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Report No. : |
341120 |
|
Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MINEMEX INDONESIA |
|
|
|
|
Registered Office : |
Jl. Hayam Wuruk
LRG Setia No.16, RT.07, Kel. Talangjauh, Kec. Jelutung, Jambi Province 36133,
Sumatera |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
29.04.2008 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-10442 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Coal
Mining |
|
|
|
|
No. of Employees : |
120 |
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 : |
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 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
|
Correct
Name of Company :
P.T.
MINEMEX INDONESIA
A
d d r e s s :
Head
Office
Jl. Hayam Wuruk LRG Setia No.16, RT.07
Kel. Talangjauh, Kec. Jelutung
Jambi Province 36133
Sumatera, Indonesia
Phone -
(62-741) 775 2953
Fax. -
(62-741) 775 2953
Cellular phone - (62) 815 880
1635
Building Area - 3 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Mining
Sites
Dusun Tebat RT.05/06, Desa Mandiangin
Mandiangain district, Sarolangun
regency
Jambi Province
Sumatera, Indonesia
Land Area - 3,700 hectares
Building Space - 160 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
29
April 2008
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
c. No. AHU-27705.AH.01.01.Tahun 2008
Dated 26 May 2008
b. No. AHU-32543.AH.01.02.Tahun 2011
Dated 28 June 2011
c. No. AHU-AH.01.10-10442
Dated 21 March 2013
Company Status :
Foreign Investment
Company (PMA)
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.763.966.5-333.000
Holding Company :
P.T. THRIVENI
(Investment Holding)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
34,200,000,000.-
Issued
Capital - Rp.
11,400,000,000.-
Paid
up Capital -
Rp. 11,400,000,000.-
Shareholders/Owners
:
a. P.T. THRIVENI - Rp.
10,260,000,000.- (90%)
Address : Wisma Nugra Santana, 14th Floor
Jl. Jend. Sudirman Kav. 7-8
South Jakarta
Indonesia
b. Mr. Balasubramanian Karthikenyan -
Rp. 1,140,000,000.- (10%)
Address :
Apart. Menara Kalapa Gading No. 88
Jl. Pegangsaan II, Kelapa
Gading
North Jakarta
Indonesia
BUSINESS ACTIVITIES
|
Lines
of Business :
Coal
Mining
Production
Capacity :
Coal - 3.0 million tons p.a.
Total
Investment:
Owned
Capital - Rp. 34.2 billion
Started Operation :
January 2012
Brand Name :
Minemex Indonesia
Technical Assistance
:
Thriveni Earthmovers
Ptv. Ltd., of India
Number of Employee :
120 persons
Marketing Area :
Export - 95%
Local - 5%
Main Customer :
All coal marketing is
handled by Thriveni Resomin Pte. Ltd., Singapore
Market Situation :
Very Competitive
Main Competitors :
a. PT. Truba Bara Banyu Enim
b. PT. Manambang Muara
Enim
c. PT. Bumi Merapi
Energi
d. PT. Kusuma Raya
Utama
e. PT. Bara Alam
Utama
f.
PT. Budi Gema Gempita
Business Trend :
Declining
BANKER, AUDITOR & LITIGATION
|
B
a n k e r :
P.T.
Bank NEGARA INDONESIA Tbk
Jambi Branch
Jl. Dr. Sutomo No. 20
Jambi Province
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– US$. 129.5 million
2013
– US$. 120.4 million
2014
– US$. 97.0 million
2015
– US$. 43.6 million (January – June)
Net
Profit (loss) :
2012
– US$. 8.4 million
2013
– US$. 4.6 million
2014
– (US$. 5.8 million)
2015
– (US$. 4.6 million) (January – June)
Payment
Manner :
Average
Financial
Comments :
Weak
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Balasubramanian Karthikeyan
Directors -
a. Mr. Chinnarasu Kumaresan
b. Mr. Natarajan Murugesan
Board of Commissioner :
Commissioner - Mr. Balasubramanian Prabakara
Signatories :
President
Director (Mr. Balasubramanian Karthikeyan) or one of the Directors (Mr.
Chinnarasu Kumaresan or Mr. Natarajan Murugesan) which must be approved by
Board of Commissioner (Mr. Balasubramanian Prabakara)
CAPABILITIES
|
Management Capability :
Fairly
Business Morality :
Fairly
OVERALL PERFORMANCE
|
P.T. MINEMEX INDONESIA (P.T. MI) was established
on April 29, 2008 with the authorized capital of Rp. 1,000,000,000 of which Rp.
550,000,000 was issued and fully paid up. The founding shareholders of the
company are Mr. Muchlish Murtadio (5%), Mr. Nelson Oloan Siregar (5%) and Miss
Renny Indah Sari (90%). The Deed of
establishment has been approved by the Minister of Law and Human Right through
its Decree No. AHU-27705.AH.01.01.Tahun 2008 dated 26 May 2008. The articles of association of the company
have frequently been revised. In June 2011,
the founding shareholders withdrew and the whole shares are sold to P.T.
THRIVENI, a private company and Mr. Balasubramanian Karthikesan, a businessman
of India.
