|
Report Date : |
28.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ADARO |
|
|
|
|
Registered Office : |
Menara Karya, 22nd & 23rd Floor, Jl. H.R. Rasuna Said Blok X-5 Kav. 1-2, Jakarta Selatan 12950 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.11.1982 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-21000 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in Coal Mining |
|
|
|
|
No of Employees : |
1,120 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, 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.
ADARO INDONESIA
A d d r e s s :
Head
Office
Menara Karya, 22nd & 23rd Floor
Jl. H.R. Rasuna Said Blok X-5 Kav. 1-2
Jakarta Selatan 12950
Phones - (62-21) 521 1265 (hunting)
Fax - (62-21) 521 1266
E-mail - adarojkt@ptadaro.com
Website - http://www.ptadaro.com
Building Area - 26 storey
Office Space -
820 sq. meters
Region -
Commercial
Status -
Rent
Factory
Tabalong and Hulu Sungai Utara
South Kalimantan
Coal Deposit -
1.37 billion tons
Region -
Coal mining zone
Status -
Rent
Date of
Incorporation :
11 November 1982
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The
Department of Law and Human Rights
a. No. C2-7797.HT.01.01.TH.83
Dated 05 December 1983
b. No. C-06676.HT.01.04.TH.2003
Dated 28 March 2003
c. No. AHU-59722.AH.01.02.Tahun 2008
Dated 08 September
2008
d. No. AHU-AH.01.10-21000
Dated 05 July 2011
Company Status :
Foreign Investment (PMA) Company
Permits by the
Government Departments :
a. President of the Republic of Indonesia
b. The Capital Investment Coordinating Board
- No. 789/A.I/1982
Dated 10 September 1982
- No. 332/III/PMA/91
a. P.T. ALAM TRI ABADI
(Investment Holding)
b. P.T. VISCAYA INVESTMENTS
(Investment Holding)
c. P.T. DIANLIA SETYAMUKTI (Investment Holding)
d. INDONESIA COAL Pty. Ltd., of
Australia (Investment Holding)
e. MEC INDO COAL BV., of the
Netherlands (Investment Holding)
Ultimate Holding
Company :
P.T. ADARO ENERGY Tbk
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - US$ 177,520,000 (Rp. 119,426,580,000.-)
Issued Capital - US$
44,380,000 (Rp.
29,856,645,000.-)
Paid up Capital - US$
44,380,000 (Rp.
29,856,645,000.-)
The Latest
Shareholders :
a. P.T. ALAM TRI ABADI of
Indonesia - US$.
27,142,700.- (61.160%)
b. P.T. VISCAYA INVESTMENTS of
Indonesia - US$.
14,645,500.- (33.000%)
c. P.T. DIANLIA SETYAMUKTI of
Indonesia - US$. 2,590,800.- ( 5.838%)
d. COALTRADE SERVICES INT’L Pte
Ltd of Australia - US$. 1,000.- ( 0.002%)
BUSINESS ACTIVITIES
|
Lines of Business
:
Coal Mining
Production
Capacity :
Coals - 48.0 million tons p.a.
Total Investment :
a. Equity Capital - US$ 63.2 million
b. Loan Capital -
US$ 11.4 million
c. Total Investment -
US$ 74.6 million
Started Operation
:
a. November 1990 (exploration)
b. September 1991 (production)
Brand Name :
Envirocoal
Technical
Assistance :
None
Number of Employee
:
1,120 persons
Marketing Area :
a. Local Market - 25%
b. Export Market - 75%
Main Customers :
Overseas Buyers in Spain, Germany, Denmark, France, the UK, Japan Taiwan,
the USA and others countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BATUBARA BUKIT ASAM
b. P.T. KALTIM PRIMA COAL
c. P.T. ARUTMIN INDONESIA
d. P.T. KODECO JAYA AGUNG
e. P.T. BERAU COAL
Business Trend :
Declining
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a. The
Hong Kong and Shanghai Banking Corp. Ltd.
World
Trade Centre, 1-5th Floor
Jalan
Jend. Sudirman Kav. 29-31
Jakarta Selatan
b. CITIBANK N.A
Citibank Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan
c. P.T. Bank MANDIRI Tbk
Mandiri Building
Jalan Jend. Gatot Subroto Kav.
