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26/4/2016
PT XXXX Page 1 of 12 No. 006/CORFIN-MND/IV/2016
CREDIT REVIEW
Borrower : “XXXXXX”
Affiliated to: -
Economy Sector Description : Mining
Industry Group : Gold
Industry Description : Kontraktor Utama
Oustanding Exposure : IDR 1,000,000,000,00,-
Proposed Amount : IDR 6,896,000,000,00,-
Total Exposure : IDR 7,896,000,000,00,-
Summary of Credit:
A lease application using Direct Finance facilities.
Structure I :
Direct Finance on – 2 Units of Komatsu Motor Grader GD7005-5 Brand New. The
details are : (i) Total Acqusition Cost, IDR 7,700,000,000,00 (Incl VAT),-; (ii) Total
Financed Amount, IDR 6,160,000,000,00,- (80%), (iii) interest rate will be postulate on
15.85% p.a effective rate, in Advance, fixed. (iv) lenght of installment is 24 Months; (v)
and installment will be valued at IDR 297,246,000,00,-.
Structure II :
Direct Finance on – 1 Unit of Volvo Vibratory Soil Compactor SD110 (New). The details
are : (i) Total Acquisition Cost, IDR 920,000,000,00,- (Incl VAT); (ii) Total Finance
Amount, IDR 736,000,000,00,- (80%); (iii) interest rate will be postulate on 16% pa
effective rate, in Advance, Fixed. (iv) lenght of installment is 24 months; (v) and
installment will be valued at IDR 35,563,000,00,-
Risk Concern :
Customer :
Refers to establishment of XXX (hereinafter referred to “XXX”), presently has running
gold mining project in providing service of loading and hauling. Having much
redemption with J-Resources, XXX and PT Meares Soputan Mining (hereinafter referred
to “XXX”), both parties have agreed that the project will announce
Name % Stock Sheet Amount
Mr. Welly Leiden Mangarek 52.0% 1,040 1,040,000,000
Mr. Wilson Nicolas S 48.0% 960 960,000,000 Figure 1 According to Drs. ArieXXXn Auly Independent Auditor Report for Financial Report 2015
Line of Business :
Toka Tindung Gold Mine
Situated about 35 kilometers northeast of Manado
on the island of Sulawesi, the gold mine has one
pit to the north of the site and four XXXller pits
to the south. Toka Tindung has a current total of
1.75 million ounces of gold, of which 1.1 million
Figure 2 Toka Tindung Gold Mine
26/4/2016
PT XXXX Page 2 of 12 No. 006/CORFIN-MND/IV/2016
ounces will be mined. Lessee’s work includes loading and hauling ore from the pits to the
processing plant for treatment and stockpiling waste material in neraby individual dumps
and disposal areas. XXX also clearing and preparing the ground for construction bases
and mining locations and building anything related about mining operational as stated in
letter of intent between both parties.
Collateral: Loan-to-value ratio of this leased object valued at 80% while CCR is around 1.25x.
Cummins has a medium marketability due to brand and type. And the total exposure of
lessee is rapidly increase up to 589.60% while the installment rating is up into 579.63%.
total exposure of this request is valued at IDR 7,896,000,000 while the installment is
adding up to IDR 381,778,000,00,-
Purpose :
The purpose of this request is to acquittance and purchase of the machine and will be
directly used to lessee’s operational business.