The most recently by Notary Deed No. 44
dated February 20, 2013 of Mrs. Djumini Setyoadi, SH., the authorized capital
was raised to Rp. 34,200,000,000.- of which Rp. 11,400,000,000.- was issued and
fully paid up. Since then, the
shareholders of the company are P.T. THRIVENI (90%) and Mr. Balasubramanian
Karthikesan (1%). This amendment
to Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decree No. AHU-AH.01.10-10442 dated March 21,
2013. Since then, no changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. MI has been in operation since in 2012
dealing with coal mining. The company
has taken over a coal concession of “IUP” mining authorization as per new
mining law in Mandiangin district, Sarolangun regency, Jambi province in an
area of 3,700 hectares. All coal marketing will be handled by Thriveni Resomin
Pte. Ltd., of Singapore, a wholly owned subsidiary of Thriveni Earhmovers Ptv.
Ltd. of India. In addition, the Company has constructed their own Jetty at
their intermediate stockpile at Jebak for Coal Barging from Muara Jebak to
their main stockpile at Talang Duku, Now Jetty is used for barging. In order to overcome port congestion at
Talang Duku, Jambi and expand their stockpile, the Company has built their own
port in the name of PT. Karya Bakthi Project and is fully operational as of
January 2012 with 3 berths. The
company’s coal specifications (TRPL ECO 1) are:
1. Commodity : Thermal Steam Coal
(Non-Coking) in Bulk
2. Country of Origin : Indonesia, Sumatra, Jambi
3. Annual Capacity : 1.1 million Metric Tons
for 2012 and 3 million metric tons in 2013
4. Quality : According to ASTM testing
specification as below
5. Offering : FOB Mother Vessel Geared and
Grabbed
6. Anchorage Port : Muara Sabak, Sumatra, Indonesia
7. Loading Rate : Min 7,000MT Per Day WWD SHINC
|
Description |
Offered |
Limits |
|
Gross Calorific Value (ADB) |
5,400 Kcal/kg |
Below 5,200 Kcal/kg |
|
Calorific Value As Received (GAR) |
3,650 |
3,550 |
|
Total Moisture (ARB) |
38 pct approx. |
Above 41 pct approx. |
|
Inherent Moisture (ADB) |
13 pct approx. |
17 pct approx. |
|
Total Sulphur (ADB) |
0.15 pct |
Above 0.30 pct |
|
Ash Content (ADB) |
6 pct |
Above 8 pct |
|
Volatile Matters (ADB) |
40 pct approx. |
Limits |
|
Fixed Carbon (ADB) |
By difference |
Below 5,200 Kcal/kg |
|
HGI |
60 approx |
3,550 |
|
Size 0-50mm |
85 pct approx |
Above 41 pct approx. |
Since 2005, Indonesia has become one of the
largest coal producers and exporters in the world. Data from BP Statistical Review of World
Energy report (June 2014) put Indonesia as the fourth largest coal producer
after China, the United States and Australia (as of 2013). Most of the exported thermal coal is of
medium quality (between 5,100 and 6,100 ca/gram) and low quality (under 5,100
ca/gram), largely absorbed by Chinese and Indian markets. In 2014, the coal industry did not indicate
any improvement, as the coal market did not move from its oversupply and declining
demand positions since 2011, China, which has been the world’s largest coal
importer, began to reduce the use of low ranked coal and has developed an
environmentally friendly power plan as pollution levels in China’s large cities
has become very high. India, the largest
coal importer after China, was hit by uncertainty due to a weakened economy and
political problems.
In 2015, the coal market conditions are not
expected to undergo significant changes as compared to 2014. As reported in BP World Statistical Review of
World Energy 2014, coal consumption would continue to grow by 3%. Although this figure is still below the
average growth in the last 10 years of 3.9%, nevertheless coal is a fossil fuel
with the most rapid growth. According to the International Energy Agency (IEA),
world energy demand will rise by 45% by 2030, or equivalent to an average of
1.6% growth per annum. Around 80% of
world’s energy needs will be fulfilled by fossil fuel. Only around 20% will be covered by renewable
energy. 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 tons in
2014. Meanwhile, coal price
in the international market continues to fall from US$
86.62 per metric ton, to US$ 80.31 per
metric ton in
2013 dropped again to US$ 64.65
per metric ton
in 2014. Currently, coal prices continue to decline ranged US$ 58 to
60 per metric
tons.
Until this time P.T. MI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of P.T. MSJ is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2012 amounted to US$.129.5
million declined to US$.120.4 million in 2013 and dropped again to US$ 97.0
million in 2014. The company's sales
turnover is estimated to be down again for at
least 10% in 2015, due to the falling price of coal in the last two
years. The operation in 2014 yielded an
estimated net loss of US$.5.8 million and the company has a total asset of
US$.40.0 million. So far we did not hear
that the P.T. MI has been black listed by Bank Indonesia (Central Bank) or
having detrimental cases being settled in local district court.
The management of P.T. MI is led by Mr.
Balasubramanian karthikeyan (41) as President Director. He also sits as Executive Director of
Thriveni Earthmovers Pvt., Ltd. India. In his daily activities, he is assisted
by Mr. Chinnarasu Kumaresan (44) and Mr. Natarajan Murugesan (45), both as
directors respectively. So far, we did
not hear that the management of the company being filed to the district court
for detrimental cases or involved in any business malpractices. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia.
Considering the operation of P.T. MI
declined in the last two years and economic condition in the country is still
unstable and slowdown, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.50 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.