|
Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MAHAKAM SUMBER JAYA |
|
|
|
|
Registered Office : |
Jl. Alaydrus No. 80, Petojo Utara – Gambir, Jakarta
Pusat 10130 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
22.06.1994 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is
engaged in Coal Mining |
|
|
|
|
No of Employees : |
382 |
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 : |
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 |
P.T.
MAHAKAM SUMBER JAYA
Head Office
Jl. Alaydrus No. 80
Petojo Utara - Gambir
Jakarta Pusat 10130
Indonesia
Phones -
(62-21) 631 7257 (hunting)
Fax - (62-21) 631 9730
Building Area - 3 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Branch
Jl. Batubara No. 8
Samarinda, East Kalimantan
Indonesia
Phones - (62-451) 732
110
Fax - (62-451)
742848
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Mining
Sites
Desa Loa Tebu
Tenggarong, Kutai Kertanegara
North Samarinda, East Kalimantan
Indonesia
Land Area - 20,380 hectares
Building Space - 260 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
22 June 1994
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
C2-3.904 HT.01.01.TH.96
Dated
06 March 1996
b. No.
AHU-37347.AH.01.02.TH.2008
Dated
01 July 2008
c. No.
AHU-AH.01.10-06168
Dated
28 February 2011
Company Status :
Private National Company
Permit by the Government Department
:
The Department of Finance
NPWP No. 01.781.455.9-026.000
Holding Company :
P.T. HARUM ENERGY Tbk. (Coal Mining
and Investment Holding)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
100,000,000,000.-
Issued Capital - Rp. 85,000,000,000.-
Paid up Capital - Rp. 85,000,000,000.-
Shareholders/Owners
:
a. P.T. HARUM ENERGY Tbk - Rp. 68,000,000,000.- (80%)
Address : Jl. Alaydrus No. 80
Jakarta Pusat
Indonesia
b. PERUSAHAAN
DAERAH BARA
KALTIM SEJAHTERA - Rp. 17,000,000,000.- (20%)
Address : Mall Lembuswana Blok
c No. 23-25
Jl. S. Parman, Samarinda
East Kalimantan
Indonesia
BUSINESS ACTIVITIES
|
Lines of
Business :
Coal Mining
Production
Capacity :
Coal - 10.0 million tons p.a.
Total Investment
:
Owned Capital - Rp. 85.0
billion
Started Operation :
2004
Brand Name :
Mahakam Sumber Jaya
Technical Assistance :
None
Number of Employee :
382 persons
Marketing Area :
Export - 95%
Local - 5%
Main Customers :
a. Korea Western Power Co. Ltd.
b. Hua Yang electric Power Co. Ltd.
c. Rich Bulk Corporation
d. Korea Midland Power Co. Ltd.
e. Korea Southern Power Co. Ltd.
f.
PT. Tanito Harum
g. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADARO INDONESIA
b. P.T. BATUBARA BUKIT
ASAM
c. P.T. KALTIM PRIMA
COAL
d. P.T. ARUTMIN
INDONESIA
e. P.T. KODECO JAYA
AGUNG
f.
P.T. BERAU COAL
Business Trend :
Fluctuating
BANKER, AUDITOR &
LITIGATION
|
Bankers :
a. P.T.
Bank DBS INDONESIA
Plaza Permata
Jl. M.H.
Thamrin Kav. 57
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk.
Mandiri Plaza
Jl. Gatot
Subroto Kav. 36-38
South
Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2010 – US$. 401.0
million
2011 – US$. 673.0
million
2012 – US$. 844.0
million
2013 – US$. 677.0
million
Net Profit
(estimated) :
2010 – US$. 73.6 million
2011 – US$. 135.0
million
2012 – US$. 108.0
million
2013 – US$. 33.0 million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Eddy Sumarsono
Director -
Mr. Budi Rahardja
Board of Commissioners :
President Commissioner -
Mr. H. Sayid Sjafran
Commissioners -
a. Mr. Lawrence Barki
b. Mr. Yun Mulyana
c. Mr. Bambang Setiawan Wydianto
Signatories :
President Director (Mr.
Eddy Sumarsono) or Director (Mr. Budi Rahardja) which must be approved by Board
of Commissioners (Mr. H. Sayid Sjafran, Mr. Lawrence Barkie, Mr. Yun Mulyana
and Mr. Bambang Setiawan Wydianto)
CAPABILITIES
|
Management Capability :
G o o d
Business Morality :
G o o d
OVERALL PERFORMANCE
|
P.T. MAHAKAM SUMBER JAYA (P.T. MSJ) was established
on May 4, 1998 with the authorized capital of Rp. 3,500,000,000 of which Rp.
875,000,000 was issued and fully paid up. The founding shareholders of the
company are Mr. Kiki Barkie, his wife Mr. Liana Kusnadi and his son Mr.
Lawrence Barik, both are Indonesian business entrepreneurs of Chinese
extraction. The Articles of association
has been approved by the Minister of Law and Human Right through Decision
Letter No. C2-3.904. HT.01.01.TH.96
dated March 6, 1996.
The articles of association of the company
have frequently been revised. In May
2008, the authorized capital was increased to Rp. 100,000,000,000 of which Rp.
