|
Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MITRADA SINERGY |
|
|
Registered Office : |
The Bellezza Office Walk 2nd Floor Block SA No.
B2-274 Jalan Letjend. Soepeno No.
34 Arteri Permata Hijau, Kebayoran Lama Jakarta Selatan, 12210 |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Date of Incorporation : |
13.05.2008 |
|
|
|
|
|
|
Com. Reg. No.: |
No. AHU-35772.AH.01.02.TH.2012 |
|
|
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
|
|
Line of Business : |
Trader and Exporter of Coal |
|
|
|
|
|
|
No. of Employees : |
27 persons |
|
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 |
|
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 – 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
P.T.
MITRADA SINERGY
Head Office
The Bellezza
Office Walk 2nd Floor Block SA No. B2-274
Jalan Letjend. Soepeno No. 34
Arteri Permata Hijau, Kebayoran Lama
Jakarta Selatan, 12210
Indonesia
Phones -
(62-21) 2991 6171 (Hunting)
Fax - (62-21) 2991 6175
E-mail - newin@mscoal.com
Website - http://www.mscoal.com
Building Area - 4 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
13 May 2008
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. AHU-30891.AH.01.01.TH.2008
Dated 6 June 2008
- No. AHU-35772.AH.01.02.TH.2012
Dated 2 July 2012
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.663.521.9-038.000
Related
Companies :
a. A Member Company of the LAUTAN LUAS Group
(see attachment)
b. P.T. BINTANG INTI (Investment Holding)
c. P.T. MINERA LESTARI MINING (Investment
Holding)
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners
:
a. P.T. CATURKARDA MEGATUNGGA - Rp. 175,000,000.-
Address :
Jl. Aipda KS Tubun Raya No. 77
Jakarta Barat
Indonesia
b. P.T. BINTANG INTI -
Rp. 175,000,000.-
Address : Jl. Talang Betutu No. 5
Jakarta Pusat
Indonesia
c. P.T. MINERA
LESTARI MINING -
Rp. 150,000,000.-
Address : Wisma Bumiputera 6th
Floor
Jl. Jend.
Sudirman Kav. 75
Jakarta Selatan
Indonesia
Lines of
Business :
Trader and
Exporter of Coal
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
July 2008
Brand Name :
MSCOAL
Technical
Assistance :
None
Number of
Employee :
27 persons
Marketing Area
:
Export -
100%
Main Customer
:
Buyers in China,
India and South Korea
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 SINERGY
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank UOB
INDONESIA
Jalan Metro Pondok Indah Sektor II, Block UA Kav. 46-47
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 185.0
billion
2010 – Rp. 208.0
billion
2011 – Rp. 218.0
billion
2012 – Rp. 118.0
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 9.2 billion
2010 – Rp. 10.4
billion
2011 – Rp. 11.5
billion
2012 – Rp. 7.1 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Newin Nugroho
Directors -
a. Mr. Giovani Maria Ekaputra Suhari
b. Mr. Maria Dominicus Irawan Prasetyo Soengkono
Board of Commissioners :
President Commissioner -
Mr. Jimmy Masrin
Commissioner -
Mr. George Djuhari
Signatories :
President Director (Mr.
Newin Nugroho) or one of the Directors (Mr. Giovani Maria Ekaputra Suhari or
Mr. Maria Dominicus Irawan Prasetyo Soengkono) which must be approved by Board
of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. MITRADA
SINERGY (P.T. MS) was incorporated in Jakarta based on notary deed of Mrs.
Hannywati Gunawan, SH., No. 28 dated 13 May 2008 with the authorized capital of
Rp. 2,000,000,000 issued capital of Rp. 500,000,000 fully and paid up. The
company was founded by P.T. MINERA LESTARI MINING (30%), P.T. BINTANG INTI
(27.5%), Mr. Jimmy Masrin (27.5%) and Mr. Giovani Maria Ekaputra Suhari (15%).