Risk Mitigations :
These points are mitigating the credit risk :
Bussiness-Cycle in a Nutshell
Figure 3 Map of XXX Toka Tindung Gold Mining Project (Source : Archi Indonesia)
The Toka Tindung Project is located on the northern tip of the island of Sulawesi,
Indonesia, approximately 35 km northeast of the regional capital of Manado. The Project
is bordered by the Malucca and Celebes seas. The Toka Tindung operation has favorable
cost structure due to its geological, mining and processing factors, competitive input
costs, skilled Indonesian workforce, and silver credit byproduct. We are planning to
increase throughput capacity of Toka Tindung Project through continuous optimization
programs. There are several optimization programs currently under consideration such as
processing alternative material with lower grade, which can be done by Crusher Fine
Screen method and plant expansion. Processing plant at Toka Tindung started its
operation since April 2011 with installed capacity of 1.7 Mtpa. Through running
Month Product Customer Exposure % Up Installment % Up
Mar 2016 Finance Lease PT SMA 1,000,000,000.00 48,969,000.00
Apr 2016 Finance Lease PT SMA 6,896,000,000.00 589.60% 332,809,000.00 579.63%
This Request
26/4/2016
PT XXXX Page 3 of 12 No. 006/CORFIN-MND/IV/2016
optimization initiative, the plant now operates with 2.0 Mtpa capacity. For maintaining
growth, the management is studying several different scenarios with objective to increase
the gold production by 10-20k oz annually and to accelerate processing plan of 14 mt of
lower grade ore. Archi plans to increase Toka Tindung Project gold production to reach
180-200k oz per annum in 2016 and achieve improvement in economies of scale. XXX
entered into a Contract of Work (CoW) with the Indonesian Government on 2 December
1986 for the general survey, exploration, feasibility study, construction and operation in
areas within the concession area. The work area covers approximately 8,969 hectares.
With commercial production commenced in 2011, XXX’s CoW term is for 20 years and
is valid until 5 March 2031.
Business Condition(s) :
As the contract between PT
Meares Soputan Mining and
XXX setting out the terms
and conditions for the
provision of Load and Haul
mining services, both parties
agree that the agreement is
necessary to cover
commercial, operational,
technical terms of the
services rendered to the
copany for the project
planning, mobilisation,
procurement and
commencement of site
survey and supervision
activities prior to the
contract being executed. As
the lessee work as
contractor, they should’ve
been warned about the gold reserves and the gold price as they will be paid by the selling
process by the way. The picture in the left side mention that the global price and changing
rate is slightly change due to international volatility. In the last two months were noted as
the highest price compare to last six months global price review. Lately, few term and
conditions might be affected the company operational as we sourced up from few trusted
source :
- The EIA (Environmental Impact Assessment) which constantly make several damage
around the mining site. Mining tailings will potentially contaminate the environment
and negatively effect people’s health. The conversion of agricultural and forest land
+/- 8000 hectares for XXX, is really losses for agricultural and the forest sectors,
especially on the background of climate change;
- XXX has also taken an aggressive approach to procuring the land it needs for the
mine site and associated infrastructure. In June 2006, the company reported that "all
land purchases necessary to commence production have been completed ahead of
schedule". Not all the landowners were prepared to give up without a struggle: NGOs
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
950.00
1,000.00
1,050.00
1,100.00
1,150.00
1,200.00
1,250.00
1,300.00
Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
26/4/2016
PT XXXX Page 4 of 12 No. 006/CORFIN-MND/IV/2016
report there are currently at least five land dispute cases between local people and
XXX
Customer :
Lessee is a regular player in its field. Previously, they have running some projects along
with J Resources. Since they get some offers from specific party, they already granted
long-term contract with XXX to load and hauling of gold mining site in North Sulawesi.
They also have a relationship with any other financial company such as SAN Finance and
Buana Finance and knowing that they have been amounted by Bank Mandiri lately.
Facility O/S Principal Installment Paid of inst Max.OVD Freq. Status
DF 1,081,078,461.00 107,262,598.00 14x 51 days 6x Live/Not good
DF 497,038,018.00 61,504,000.00 16x 33 days 10x Live/ Not good
DF 107,262,598.00 61,504,000.00 16x 0 0 Live
SLB 6,973,031,346.00 302,822,000.00 0x 0 0 Live
Total 8,658,410,423.00 533,092,598.00
PT. Samudera Mulia Abadi
In the beginning of 2016, lessee has granted refinancing facility from Buana
Finance with huge number compare to any other request for several finance
company. The request is valued at IDR 7 Billion and installment around IDR 300
million for 12 units truck and 2 units heavy equipment;
As we checked up through various channel, the repayment of lessee in such
finance company are merely not good; Total installment in Buana Finance IDR 533.092.598,-. Total Outstanding
Principal IDR 8.6 billion;
In SANF lessee has 2 mature contracts in October 2015 for Komatsu D85
Bulldozer and Vibratory roller BW211. Payment record is not good. Max OVD
43 days. Overdue happened every month until mature in October 2015. for
any consideration, lessee’s asset in SANF are still in charge for fully paid of
late charge.
