|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TRUBAINDO
COAL MINING |
|
|
|
|
Registered Office : |
Pondok Indah Office Tower III, 3rd Floor, Jalan Sultan Iskandar Muda, Pondok Indah Kav. V-TA, Jakarta Selatan, 12310 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
13.03.1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
Subject is engaged in the business of coal mining |
|
|
|
|
No. of Employees : |
727 |
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 |
|
|
|
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6% annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source
: CIA |
Name of Company
P.T. TRUBAINDO COAL MINING
Address
Head Office
Pondok Indah Office Tower III, 3rd Floor, Jalan Sultan Iskandar Muda, Pondok Indah Kav. V-TA, Jakarta Selatan, 12310, Indonesia
Phones -
(62-21) 2932 8100 (Hunting)
Fax -
(62-21) 2932 7999
E-mail - indotambang@banpuindo.co.id
Website - http://www.itmg.co.id
Building Area - 15 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Site Office
Camp. Adong, Kecamatan Muara Lawa, Kabupaten Kutai
Barat, East
Kalimantan, 75775, Indonesia
Phones -
(62-21) 2932 8100 ext. 1300
Fax - (62-21) 2932 8100 ext. 1400
Land Area - 2,500 sq.
meters
Building Space - 1,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
13 March 1990
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-7058.HT.01.01.TH.96
Dated 6 March 1996
- No. AHU-28802.AH.01.02.TH.2008
Dated 29 May 2008
- No. AHU-AH.01.10-18993
Dated 17 May 2013
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.543.059.8-091.000
The Department of Industry and Trade
TDP No. 090315113068
Dated 20 August 1996
The Department of Energy Mineral Resources
- No.
017/PK/PTBA-TCM/1994
Dated 15 August 1994
- No.
314.K/40.00/DJG/2005
Dated 17 May 2005
Related Company :
A Member Company of the INDOTAMBANG RAYA MEGAH Group
Capital Structure :
Authorized Capital : Rp.
100,000,000,000.-
Issued Capital :
Rp. 63,500,000,000.-
Paid up Capital :
Rp. 63,500,000,000.-
Shareholders/Owners :
a. P.T. INDO TAMBANGRAYA MEGAH Tbk -
Rp. 63,499,000,000.-
Address : Pondok
Indah Office Tower III, 3rd Floor
Jalan Sultan Iskandar Muda
Pondok Indah Kav. V-TA
Pondok Indah, Kebayoran
Lama
Jakarta Selatan, Indonesia
b. P.T. KITADIN -
Rp. 1,000,000.-
Address : Pondok Indah Office Tower III, 3rd Floor
Jalan Sultan Iskandar Muda
Pondok Indah Kav. V-TA
Pondok Indah, Kebayoran Lama
Jakarta Selatan, Indonesia
Lines of Business :
Coal Mining
Production Capacity :
Coal - 7.7 million tons p.a.
Total Investment :
Owned Capital - Rp. 100.0 billion
Started Operation :
2005
Brand Name :
Trubaindo Coal Mining (TCM)
Technical Assistance :
None
Number of Employee :
727 persons
Marketing Area :
Local - 10%
Export - 90%
Main Customer :
Buyers in Southeast Asia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADARO INDONESIA
b. P.T. ARUTMIN INDONESIA
c. P.T. BERAU COAL
d. P.T. KALTIM PRIMA COAL
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Barclays Building
Jalan Jend. Sudirman
Kav. 22-23
Jakarta Selatan
Indonesia
b. JP MORGAN CHASE Bank
Chase Plaza
Jalan Jend. Sudirman Kav. 27
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – US$ 629.0 million
2011 – US$ 676.4 million
2012 – US$ 682.9 million
2013 – US$ 305.1 million (January – June)
Net Profit (estimated) :
2010 – US$ 37.7 million
2011 – US$ 40.6 million
2012 – US$ 44.4 million
2013 – US$ 19.8 million (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Pongsak Thongampai
Directors - a. Mr. Serm Munkong
b. Mr. Leksono Poeranto
c. Mr. Andre Herman Bramantya Putra
Board of Commissioners :
President Commissioner -
Mr. Somyot Ruchirawat
Commissioner - Mr. Ir. Lukmanul Hakim, MM
Signatories :
President Director (Mr. Pongsak Thongampai)
or one of the Directors (Mr. Serm Munkong, Mr. Leksono Poeranto or Mr. Andre
Herman Bramantya Putra) 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
PT. TRUBAINDO COAL MINING (PT. TCM) was established with authorized
capital of Rp. 1,000,000,000 of which Rp. 200,000,000 was issued and fully paid
up based on articles of association of the company No. 179 dated 13 March 1990
made by Benny Kristianto SH, a notary public in Jakarta. The shareholders of
the company were PT. TRI USAHA BHAKTI, Mr. Johannes Kotjo, Mr. Frans Yusuf and
Mr. Rudyan Kopot. The articles of association of the company have frequently
been revised. In March 2003 the company authorized capital was increased to Rp.