85,000,000,000 was issued and fully paid up. Concurrently, whole shareholders
withdrew and replaced by P.T. HARUM ENERGY Tbk., a public listed company (80%)
and PERUSAHAAN DAERAH BARA KALTIM SEJAHTERA (20%), Regional Government of East
Kalimantan owned company. The amendment to Articles of association has been
approved by the Minister of Law and Human Right through Decision Letter No.
AHU-37347.AH.01.02.Tahun 2008 dated July 1, 2008 and No. AHU-AH.01.10-06168
dated February 28, 2011. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. MSJ (MSJ) has been in operation since
2004 dealing with coal mining. MSJ’s
activities are government by the Coal Contract of Works (CCOW) entered into by
the government of the Republic of Indonesia, represented by the Minister of
Energy and Mineral Resources (the Department) of the Republic of Indonesia and
MSJ, on December 29, 2000. The CCOW regulates the following terms and
conditions:
·
MSJ
acts as the Government contractor responsible for coal mining activities in the
area in Kutai Kartanegara Regency, North Sumarinda, East Kalimantan with total
concession area of 20,380 hectares.
·
The
operating period shall be for 30 years, or longer period upon written request
from MSJ which has to be approved by the Government, commencing on the start of
mining operation.
·
MSJ
is entitled to 86.5% of the total coal produced with the remaining 13.5% being
the Government’s share of production.
·
MSJ
is responsible to finance the exploration and general survey activities in the
in the mining are and is obliged to pay taxes and/or other penalties to the
government and all expenses with regard to the mining activities.
·
MSJ
is entitled to have full control and sole management of all of the activities
mentioned in the agreement, and takes full responsibility and bears all risks
in accordance with the terms and conditions of the agreement. MSJ is also allowed to employ related or
third party registered sub-contractors, to perform various mining activities
deemed necessary by MSJ, including contracting out the construction of its
facilities, as well as provision of technical, managerial and administration
services.
Pursuant to P.T. HARUM ENERGY Tbk., (holding company of MSJ), coal
production of P.T. MSJ in 2009 amounted to 4.5 million tons increased to 5.0
million tons in 2010 to 8.0 million tons in 2011 to 9.2 million tons in 2012
and rose again to 9.7 million tons in 2013.
Some 5% of the products are marketed locally and the rest of some 95% is
exported to South Korea (32%), China (32%), Taiwan (15%), India (85), Japan
(4%) and others (4%). We observed that
P.T. MSJ is classified as a medium sized company of its kind in the country of
which the operation has been fluctuating in the last three years.
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. Pursuant to
Central Bureau of Statistics (BPS), the total production of coal in 2008
reached 181.6 million tons with export value of US$ 10,481.5 million rose to
209.3 million tons with export value of US$ 13,817.3 million in 2009 to 224.7
million tons with export value of US$ 18,499.3 million in 2010 to 291.2 million
tons with export value of US$ 27,221.8 million in 2011 and rose again to 361.0
million tons with value of US$ 26,166.2 million in 2012. Coal production and export value of coal as
of 31 August 2013 reached 249.8 million tons with export values of US$ 22,395.0
million. Details on Indonesian last seven years coal export volume and value is
listed below:
The Total Production and Export Value of Coal in 2007 – 2013
|
Description |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 * |
|
Production (000 tons) |
174,832.7 |
181,570.0 |
209,344.7 |
224,677.0 |
291,164.6 |
361,028.4 |
249,826.1 |
|
Export Value (million US$) |
6,681.5 |
10,485.1 |
13,817.3 |
18,499.3 |
27,221.8 |
26,166.2 |
22,395.6 |
Driven by strong production from Australia
and Indonesia, the global thermal coal market experienced an over-supply situation
where the pace of supply growth was faster than the demand growth. This situation caused the downward pressure
on global coal prices throughout the year.
The Company’s average coal sales price decreased 17.55 from US$.82.7 per
ton in 2012 to US$.68.2 per ton in 2013, which was in line with the decrease of
average global coal price during 2013.
The Company generated additional revenues from vessel charter and coal
processing, as well as revenues from use of P.T. MSJ’s hauling road. Such
additional revenue decreased slightly to US$.24 million in 2013 from US$.25
million in 2012.
Until this time P.T. MSJ has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. MSJ is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2010 amounted to US$.401.8 billion increased to US$.673.0 million in
2011 to US$.844.0 million in 2012 and declined to US$.677.0 million in
2013. The operation in 2011 yielded an
estimated net profit of at least US$. 135.0 million declined to US$.108.0
million in 2012 and dropped again to US$.33.0 million in 2013. In 2012 the company has a total asset of US$.304.8
million declined to US$.260.2 million in 2013.
So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
The management of P.T. MSJ is led by Mr.
Eddy Sumarsono (63) as President Director.
He is graduated from Bandung Institute of technology with a degree in
Mining Engineering and from PPM Business School Management with a Master degree
in management. He was formerly a General
Manager of PT. Tanito Harum (1996-2001), a General manager of PT. Berau Coal
(1990-1996) and the Chief Mining engineer of PT. Nickel Indonesia where he
started his career in 1977. Currently,
he is also the Director of PT. Harum Energy Tbk., and PT. Santan Batubara. In daily activities he is assisted by Mr.
Budi Rahardja (61) as Director. 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.
Considering the operation and net profit of
P.T. MSJ declined in the last two years and economic condition in the country
is still unstable, we recommend to treat prudently in extending any new loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
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.