MIRA INFORM REPORT
|
Report Date : |
18.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ULET BULU MINING |
|
|
|
|
Registered Office : |
Jl. Pahlawan No. 1, Samarinda Ulu, Samarinda 75123, RT.05, RW.01, Bucis, East Kalimantan |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
02.02.2008 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-03115.AH.01.02.Tahun 2009 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Coal Mining Contracting Services |
|
|
|
|
No. of Employees
: |
36 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 480,000 |
|
Status : |
Satisfactory |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. ULET BULU
MINING
company Address
Head Office
Jl. Pahlawan No.
1, Samarinda Ulu
Samarinda 75123,
RT.05, RW.01, Bucis
East Kalimantan
Indonesia
Phones -
(62-541) 7268177
Fax - (62-541) 7268178
Hotline - (62-813)
37513145
Email - uletbulumining@yahoo.com and gustiwawan@yahoo.com
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
02 February 2008
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
a. No.
AHU-18490.AH.01.01.Tahun 2008
Dated 14 April 2008
b. No.
AHU-03115.AH.01.02.Tahun 2009
Dated 04 January 2009
Company Status
Foreign
Investment Company (PMA)
Permit by the Government
Department
The Department of
Finance
NPWP No.
02.756.799.9-722.000
Holding Company
KRIMAKA
CONTRACTING LLC., of Dubai (Investment Holding)
Affiliated/Associated Company
A member of the
MESRA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital - Rp.
15,000,000,000.-
Issued Capital - Rp. 3,750,000,000.-
Paid up Capital - Rp. 3,750,000,000.-
Shareholders/Owners
:
a. Mr. Yusi Ananda - Rp. 975,000,000.- (26%)
Address :
Jl. Merah Delima No. 60
Samarinda, East Kalimantan
Indonesia
b. Mr. Kie Hadjar Soesilo - Rp.
187,500,000.- ( 5%)
Address : Jl. Wolter Monginsidi
No. 44
Samarinda, East Kalimantan
Indonesia
c. Mr. Haji Sayyid
Rachmat Taufiq - Rp. 337,500,000.- ( 9%)
Address : Jl. Merah Delima No.
58
Samarinda, East Kalimantan
Indonesia
d. Mr. Yanuar Cahyadi
Wijaya - Rp. 337,500,000.- ( 9%)
Address : Jl. Ir. Juanda No. 80
Samarinda,
East Kalimantan
Indonesia
e. KRIMAKA
CONTRACTING LLC - Rp.
1,912,500,000.- (51%)
Address : Al Tewar - Villano
PO Box 60275 Dubai
Dubai
BUSINESS ACTIVITIES
Lines of
Business :
Coal Mining Contracting Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
September 2008
Brand Name :
ULET BULU MINING
Technical
Assistance :
None
Number of
Employee :
36 persons
Marketing Area
:
Local -
100%
Main Customers
:
a. P.T. BINA
MITRA SUMBER ARTA
b. Other coal
mining industries
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Geoxindo Pratama
b. PT. Globecon Indonesia
c. PT. Intertek
Utama Services
d. PT. Petrosea
Tbk.
e. PT. Thiess
Contractors Indonesia
f. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Samarinda Branch
Jl. Jend.
Sudirman No. 30
Samarinda, East Kalimantan
Indonesia
b. P.T. Bank MANDIRI Tbk
Samarinda Branch
Jl. Kusuma Bangsa No. 76
Samarinda,
East Kalimantan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Total Income/Sale (estimated) :
2009 – Rp. 16.0 billion
2010 – Rp. 24.0 billion
2011 – Rp. 36.0 billion
Net Profit
(estimated) :
2009 – Rp. 1.2 billion
2010 – Rp. 2.0 billion
2011 – Rp. 2.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Prashant Kumar Gautama
Director s -
a. Mr. Kie Hadjar Soesilo
b. Mr. H. Sayyid Rahmat Taufiq
c. Mrs. Ni Nyoman Ramiati
Board of Commissioner :
President
Commissioner - Mr. Yusi Ananda
Commissioner - Mr. Yanuar Cahyadi
Wijaya
Signatories :
President Director (Mr. Prashant Kumar
Gautama) or one of the Directors (Mr. Kie Hadjar Soesilo, Mr. H. Sayyid Rahmat
Taufiq and Mrs. Ni Nyoman Ramiati) which must be approved by Board of
Commissioners (Mr. Yusi Ananda and Mr. Yanuar Cahyadi Wijaya)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be processed with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 480,000 on 90 days D/A
OVERALL PERFORMANCE
P.T. ULET BULU MINING (PT. UBM) was established in Samarinda (East Kalimantan), on February 01, 2008 with an authorized capital of Rp 1,000,000,000.- of which Rp. 250,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Yusi Ananda (95.0%), Mr. Kie Hadjar Soesilo (2.5%) and Mr. Haji Sayyid Rachmat Taufiq (2.5%), they are indigenous businessmen. The Articles of Association was made Khairu Subhan, SH., a public notary in Samarinda based on notary deed No. 02 and it was approved by the Minister of Law and Human Rights in its Decision Letter No. AHU-18490.AH.01.01.Tahun 2008 dated April 14, 2008.
