|
Report No. : |
302652 |
|
Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
ANEKA TAMBANG (PERSERO) TBK |
|
|
|
|
Registered Office : |
Gedung Aneka
Tambang Jalan Let. Jend. T.B. Simatupang No. 1, Lingkar Selatan, Tanjung Barat Jakarta 12530 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
15.09.1997 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-29278 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
· Mineral Mining and Processing · Investment Holding |
|
|
|
|
No. of Employees : |
2,720 Persons |
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 : |
-- |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
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. ANEKA TAMBANG (Persero)
Tbk
A
d d r e s s :
Head Office
Gedung Aneka Tambang
Jalan Let. Jend. T.B. Simatupang No. 1
Lingkar Selatan, Tanjung Barat
Jakarta 12530
Indonesia
Phones - (021) 7805119 (Hunting)
Fax -
(021) 7812822
E-mail - corsec@antam.com
Website - http://www.antam.com
Building Area - 18 storey
Office Space - 2,850 sq. meters
Region - Commercial
Status - Owned
Factories
a. Gold Processing & Purification Unit
Jalan
Raya Bekasi Km. 18
Pulogadung
Jakarta
13010
Phones -
(021) 4757108, 4892108, 4895380
Fax -
(021) 4750665, 4890419
E-mail -
infolm@antam.com
b. Geology Unit
Jalan Pemuda No. 1
Pulogadung
Jakarta 13250
Indonesia
Phone -
(021) 4755380 (hunting)
Fax -
(021) 7459860
c. Iron Sand Mine
Jalan Penyu
Cilacap 53211
Central
Java
Indonesia
Phones -
(0282) 31883, 31884
Fax
- (0282) 31881
d. Gold
Mine
Pongkor, Leuwiliang
Bogor 16650
West Java
Indonesia
Phones - (0251) 681542 (hunting)
Fax - (0251) 681543
e. Baoxite Mine
Kijang
Tanjung Pinang 29151
Riau Province
Indonesia
Phones - (0771) 21177, 61520
Fax - (0771) 61921
f. Nickel Mine and
Ferronickel Plant
Pomalaa Site
Kolaka
93652
South
East Sulawesi
Indonesia
Phones - (0405) 21171 (hunting)
Fax - (0405) 21833
g. Nickel Mine
Gebe Island
Halmahera Tengah 97727
North Maluku
Indonesia
Phones - (021) 7891234 Ext. 3704
Fax - (021) 7804589
Branch
New Aoyama Building, East 16101-1
Minami Ayome, 1 Chome
Minato-ku
Tokyo 107
Japan
Phones -
(03) 3423 8031 (hunting)
Fax
- (03) 3423 8033
Date of Incorporation
:
a. 05 July 1968 as P.N. ANEKA TAMBANG
b. 30 December 1974 as P.T. ANEKA TAMBANG
c. 15 September 1997 as P.T.ANEKA
TAMBANG Tbk (Persero)
Legal Form :
P.T. Tbk.(Perseroan Terbatas Terbuka) or Public Listed Company
Company
Reg. No. :
The Ministry
of Law and Human Rights
a. No. AHU-40521.AH.01.02.TH.2008
Dated
11 July 2008
b. No. AHU-39860.AH.01.02.TH.2010
Dated 12
August 2010
c. No. AHU-AH.01.10-25834
Dated 13
October 2010
c. No. AHU-AH.01.10-29278
Dated 17
July 2013
Company
Status :
State Owned Mining Company
Permit
by the Government Department :
a. The
Department of Mining and Energy
- No.
680/DDP/1968
Dated
29 November 1968
- No.
1621/03/M.DJP/1992
Dated
7 May 1992
b. The
Capital Investment Coordinating Board
- No.
1271/Sekr/SP.PMDN/1971
Dated
31 August 1971
- No.
16/II/PMDN/1987
Dated
14 February 1987
- No.
42/II/PMDN/1992
Dated
31 March 1992
- No.
81/II/PMDN/1992
Dated
24 June 1992
Related/Affiliated
Company :
A member Company of the ANEKA TAMBANG Group (see
attachment)
Capital
Structure :
Authorized Capital
- Rp
3,800,000,000,000
Issued Capital -
Rp 953,845,975,000
Paid up Capital -
Rp 953,845,975,000
Shareholders
a. The Government of The Republic of
Indonesia - Rp. 620,000,000,000.- (65%)
b. The publics -
Rp. 333,845,975,000.- (35%)
Lines
of Business :
a. Mineral Mining and Processing
b. Investment Holding
Production
Capacity :
a. Nickel Ores
-
3,650,000 tons p.a.
b. Ferro Nickel - 24,000 tons p.a.
c. Iron Sands
- 425,000 tons p.a.
d. Bauxites
- 800,000 tons p.a.
e. Gold - 60 tons p.a.
f.
