MIRA
INFORM REPORT
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Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. TAPIN SUTHRA
BERJAYA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.10.2007 |
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Com. Reg. No.: |
No. AHU-AH.01.10-44083 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Investment Holding |
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No. of Employees |
7 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010.
During the global financial crisis, Indonesia outperformed its regional
neighbors and joined China and India as the only G20 members posting growth.
The government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25% 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 also faces the
challenges of quelling labor unrest and reducing fuel subsidies in the face of
high oil prices.
|
Source
: CIA |
BASIC SEARCH
Name of Company :
P.T. TAPIN SUTHRA BERJAYA
Address :
Head Office
Pondok Indah Office Tower 3-7th Floor Suite 701
Jalan Sultan Iskandar Muda Kav. V-TA
Pondok Indah
Jakarta Selatan, 12310
Indonesia
Phones -
(62-21) 7592 2993 – 05
Fax - (62-21) 7592 2992
E-mail - marketing@suthraresources.com
Website - http://www.suthraresources.com
Building Area - 14 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
5 October 2007
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. AHU-08712.AH.01.01.TH.2008
Dated 22 February 2008
- No. AHU-44378.AH.01.02.TH.2009
Dated 8 September 2009
- No. AHU-AH.01.10-44083
Dated 25 October 2013
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.635.893.7-015.000
Related Companies :
a. P.T. BHUMI RANTAU ENERGI
(Coal Mining)
b. P.T. HASNUR JAYA ENERGI
(Investment Holding)
c. P.T. PADANGBARA SUKSES
MAKMUR (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
480,000,000,000.-
Issued Capital : Rp.
129,700,000,000.-
Paid up Capital : Rp.
129,700,000,000.-
Shareholders/Owners :
a. P.T. PADANGBARA SUKSES MAKMUR -
Rp. 64,850,000,000.-
Address : Jl. Dr.
Saharjo No. 107
Kelurahan Tebet, Kecamatan
Tebet
Jakarta Selatan
Indonesia
b. P.T. HASNUR JAYA ENERGI -
Rp. 64,850,000,000.-
Address : Jl. Brigjend. Hasan Basri No. 29, RT. 14
Kelurahan Banjar, Kecamatan
Kertakhanyar
Banjarmasin, South
Kalimantan
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Investment Holding
Production Capacity :
None
Total Investment :
None
Started Operation :
2008
Brand Name :
Tapin Suthra Berjaya
Technical Assistance :
None
Number of Employee :
7 persons
Marketing Area :
Local - 100%
Main Customer :
Buyers in Asian countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADARO INTI ENERGI Tbk
b. P.T. BERAU COAL ENERGI Tbk
c. P.T. ENERGI BATUMAS LESTARI
d. P.T. SUMBER ENERGI KALIMANTAN
e. Etc.
Business Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
B a n k e r s :
P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Revenue (estimated) :
2011 – Rp. 64.6 billion
2012 – Rp. 71.3 billion
2013 – Rp. 69.3 billion
Net Profit (estimated) :
2011 – Rp. 5.2 billion
2012 – Rp. 6.4 billion
2013 – Rp. 6.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Indro Hananto
Directors - a. Mr. Setiawan Herlianto
Saputro
b. Mr. Joseph Adam
c.
Mr. Zainal Hadi, Has. HB
Board of Commissioners :
President Commissioner - Mr. Garibaldi Thohir, MBA
Commissioners - a. Mr. Aloysius Barin Alowie
b.
Mr. Djamari Chaniago
c.
Mr. Hasnuryani
Signatories :
President Director (Mr. Indro Hananto)
or one of the Directors (Mr. Setiawan Herlianto Saputro, Mr. Joseph Adam or Mr.
Zainal Hadi, Has. HB.) 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
OVERALL PERFORMANCE
P.T. TAPIN SUTHRA BERJAYA (P.T. TSB) was established in Jakarta based on
notary deed Mrs. Sukawaty Sumadi, SH., no. 7 dated 5 October 2007 with the authorized
capital of Rp. 5,000,000,000 issued capital of Rp. 2,500,000,000 entirely paid
up. The founding and shareholders of the company are P.T. PADANGBARA SUKSES
MAKMUR and P.T. HASNUR JAYA UTAMA both are national private company. The
company notary deed had been changed and according to the revision notary deed
in August 2009 P.T. HASNUR JAYA UTAMA withdrew and replaced by P.T. HASNUR JAYA
ENERGI as new shareholder. The latest according to the revision of notary deed
Mr. Humberg Lie, SH., no. 32 dated 9 September 2013 the company authorized
capital was increased to Rp. 480,000,000,000 issued capital to Rp.
