The red flags of its financial structure have been fluttered by BORN from the year one of its establishment up to the first half of 2010. At year one, its total debts (liabilities) was 3.3 times of its assets, and downed to 99% of its assets in the second quarter of 2010, just before it went public in November 2010.
We shall never know the right combination of debts to equity or to assets in any period of time. To unload the debt burdens, we can achieve it by fixing its financial structure and its capital structure as well. What makes both structures different? Every components on the right side of the balance sheet compared to the total assets are describing one’s financial structure. The capital structure is financial structure without current liabilities.
Let’s deal with the focus on strengthening the capital structure, that is one, by refinancing the loans and restructuring the debts, then two, deepening the capital structure and lower the financial structure. That can be achieved through ...
The price of any goods will always low as long as there are no demand or there are too much supply in the market. No demand can mean there may be a demand, but it is weak and may have lower priority than any other products and services that consumers are willing to pay for it. Consumer preferences, expectations, and purchasing power are other perspectives that the sellers should consider.
Let’s take a look at price mechanism below.
A price will fall as:
1. too much supply.
2. there are too many sellers offering the same products.
3. fire sale.
4. supplying companies are in (desperate) need of liquidity (cash-strapped / -starved).
5. too little demand, or lack of demand.
A price will rise as:
1. too little supply.
2. there are not many sellers (offering the same products).
3. short of supply.
4. consumers are in (desperate) need of the goods.
5. too much demand.
To deal with any price levels in the market equilibrium, we are also encouraged to see things with their own perspectives and capabilities of producers and sellers. The low price will discourage producers and sellers to produce and sell goods with a larger volume, but for survival. Lack of incentives surely turns down the appetite to grab a bigger share of the market.
In other words, a shrinking market size makes it less attractive for producers to agressively to pursue their own agenda. Create a product that will provide another potential profit margin. To do so, the product has to have some specialties beyond the competing products. Product creation through innovation will be available as there are sufficient fund to finance some R&D.
It shall prevail as it is up to the market to decide. However, government is another significant player in the market. They will offer some incentives for producers to expand and accelerate the speed to market. At the opposite direction, some government will make some restrictions and constraints for the players to enter the market.
Some agenda deemed necessary to apply are environmental impacts and protection, clean coal technology to reduce the acceleration of global warming that leads to drastic climate change. Some tax and royalties, even prohibition, may also reduce the product supplies to the market. Some hikes on the financial interest may curb the supply as well.
Above all, there’s nothing more challenging to raise the price immediately. Assume the global fears are felt worldwide. Create some intense ambient that will make market supply short, disappear, or won’t continue to exist regularly or periodically. Particularly the product that is essential in day to day life. The price will surely jump to the sky, above any roof policy available.
They used to call it as a threat of war.
Directory of Mining Companies in Indonesia Status of Clean and ClearThe1 Uploader
This document is the directory of mining business licenses in Indonesia from September 2016. It contains information on hundreds of mining companies, including their names, locations, and license details. The directory was published by CV Serabdi Sakti and contains 938 pages of listings along with information about how to obtain similar directories or books from the publisher.
Penetapan IUP Clear and Clean (C&C) ke-delapanbelas dan daftar IUP yang dicabut oleh pemberi izin sebagaimana terlampir yang telah memenuhi ketentuan sebagaimana yang diatur dalam Peraturan Menteri ESDM Nomor 43 Tahun 2015 (Permen ESDM No. 43/2015) jo. Peraturan Menteri ESDM Nomor 02 Tahun 2013 sebagai pelaksanaan dari Undang-Undang 4 Tahun 2009, dengan persyaratan IUP yang memenuhi kriteria sebagaimana berikut:
1. Administrasi;
2. Kewilayahan;
3. Teknis dan lingkungan;
4. Finansial;
Penetapan IUP C&C diberikan terhadap IUP yang telah dilakukan evaluasi dan mendapatkan rekomendasi dari Gubernur berdasarkan kriteria administrasi dan kewilayahan. Bagi IUP yang telah ditetapkan C&C-nya dan membutuhkan penerbitan sertifikat C&C wajib mendapatkan rekomendasi penerbitan sertifikat dari Gubernur sesuai kriteria yang diatur pada Permen ESDM No. 43/2015, yaitu:
1. Tahap Eksplorasi:
Menyampaikan bukti setor iuran tetap sampai dengan tahun terakhir dan rekomendasi hasil evaluasi teknis (Laporan Eksplorasi) dari Pemerintah Provinsi;
2. Tahapan Operasi Produksi:
Menyampaikan bukti setor pembayaran iuran tetap dan iuran produksi (royalti) sampai dengan tahun terakhir dan rekomendasi hasil evaluasi teknis dan lingkungan (Laporan Eksplorasi, Studi Kelayakan, dan Dokumen Lingkungan) dari Pemerintah Provinsi;
Total Rekomendasi C&C dari Provinsi berjumlah 1083 IUP terdiri dari 453 IUP rekomendasi dari Gubernur dan 630 IUP rekomendasi dari Kepala Dinas. Dari seluruh rekomendasi Gubernur yang memenuhi persyaratan sesuai Permen ESDM No. 43/2015 berjumlah 121 IUP, sedangkan yang belum atau tidak memenuhi persyaratan sesuai Permen ESDM No. 43/2015 berjumlah 332 IUP;
Untuk IUP yang belum memenuhi persyaratan sesuai Permen ESDM No. 43/2015, pemegang IUP dapat berkoordinasi dengan Pemerintah Provinsi untuk melengkapi persyaratan sesuai Permen ESDM No. 43/2015. Selanjutnya Gubernur dapat menyampaikan hasil evaluasi dan/atau rekomendasi ulang atas dokumen yang dievaluasi tersebut dan disampaikan kembali kepada Direktur Jenderal Mineral dan Batubara;
Coal Mining Business in Indonesia, August 2016The1 Uploader
Last update: 2 September 2016
This book is a part of an on-going research on energy business in Indonesia, including a near exhaustive profile of renewable energy in the world and its increasing trends. This part will be updated in a timely manner.
The book is titled by “Energy Industry in Indonesia & World's Renewable Energy”. The book is available on a print-on-demand basis. The flash version is for demo purpose only and available only to be served in Greater Jakarta, Indonesia.
You may reach the publisher for demo request, inquiries, and purchase order from this number:
+62 851 0518 7118.
Case Analysis of Molycorp: Financing the Production of Rare Earth Minerals”Rifat Ahsan
This document is a report on financing options for Molycorp's Project Phoenix, which aims to renovate and expand its rare earth mineral mining facility. Molycorp needs additional financing to complete the project. The report analyzes three alternatives: issuing straight debt (bonds), convertible debt, or common stock. Simulation and sensitivity analyses are conducted to estimate price ranges under each alternative and determine the most sensitive variables. A recommendation is made on the optimal financing approach.
