|
Report No. : |
339026 |
|
Report Date : |
02.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KIDECO JAYA AGUNG |
|
|
|
|
Registered Office : |
Mulia Tower, 17th
Floor, Suite 1701, Jalan Jend. Gatot Subroto Kav.
9-11 Jakarta
12930 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
07.09.1982 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-10172 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Coal Mining and Distillation |
|
|
|
|
No. of Employees : |
1,245 Persons |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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. KIDECO JAYA
AGUNG
Address:
Head
Office
Mulia Tower, 17th
Floor, Suite 1701
Jalan Jend. Gatot Subroto Kav. 9-11
Jakarta 12930
Indonesia
Phones -
(62-21) 525 7626 (hunting)
F a x -
(62-21) 525 7662
Email - info@kideco.com
or yusuf@kidecom.com
or taufik@kideco.com
Website -
http://www.kideco.com
Building Area - 32 storey
Office Space - 460 sq. meters
Region - Commercial
Status -
Rent
Mining Site
Desa pasir, Batu Kajang
Tanah Grogot, East
Kalimantan
Indonesia
Phones -
(62-543) 22 522 (hunting)
F a x -
(62-543) 22 520
Land Area - 50,399 hectares
Building Area - 1,200 sq. meters
Region - Mining Zone
Status - Rent
Date of Incorporation:
07 September 1982
Legal Form:
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.:
The Ministry of
Law and Human Rights
a. No. C-02651.HT.01.04.TH.2003
Dated 07 February 2003
b. No. AHU-19829.AH.01.02.Tahun 2009
Dated 11 May 2009
c. No. AHU-AH.01.10-37422
Dated 21 November 2011
d. No.
AHU-AH.01.10-10172
Dated 12 March 2014
Company Status :
Foreign Investment Company (PMA)
Permits by the
Government Department :
a. The Department
of Finance
NPWP No. 01.060.102.9-056.000
b. The President
of the Republic of Indonesia
No. B-65/Pres/8/1982
Dated 31 August 1982
c. The Investment
Coordinating Board
- No. 1016/III/PMA/2001
Dated 03 August 2001
- No. 319/III/PMA/2003
Dated 28 March 2003
Parent Company :
P.T. INDIKA INTI CORPINDO (Investment Holding)
A company member of the INDIKA Group
Capital Structure
:
Authorized Capital - US$.
37,000,000 (Rp. 24,605,000,000,-)
Issued Capital - US$.
25,034,600 (Rp. 16,648,009,000.-)
Paid up Capital - US$.
25,034,600 (Rp. 16,648,009,000.-)
Shareholders/Owners
:
a. P.T. INDIKA INTI CORPINDO - US$. 11,515,900
(46%)
Address : Jl. Jend. Sudirman
Kav. 45-46
Jakarta
Selatan
Indonesia
b. P.T. MUJI INTI UTAMA - US$. 1,251,700 (
5%)
Address : Jl. Jend. Gatot
Subroto Kav. 9-11
Jakarta
Selatan
Indonesia
c. SAMTAN CO. LTD. - US$. 12,267,000 (49%)
Address : 13.7 KA Asaniketon
D-3
Road Nuber 2,
Shyamoli, Mohad
South Korea
Lines of Business
:
Coal Mining and Distillation
Production
Capacity :
Coals – 40.3 million tons p.a.
Total Investment :
a. Owned Capital -
US$. 37.0 million
b. Loan Capital -
US$. 130.0 million
c. Total Investment - US$. 167.0 million
Started Operation
:
March 1993
Brand Name :
Kideco Jaya Agung
Technical Assistance
:
None
Number of Employee
:
1,245 persons
Marketing Area :
Domestic (Local) - 30%
Export -
70%
Main Customers :
a. P.T. Perusahaan Listrik Negara (PLN)
b. Overseas buyer in China, India, South Korea, Japan, Slovenia, Taiwan,
etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Adaro Indonesia
b. P.T. Kaltim Prima Coal
c. P.T. Arutmin Indonesia
d. P.T. Berau Coal
e. Etc.
Business Trend :
Fluctuating
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Barclays Building
Jalan Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
b. JP MORGAN CHASE Bank
Chase Plaza
Jalan Jend.
