MIRA INFORM REPORT
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Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. HAREDA PRIMA JAYA |
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Registered Office : |
Jalan M.T. Haryono, Komplek Balikpapan Baru Block B-3 No. 1, Balikpapan, 76114, East
Kalimantan |
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Country : |
Indonesia |
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Date of Incorporation : |
21.10.1997 |
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Com. Reg. No.: |
No. AHU-32285.AH.01.02.TH.2008 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Plant Hire and Coal Mining Contracting |
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No. of Employees
: |
500
persons |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,900,000 |
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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 30th, 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. HAREDA PRIMA
JAYA
company Address
Head Office
Jalan M.T.
Haryono
Komplek Balikpapan Baru Block B-3 No. 1
Balikpapan, 76114
East Kalimantan
Indonesia
Phones -
(62-542) 875 756 (Hunting), 875 746
Fax -
(62-542) 875 745
E-mail - sdypurnomo@hareda.co.id
Website - http://www.hareda.co.id
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
21 October 1997
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
- No. C-5026 HT.01.01.TH.2000
Dated 3 March 2000
- No. AHU-32285.AH.01.02.TH.2008
Dated 12 June 2008
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.801.864.8-721.000
Related Company
P.T. HAREDA KRIDA
UTAMA (Coal Mining Contracting)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
10,000,000,000.-
Issued Capital : Rp.
10,000,000,000.-
Paid up Capital : Rp.
10,000,000,000.-
Shareholders/Owners
:
a. Mr. Edy
Purnomo -
Rp. 8,000,000,000.-
Address : Balikpapan Baru Block
S-7 No. 03
RT. 048, Kelurahan Gunung Samarinda
Balikpapan, East Kalimantan
Indonesia
b. Mrs.
Dumilah Tjahyaningsih -
Rp. 1,500,000,000.-
Address : Balikpapan Baru Block
S-7 No. 03
RT. 048, Kelurahan Gunung Samarinda
Balikpapan, East Kalimantan
Indonesia
c. Mr. Isnaeni
Karmidjan -
Rp. 500,000,000.-
Address : Jl. Wonorejo No. 20
RT. 067, Kelurahan
Gunung Samarinda, Balikpapan,
East Kalimantan
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Plant Hire and
Coal Mining Contracting
Production
Capacity :
None
Total
Investment :
Owned Capital -
Rp. 10.0 billion
Started
Operation :
1998
Brand Name :
Harena Prima Jaya
Technical
Assistance :
None
Number of
Employee :
500 persons
Marketing Area
:
Local - 100%
Main Customer
:
Coal Mining
Companies
Market Situation
:
Very Competitive
Main
Competitors :
a. P.T. KARYA
LESTARI SUMBER ALAM
b. P.T. LIAN BENG ENERGY
c. P.T. MADHANI TALATAH NUSANTARA
d. P.T. PETRONA
MINING COAL
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
PERMATA Tbk
Balikpapan Main Branch
East Kalimantan
Indonesia
b. P.T. Bank MANDIRI Tbk
Balikpapan Main Branch
East Kalimantan
Indonesia
c. P.T. Bank DANAMON INDONESIA Tbk
Balikpapan Main Branch
East Kalimantan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 Rp. 115.0
billion
2009 Rp. 127.0
billion
2010 Rp. 150.0
billion
2011 Rp. 90.0 billion (January June)
Net Profit (estimated)
:
2008 Rp. 9.2 billion
2009 Rp. 10.2
billion
2010 Rp. 11.4
billion
2011 Rp. 6.8 billion (January June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Edy Purnomo
Plant Manager -
Mr. Siswanto
Board of Commissioners :
Commissioner -
Mrs. Dumilah Tjahyaningsih
Signatories :
Director (Mr. Edy
Purnomo) which must be approved by Board of Commissioner
CAPABILITIES
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$ 1,900,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. HAREDA PRIMA JAYA (P.T. HPJ) was established in Balikpapan, East
Kalimantan based on notary deed of Mr. Bambang Soemito, SH., No. 45 dated
October 21, 1997 with the authorized capital of Rp. 200,000,000 issued capital
of Rp. 100,000,000 fully and paid up. The founding and shareholders of the
company are Mr. Edy Purnomo, Mr. Suwahyudi and Mr. Syarifudin, the three are
indigenous businessmen. The company notary deed had been changed and based on
notary deed of Mr. Andreas Gunawan, SH., No. 38 dated April 28, 2008 the
authorized capital was raised to Rp. 10,000,000,000 wholly issued and paid up.
