|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SEMESTA CENTRAMAS |
|
|
|
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Registered Office : |
|
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|
|
|
Country : |
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|
|
|
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Date of Incorporation : |
17.03.2007 |
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|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-07060 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the field of
coal mining. |
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|
|
|
No. of Employees |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
P.T.
SEMESTA CENTRAMAS
Head Office
World Trade
Centre Building, 7th Floor
Jalan Jend.
Sudirman Kav. 29-32
Jakarta Selatan,
12920
Indonesia
Phones -
(62-21) 2553 3000 (Hunting)
Fax - (62-21) 2553 3061, 521 1225
Building Area - 15 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Mining Site
Balangan Regency
South Kalimantan
Date of Incorporation :
17 March 2007
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
AHU-51048.AH.01.02.TH.2008
Dated
13 August 2008
- No.
AHU-AH.01.10-26161
Dated
27 June 2013
- No.
AHU-AH.01.10-07060
Dated
27 February 2014
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.005.942.4-011.000
The Regent of Balangan
No.
188.45/131/Kum/2009
Dated 21 July
2009
Related
Company :
A Member Company
of the ADARO Group
Capital
Structure :
Authorized
Capital : Rp.
10,100,000,000.-
Issued Capital : Rp. 3,000,000,000.-
Paid up Capital : Rp. 3,000,000,000.-
Shareholders/Owners
:
a. P.T. ALAM TRI ABADI - Rp.
2,250,000,000.-
Address : Jl.
Jend. Sudirman Kav. 29-31
Kelurahan
Kuningan, Kecamatan Setiabudi
Jakarta Selatan
Indonesia
b. FAR EAST INVESTMENTS LIMITED - Rp. 738,000,000.-
Address : Labuan, Kuala Lumpur
Malaysia
c. Mr. Ruddy Tjanaka -
Rp. 12,000,000.-
Address : Permata Mediterania
Jalan R/29, RT. 009 RW. 003
Kelurahan
Srengseng, Kecamatan Kembangan
Jakarta Barat
Indonesia
Lines of Business :
Coal Mining
Production Capacity :
Coal -
77,335 tons p.a.
Total Investment :
Owned Capital - Rp. 10.0 billion
Started Operation :
January 2014
Brand Name :
Balangan Coal
Technical Assistance :
None
Number of Employee :
35 persons
Marketing Area :
Export -
69%
Local - 31%
Main Customer :
Buyers in Thailand
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ANTANG GUNUNG MERATUS
b. P.T. BARAMULTI SUKSESSARANA Tbk
c. P.T. DAYA TURANGGA
d. P.T. KIDECO JAYA AGUNG
e. Etc.
Business Trend :
Growing
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
Plaza Mandiri
Jalan Jend. Gatot Subroto
Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2014 – US$ 7.5
million (January – June)
Net Profit
(estimated) :
2014 – None
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Iwan Dewono Budiyuwono
Directors -
a. Mr. Ruddy Tjanaka
b. Mr. Hengki
c. Mr. Priyadi
Board of Commissioners :
President Commissioner -
Mr. Garibaldi Thohir, MBA
Commissioners -
a. Mr. Jacob Suryanata
b. Mr. Christian Ariano Rachmat
c. Mr. David Tendian
d. Mr. Mohammad Syah Indra Aman
Signatories :
President Director (Mr.
Iwan Dewono Budiyuwono) or one of the Directors (Mr. Ruddy Tjanaka, Mr. Hengki or
Mr. Priyadi) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
P.T. SEMESTA CENTRAMAS
(P.T. SCM) was established in Jakarta in March 2007with the authorized capital
of Rp. 1,000,000,000 issued capital of Rp. 500,000,000 entirely paid up. The
founding and shareholders of the company are Mr. Suwiman (75%) and P.T.
INDUSTRI TERMINAL BATUBARA, a national private company. The company notary deed
had been changed and on 25 April 2013, P.T. ALAM TRI ABADI purchased 75% of the
shares in P.T. SCM from P.T. INDUSTRI TERMINAL BATUBARA. On the same occasion
the company authorized capital was increased to Rp. 10,100,000,000 issued
capital to Rp. 3,000,000,000 entirely paid up. With this time the composition
of its shareholders are P.T. ALAM TRI ABADI, Mr. Christopher Sumasto Tjia and
Mr. Rudy Tjanaka. Later according to the revision of notary deed on 19 June
2013 Mr. Christopher Sumasto Tjia pulled out and replaced by FAR EAST TRADING
LIMITED of Labuan, Malaysia as new shareholder. Concurrently the company status
was changed into Foreign Investment (PMA) company facility. The latest
according to the revision of notary deed Mr. Humberg Lie, SH., on 2 January
2014 the latest composition of its shareholders has been changed to become P.T.
