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MIRA
INFORM REPORT
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Report No. : |
489323 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. GARDA TUJUH BUANA TBK |
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Formerly Known As : |
P.T. GARDA TUJUH BUANA |
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Registered Office : |
Menara Hijau Building, 5th Floor suite 501A, Jl. M.T. Haryono
Kav. 33, South Jakarta 12770 |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
10.06.1996 |
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Com. Reg. No.: |
AHU-AH.01.03-0091764 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Coal Mining, Marketing and Trading |
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No. of Employees : |
56 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Foreign Investment Company |
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Payment Behaviour : |
Slow |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 33% today. While Fitch and Moody's Investors
upgraded Indonesia's credit rating to investment grade in December 2011,
Standard & Poor’s has yet to raise Indonesia’s rating to this status amid
several constraints to foreign direct investment in the country, such as a high
level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical power
generation capacity. Fuel subsidies were significantly reduced in early 2015, a
move which has helped the government redirect its spending to 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 has not yet materialized.
|
Source
: CIA |
BASIC SEARCH |
Name
of Company :
P.T.
GARDA TUJUH BUANA TBK
Address
:
Head Office
Menara Hijau Building, 5th floor suite 501A
Jl. M.T. Haryono Kav. 33
South Jakarta 12770
Indonesia
Phone - (62-21) 794
3947 (hunting)
Fax - (62-21) 794 2650
Email - corporate_secretary@gtb.co.id
Website - http://www.gtb.co.id
Building Area - 18 storey
Office Space - 240 hectares
Region - Commercial
Status - Rent
Tarakan Office
Jl. Wijaya Kusuma II No 68, RT.47
Perumnas, Kel. West Karang Anyar
West Tarakan, East Kalimantan 77111
Indonesia
Phone - (62-551) 380
3976
Fax - (62-551) 380 3977
Building Area - 2 storey
Office - 120 sq.
meters
Region - Commercial
Status -
Rent
Site Office
Mining Area PT. Garda Tujuh Buana Tbk.
Sei Tapa, Bunyu Island, Bulungan district
East Kalimantan, Indonesia
Total Area - 710 hectares
Date of Incorporation
:
a. 10 June 1996 as
P.T. GARDA TUJUH BUANA
b. 11 May 2009 as
P.T. GARDA TUJUH BUANA Tbk.
Legal Form :
P.T. Tbk (Perseroan
Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-8095.HT.01.01.TH.96
Dated 19 July 1996
b. No. C-00242.HT.01.04.TH.2003
Dated 31 January 2004
c. No. AHU-34129.AH.01.02.Tahun 2008
Dated 18 June 2008
d. No. AHU-25653.AH.01.02.Tahun 2009
Dated 11 June 2009
e. No. AHU-39977.AH.01.02.Tahun 2009
Dated 18 August 2009
f. No. AHU-AH.01.03-0091764
Dated 21 October 2016
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.667.888.0-091.000
b. The Capital Market Supervisory Agency
No. S-5705/BL/2009
Dated 09 July 2009
Affiliated/Associated
Company :
a. P.T. GARUDA
MINERALS (Investment Holding)
b. DBS BANK LTD – SG
(Investment Holding)
CAPITAL AND OWNERSHIP |
Capital
Structure :
Authorized Capital - Rp.
1,000,000,000,000.-
Issued Capital - Rp. 250,000,000,000.-
Paid up Capital - Rp. 250,000,000,000.-
Shareholders/Owners
:
a.
P.T. GARUDA MINERLAS - Rp.
655,251,000.- (26.21%)
b.
DBS BANK LTD – SG - Rp.
846,984,000.- (33.88%)
c.
Publics -
Rp. 997,765,000.- (39.91%)
BUSINESS ACTIVITIES |
Lines of Business :
Coal Mining, Marketing and Trading
Production Capacity :
Not available
Total Investment :
a. Equity Capital - US$ 47,414,301
b. Loan Capital - US$
43,750,000
c. Total Investment - US$
91,164,301
Started Operation :
2007
Brand Name :
GARDA TUJUH BUANA
Technical Assistance
:
None
Number of Employee :
56 persons
Marketing Area :
Export - 100%
Main Customers :
a. PT. Galang Energy
Sakti
b.PT. Coal and Commodities Indonesia
Market Situation :
Very Competitive
Main Competitors :
a. PT. Adaro Indonesia
b. PT. Kideco Jaya
Agung
c. PT. Kaltim Prima
Coal
d. PT. Berau Coal
e. PT. Indominco
Mandiri
f. PT. Arutmin Indonesia
Business
Trend :
Declined
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a.
P.T. Bank PEMBANGUNAN DAERAH KALTIM
Jl. Jend.
