|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KTC COAL MINING
& ENERGY |
|
|
|
|
Registered Office : |
Jalan Trikora RT. 11 No. 52, Samarinda 75242, East
Kalimantan |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
27.12.2004 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Coal Mining and Trading |
|
|
|
|
No of Employees : |
600 |
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.
KTC COAL MINING & ENERGY
A
d d r e s s :
Head
Office
Jalan Trikora RT. 11 No. 52
Samarinda 75242
East Kalimantan
Indonesia
Phones -
(62-541) 621 2460, 621 2461
Fax -
(62-541) 621 2462, 621 2463
E-mail - coal@ktcgroup.com.sg
Website - http://www.ktcgroup.com.sg
Land Area - 60,000 sq.
meters
Building Space - 20,000 sq. meters
Status - Rent
Date of Incorporation :
27
December 2004
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-07686 TH.01.01.TH.2005
Dated 23 March 2005
- No. C-23068 HT.01.04.TH.2006
Dated 07 August 2006
- No. AHU-87474.AH.01.02.Tahun 2008
Dated 18 November 2008
- No. AHU-AH.01.10-24179
Dated 27 September 2010
- No. AHU-28993.AH.01.02.Tahun 2011
Dated 09 June 2011
- No. AHU-AH.01.10-20833
Dated 04 July 2011
Company
Status :
Foreign
Investment Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.414.349.7-056.000
The Department of
Trade
TDP No.
09.04.1.71.23088
The Capital
Investment Coordinating Board
a. No. 865/I/PMA/2004
Dated 15 December 2004
b. No.
242/II/PMA/2008
Dated 06 June 2008
c. No.
309/1/IP/III/PMA/2010
Dated 3 September 2010
Related
Companies :
a. P.T. TATINDO HEAVY EQUIPMENT (Heavy Duty
Equipment Rental and Management)
b. A Member Company of the KOK TONG CONSTRUCTION
PTE LTD Group of Singapore
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - US$.
540,000.-
Issued
Capital -
US$. 540,000.-
Paid
up Capital -
US$. 540,000.-
Shareholders/Owners
:
a. Mrs. Lau Kwee Ein -
US$. 270,000.- (50%)
Address : 23 Rochdale Road, Govt Co-Op,
Hsingestwindsor Park, 535839
Singapore
b. Mr. Chua Lai Seng - US$. 270,000.- (50%)
Address : 23 Rochdale Road, Govt Co-Op,
Hsingestwindsor Park, 535839
Singapore
BUSINESS
ACTIVITIES
|
Lines
of Business :
Coal Mining and Trading
Production
Capacity :
Coal - 8.0 million tons
per annum
Total Investment :
Owned Capital - US$. 10.0 billion
Started Operation :
2005
Brand Name :
KTC
Technical Assistance
:
KTC Group of
Singapore
Number of Employee :
600 persons
Marketing Area :
Local - 10%
Export - 90%
Main Customers :
a. P.T.
HARFA TARUNA MANDIRI
b. Mining
Company
Market Situation :
Very Competitive
Main Competitors :
a. P.T.
BAKRIE CONSTRUCTION
b. P.T.
KARYA LESTARI SUMBER ALAM
c. P.T.
PASURA BINA TAMBANG
d. P.T.
AGGREGATE MANDIRI LESTARI
e. P.T.
THIESS CONTRACTORS INDONESIA
Business Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. BANK
MANDIRI Tbk
Jalan Mulawarman No.