Sudirman Kav. 27
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual
Sales/Revenue :
2010 – US$. 1,604.9 million
2011 – US$. 2,266.6 million
2012 – US$. 2,357.3 million
2013 – US$. 2,120.6 million
2014 – US$. 2,059.4 million
Net Profit/Net
Income:
2010 – US$. 316.3 million
2011 – US$. 456.1 million
2012 – US$. 380.0 million
2013 – US$. 212.2 million
2014 – US$. 154.4 million
Payment Manner :
Almost promptly
Financial Comments
:
Fairly
Board
of Management :
President Director -
Mr. Lee Chang-Hoon
Directors - a. Mr. Lucas Djunaidi
b. Mr. Moh. Arsjad Rasjid Prabu Mangkuningrat
c. Mr. Lee Jung-Yon
d. Mr. Choi Byung-Hyun
e. Mr. Park Sang-Bong
f. Mr.
Aziz Armand
Board of Commissioner
:
President Commissioner -
Mr. Kang, Tae-Whan
Commissioners -
a. Mr. Agus Lasmono
b. Mr. Wishnu Wardhana
c. Mr. Kim Sung-Kook
Signatories:
President
Director (Mr. Lee Chang-Hoon) or one of the Directors (Mr. Lucas Djunaidi, Mr. Moh.
Arsjad Rasjid Prabu Mangkuningrat, Mr. Lee Jung-Yon, Mr. Choi Byung-Hyun, Mr.
Park Sang-Bong and Mr. Aziz Armand) which must be approved by the Board of
Commissioners.
Management
Capability:
Good
Business Morality:
Good
P.T. KIDEDO JAYA AGUNG (P.T. KJA) was
established in September 1982 with an authorized capital of US$ 3,000,000.- of
which US$ 800,000.- was issued and paid up. The company was founded by TAE
WOONG INC., HANIL CEMENT MFG. CO. LTD., PAN OCEAN SHIPPING CO. LTD., YOUNGSAN
TRANSPORTATION CO. LTD. and SAMCHOCK CONSOLIDATED COAL MINING CO. LTD. (all of
South Korea) as the original shareholders. Later in August 1987 all the above
shareholders withdrew and all their shares were taken over by KOREA INDONESIA
RESOURCES DEVELOPMENT CO. LTD. of South Korea. In January 1996 the authorized
capital was raised to US$ 25,034,600.- fully issued and paid up. In March 2003 P.T. SUMBER MITRA JAYA and P.T.
MUJI INTI UTAMA, national private companies entered into the company as new
shareholders. In February 2004, P.T. KIDEKO JAYA AGUNG agreed to
undertake a divested tender of some 41% shares worth US$ 149.65 million.
In May 2004 P.T.INDIKA INTI CORPINDO jointly
the company as a new shareholder. In November 2011, based on notary deed No. 40
dated 15 November 2011 was made by Arsin Effendy, SH, a notary public in
Jakarta that the authorized capital was raised to US$. 37,000,000.- of which
US$ 25,034,600.- was issued and fully paid up.
Since then, the shareholders of the company are P.T. INDIKA INTI
CORPINDO (46%), P.T. MUJI INTI UTAMA (5%) and SAMTAN Co. Ltd., of South Korea
(49%). The amendment to Deed was approved by the Minister of Law and Human
Rights through Decision Letter No. AHU-AH.01.10-37422 dated 21 November 2011.
The most recently by notarial deed of Arsin
Effendy, SH., dated March 2, 2014 the company’s board of directors and board of
commissioners was changed. The amendment to notarial Deed has been approved by the Minister of
Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-10172 dated 12 March 2014. No changes have been effected in
term of its shareholding composition and capital structures to date.
P.T. INDIKA INTI CORPINDO is a subsidiary
company of P.T. INDIKA ENERGY Tbk., a public listed company and the company is
the parent company of the INDIKA Group, a large sized business group led by Mr.
Agus Lasmono, MBA and Mr. Ir. Wiwoho Basuki Tjokronegoro.
P.T. KJA operates under Foreign Investment
(PMA) facilities in coal mining and distillation under the status of a Coal
Contract of Work (PKP2B). The company controls a 50,921 hectare coal mining
concession in the Tanah Grogot area of Pasir Regency (East Kalimantan) acquired
in 1982. The coal concession of the company will be expired in 2023 under a
first-generation Coal Contract of Works (CCoW). The concession containing 651
million tons of coal reserves has been under commercial exploitation since
March 1993 with a production capacity of 16.0 million tons of coal per year. P.T. KJA's coal production kept increasing
from 22.0 million tons in 2008 to 24.7 million tons in 2009 to 29.1 million
tons in 2010 to 31.5 million tons in 2011 to 34.2 million tons in 2012 to 37.3
million tons in 2013 and rose again to 40.3 million tons in 2014. About 74% P.T. KJA's coals production are
exported to China, India, Korea, Taiwan, Hong Kong, Japan, Philippines,
Malaysia, Thailand and the rest 30% to local marketed like PT. Perusahaan
Listrik Negara (PLN), a state power plant enterprises and private industrial
sectors. P.T. KJA also has clinched a
contract for the long term supply of coal to the Steam Driven Electricity Plant
(PLTU) in Paiton, East Java owned by P.T. JAWA POWER and PLTU Suralaya owned by
P.T. INDONESIA POWER.