Sudirman No. 33
Samarinda,
East Kalimantan
Indonesia
b. P.T. Bank DANAMON
INDONESIA Tbk
Menara Bank
Danamon
Jl. H.R.
Rasuna Said Blok C No. 10
South Jakarta
Indonesia
c. P.T. Bank MANDIRI Tbk
Mandiri Plaza
Jl. Jend. Gatot
Subroto Kav.36-38
South Jakarta
Indonesia
Auditor :
Ellya
Noorlisyati & Rekan (Registered Public Accountants)
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE |
Total
Sales/Revenues :
2013
– US$. 28,211,599
2014
– US$. 29,813,602
2015
– US$. 1,459,552
2016
– US$. 251,000
2017
– US$. 236,000 (estimated)
Net Profit (Loss) :
2013
– (US$. 5,961,199)
2014
– (US$. 4,610,034)
2015
– (US$. 16,042,742)
2016
– (US$. 5,200,467)
2017
– (US$. 5,843,210) (estimated)
Payment
Manner :
Sometime
delay
Financial
Comments :
Weak
KEY EXECUTIVES |
Board of Management :
President Director - Mr. Ratendra Kumar Srivastva
Directors -
a. Mr. Jones Manulang
b. Mr. Octavianus Wenas
Board of Commissioner:
President Commissioner - Mr. Murari Lai Puri
Commissioners - a. Mr. Pardeep Dhir
b. Mr. Mastan Singh
Signatories :
President Director (Mr. Ratendra Kumar
Srivastva) or one of the Directors (Mr. Jones Manulang or Mr. Octaviaus
Wenas) which must be approved by Board
of Commissioners
CAPABILITIES
|
Management Capability :
Fairly
Business Morality :
Fairly
OVERALL PERFORMANCE |
Originally named P.T. GARDA TUJUH BUANA, it
was established in Jakarta in June 1996 with an authorized capital of Rp
100,000,000 of which Rp 25,000,000 was issued and paid up. The founding
shareholders of the company are Mr. Rianto AKA Anton Rianto, Mr. Slamet Harsono
and Mr. Ir. Hari Purnomo. The Deed of
establishment was approved by the Minister of Justice of the Republic of
Indonesia through its Decree No. C2-8095.HT.01.01.TH.96 dated July 19,
1996. Its articles of association have
subsequently been changed for several times.
In December 2003, the authorized capital was raised to Rp. 1,000,000,000
of which Rp. 491,700,000 was issued and paid up. Since then, the shareholders of the company
are P.T. BINA ALAM INDAH KREASINDO, Mr. Riando AKA Anton Rianto, Mr. Ir. Hari
Purnomo, Mr. Ir. Mangihut Oloan Sihombing, Mr. Paulee Daud Wenas and Mrs.
Nirmala Dewi Syakerani. The
amendment to Deed was approved by the Minister of Justice of the Republic of
Indonesia through its Decree No. C-00242.HT.01.04.TH.2003 dated January 31,
2004.
In May 2009, based
on Notary Deed of Fathiah Helmi, SH., No. 11 dated May 11, 2009, stipulates,
among others, the changes of the company status from Limited Liability Company
to be a go-public company and behind the name was added by Tbk. (Terbuka)
to P.T. GARDA TUJUH BUANA Tbk., an acronym for a public listed company as
provided by government regulation. Then,
the company released its 39.91% shares to the public through the Indonesia
Stock Exchange (ISE) on July 9, 2009 with the
company's stock symbol (stock code) is GTBO.
Concurrently, the authorized capital was raised to Rp.
10,000,000,000.- of which Rp. 2,500,000,000.- was issued and fully paid
up. The shareholders of the company are
P.T. GARUDA MINERALS (26.21%), DBS BANK LTD – SG (33.88%) and Public (39.91%). The amendment to Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No.
AHU-39977.AH.01.02.Tahun 2009 dated August 18, 2009.
The most recently by Notary Deed of
Hasbullah Abdul Rasyid, SH., No. 117 dated October 20, 2016, concerning the
change in composition of the Company’s board of Directors and
Commissioners. 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.01.03-0091764 dated October
21, 2016. Since then, no changes have
been effected in term of its shareholding composition and capital structure to
date.
In accordance with article 3 (three) of the
articles of association contained in the deed of establishment, the scope of
activities of the Company is primarily in coal mining, construction, trading
and industry. The company registered office located at Menara Hijau Building, 5th
Floor, on Jalan M.T. Haryono Kav. 33, South Jakarta, where as the mining
location is in Pit Bajau (area of interest), Bulungan, and Province of East
Kalimantan. The commercial activities of
the Company has commenced since 2007.