36-38
Jakarta Selatan
Auditor :
Tanudiredja, Wibisana & Rekan
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales/Revenue :
2010 – US$. 2,412.0 million
2011 – US$. 3,386.2 million
2012 – US$. 3,343.1 million
2013 – US$. 2,984.6 million
Net Profit :
2010 – US$. 313.2 million
2011 – US$. 520.5 million
2012 – US$. 344.0 million
2013 – US$. 208.0 million
Payment
Manner :
Almost Promptly
Financial Comments
:
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Garibaldi Thohir AKA Boy Garibaldi Thohir
Directors
- a. Mr. Chia
Ah Hoo
b. Mr.
Sandiaga Salahuddin Uno
c. Mr.
Christian Ariano Rachmat
d. Mr. David Tendian
e. Mr. Tsang Edwin Kin-Wah
Board of Commissioner :
President Commissioner - Mr. Edwin Soeryadjaya
Commissioners -
a. Mr. Theodore Permadi Rachmat
b. Mr. Subianto AKA Benny Subianto
Signatories :
President Director (Mr. Boy Garibaldi
Thohir) or one of Directors (Mr. Ah Hoo Chia, Mr. Sandiaga Salahuddin Uno, Mr.
Christian Arianto Rachmat, Mr. David Tendian, Mr. Andre Johannes Mamuaya and
Mr. Tsang Edwin Kin-Wah) which must be approved by President Commissioner (Mr.
Edwin Soeryadjaja) or one of the commissioners (Mr. Thedore Permadi Rachmat and
Mr. Subianto)
CAPABILITIES
|
Management
Capability :
Good
Business
Morality :
Good
OVERALL PERFORMANCE
|
P.T. ADARO INDONESIA (P.T. ADARO) was established on 11 November 1982
with an authorized capital of US$ 400,000.-, issued and paid up capital of US$
200,000.-. The original founding shareholders are EMPRESA NACIONAL DE
INVESTIGACIONES MINERAS S.A. of Madrid, Spain, and Mr. Francisco Casero
Perrote, a businessman of Spain. In December 1990 Mr. Francisco Casero Perrote
resigned and joined in new three shareholders namely INDONESIA COAL Pty.,Ltd.,
of Australia, P.T. ASMINCO BARA UTAMA and P.T. TIRTAMAS MAJUTAMA, both are
national private companies of Indonesia. Since February 1998 the authorized
capital was raised to US$ 7,000,000.-, issued and paid up capital to US$
5,080,000.-. and the shareholders of P.T. ADARO consisted of NEW HOPE Corp.,
Pty. Ltd., (ex. INDONESIA COAL Pty., Ltd.), of Australia (50%), MISSION ENERGY
COMPANY (MEC) INDO COAL B.V. of the Netherlands (10%) and P.T. ASMINCO BARA
UTAMA of Indonesia (40%).
In February 2002, P.T. ASMINCO BARA UTAMA, a subsidiary company of BECKKETT
Pte Ltd withdrew and its shares were taken over by P.T. DIANLIA SETYAMUKTI
(40%). Since then, there has been a dispute between BECKKET Pte Ltd against
DEUTSCHE BANK and P.T. DIANLIA SETYAMUKTI. In September 2005, the High Court of
Singapore decided that P.T. DIANLIA SETYAMUKTI was the shareholder of P.T.
ADARO INDONESIA and rejected the claim of BECKKET Pte.Ltd. The high court’s
decision strengthened the decision of Choo Han Teck Judge on 25 August 2005
based on claim case of BECKKETT against DEUTSCHE BANK AG, Singapore and P.T.
DIANLIA SETIAMUKTI in Civil Appeal No. 65 of 2005/Y.
However, BECKKETT tried any legal effort again to regain its commercial
rights and interest of BECKKET of shares ownership. In February 2006, BECKKETT Pte Ltd. sued
DEUCTSCHE BANK and P.T. DIANLIA SETYAMUKTI through High Court of
Singapore. In March 2006, the Supreme
Court of Indonesia issued a letter for establishing the decision of South
Jakarta Court and canceling the decision of South Jakarta High Court. By the
issued letter, the Supreme Court rejected the claim of BECKKETT Pte. Ltd and
decided that P.T. DIANLIA SETYAMUKTI is still the shareholder of P.T. ADARO
INDONESIA.
Pursuant to the amendment deed of P.T. ADARO INDONESIA, in August2008,
the shareholders of P.T. ADARO INDONESIA are P.T. ALAM TRI ABADI (60.22%), P.T.
