|
Report No. : |
339185 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BERAU COAL |
|
|
|
|
Registered Office : |
Jalan
Pemuda No. 40, Tanjung Redep, 77311, Berau, East Kalimantan |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
05.04.1983 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-01829 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Coal Mining |
|
|
|
|
No. of Employees : |
481 |
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 : |
Exist |
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T.
BERAU COAL
A
d d r e s s :
Head Office
Jalan
Pemuda No. 40
Tanjung
Redep, 77311
Berau,
East Kalimantan
Indonesia
Phones -
(62-554) 23400 (Hunting)
(62-21) 7264 778 VSAT
Fax - (62-554) 23465
(62-21) 7268 289 VSAT
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Jakarta Office
Menara
Sun Life Tower II, 17th – 18th Floor
Jalan
DR. Ide Anak Gde Agung Block 6.3
Kawasan
Mega Kuningan
Jakarta
Selatan, 12950
Phones -
(62-21) 2966 9700, 2966 9722
Fax - (62-21) 2966 9711
E-mail - corsec@beraucoalenergy.co.id
Website - http://www.beraucoal.co.id
Building Area - 28 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Mining
Concession
Lati,
Binungan and Sambrata
Kabupaten
Berau
East
Kalimantan
Date of Incorporation :
5
April 1983
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-3532.HT.01.01.TH.83
Dated 30 April 1983
- No. AHU-AH.01.10-23866
Dated 30 December 2009
- No. AHU-AH.01.10-12768
Dated 8 April 2013
- No. AHU-AH.01.10-01829
Dated 16 January 2014
Company Status :
Foreign Investment
(PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.060.124.3-091.000
The Capital Investment Coordinating Board
- No. 04/III/PMA/1993
Dated 2 January 1993
- No. 386/III/PMA/2000
Dated 22 March 2000
- No. 692/III/PMA/2004
Dated 20 July 2004
The Department of Mines and Energy
No.
345/M.698/SJH/1983
Dated 27 September
1983
Related Company :
A Member Company of
the SINAR MAS Group
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
17,400,000.-
Issued
Capital : US$
17,250,000.-
Paid
up Capital :
US$ 17,250,000.-
Shareholders/Owners
:
a. P.T. ARMADIAN TRITUNGGAL - US$ 8,797,500.-
Address : Jl. Jend. Sudirman No. 28
Jakarta Selatan, Indonesia
b. ARIES INVESTMENT LTD. - US$
6,727,500.-
Address :
391B Orchard Road #15-09
Ngee Ann City Tower B
Singapore, 238874
c. SOJITZ CORPORATION - US$
1,725,000.-
Address :
4-1, 23, Shiba
Minato-ku, Tokyo, Japan
BUSINESS ACTIVITIES
|
Lines of Business :
Coal Mining
Production Capacity :
Coals -
23.0 million tons
Total Investment :
a. Equity Capital - US$
17.3 million
b. Loan Capital - US$ 180.0 million
c. Total Investment - US$ 197.3 million
Started Operation :
October 1994
Brand Name :
Berau Coal
Technical Assistance
:
Sojitz Corporation,
Japan
Number of Employee :
481 persons
Marketing Area :
Local - 35%
Export - 65%
Main Customer :
Buyers in Asian
countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADARO
INDONESIA
b. P.T. ARUTMIN
INDONESIA
c. P.T. BATUBARA
SELARAS SAPTA
d. P.T. JURONG
BARUTAMA GRESTONE
e. Etc.
Business Trend :
Declining
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk
CIMB NIAGA Plaza
Jalan Jend. Sudirman Kav. 24-25
Jakarta Selatan
Indonesia
b. P.T. Bank MEGA Tbk
Menara Bank Mega
Jalan Kapten Tendean Kav. 12-14 A
Jakarta Selatan
Indonesia
c. P.T. Bank INTERNATIONAL INDONESIA Tbk
Plaza BII
Jalan M.H. Thamrin No. 50
Jakarta Pusat
Indonesia
d. P.T. Bank DANAMON INDONESIA Tbk
Jalan Prof. Supomo
Jakarta Selatan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
The Subject (defendant) was involved in controversial
dispute with P.T. CAKRA SINERGI INVESTAMA (plaintiff) concerning debt concerns
that have been matured for Rp. 1.3 billion was recorded on Commercial Court No.