The Company (GTBO) was granted exploitation
mining concession, coal mining processing and logistics operation in an
integrated manner. Based on Decree of
Bulungan Regent number 147/K-III/540/2007 dated March 26, 2007 regarding
granting of exploitation mining concession.
It is started that the width of area owned by GTBO that was initially
1,995,003 ha becomes 710 ha (decreasing 1,285,003 ha to be returned to Regional
Government of Bulungan Regency).
Currently GTBO produces thermal coal containing a low ash and low sulfur
content with calorific coefficient between 4,800 kcal/kg and 5,100 kcal/kg. Coal produced by GTBO will be used in coal
fired power plant both domestically and export markets.
The Company established 1 (0ne) a subsidiary
company with 100% ownership by the GTBO namely GTBO International FZE
registered No. 10462 on June 26, 2012 in the United Arab Emirates. The purpose of this company is to trade
energy products coal, metal ores & fuel.
Up to this now, the subsidiary has not operating yet. We observed that P.T. GTBO is classified as
a small sized company of its kind in the country of which the operations
declined in the last five years.
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 Indonesian Coal
Mining Association (APBI) & 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 to 366 million
tons in 2015 and to 333 million tons in 2016.
The Production, Export and Domestic Sales of Coal
Products 2009 – 2016
(in million Tons)
|
Year |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Production |
254 |
275 |
353 |
412 |
474 |
458 |
461 |
419 |
|
Export |
198 |
210 |
287 |
345 |
402 |
382 |
366 |
333 |
|
Domestic |
56 |
65 |
66 |
67 |
72 |
76 |
87 |
86 |
According to statement of income, the net
sales/revenues of P.T. GTBO in fiscal 2013 amounted to US$ 28.21 million with a
net loss of US$ 5.96 million rose to US$. 29.81 million with a net loss of US$
4.61 million in 2014, dropped to US$ 1.46 million with a net loss of US$ 16.04
million in 2015 and dropped again to US$ 0.25 million with a net loss of US$
5.20 million in 2016. Up to present, we
have yet to gain the statement of income of P.T. GTBO in fiscal 2017. However, we estimated that net sales of the
company in 2017 dropped again to US$.0.23 million with a net loss of US$ 5.84
million. The summary of financial
information of P.T. GTBO in fiscal 2013, 2014, 2015 and 2016 are below. So far we did not hear that the P.T. GTBO
has been black listed by Bank Indonesia (Central Bank) or having detrimental
cases being settled in local district court.
(Expressed
in US$)
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DESCRIPTION |
31 December |
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|
2016 |
2015 |
2014 |
2013 |
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ASSETS |
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- Total current assets |
975,675 |
3,826,583 |
11,704,805 |
15,148,917 |
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- Total Non-current assets |
54,131,231 |
56,333,253 |
69,299,398 |
73,312,513 |
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Total
Assets |
55,106,906 |
60,159,838 |
81,004,203 |
88,461,429 |
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LIABILITIES
AND EQUITY |
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|
|
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|
- Total current liabilities |
1,345,624 |
2,221,232 |
5,825,414 |
6,607,122 |
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- Total non-current liabilities |
6,346,980 |
5,315,942 |
6,600,867 |
8,666,351 |
|
- Total Equity |
47,414,301 |
52,622,664 |
68,577,923 |
73,187,957 |
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Total
Liabilities & Equity |
55,106,906 |
60,159,838 |
81,004,203 |
88,461,429 |
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INCOME |
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- Net Sales |
251,000 |
1,459,552 |
29,813,602 |
28,211,599 |
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- Gross Profit (Loss) |
(109,611) |
(2,115,799) |
(3,254,842) |
1,610,992 |
|
- Profit (Loss) Before Tax |
(6,759,980) |
(20,053,427) |
(5,683,454) |
(5,001,491) |
|
- Net Profit (Loss) |
(5,200,467) |
(16,042,742) |
(4,610,034) |
(5,961,199) |
Audited
by Ellya Noorlisyati & Rekan (Registered Public Accountants)
The management of P.T. GTBO is led by
Mr.Ratendra Kumar Srivastva (62) of India as President Director and CEO of the
company. He appointed as President
Director since October 17, 2016. In his
daily activities, he is assisted by two directors namely Mr. Jones Manulang
(46) and Mr. Octavianus Wenas (49), both of Indonesia.. We have never heard that the management of
the company has been filed to local court for detrimental cases. So far, we have never heard that the company
has been involved in business malpractices.
Considering the operation of P.T GTBO
suffered from loss in 2013 to 2017, also 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 |
INR 64.27 |
|
|
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
|
IDR |
1 |
INR 0.0045 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.