MIRA
INFORM REPORT
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Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ADARO INDONESIA |
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Registered Office : |
Menara Karya, 22nd & 23rd Floor Jl. H.R. Rasuna Said Blok X-5 Kav. 1-2 Jakarta Selatan 12950 |
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Country : |
Indonesia |
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Date of Incorporation : |
11.11.1982 |
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Com. Reg. No.: |
No. C-06676.HT.01.04.TH.2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Coal Mining |
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$ 300.0 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) |
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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. ADARO
INDONESIA
Address
Head Office
Menara Karya, 22nd
& 23rd Floor
Jl. H.R. Rasuna Said Blok X-5 Kav. 1-2
Jakarta Selatan 12950
Phones - (62-21) 521 1265 (hunting)
Fax - (62-21) 521 1266
E-mail - adarojkt@ptadaro.com
Website - http://www.ptadaro.com
Factory
Paringin,
Tutupan and Wara
Tabalong and Hulu
Sungai Utara
South Kalimantan
Registration data
Date of
Incorporation :
11 November 1982
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Department of
Law and Human Rights
No.
C-06676.HT.01.04.TH.2003
Dated 28 March
2003
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Departments :
a. President of
the Republic of Indonesia
No. B-81/Pres/10/1982
Dated 5 October 1982
b. The Capital Investment Coordinating Board
-
No. 789/A.I/1982
Dated 10 September 1982
- No. 332/III/PMA/91
Dated 31 May 1991
Holding
Companies :
a. P.T. ALAM TRI ABADI (Investment Holding)
b. P.T. VISCAYA INVESTMENTS (Investment Holding)
c. P.T. DIANLIA SETYAMUKTI (Investment Holding)
d. INDONESIA COAL Pty. Ltd., of Australia
(Investment Holding)
e. MEC INDO COAL BV., of the Netherlands
(Investment Holding)
Ultimate Holding Company :
P.T. ADARO ENERGY
Tbk.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital -
US$ 177,520,000 (Rp. 119,426,580,000.-)
Issued
Capital - US$ 44,380,000
(Rp. 29,856,645,000.-)
Paid up
Capital - US$ 44,380,000
(Rp. 29,856,645,000.-)
The Latest Shareholders :
a. P.T. ALAM TRI ABADI of Indonesia - US$. 27,142,700.-
(61.16%)
b. P.T. VISCAYA INVESTMENTS of Indonesia - US$. 14,645,500.- (33.00%)
c. P.T. DIANLIA SETYAMUKTI of Indonesia - US$. 2,590,800.- ( 5.84%)
d. COALTRADE SERVICES INT’L Pte Ltd of Australia - US$. 1,000.- ( 0.00%)
BUSINESS ACTIVITIES
Lines of Business :
Coal Mining
Production
Capacity :
Coals - 45.0 million tons p.a.
Total Investment :
a. Equity Capital -
US$ 63.2 million
b. Loan Capital -
US$ 11.4 million
c. Total Investment -
US$ 74.6 million
Started Operation :
a. November 1990
(exploration)
b. September 1991
(production)
Brand Name :
Envirocoal
Technical Assistance :
None
Number of Employee :
1,120 persons
Marketing Area :
a. Local Market - 25%
b. Export Market - 75%
Main Customers :
Overseas Buyers in Spain, Germany, Denmark, France, the UK, Japan
Taiwan, the USA and others countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BATUBARA
BUKIT ASAM
b. P.T. KALTIM PRIMA COAL
c. P.T. ARUTMIN INDONESIA
d. P.T. KODECO JAYA AGUNG
e. P.T. BERAU COAL
f. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. The Hong Kong and Shanghai Banking Corp.Ltd.
World Trade Centre, 1-5th Floor
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
b. CITIBANK N.A
Citibank
Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan
c. P.T. Bank MANDIRI Tbk
Mandiri Building
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Auditor :
a. Haryanto Sahari & Rekan (a member of PricewaterhouseCoopers)
b. Kosasih dan Nurdiyaman (a member of SC International)
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales/Revenue :
2006
– US$. 1,003.2 million
2007
– US$. 1,146.3 million
2008
– US$. 1,617.8 million
2009
– US$. 2,406.9 million
2010
– US$. 2,412.0 million
Net Profit (Loss):
2006
– US$. 48.5 million
2007
– US$. 45.7 million
2008
– US$. 64.5 million
2009
– US$. 95.9 million
2010
– US$. 96.1 million
Payment Manner :
Promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director
- Mr. Garibaldi Thohir AKA Boy
Garibaldi Thohir
Directors -
a. Mr. Chia Ah Hoo
b. Mr.
Sandiaga Salahuddin Uno
c. Mr. Christian Ariano
Rachmat
d. Mr. David Tendian
e. Mr. Andre Johannes Mamuaya
f. Mr.