19/Pdt.Sus/Pailit/2015/PN.JKT.PST dated 1 July 2015
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– US$ 1,420.0 million
2013
– US$ 1,350.0 million
2014
– US$ 1,265.0 million
Net
Profit (loss) :
2012
– (US$ 120.7 million)
2013
– (US$ 140.0 million)
2014
– (US$ 75.0 million)
Payment
Manner :
Sometimes
delay
Financial
Comments :
Weak
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Fuganto Widjaja
Vice President Director - Mr. Bambang Heruawan
Haliman
Directors -
a. Mr. Issei Watanabe
b. Mr. Edy Santoso, SH, MH
Board of Commissioners :
President Commissioner - Mr. Ir. Gandi Sulistyanto
Soeherman
Commissioners - a. DR. H. Darmono
b. Mr. Laksamana TNI (Retired) DR. Marsetio
Signatories :
President
Director (Mr. Fuganto Widjaja) or Vice President Director (Mr. Bambang Heruawan
Haliman) or one of the Directors (Mr. Issei Watanabe or Mr. Edy Santoso, SH,
MH) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
BACKGROUND/HISTORY
|
P.T. BERAU COAL (P.T. BC) was
established in April 1983 with the authorized capital of US$ 3,000,000 and the
issued capital of US$ 1,600,000 of which US$ 160,000 was paid up. The founding shareholders
of the company are SOJITZ CORPORATION (ex NISSHO IWAI CORPORATION) of Japan and
OPHELIZ INVESTMENT Ltd of Hong Kong. The articles of association of the company
have frequently been revised. In June 2000, the authorized capital of the
company was raised to US$ 17,400,000 issued capital to US$ 17,250,000 entirely
paid up. Later on 31 December 2003 OPHELIZ INVESTMENT LTD., of Hong Kong
withdrew and into the company entered by P.T. UNITED TRAKTOR Tbk (21%), UT
HEAVY INDUSTRY (S) Pte, Ltd., of Singapore (39%), P.T. ARMADIAN TRITUNGGAL
(30%) and SOJITZ CORPORATION of Japan (10%) as new shareholders.
Then in June 2008, the shares
of the company are controlled by P.T. ARMADIAN TRITUNGGAL (51%), ROGNAR HOLDING
B.V. of the Netherlands (39%) and SOJITZ CORPORATION of Japan (10%). Then
according to the revision of notary act was made by Mr. Sutjipto, SH., a public
notary in Jakarta in 29 December 2009 the company board of director and the
board of commissioner had been changed. On the same occasion ROGNAR HOLDING
BV., withdrew and the whole share taken over by ARIES INVESTMENT LTD., of
Singapore. With this time the composition of its shareholders has been changed
to become P.T. ARMADIAN TRITUNGGAL (51%), ARIES INVESTMENT LTD., (39%) and
SOJITZ CORPORATION (10%). Later according to the revision of notary deed Mrs.
Imelda Nur Pane, SH., No. 82 dated 20 March 2013 the company board of director
and the board of commissioner had been changed.
The latest according to the revision of notary deed Mrs.
Liestiani Wang, SH., M.Kn., No. 1 dated 9 January 2014 the composition of the
board of commissioner had been restructured to lead and runs of the company’s
operation. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-01829 dated January 16, 2014.
We observe the majority shareholder P.T. ARMADIAN
TRITUNGGAL is a national private company dealing with investment holding and
majority shares controlled by P.T. BERAU COAL ENERGY Tbk., a public listed
company dealing with holding company. P.T. BERAU COAL ENERGY Tbk is a public
listed company which majority shares controlled by ASIA RESOURCE MINERALS PLC.
Meanwhile ASIA RESOURCE MINERALS PLC had been taken over by ASIA COAL ENERGY
VENTURE LTD., British Virgin Island, a company controlled by SINAR MAS Group.