Silvers - 120 tons p.a.
g. Electric Power Plant - 110 MW
Total
Investment :
a. Equity Capital - Rp. 554.5 billion
b. Loan Capital -
Rp. 1,015.7 billion
c. Total Investment - Rp. 1,570.2 billion
Expansion
Unit (Electric Power Plant) :
a. Equity Capital -
Rp. 60.5 billion
b. Loan Capital -
Rp. 334.5 billion
c. Total Investment -
Rp. 395.0 billion
Started
Operation :
July 1968
Brand
Name :
ANTAM
Technical
Assistance :
None
Number
of Employee :
2,720 persons
Marketing
Area :
Domestic (Local) - 80 %
Export (Overseas) - 20%
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. Freeport Indonesia
b. P.T. Prima Lirang Mining
c. P.T. Aneka Metal Mulia
d. P.T. Chodra Kurnia
Agribindo Mining
e. P.T. Horas Nauli
f. P.T. Logam Mulia
g. Etc.
Business
Trend :
Growing
Bankers
:
a. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jl. Jend. Gatot Subroto Kav.36-38
Jakarta Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI 46
Jalan
Jenderal Sudirman Kav.1
Jakarta
Pusat
Indonesia
c. P.T. Bank RAKYAT INDONESIA
Tbk.
BRI
2 Tower
Jalan
Jenderal Sudirman Kav. 44-46
Jakarta
Selatan
Indonesia
d. CITIBANK N.A.
Citibank Landmark Building
Jalan Jenderal Sudirman Kav. 1
Jakarta
Selatan
Indonesia
Auditor
:
Purwantono Suherman & Surya (A member of Ernst
& Young Global Ltd.)
Litigation
:
The Subject has involved in dispute with other
parties (see litigation matter – attachment 2)
Annual
Net Sales :
2010
– Rp. 8,744.3 billion
2011
– Rp. 10,346.4 billion
2012
– Rp. 10,449.9 billion
2013
– Rp. 11,298.3 billion
2014
– Rp. 5,812.5 billion
Net
Profit (Loss) :
2010
– Rp. 1,686.9 billion
2011
– Rp. 1,924.7 billion
2012
– Rp. 2,989.0 billion
2013
– Rp.
410.1 billion
2014
– (Rp. 563.8 billion)
Payment
Manner :
Sometime delay
Financial
Comments :
Unhealthy
Board
of Management :
President Director - Mr. Ir. Tato Miraza
Directors - a. Mr. Hendra Santika
b. Mr. Djaja Marsukun Tambunan
c. Mr. Tedy Badrujaman
d. Mr. Hari Widjajanto
e. Mr. I Made Surata
Board
of Commissioners :
President
Commissioner - Mr.
Raden Sukhyar
Commissioners - a. Mr. Zaelani
b. Mr. Velix Vernando Wanggai
c. Mr. Robert Simanjuntak
d. Mr. Hikmahanto Juwana
e. Mr. Laode Masihu Kamaluddin
Signatories :
President Director (Mr. Ir. Tato Miraza) or one of the Directors (Mr. Hendra Santika,
Mr. Djaja Marsukun Tambunan, Mr. Tedy Badrujaman, Mr. Hari Widjajanto or Mr. I
Made Surata) which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Initially name P.N. ANEKA TAMBANG, the company
was established in July 1968 with a legal status of state-owned (P.N.). It was
a merger of 7 state-owned companies namely BPU PERTAMBANGAN, P.N. TAMBANG EMAS
CIKOTOK, P.N. PERTAMBANGAN BAUKSIT KIJANG, P.N. LOGAM MULIA, P.T. PERTAMBANGAN
NIKEL INDONESIA POMALAA, PROYEK PERTAMBANGAN INTAN KALIMANTAN SELATAN and
PROYEK EMAS LOGAM PEKANBARU. In December 1974 its status was converted into a
P.T. (Perseroan Terbatas) or Limited Liability and named P.T. ANEKA TAMBANG
(P.T. ANTAM). On 15 September 1997, some 35% of its shares are sold to public
through the Jakarta Stock Exchange (BEJ) and Surabaya Stock Exchange (BES). By
the same time the word Tbk., (Terbuka) was added behind the name to comply with
the new Law on publicly listed company to become P.T. ANEKA TEMBANG, Tbk.,
abbreviated P.T. ANTAM, Tbk.
On 9 August 1999 P.T. ANTAM Tbk., listed its
shares on the Australia Stock Exchange. On 15 September 2002, the authorized
capital was raised to Rp. 1,600,000,000,000 issued and paid up capital to Rp.
953,845,975,000. With this development the composition of its shareholder bas
been changed to become the Government of the Republic of Indonesia (65%) and
Public (35%). P.T. ANTAM Tbk., is a State-Owned Business Enterprise (BUMN)
which technically and operationally comes under the jurisdiction of the
Department of Mines and Energy. The latest amendment of Notarial Deed was made
by Fathiah Helmi, SH., and it was approved by the Ministry of Law and Human
Right in its Decision Letter No. AHU-AH.01.10-29278 dated July 17, 2013.
P.T. ANTAM Tbk. has been operating since
1968 by taking over the whole activities of merged state-owned companies
engaged in nickel, bauxite, iron-sand, gold and silver mining and processing.
