|
Report Date : |
30.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KIDECO JAYA AGUNG |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
07.09.1982 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Coal Mining and Distillation |
|
|
|
|
No. of Employees : |
1,220 |
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 – 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. KIDECO JAYA
AGUNG
A d d r e s s :
Head Office
Mulia Tower, 17th Floor, Suite 1701
Jalan Jend. Gatot Subroto Kav. 9-11
Jakarta 12930
Indonesia
Phones -
(62-21) 525 7626 (hunting)
F a x - (62-21) 525 7662
Email - info@kideco.com or yusuf@kidecom.com or taufik@kideco.com
Website - http://www.kideco.com
Building Area - 32
storey
Office Space - 460
sq. meters
Region -
Commercial
Status -
Rent
Mining Site
Desa pasir, Batu Kajang
Tanah Grogot, East Kalimantan
Indonesia
Phones - (62-543) 22 522 (hunting)
F a x - (62-543) 22 520
Land Area -
50,399 hectares
Building Area -
1,200 sq. meters
Region -
Mining Zone
Status -
Rent
Date of
Incorporation :
07 September 1982
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-02651.HT.01.04.TH.2003
Dated 07 February 2003
b. No. AHU-19829.AH.01.02.Tahun 2009
Dated 11 May 2009
c. No. AHU-AH.01.10-37422
Dated 21 November 2011
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.060.102.9-056.000
b. The President of the Republic of Indonesia
No. B-65/Pres/8/1982
Dated 31 August 1982
c. The Investment Coordinating Board
- No. 1016/III/PMA/2001
Dated 03 August 2001
- No. 319/III/PMA/2003
Dated 28 March 2003
Parent Company :
P.T. INDIKA INTI CORPINDO (Investment Holding)
Related Companies
:
A company member of the INDIKA Group
Capital Structure
:
Authorized Capital - US$.
37,000,000 (Rp. 24,605,000,000,-)
Issued Capital -
US$. 25,034,600 (Rp. 16,648,009,000.-)
Paid up Capital - US$.
25,034,600 (Rp. 16,648,009,000.-)
Shareholders/Owners
:
a. P.T. INDIKA
INTI CORPINDO - US$. 11,515,900
(46%)
Address : Jl. Jend. Sudirman
Kav. 45-46
Jakarta
Selatan
Indonesia
b. P.T. MUJI INTI UTAMA -
US$. 1,251,700
( 5%)
Address : Jl. Jend. Gatot
Subroto Kav. 9-11
Jakarta
Selatan
Indonesia
c. SAMTAN CO. LTD. - US$. 12,267,000
(49%)
Address : 13.7 KA Asaniketon
D-3
Road Nuber 2,
Shyamoli, Mohad
South Korea
Lines of Business
:
Coal Mining and Distillation
Production
Capacity :
Coals – 35.0 million tons p.a.
Total Investment :
a. Owned Capital -
US$. 37.0 million
b. Loan Capital - US$. 130.0 million
c. Total Investment - US$. 167.0 million
Started Operation
:
March 1993
Brand Name :
Kideco Jaya Agung
Technical
Assistance :
None
Number of Employee
:
1,220 persons
Marketing Area :
Domestic (Local) - 30%
Export -
70%
Main Customers :
a. P.T. Perusahaan Listrik Negara (PLN)
b. Overseas buyer in South Korea, Japan, India, Slovenia, Taiwan
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Adaro Indonesia
b. P.T. Kaltim Prima Coal
c. P.T. Arutmin Indonesia
d. P.T. Berau Coal
e. Etc.
Business Trend :
Fluctuating
B a n k e r s :
a. P.T. Bank CENTRAL ASIA
Tbk
Barclays Building
Jalan Jend. Sudirman
Kav. 22-23
Jakarta Selatan
Indonesia
b. JP MORGAN CHASE Bank
Chase Plaza
Jalan Jend. Sudirman Kav. 27
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual
Sales/Revenue :
2010 – US$. 1,604.9 million
2011 – US$. 2,266.6 million
2012 – US$. 2,357.9 million
2013 – US$. 1,643.3 million (as of 30 September 2013)
Net Profit/Net
Income:
2010 – US$. 316.3 million
2011 – US$. 456.1 million
2012 – US$. 380.0 million
2013 – US$. 202.4 million (as of 30 September 2013
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Kim, Dal Soo
Directors -
a. Mr. Lucas Djunaidi
b. Mr. Paulus Lucas Gandhanya
c. Mr. Arsjad Rasjid Prabu Mangkuningrat
d. Mr. Lee, Jung Yon
e. Mr. Choi, Byung Hyun
f. Mr.