P.T. BC is dealing with coal
mining by owning 3 coal mining concession areas of 118,400 hectares in Berau,
East Kalimantan namely in Lati, Binungan and Sambarata. It produces coal in
Berau area of ast Kalimantan within the concession awarded to the Company under
the Cal Development Cooperation Contract system established by the Government
of Indonesia. The coal deposit
in the concession are ideally mined using conventional open pit-mining methods
utilizing trucks, excavators, loaders and bulldozers for both overburden
removal and coal mining. Experienced mining contractors carry out all mining
operations under long term contracts. Each mine location has separate mining
contractors under the strict supervision of the Company. The coal mining
contractors is conducted by P.T. BUKIT MAKMUR MANDIRI UTAMA (P.T. BUMA)
provides services to Indonesian coal producers across all production stages,
including geology and planning, overburden removal, coal mining, coal hauling and
reclamation and rehabilitation.
Berau Coal has three mining sites, namely Lati, Binungan,
and Sambarata, all located at East Kalimantan. As of 31 December 2011, the
sites has a coal reserve of 509 million tons, 298 million of which are
predictive reserve. P.T. Berau Coal produces coal under the category of
sub-bituminous which has low ash and sulphur concentrate, and calories level
ranges from 5,000 to 5,700 Kcal/kg. The coal is produced under five brands;
Eboni, Mahoni, Mahoni B, Agathis, and Sungkai. In addition to fuel steam power
plants in Indonesia, the coal is exported to China, Hong Kong, India, Japan,
South Korea, Taiwan, and Thailand.
Lati Area
From the Lati mine the coal is blended to produce the
brands of Agathis and Sungkai. Total mineable coal reserves delineated in Lati
to-date are in excess of 745 million tonnes. The coal is extracted using
hydraulic excavators and loaded into dump trucks.
From the mine it is transported over an all weather haul road,
a distance of some 11 kilometres to the coal processing plant. The coal is
crushed blended and placed onto stockpiles. It is then loaded into barges.
The Lati site has been producing coal since 1995 under
the brand of Agathis and Sungkai. The coal mine has a production capacity of 15
MT/year, with reserve of 188 MT. The coal from Lati has a sediment character of
sinklin.
Binungan Area
From the binungan mine the coal is blended to produce the
brands of Eboy and Mahoni/Mahoni-B. Total mineable coal reserves delineated
to-date in Binungan Blocks 1-4, Block 5, 6 & 7 are in excess of 300 million
tonnes. Mining is similar to that of Lati. From the mine the coal is
transported to the curshing plan a distance of some 2.5 kilometres. The coal is
curshed, blended and loaded into trucks. From there it is transported over on
all weather road, a distance of 28 kilometres, to the Suaran coal terminal
where it is blended into the product stockpile. It is then loaded into barges.
The Binungan Site began its exploration in 1995,
producing Mahoni, Mahoni B, Agathis, and Sungkai coal. The site is divided into
Blok Parapatan, blok 1-4, Blok 5-6 , Blok 7 and Blok 8-10 mining area. The site
has production capacity of 17 million MT/ year with coal reserve of 246 MT.
Sambarata
From the Samabarata mine the coal is blended to produce
the brand of Ebony. Total mineable coal reserves delineated to-date in
Sambarata is in excess of 190 million tonnes. Mining is similar to that of Lati
and Binungan. From the mine coal is transported to the coal processing plant a
distance of some 2.0 kilometres. The coal is crushed blended and placed onto
stockpiles. It is theen loaded into barges.
The Sambarata site began production in 2001, releasing
coal product under the brands of Eboni, Mahoni, Mahoni B, and Agathis. The
mining areas are divided into several blocks, including blok A, B and B1.
Sambarata has a production capacity of 5 million MT/year and coal reserve of 76
million MT.
Coal mining concession area in
Lati has been in operation since October 1994 with coal reserve of 745 million
tons. Binungan coal mining concession has been in operation since 1996 with
coal reserve of 300 million tons and Sambarata coal mining concession has been
in operation since 2001 with coal reserve of 190 million tons. The coal
production of the company in 2003 amounted to 7.7 million tons went up to 8.2
million tons in 2006 to 9.9 million tons in 2007 and estimated to reach 13.5
million tons in 2008, increased to 19.0 million tons in 2009 and to 17.3 million
tons in 2010. In 2011, the company production has increased to 20.3 million,
rose to 23.0 million in 2012. According information the coal production in 2013
also reached to 23.0 million tons. P.T. BC also planned to increase its annual
production to 24.0 million in 2014. It is estimated that the additional
investment for the project reaches US$ 197.3 million.