The company has a nickel mining concession in Pomalaa, South Sulawesi and Pulau
Gebe, Maluku, bauxite in Kijang, Bintan, Island, Riau, iron-sand in Cilacap,
Central Java and gold in Pongkor, West Java. The location is equipped with
processing units. P.T. ANTAM Tbk., also has precious metal processing and purification
plant in Jakarta, which also can be used by other companies. P.T. ANTAM Tbk, is
now planning to enlarge its mining and plant in Pomala to increase production
capacity of 13,000 tons ferronickel per year. It’s also to build a steam and
gas electric power station (PLTGU) of 110 MW capacities to fulfill the
expansion plant's requirement. The development of PLTGU is in cooperation with
P.T. PERUSAHAAN LISTRIK NEGARA (P.T. PLN) under the BOT system (build,
operating and transfer) within 20 years period. This expansion project is known
as Ferronickel III project with a total investment of US$ 220 million (or some
Rp. 1,365.2 billion namely for increasing ferronickel capacity of Rp. 970.2
billion and for PLTGU of Rp. 395.0 billion). Actually, that fund is directly
needed for investment of US$ 168.0 million, but including interest rate along
the construction, etc., the total becomes US$ 220.0 million. The fund is coming
from company's capital of US$ 66.0 million, loans from local bank consortium of
US$ 34.0 million and from IKB Deutsche Industriebank, Germany, of US$ 120.0
million. The loan from Germany with interest of 1.25% above London Interbank
Offered Rate (LIBOR) plus premium country risk of 15% for 13 years period
including grace and risk period.
The development of Ferronickel III project
is tendered and won by contractor TESSAG INDUSTRIE ANLAGEN GmbH, of Germany,
and it is also appointed as financial arranger. The plan has yet realize to
date and the plan of consortium banks’ loans of German was canceled on account
of the appreciation of Euro has been over rate limit agreed by P.T. ANTAM Tbk.,
with RWE SOLUTIONS and MAN B&W as project contractors.
P.T. ANTAM Tbk., owns 72 units of mining
concession, 39 units in Java, 11 units in Kalimantan, 7 units in Maluku, 6
units in Sulawesi, 5 units in Sumatra, 3 units in Nusa Tenggara, and 1 unit in
Irian Jaya. And yet, other feasibility study of mining concession is now being
prepared in cooperation with many foreign and local mining investors. It is
planned to set up a joint venture with the above investors. P.T. ANTAM Tbk.,
also produce precious metal goods, such as, silver wire, metal, nitrate silver,
gold plate, silver plat and amalgam alloy. It also provides mining geology
services. Bauxite, nickel ore and Ferro nickel are exported to Japan, South
Korea, Taiwan, South Africa and European countries, gold and iron-sand for
local consumption. Now, P.T. ANTAM
Tbk., has four main business units including the Southeast Sulawesi Nickel
Mining Business Unit, North Maluku Nickel Mining Business Unit, Pongkor Gold
Mining Business Unit and Logam Mulia Precious Metals Processing and Refinery
Business Unit.
Nickel
ANTAM's nickel business segment consists of
ferronickel and nickel ore produced from the company's nickel mines in
Southeast Sulawesi, North Maluku, and ferronickel plants in Southeast Sulawesi.
In Southeast Sulawesi, the nickel mines are located in Pomalaa and Tapunopaka,
meanwhile in North Maluku the mine is situated in Buli. Also in Pomalaa, ANTAM
runs three ferronickel processing smelters. The Company exports nickel ore with
nickel content ranges from around 1.0% to above 2.0%. While the ferronickel
produced by ANTAM has high or low carbon content, depending on the consumer
demand.
In line with the implementation of the
Government’s ore export ban policy beginning of January 12, 2014, ANTAM’s
nickel ore production in the first nine months of 2014 (9M14) abated to 762,742
wmt, or 91% lower than 9M13. The bulk of
the nickel ore production was used toward the smelting of ferronickel. Due to the ban, ANTAM’s 9M14 sales volume of
nickel ore showed a 97% decline to 215,400 wmt compared to 9M13.
Ferronickel
Processing
There are three ferronickel plants owned by ANTAM:
the FeNi I, FeNi II and FeNi III. The total capacity of the three plants is
26,000 TNi with an assumption of peak load of 42MW and using nickel ore with
2.38% content as feed. Nevertheless, for reserves conservation, the Company
usually uses ore feed with content range between 1.8% and 2.0% and with peak
load around 38 MW-40 MW, so the approximated total production of the three
ferronickel plants is 18,000 – 20,000 TNi.
The production volume of ferronickel in 9M14
showed an 18% decline to 11,710 tons of nickel in ferronickel (TNi), in line
with the implementation of the ore blending optimization which occurred in the
beginning of 2014. During this period,
ANTAM used the ore feed from its mine in Pakal Island which called for some
adjustments at its ferronickel smelters, resulting in a lower production
level. The ferronickel sales in 9M14
amounted to 12,823 TNi, 12% higher than 9M13.
The un-audited revenue from the sales of
ferronickel in 9M14 grew by 52% to Rp.2.61 trillion compared to the same period
of 2013 due to higher sales volume and a 15% increase in the average selling
prices of the ferronickel in the period to US$.7.91 per pound.