Collateral :
The asset(s) proposed will be usage in Toka Tindung, Manado, North Sulawesi in one of
the gold mining site. The loan-to-value of lease proposed is 80% according to acquisition
cost in offering letter. But, due to checking market value used comparison test we
checked up from various dealers with various province and CCR is about 1.25x.
Capital : The lessee had manages 96.55% of owned
asset and the under lease valued at 3.45%.
They initially took higher procentage of leased
asset composition related on this request. In
program that use sales and lease back facilities,
lessee normally must provide collateral as a
means of guaranteeing their loan rather than
group solidarity guarantees. Recommended
collateral value is 75% of the value of the loan,
with a minimum level of equivalent to at least
65% of the loan.
Here is the detail of asset composition
manages by lessee with the following items :
0
10
20
30
40
50
60
Leased Owned
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
Number of
Unit
Percentage
26/4/2016
PT XXXX Page 5 of 12 No. 006/CORFIN-MND/IV/2016
As stated in the list asset composition, actually for doing few projects lessee are quite
strong enough. With a number of lessee’s total asset, practically it will helps lessee’s
productivity in mining site and expected reaching loading and hauling targets. But, more
than 70% are still under lease, and half of the huge number are Articulated Dump Truck
(ADT) Volvo which classified as under leased in Bank Mandiri. And the total installment
of lessee also is very imppresive, yet it might be the highest exposure and highest
obligation that lessee must covering up.
Project Details PT XXX was a company
established on June 25th,
2007 in field of general
trading and mining
contractor. Since economic
downturn and slower
international demand in
coal, the development and
level of Indonesian
economic becoming much
better continously. This
economic condition has
caused the positive impact
to the increasing of
infrastructure in Indonesia. Along with XXX, lessee has granted to hauling and loading
the outcome of gold mining in Toka Tindung site. The term of contract is reviewed by the
future date according to agreement from both parties.
Schedule Rates - Mining
Description UoM Rate-
IDR/UoM
Qty (BCM) Item in Total IDR
Exacavate, Load Haul
(<1500m) and dump blasted
ore from Toka pit to
stockpiles
Bcm 37.229
4.249.652 158.210.296.039
Leased Owned
1 JCB Ligting Tower 10 Units 10 0 MPM Finance 48,969,000.00 1/24 0 Days
2 Excavator Hitachi ZX200 2008 1 Unit 0 1 - - - Null
3 Excavator Komatsu PC200 2010 1 Unit 0 1 - - - Null
4 Excavator Hitachi ZX200 2011 2 Units 0 2 - - - Null
5 Excavator Hitachi ZX200 2012 2 Units 0 2 - - - Null
6 Dozer John Deere 2012 1 Unit 0 1 - - - Null
7 Excavator Komatsu PC300-8 2013 1 Unit 0 1 - - - Null
8 Dozer Caterpillar D6R-XL 2013 1 Unit 0 1 - - - Null
9 Motor Grader Caterpillar 120K 2013 1 Unit 0 1 - - - Null
10 Compactor Bomag 10T 2013 3 Units 0 3 - - - Null
11 Excavator Hitachi ZX 200 2014 6 Units 0 6 - - - Null
12 Excavator Hitachi Long Arm 2014 1 Unit 0 1 - - - Null
13 Excavator Volvo EX210 B 2015 1 Unit 1 0 Buana Finance 131,138,031.00 15/24 Null
14 Compactor Volvo SD110B 2015 1 Unit 1 0 Buana Finance 54,467,000.00 7/24 Null
15 ADT Volvo 2015 35 Units 35 0 Bank Mandiri 6,000,000,000.00 1/36 Null
1 Motor Grader Komatsu GD7005-5 2 Units 2 0 MPM Finance 297,246,000.00 0/36 Null
2 Volvo Vibratory Soil Compactor SD110 1 Unit 1 0 MPM Finance 35,563,000.00 0/36 Null
50 20
71.43% 28.57%
RemarkInstallmentNo Asset Description Finance CompanyQtyStatus
Posisi Tenor
Heavy Equipment
This Request
Grand Total 70 Units
26/4/2016
PT XXXX Page 6 of 12 No. 006/CORFIN-MND/IV/2016