23
Samarinda, East
Kalimantan
Indonesia
b. P.T. BANK CIMB NIAGA Tbk
Jalan KH. Khalid
No.32
Samarinda, East
Kalimantan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2011
– US$. 170.0 billion
2012
– US$. 182.0 billion
2013
– US$. 165.0 billion
Net
Profit (estimated) :
2011
– US$. 23.4 billion
2012
– US$. 25.0 billion
2013
– US$. 22.8 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mrs. Lau Kwee Ein
Director -
Mr. Chua Lai Hock
Board of Commissioners :
President Commissioner - Mr. Chua Lai Seng
Commissioner - Mr. Rudy Mulyadi
Signatories :
President
Director (Mrs. Lau Kwee Ein) or Director (Mr. Chua Lai Hock) which must be
approved by Board of Commissioners (Mr. Chua Lai Seng or Mr. Rudy Mulyadi)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. KTC COAL MINING & ENERGY (P.T. KTC) was
established with authorized capital of US$. 200,000.- entirely was issued and fully
paid up based on articles of association of the company No. 62 dated 27
December 2004 made by Mr. Agus Madjid, SH., a notary public in Jakarta. The
founding shareholders of the company are KOK TONG CONSTRUCTION PTE LTD of
Singapore (50%) and Mrs. Lau Kwee Ein of Singapore (50%). The Article of
Association was approved by the Minister of Law and Human Rights through
Decision Letter No. C-07686 TH.01.01.TH.2005, dated 23 March 2005.
The articles of association of the company have
frequently been revised. In 18 August 2010 the company authorized capital was
increased to US$. 540,000.- entirely was issued and fully paid up.
Concurrently, KOK TONG CONSTRUCTION PTE LTD pulled out and the whole shares are
sold to Mr. Chua Lai Seng. Since the time, the shareholders of the company are
Mr. Chua Lai Seng (50%) and Mrs. Lau Kwee Ein (50%). The Article of Amendment
has been approved by the Minister of Law and Human Rights through Decision
Letter No. AHU-AH.01.10-24179, dated 27 September 2010.
Later according to the latest revision of notary deed Ms.
Kamelina, SH., No. 01 dated 2 May 2011 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.01.10-20833, dated 04
July 2011. No changes have been
effected in term of its shareholding composition and capital structures to
date.
Pursuant to the company’s notary deed, P.T. KTC engaged
to operate in general trading, development, industry, road transportation,
printing and services. The company’s registered office located Wisma Megah 1st
Floor, No. E.102, Jl. Danau Sunter Utara Blok N.2, No. 2-3, North Jakarta 14350
and the company can open branch offices or representative offices at home and
abroad.
According to the results of our investigation we noticed
that previously, P.T. KTC was engaged in coal mining contracting services in
February 2005. However, since July 2006 the company’s activity has been shifted
to engage in coal mining and trading. P.T. KTC does not have a coal mining
permit. But they work in cooperation and partnership with a mine concession
owners in Kalimantan. Currently, the company has operations at three mine
concessions under partnership scheme at Samarinda, Palaran, and Muara Teweh.
They sell the following types of coal such as: GCV (ARB) 4450 kcal/kg, GCV
(ARB) 5200 kcal/kg, and GCV (ADB) 7500 kcal/kg. When the company entered this
business in 2006, their coal production was only about 0.5 million tons. This
has now steadily increased to 3.1 million tons in the year. The coal products
are mainly exported and supplied to China, Korea, Japan, and India. P.T. KTC is
supported by some 100 units of heavy equipments such as bulldozers, excavators,
loader, motor grader, drilling machines, and dump trucks. P.T. KTC obtained
projects from some companies holding Work Agreement on Coal Mining Enterprises
(PKP2B) such as P.T. HARFA TARUNA MANDIRI and the other mining companies. We
observed that P.T. KTC is classified as a medium sized company of its kind in
the country of which the operation has been growing in the last three years.
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. KTC has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. KTCI 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$ 170.0 million in 2011 increased
to US$ 182.0 million in 2012 decreased to US$ 165.0 million in 2013 with a net
profit of US$ 22.8 million and projected to go on rising by at least 6% in
2014. The company has an estimated total networth of at least US$ 20.0 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. KTC is led by Mrs. Lau Kwee Ein (55) as president director and a
businesswoman of Singapore with experience in coal mining and trading. In daily
activities, he is assisted by Mr. Chua Lai
Hock (64) as director, Mr. Chua Lai Seng (61) as president
commissioner and Mr. Rudy Mulyadi (41) as
commissioner. The management of the company is handled by experienced
professional manager having wide relation with private businessmen of home and
overseas as well as with the government sectors. 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.
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. KTC COAL MINING
& ENERGY is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.47 |
|
|
1 |
Rs.98.23 |
|
Euro |
1 |
Rs.78.66 |
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.