MIRA INFORM REPORT

 

 

Report Date :

17.12.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. BUKIT ASAM PRIMA

 

 

Registered Office :

Menara Karya, 19th Floor Jalan H.R. Rasuna Said Block X-5 Kav. 1 & 2 Jakarta Selatan, 12950

 

 

Country :

Indonesia

 

 

Date of Incorporation :

28.02.2007

 

 

Reg. No.:

No. AHU-00363.AH.01.02.TH.2011

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trader and Exporter of Coal

 

 

No. of Employees :

37 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Indonesia - ECONOMIC OVERVIEW

 

Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.

 

 

Source : CIA

 

 

Name of Company

 

P.T. BUKIT ASAM PRIMA

 

 

Address

 

Head Office

Menara Karya, 19th Floor

Jalan H.R. Rasuna Said Block X-5 Kav. 1 & 2

Jakarta Selatan, 12950

Indonesia

Phones - (62-21) 5794 4516, 5794 4620, 5794 4622

Fax                   - (62-21) 5794 4517

E-mail               - marketing@bukitasamprima.co.id

Building Area    - 26 storey

Office Space    - 100 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation :

28 February 2007

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

-           No. W7-03848 HT.01.01.TH.2007

            Dated 9 April 2007

-           No. AHU-00363.AH.01.02.TH.2011

            Dated 4 January 2011

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 02.546.236.7-051.000

 

The Department of Industry and Trade

TDP No. 090315124140

Dated 24 April 2007

 

Related Company :

A Member Company of the BUKIT ASAM Group (see attachment)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         : Rp. 180,000,000,000.-

Issued Capital               : Rp. 180,000,000,000.-

Paid up Capital             : Rp. 180,000,000,000.-

 

Shareholders/Owners :

a. P.T. TAMBANG BATUBARA BUKIT ASAM Tbk                      - Rp. 179,982,000,000.-

    Address : Jl. Parigi No. 1

                    Tanjung Enim, Palembang

                    South Sumatera

                    Indonesia

b. Yayasan Keluarga Besar Bukit Asam (Yakasaba)      - Rp.          18,000,000.-

    Address : Jl. Jurang No. 18

                    Pasar Tanjung Enim, Lawang Kidul

                    Muara Enim, Palembang, South Sumatra

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trader and Exporter of Coal

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

2007

 

Brand Name :

Bukit Asam Prima

 

Technical Assistance :

None

 

Number of Employee :

37 persons

 

Marketing Area :

Export              - 85%

Local                - 15%

 

Main Customer :

Buyers in India

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ARTHA DAYA COALINDO

b. P.T. LAMINAR INTERNATIONAL

c. P.T. PUTRA UTAMA MANDIRI

d. P.T. SIGMA CEMERLANG SINERGI

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.         P.T. Bank MANDIRI Tbk

                        Plaza Mandiri

                        Jalan Jend. Gatot Subroto Kav. 36-38

                        Jakarta Selatan

                        Indonesia

b.         P.T. Bank NEGARA INDONESIA Tbk

                        Wisma 46-Kota BNI

                        Jalan Jend. Sudirman Kav. 1

                        Jakarta Pusat

                        Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 631.0 billion

2010 – Rp. 671.5 billion

2011 – Rp. 714.4 billion

2012 – Rp. 367.0 billion (January – June)

 

Net Profit (estimated) :

2009 – Rp. 31.5 billion

2010 – Rp. 33.6 billion

2011 – Rp. 37.1 billion

2012 – Rp. 19.4 billion (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                    - Mr. Mulianto

Directors                                   - a. Mr. Widodo Irianto

                                      b. Mr. Nandika Djojonegoro

 

Board of Commissioners :

President Commissioner            - Mr. Mahbub Iskandar

Commissioner                           - Mr. Mohamad Jamil

 

Signatories :

President Director (Mr. Muliato) or one of the Directors (Mr. Widodo Irianto or Mr. Nandika Djojonegoro) which must be approved by Board of Commissioner

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

Proposed Credit Limit :

Small amount – periodical review

 

 

OVERALL PERFORMANCE

 

P.T. BUKIT ASAM PRIMA (P.T. BAP) was established in Jakarta based on notary deed of Mrs. Esther Mercia Sulaiman, SH., No. 60 dated 28 February 2007 with the authorized capital of Rp. 180,000,000,000 issued capital of Rp. 45,000,000,000 fully and paid up. The founding shareholders of the company are P.T. TAMBANG BATUBARA BUKIT ASAM Tbk and DANA PENSIUN BUKIT ASAM. The company notary deed has been changed and according to the latest revision of notary documents of Mrs. Afryanti Latuconsina, SH., M.Kn., No. 12 dated 9 December 2010 the company issued capital was increased to Rp. 180,000,000,000 wholly paid up. On the same occasion DANA PENSIUN BUKIT ASAM pulled out and the whole share taken over by Yayasan Keluarga Besar Bukit Asam (YAKASABA) as new shareholder. With this development the composition of its shareholders has been changed to become P.T. TAMBANG BATUBARA BUKIT ASAM Tbk (99.99%) and YAYASAN KELUARGA BESAR BUKIT ASAM (0.01%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-00362.AH.01.02.TH.2011 dated January 4, 2011.