Operation Performance
of P.T. KJA
|
Description |
2010 |
2011 |
2012 |
2013 |
2014 |
|
Coal Production (million tons) |
29.1 |
31.5 |
34.2 |
37.3 |
40.3 |
|
Waste Removal (million bcm) |
170.1 |
219.0 |
239.4 |
241.1 |
252.0 |
|
Stripping Ratio (%) |
5.9 |
7.0 |
7.0 |
6.5 |
6.8 |
Generally, the mining activities for mineral
mining such 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. The
trend has been in line with the weak prices of coal, nickel and bauxite and
with the firm price of gold on the international market. Pursuant to Ministry
of Energy and Mineral Resources, the export volume of coal in 2012 reached 345
million tons, increased to 402 million tons in 2013 and declined to 382 million
tons in 2014. Details on Indonesian last eight years coal export volume and
value is listed below:
The Export Volume and Production of Coal Products 2008 –
2015
|
Year |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015* |
|
Export |
187 |
198 |
215 |
287 |
345 |
402 |
382 |
323 |
|
Domestic |
53 |
56 |
65 |
66 |
67 |
72 |
76 |
102 |
|
Total |
240 |
254 |
280 |
353 |
412 |
474 |
458 |
425 |
The company is neither public listed nor
bond issued company. Therefore, the company
has no obligation to publish financial statement publicly. According to annual
report of PT. INDIKA ENERGY Tbk., the total income/revenue of P.T. KJA has been
increasing in the last four years. In
2010, P.T. KJA’s total sales/revenue reached US$1,604.9 million with a net
profit of US$ 316.3 million increased to US$ 2,266.6 million with a net profit
of US$ 456.1 million in 2011 to US$ 2,357.9 million with a net profit of US$
380.0 million in 2012 declined to US$ 2,120.6 million with a net profit of US$
212.2 million in 2013 and dropped again to US$ 2,059.4 million with a net
profit of US$ 154.4 million in 2014.
P.T. KJA’s financial highlights as of 31 December 2010, 2011, 2012 and
2013, shall be as follows:
(expressed in
million US$)
|
COMPREHENSIVE
STTEMENT OF INCOME |
2014 |
2013 |
2012 |
2011 |
|
- Total Sales/Revenues |
2,059.4 |
2,120.6 |
2,357.3 |
2,266.6 |
|
- Cost of Sales |
1,731.1 |
1,654.9 |
1,623.9 |
1,401.9 |
|
- Gross Profit |
328.3 |
465.7 |
733.4 |
864.7 |
|
- Operating Expenses |
32.7 |
31.6 |
40.4 |
40.8 |
|
- Operating Income |
295.6 |
434.1 |
692.9 |
823.9 |
|
- Net Income |
154.4 |
212.2 |
380.0 |
456.1 |
|
STATEMENT OF
FINANCIAL POSITION |
|
|
|
|
|
- Total Current Assets |
396.0 |
457.6 |
523.7 |
604.0 |
|
- Total Non-Current Assets |
206.4 |
229.0 |
221.4 |
213.7 |
|
- Total Assets |
602.4 |
686.6 |
745.1 |
817.7 |
|
- Total Current Liabilities |
224.3 |
272.0 |
312.1 |
316.5 |
|
- Total Non-Current Liabilities |
51.6 |
51.4 |
46.9 |
45.3 |
|
- Total Liabilities |
275.8 |
323.4 |
359.1 |
361.8 |
|
- Total Equity |
326.6 |
363.3 |
386.0 |
456.0 |
|
- Total Liabilities & Equity |
602.4 |
686.6 |
745.1 |
817.7 |
P.T. KIA's management is headed by Mr. Lee Chang-Hoon
(50), a professional manager of South Korea as President Director.In daily
activities, he is assisted by six directors namely Mr. Lucas Djunaidi (44), Mr.
Moh. Arsjad Rasjid Prabu Mangkuningrat (45), Mr. Lee, Jung Yon (53), Mr. Choi,
Byung Hyun (52), Mr. Park Sang-Bong (46) and Mr. Aziz Arman (52). The company
is managed by professional managers with experience in the coal mining and
processing industry. They have wide relations in government circles and in the
ranks of domestic and overseas private businessmen. So far, we did not hear
that the company's management having been involved in business malpractices.
Considering the operation of P.T. KJA
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.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.