Lee, Jong Beom
Support & Logistic Dept. - a. Mr. M. Yusuf AKA Mohammad Yusuf
b. Mr. Taufik Hidayat
Board of Commissioner :
President Commissioner - Mr. Kang, Tae Whan
Commissioners - a. Mr. Agus Lasmono
b. Mr.
Wishnu Wardhana
c. Mr. Lee, Chan Eui
Signatories :
President Director (Mr. Kim, Dal Soo))
or one of the Directors (Mr. Lucas Djunaidi, Mr. Paulus Lucas Gandhanya, Mr.
Arsjad Rasjid Prabu Mangkuningrat, Mr. Lee, Jung Yon, Mr. Choi, Byung Hyun and
Mr. Lee, Jong Beom) which must be approved by the Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
P.T. KIDEKO JAYA AGUNG (P.T. KJA) was established in September 1982 with
an authorized capital of US$ 3,000,000.- of which US$ 800,000.- was issued and
paid up. The company was founded by TAE WOONG INC., HANIL CEMENT MFG. CO. LTD.,
PAN OCEAN SHIPPING CO. LTD., YOUNGSAN TRANSPORTATION CO. LTD. and SAMCHOCK
CONSOLIDATED COAL MINING CO. LTD. (all of South Korea) as the original
shareholders. Later in August 1987 all the above shareholders withdrew and all
their shares were taken over by KOREA INDONESIA RESOURCES DEVELOPMENT CO. LTD.
of South Korea. In January 1996 the authorized capital was raised to US$
25,034,600.- fully issued and paid up. In
March 2003 P.T. SUMBER MITRA JAYA and P.T. MUJI INTI UTAMA, national private
companies entered into the company as new shareholders. In February
2004, P.T. KIDEKO JAYA AGUNG agreed to undertake a divested tender of some 41%
shares worth US$ 149.65 million.
In May 2004, P.T.INDIKA INTI CORPINDO jointly the company as a new
shareholder. According the notary deed No. 40 dated 15 November 2011 was made
by Arsin Effendy, SH, a notary public in Jakarta that the authorized capital
was raised to US$. 37,000,000,000.- of which US$ 25,034,600.- was issued and
fully paid up. Since then, the
shareholders of the company are P.T. INDIKA INTI CORPINDO (46%), P.T. MUJI INTI
UTAMA (5%) and SAMTAN Co. Ltd., of South Korea (49%). The amendment of notary
deed was approved by the Minister of Law and Human Rights through Decision
Letter No. AHU-AH.01.10-37422 dated November 21, 2011. No changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. INDIKA INTI CORPINDO is a subsidiary company of P.T. INDIKA ENERGY
Tbk., a public listed company and the company is the parent company of the
INDIKA Group, a large sized business group led by Mr. Agus Lasmono, MBA and Mr.
Ir. Wiwoho Basuki Tjokronegoro.
P.T. KJA operates under Foreign Investment (PMA) facilities in coal
mining and distillation under the status of a Coal Contract of Work (PKP2B).
The company controls a 50,400 hectare coal mining concession in the Tanah
Grogot area of Pasir Regency (East Kalimantan) acquired in 1982. The coal
concession of the company will be expired in 2022. The concession containing 896 million tons of
coal reserves has been under commercial exploitation since March 1993 with a
production capacity of 16.0 million tons of coal per year. The project has
taken an investment of US$ 167.0 million.
P.T. KJA's coal production kept increasing from 22.0 million tons in
2008 to 24.7 million tons in 2009 to 29.1 million tons in 2010 to 31.5 million
tons in 2011 and rose again to 34.2 tons in 2012. About 74% P.T. KJA's coals production are
exported to China, Korea, Taiwan, Hong Kong, India, Japan, Philippines,
Malaysia, Thailand and the rest 30% to local marketed like PT. Perusahaan
Listrik Negara (PLN), a state power plant enterprises and private industrial
sectors. P.T. KJA also has clinched a
contract for the long term supply of coal to the Steam Driven Electricity Plant
(PLTU) in Paiton, East Java owned by P.T. JAWA POWER and PLTU Suralaya owned by
P.T. INDONESIA POWER.