Gold Mining
ANTAM's main gold and silver production is
sourced from its underground gold mines at Pongkor, West Java and Cibaliung,
Banten. Indications of gold deposits at Pongkor were discovered by ANTAM's
Geology Unit in 1981, and production commenced in May 1994 after ANTAM secured
the mining license in 1992. The Cibaliung gold mine was acquired in 2009 from an
Australian company, Arc Exploration and began to operate in 2010. The Cibaliung
mine is operated by ANTAM's subsidiary, PT Cibaliung Sumberdaya. ANTAM also
owns 25% of PT Nusa Halmahera Minerals which operates the Gosong mine in North
Maluku. At the beginning of June 2013 ANTAM received an extension of forest
borrow and use license for Pongkor gold mine until 2021.
ANTAM’s production volume of gold, which was
sourced from the Pongkor and Cibaliung mines, was recorded at 1,172 kg (56,328
oz) in 9M14 or a 5% declined compared to 9M13.
The ebb in gold production was mainly attributed to the lower grade of
the ores extracted at the two mines.
Meanwhile, the sales volume of gold in 9M14 reached 5,520 kg (177,472
oz) or 28% lower than 9M13 following the subdued gold production level. The decline in the sales volume of gold drove
down ANTAM’ un-audited revenue from the sales of the commodity in 9M14 by 26%
to Rp.2.79 trillion.
Bauxite
Bauxite, the raw material for the production
of alumina, was first discovered in 1924 at Kijang, Bintan Island, in the
province of Riau, in northwestern Indonesia. Bauxite from Bintan Island has
been mined and exported since 1935. In 1968 ANTAM acquired the mine. Thus,
ANTAM is Indonesia’s longest running producer of bauxite. ANTAM exports the
bauxite to alumina producers in Japan and China.
The preparation for the operations of the
Tayan CGA plant, ANTAM’s 9M14 bauxite production grew by 128% to 244,272 wmt
with a slaes volume of 31,179 wmt. The
net sale of bauxite in the period was recorded at Rp.9.9 billion.
Coal
ANTAM, through its subsidiary PT Indonesia
Coal Resources, produces coal from the Sarolangun coal mine located in Jambi
Province, Indonesia. The Non-JORC coal reserves currently stands at 8.25
million tons with the average value of 5,300 until 5,500 Kcal/kg. ANTAM
currently sells its coal to the export as well as domestic markets.
ANTAM posted a coal production result of
376,946 ton and recorded a sales of 473,678 ton of coal with an un-audited
revenue of Rp.128 billion.
ANTAM’s exploration activities in 9M14
focused on gold, nickel and bauxite commodities with total un-audited cost of
Rp.8.2 billion.
Besides, P.T. ANTAM Tbk., is also engaged in
the investment holding. P.T. ANTAM Tbk., has ownership interest of more than
50% in the following subsidiaries which are engaged in real estate, property,
hotel, and information technology business.
The table of P.T. ANTAM’s subsidiary companies shall be as follows:
(In Rp million)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
Percentage (%) of Ownership |
Total Assets (31 Dec. 2013) |
|
Direct
Ownership |
|
|
|
|
|
- Asia Pacific Nickel Pty Ltd. |
Investment company |
2003 |
100.00 |
85,979.8 |
|
- PT. Indonesia Coal Resource |
Mining Exploration |
2010 |
99.98 |
221,944.8 |
|
- PT. Antam Resourcindo |
Mining Exploration |
1997 |
99.98 |
159,498.7 |
|
- PT. Mega Citra Utama |
Construction, Trading, etc |
-- |
99.50 |
135,562.2 |
|
- PT. Abuki Jaya Stainless Ind. |
Stainless Steel Mfg |
-- |
99.50 |
52,533.2 |
|
- PT. Borneo Edo International |
Construction, Trading, etc |
-- |
99.50 |
43,930.9 |
|
- PT. Dwimitra Enggang Khat. |
Mining Exploration |
-- |
99.50 |
5,140.7 |
|
- PT. Cibaliung Sumberdaya |
Mining Exploration/Construction |
2010 |
99.15 |
1,154,256.0 |
|
- PT. International Mineral Cap |
Mineral Mining |
2011 |
99.00 |
456,223.2 |
|
Indirect
Ownership |
|
|
|
|
|
- PT. GAG Nikel |
Mining Exploration |
-- |
100.00 |
85,400.4 |
|
- PT. Citra Tobindo Sukses |
Coal Mining Exploration |
2011 |
100.00 |
60,913.5 |
|
- PT. Feni Halim |
Trading, Construction, etc. |
-- |
100.00 |
959,817.9 |
|
- PT. Borneo Edo International
Agro |
Agricultural Industry |
-- |
100.00 |
6,658.0 |
|
- PT. Gunung Kendak |
Construction, Industry, etc. |
-- |
100.00 |
5,422.1 |
|
- PT. Nusa Karya Arindo |
Coal and Mineral Mining |
-- |
100.00 |
7,727.8 |
|
- PT. Sumberdaya Arindo |
Coal and Mineral Mining |
-- |
100.00 |
4,616.1 |
In 9M14, ANTAM’s un-audited net sales was
recorded at Rp.5.81 trillion, or down 34% compared to 9M13 in line with the ebb
in the selling prices of the company’s main commodities of nickel and gold, and
the government’s mineral ore export ban policy.
Gold made up the largest share of 9M14 un-audited net sales with a 48%
contribution or amounting to Rp.2.79 trillion.