100,000,000,000 issued capital of Rp. 63,500,000,000 entirely paid up. Through
the articles of association of the company No. 3 dated 10 January 2007, PT. TRI
USAHA BHAKTI sold its whole shares in PT. TCM to PT. MULIA BHAKTI ABADI. The
articles of association of the company have been legalized by Department of Law
and Human Right under Decree No. W7.HT.01.10-769 dated 17 January 2007.
In May 2007, some 99.99% shares of the company were controlled by P.T.
INDO TAMBANGRAYA MEGAH Tbk and the rest of 0.01% was controlled by PT. KITADIN.
At that time, the authorized capital of the company was Rp. 100.0 billion of
which Rp. 63.5 billion was issued and fully paid up. The revision was stated in
the articles of association of the company No. 7, dated 7 September 2007 made
by Fathiah Helmi SH, a notary public in Jakarta.
Then the amendment was made to P.T. TCM’s Articles of Association based
on Notarial Deed No. 32 dated 10 April 2008, of Popie Savitri Martosuhardjo
Pharmanto, S.H., notary in Jakarta to conform with the requirements of Indonesian
Limited Company Law No. 40/2007. This Deed was approved by Minister of Law and
Human Rights of the Republic of Indonesia in Decree No.
AHU-28802.AH.01.02.Tahun 2008 dated 29 May 2008.
Later according to the latest revision of notary deed Mrs. Popie Savitri
Martosuhardjo Pharmanto, SH., No. 71 dated 17 April 2013 the company board of
director and the board of commissioner had been changed. The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-18993 dated May 17, 2013.
P.T. TCM has been operating since June 2005 dealing with coal mining by
manages concession area 23,650 hectares in the districts of Muara Lawa, Bentian
Besar, Muara Pahu and Damai of the regency of West Kutai in the province of East
Kalimantan. Concession area 23,650 hectares comprises the North Block and South
Block. The coal exploitable by this 30-years contract, which was valid from the
start of production on February 28, 2005 until February 27, 2035. Originally on
15 August 1994, TCM entered into a Coal Agreement No. 017/PK/PTBA-TCM/1994 with
P.T. BA for Muara Lawa area, West Kutai, East Kalimantan Province. Based on
Presidential Decree No. 75/1996 dated 25 September 1996, all rights and
obligations of PTBA under the Coal Agreement were transferred to the Government
of the Republic of Indonesia represented by the Minister of Mining and Energy
effective 1 July 1997.
P.T. TCM has been in commercial operation since June 2005 dealing with
coal mining by managing a coal mining area of 23,650 hectares located in Muara
Lawa, Bentian Besar, Muara Pahu dan Damai, Kutai Regency, East Kalimantan
Province. Based on the Decree of the Minister of Energy and Mineral Resources
No. 314.K/40.00/DJG/2005, dated 17 May 2005, regarding the Commencement of the
Exploitation (Production) Stage under TCM’s Coal Agreement, the mining area
retained by TCM in this exploitation stage shall be 23,650 hectares and this
approval is valid from 28 February 2005 until 27 February 2035.
Based on the Decree of the Minister of Forestry No.
SK.215/Menhut-II/2008, dated 6 June 2008, regarding the Exploitation of Forest
Area for Coal and Supporting Infrastructure, TCM has been given a license to
use limited production forest area and fixed production forest area of 5,956.72
hectares located in Kutai Barat regency, East Kalimantan Province. This
approval is valid for five years.