In an effort to keep up with the increasing demand of
coal in global market, P.T. Berau Coal continues to supply to meet the high
demand from China, India, Taiwan, South Korea, Japan, Hong Kong, Southeast Asia
and Indonesia.
In addition to improve the production capacity, P.T.
Berau Coal also maintains the quality of its coal product to be able to compete
with other leading players in the industry. The sub-bituminouscoal produced by
P.T. Berau Coal has low ash and sulphur. It has quality comparable to coal
products sold in global market. The coal from P.T. Berau Coal also contains
calories level perfect to fuel power plants. In addition to be able to produce
coal according to the needs of the market, P.T. Berau Coal also benefit from
its strategic location. It is located at the northeast of Kalimantan, and
relatively close to East Asian markets such as China, Korea, Japan, Taiwan,
Hong Kong, and the Philippines. The geographical edge enables P.T. Berau coal
to offer more competitive shipping costs than other mining companies in
Australia and South Africa. Philippines.
The strategic location also puts P.T. Berau Coal ahead of
its competitors from Indonesia. Its three mining sites are close to Segah
Beraurivers as well as Sulawesi Sea. And thus it is cheaper to transfer the
coal to the port using coal trucks before they are shipped by tongkang (light
wooden boat) to transshipment point. Good relationship between P.T. Berau Coal
and its clients for almost 30 years shows the company’s commitment to be one of
the big players in mining industry in Indonesia.
In 2012, P.T. Berau Coal sold 21.1MT coal, a significant
increase from the previous year of sales of 20 MT. P.T. Berau Coal targets a
production capacity of 30 million ton by 2015. P.T. Berau Coal ships its coal
products through rivers. From the mining sites, coal are transferred to
tongkangs along the river to the transshipment point situated the estuary of
Sulawesi Sea. P.T. Berau Coal operates modern transshipment modern that
accommodates both gear dan gearless vessels.
P.T. Berau Coal has six gearless vessels namely Derawan
FOTP (Floating Offshore Transport Platforms) with capacity of 24,000 MT/day,
Princess Chloe Floating Crane in 32,000 MT/day capacity, Java FTS (Floating
Transfer Station) Bulk with 27,000 MT/day capacity, Blitz Floating Crane in
24,000 MT/day capacity, Borneo FTS (Floating Transfer Station) Bulk in 27,000
MT/day capacity and Celebes FTS with 18,000 MT/day capacity.
The Proper Hijau award to P.T. Berau Coal from the
Ministry of Environment on 3 December 2012 for Binungan, Sambarata Latisites is
a proof that the company has a strong commitment to preserve the nature and environment
as well as manage the direct impact of mining activities and other problems
related to environment. In addition, on 27 November 2012, P.T. Berau Coal also
received an award for Main Category from the Directorate General of Minerals,
Coal and Geothermal, Ministry of Energy and Mineral Resources. Apart from
accolades from the central government, on 5 June 2012, P.T. Berau Coal also
received Proper Hijau award from the government of East Kalimantan for
excellent management of Lati, Binungan and Sambarata sites. The three mining
sites are acknowledged to have met standard environmental management in
accordance to laws and regulation in Indonesia.
As part of its contribution to sustainable national
development and its responsibility to environmental management, P.T. Berau Coal
use existing energy resources wisely in order to minimize the negative impact
of mining activities to the environment. To date, P.T. Berau Coal has received
the ISO 14001 and OHSAS 18001 certification, an acknowledgement in sound
environmental management within mining areas and environmental management and
monitoring among others.