 

P.T. BAP is a member company of the BUKIT ASAM Group started to be operating since 2007 dealing with trader, exporter and supplier of coal. The company sells and supplied of coal for domestic and export. According information from the company’s management explained that P.T. BAP supply and export of coal outside of the BUKIT ASAM Group. The whole coal with low calorie 5,300 Kcl is obtained from owners of Mining Authorization in Jambi, Bengkulu, West Sumatra, South Kalimantan and East Kalimantan. P.T. BAP has exported of coal to Philippine, Malaysia, China and India, while the rest for locals. One commercial section staff P.T. BAP explained that they currently export more low calorie coal to buyers in India, where most of the buyers of the company's steel industry and other major industries in India. Management of P.T. BAP explained that the company's coal buyers have long cooperated with P.T. BAP and the relationship is established until now. P.T. BAP has exporting about 3 vessel size from 40.000 to 50.000 tons per vessel per month. Most of the coals gathered from an owner Mining Authorization (Kuasa Pertambangan/KP) in South Kalimantan, East Kalimantan and Sumatra. In addition about 15% of coal is sold by retail to several companies industries in Bojonegoro, West Java; Gresik, East Java and others. Meanwhile, P.T. BAP also managed to sell coal to the cement factory P.T. Semen Padang in West Sumatra. We observe the operation of P.T. BAP has been growing and developing well 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. The growth of coal production and export in Indonesia in 2001 to 2011 is pictured on the following table:

 

Year

Production

(thousand tons)

Export

(thousand tons)

Value (US$ million)

2001

90,351.8

66,505.4

1,617.5

2002

103,060.4

73,124.9

1,762.4

2003

114,610.1

89,021.8

1,980.1

2004

126,850.8

105,629.9

2,748.8

2005

152,722.4

129,044.1

4,354.0

2006

181,060.9

184,008.9

6,085.7

2007

174,832.7

195,785.8

6,681.5

2008

181,570.0

201,021.7

10,485.1

2009                         

209,344.7

234,793.1

13,817.3

2010

224,677.0

298,844.5

18,499.3

2011

274,982.9

353,397.9

27,221.8

Source: Statistic of Central Board

 

Until this time P.T. BAP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. BAP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 631.0 billion rose to Rp. 671.5 billion in 2010 increased to Rp. 714.0 billion in 2011. As from January to June 2012 the sales turnover has reached at least Rp. 367.0 billion with a net profit of Rp. 19.4 billion and the sales it’s projected to go on rising by at least 5% in 2013. The company has an estimated total networth of at least Rp. 180.0 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. BAP is led by Mr. Muliato (54) a professional manager with experience in trading, and exporter of coal. Daily activity he is assisted by Mr. Widodo Irianto (50) and Mr. Nandika Djojonegoro (55) as Directors. They began their career as professional of P.T. TAMBANG BATUBARA BUKIT ASAM Tbk (Persero). 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. BUKIT ASAM PRIMA is sufficiently fairly good for business transaction.

 

 

Attachment

 

List of the BUKIT ASAM Group Members

 

BATUBARA BUKIT KENDI, P.T. (Coal Mining)

BUKIT ASAM (Persero) Tbk, P.T. (Coal Mining and Investment Holding)

BUKIT ASAM BANKO, P.T. (Methane Gas Coal Mining)

BUKIT ASAM PRIMA, P.T. (Coal Trading)

BUKIT ASAM METANA ENIM, P.T. (Methane Gas Coal Mining)

BUKIT ASAM METANA OMBILIN, P.T. (Methane Gas Coal Mining)

BUKIT ASAM METANA PERANAP, P.T. (Methane Gas Coal Mining)

BUKIT ASAM TRANSPACIFIC RAILWAY, P.T. (Railway Development and Management)

BUKIT PEMBANGKIT INNOVATIVE, P.T. (Electric Steam Power Plant)

INTERNATIONAL PRIMA COAL, P.T. (Coal Mining)

Etc.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.39

UK Pound

1

Rs.87.78

Euro

1

Rs.71.29

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.