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Report No. : |
341786 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. COMMODITIES &
ENERGY RESOURCES |
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Registered Office : |
Wisma GKBI, Suite UG-02, Jl. Jend. Sudirman No. 28, Jakarta 10210 |
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Country : |
Indonesia
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Date of Incorporation : |
11.12.2006 |
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Com. Reg. No.: |
AHU-AH.01.10-03260 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporting of Coals. |
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No. of Employees : |
55 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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.
COMMODITIES & ENERGY RESOURCES
A
d d r e s s :
Head
Office & Factory
Wisma
GKBI, Suite UG-02
Jl.
Jend. Sudirman No. 28
Jakarta
10210
Indonesia
Phones -
(62-21) 5790 3222 (hunting)
Fax - (62-21) 5790 3221
Email - business@comenr.com
Website - http://www.comenr.com
Land Area - 34 storey
Building Area - 180 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
11
December 2006
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No. W7-00709.AH.01.01.Tahun 2007
Dated 19 January 2007
b. No. AHU-46546.AH.01.02.Tahun 2012
Dated 03 September 2012
c. No. AHU-AH.01.10-03260
Dated 04 February 2014
Company
Status :
Foreign
Investment Company (PMA
Permits
by the Government Department :
a. The Department of Finance
NPWP No. 02.419.716.2-059.000
b. The Department of Industry and
Trade
TDP No. 09.03.1.51.51795
Related/Affiliated
Company :
P.T.
ALBASIA BHUMIPHALA PERSADA (Wood-based Product Industry)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - US$. 300,000 (Rp.
2,722,500,000)
Issued Capital - US$. 200,000 (Rp.
1,815,000,000)
Paid up Capital - US$. 200,000 (Rp.
1,815,000,000)
Shareholders/Owners
:
a. Mrs. Atim Ato Atun Umatuloh - US$. 180,000 (90%)
Address: Jl. Cipinang Kebembem EII,
RT.011/013
Pulogadung, East Jakarta
Indonesia
b. Mr. Saad Khan Janjua - US$. 10,000 (
5%)
Address: 67- Pasir Resident
Terrace
Singapre 518711
Indonesia
c. Mrs. Nuraini - US$. 10,000 (
5%)
Address: Jl. Lpta Ni,o Ikimg.
RT.007/003
Tanah Abang, Central Jakarta
Indonesia
BUSINESS ACTIVITIES
|
Lines
of Business :
Trading and Exporting of Coals
Production
Capacity:
None
Total
Investment :
None
Started
Operation :
2007
Brand
Name :
Commodities & Energy Resources
Technical
Assistance :
None
Number
of Employee :
55 persons
Marketing
Area :
Export - 100%
Main
Customers :
Corporate and Individual
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Rheincoal Supply and Trading Indonesia
b. PT. Asian Cotton Trader
c. PT. Gading Martensite
Cemerlang
d. PT. Rajawali Nusantara Indonesia
e. PT. Lumbung Padi Indonesia
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46
Kota BNI
Jl. Jend. Sudirman Kav. 1
Central Jakarta
Indonesia
b. CITIBANK N.A.
Citibank
Tower
Jl. Jend. Sudirman Kav. 54-55
South Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation
:
No litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012 – US$. 43.0 million
2013 – US$. 48.0 million
2014 – US$. 52.0 million
2015 – US$. 28.0 million (January – June)
Net
Profit (Loss) :
2012 – US$. 2.8 million
2013 – US$. 3.1 million
2014 – US$. 3.4 million
2015 – US$. 1.8 million (January - June
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY EXECUTIVES
|
Board of Management :
President
Director -
Mrs. Atim Ato Atun Umatuloh
Director - Mr.
Saad Khan Janjua
Marketing
Manager - Mr.
Syed Zua Ur Rehman
Board of Commissioners :
Commissioner - Mrs. Nuraini
Signatories :
President Director (Mrs. Atim Ato Atun Umatuloh) or
Director (Mr. Saad Khan Janjua) which must be approved by the Board of
Commissioner (Mrs. Nuraini)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
P.T.