The company notary deed has been changed and according to the revision of
notary documents of Mrs. Hannywati Gunawan, SH., No. 147 dated 28 May 2012, Mr.
Jimmy Masrin and Mr. Giovani Maria Ekaputra Suhari withdrew and the whole
shares sold to P.T. CATURKARSA MEGATUNGGAL as new shareholder. With this time
the composition of its shareholders has been changed to become P.T. CATURKARSA
MEGATUNGGAL (35%), P.T. BINTANG INTI (35%) and P.T. MINERA LESTARI MINING
(30%). The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-35772.AH.01.02.TH.2012 dated July 2,
2012.
We observe that
P.T. CATURKARSA MEGATUNGGAL is a holding company which majority share
controlled by Mr. Mr. Jimmy Masrin and his family is one of the top figures of
the LAUTAN LUAS Group, a large size business group dealing with trading, import
and distribution of chemical basic materials and industrial chemicals.
Meanwhile P.T. MINERA LESTARI MINING is a private national company engaged in
investment holding which majority share controlled by Mr. Maria Dominicus
Irawan Prasetyo Soengkono; and P.T. BINTANG INTI is a private national company
engaged in investment holding which majority share controlled by Mr. Giovani
Maria Ekaputra Suhari. Mr. Giovani Maria Ekaputra Suhari is also business
stakes owner of P.T. CIGADING INTERNATIONAL BULK TERMINAL in bulk terminal
services at Cigading Port Banten.
P.T. MS or MS
Coal is a private national company started to be operating since July 2008
engaged in the field of trader and exporter of coal. P.T. MS is one of the
pioneers of short listed miners which successfully penetrating the locked
territories of coal deposit which is Central Kalimantan. P.T. MS came to the
realization that by refocusing their business to the supporting industry, while
moving to joint venture efforts with locals who already secured the licenses
for their coal concessions, P.T. MS could avoid dealing with the dwindling
process of securing the grown forestry permits. One of the reasons why they
decided to basically become more of a coal trading than pure miners was
because they have seen that many Central Kalimantan miners back then were lucky
if they can deliver up to 10,000 tons of coal per year to Banjarmasin. Mr.
Tambor Pangaribuan, SE., Marketing Executive of P.T. MS explained the whole
coal obtained from sister company P.T. PADA IDI which has concession area
located at Luwe Hulu, Central Kalimantan with 5,000 hectares. P.T. MS role is
consolidating the coal resources in surrounding area that have same challenge
in river logistics, then manage the stock piles in Teluk Timbau Port to give
the quality and the delivery assurance.
As buyers also understand the dire logistic difficulties of
Central Kalimantan, resulting in the uncertainty of supply, the hardship of
ensuring demand was a consequence. In addition, the cost of heavy equipment
delivery to Central Kalimantan can reached up to hundreds of millions of Rupiah
with return process taking more time than if delivery is to be made to the East
or South Kalimantan, resulting in the lack of heavy equipments supplies.
Through shareholding contracts, financial commitments and joint venture
efforts, company manages to set up coal mining units that can produce up to
300,000 tons of coal every annum. While having the capacity to purchase coal
outputs, big or small, from mines at the Barito watershed of Central
Kalimantan, the company also make the initiative of taking the produced coal
directly from the mines with its managed tug and barge units when miners
complained that they can't deliver the coal through Barito River. However, such
growth is deemed impossible if the lingering logistic problems remain unsolved.
P.T. MS or MS Coal spilled out the solutions. The group's core solution
consists of two aspects, one of which is its four ports strategically located
on four strategic points along the Barito River.
Not all miners have the needed tug and barge units at their
disposal or the courage to sail down the Barito River, so it is one of our ways
to help them out. And it was because of MS Coal's continuous positive
performance throughout the years, its ability to ensure supply at a maintained
high quality output with fixed delivery time that the group has managed to gain
trusts from buyers, resulting in its ability to ensure market for its coal.