Exacavate, Load Haul
(<2000m) and dump blasted
ore from Toka pit to
stockpiles
Bcm 37.366 10.095.521 377.227.952.595
Exacavate, Load Haul
(<2000m) and dump blasted
ore from Southern pits to
stockpiles
Bcm 36.271 1.911.779 69.341.960.875
Exacavate, Load Haul
(<2000m) and dump blasted
ore from Souther pits to
waste rock storage areas
Bcm 36.271 19.081.256 692.094.328.800
Total 147,137 35,338,208 1,296,874,538,309
Bill of Quantities – Over Haul
Description UoM Rate-
IDR/UoM
Qty (BCM) Item in Total
IDR
Exacavate, Loadm Haul
(<1500m) and dump blasted
ore from Toka pit to
stockpiles
bcm 8,212
4.249.652 12.077.418.621
Exacavate, Loadm Haul
(<2000m) and dump blasted
ore from Toka pit to
stockpiles
Bcm 8,212 10.095.521 125.112.874.666
Exacavate, Loadm Haul
(<2000m) and dump blasted
ore from Southern pits to
stockpiles
Bcm 8,212 1.911.779 5.187.208.819
Exacavate, Loadm Haul
(<2000m) and dump blasted
ore from Souther pits to
waste rock storage areas
Bcm 8,212 19.081.256 230.484.468.893
Total 32,848 35,338,208 372,861,970,999
Bill of Quantities – Lump Sums
Description Qty Item in Total IDR
Mobilisation 1 20.530.698.529
Demobilisation and
disestablishment
1 6.843.566.176
Total 2 27,374,264,705
**there is no proof and evidence of lessee’s production capacity due to lessee are willing to keep
it intentionally left blank**
26/4/2016
PT XXXX Page 7 of 12 No. 006/CORFIN-MND/IV/2016
Financial Highlight :
Trend Analysis of Financial Report
Concern :
Breaking Down Lessee’s Financial Report
a. Given that the debt/equity ratio measures a company’s debt relative to the total value of
its stock, it is most often used to gauge the extent to which a company is taking on debts
as a means of leveraging (attempting to increase its value by using borrowed money to
fund various projects). A high debt/equity ratio generally means that a company has been
aggressive in financing its growth with debt. Aggressive leveraging practices are often
associated with high levels of risk. This may result in volatile earnings as a result of the
additional interest expense.
b. Another important point to consider when assessing D/E ratios is that the “Total
Liabilities” portion of the formula may often be determined in a variety of ways by
lessee. In some cases, companies will only incorporate debts (like loans and debt
securities) into the liabilities portion of the formula, while omitting other kinds of
liabilities (unearned revenue, etc.). In other cases, companies may calculate D/E in an
even more specific way, including only long-term debts and excluding short-term
debts and other liabilities.
c. Review of Financial Ratio
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
2015 2014 2013
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Current Ratio
Cash Ratio
Quick Ratio
Debt/Asset Ratio
Equity/Asset Ratio
Debt/Equity Ratio
ROA
ROE
GPM
NPM
Figure 4 According to Financial Report : Lessee's financial health is remain downturn for the
annual report in 2015
26/4/2016
PT XXXX Page 8 of 12 No. 006/CORFIN-MND/IV/2016
Liquidity
Current Ratio Total Asset Lancar 4,513,004,979.00 14,105,629,531.68 9,276,347,164.64
Kewajiban Lancar 4,029,109,351.00 112.01% 5,387,848,785.36 261.80% 4,538,262,364.17 204.40%
Working CapitalTotal Asset Lancar 4,513,004,979.00 14,105,629,531.68 9,276,347,164.64
- Kewajiban Lancar 4,029,109,351.00 483,895,628.00 5,387,848,785.36 8,717,780,746.32 4,538,262,364.17 4,738,084,800.47
Cash RatioKas + Efek 2,263,933,657.00 56.19% 848,923,109.87 15.76% 674,920,000.34 14.87%
Kewajiban Lancar 4,029,109,351.00 5,387,848,785.36 4,538,262,364.17
Quick RatioKas + Efek + Piutang 6,513,004,979.00 161.65% 13,001,311,593.17 241.31% 9,776,347,164.64 215.42%
Kewajiban Lancar 4,029,109,351.00 5,387,848,785.36 4,538,262,364.17