SECURITIZATION Explained in Filipino Language: http://www.lilactwin.blogspot.com/2013/04/in-filipino-language-securitization-as.html
SECURITIZATION: The Art of Global Fund Sourcing, as expounded by the expert in this field, Senator No. 14 Mr. Baldomero Falcone, currently vying for a seat in the Philippine Senate on May 2013 Mid-Term Election.
Private financing of renewable energy comes from a variety of financial institutions seeking different risk-return profiles. Venture capital invests in high-risk startups for returns over 50%. Private equity and infrastructure funds target somewhat lower risks for 25-15% returns. Pension funds and bank debt provide lowest risk financing for around 15% returns. Policy and regulatory risks are a key consideration for all financiers when investing in renewable energy projects and companies.
This document provides information about a project report submitted by Ashish Soni for their MBA degree. It discusses agricultural loans provided by the State Bank of India, Uklana Mandi branch. The report includes an introduction to banking in India, a history of the State Bank of India, details about agricultural loan assessment, sanctioning and schemes, and post-sanction processes like documentation, control reports, inspections, and loan recovery. It aims to study pre-and post-sanction agricultural loan processes at SBI.
The price of any goods will always low as long as there are no demand or there are too much supply in the market. No demand can mean there may be a demand, but it is weak and may have lower priority than any other products and services that consumers are willing to pay for it. Consumer preferences, expectations, and purchasing power are other perspectives that the sellers should consider.
Let’s take a look at price mechanism below.
A price will fall as:
1. too much supply.
2. there are too many sellers offering the same products.
3. fire sale.
4. supplying companies are in (desperate) need of liquidity (cash-strapped / -starved).
5. too little demand, or lack of demand.
A price will rise as:
1. too little supply.
2. there are not many sellers (offering the same products).
3. short of supply.
4. consumers are in (desperate) need of the goods.
5. too much demand.
To deal with any price levels in the market equilibrium, we are also encouraged to see things with their own perspectives and capabilities of producers and sellers. The low price will discourage producers and sellers to produce and sell goods with a larger volume, but for survival. Lack of incentives surely turns down the appetite to grab a bigger share of the market.
In other words, a shrinking market size makes it less attractive for producers to agressively to pursue their own agenda. Create a product that will provide another potential profit margin. To do so, the product has to have some specialties beyond the competing products. Product creation through innovation will be available as there are sufficient fund to finance some R&D.
It shall prevail as it is up to the market to decide. However, government is another significant player in the market. They will offer some incentives for producers to expand and accelerate the speed to market. At the opposite direction, some government will make some restrictions and constraints for the players to enter the market.
Some agenda deemed necessary to apply are environmental impacts and protection, clean coal technology to reduce the acceleration of global warming that leads to drastic climate change. Some tax and royalties, even prohibition, may also reduce the product supplies to the market. Some hikes on the financial interest may curb the supply as well.
Above all, there’s nothing more challenging to raise the price immediately. Assume the global fears are felt worldwide. Create some intense ambient that will make market supply short, disappear, or won’t continue to exist regularly or periodically. Particularly the product that is essential in day to day life. The price will surely jump to the sky, above any roof policy available.
They used to call it as a threat of war.
Directory of Mining Companies in Indonesia Status of Clean and ClearThe1 Uploader
This document is the directory of mining business licenses in Indonesia from September 2016. It contains information on hundreds of mining companies, including their names, locations, and license details. The directory was published by CV Serabdi Sakti and contains 938 pages of listings along with information about how to obtain similar directories or books from the publisher.
Penetapan IUP Clear and Clean (C&C) ke-delapanbelas dan daftar IUP yang dicabut oleh pemberi izin sebagaimana terlampir yang telah memenuhi ketentuan sebagaimana yang diatur dalam Peraturan Menteri ESDM Nomor 43 Tahun 2015 (Permen ESDM No. 43/2015) jo. Peraturan Menteri ESDM Nomor 02 Tahun 2013 sebagai pelaksanaan dari Undang-Undang 4 Tahun 2009, dengan persyaratan IUP yang memenuhi kriteria sebagaimana berikut:
1. Administrasi;
2. Kewilayahan;
3. Teknis dan lingkungan;
4. Finansial;
Penetapan IUP C&C diberikan terhadap IUP yang telah dilakukan evaluasi dan mendapatkan rekomendasi dari Gubernur berdasarkan kriteria administrasi dan kewilayahan. Bagi IUP yang telah ditetapkan C&C-nya dan membutuhkan penerbitan sertifikat C&C wajib mendapatkan rekomendasi penerbitan sertifikat dari Gubernur sesuai kriteria yang diatur pada Permen ESDM No. 43/2015, yaitu:
1. Tahap Eksplorasi:
Menyampaikan bukti setor iuran tetap sampai dengan tahun terakhir dan rekomendasi hasil evaluasi teknis (Laporan Eksplorasi) dari Pemerintah Provinsi;
2. Tahapan Operasi Produksi:
Menyampaikan bukti setor pembayaran iuran tetap dan iuran produksi (royalti) sampai dengan tahun terakhir dan rekomendasi hasil evaluasi teknis dan lingkungan (Laporan Eksplorasi, Studi Kelayakan, dan Dokumen Lingkungan) dari Pemerintah Provinsi;
Total Rekomendasi C&C dari Provinsi berjumlah 1083 IUP terdiri dari 453 IUP rekomendasi dari Gubernur dan 630 IUP rekomendasi dari Kepala Dinas. Dari seluruh rekomendasi Gubernur yang memenuhi persyaratan sesuai Permen ESDM No. 43/2015 berjumlah 121 IUP, sedangkan yang belum atau tidak memenuhi persyaratan sesuai Permen ESDM No. 43/2015 berjumlah 332 IUP;
Untuk IUP yang belum memenuhi persyaratan sesuai Permen ESDM No. 43/2015, pemegang IUP dapat berkoordinasi dengan Pemerintah Provinsi untuk melengkapi persyaratan sesuai Permen ESDM No. 43/2015. Selanjutnya Gubernur dapat menyampaikan hasil evaluasi dan/atau rekomendasi ulang atas dokumen yang dievaluasi tersebut dan disampaikan kembali kepada Direktur Jenderal Mineral dan Batubara;
Coal Mining Business in Indonesia, August 2016The1 Uploader
Last update: 2 September 2016
This book is a part of an on-going research on energy business in Indonesia, including a near exhaustive profile of renewable energy in the world and its increasing trends. This part will be updated in a timely manner.
The book is titled by “Energy Industry in Indonesia & World's Renewable Energy”. The book is available on a print-on-demand basis. The flash version is for demo purpose only and available only to be served in Greater Jakarta, Indonesia.
You may reach the publisher for demo request, inquiries, and purchase order from this number:
+62 851 0518 7118.