Adding that, one and a half years of research revealed that the Timbau port can
not sit in a more strategic location. According to the company, it was the
first point where the Barito River reached a sufficient depth for a barge of
320-feet size can pass, maintaining a width of 360 meters at all seasons. The
Timbau port attained a special permit and is set up on 6 hectares of land in up
to 24 hectares of port area, and consists of two truck unloading jetties and
one conveyor loading jetty.
Its monthly
capacity reaches between 270,000 tons of throughput in and out or 120,000 -
150,000 tons of coal cargoes. The company's remaining ports are barge feeder
ports located in the northern parts of Barito River, one of which is Pangku
Ports about 268.5 nautical miles from Barito river mouth with 6 hectares of
port area, the facility is completed with specifically designed loading
conveyors at the loading rate between 5,000 to 1,000 tons per
hour.
The remaining two barge
feeder ports maintained by the group are also located in the territories, namely
Bintang Tinggi and Luwe Hulu port. The second aspect of P.T. MS's core solution
is its developed system to predict the seasonal depth of Barito River and the
adjusted course guideline. From there, it prepares the adjusted course for the
hug and barge units to follow sail. P.T. MS's automatic course system was
stated to be the results of consistent and detailed research, turning threat
into opportunities. On the other end, friends work hand in hand to ensure
smooth operations, because both parties are concerned. So far, we obtained the
most amazing partnerships through this method. The company sells up to 1
millions tons of coal in 2011, expecting to double its sales quantity this
year. In additional to sell coal to the domestic market, it's biggest market
so far is China, with India to become the second largest market. The company is
also in the midst of preparing an expansion blue print of its Timbau port,
expecting to enhance the intermediate stockpile transit port with the latest
automated technology, installing it with additional conveyor jetties, more
truck unloading facilities as well as completing it with blending facilities to
be able to accommodate blending of various types of coal.
MS Coal product
is divided into three types with their specific calorific values. All of coal
has low sulfur and ash content, which are highly for power generation, cement
manufacturing and industrial utilization.
|
PROXIMATE
ANALYSIS |
MS 3800 Typical |
MS 4700 Typical |
MS 5500 Typical |
|
Net Calorific Value
(arb) |
3800-3600 |
4700-4500 |
5500-5400 |
|
Total Moisture
(arb) |
35 |
23 |
15 |
|
Inherent
Moisture (adb) |
14 |
14 |
8 |
|
Ash Content
(adb) |
8 |
12 |
15 |
|
Fixed Carbon
(adb) |
by difference |
by difference |
by difference |
|
Total Sulfur
(adb) |
0.3 |
1.0 |
1.0 |
|
Size 0-50 mm |
85 |
85 |
85 |
|
Hardgrove
Grindability Index |
50 |
50 |
50 |
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.
MS has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of P.T. MS 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. 185.0 billion rose to Rp. 208.0 billion in 2010 increased to
Rp. 218.6 billion in 2011. As from January to June 2012 the sales turnover has
reached at least Rp. 118.0 billion with a net profit of Rp. 7.1 billion and
projected to go on rising by at least 6% in 2013. The company has an estimated
total networth of at least Rp. 11.0 billion. We observe that P.T. MS is
supported by the LAUTAN LUAS Group a large sized business group in the country.
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. MS is led by Mr. Newin Nugroho (38) a Master in Finance from LPPM,
2000-2001 with experience in trader and exporter of coal. Daily activity he is
assisted by Mr. Giovani Maria Ekaputra Suhari (47) and Mr. Maria Dominicus
Irawan Prasetyo Soengkono (47) as Directors. 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 company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. MITRADA SINERGY is sufficiently fairly good for
business transaction.
Attachment:
List of the LAUTAN LUAS Group Member
1.
ADVANCE STABILINDO INDUSTRY, P.T. (Methyltine Stabilizer
Processing)
2.
ASPIRASI LUHUR, P.T. (Investment Holding)
3.
BINTANG CATUR KARSA LINES, P.T. (Tug and Barge Services/Coal
Transportation)
4.
BORNEO BANDAR
SEGARA, P.T. (Teluk Timbau Coal Port Operator)
5.