In December 2008, the authorized capital of the company was raised to Rp. 15,000,000,000.- of which Rp. 3,750,000,000.- was issued and fully paid up. Concurrently Mr. Yanuar Chayadi Wijaya and KRIMAKA CONTRACTING LLC., of Dubai entered into the company as new shareholders. Since the time, the shareholders of the company are Mr. Yusi Ananda (26%), Mr. Kie Hadjar Soesilo (5%), Mr. Haji Sayyid Rachmat Taufiq (9%), Mr. Yanuar Cahyadi Wijaya (9%) and KRIMAKA CONTRACTING LLC., of Dubai (51%). The amendment to Articles of Association was made Khairu Subhan, SH., a public notary in Samarinda based on notary deed No. 14 and it was approved by the Minister of Law and Human Rights in its Decision Letter No. AHU-03115.AH.01.02.Tahun 2009 dated January 14, 2009. No changes have been effected in term of its shareholding composition and capital structures to date.
We observed that P.T. UBM is a member of the MESRA Group, a medium sized company group whose business has been growing stable in Samarinda (East Kalimantan) headed by Mr. Yusi Ananda (47), an Indigenous businessman.
Pursuant to the company’s notary deed, P.T. UBM engaged to operate in development, trading, industry, mining, road transportation, agricultural, printing and services. The Company’s registered office located at Samarinda, East Kalimantan and the company can open branch offices or representative offices at home and abroad.
P.T. UBM has been operating since September 2008 in coal
mining contracting services such as clearing coal mining area, transportation of mining products and so forth.
In its operation P.T. UBM directly involves in all important stages in mining
process such as; development of mining infrastructure, land clearing, top
soiling namely dredging top soil and others. Pursuant to Company Profile, P.T.UBM is
promoted by the MESRA Group & AESEL Group, both are local group companies
in Samarinda, partnership with National Construction Company (NCC) of India. NNC (through Dubai Based Associate KRIMAKA
CONTRACTING LLC) to Acquire 51% shares in P.T. UBM. Currently, P.T UBM obtained projects from PT.
Bina Mitra Sumber Arta, a coal mining company which located at Sanga-Sanga
Area, near Samarinda. We
observe that P.T. UBM is classified as a small sized company of its kind in the
country of which the operation has been growing slowly in the last three years.
The core business of P.T. UBM is dealing with general coal mining contracting. The national coal mining has kept on increasing in the last five years. Besides, coal is one of commodities interested by local and foreign investors as evidence from the continuously growing demand for coal in the last five years. Besides, the government policy to increase the fuel price has made the consumers to use coal as an alternative. The national coal industries in Indonesia have swiftly been growing in the last five years. According to the Central Bureau of Statistics (BPS), the national coal export in 2005 amounted to 129,044.1 thousand tons worth US$ 4,354.0 million rocketed to 184,008.9 thousand tons worth US$ 6,085.7 million in 2006 to 195,785.8 thousand tons worth US$ 6,681.5 million in 2007 to 201,021.7 thousand tons worth US$ 10,485.1 million in 2008 to 234,793.1 thousand worth US$ 13,817.3 million in 2009 and rose again to 298,844.5 thousand tons worth US$ 18,499.3 million in 2010. The growth of coal export (volume and value) in Indonesia in 2005 to 2010 is pictured on the following table:
The Export Volume and Value of Coal Products 2005 – 2010
|
Description |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
|
129,044.1 |
184,008.9 |
195,785.8 |
201,021.7 |
234,793.1 |
298,844.5 |
|
|
Value (million US$) |
4,354.0 |
6,085.7 |
6,681.5 |
10,485.1 |
13,817.3 |
18,499.3 |
Source: Central Bureau of Statistic
(BPS)
Until this time P.T. UBM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. P.T. UBM's management is very reticent to outsiders particularly about finances. We estimate the company's total income/sale in 2009 amounted to Rp. 16.0 billion increased to Rp. 24.0 billion in 2010 and rose again to Rp. 36.0 billion in 2011. The company is figured to have made a net profit of at least Rp. 2.0 billion in 2010 and rose to Rp. 2.8 billion in 2011. P.T. UBM has an estimated net worth of at least Rp. 15.0 billion. So far, we have never heard of 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. UBM is led by Mr. Yusi Ananda (47) a businessman who experienced for more than 4 years in the coal mining contracting services. Beside as businessman, Mr. ananda is also as an Artist. He is graduated of Hotel und Touristik Fachschule Switzerland and also has an MBA from John Luther Business School, USA. He speaks German and English fluently. Daily activities, he is assisted by Mr. Kie Hadjar Soesilo (51) as director and a number of professional staff, having maintained a wide business relation with private businessmen at home and abroad. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in business malpractices 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. ULET BULU MINING is sufficiently fairly good for business transaction.
Attachment:
List
of the MESRA Group Members
1.
HOTEL MESRA INTERNATIONAL, P.T. (Resort & Business Hotel
at Samarinda)
2.
LIPAN HILL Resto & Cafe, (Restaurant and Café
Management)
3.
OPEN HOUSE Resto & Cafe, (Restaurant and Café
Management)
4.
BEACH HOUSE Resto & Cafe, (Restaurant and Café
Management)
5.
MESRA INDAH MALL, P.T. (Shopping Mall at Samarinda)
6.
MESRA VISION INTERNATIONAL, P.T. (FM Radio Station and
Broadcasting)
7. MESRA BARA KHATULISTIWA, P.T. (Coal Mining)
8.
MESRA PRIMA COAL, P.T. (Coal Mining)
9.
ULET BULU MINING, P.T. (Coal Mining Contracting)
10.
Etc
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.06 |
|
UK Pound |
1 |
Rs.78.48 |
|
Euro |
1 |
Rs.64.99 |
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.