The operation of PT. TCM has been growing well. In 2005, the annual
production capacity of P.T. TCM was 1.5 million tons of coal increased to 4.4
million tons in 2006 to 5 million tons in 2007 and estimated to be rising in
2008. PT. TCM also owns a barge jetty equipped with stockyard with capacity of
360,000 tons of coal. From the stockyard, the coal products are loaded to barge
ships using conveyors directly to barge loader. The jetty has barge-loading
capacity 2,000 tons per hour and is able to serve barge ships with capacity of
8,000 tons up to 10.000 tons. P.T. TCM’s concession area of 23,650 hectares
with reserves and resources of sub-bituminous coal in two blocks: the North
Block and newly opened South Block in the out put of 78.27 metric tons and
296.50 metric tons, respectively, at the end of 2009. The sub-bituminous coal
has calorific value ranging from 6,500 to 7,300 kcal/kg and sulfur content of
0.8-1.4%. The coal is trucked north from mine stockyard 38 kilometres to the
Bunyut Barge loader on the Mahakam River, and is barged to the BoCT or directly
to market. Production in 2009 was 5.2 metric tons up from 4.5 metric tons in
2008. With the recent opening of the South Block and development of P.T.
Bharinto Ekatama’s project, the major infrastructure projects involve the
construction of a hauling road, bridge and a washing plant usable by both
mines. The coal seam was formed in the Pamaluan and Kutai Basin formations, and
has calorific value ranging from 6,500 to 7,300 kcal/kg and sulfur content of
0.8-1.4%.
Distance from mine stockyard to the port stockyard close to Bunyut Barge
Loader is 40 kilometers. Coal is then barged either to Bontang Coal Terminal
(BoCT), Balikpapan Coal Terminal (BCT), or directly to customers. Total coal
production from P.T. Trubaindo Coal Mining concession area amounted to 7.7 Mt
in 2012. This signified a hike of 8% from production volume in 2011 of 7.1 Mt.
In 2012, the subsidiary improved its mining equipment from medium type PC 1250
to PC 2000, thereby increasing its production capacity. The whole coal marketed
through P.T. INDO TAMBANGRAYA MEGAH Tbk’s coal sales grew by 10% year-on-year,
from 24.7 million tons in 2011 to 27.2 million tons in 2012. China, Japan and
India remain the biggest buyers of ITM’s coal, with a combined sales volume of
14.9 million tons, or 55% of total. For the third consecutive year, China was
our biggest customer, taking up 26% of our total sales in 2012, as it continued
to increase its coal imports. We observe the operation of P.T. TCM has been
running smoothly and developing wee in the last five years.
Coal production in Indonesia in 2012 grew by 13% year-on-year, with an
estimated total production of 389 Mt. A long spell of dry weather and the
proliferation of smaller coal producers under the new mining law were the key
factors in driving the growth. Meanwhile, domestic demand was 72 million tons,
a growth of 4% year-on-year due to delay of power plant projects under
government fast track program. Indonesia continued to be among the biggest coal
exporters, with export in 2012 reaching 357 million tons, a 16% increase from
2011. Indonesian coal industry carries the reputation as spot sellers due to
various reason including unpredictability of production. 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 2012 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 |
|
2012 |
389,779.9 |
384,307.2 |
26,166.2 |
Source: Statistic
of Central Board
Until this time P.T. TCM has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The
management of P.T. TCMI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2010 amounted to US$ 629.0 million rose to US$ 676.4 million in 2011
increased to US$ 682.9 million in 2012. As from January to June 2013 the sales
turnover has amounted at US$ 305.1 million with a net profit of US$ 19.8
million and projected to go on rising by at least 6% in 2014. The company has
an estimated total networth of at least US$ 50.0 million. 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. TCM is led by Mr. Pongsak Thongampai (52) a
professional manager of Thailand with experience in coal mining. An experienced
geologist, Mr. Pongsakat past experience includes working at Chatcue Sompong
Mining Co. Ltd. (1986 – 1988) as Head of Exploration Division, and was Mining
Manager at Visanu Cement Co. Ltd. (1990 – 1991). He joined Banpu Group in 1992
as Senior Manager and rose to be the Managing Director of Banpu Terminal Co.
Ltd. between 2001 – 2002. Following this, until 2005 he acted as the Director
of Banpu Indonesia and SVP for operations. He earned his Bachelor of Science in
Geology from Chulalongkorn University in 1982 and in 2002 acquired a Master of
Business Administration from Kasetsart University.
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. TRUBAINDO COAL MINING
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.