129,700,000,000 entirely paid up.
With this development the composition of its shareholders has been
changed to become P.T. PADANGBARA SUKSES MAKMUR (50%), and P.T. HASNUR JAYA
ENERGI (50%). The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-44083 dated October 25,
2013.
P.T. TSB has been operating since 2008 engaged in the field if investment
holding by invested funds in coal mining. P.T. Bhumi Rantau Energi is a
collaboration between two company P.T. Hasnur Jaya Energi and P.T. Padangbara
Sukses Makmur, through P.T. Tapin Suthra Berjaya as a majority shareholder of
P.T. Bhumi Rantau Energi. In its operation the company holds 99.92% shares of
P.T. BHUMI RANTAU ENERGI., a national private company dealing with coal mining.
As the owner of 2,096 ha concession area with a huge reserves more than 100
million tons in type of coal calorie around 5400 Kcal / Kg and a partnership
with one of Indonesia’s largest mining contractor, We are optimistic and is
fully committed to become a leading energy company. We excels in promoting and
providing best mining process and producing highest quality products,
innovative solutions, best services and good partnership. P.T. Bhumi Rantau
Energi has introduced 
as a solution to the
increasing cost of energy and consumer demand for a more environmentally
friendly energy supply. is
typically low in sulfur and ash content, and is classified as environmentally
friendly. The Firm’s coal mining concession is located in Rantau Distric, about
123 km to the northeast of Banjarmasin, the capital city of the province. The
area is accessible by car. P.T. BHUMI RANTAU ENERGI product has been widely
accepted by the market, both domestic and international market, such as China,
India, Thailand, Malaysia, Chile, Slovenia, and Philippines. We observe that
P.T. TSB has been fluctuating in the last three years.
In 2013 will likely be the year betting the mining
sector. Why not be the stakes in 2013, the mining industry is still beset with
anxiety for the prospects of mineral and coal commodity prices. In addition in
2013 of course, will increase the political temperature ahead of the 2014
elections. The Government Regulation as a product prepared by the government
and the legislature also certainly not independent of external factors
including political conditions. Thus, it is very interesting assess possible
impact of regulations being developed or are likely to be published. The mining
industry is one industry that is strictly regulated by various regulatory (a
heavily regulated industry), so the risk factor policy (policy risk) is one of
the most dominant factor for investors to consider the decision to invest in
the sector which is one of the leading sector. Regulatory arrangements in the
mining sector is not only the dominance of the Ministry of Energy and Mineral
Resources, but will also greatly dependent regulation issued by the Ministry of
Forestry, Ministry of Environment, Ministry of Finance etc,. Moreover, in the
era of regional autonomy, the policies issued by the local government, be it
the provincial, district / city, even can significantly affect business
continuity mining sector.
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 |
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2004 |
126,850.8 |
105,629.9 |
2,748.8 |
|
2005 |
152,722.4 |
129,044.1 |
4,354.0 |
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2006 |
181,060.9 |
184,008.9 |
6,085.7 |
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2007 |
174,832.7 |
195,785.8 |
6,681.5 |
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2008 |
181,570.0 |
201,021.7 |
10,485.1 |
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2009 |
209,344.7 |
234,793.1 |
13,817.3 |
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2010 |
224,677.0 |
298,844.5 |
18,499.3 |
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2011 |
274,982.9 |
353,397.9 |
27,221.8 |
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2012 |
389,779.9 |
384,307.2 |
26,166.2 |
Source: Statistic
of Central Board
Until this time P.T. TSB has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. TSB is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total revenue of the
company in 2011 amounted to Rp. 64.6 billion rose to Rp. 71.3 billion in 2012
decreased to Rp. 69.3 billion in 2013 and projected to go on rising by at least
4% in 2014. The operation in 2013 yielded an estimated net profit of at least
Rp. 6.2 billion and the company has an estimated total networth of at least Rp.
480.0 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. TSB is led by Mr. Indro Hananto (44) a
professional manager with experience in coal mining and trading. Daily activity
he is assisted by Mr. Setiawan Herlianto Saputro (68), Mr. Joseph Adam (69) and
Mr. Zainal Hadi, Has. HB (31) as a 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. TAPIN SUTHRA BERJAYA is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
UK Pound |
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.