Generally, the mining activities for such
minerals as copper, gold, silver, nickel ore, coal 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. The mineral mining activities in
Indonesia is seen from the total production of minerals as below.
Production Growth of Some Minerals
in Indonesia, 2002 – 2013
|
Year |
Tin Ore Concentrate (Ton) |
Cooper Ore
Concentrate (Ton) |
Nickel Ore (Ton) |
Bauxite (Ton) |
Coal (Ton) |
Gold (Kg) |
Silver (Kg) |
|
2002 |
88,142 |
3,786,695 |
4,366,235 |
1,283,485 |
103,060,426 |
142,238 |
288,806 |
|
2003 |
71,695 |
3,238,306 |
4,395,429 |
1,262,595 |
114,610,123 |
141,019 |
285,205 |
|
2004 |
70,338 |
2,810,333 |
4,118,980 |
1,330,827 |
126,850,806 |
92,444 |
262,932 |
|
2005 |
78,404 |
3,553,808 |
3,706,998 |
2,502,616 |
152,722,438 |
142,894 |
326,993 |
|
2006 |
80,933 |
2,938,009 |
4,353,833 |
7,270,072 |
181,060,907 |
93,176 |
270,153 |
|
2007 |
66,137 |
2,814,952 |
7,118,436 |
11,663,144 |
174,832,673 |
117,851 |
268,967 |
|
2008 |
47,626 |
2,340,100 |
6,557,103 |
16,791,368 |
181,569,985 |
62,695 |
302,292 |
|
2009 |
44,941 |
3,484,122 |
5,806,887 |
14,720,320 |
209,344,688 |
126,963 |
321,127 |
|
2010 |
40,188 |
3,463,771 |
5,972,841 |
27,410,375 |
224,677,000 |
106,316 |
288,717 |
|
2011 |
40,199 |
2,700,826 |
6,336,634 |
40,643,852 |
291,164,557 |
77,722 |
227,173 |
|
2012 |
44,202 |
2,385,121 |
8,571,383 |
31,443,325 |
361,028,398 |
69,291 |
247,827 |
|
2013 * |
17,202 |
1,673,345 |
7,824,018 |
35,713,570 |
249,826,115 |
63,581 |
99,675 |
According to the financial report of P.T.
ANTAM Tbk., audited by Purwantono, Suherman & Surya (a member of Ernst
& Young Global Ltd.), the total net sales of the company in 2010 amounted
to Rp. 8,744.3 billion with a net profit of Rp. 1,686.9 billion, increased to
Rp. 10,346.4 billion with a net profit of Rp. 1,924.7 billion in 2011 and rose
again to Rp. 10,449.9 billion with a net profit of Rp. 2,989.0 billion in
2012. In 2013, its net sales rose again
to Rp. 11,298.3 billion with a net profit of Rp. 410.1 billion. As per 30 September 2014, its total net
sales amounted to Rp. 5,812.5 billion with a net loss of Rp. 563.8
billion. Total assets of P.T. ANTAM
Tbk., as of 30 September 2014 amounted to Rp. 22,711.4 billion. Financial statement as of 31 December 2011,
2012, 2013 and as of 30 September 2014, are attached. So far we did not hear that the P.T. ANTAM
Tbk. has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court.
Since April 2013, the Company’s management
is headed by Mr. Ir. Tato Miraza (47) replacing Mr. Ir. Alwin Syah Loebis (60)
as president director. Mr. Miraza joined
PT. ANTAM Tbk., in 1992 and was appointed as President Director on April 30,
2013. He graduated with a degree in Metallurgical Engineering, Bandung
Institute of Technology, in 1991 and received a Master degree in Management
from Prasetiya Mulia. In his daily
activities, he is assisted by five directors namely Mr. Hendra Santika (52),
Mr. Djaja Marsukun Tambunan (50), Mr. Tedy Badrujaman (49), Mr. Hari Widjajanto
(48) and Mr. I Made Surata (54). The
management maintains wide relation with home and overseas private businessmen
as well as with the government sector.
So far, we did not hear that the company’s management involved in the
business malpractices or detrimental cases that settled in the country and the
company has not registered with the black list of Bank of Indonesia.
P.T. ANEKA TAMBANG Tbk., or P.T. ANTAM Tbk.,
is appraised to be good for business transaction. However, in view of the economic condition in
the country is still unstable and the operation of the company suffered from
loss as of 30 September 2014, we recommend to treat prudently in extending any
new loan to the company.