ALAM TRI ABADI (75.0%), FAR EAST TRADING LIMITED, Labuan, Malaysia (24.6%) and
Mr. Ruddy Tjanaka (0.4%). The deed of amendments was approved by the Ministry
of Law and Human Rights in its decision letter No. AHU-AH.01.10-07060 dated
February 27, 2014.
We note P.T.
ALAM TRI ABADI is a national private company dealing in investment holding and
majority shares controlled by Mr. Ir. Theodore Permadi Rachmat, Mr. Garibaldi
Thohir, MBA, Mr. Ir. Subianto and Mr. Edwin Soeryadjaya.
P.T. SCM is a
member company of the ADARO Group which operates in January 2014 engaged in the
field of coal mining. The company manages a coal concession area located at
Tawahan area, Juai district, Balangan Regency, South Kalimantan on 2,500
hectares. Balangan Coal operates under coal licenses, known in Indonesia as
Ijin Usaha Pertambangan (IUP). The Balangan Coal 2012 Resource Competent Person
was John Devon of Marston, a Golder company. Mr. Devon is a registered member
of the Society for Mining, Metallurgy and Exploration and a certified
Professional Geologist member of the American Institute of Professional
Geologists, both of which are JOR C Recognized Overseas Professional
Organizations or ROPO s. The Balangan Coal 2013 drilling campaign provided
sufficient detailed structural, quality and geotechnical information for the
re-estimation of coal resources and an initial estimation of partial reserves
for SCM in preparation at the print date of this report. A significant amount
of exploration still needs to be completed to fully frame the coal reserves in
the three IUP’s at Balangan Coal and it’s expected that this will be completed
over the next five years. Balangan Coal completed a major Lidar survey program
over the three IUP areas which has provided valuable topographic, geological
and hydrological information used in the reserve estimation process.
During 2014, we produced
77,335 tons of Balangan Coal as we completed the construction of the haul road
and bridge to connect to the Adaro Indonesia infrastructure. Balangan Coal is
strategically located 11km southeast of AI’s concession. They also use in-house
contractors and AI’s existing infrastructures such as the privately-owned haul
road and Kelanis to keep the cost to produce Balangan Coal relatively low. P.T.
SAPTA INDRA SEJATI is responsible for all mining activities from overburden
removal and coal hauling. SIS will deploy more heavy equipment to support
Balangan Coal’s future production plan.
P.T. MARITIM
BARITO PERKASA is responsible for the coal barging and ship loading activities.
On June 6th 2014, P.T. SCM conducted first commercial shipment of 53,274 tons to
a customer from Thailand. The company plan to produce up to 1.0 million tons
until the end 2014 as this coal continued to receive interest from a range of
customers, including those from Thailand, India and Indonesia. We observe that
P.T. SCM is still relatively new commenced commercial production.
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.
SCM has not been registered with Indonesian Stock Exchange, so that they had
not obliged to announce their financial statement. The management of P.T. SCM
is very reclusive towards outsiders and rejected to disclose its financial
condition. We estimated that total sales turnover of the company in the first
operation January to June 2014 amounted to US$ 7.5 million and projected to go
on rising by at least 6% in 2015. The company’s operation has no yielded profit
because still relatively new commenced commercial production.
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. SCM is led by Mr. Iwan Dewono Budiyuwono (54) a professional manager with
experience in coal mining. Iwan has over 28 years of experience holding various
senior positions in the mining, healthcare, and automotive industries. He
joined the Balangan Coal Group in 2012 as a COO and was later appointed
president director. Adaro, through its wholly owned subsidiary ATA, acquired
75% stake of Balangan in April 2013. He holds a bachelor’s degree in civil
engineering from the Bandung Institute of Technology and an MBA from Institute
Prasetya Mulya in Jakarta.
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. SEMESTA CENTRAMAS is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.