Solvency
Debt/Asset RatioTotal Kewajiban 4,029,109,351.00 11.91% 14,259,104,389.19 34.97% 18,336,263,053.00 48.99%
Total Asset 33,817,600,732.00 40,779,718,854.86 37,432,026,339.62
Equity/Asset RatioEkuiti 27,788,491,381.00 26,520,614,465.66 65.03% 19,095,763,286.62 51.01%
Total Asset 33,817,600,732.00 82.17% 40,779,718,854.86 37,432,026,339.62
Debt/Equity RatioTotal Kewajiban 4,029,109,351.00 13.53% 14,259,104,389.19 53.77% 18,336,263,053.00 48.99%
Ekuiti 29,788,491,381.00 26,520,614,465.66 37,432,026,339.62
Profitability
Return on Asset
Total Asset 33,817,600,732.00 40,779,718,854.86 37,432,026,339.62
Laba Sebelum Pajak 1,767,876,915.00 9,663,325,458.36 7,948,040,351.62
Pajak Penghasilan 0.00 2,238,474,279.19 1,732,170,768.00
Laba Setelah Pajak 1,767,876,915.00 7,424,851,179.17 6,215,869,583.62
ROA 5.23% 18.21% 16.61%
Return on Equity
Laba Setelah Pajak 1,767,876,915.00 7,424,851,179.17 6,215,869,583.62
Total Ekuiti 26,520,614,466.00 500,000,000.00 19,095,763,286.62
ROE 6.67% 1484.97% 32.55%
Gross Profit Margin
Penjualan/Pendapatan 23,612,893,529.00 32,691,083,425.91 30,164,690,311.90
Beban Operasional 21,845,016,613.00 23,027,757,967.55 22,216,649,960.28
Laba Kotor/Penjualan 1,767,876,915.00 9,663,325,458.36 7,948,040,351.62
GPM 7.49% 29.56% 26.35%
Net Profit MarginLaba Setelah Pajak (EAT) 1,767,876,915.00 7,424,851,179.17 6,215,869,583.62
Penjualan/Pendapatan 23,612,893,529.00 32,691,083,425.91 30,164,690,311.90
NPM 7.49% 22.71% 20.61%
2015 2014 2013
2015 2014 2013
2015 2014 2013
d. Detailed Ratio Analysis
Liquidity ratios measure a company’s ability
to meet its maturing short-term obligations.
In other words, can a company quickly
convert its assets to cash without a loss in
value if necessary to meet its short-term
obligations? Favorable liquidity ratios are
critical to a company and its creditors within
a business or industry that does not provide
a steady and predictable cash flow. They are
also a key predictor of a company’s ability to
make timely payments to creditors and to
continue to meet obligations to lenders when
faced with an unforeseen event.
Benchmarking 2015 2014 2013
Current Ratio 112.01% 261.80% 204.40%
Cash Ratio 56.19% 15.76% 14.87%
Quick Ratio 161.65% 241.31% 215.42%
Debt/Asset Ratio 11.91% 34.97% 48.99%
Equity/Asset Ratio 82.17% 65.03% 51.01%
Debt/Equity Ratio 13.53% 53.77% 48.99%
ROA 5.23% 18.21% 16.61%
ROE 6.67% 28.00% 32.55%
GPM 7.49% 29.56% 26.35%
NPM 7.49% 22.71% 20.61%
Figure 5 Benchmarking of Three-Year Comparison of XXX Financial Report (Audited)
26/4/2016
PT XXXX Page 9 of 12 No. 006/CORFIN-MND/IV/2016
Current Ratio. a higher number is
preferred because it indicates a strong
ability to service short term obligation. The
composition of current assets is a key
factor in the evaluation of this ratio.
Depending on the type of business or
industry, current assets may include slow-
moving inventories that could potentially
affect analysis of a company’s liquidity
how long could it potentially take to
convert raw materials and inventory into
finished products.
Figure 6 The current ratio for XXX is 112.01% which compared to the baseline of 204.40% indicates the company’s ability to service short-term obligations is satisfactory.
Quick Ratio. This ratio, also known as the
acid test ratio, measures immediate
liquidity – the number of times cash,
accounts receivables, and marketable
securities cover short-term obligations. A
higher number is preferred because it
suggests a company has a strong ability to
service short-term obligations. This ratio is
a more reliable variation of the current ratio
because inventory, prepaid expenses and
other less liquid current assets are removed
from the calculations.
