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Report No. : |
321598 |
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Report Date : |
18.05.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. BARA TABANG |
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Registered Office : |
Jl. Wolter Monginsidi No. 17A, RT.07, Timbau sub-district, Tenggarong district Kutai Kertanegara regency East Kalimantan |
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Country : |
Indonesia |
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Date of Incorporation : |
20.10.2004 |
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Com. Reg. No.: |
AHU-AH.01.10-42845 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Coal Mining |
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No. of Employees : |
80 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
Name of company :
P.T. BARA TABANG
Address:
Head Office
Timbau
sub-district, Tenggarong district
Kutai Kertanegara
regency
East Kalimantan
Indonesia
Phones -
(62-21)
Fax -
(62-21)
Coal Mining Site
Kec. Tabang, Kab. Kutai
Kartanegara
East Kalimantan
Indonesia
Total Area - 3,015 hectares
Date of Incorporation
:
20 October 2004
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Department of Law and
Human Rights
c. No. AHU-03076.AH.01.02.Tahun 2009
Dated 14 January 2009
d. No.
AHU-AH.01.10-42845
Dated 18 October 2013
Company Status :
National Private Company
Permit by the Government Departments :
The Department of Finance
Holding Company :
P.T. BAYAN RESOURCES
Tbk
Capital Structure :
Authorized
Capital -
Rp. 400,000,000.-
Issued Capital -
Rp. 350,000,000.-
Paid up
Capital - Rp. 350,000,000.-
The Latest
Shareholders :
a. P.T. BAYAN
RESOURCES Tbk. - Rp. 315,000,000.-
(90.00%)
b. P.T. MINERAL ENERGI PRATAMA -
Rp. 12,250,000.- ( 3.50%)
c. Mr. Setyo
Budiwiwoho, ST - Rp. 8,750,000.- ( 2.50%)
d. Mr. Adji Shinta
Haryanto - Rp. 8,750,000.- ( 2.50%)
e. Mrs. Roos Lina
Ningsih, ST - Rp. 5,250,000.- ( 1.50%)
Lines of Business :
Coal Mining
Production Capacity :
Coal Concession
Area – 3,015 hectares
Total Investment :
a. Equity
Capital - Rp 5.0
billion
b. Loan Capital - Rp 12.0 billion
c. Total Investment - Rp.17.0 billion
Started Operation :
2009
Brand Name :
BT
Technical Assistance
:
None
Number of Employee :
80 persons
Marketing Area :
Local Market - 100%
Main Customer :
PT. Bayan Resources Tbk
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BATUBARA BUKIT ASAM
b. P.T.
KALTIM PRIMA COAL
c. P.T.
ARUTMIN INDONESIA
d. P.T.
KODECO JAYA AGUNG
e. P.T.
BERAU COAL
Business Trend :
Declining
Bankers :
a. P.T. Bank DANAMON INDONESIA Tbk
Sudirman Plaza – Indofood Tower
Jalan
Jend. Sudirman Kav. 76-78
Jakarta
Selatan
b. P.T. Bank INTERNATIONAL INDONESIA Tbk
Plaza BII
Jalan
M.H. Thamrin No. 53
Jakarta Pusat
Indonesia
Auditor :
Internal auditor
Litigation :
No detrimental filling was recorded in the local court
Annual Sales/Revenue
(estimated:
2011 – Rp. 65.0 billion
2012 – Rp. 84.0 billion
2013 – Rp. 75.0.billion
2014 – Rp. 62.5 billion
Net Profit
(estimated) :
2011 – Rp. 15.2 billion
2012 – Rp. 16.0 billion
2013 – Rp. 14.6 billion
2014 – Rp. 10.8 billion
Payment Manner :
Almost promptly
Financial Comments :
Fairly
Board of Management :
President Director - Mr. Low Tuck Kwong AKA Dato Dr. Low
Tuck Kwong
Directors - a. Mrs.
Jenny Quantero
b. Mrs. Ulina Fitriani
c. Mr. Hermanto Suparman
Board of Commissioner :
Commissioner -
Mr. Engki Wibowo
Signatories :
President Director (Mr. Low Tuck Kwong AKA Dato Dr. Low Tuck Kwong) or
one of Directors (Mrs. Jenny Quantero, Mrs. Ulina Fitriani or Mr. Hermanto
Suparman) which must be approved by Board of Commissioner (Mr. Engki Wibowo)
Management Capability :
G o o d
Business Morality :
G o
o d
P.T. BARA TABANG (P.T. BT) was established in East Kalimantan in October
2004. However, we don’t know the amount of the company’s capital and initial
shareholders. Its articles of
association have subsequently been changed for several times. The most recently by notarial Deed of Bakhtiar, SH., No. 12 dated 6
September 2013, the authorized capital
was amounted of Rp. 400,000,000.- of which Rp. 350,000,000.- was issued and
fully paid up. The latest shareholders
of the company are P.T. BAYAN RESOURCES Tbk. (90%), P.T. MINERAL ENERGI PRATAMA
(3.5%), Mr. Setyo Budiwiwoho, ST (2.5%), Mr. Adji Shinta Haryanto (2.5%) and
Mrs. Roos Lina Ningsih (1.5%). The amendment to Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-42845
dated 18 October 2013. Since then, no
changes have been effected in term of its shareholding composition and capital
structure to date.