Mr. Wisnu Wardhana, Vice President Director of P.T. INDIKA ENERGY Tbk., and
Commissioner of P.T. KJA explained that P.T. KJA produced 27.9 million tons of
coal as of the third quarter of 2013. The volume is equal to 75.4 percent from
this year’s 37 million tons sales target. He is optimistic the company will
meet production target. He projects Kideco’s increased coal production will
raise profit and boost Indika’s revenue growth.
Generally, the mining activities for such minerals as coal, copper,
gold, silver, nickel ore and etc. have fluctuated and for gold have been
expanding in the country in the last five years. The trend has been in line
with the weak prices of nickel and bauxite and with the firm price of gold on
the international market. Pursuant to
Central Bureau of Statistics (BPS), the export volume of coal in 2008 reached
201.0 million tons with value of US$ 10,481.5 million rose to 234.8 million tons
with value of US$ 13,817.3 million in 2009 to 298.8 million tons with value of
US$ 18,499.3 million in 2010 and rose again to 353.4 million tons with value of
US$ 27,221.8 million in 2011 and rose again to 384.3 million tons with value of
US$ 26,166.2 million in 2012. Details on
Indonesian last seven years coal export volume and value is listed below:
The Export Volume
and Value of Coal Products 2006 – 2012
|
Description |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
|
Volume (000 tons) |
184,008.9 |
195,785.8 |
201,021.7 |
234,793.1 |
298,844.5 |
353,397.9 |
384,307.2 |
|
Value (million US$) |
6,085.7 |
6,681.5 |
10,485.1 |
13,817.3 |
18,499.3 |
27,221.8 |
26,166.2 |
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to
publish financial statement publicly. According to annual report of PT. INDIKA
ENERGY Tbk., the total income/revenue of P.T. KJA has been increasing in the
last four years. In 2010, P.T. KJA’s
total sales/revenue reached US$1,604.9 million with a net profit of US$ 316.3
million increased to US$ 2,266.6 million with a net profit of US$ 456.1 million
in 2011 and rose again to US$ 2,357.9 million with a net profit of US$ 380.0
million in 2012. Up to present, we have
yet to gain the statement of income of P.T. KJA in fiscal 2013. As per 30 September 2013, its sales turnover
was US$ 1,643.3 million with a net profit of us$ 202.4 million. Financial
Highlights as of 31 December 2010, 2011 and 2012 are below:
(Expressed in million US$)
|
COMPREHENSIVE
STTEMENT OF INCOME |
2012 |
2011 |
2010 |
|
- Sales |
2,357.3 |
2,266.6 |
1,604.9 |
|
- Cost of Sales |
1,623.9 |
1,401.9 |
1,024.4 |
|
- Gross Profit |
733.4 |
864.7 |
580.5 |
|
- Operating Expenses |
40.4 |
40.8 |
24.6 |
|
- Operating Income |
692.9 |
823.9 |
555.9 |
|
- Net Income |
380.0 |
456.1 |
316.3 |
|
STATEMENT OF
FINANCIAL POSITION |
|
|
|
|
- Total Current Assets |
523.7 |
604.0 |
476.8 |
|
- Total Non-Current Assets |
221.4 |
213.7 |
189.3 |
|
- Total Assets |
745.1 |
817.7 |
666.1 |
|
- Total Current Liabilities |
312.1 |
316.5 |
276.5 |
|
- Total Non-Current Liabilities |
46.9 |
45.3 |
44.8 |
|
- Total Liabilities |
359.1 |
361.8 |
321.2 |
|
- Total Equity |
386.0 |
456.0 |
344.8 |
|
- Total Liabilities & Equity |
745.1 |
817.7 |
666.1 |
P.T. KJA's management is headed by Mr. Kim, Dal Soo (58), a professional
manager of the South Korea-based SAMTAN Co. Ltd., assigned to administer the
company. In daily activities, he is assisted
by six directors namely Mr. Lucas Djunaidi (42), Mr. Paulus Lucas Gandhanya
(42), Mr. Arsjad Rasjid Prabu Mangkuningrat (43), Mr. Lee, Jung Yon (51), Mr.
Choi, Byung Hyun (50) and Mr. Lee, Jong Beom (50). The company is managed by professional managers
with experience in the coal mining and processing industry. They have wide
relations in government circles and in the ranks of domestic and overseas
private businessmen. So far, we did not hear that the company's management
having been involved in business malpractices.
We appraise P.T. KIDECO JAYA AGUNG to be still good for normal business
transactions. However, in view of the
unstable economic condition in the country we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
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.