|
Report Date : |
13.10.2014 |
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 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-18993 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Coal
Mining |
|
|
|
|
No. of Employees : |
727 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 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 |
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 :
Fluctuating
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) :
2011
– US$ 676.4 million
2012
– US$ 682.9 million
2013
– US$ 610.0 million
2014
– US$ 298.0 million (January – June)
Net
Profit (estimated) :
2011
– US$ 40.6 million
2012
– US$ 44.4 million
2013
– US$ 39.6 million
2014
– US$ 16.8 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
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.
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 reasons 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 2013 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 |
|
2013 |
376,933.1 |
424,325.1 |
24,501.4 |
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 2011 amounted to US$ 676.4 million in 2011 increased
to US$ 682.9 million in 2012 decreased to US$ 610.0 million in 2013. As from
January to June 2014 the sales turnover has amounted at US$ 298.0 million with
a net profit of US$ 16.8 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 (53) 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 to 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.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.