Attachment 1:
P.T. ANEKA TAMBANG Tbk. AND SUBSIDIARIES
INTERIM
CONSOLIDATD STATEMENTS OF FINANCIAL POSITON
Per 31 December
2011, 2012, 2013 and as of 30 Sept. 2014
(in
Rp million)
|
D e s c r i p t i
o n |
30 Sept. |
31 December |
||
|
|
|
|||
|
2014 |
2013 |
2012 |
2011 |
|
|
ASSETS |
|
|
|
|
|
A. Current
Assets |
|
|
|
|
|
- Cash and cash equivalent |
4,031,010.7 |
2,792,737.8 |
3,868,574.8 |
5,639,678.6 |
|
- Trade receivables |
|
|
|
|
|
* Third parties |
524,538.8 |
1,152,368.7 |
1,721,967.4 |
1,246,689.0 |
|
* Related parties |
-- |
318.0 |
459.0 |
653.6 |
|
- Other receivables |
26,386.6 |
37,004.8 |
124,491.6 |
100,077.9 |
|
- Inventories |
2,068,241.3 |
2,445,933.9 |
1,449,967.9 |
1,687,897.3 |
|
- Prepaid taxes |
565,350.3 |
555,601.7 |
329,114.5 |
271,282.0 |
|
- Prepaid expense |
34,512.5 |
65,105.7 |
50,518.3 |
55,390.7 |
|
- Other current assets |
99,502.2 |
31,366.4 |
101,757.8 |
106,350.7 |
|
Total
Current Assets |
7,349,542.4 |
7,080,437.2 |
7,646,851.2 |
9,108,019.8 |
|
B. Non Current
Assets |
|
|
|
|
|
- Restricted cash |
48,658.3 |
100,997.0 |
74,878.2 |
82,576.3 |
|
- Investment in
available-for sale |
36,194.8 |
33,732.2 |
-- |
35,668.3 |
|
- Investment in associates
- net |
3,028,814.0 |
3,582,548.7 |
3,956,042.9 |
173,259.7 |
|
- Investment in jointly
controlled entity - net |
1,327,751.8 |
1,350,639.2 |
1,154,405.0 |
1,035,900.8 |
|
- Property, plant and
equipment |
8,171,708.8 |
6,700,155.6 |
4,663,449.3 |
2,980,742.7 |
|
- Mining properties |
852,442.8 |
858,785.9 |
666,238.6 |
428,425.7 |
|
- Exploration and
evaluation assets |
732,825.3 |
709,712.6 |
754,404.1 |
713,782.9 |
|
- Deferred charges |
25,029.0 |
40,396.2 |
31,587.5 |
47,758.9 |
|
- Estimated claims for tax
refund |
405,837.3 |
722,498.1 |
476,176.6 |
2,362.8 |
|
- Goodwill |
133,651.5 |
179,941.2 |
185,374.0 |
185,374.0 |
|
- Deferred tax assets |
520,769.2 |
433,034.8 |
36,211.7 |
371,457.1 |
|
- Deferred environmental
and reclamation cost |
-- |
-- |
1,047.9 |
1,218.5 |
|
- Other Non-current assets |
78,149.1 |
72,238.7 |
61,874.0 |
34,687.5 |
|
Total
Non Current Assets |
15,361,831.7 |
14,784,680.2 |
12,061,689.7 |
6,093,215.3 |
|
TOTAL ASSETS = TOTAL LIABILITY AND EQUITY |
22,711,374.0 |
21,865,117.4 |
19,708,540.9 |
15,201,235.1 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
C. Current
Liabilities |
|
|
|
|
|
- Trade payables |
|
|
|
|
|
* Third Parties |
373,956.9 |
471,822.2 |
378,228.4 |
250,646.3 |
|
* Related Parties |
370,500.3 |
75,257.8 |
38,725.1 |
6,948.2 |
|
- Accrued expenses |
215,511.2 |
331,623.9 |
414,007.0 |
244,796.1 |
|
- Short-term employee
benefits liability |
-- |
41,599.4 |
123,170.9 |
134,786.2 |
|
- Taxes payable |
70,796.5 |
180,599.8 |
150,007.9 |
87,685.1 |
|
- Advances from customers |
122,881.1 |
84,136.2 |
189,619.6 |
67,439.8 |
|
- Short-term bank loan |
3,262,774.5 |
2,469,800.0 |
1,663,900.0 |
8,000.0 |
|
- Current maturities of
long-term liabilities |
|
|
|
|
|
* Bank loans |
98,611.9 |
98,426.2 |
-- |
-- |
|
- Provision for
environmental and reclamation cost |
30,337.4 |
30,337.4 |
45,990.8 |
22,697.7 |
|
- Other payables |
47,480.6 |
71,908.9 |
37,756.6 |
23,447.1 |
|
Total
Current Liabilities |
4,592,850.4 |
3,855,511.6 |
3,041,406.2 |
846,446.5 |
|
D. Non Current
Liabilities |
|
|
|
|
|
- Long term liabilities -
net |
-- |
-- |
-- |
-- |
|
- Provision for environmental
and reclamation cost |
244,996.7 |
239,345.5 |
205,728.5 |
199,780.9 |
|
- Bonds payable |
2,994,049.7 |
2,993,510.4 |
2,992,844.0 |
2,992,235.9 |
|
- Investment loan |
2,007,846.7 |
1,223,734.2 |
-- |
-- |
|
- Pension and other post-retirement
obligation |
546,220.4 |
568,114.1 |
336,835.0 |
387,787.2 |
|
- Deferred tax liabilities |
-- |
-- |
296,357.9 |
-- |
|
- Other non-current
liabilities |
188,000.0 |
191,414.0 |
3,053.3 |
2,941.0 |
|
Total Non Current Liabilities |
5,981,113.5 |
5,216,118.2 |
3,834,818.7 |
3,582,745.0 |
|
|
|
|
|
|
|
E. EQUITY |
|
|
|
|
|
- Issued and fully paid up
capital |
953,846.0 |
953,846.0 |
953,846.0 |
953,846.0 |
|
- Additional paid-in
capital |
29,704.9 |
29,704.9 |
29,704.9 |
2,526.3 |
|
- Difference in foreign