Pursuant to the company’s notary deed, the principal activity of P.T. BT is in the coal mining industry. P.T. BT has been operating since 2009 in coal mining with mining activities in the village of Gunung Sari, Tabang district, Kutai Kartanegara regency, East Kalimantan.
Based on Mining License (“IUP”) P.T. BT has coal exploration and
exploitation in the village of Gunung Sari, Tabang district, Kutai Kartanegara
regency, East Kalimantan in an area of 3,015 hectares. P.T. BT, PT. Fajar Sakti Prima (FSB) and PT.
Brian Anjat Sentosa (BAS) also known as “Tabang Concession”, the third
companies are subsidiaries of P.T. BAYAN RESOURCES Tbk.
Tabang Concession is the combination of 3 mining companies comprising
BT, FSP and BAS. It has Production
Operation IUP located in Kutai Kartanegara, East Kalimantan. The Tabang Concession produces
sub-bituminous, environmentally-friendly, low-sulfur coals. The coal specification is around 4,000 –
4,200 Kcal/Kg GAR. Tabang Concession
utilizes two jetties, namely Gunung Sari Jetty located on the Belayan River and
Senyiur Jetty located on the Kedang Kepala River. Tabang Concession (these third companies)
produced 1.9 million metric ton (MT) of coal in or 13.6% lower than 2013
production of 2.2 million metric ton of coal.
All production of coal from these companies absorbed by its parent
company P.T BAYAN RESOURCES Tbk ., subsequently exported to many
countries. We observed that P.T. BT is
classified as a small sized company of its kind in the country of which the
operation has been declining in the last three years.
Generally, the mining activities for such minerals as coal, copper,
gold, silver, nickel ore, coal and 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, 2005 – 2013
|
Year |
Coal (Ton) |
Tin
Ore Concentrate (Ton) |
Cooper
Ore Concentrate (Ton) |
Nickel
Ore (Ton) |
Bauxite (Ton) |
Gold (Kg) |
Silver (Kg) |
|
2005 |
152,722,438 |
78,404 |
3,553,808 |
3,706,998 |
2,502,616 |
142,894 |
326,993 |
|
2006 |
181,060,907 |
80,933 |
2,938,009 |
4,353,833 |
7,270,072 |
93,176 |
270,153 |
|
2007 |
174,832,673 |
66,137 |
2,814,952 |
7,118,436 |
11,663,144 |
117,851 |
268,967 |
|
2008 |
181,569,985 |
47,626 |
2,340,100 |
6,557,103 |
16,791,368 |
62,695 |
302,292 |
|
2009 |
209,344,688 |
44,941 |
3,484,122 |
5,806,887 |
14,720,320 |
126,963 |
321,127 |
|
2010 |
224,677,000 |
40,188 |
3,463,771 |
5,972,841 |
27,410,375 |
106,316 |
288,717 |
|
2011 |
291,164,557 |
40,199 |
2,700,826 |
6,336,634 |
40,643,852 |
77,722 |
227,173 |
|
2012 |
361,028,398 |
44,202 |
2,385,121 |
8,571,383 |
31,443,325 |
69,291 |
247,827 |
|
2013 * |
249,826,115 |
17,202 |
1,673,345 |
7,824,018 |
35,713,570 |
63,581 |
99,675 |
Source: Central Bureau of Statistics (BPS) * as of 31 August 2013
Until this time P.T. BT has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. Therefore, the company has no obligation
to publish financial statement publicly.
P.T. BT’s management is very reclusive to outsider and rejecting to
disclose its financial condition but we estimated the total sales turnover of
the company in 2012 amounted to Rp. 84.0 billion declined to Rp. 75.0 billion
in 2013 and dropped again to Rp. 62.5 billion in 2014. The operation in 2014 yielded a net profit at
least Rp. 10.8 billion and the company has a total net worth of Rp. 40.0
billion. It is projected that total
sales turnover of the company will increase at least 4% in 2015. So far we did not hear that P.T. BT has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management of P.T. BT is led by Mr. Law Tuck Kwong AKA Dato’ Dr. Law
Tuck Kwong (67) as president director.
He has a Diploma in civil Engineering from the Japan Institute. In his
daily activities, he is assisted by Mrs. Jenny Quantero (64), Mrs. Ulina
Fitriani (46) and Mr. Hermanto Suparman (48).
The board of commissioner of the company is led by Mr. Engi Wibowo
(65). Management of this company has
extensive relationships with many businessmen at home and abroad as well as
with government sector. It has good
business prospect in the long run for it has a good performance and image as
well as a wide marketing network abroad.
So far, we did not hear that the company’s management involved in the
business malpractices or detrimental cases that settled in the country.
Considering the operation of P.T. BT 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.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.