Case Analysis of Molycorp: Financing the Production of Rare Earth Minerals”Rifat Ahsan
This document is a report on financing options for Molycorp's Project Phoenix, which aims to renovate and expand its rare earth mineral mining facility. Molycorp needs additional financing to complete the project. The report analyzes three alternatives: issuing straight debt (bonds), convertible debt, or common stock. Simulation and sensitivity analyses are conducted to estimate price ranges under each alternative and determine the most sensitive variables. A recommendation is made on the optimal financing approach.
SECURITIZATION Explained in Filipino Language: http://www.lilactwin.blogspot.com/2013/04/in-filipino-language-securitization-as.html
SECURITIZATION: The Art of Global Fund Sourcing, as expounded by the expert in this field, Senator No. 14 Mr. Baldomero Falcone, currently vying for a seat in the Philippine Senate on May 2013 Mid-Term Election.
Private financing of renewable energy comes from a variety of financial institutions seeking different risk-return profiles. Venture capital invests in high-risk startups for returns over 50%. Private equity and infrastructure funds target somewhat lower risks for 25-15% returns. Pension funds and bank debt provide lowest risk financing for around 15% returns. Policy and regulatory risks are a key consideration for all financiers when investing in renewable energy projects and companies.
This document provides information about a project report submitted by Ashish Soni for their MBA degree. It discusses agricultural loans provided by the State Bank of India, Uklana Mandi branch. The report includes an introduction to banking in India, a history of the State Bank of India, details about agricultural loan assessment, sanctioning and schemes, and post-sanction processes like documentation, control reports, inspections, and loan recovery. It aims to study pre-and post-sanction agricultural loan processes at SBI.
This presentation provides an overview of an investment opportunity in EcoStim, an oilfield services company. It summarizes EcoStim's plans to refinance and restructure the company through a debt-to-equity conversion, raising $17 million in new capital. This will allow EcoStim to pursue growth in Argentina, where it currently operates, and expand into the US market in Oklahoma in 2017. The presentation outlines EcoStim's technology-driven service offerings and growth strategy, as well as the experience and track record of its management team in previously building and exiting energy companies.
Webinar On How Asset Restructuring Companies (ARCs) shall resolve Stressed As...Resurgent India
Post Covid-19, the market conditions are going to worsen due to mounting loss of income and increase in fixed expenses. It will be interesting to watch how ARC will play the role in order to revive and rehabilitate the stressed accounts, inevitable because of the ongoing economic conditions.
Neostorm Ltd, an Indian manufacturer of luxury yachts and submersible vessels, has seen deteriorating conditions over the past two years with reduced market share and labor issues. A proposed revival strategy includes paying unpaid wages to end a worker strike, hiring top personnel for sales and marketing, and regaining lost market share through new technologies and investment to break even within six quarters.
This document provides an overview and introduction to a study on Esack Brothers Industries Limited (EBIL), specifically their container yard division. It discusses the background and establishment of EBIL Container Yard in 2003. The goals and objectives of EBIL Container Yard are to provide quality logistic services to clients in compliance with national and international standards. The strategy of EBIL Container Yard is to sustain in the market by maintaining quality through investing in modern equipment and facilities. The study aims to analyze EBIL Container Yard's practices and role in Bangladesh's shipping industry.
Finance guide final renewal energy - A GUIDE FOR POLICYMAKERS - Chatham HouseParti Djibouti
This document provides an overview of private financing for renewable energy projects. It discusses the basic concepts of risk and return in financing. It outlines the various financial institutions involved, including banks, project finance, mezzanine finance, venture capital funds, private equity funds, and infrastructure funds. It also covers factors considered in assessing risk such as country risk, policy and regulatory risk, technical risk, and market risk. The document provides details on how financing transactions are completed and discusses the impact of the 2008 financial crisis on both debt and equity financing for renewable energy projects.
005 Essay Example Sample Summary Papers 248300Becky Gilbert
The United Nations plays an important role in mediating conflicts between countries to help reduce threats of military force and find resolutions or compromises. When economic and trade relationships determine power and status between nations, disputes are more likely to occur. The UN works to open diplomatic discussions and encourage cooperation over issues relating to security, human rights, environmental protection, and international law. By bringing countries together and facilitating agreements, the organization aims to promote global stability and prevent severe conflicts from escalating uncontrollably.
REPORTING ON STRUCK DOWN COMPANIES REVIVED BY NCLTjayjani123
Reporting on Struck Down Companies Revived by NCLT." The National Company Law Tribunal (NCLT) has been playing a crucial role in the resurrection of companies that were previously struck down due to financial distress or other reasons.
So, let's dive into the world of struck down companies and their resurrection through the NCLT.
This document is a project report on ratio analysis for Genting Lanco Power Ltd from 2012. It includes an introduction to the power industry and electricity sector in India. There has been significant growth in installed power capacity since independence but demand still outstrips supply. The document discusses various power sources including hydropower, mini hydel plants, and thermal power which is now the largest source but progress has been slowed. It aims to analyze Genting Lanco's financial ratios to evaluate performance.
This document discusses emerging trends and challenges in project management for oil and gas sector projects. It notes that projects in the oil and gas sector are becoming larger in scale, more complex, and capital intensive. Many projects are now executed as lump sum EPC or turnkey projects, shifting more risk to contractors. This has required contractors and owners to re-engineer their project execution approaches. The document outlines trends and challenges at various stages of project conceptualization, tendering, engineering, procurement, construction, and throughout the project lifecycle. It emphasizes the need for contractors to quickly develop preliminary designs, mobilize resources, and leverage expertise to win bids for these large projects.
NBCC Ltd is an Indian construction company that provides project management consultancy (PMC) services to government projects. It has a large order backlog and growth visibility. The company has a strong track record over 10 years and generates high returns. However, the stock trades at low valuations due to concerns over contingent liabilities, capital allocation, and potential policy changes. The analyst believes the stock is undervalued due to its large cash balance, high returns, and growth opportunities in real estate development.
This document is a training report submitted as part of a Master's degree program. It discusses working capital requirements for Stage II of the Kanti Bijlee Utpadan Nigam Limited power plant. The introduction provides background on the power sector in India and the company. It then discusses the training objectives, the trainee's contributions, and learning outcomes. The body of the report analyzes concepts of working capital management, the working capital cycle for the company, an assessment of working capital requirements, tariffs, and calculations for Stage II. It concludes with a chapter on data analysis and interpretation and suggestions.
The Gold Fields Joint Venture Transaction will see Asanko Gold and Gold Fields form a 50/50 joint venture over Asanko's assets in Ghana. Asanko will receive $165 million in cash from Gold Fields, emerge completely debt free, and have a strong pro forma cash position of approximately $35 million. The transaction provides endorsement from a world-class partner, positions Asanko for organic and acquisition growth, and allows it to develop the large-scale Esaase deposit starting in 2019 using internally generated cash flows.
1. The document discusses structuring a Social Benefit Bond (SBB) between Westpac, the Benevolent Society, and the NSW Government.