Figure 7 the quick ratio for XXX is 1.61 which compared to the baseline 2.15 indicates the company's ability to service short-term obligations is strong. but, the lowered number previous annual-measurement must be Watchlist
Return on Equity (ROE). this ratio
expresses the rate of return on equity
capital employed and measures the ability
of a company’s management to realize an
adequate return on the capital invested by
the owners in a company. A higher number
is preferred for this commonly analyzed
ratio.
Figure 8 the percent raye of ROE for XXX is 6.67%, which compared to the baseline of 32.55% indicates management may not be effectively managing the profits earned based on the owners investment in the company
Three-Year Comparison
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%2015
20142013
Current Ratio
Three-Year of Comparison on Debt Equity Ratio
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
2015
20142013
ROE
Three-Year Comparison
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
2015
20142013
Quick Ratio
26/4/2016
PT XXXX Page 10 of 12 No. 006/CORFIN-MND/IV/2016
Return on Assets (ROA). This ratio
measures how effectively a company’s assets
are being used to generate profits. It is one of
the most important ratios when evaluating
the success of a business. A higher number
reflects a well managed company with a
healthy return on assets. Heavily depreciated
assets, a large number of intangible assets, or
any unusual income or expenses can easily
distort this calculation.
Figure 9 The percent raye of ROA for XXX is 5.23% which compared to the baseline of 16.61% indicate that there is a need for improvement in this area to ensure the company can remain competitive and continue to operate successfully
Debt to Total Assets. This ratio measures
what proportion of debt a company is
carrying relative to its assets. A ratio value
greater than one indicates a company has
more debt than assets. Naturally, companies
and creditors prefer a lower number.
Figure 10 The debt total assets for XXX is 11.91%, which compared to the baseline of 48.99% indicates the company should be able to withstand losses without harming creditor interests or could obtain additional financing if desired.
Debt to Equity. This measures the financial
leverage of a company by indicating what
proportion of debt and equity a company is
using to finance its assets. A lower number
suggests there is both a lower risk involved
for creditors and strong, long-term, financial
security for a company.
Figure 11 The debt to equity ratio for XXX is 13.53%, which compared to the baseline of 48.99% indicates a solid performance in this area for the company. But, regularly slowdown due to lower assets owned by the company.
Three-Year of Comparison on Debt Equity Ratio
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2015
20142013
Debt/Equity Ratio
Three-Year of Comparison on Debt Equity Ratio
0.00%
5.00%
10.00%
15.00%
20.00%
2015
20142013
ROA
Three-Year of Comparison on Debt Equity Ratio
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
2015
20142013
Debt/Asset Ratio
26/4/2016
PT XXXX Page 11 of 12 No. 006/CORFIN-MND/IV/2016
Cashflow:
Real average monthly incoming balance, based on BCA bank account statement is IDR
8,086,836,329.29,- (on January till March 2016).
Monthly obligation to this lessee at around IDR 6,567,383,031 ,- (include this request).
Based on income from bank account lessee has very limited cash flow. This bank
account not reflective all of lessee’s revenue.
DSR of this request based on bank account is around 0.98xx
Recommendations :
Fully addressing the challenges of identified above will require broad recommendation.
Based on the analysis of this brief, risks not recommended with the following reasons :
- Total Exposure of this request is valued at IDR 7,896,000,000,00,- (highest
exposure) with bigger obligation compare to previous request.
- Having such late payment of receivable of in J-Resources Bolaang Mongondow
and Sago Prima Pratama;
- DSR of this request is valued at 0.99xx
Review,
XXXXXXXXXX XXXXXXXXXX
MSHE Credit Analyst MSHE Credit Manager
Approved Declined
XXXXXXXXX
Director Corfin
Jan-16 10,050,000,000.00 16,056,342,027.43
Feb-16 8,664,000,000.00 16,024,287,485.93
Mar-16 5,546,508,987.88 7,122,522,797.23
Total 24,260,508,987.88 39,203,152,310.59
Average monthly 8,086,836,329.29 13,067,717,436.86
Period Credit Closing Balance
26/4/2016
PT XXXX Page 12 of 12 No. 006/CORFIN-MND/IV/2016
Recommended