MIRA
INFORM REPORT
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Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. FAJAR BUMI SAKTI |
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Formerly known as: |
P.T. FAJAR BUMI SAKTI |
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Registered Office : |
Wisma Bakrie 2, 11th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920 |
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Country : |
Indonesia |
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Date of Incorporation : |
11.04.1962 |
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Com. Reg. No.: |
No. AHU-AH.01.10-00322 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Coal Mining Industry |
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$ 6.5 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
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. FAJAR BUMI SAKTI
Address
Head Office
Wisma Bakrie 2,
11th Floor
Jl. H.R. Rasuna Said Kav. B-2
Jakarta 12920
Indonesia
Phones -
(62-21) 5200428, 5250192 (Hunting)
Fax - (62-21) 93650013, 5200361
Email - fbs@fajarbumisakti.co.id
Building Area - 18 storey
Office Space - 360 sq. meters
Region - Commercial
Status -
Rent
Coal Mining Sites :
a. Loa Ulung, Desa Teluk Dalam
Tenggarong, Kutai Kartanegara
East Kalimantan
Concession Area – 988 hectares
b. Desa Gunung Sari
Tabat, East Kalimantan
Concession Area – 4,008
hectares
c. Desa Buluk Seng
Tabang,
East Kalimantan
Concession Area –
4,995 hectares
Registration data
Date of Incorporation
:
a. 11 April 1962
as C.V. FADJAR TIMUR
b. 26 September
1978 as P.T. FAJAR BUMI SAKTI
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
a. No. AHU-57073.AH.01.02.Tahun 2008
Dated 01 September 2008
b. No.
AHU-AH.01.10-00322
Dated
09 January 2009
Company Status
:
Domestic
Investment Company (PMDN)
Permit by the Government Department :
The Department of Mining and Energy
No. 3221/SK-DJ/395.DUP.TH.1981
Dated 07 November 1981
The Capital Investment Coordinating Board
a. No.
184/I/PMDN/1982
Dated 13 October 1982
b. No. 152/II/PMDN/1994
Dated 02 June 1994
The Department of Finance
NPWP No. 01.003.224.1-014.000
Holding Company
:
P.T. BARA MILENIA
ENERGI (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 1,000,000,000,000.-
Issued Capital - Rp. 260,000,000,000.-
Paid up Capital - Rp. 260,000,000,000.-
Shareholders/Owners
:
a. P.T. BARA
MILENIA ENERGI - Rp.
259,974,000,000.- (99.99%)
Address : Wisma Bakrie 1, 6th Floor
Jl. H.R. Rasuna Said Kav.
B-2
South Jakarta
b. P.T. SEKAR UTAMA PERKASA - Rp.
26,000,000.- ( 0.01%)
Address : Graha Kapital, 4th
Floor
Jl. Kemang Raya No. 4
South Jakarta
BUSINESS ACTIVITIES
Lines of
Business :
Coal Mining
Industry
Production
Capacity :
Coals -
2,300,000 tons p.a.
Total Investment
:
a. Equity Capital -
Rp. 260.0 billion
b. Loan Capital - Rp. 0 billion
c. Total Investment - Rp. 260.0 billion
Started
Operation :
1982
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
980 persons
Marketing Area
:
a. Domestic
(Local) - 40%
b. Export - 60%
Main Customers
:
a. P.T. SEMEN
GRESIK
b. P.T.
INTERNATIONAL NICKEL INDONESIA
c. P.T. PLN
d. Overseas Buyer
in Korea, Japan, Taiwan, etc.
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. ADARO
INDONESIA
b. P.T. KALTIM PRIMA COAL
c. P.T. ARUTMIN INDONESIA
d. P.T. BERAU COAL
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Thamrin Office
Jalan M.H. Thamrin No. 5
Jakarta Pusat
Indonesia
b. P.T. Bank
DANAMON Tbk
Wisma Bank DANAMON
Jalan Jend. Sudirman Kav. 45
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual
Sales/Revenue :
2006 – US$. 6.0 million
2007 – US$. 10.4
million
2008 – US$. 39.1
million
2009 – US$. 45.3
million
2010 – US$. 52.0
million
2011 – US$. 30.0
million (January – June)
Net Profit
(estimated) :
2006 – US$. 0.8 million
2007 – US$. 3.1 million
2008 – US$. 15.0
million
2009 – US$. 17.3
billion
2010 – US$. 19.8
billion
2011 – US$. 11.4
billion (January – June)
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President
Director - Mr. Yufli
Gunawan
Directors - a. Mr. Raden
Deny Yuliarto
b. Mr. Andi Pravidia Saliman
General
Manager - Mr. Muchtar
Hamzah
Board of Commissioner :
Commissioner - Mr. Asis Marsuki
Signatories :
President Director (Mr. Yufli Gunawan)
or one of the Director (Mrs. Raden Deny Yuliarto and Mr. Andi Pravidia Saliman)
which must be approved by Board of Commissioner (Mr. Asis Marsuki).