2. Key terms of the proposed SBB include a $10 million bond with $7.5 million in moderate risk Class P notes and $2.5 million in high risk Class E notes to fund family preservation services over 5 years.
3. Investor returns are linked to performance outcomes, with Class P notes protected but interest returns variable, and Class E notes having 100% capital at risk but higher potential interest returns.
Credit Corp (CCP) - corporate turnaround road mapGeorge Gabriel
This document summarizes a report by BBY Limited on Credit Corp Group Limited (CCP). BBY maintains an "Under Review" rating on CCP. CCP is in the early stages of a corporate turnaround with material execution risks remaining. Key risks include litigation, financial, and earnings risks. CCP will report FY08 results on August 14th, which may provide updates on turnaround progress and guidance. BBY maps CCP's position against a "Corporate Turnaround Road Map" and finds CCP has only begun the initial steps of stabilizing the business. There is no immediate catalyst for the stock until CCP appoints a new CEO, reduces risks, and improves earnings visibility.
Missouri Can Company (A Hypothetical company) The Miss.docxraju957290
Missouri Can Company
(A Hypothetical company)
The Missouri Can Company (MCC) was a firm with a long and uneven history. At one time or
another it had been a competitor in more than two dozen industries with varied success. Each of
the several CEOs had developed a different strategy and over the decades the firm had had many
manifestations. The only real constant in MCC’s strategy had been a commitment to the
packaging business in its several forms. But, even in this business there had been any number of
changes in direction which diluted the impact of capital spending and had the effect of MCC
never achieving a strong position in any of the packaging segments although, briefly, in the early
years MCC’s total packaging revenues made it the largest packaging company in the world. The
lack of a competitive advantage in any of the large packaging segments resulted in MCC being
pushed into producing commodity products, which had them penned between powerful steel and
tinplate suppliers and powerful food and beverage producers as customers. Also, as its large
customers grew there was pressure for them, especially in the low margin food business, to build
their own packaging facilities, especially can plants. The long term effect of this was to cause
MCC’s packaging profitability to lag its better positioned competitors.
At one time or another, the company produced auto parts, electrical equipment, power
equipment, electric motors, metal alloys, airplane wings, furniture, appliances, communications
equipment, specialty chemicals, and consumer products, to name only the most important of its
many businesses. MCC also bought several regional retail chains. None of these businesses
worked out well and all were either sold or liquidated at a loss. The financial and human capital
devoted to these businesses was largely lost. Further, the problems they caused diverted capital
and management attention from better opportunities.
NEW STRATEGIES FOR THE COMPANY
Under still another new CEO, a management consensus had developed. The consensus was to (1)
reduce holdings in operations that fall short of performance goals or do not fit the long-term
strategy of the company, and a target of realizing $600-$700 million from the sale of such assets
was established, (2) reinvest these funds in areas promising profitable growth, (3) improve return
on equity over the long term as a consequence of this reinvestment strategy, and (4) strengthen
MCC’s balance sheet and credit standing. The new benchmarks for the firm included having a
well-balanced BCG matrix that considered fast growing industries to be those that were growing
at more than 10% per year. The end result would be a firm with four main businesses: financial
services, energy, packaging and forest products. The latter was primarily a paper, fiber drum, and
cardboard business that also generated about 25% of revenues from selling lumber and woo ...
This workbook provides an overview and analysis of M&A opportunities in the oil and gas sector. It begins with a macro analysis of historic and futures oil prices and recent deal activity trends. It then observes current market conditions, noting strategies companies are employing to adapt. The workbook validates M&A as a opportunity by examining two recent deals that demonstrated value creation through synergies and portfolio optimization. Contact details are provided for the project team at the end.
This document brings together a set of latest data points and publicly available information relevant for Energy Industry. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
This document discusses going public and the process of issuing shares to the public for the first time. It describes filing a registration statement with the SEC, the capital raising benefits for the company, and also the loss of control and increased administrative burdens that come with being a public company. Private placements and bank loans are presented as alternatives to going public. Key considerations for timing an IPO and selecting an underwriter are also outlined.
Solar Project Finance: Turning Sunlight Into Green Rick Borry
Learn more at: http://www.principalsolarinstitute.org/webinar/566
How do you pay for large-scale solar power plants when you need millions to start building, but receive payout over decades? Serious solar energy finance professionals will want to hear structured asset finance and valuation expert Ken Kramer present and answer questions about renewable energy project financing concepts applicable to utility scale solar projects, with a focus on US projects utilizing tax-oriented financing structures.
Ken will describe the mechanics and market participants involved in non-recourse project financing. He will also review currently available US Federal tax benefits for renewable energy projects and tax-efficient transaction structures that have evolved to utilize those benefits. Valuation issues associated with these structures will also be covered.
Students at Cornell and Columbia have recently had the opportunity to hear Ken lecture on this topic. This FREE webinar is your chance to do the same, plus attend the LIVE webinar to find out how to employ these concepts in your 2013 business strategy when Ken answers your questions during a LIVE Q & A segment following his presentation.
Securities Industry in Indonesia - An UpdateThe1 Uploader
The document provides a list of 134 securities companies in Indonesia along with their codes and brief profiles. It includes the company names, old names, address details, and NPWP (tax ID number). The list is extracted from a larger document on the securities industry in Indonesia that discusses trading of various financial instruments and regulations governing the industry.
This presentation provides an overview of an investment opportunity in EcoStim, an oilfield services company. It summarizes EcoStim's plans to refinance and restructure the company through a debt-to-equity conversion, raising $17 million in new capital. This will allow EcoStim to pursue growth in Argentina, where it currently operates, and expand into the US market in Oklahoma in 2017. The presentation outlines EcoStim's technology-driven service offerings and growth strategy, as well as the experience and track record of its management team in previously building and exiting energy companies.
Webinar On How Asset Restructuring Companies (ARCs) shall resolve Stressed As...Resurgent India
Post Covid-19, the market conditions are going to worsen due to mounting loss of income and increase in fixed expenses. It will be interesting to watch how ARC will play the role in order to revive and rehabilitate the stressed accounts, inevitable because of the ongoing economic conditions.
Neostorm Ltd, an Indian manufacturer of luxury yachts and submersible vessels, has seen deteriorating conditions over the past two years with reduced market share and labor issues. A proposed revival strategy includes paying unpaid wages to end a worker strike, hiring top personnel for sales and marketing, and regaining lost market share through new technologies and investment to break even within six quarters.
This document provides an overview and introduction to a study on Esack Brothers Industries Limited (EBIL), specifically their container yard division. It discusses the background and establishment of EBIL Container Yard in 2003. The goals and objectives of EBIL Container Yard are to provide quality logistic services to clients in compliance with national and international standards. The strategy of EBIL Container Yard is to sustain in the market by maintaining quality through investing in modern equipment and facilities. The study aims to analyze EBIL Container Yard's practices and role in Bangladesh's shipping industry.