currency translation |
55,060.8 |
54,994.8 |
103,200.3 |
107,291.4 |
|
- Difference arising from
restructuring |
-- |
-- |
21,334.6 |
21,334.6 |
|
- Retained Earnings |
|
|
|
|
|
* Appropriated |
11,613,209.8 |
11,295,503.1 |
8,751,356.4 |
7,768,131.7 |
|
* Un-appropriated |
(511,059.5) |
462,790.7 |
2,997,564.7 |
1,932,339.3 |
|
- Treasury stock |
(3,377.5) |
(3,377.5) |
(3,377.5) |
(13,435.1) |
|
- Net equity attributable
to owners of the parent |
12,137,384.5 |
12,793,461.9 |
12,832,293.7 |
10,772,034.1 |
|
- Non-controlling interests
|
25.7 |
25.6 |
22.4 |
9.4 |
|
Total Equity |
12,137,410.2 |
12,793,487.5 |
12,832,316.1 |
10,772,043.6 |
|
INCOME STATEMENT |
|
|
|
|
|
a. Net Sales |
5,812,494.7 |
11,298,321.5 |
10,449,885.5 |
10,346,433.4 |
|
b. Cost of Goods Sold |
(5,291,717.7) |
(9,682,520.8) |
(8,427,157.6) |
(7,318,735.2) |
|
c. Gross Profit |
520,777.0 |
1,615,800.7 |
2,022,728.0 |
3,027,698.2 |
|
d. Operational Expenses |
(640,262.0) |
(1,194,769.0 |
(1,126,863.9) |
(1,014,819.7) |
|
e. Operational Profit |
(119,485.0) |
421,031.7 |
895,864.1 |
2,012,878.4 |
|
f. Other Income (Expenses) |
(264,859.2) |
(553,962.1) |
2,999,631.0 |
555,903.0 |
|
g. Profit Before Income Tax |
(531,998.9) |
(132,930.4) |
3,895,495.1 |
2,568,781.4 |
|
h. Income Tax Benefit (Expense)
|
(87,577.9) |
542,877.8 |
(902,379.3) |
(640,889.4) |
|
i. Profit before Minority
Interest |
(563,906.0) |
409,947.4 |
2,993,115.7 |
1,927,892.0 |
|
j. Other Comprehensive Income
(Expenses) |
66.0 |
191.3 |
(4,091.1) |
(3,152.6) |
|
k. Net Profit |
(563,839.9) |
410,138.7 |
2,989,024.6 |
1,924,739.4 |
Notes: Audited by
Purwantono, Suherman and Surya (A member of Ernst & Young Global Ltd)
Attachment 2:
Litigation Maters
and Withdrawal of Mining Authorization
1. Withdrawal of
Mining Authorizations
On March 2, 2010, the Company received the Legal Opinion
from Zulfadli Soewito Law Office regarding the Company’s mining exploitation
authorization at Obi Island. Based on the Legal Opinion, it is stated, among
others, that:
1. SK No. 323 is a decision which is
only to explain the legal circumstances and can not be
implemented by the Ambon State Administrative Court.
2.
The Head of the District of South Halmahera can not require the Company to
leave the
mining area by using SK No. 323.
3.
By using SK No. 323 which is only to explain the legal circumstances, the Head
of the District
of South Halmahera can not issue IUP in the
Company’s mining area at Obi Island.
4. The cancellation of the Company’s
mining exploitation authorization only can be made by the
Director General of General Mining of the Department of Energy and
Mineral Resources of
the Republic of Indonesia on behalf of the Ministry of Energy and
Mineral Resources of the
Republic of Indonesia (MESDM), and the Company has been granted special
permit by
MESDM, and the special permit on the Company’s mining exploitation
authorization can not
be cancelled by anyone until the end of the period, which is 2028.
Legal Issues Related to Mining
Authorizations
The Company’s exploration mining
authorization for nickel mining at Langgikima and Boenaga, Southeast Sulawesi has
been withdrawn by the Decision Letter No. 545/199 dated September 14, 2007 of
the Head of the District of North Konawe. The Company received the decision
letter on May 4, 2008, after receiving the Letter No. 545/326 dated April 14,
2008 of the Head of the District of North Konawe.
2. Reduction of Mining Authorizations
a.
The
area of the Company’s exploitation mining authorizations for nickel mining at
Tapunopaka and Bahubulu Island in Southeast Sulawesi has been reduced from
6,213 hectares, which include Tapunopaka and Bahubulu, to 5,000 hectares only
for Bahubulu based on the Decision Letter No. 153 Year 2008 dated March 17,
2008 of the Head of the District of North Konawe (SK No. 153). Based on this
reduction, the Company has lost potential revenues from nickel ore of about
83.2 million tons.
On August 11, 2008, the Company
received the Legal Opinion from Soemadipradja & Taher Law Office regarding
the withdrawal of the mining authorizations in Tapunopaka and Bahubulu Island.