VISCAYA INVESTMENTS (28.33%), P.T. DIANLIA SETYAMUKTI (5.83%), INDONESIA COAL
Pty. Ltd., (4.67%) and MEC INDO COAL BV., (0.95%). This amendment notary deed has obtained
registration number from the Department of Law and Human Rights under No.
AHU-59722.AH.01.02.Tahun 2008 dated September 8, 2008.
Lastly in July 2011, the shareholders of P.T. ADARO INDONESIA are P.T.
ALAM TRI ABADI (61.16%), P.T. VISCAYA INVESTMENTS (33.00%), P.T. DIANLIA
SETYAMUKTI (5.84%) and COALTRADE SERVICES INTERNATIONAL Pte Ltd. of Australia
(0.002%). The latest amendment notary deed has obtained registration number
from the Department of Law and Human Rights under No. AHU-AH.01.10-21000 dated
July 5, 2011. No changes have been effected
in term of its shareholding composition and capital structures to date.
We observe that P.T. ALAM TRI ABADI, P.T. VISCAYA INVESTMENTS and P.T.
DIANLIA SETYAMUKTI, third are private companies of which the majority shares
are controlled by P.T. ADARO ENERGY Tbk., a public listed company. The shareholders of P.T. ADARO ENERGY Tbk.,
are P.T. ADARO STRATEGIC INVESTMENTS (43.91%), Mr. Garibaldi Thohir (6.15%),
Mr. Edwin Soeryadjaya (4.25%), Mr. Theodore Permadi Rachmat (2.21), Mr.
Sandiaga Salahuddin Uno (1.98%), Mr. Ir. Subianto (1.30%) and publics (40.20%).
P.T. ADARO INDONESIA (ADARO) was established
as a foreign capital investment (PMA) company dealing with coal mining with its
first concession in Tutupan Utara, Wara and Paringin, East Kalimantan, operating since 1985. Then
its mining concession area was relocated to Tabalong and Hulu Sungai Utara in
South Kalimantan. The survey shows that both concessions have a deposit of 1.37
billion tons coal. Commercial production started in 1991 and its production
capacity has frequently been increased. Presently it has a production capacity
of 45.0 million tons per year. P.T.
ADARO has used Minescape 4 Minicom application for the activities of
management.
Some 70% of the products are exported to
Spain, Germany, Denmark, France, the UK, Japan, Taiwan, the USA and other
countries, while the rest is sold to local factories in Cirebon, West Java, and
PLTU (Steamed Power Electric Plant) Paiton Swasta I in East Java. n November
1999 P.T. ADARO received a reward as the World Best Coal Mining Company of 1999
issued by Financial Times Energy Awards held in Waldof Astoria, New York, the
USA. P.T. ADARO won the best predicate after fulfilling three main criterias
mainly the very efficient operation, innovative marketing for ultra-clean sub
bituminous coal that internationally known as Envirocoal, and an extra-ordinary
commitment on environment and social care, mainly in the development of
surrounding people. Coal production of
P.T. ADARO in 2006 amounted to 34.29 million tons increased to 36.08 million
tons in 2007 to 38.52 million tons in 2008 to 40.60 million tons in 2009 to
42.20 million tons in 2010 and to 47.7 million tons in 2011.
In 2013, P.T. ADARO produced 52.3 million tons of Envirocoal from three pits:
Tutupan, Wara and Paringin, approximately 10.8% more than 2012’s 47.2 million
tons achievement. The increase was
supported by strong demand from India in the first half of the year and
consistent demand from Indonesia’s domestic market, North Asia and China. P.T. ADARO’s total concession area of around
35,000 hectares (ha) benefits from excellent mining conditions and coal
quality.
With growing demand from their long-term customers, P.T. ADARO in 2013
further expanded its range of mid-calorific value products, which have typical
heat values between 4,000 kcal/kg and 5,000 kcal/kg on a gross as-received
(GAR) basis. In the fourth quarter, P.T. ADARO introduced its latest product
installment, Envirocoal 4900 or simply E4900. During 3Q2014, P.T. ADARO
produced 13.56 million tons of Envirocoal. Their coal mining, coal hauling and
overburden removal was 94%, 94% and 97% of the plan as of the end of 3Q2014.