Tsang Edwin Kin-Wah
Board of Commissioner :
President
Commissioner - Mr. Edwin Soeryadjaya
Commissioners -
a. Mr. Theodore Permadi Rachmat
b. Mr. Subianto AKA Benny Subianto
Signatories :
President Director (Mr. Boy Garibaldi
Thohir) or one of Directors (Mr. Ah Hoo Chia, Mr. Sandiaga Salahuddin Uno, Mr.
Christian Arianto Rachmat, Mr. David Tendian, Mr. Andre Johannes Mamuaya and
Mr. Tsang Edwin Kin-Wah) which must be approved by President Commissioner (Mr.
Edwin Soeryadjaja) or one of the commissioners (Mr. Thedore Permadi Rachmat and
Mr. Subianto)
CAPABILITIES
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Below Average
Credit
Recommendation :
Credit can be
proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 300.0
million on the 90 days of payment
OVERALL PERFORMANCE
P.T. ADARO INDONESIA (P.T. ADARO) was
established on 11 November 1982 with an authorized capital of US$ 400,000.-,
issued and paid up capital of US$ 200,000.-. The original founding shareholders
are EMPRESA NACIONAL DE INVESTIGACIONES MINERAS S.A. of Madrid, Spain, and Mr.
Francisco Casero Perrote, a businessman of Spain. In December 1990 Mr.
Francisco Casero Perrote resigned and joined in new three shareholders namely
INDONESIA COAL Pty.,Ltd., of Australia, P.T. ASMINCO BARA UTAMA and P.T.
TIRTAMAS MAJUTAMA, both are national private companies of Indonesia. Since
February 1998 the authorized capital was raised to US$ 7,000,000.-, issued and
paid up capital to US$ 5,080,000.-. and the shareholders of P.T. ADARO consisted
of NEW HOPE Corp., Pty. Ltd., (ex. INDONESIA COAL Pty., Ltd.), of Australia
(50%), MISSION ENERGY COMPANY (MEC) INDO COAL B.V. of the Netherlands (10%) and
P.T. ASMINCO BARA UTAMA of Indonesia (40%).
In February 2002, P.T. ASMINCO BARA UTAMA, a
subsidiary company of BECKKETT Pte Ltd withdrew and its shares were taken over
by P.T. DIANLIA SETYAMUKTI (40%). Since then, there has been a dispute between
BECKKET Pte Ltd against DEUTSCHE BANK and P.T. DIANLIA SETYAMUKTI. In September
2005, the High Court of Singapore decided that P.T. DIANLIA SETYAMUKTI was the
shareholder of P.T. ADARO INDONESIA and rejected the claim of BECKKET Pte.Ltd.
The high court’s decision strengthened the decision of Choo Han Teck Judge on
25 August 2005 based on claim case of BECKKETT against DEUTSCHE BANK AG,
Singapore and P.T. DIANLIA SETIAMUKTI in Civil Appeal No. 65 of 2005/Y.
However, BECKKETT tried any legal effort
again to regain its commercial rights and interest of BECKKET of shares
ownership. In February 2006, BECKKETT
Pte Ltd. sued DEUCTSCHE BANK and P.T. DIANLIA SETYAMUKTI through High Court of
Singapore. In March 2006, the Supreme
Court of Indonesia issued a letter for establishing the decision of South
Jakarta Court and canceling the decision of South Jakarta High Court. By the
issued letter, the Supreme Court rejected the claim of BECKKETT Pte. Ltd and
decided that P.T. DIANLIA SETYAMUKTI is still the shareholder of P.T. ADARO
INDONESIA.
Pursuant to the amendment deed of P.T. ADARO
INDONESIA, in August2008, the shareholders of P.T. ADARO INDONESIA are P.T.
ALAM TRI ABADI (60.22%), P.T. VISCAYA INVESTMENTS (28.33%), P.T. DIANLIA
SETYAMUKTI (5.83%), INDONESIA COAL Pty. Ltd., (4.67%) and MEC INDO COAL BV.,
(0.95%). This amendment notary deed has
obtained registration number from the Department of Law and Human Rights under
No. AHU-59722.AH.01.02.Tahun 2008 dated September 8, 2008.
Lastly in July 2011, the shareholders of
P.T. ADARO INDONESIA are P.T. ALAM TRI ABADI (61.16%), P.T. VISCAYA INVESTMENTS
(33.00%), P.T. DIANLIA SETYAMUKTI (5.84%) and COALTRADE SERVICES INTERNATIONAL
Pte Ltd. of Australia (0.002%). The latest amendment notary deed has obtained
registration number from the Department of Law and Human Rights under No.
AHU-AH.01.10-21000 dated July 5, 2011.
No changes have been effected in term of its shareholding composition
and capital structures to date.
We observe that P.T. ALAM TRI ABADI, P.T.