Finance guide final renewal energy - A GUIDE FOR POLICYMAKERS - Chatham HouseParti Djibouti
This document provides an overview of private financing for renewable energy projects. It discusses the basic concepts of risk and return in financing. It outlines the various financial institutions involved, including banks, project finance, mezzanine finance, venture capital funds, private equity funds, and infrastructure funds. It also covers factors considered in assessing risk such as country risk, policy and regulatory risk, technical risk, and market risk. The document provides details on how financing transactions are completed and discusses the impact of the 2008 financial crisis on both debt and equity financing for renewable energy projects.
005 Essay Example Sample Summary Papers 248300Becky Gilbert
The United Nations plays an important role in mediating conflicts between countries to help reduce threats of military force and find resolutions or compromises. When economic and trade relationships determine power and status between nations, disputes are more likely to occur. The UN works to open diplomatic discussions and encourage cooperation over issues relating to security, human rights, environmental protection, and international law. By bringing countries together and facilitating agreements, the organization aims to promote global stability and prevent severe conflicts from escalating uncontrollably.
REPORTING ON STRUCK DOWN COMPANIES REVIVED BY NCLTjayjani123
Reporting on Struck Down Companies Revived by NCLT." The National Company Law Tribunal (NCLT) has been playing a crucial role in the resurrection of companies that were previously struck down due to financial distress or other reasons.
So, let's dive into the world of struck down companies and their resurrection through the NCLT.
This document is a project report on ratio analysis for Genting Lanco Power Ltd from 2012. It includes an introduction to the power industry and electricity sector in India. There has been significant growth in installed power capacity since independence but demand still outstrips supply. The document discusses various power sources including hydropower, mini hydel plants, and thermal power which is now the largest source but progress has been slowed. It aims to analyze Genting Lanco's financial ratios to evaluate performance.
This document discusses emerging trends and challenges in project management for oil and gas sector projects. It notes that projects in the oil and gas sector are becoming larger in scale, more complex, and capital intensive. Many projects are now executed as lump sum EPC or turnkey projects, shifting more risk to contractors. This has required contractors and owners to re-engineer their project execution approaches. The document outlines trends and challenges at various stages of project conceptualization, tendering, engineering, procurement, construction, and throughout the project lifecycle. It emphasizes the need for contractors to quickly develop preliminary designs, mobilize resources, and leverage expertise to win bids for these large projects.
NBCC Ltd is an Indian construction company that provides project management consultancy (PMC) services to government projects. It has a large order backlog and growth visibility. The company has a strong track record over 10 years and generates high returns. However, the stock trades at low valuations due to concerns over contingent liabilities, capital allocation, and potential policy changes. The analyst believes the stock is undervalued due to its large cash balance, high returns, and growth opportunities in real estate development.
This document is a training report submitted as part of a Master's degree program. It discusses working capital requirements for Stage II of the Kanti Bijlee Utpadan Nigam Limited power plant. The introduction provides background on the power sector in India and the company. It then discusses the training objectives, the trainee's contributions, and learning outcomes. The body of the report analyzes concepts of working capital management, the working capital cycle for the company, an assessment of working capital requirements, tariffs, and calculations for Stage II. It concludes with a chapter on data analysis and interpretation and suggestions.
The Gold Fields Joint Venture Transaction will see Asanko Gold and Gold Fields form a 50/50 joint venture over Asanko's assets in Ghana. Asanko will receive $165 million in cash from Gold Fields, emerge completely debt free, and have a strong pro forma cash position of approximately $35 million. The transaction provides endorsement from a world-class partner, positions Asanko for organic and acquisition growth, and allows it to develop the large-scale Esaase deposit starting in 2019 using internally generated cash flows.
1. The document discusses structuring a Social Benefit Bond (SBB) between Westpac, the Benevolent Society, and the NSW Government.
2. Key terms of the proposed SBB include a $10 million bond with $7.5 million in moderate risk Class P notes and $2.5 million in high risk Class E notes to fund family preservation services over 5 years.
3. Investor returns are linked to performance outcomes, with Class P notes protected but interest returns variable, and Class E notes having 100% capital at risk but higher potential interest returns.
Credit Corp (CCP) - corporate turnaround road mapGeorge Gabriel
This document summarizes a report by BBY Limited on Credit Corp Group Limited (CCP). BBY maintains an "Under Review" rating on CCP. CCP is in the early stages of a corporate turnaround with material execution risks remaining. Key risks include litigation, financial, and earnings risks. CCP will report FY08 results on August 14th, which may provide updates on turnaround progress and guidance. BBY maps CCP's position against a "Corporate Turnaround Road Map" and finds CCP has only begun the initial steps of stabilizing the business. There is no immediate catalyst for the stock until CCP appoints a new CEO, reduces risks, and improves earnings visibility.
Missouri Can Company (A Hypothetical company) The Miss.docxraju957290
Missouri Can Company
(A Hypothetical company)
The Missouri Can Company (MCC) was a firm with a long and uneven history. At one time or
another it had been a competitor in more than two dozen industries with varied success. Each of
the several CEOs had developed a different strategy and over the decades the firm had had many
manifestations. The only real constant in MCC’s strategy had been a commitment to the
packaging business in its several forms. But, even in this business there had been any number of
changes in direction which diluted the impact of capital spending and had the effect of MCC
never achieving a strong position in any of the packaging segments although, briefly, in the early
years MCC’s total packaging revenues made it the largest packaging company in the world. The
lack of a competitive advantage in any of the large packaging segments resulted in MCC being
pushed into producing commodity products, which had them penned between powerful steel and
tinplate suppliers and powerful food and beverage producers as customers. Also, as its large
customers grew there was pressure for them, especially in the low margin food business, to build
their own packaging facilities, especially can plants. The long term effect of this was to cause
MCC’s packaging profitability to lag its better positioned competitors.
At one time or another, the company produced auto parts, electrical equipment, power
equipment, electric motors, metal alloys, airplane wings, furniture, appliances, communications
equipment, specialty chemicals, and consumer products, to name only the most important of its
many businesses. MCC also bought several regional retail chains. None of these businesses
worked out well and all were either sold or liquidated at a loss. The financial and human capital
devoted to these businesses was largely lost. Further, the problems they caused diverted capital
and management attention from better opportunities.
NEW STRATEGIES FOR THE COMPANY
Under still another new CEO, a management consensus had developed. The consensus was to (1)
reduce holdings in operations that fall short of performance goals or do not fit the long-term
strategy of the company, and a target of realizing $600-$700 million from the sale of such assets
was established, (2) reinvest these funds in areas promising profitable growth, (3) improve return
on equity over the long term as a consequence of this reinvestment strategy, and (4) strengthen
MCC’s balance sheet and credit standing. The new benchmarks for the firm included having a
well-balanced BCG matrix that considered fast growing industries to be those that were growing
at more than 10% per year. The end result would be a firm with four main businesses: financial
services, energy, packaging and forest products. The latter was primarily a paper, fiber drum, and
cardboard business that also generated about 25% of revenues from selling lumber and woo ...
