 34.9 billion rose to Rp. 1,444.4 billion
with a net loss of Rp. 1,729.4 billion in 2009. As per 30 June 2010 the sales
turnover has reached at Rp. 568.2 billion with a net loss of Rp. 76.7 billion
and projected to go on rising by at least 5% in 2011. We observe that P.T. EMPT
is supported by the BAKRIE Group 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
(In million Rp)
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Descriptions |
30 June 2010 |
31 December |
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2009 |
2008 |
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A. ASSETS |
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a. Current Assets |
3,469,401 |
2,009,919 |
2,859,583 |
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b. Non Current Assets |
8,354,490 |
8,242,472 |
9,767,038 |
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c. Other Assets |
77,952 |
55,983 |
38,084 |
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TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
11,423,492 |
10,252,391 |
12,626,622 |
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B. LIABILITIES
&STOCKHOLDERS EQUITY |
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a. Current Liabilities |
1,495,944 |
4,258,804 |
1,439,263 |
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b. Non Current Liabilities |
4,164,271 |
4,219,162 |
7,440,657 |
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c. Stockholders Equity : -
Paid Up Capital -
Additional Paid Up Capital Total Stock holders
Equity |
4,058,411 3,343,407 4,139,256 |
1,440,081 3,354,749 1,741,368 |
1,440,081 3,354,749
3,711,241 |
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C. INCOME STATEMENT |
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a. Sales Net |
568,161 |
1,444,369 |
1,859,071 |
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b. Operating Profit |
60,084 |
27,102 |
582,555 |
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c. Net loss |
76,664 |
1,729,450 |
34,943 |
Notes: 31 December 2008, 2009 Audited by Tjendradjaja
Handoko Tomo (Mazars)
*) As per 30 June 2010 un audited
The management
of P.T. EMPT is led by Mr. Imam Pria Agustino (52) a professional manager with experience
in oil and natural gas exploration and production. The company's management is
handled by professional managers 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. ENERGI MEGA PERSADA Tbk is sufficiently fairly
good for business transaction. However, in view of the company operation has
been suffering from loss in the last three years we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
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 |
|
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 |
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<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.