COMMODITIES & ENERGY RESOURCES (P.T. CER) was established in Jakarta based
on Notary Deed No. 46 dated December11, 2006
drawn up by Haji Dana Sasmita, SH., notary in Jakarta with an authorized
capital of US$ 300,000 of which US$ 200,000 was issued and fully paid up. The founding shareholders of the company are
Mr. Avi Koesnovagril (70%), Mrs. Atim Ato Atun Umatuloh (10%), both of
Indonesia and Mrs. Saemah Zia of Pakistan (20%). The Deed of establishment has been approved
by the Minister of Laws and Human Rights of the Republic of Indonesia through
its Decree No. W7-00709.HT.01.01.TH.2007 dated January 19, 2007. Its articles of association have subsequently
been changed for several times. The most recently by Notary Deed No. 25 dated
December 16, 2013 drawn up by Anesta Chrisanti, SH., Mr. Avi Koesnovagril and Mrs. Saemah Zia
withdrew and the whole shares are sold to Mr. Saad Khan Janjua of Pakistan and
Mrs. Nuraini of Indonesia. Since then,
the shareholders of the company are Mrs. Atim Ato Atun Umatuloh (90%), Mr. Saad
Khan Janjua (5%) and Mrs. Nuraini (5%).
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.01.10-03260 dated February 4, 2014.
P.T. CER obtained a foreign investment
company (PMA) facility issued by Investment Coordinating Board (BKPM) for
dealing with trading and exporting of
Coal. While the company stills
occasionally delve in other commodities particularly cotton, cement, sugar and
rice. P.T. CER currently owns several
coal concessions in Central and East Kalimantan and has many long term off-take
contracts with medium and large scale suppliers. The company has a fleet of more than 100
dedicated barges which ply throughout the year to transport their product thus
ensuring timely delivery. In addition,
P.T CER also as a international trader is known to the Indonesian Textile
sector for more than 2 decades. Cotton
is Indonesia’s staple import. The annual requirement of cotton imports is about
2 million bales per year. The main
supply sources is the Unites States, Australia, Egypt and Pakistan. P.T. CER is also
engaged in the field of the sugar
trade and supply to the domestic market in Indonesia.
In this case the CER has established relationships with suppliers
in Thailand, Pakistan,
the Gulf and Brazil. We note that P.T. CER is classified as a
medium-sized company of its kind in the country of which the operation has been
growing in the last three years.
In overall we find the demand for coal,
cotton, cement, sugar and rice had been rising by the average 6% to 8% per year
within the last five years. The solid
and steady domestic economy, increased government activity in infrastructure
development and improving investment climate in Indonesia with the rising of
Country Rating to Investment Grade, and also supported by Indonesia’s economic
indicators such as inflation, exchange rates and interest rates are expected to
encourage the business sectors.
Macroeconomic indicators from China showed
downward trend. In contrary,
macroeconomic indicators of the US and India showed improvement. Both of these indicated continued
uncertainties. In Europe, concerns on
the development of Greece’s economy are also expected to add uncertainties in the
global economy environment. Despite
these uncertainties, many analysts expected positive outlook for the Asian
region. OECD and IMF have predicted that
the China’s economy will grow 7.1% while India is expected to grow between 6.4
– 6.6%. The global economic
crisis that accompanied the decline of the Indonesian Rupiah (IDR) against the
US Dollar in the past two months, resulting in Indonesian people's purchasing
power declined sharply. The value of the Rupiah from Rp. 9,500.- per US dollar,
has now slumped to Rp. 14.300 per US Dollar. It is estimated that the financial
crisis will continue until the end of 2015.
Until this time P.T. CER 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. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. The
management of P.T. CER 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$. 43.0 million increased to US$. 48.0 million in
2013 rose again to US$. 52.0 million in 2014 and projected to go on rising by
at least 8% in 2015. The operation in 2014 yielded an estimated net profit of
at least US$. 3.4 million and the company has an estimated total net worth of
at least US$. 12.0 million. So far, we
did not heard that the company having been black listed by the Central Bank
(Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. CER is led by Mrs.
Atim Ato Atun Amatuloh (43) as president director. In her daily activities she is assisted by
Mr. Saad Khan Janjua (42) as director and Mr. Syed Zua Ur Rehman (40) as
marketing manager. The company's management is also handled by professional
staff in the above business. They have wide relations with private businessmen
within and outside the country. 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.
P.T. CER is sufficiently fairly good for
business transaction. But owing to 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.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.37 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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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.