This workbook provides an overview and analysis of M&A opportunities in the oil and gas sector. It begins with a macro analysis of historic and futures oil prices and recent deal activity trends. It then observes current market conditions, noting strategies companies are employing to adapt. The workbook validates M&A as a opportunity by examining two recent deals that demonstrated value creation through synergies and portfolio optimization. Contact details are provided for the project team at the end.
This document brings together a set of latest data points and publicly available information relevant for Energy Industry. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
This document discusses going public and the process of issuing shares to the public for the first time. It describes filing a registration statement with the SEC, the capital raising benefits for the company, and also the loss of control and increased administrative burdens that come with being a public company. Private placements and bank loans are presented as alternatives to going public. Key considerations for timing an IPO and selecting an underwriter are also outlined.
Solar Project Finance: Turning Sunlight Into Green Rick Borry
Learn more at: http://www.principalsolarinstitute.org/webinar/566
How do you pay for large-scale solar power plants when you need millions to start building, but receive payout over decades? Serious solar energy finance professionals will want to hear structured asset finance and valuation expert Ken Kramer present and answer questions about renewable energy project financing concepts applicable to utility scale solar projects, with a focus on US projects utilizing tax-oriented financing structures.
Ken will describe the mechanics and market participants involved in non-recourse project financing. He will also review currently available US Federal tax benefits for renewable energy projects and tax-efficient transaction structures that have evolved to utilize those benefits. Valuation issues associated with these structures will also be covered.
Students at Cornell and Columbia have recently had the opportunity to hear Ken lecture on this topic. This FREE webinar is your chance to do the same, plus attend the LIVE webinar to find out how to employ these concepts in your 2013 business strategy when Ken answers your questions during a LIVE Q & A segment following his presentation.
Securities Industry in Indonesia - An UpdateThe1 Uploader
The document provides a list of 134 securities companies in Indonesia along with their codes and brief profiles. It includes the company names, old names, address details, and NPWP (tax ID number). The list is extracted from a larger document on the securities industry in Indonesia that discusses trading of various financial instruments and regulations governing the industry.
Daftar nama perusahaan pinjol (P2P lending) di IndonesiaThe1 Uploader
Tabel menampilkan daftar 56 perusahaan pinjol (P2P lending) di Indonesia beserta informasi nama pinjol, status lisensi, tanggal pendaftaran, dan kompatibilitas iOS-nya. Sebagian besar perusahaan telah memiliki lisensi dan terdaftar sejak 2017-2021, dengan beberapa di antaranya sudah memiliki aplikasi kompatibel iOS.
Moratorium pengiriman TKI, kebijakan abal-abal pemerintah Indonesia yang tidak pernah beneran perduli sama hak-hak TKI/PMI, kecuali remitansi yang harus tetap masuk ke kas Bank Indonesia, no matter what.
Pengolahan Data Panel Logit di Stata: Penilaian Goodness of Fit, Uji Model, d...The1 Uploader
panel data regression in stata with tests of classical assumptions violation
goodness of fit
pooled least square
fixed effect
random effect
logit
panel logit
Fed's 2020 Quantitative Easing Debunked along with the controversial US$ 2.2 trillion relief bill, viewed as pork-barrel funding
CARES Act allows the Fed to:
1. meet in secrets with Wall Street incumbents,
2. provide liquidity of $484b (slush fund) thru SPVs making loans & loans guarantees,
3. never be audited (zero oversight),
4. not compliant to US Code requirements, Section 552b of Title 5
Daftar Jurnal Ilmiah di Indonesia, Feb. 2018The1 Uploader
Directory of Scientific Journals in Indonesia, Feb. 2018
Internationally Indiced
Registered with ISSN.org
Accredited by LIPI
Accredited by DIKTI
Direktori Jurnal Ilmiah di Indonesia, Feb. 2018
Terindeks Internasional
Terdaftar di ISSN.org
Terakreditasi di LIPI
Terakreditasi di DIKTI
Directory of FOREST-related Companies in Indonesia, Dec. 2017The1 Uploader
This document provides a directory of forest-related companies in Indonesia that are required to obtain permits to use forest areas. It includes directories of forestry, rubber, palm oil, and mining companies operating in Indonesia. It lists company names, addresses, operational sites, forest and mining permits, concession areas, expiration dates, and other details. The directory is intended to monitor companies' compliance with permits and concessions. It also provides instructions on how to order the full directory and place advertisements in it.
This section is a part of book titled by
“Asset Bubble, Bank Rakyat Indonesia, and Satellite Business in Indonesia”.
You may cite the content by using this style, or else:
Sando Sasako. Asset Bubble, Bank Rakyat Indonesia, and Satellite Business in Indonesia. How Soros broke the Bank of England (pp.31-45). Serabdi Sakti, Jakarta, September 2017.
You may contact the author through
Email: sandosako @ yahoo.com
Mobile: +62 812 8056 516
2017 November - Catalogue of Books and ReportsThe1 Uploader
This document is a catalogue listing books and reports published in November 2017 by Serabdi Sakti. It provides titles, publication dates, ISBN numbers, tables of contents links, and in some cases free excerpt links for various publications on topics such as asset bubbles, banking, corporate finance, education systems, mining, and values/philosophy. Ordering instructions are provided at the end.
Asset Bubble, Bank Rakyat Indonesia, and Satellite Business in IndonesiaThe1 Uploader
Asset Bubble.
Satellite Business in Indonesia.
Indonesian satellite operators.
Satellite service providers in Indonesia.
Foreign satellite operators in Indonesia + Client lists.
Corporate analysis.
Financial performance.
Key persons.
BBRI, Wells Fargo, inflation management, inflation targeting, liquidity effect, libor fixing, libor scandal, fake accounts, bond shedding, shrinking the asset bubble, taper tantrum, quantitative easing
Last update: 12 March 2017
xvii + 313 pages, comprising of 214 tables and 98 charts.
This book is a part of an on-going research on energy business in Indonesia, including a near exhaustive profile of renewable energy in the world and its increasing trends. This part will be updated in a timely manner.
The book is titled by “Energy Industry in Indonesia & World's Renewable Energy”.
You may reach the publisher for demo request, inquiries, and purchase order from this number:
+62 851 0518 7118.