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below Average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit
Limit :
US$ 6.5 million on 90 days D/A
OVERALL PERFORMANCE
Originally
named C.V. FAJAR TIMUR, the company was established in 1962 in Samarinda, East
Kalimantan, under the legal status of Commanditaire Vennootshap (C.V.) or
limited partnership with sleeping partner. On 26 September 1978 its status was
converted to P.T. (Perseroan Terbatas or Limited Liability Company) and its
name changed to P.T. FAJAR BUMI SAKTI. The company's original shareholders are
Mr. Winoto Woesin, Mr. Koemadi Woesin, Mrs. Suminah Hasim, Mr. Hartoyo, Mrs. Kasmiati and Mrs. Kadiono.
The authorized capital was set at Rp 140,000,000.- and the issued capital at Rp
130,000,000.- entirely paid up. The company's notarial act was since revised a
number of times. In 1982 the company's entire shares went over into the control
of Mr. H. Andi Tabusalla, Mr. Basuki Sayono, Mr. Ibnu Hartomo (all three
indigenous businessmen), Mr. Susanto Lyman AKA Lie Siong Thay, Mr. Budhiman,
Mr. Herman, Mr. Koesmadi Woesin, Mr. Hartoyo and Mr. Tjio Djie Gie, all
Indonesian businessmen of Chinese extraction. On this occasion the authorized
capital was increased to Rp 10,000,000,000.- of which Rp 6,700,000,000.- was
issued and paid up.
On
August 1997 the authorized capital was increased to Rp 28,000,000,000.- totally
issued and paid up. Concurrently the shareholders of the company are P.T.
BAKRIE INVESTINDO and Mr. Nirwan Dermawan Bakrie, an indigenous businessman. On
February 2008, the authorized capital was increased again to Rp.
1,000,000,000,000.- of which Rp. 260,000,000,000.- was issued and paid up. By the same time the shareholders had
changed, P.T. BAKRIE INVESTINDO and Mr. Nirwan Dermawan Bakrie pulled out and
the whole shares sold to P.T. CMA INDONESIA (99.89%) and P.T. BARA MILENIA
ENERGI (0.11%), both are indirect subsidiary of PT. BUMI RESOURCES Tbk, a
company member of the BAKRIE Group.
Lastly,
on January 2009, PT. CMA INDONESIA pulled out and the whole shares are sold to
PT. BARA MILENIA ENERGI. Since that
time, the shareholders of P.T. FAJAR BUMI SAKTI (P.T. FBS) are P.T. BARA
MILENIA ENERGI (9.99%) and P.T. SEKAR UTAMA P[ERKASA (0.01%). And the shareholders of P.T. BARA MILENIA
ENERGI are P.T. LEAP COAL INDONESIA (99.998%) and Mr. Ivan Permana (0.002%).
For full details see the shareholders chart below.
Source: Notary Deeds, internet and
investigation from the companies
P.T.
BUMI RESOURCES Tbk. (BUMI) acquired (take-over) 76.70% shares of P.T. FAJAR
BUMI SAKTI (P.T. FBS) and the rest is owned by P.T. CMA INDONESIA (23.19%) and
P.T. BARA MILENIA ENERGI (0.11%). The
latest notary deed of amendment was made by Mr. Firdhonal, SH., a public notary
in Jakarta under Company Registration Number AHU-AH.01.10-00322, dated January
09, 2009.
P.T.
FBS is a domestic capital investment (PMDN) company licensed by Capital
Investment Coordinating Board (BKPM) for operating in coal mining. The company has mining concession is located
in Load Ulung, Tenggarong, East Kalimantan with concession area covering 988
hectares. The proven reserved in Loa Ulung about 14 millions tones, operating
since 1982. In 2006 P.T. FBS acquired a
new concession covering 4.008 hectares in Desa Gunung Sari, Tabang East
Kalimantan. In 2007, FBS acquired another concession area covering 4.995
hectares in Desa Buluk Seng, Tabang, East Kalimantan. The estimated reserved
from Tabang area is approximately 100 millions tones. P.T. FBS operates two kinds of mining
techniques, the underground and open pit techniques. Both techniques are
implemented in Loa Ulung, Tenggarong. While in Tabang area, P.T. FBS will only
apply the open pit mining technique.