P.T. Berau Coal produces 5 brands of coal, namely Eboni,
Mahoni, Mahoni B, Agathisand Sungkai. These brands are derived from Indonesian
woods known for its strength and longevity. These characters symbolize the coal
products and the company’s involvement in reforestation and environmental
activities. P.T. BERAU COAL has established a good reputation as an
exponentially reliable supplier of coal with consistent quality to market in
India, Thailand, China, Korea, Japan, Taiwan, Philippines, etc., such as NOBLE
RESOURCES INTERNATIONAL PTE LTD., ASIAN GREEN ENERGY PUBLIC COMPANY LTD.,
TOHOKU ELECTRIC POWER CO, Castle Peak Power Company Ltd., Korea Mindland Power
Company Ltd, Bhatia International Pte Ltd., Korea South East Power Company Ltd
and other. Some 65% of products of the
company is exported to various countries like South Korea, Taiwan, Japan, Hong
Kong, Thailand, Malaysia, India and the rest of 35% is locally marketed. The
customers of the company are PLTU PAITON, PLTU Suralaya and others. The global
downturn that affected heavily industrialized economies, including the
debt-ridden European zone, the United States with its unresolved fiscal issues,
and even China, which saw a deceleration in its economic stride, resulted in
the drop in coal prices. P.T. BC’s operation has been declining in the last
three years due to the coal price in the international markets has decreased.
In 2013 will likely be
the year betting the mining sector. Why not be the stakes in 2013, the mining
industry is still beset with anxiety for the prospects of mineral and coal
commodity prices. In addition in 2013 of course, will increase the political
temperature ahead of the 2014 elections. The Government Regulation as a product
prepared by the government and the legislature also certainly not independent
of external factors including political conditions. Thus, it is very
interesting assess possible impact of regulations being developed or are likely
to be published. 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 and 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 |
291,164.5 |
353,397.9 |
27,221.8 |
|
2012 |
361,028.4 |
384,307.2 |
26,166.2 |
|
2013* |
377,933.1 |
424,325.1 |
24,501.4 |
Until this time P.T. BC has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. BC is very reclusive towards
outsiders and rejected to disclose its financial condition. According annual
report and information holding company P.T. BERAU COAL ENERGY Tbk has suffering
from loss in the last three years. We observed that total sales turnover of the
company in 2012 amounted to US$ 1,420.0 million decreased to US$ 1,350.0 million
in 2013 drop to US$ 1,265.0 million in 2014 and projected to go on rising by at
least 4% in 2015. The operation in 2014 has suffering from loss of US$ 75.0
million and the company has an estimated total networth of at least US$ 200.0
million. Since the end 2014 P.T. BERAU COAL and P.T. BERAU COAL ENERGY Tbk had
been taken over by SINAR MAS Group.
Litigation Matters
The Subject (defendant) was involved in controversial
dispute with P.T. CAKRA SINERGI INVESTAMA (plaintiff) concerning debt concerns
that have been matured for Rp. 1.3 billion was recorded on Commercial Court No.
19/Pdt.Sus/Pailit/2015/PN.JKT.PST dated 1 July 2015.
P.T. Berau Coal, subsidiary indirectly owned by P.T.
Berau Coal Energy Tbk (BRAU) has filed for bankruptcy
by P.T. Cakra Sunergi Investama through the Commercial Court in the Central Jakarta District Court, as registered with the Register
No. 19/Pdt.Sus/Pailit/2015/ PN.NIAGA.JKT.PST dated July 1, 2015.
In the application, the applicant stated that it was as Receiver
on transfer of receivables from P.T. Fortuna Star based Receivable Transfer
Agreement (cessie) made under the stairs. P.T. Berau Coal is currently being
checked and verified in detail and depth, particularly in relation to whether
or not there is an obligation of payment to P.T. Fortuna Star who had been due
for payment and
not yet completed; as well as the transfer of receivables related to truth
between P.T. Fortuna Star
to the Applicant.
The Management of P.T. BC is headed by Mr. Fuganto Widjaja
(34) a professional manager of P.T. GOLDEN ENERGY MINES Tbk, holding company in
energy and coal mining of the SINAR MAS Group. He has served as President
Director and Chief Executive Officer of P.T. GOLDEN ENERGY MINES Tbk. He
graduated from the College of Arts and Sciences, Cornell University, in
Computer Science and Economics in 2003 and from Cambridge University, Judge
Institute of Management Studies in 2004.
The management is also handled by a number of experienced
staff in this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sectors.
So far we did not hear that the company’s management
having been involved in business malpractices or detrimental cases that settled
in the country. Considering P.T. BERAU COAL has suffering from loss in the last
three years we recommend to treat prudently in business transaction and in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.