VISCAYA INVESTMENTS and P.T. DIANLIA SETYAMUKTI, third are private companies of
which the majority shares are controlled by P.T. ADARO ENERGY Tbk., a public
listed company. The shareholders of P.T.
ADARO ENERGY Tbk., are P.T. ADARO STRATEGIC INVESTMENTS (43.91%), Mr. Garibaldi
Thohir (6.15%), Mr. Edwin Soeryadjaya (4.25%), Mr. Theodore Permadi Rachmat
(2.21), Mr. Sandiaga Salahuddin Uno (1.98%), Mr. Ir. Subianto (1.30%) and
publics (40.20%).
P.T. ADARO
INDONESIA (ADARO) was established as a foreign capital investment (PMA) company
dealing with coal mining with its first concession in Tutupan Utara, Wara and
Paringin, East Kalimantan, operating
since 1985. Then its mining concession area was relocated to Tabalong and Hulu
Sungai Utara in South Kalimantan. The survey shows that both concessions have a
deposit of 1.37 billion tons coal. Commercial production started in 1991 and
its production capacity has frequently been increased. Presently it has a
production capacity of 45.0 million tons per year. P.T. ADARO has used Minescape 4 Minicom
application for the activities of management.
Some 70% of the
products are exported to Spain, Germany, Denmark, France, the UK, Japan,
Taiwan, the USA and other countries, while the rest is sold to local factories
in Cirebon, West Java, and PLTU (Steamed Power Electric Plant) Paiton Swasta I
in East Java. n November 1999 P.T. ADARO received a reward as the World Best
Coal Mining Company of 1999 issued by Financial Times Energy Awards held in
Waldof Astoria, New York, the USA. P.T. ADARO won the best predicate after
fulfilling three main criterias mainly the very efficient operation, innovative
marketing for ultra-clean sub bituminous coal that internationally known as
Envirocoal, and an extra-ordinary commitment on environment and social care,
mainly in the development of surrounding people. Coal production of P.T. ADARO in 2006 amounted to
34.29 million tons increased to 36.08 million tons in 2007 to 38.52 million
tons in 2008 to 40.60 million tons in 2009 and to 42.20 million tons in
2010. Now, P.T. ADARO is the biggest
coal mining industry in Indonesia.
But, according to the brief financial report
of P.T. ADARO ENERGY Tbk., total sales/revenue of P.T. ADARO INDONESIA in 2006
amounted to US$ 1,003.2 million increased to US$. 1,146.3 million in 2007 to
US$ 1,617.8 million in 2008 to US$. 2,406.9 million in 2009 and to US$ 2,412.0
million in 2010.
Key Financial Highlight on PT. ADARO
INDONESIA
Per 31 December
2006, 2007, 2008, 2009 and 2010
(In US$)
|
Description |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Total Assets |
1,282,558,518 |
1,113,451,006 |
1,029,304,944 |
1,844,077,979 |
1,648,576,462 |
|
Total Liabilities |
1,211,767,421 |
1,006,701,805 |
1,029,304,944 |
1,844,07,979 |
1,648,576,462 |
|
Interest Bearing Debt |
855,103,268 |
550,000,000 |
520,387,077 |
1,204,276,566 |
1,141,253,560 |
|
Total Equity |
70,791,097 |
106,749,197 |
255,849,805 |
459,330,153 |
236,416,840 |
|
Net Sales/Revenue |
1,003,221,834 |
1,146,339,836 |
1,617,765,114 |
2,406,903,867 |
2,411,971,193 |
Source:
PT. Adaro Energy Tbk.
The management of P.T. ADARO INDONESIA is
led by Mr. Garibaldi Thohir or Boy Garibaldi Thohir (46) as president
director. Mr. Thohir graduated in Bachelor
of Science from the University of Southern California, USA in 1987and Master of
Business Administration from the Northrop University, USA in 1988. In his daily activities, he is assisted by
Mr. Chia Ah Hoo (52), Mr. Sandiaga Salahuddin Uno (42), Mr. Christian Arianto
Rachmat (38), Mr. David Tendian (45), Mr. Andre Johannes Mamuaya (41) and Mr.
Tsang Edwin Kin-Wah (60). The board of commissioners of the company is led by
Mr. Edwin Soeryadjay (62) as president commissioner, Mr. Theodore Permadi Rachmat
(68) as vice president director and Mr. Ir. Subianto (69) as commissioner. The management is also handled by a number
of professional staff, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sector. It has good business prospect in the long
run for it has a good performance and image as well as a wide marketing network
abroad. So far, we did not hear
that the company’s management involved in the business malpractices or
detrimental cases that settled in the country.
P.T. ADARO
INDONESIA is appraised feasible for normal business transaction. In view
unstable economic condition in the country, we recommend to treat prudently in
extending loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.28 |
|
|
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.68.44 |
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 |
|
-- |
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.