P.T. ADARO’s Coal Sales 2013
|
Description |
Volume (Million Tons) |
||
|
2013 |
2012 |
2011 |
|
|
E5000 (Tutupan + Paringin) |
34.09 |
37.70 |
41.69 |
|
E4700 |
8.43 |
-- |
-- |
|
E4500 |
-- |
1.95 |
-- |
|
E4000 (Wara) |
9.64 |
7.76 |
5.48 |
|
Subtotal |
52.16 |
47.41 |
47.17 |
|
CTI third-party sales |
1.31 |
1.21 |
3.61 |
|
Total |
53.47 |
48.62 |
50.78 |
Source: PT. Adaro
Energy Tbk.
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 six
years coal export volume and value is listed below:
National Coal Production 2008 – 2013
(In million tons)
|
Description |
2008 |
2009 |
2010 |
2011 |
2012 |
2013*) |
|
Export |
187 |
198 |
208 |
273 |
304 |
306 |
|
Domestic |
53 |
56 |
67 |
80 |
82 |
85 |
|
DMO Liability |
-- |
-- |
64.9 |
63 |
67.3 |
74.3 |
|
Total Production |
240 |
254 |
275 |
353 |
386 |
391 |
The company is neither public listed nor bond
issued company. Therefore, the company has no obligation to publish financial
statement publicly. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. According to P.T. ADARO
ENERGY Tbk., that the total income/revenues of P.T. ADARO INDONESIA in 2011
amounted to US$. 3,386.2 million, declined to US$. 3,343.1 million in 2012 and
dropped again to US$. 2,984.6 million 2013.
The operation in 2013 yielded a net profit at least US$. 208.0 million
and the company has a total asset of US$.2,912.3 million. The key financial highlights of P.T. ADARO
INDONESIA in fiscal 2010, 2011, 2012 and 2013 are below. So far we did not hear that the P.T. ADARO
INDONESIA has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court. The company usually pays its debts punctually
to suppliers.
|
Description |
2010 |
2011 |
2012 |
2013 |
|
Financial
Highlights (US$ million) |
|
|
|
|
|
- Total Assets |
1,885.0 |
2,699.6 |
2,927.4 |
2,912.3 |
|
- Total Liabilities |
1,648.6 |
2,312.1 |
2,508.3 |
2,401.3 |
|
- Interest-bearing debt |
1,141.3 |
1,629.7 |
1,806.9 |
1,688.2 |
|
- Total Equity |
236.4 |
387.5 |
419.1 |
511.3 |
|
- Net Income / Revenues |
2,412.0 |
3,386.2 |
3,343.1 |
2,984.6 |
|
Operating
Statistics |
|
|
|
|
|
- Coal Production (Million tons) |
42.2 |
47.7 |
47.2 |
52.3 |
|
- Coal sales (Million tons) |
42.5 |
47.2 |
47.4 |
52.2 |
|
- Overburden removal (Mbcm) |
225.9 |
299.3 |
331.5 |
294.9 |
|
- Average planned strip ratio (%) |
5.5 |
5.9 |
6.4 |
5.75 |
The management of P.T. ADARO INDONESIA is led by Mr. Garibaldi Thohir or
Boy Garibaldi Thohir (49) as president director. Mr. Thohir graduated in Bachelor of Science
from the University of Southern California, USA in 1987and Master of Business
Administration from the Northrop University, USA in 1988. In his daily activities, he is assisted by
Mr. Chia Ah Hoo (55), Mr. Sandiaga Salahuddin Uno (45), Mr. Christian Arianto
Rachmat (41), Mr. David Tendian (48) and Mr. Tsang Edwin Kin-Wah (63). The board of commissioners of the company is
led by Mr. Edwin Soeryadjay (65) as president commissioner, Mr. Theodore
Permadi Rachmat (71) as vice president director and Mr. Ir. Subianto AKA Benny
Subianto (72) as commissioner. The
management is also handled by a number of professional staff, having maintained
a wide business relation with private businessmen at home and abroad as well as
with government sector. It has good
business prospect in the long run for it has a good performance and image as
well as a wide marketing network abroad.
So far, we did not hear that the company’s management involved in the
business malpractices or detrimental cases that settled in the country.
P.T. ADARO INDONESIA is appraised feasible
for normal business transaction. In view unstable economic condition in the
country, we recommend to treat prudently in extending loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.97.69 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.