Based on the Legal Opinion, the Decision Letter of the Head of the District is
against the prevailing law and, accordingly, the Company still has the right to
conduct mining activities in those areas.
On October 28, 2008, based on the
Decision Letter No. 10/G/2008/PTUNK of the Kendari State Administrative Court
(“SK-PTUN No.10G”), SK No. 153 was cancelled.
In November 2008, the Head of the
District of North Konawe appealed the decision of SK PTUN No. 10G to the
Makassar High State Administrative Court.
On March 3, 2009, based on its
Decision Letter, the Makassar High State Administrative Court No. 10/
B.TUN/2009/PT.TUN.MKs (“SK PTUN No. 10”) decided to cancel the decision of SK
PTUN No. 10G.
On April 24, 2009, the Company
appealed to the Supreme Court regarding the decision of SK PTUN No. 10.
On January 11, 2010, the Company
received the certain Decision Letter No. 4 Year 2010 of the Head of the
District of North Konawe regarding cancellation of SK No. 153, SK No. 5 Year
2010 about Revocation of Permit issued by the Head of the District of North
Konawe on the Company’s KP, and SK No. 6 Year 2010 about the Cancellation of SK
of the Head of the District of North Konawe No. 267 Year 2007 dated September
29, 2007 about granting of KP Exploration (KW 07 STP 034), and received IUP for
some mining areas in North Konawe, Southeast Sulawesi; SK No. 11 Year 2010
regarding the granting of Exploration Mining Right (KW 07 APR ER 002) for Sawa,
Lembo, and Lasolo mining districts, valid until January 11, 2014, SK No. 12
Year 2010 regarding the granting of Exploration Mining Right (KW 99 NPP 024)
for Asera mining district, valid until January 11, 2014, SK No. 13 Year 2010
regarding the granting of Operation Production Mining Right (KW 99 NPP 001) for
Molawe mining district, valid until January 11, 2030, SK No. 14 Year 2010
regarding the granting of Exploration Mining Right (KW 99 STP 057b) for Lasolo
mining district, valid until January 11, 2014.
On January 27, 2010, the Company
received the Legal Opinion from Mayasari Law Office regarding the Company
mining exploitation authorization in Tapunopaka. Based on the Legal Opinion, SK
No. 153 is against the prevailing law and, accordingly, the Company still has
the right to conduct mining activities in those areas.
On February 10, 2010, the Company
received an announcement from the Kendari State Administrative Court regarding
the result of the appeal to the Supreme Court.The announcement states that
based on its Decision Letter No. 284K/TUN/2008 dated December 16, 2009 (“MA
2009”), the Supreme Court dismissed the suit filed by the Company regarding the
cancellation of SK No. 153. As of March 2, 2010, the Company has not received
the MA 2009 but the management believes the Company can maintain the mining
authorizations which are legally owned by the Company. Prior to the
abovementioned Supreme Court ruling, however, on January 11, 2010, SK No. 153
has been cancelled by the Head of the District of North Konawe and the Company
has received IUP (previously known as KP) for the mining areas.
a. Based on the Decision Letter No. 2356 Year
2007 dated September 29, 2007 of the Head of the District of North Konawe, the
mining authorization has been issued which covers the same area with the
Company’s nickel exploration mining authorization in Mandiodo, Southeast Sulawesi.
b. Based on the Decision Letter No. 92 dated
April 13, 2007 and the Decision Letter No. 204 dated July 6, 2007 of the Head
of the District of Kolaka, the new mining authorizations have been issued to
other companies in the north and central mine areas at Pomalaa, Southeast
Sulawesi that are owned by the Company through its mining authorizations No.
KW.98PP0214 and KW.98PP0216, respectively.
As of the completion date of the
consolidated financial statements on April, 2010, the management is working on
the above matters including pursuing legal actions to maintain the mining
authorizations which are legally owned by the Company. Regarding the withdrawal
of the Company’s mining exploitation authorization at Obi Island, the
management is still and will continue working on the settlement by approaching
the Government body with higher authority than the Head of District and is
considering proposing Judicial Review (Peninjauan Kembali) to the Supreme Court
if no solution can be reached. In addition, based on Geographical System
Information of the Department of Energy and Mineral Resources of the Republic
of Indonesia, a special permit which has been issued to the Company based on
the Letter No. 1150/30/MEM.B/2008 dated February 13, 2008 of the Ministry of
Energy and Mineral Resources of the Republic of Indonesia is still under the
Company’s name and valid up to 2028 and because of the status of the mining
area as property of the Government of Indonesia, the Company has been
prioritized to have the IUP Operation and Production based on the Law No 4 Year
2009 regarding mining and coal (UU Minerba).
Management believes that the allowance
for deferred exploration and development expenditures is adequate to cover
decline in value of deferred exploration and development expenditures and that
the Company will be able to maintain its mining authorizations.
PP No. 23 regulates further provisions
concerning preferential treatment of minerals and/or coal for domestic
purposes; procedures for granting the IUP, Special Mining Right (“IUPK”) and
People Mining Right (“IPR”); implementation of community development and
empowerment; the procedures for reporting the results of exploration and
production operations and the share divestment of IUP holder and IUPK holder
whose shares are owned by foreign shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.