BUKITSUGIH SETIAMAS, P.T. (Contracting Service)
6.
CATURKARSA MEGATUNGGAL, P.T. (Property Management and
Investment Holding)
7.
CIPTA MAPAN LOGISTIC, P.T. (Freight Forwarding Services)
8.
DAITI CARBON NUSANTARA, P.T. (Activated Carbon
Manufacturing)
9.
DUNIA KIMIA UTAMA, P.T. (Sulphuric Acid and Aluminum
Sulphate Processing)
10.
DUNIA KIMIA JAYA, P.T. (Poly Aluminum Chloride, Band Poly
Lubricant and Textile Auxiliaries Processing)
11.
DUTA KIMIA, P.T. (Chemical Trading)
12.
FINDECO JAYA, P.T. (Alkyl Benzene Sulfonic Acid and Dodecyl
Benzene Sulfonic Acid Industry)
13.
HUAI AN DIAMOND CHEMICAL INDUSTRY LTD (Chemical Industry)
14.
HYDRO HITECH OPTIMA, P.T. (Water Solution Provider)
15.
INDONESIAN ACID INDUSTRY, P.T. (Chemical Industry)
16.
KRYTON LAUTAN INDONESIA, P.T. (Specialty Cements, Concrete
Additives and Specialty Paints and Coating Industries)
17.
LAUTAN HON HONGZE CHEMICAL INDUSTRY LIMITED (Sodium Sulphate
Anhydrous Industry and Trade)
18.
LAUTAN JASINDO, P.T. (Trading & Investment Holding)
19.
LAUTAN LUAS Tbk., P.T. (Industrial Chemical Distribution)
20. LAUTAN LUAS SINGAPORE PTE LTD (Trading)
21.
LAUTAN LUAS THAILAND CO. LTD. (Trading)
22.
LAUTAN LUAS VIETNAM CO. LTD. (Trading)
23.
LAUTAN OTSUKA CHEMICAL, P.T. (Chemical Industry)
24.
LAUTAN SULFAMAT LESTARI, P.T. (Sulfamic Acid Manufacturing)
25.
LENTERA LAUT RAYA, P.T. (Chemical Trading)
26.
LIKU TELAGA, P.T. (Chemical Processing)
27.
MAHKOTA INDONESIA, P.T. (Industrial Chemical Industry)
28.
METABISULPHITE NUSANTARA, P.T. (Sodium Metabisulphite
Manufacturing)
29.
MITRADA SINERGY, P.T. (Trading and Exporter of Coal)
30.
MUSTIKA ARTA MAS, P.T. (Investment Holding)
31.
PACINESIA CHEMICAL INDUSTRY, P.T. (Poly Aluminum Chlorida
(PAC) Industry)
32.
PKG LAUTAN INDONESIA, P.T. (Solvent, Aromatic, Alcohol,
Glycol, Ketones Manufacturing)
33.
PERAK TIMUR PERMAI, P.T. (Tank Terminal Management)
34.
PETRO CENTRAL, P.T. (Sodium Try Poly Sulphate Processing)
35.
RHODIA MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether
Sulphates
and Alcohol Sulphates Industry)
36.
ROHA LAUTAN PEWARNA, P.T. (Additives Colour Manufacturing)
37.
SAMUDRA LUAS, P.T. (Chemical Trading)
38.
SERUNI GANDAMEKAR, P.T. (Sulphur Powders Processing)
39.
SIBELCO LAUTAN MINERALS, P.T. (Washed Dry Silica and Silica
Flour Manufacturing)
40.
SINOMAST MINERAL, P.T. (Coal Operator and Coal Producer)
41.
SUKINDO JAYA, P.T. (Chemical Trading)
42.
UNGGUL INDAH CORPORATION Tbk., P.T. (Alkyl Benzene
Processing)
43.
WHITE OIL NUSANTARA, P.T. (White Oil and Petroleum Sulfonate
Industry)
44.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.08 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.69.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.