PENGUMUMAN
NOMOR: 1343.Pm/04/DJB/2016
TENTANG
PENETAPAN IUP CLEAR AND CLEAN KE-SEMBILANBELAS DAN DAFTAR IUP YANG DICABUT OLEH GUBERNUR/BUPATI/WALIKOTA
Pada hari ini diumumkan Penetapan IUP Clear and Clean (C&C) kesembilanbelas dan daftar IUP yang dicabut oleh Gubernur/Bupati/Walikota sebagaimana terlampir yang telah memenuhi ketentuan sebagaimana yang diatur dalam Peraturan Menteri ESDM Nomor 43 Tahun 2015 (Permen ESDM No. 43/2015) jo. Peraturan Menteri ESDM Nomor 02 Tahun 2013 sebagai pelaksanaan dari Undang-Undang 4 Tahun 2009, dengan persyaratan IUP yang memenuhi kriteria sebagaimana berikut:
1. Administrasi;
2. Kewilayahan;
3. Teknis dan lingkungan;
4. Finansial;
Penetapan IUP C&C diberikan terhadap IUP yang telah dilakukan evaluasi dan mendapatkan rekomendasi dari Gubernur/Pejabat yang diberi Kewenangan berdasarkan kriteria administrasi dan kewilayahan. Bagi IUP yang telah ditetapkan C&C-nya dan membutuhkan penerbitan sertifikat C&C wajib mendapatkan rekomendasi penerbitan sertifikat dari Gubernur/Pejabat yang diberi Kewenangan sesuai kriteria yang diatur pada Permen ESDM No. 43/2015, yaitu:
1. Tahap Eksplorasi:
Menyampaikan bukti lunas iuran tetap sampai dengan tahun terakhir dan rekomendasi hasil evaluasi teknis (Laporan Eksplorasi) dari Pemerintah Provinsi;
2. Tahapan Operasi Produksi:
Menyampaikan bukti lunas pembayaran iuran tetap dan iuran produksi (royalti) sampai dengan tahun terakhir dan rekomendasi hasil evaluasi teknis dan lingkungan (Laporan Eksplorasi, Studi Kelayakan, dan Dokumen Lingkungan) dari Pemerintah Provinsi;
Total Rekomendasi C&C dari Provinsi berjumlah 928 IUP terdiri dari 523 IUP rekomendasi dari Gubernur/Pejabat yang diberi Kewenangan dan 405 IUP rekomendasi dari Kepala Dinas. Dari seluruh rekomendasi Gubernur/Pejabat yang diberi Kewenangan, yang memenuhi persyaratan sesuai Permen ESDM No.43/2015 berjumlah 65 IUP, sedangkan yang belum atau tidak memenuhi persyaratan sesuai Permen ESDM No. 43/2015 berjumlah 458 IUP. Seluruh rekomendasi Kepala Dinas sejumlah 405 IUP belum dapat dinyatakan C&C karena belum atau tidak memenuhi persyaratan sesuai Permen ESDM No. 43/2015;
Untuk IUP yang belum memenuhi persyaratan sesuai Permen ESDM No.43/2015, pemegang IUP dapat berkoordinasi dengan Pemerintah Provinsi untuk melengkapi persyaratan sesuai Permen ESDM No. 43/2015. Selanjutnya Gubernur dapat menyampaikan kembali hasil evaluasi dan/atau rekomendasi atas dokumen yang dievaluasi tersebut kepada DIrektur Jenderal Mineral dan Batubara;
Pengumuman C&C ini berlaku sejak tanggal ditetapkan dan apabila terdapat kekeliruan dalam penentuan C&C ini dan ditemukan fakta baru yang menyatakan bahwa IUP-nya tidak memenuhi persyaratan C&C, maka akan dilakukan pembatalan pengumuman sesuai peraturan perundang-undangan yang berlaku.
Ditetapkan di Jakarta
Pada tanggal 5 Oktober 2016
Direktur Jenderal,
TTD
Bambang Gatot Ariyono
Directory of Clean and Clear Status of Mining Business Permit Holders in Indo...The1 Uploader
This document is a directory of mining business licenses in Indonesia that have achieved Clean and Clear (CNC) certification from the first round to the 24th round. It contains listings of mining companies with details on their CNC status, mining licenses, concessions, activities, and contact information. It also advertises other publications for sale from the publisher on topics related to coal mining, energy, and specific mining companies in Indonesia.
Corporate Finance: Sistem Peringatan Dini melalui Pengukuran Indikator Kesuli...The1 Uploader
Pendanaan Aset: Sistem Peringatan Dini melalui Pengukuran Indikator Kesulitan Finansil.
Tulisan ini disusun dalam kerangka berpikir pengadaan aset melalui serangkaian aktivitas manajemen yang tercatat dalam neraca, yakni investasi (asset investment), pembiayaan (asset financing), dan pendanaan (asset funding). Asset funding di sini didefinisikan sebagai pengadaan aset yang dananya diakui sebagai biaya, atau lebih dikenal dengan istilah biaya modal (capex). Serangkaian aktivitas pengadaan aset yang tidak dicatat dalam neraca dikenal dengan sebutan off-balance sheet financing.
Serangkaian aktivitas pengadaan aset berdampak pada nilai nominal setiap komponen pada bagian kanan neraca (komponen modal). Komposisi komponen modal yang dinyatakan secara nominal disebut struktur modal, dan bila disampaikan dalam bentuk fraksi aset (funded debts) disebut struktur finansil.
Komposisi dari setiap komponen modal dari struktur modal sangat mempengaruhi tingkat risiko dan keuntungan (risk and return). Struktur modal yang optimal ditandai dengan nilai perusahaan yang maksimal, yakni rasio utang yang rendah, WACC berada pada tingkat minimum, PER yang rendah, dan ekspektasi EPS yang maksimal.
Biaya modal menjadi penting karena proses penganggaran dan realisasinya bersifat jangka panjang, dan tidak bisa dilakukan dalam waktu kurang dari 1 tahun. Sifatnya sebagai utang membuat risiko finansil dinilai cenderung relatif lebih berisiko dibanding risiko bisnis yang biasa dihadapi dari hari-ke-hari.
Peran penting lainnya dari biaya modal adalah serangkaian aktivitas setiap komponen modal bisa dihitung sebagai biaya (activity-based costing). Sementara peran penting struktur modal adalah untuk melihat signifikansi perbedaan antara beban operasional dan beban finansil. Dua hal ini merupakan dua dari tiga fokus utama pembahasan dalam tulisan ini.
Fokus ketiga dalam tulisan ini adalah peran penting manajemen dalam aktivitas pengadaan aset. Hal ini membuat penempatan posisi manajemen dalam tulisan seharusnya dan kebanyakan ditempatkan di bagian awal tulisan. Tetapi, berdasarkan tingkat urgency-nya yang tinggi, penulis merasa pembahasan bagian manajemen harus ditempatkan di bagian akhir dari tulisan, yakni sebagai penutup dan reminder.
Menurut Stiglitz, Corporate Finance merupakan satu dari tiga pilar bagi the modern theory of the firm. Perubahan paradigma ini dibangun atas dasar perkembangan informasi yang semakin sangat tidak simetris dan menyebar secara ekstensif and intensif. Termasuk didalamnya semakin maraknya dinamika sharecropping and the General Theory of Incentives sebagai new frontiers dalam ilmu ekonomi.