Concurrently Mr. Suwahyudi and Mr. Syarifudin pulled out and the whole shares
sold to Mrs. Dumilah Tjahyaningsih and Mr. Isnaeni Karmidjan, as new shareholders.
With this development the composition of its shareholders of the company has
been changed to become Mr. Edy Purnomo (80%) his wife Mrs. Dumilah
Tjahyaningsih (15%) and Mr. Isnaeni Karmidjan (5%). The deed of amendment was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-32285.AH.01.02.TH.2008, dated June 12, 2008.
P.T. HPJ is a private national company dealing with coal mining
contracting and plant hire and mining contractors. In its operation P.T. HPJ
provides services such as coal mining contracting services including mining
construction, cutting down, oven burden, clearance of cover layer, mining of
digging materials, mining reclamation. In its operation, the company carries
out oven burden, mining, hauling road construction for coal mining etc. The
company owns and operates several heavy equipments including Caterpillar
Excavators, Dump Truck, Dozers, and Caterpillar Motor Graders with various
brands such as DOZANS of South Korea, KOMATSU, NISSAN and KOBELCO of Japan,
TERREX and MAN DT of Germany. The trucks are used to support the mining
operation as fuel trucks, oil trucks and employee trucks carrying the employees
from base camp to mining site. P.T. HPJ is a mining contractor for P.T. RIAU
BARA HARUM in Riau Province; P.T. AGRO MAJU RAYA in East Kalimantan; P.T. SINAR
KUMALA NAGA in Anggana and Bengalon, East Kalimantan and others. Besides, since
July 2010, P.T. PERKASA INAKERTA, a subsidiary company of P.T. BAYAN RESOURCES
Tbk signed the mining contract with P.T. HPJ amount US$ 85 million for along 5
years. Mining is carried out using the open cut method with a back-filling
system using a truck and shovel operation. Overburden removal and coal
extraction are performed 24 hours by P.T. HPJ. P.T. PERKASA INAKERTA has a
third generation CCOW to mine in Bengalon, East Kalimantan. The mini has a
total concession area of 20,037 hectares. We observe the operation of P.T. HPJ
has been growing in the last three years.
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 Indonesia have swiftly been growing. According to the Central Bureau of Statistics (BPS), the national coal export in 2005 amounted US$ 4,354.0 million rocketed to US$ 6,085.7 million in 2006 to US$ 6,681.5 million in 2007 and rose again to US$ 10,485.1 million in 2008 rocketed to US$ 13,817.3 million in 2009 to US$ 18,499.3 million in 2010 and projected to go on rising by at least 6% in 2011.
Whereas, the national coal production in 2005 reached 152.7 million tons rocketed to 193.8 million tons in 2006 to 216.9 million tons in 2007 to 240.2 million tons in 2008 increased to 256.2 million tons in 2009 and rose again to 275.2 million tons in 2010. The growth of coal production and export in Indonesia in 2005 to 2010 is pictured on the following table:
|
Year |
Production (thousand tons) |
Export (thousand tons) |
Value (US$ million) |
|
2005 |
152,722 |
110,790 |
4,354.0 |
|
2006 |
193,761 |
143,633 |
6,085.7 |
|
2007 |
216,946 |
163,000 |
6,681.5 |
|
2008 |
240,249 |
191,430 |
10,485.1 |
|
2009 |
256,181 |
198,366 |
13,817.3 |
|
2010 |
275,164 |
208,000 |
18,499.3 |
Source: Directorate General Coal and
Mineral, Statistic of Central Board and processed by ICB
Until this time P.T. HPJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. HPJ 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. 115.0 billion rose to Rp. 127.0 billion in 2009 increased to Rp. 150.0 billion in 2010. As from January to June 2011 the sales turnover has reached at least Rp. 90.0 billion with a net profit of at least Rp. 6.8 billion and projected to go on rising by at least 6% in 2012. The company has an estimated total networth of at least Rp. 28.0 billion. So far, we did not heard 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. HPJ is led by Mr. Edy Purnomo (51) a
businessman and professional manager with experience in plant hire & coal
mining contracting services. The company's management is handled by
professional staff 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
companys litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. HAREDA PRIMA JAYA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.82.44 |
|
Euro |
1 |
Rs.71.08 |
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 |
|
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NB |
New Business |
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This score serves as a reference to assess SCs 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.