Product
FBS produces high quality Kutai Coal that has
been known in international coal market. Specification of the coal is:
High CV Coal
Total Moisture (ARB) : 12 – 15%
Proximate Analysis
(Air Dried Basis)
- Inherent Moisture : 8.5% Approx
- Ash :
7 – 8%
- Volatile Matter : 38 – 42%
- Fixed Carbon :
by different
- Total Sulfur :
0.8 – 1.4%
- Gross Caloric Value : 6500 – 6800 Kcal/Kg
- Hard grove Grind ability Index : Min 40
- Chlorine :
0.015% Max
- Phosphorus :
0.0007% Max
Sub bituminous
Coal
Total Moisture (ARB) : 25 – 32%
Proximate Analysis
(Air Dried Basis)
- Inherent Moisture : 18% Approx
- Ash :
6%
- Volatile Matter : 38 – 42%
- Fixed Carbon :
by different
- Total Sulfur :
0.2 – 0.5%
- Gross Caloric Value : 5200 – 5800 Kcal/Kg
- Hard grove Grind ability Index :
Min 45
To support the operation P.T. FBS has some
partners that provided their operation need,
such as BEML Limited, India (Providing Heavy Equipment), PT United
Tractors Indonesia (Support company in providing heavy equipments and give
training to operator and mechanics), PT Alun (Providing Trucks), PT
Intracopenta Tbk (Providing Trucks and Heavy
Equipments), JCOAL, Japan (Giving advisory for underground mining
technology)
Some
60% of the company’s product is exported to South Korea, Japan, Taiwan and the
rest is marketed locally to several industries like P.T. SEMEN GRESIK (cement
industry), P.T. INTERNATIONAL NICKEL INDONESIA (nickel industry) and other
manufacturing industries. It seems that P.T. FBS belongs to a large-sized and
the operation has been running well as yet.
Generally, the
mining activities for such minerals as copper, gold, silver, nickel ore, coal
and etc. 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 Indonesia is seen from the total production of
minerals as below.
Production Growth of Some Minerals
In Indonesia, 2005 – 2010*
|
Year |
Tin Ore Concentrate (Ton) |
Copper Ore Concentrate (Ton) |
Nickel Ore (Ton) |
Bauxite (Ton) |
Coal (Ton) |
Gold (Kg) |
Silver (Kg) |
|
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 |
7,118,438 |
1,251,147 |
174,832,673 |
117,851 |
268,967 |
|
2008 |
47,626 |
2,340,100 |
6,557,103 |
1,594,196 |
181,569,985 |
62,695 |
302,292 |
|
2009 |
44,113 |
3,484,122 |
5,806,886 |
1,276,797 |
209,344,688 |
126,963 |
321,127 |
|
2010 |
36,574 |
3,199,562 |
5,324,822 |
939,544 |
210,896,926 |
93,076 |
247,314 |
Source: Central Bureau of Statistics
(BPS)
*) January - November
Until this time P.T. FBS has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. We observed that total sales turnover of the company in 2008
amounted to US$. 39.1 million increased to US$. 45.3 billion in 2009 and rose
again to US$. 52.0 million in 2010 with a net profit of US$. 19.8 billion. We estimated the company has a total networth
at least US$. 65.0 million. It is
projected that total sales turnover of the company will increase at least 8% in
2010. We observe that P.T. FBS is
supported by financially strong behind it. So far, we did not hear 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. FBS is led by Mr. Yufli Gunawan (35) as president director, a young
professional manager with 11 years of experience in coal mining industry. He
graduated from University of Indonesia, Bachelor of Economy majoring in
Accounting. He was an Associate in Price
Waterhouse coopers and Management Trainee of PT. Astra International Tbk. Daily
operation; he is assisted by two directors namely Mr. Raden Deny Juliarto (35)
and Mr. Andi Pravidia Saliman (37). The
management is quite creative and dynamic, having maintained a wide business
relation with private businessmen at home and abroad and with the government
sectors as well. We observed that management’s reputation in said business is
fairly good. So far, we did not hear
that the company’s management involved in a dirty business practice or
detrimental cases that settled in the country. The company’s litigation record
is clean and it has not registered with the black list of Bank of
Indonesia.
P.T. FBS is
sufficiently fairly good for business transaction. However, in view of the
unstable economic condition in the country we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.82 |
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.