Layanan konsultasi dan penyusunan statuta perguruan tinggiThe1 Uploader
Layanan konsultasi dan penyusunan statuta perguruan tinggi menawarkan diskusi dan konsultasi tentang pengelolaan pendidikan tinggi, penyusunan statuta, dan sistem organisasi perguruan tinggi di Indonesia.
Dokumen tersebut membahas sengketa tanah di Indonesia dari perspektif tujuan hukum dan unsur-unsur sistem hukum. Dokumen ini meninjau sejarah penguasaan tanah, kebijakan pertanahan, bentuk dan perlindungan hak atas tanah, serta profil dan tinjauan sengketa tanah dari berbagai dimensi."
This book begins with the current state of higher education system implemented in Indonesia. As ‘this’ business has grown to an industry that has ever-lasting growing demands, the government and the public have become fascinated that its raison d'être has misaligned from its ‘normative’ main causes and purposes. As a business, it surely applies economic theories. Factors affecting demands and supplies rule the market. The ‘buyer’ of higher education services have cried for government’s intervention to the system that dictates the market rules commercially. For some time and some things, the government had taken it for granted, let the higher education system set and rule the games of the industry. Until it finally set the public outcry. The Constitution Court found it guilty to violate the constitution rights of human being in Indonesia and delivered a verdict of the cancellation of Legalised Higher Education Institutions Law (UU No.9/2009 tentang Badan Hukum Pendidikan). The Court had also made some amendments to the Law of Education System in Indonesia (UU No.20/2003 tentang Sistem Pendidikan Nasional). Some revamps have taken place and been on an on-going process to make Indonesia a better place. Some law enforcement efforts need more than just the written laws. We need to see some oversight institution that can do something and rectify what needs to be right and done in the first place. Never let the bureaucratic entanglements be the one that can hamper.
This book originally intends to give a brief description on value analyses over human aspects in life, that is ipoleksosbud-hankamnas. The value in political aspects should be described in relation to the legal and law system, domestically. The value in economical aspects has been described in a book titled by “Corporate Financing: Early Warning System Application on Financial Distress Indicators (Measurements)”. The value in national defense and security aspects should be described in relation to the legal and law system, internationally. This book begins with a question of what makes a value and values matter. The value definition analysis is continued with the discussions over its dimension, system, and on cultural contexts in corporations, psychologically and philosophically. Some values are meant and treated sacred in terms of ideology and religions. As it is, it has been exploited and manipulated as a bond to associate the relationship for millenias. The value concepts are then applied to economic goods, to be created, and built upon. On the other hand, the conflicting values can mean one see it entirely different. One see it as a value creation, while the others see it as a value destruction. Relational transgression is named to be an episode of a cycle in the inter-relationships of one human.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
PFMS, India's Public Financial Management System, revolutionizes fund tracking and distribution, ensuring transparency and efficiency. It enables real-time monitoring, direct benefit transfers, and comprehensive reporting, significantly improving financial management and reducing fraud across government schemes.
1. PT Borneo Lumbung Energi & Metal
On the Road to Recovery
by Sando Sasako
Jakarta, 2016-08-10 20:36:44
Get the pdf file on http://bit.ly/2bU9DiPFor inquiries, please call +62 851 0518 7118 or +62 21 4027 8375
2. For inquiries, please call +62 851 0518 7118 or +62 21 4027 8375
How to unload the debt burdens?
1. Fix the financial structure.
2. Fix the capital structure.
What makes them different?
Every components on the
right side of the balance
sheet compared to the total
assets are describing one’s
financial structure.
The capital structure is
financial structure without
current liabilities.
Get the pdf file on http://bit.ly/2bU9DiP
3. For inquiries, please call +62 851 0518 7118 or +62 21 4027 8375
Strengthen your capital structure.
a. Refinance the loans.
b. Restructure the debts.
c. Deepen the capital structure and lower the financial structure.
1) Reinstate the status/label of mostly the current liabilities components to long-
term liabilities, as possible.
2) Reschedule, lower the pressures on short-term liabilities, either in terms of
principals, interests, due time.
3) Deferred payments to any liabilities.
Similar names may include moratorium, allowed by the court order, such as
PKPU, bankruptcy clause, Chapter 11.
4) To have some slacks, freeze the debts and/or request some cuts.
5) Convert the liabilities to equity.
Get the pdf file on http://bit.ly/2bU9DiP
4. For inquiries, please call +62 851 0518 7118 or +62 21 4027 8375
How to unload the debt burdens?
3. Let the parent companies and/or the subsidiaries also take the heat and
share some burdens,
mostly in regards to related parties transactions.
4. Sell the (bad) loans as distressed securities, and put some security to the
new loan repayments (ABS), such as trade claims, the most underlying
assets and/or its financial performance (indicators) such as + cashflows,
liquidity, etc.
5. Secure the most wanted financial performance of the underlying assets:
a. Revenue / income generation.
b. Capital appreciation.
6. Bargain investors are willing to take the risks for the rosy and cheesy
outcomes,
that came out as the throughput of the fundamental earnings power of the underlying
assets;
which can be achieved by the investors only, and if only, the investors are taking parts
and roles, actively, in both revenue/income generation and capital appreciation.
Get the pdf file on http://bit.ly/2bU9DiP
5. For inquiries, please call +62 851 0518 7118 or +62 21 4027 8375
Internally speaking,
financially troubled companies are required to do only 2 things, that is:
1. Securing the money making mechanisms and systems, either in
minimum revenue generation that can cover and
2. Maintain the status as the least producing costs (efficient state), or
remain and able to be operational effectively and unfettered.
Securing the money making mechanisms includes to have
1. a guaranteed demand and
2. sustained purchase orders
from the most prospective and viable trade leads and customers such as steel
factories and/or metallurgical companies operating the blast furnace
(smelting purpose).
Get the pdf file on http://bit.ly/2bU9DiP
6. For inquiries, please call +62 851 0518 7118 or +62 21 4027 8375
Externally speaking,
the bargain investors’ characteristics that we oughtta seek are:
1. Love to take a role to play long and along.
2. Positive thinking and attitude towards the right passage of the financially
troubled companies to restructure and reorganise the business
successfully.
3. Not assuming the dire straits that the lay investors believe, perceive, and
conceive.
4. Having the needed and required experiences, skills, and capabilities to
get involved in the refinancing process and legal reviews, a far more time-
demanding investments, a lot of analytical works.
5. Not limited to improvement in operations, but most of all, increasing the
value of its securities from the distressed status to investment grade,
either in the end or in the middle of the process.
Get the pdf file on http://bit.ly/2bU9DiP
10. PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery – iii
Foreword
In less than 2 months before Linc Energy Ltd filed for voluntary administration on 30 March 2016,
Linc Energy had signed an MOU with at least 2 Indonesian companies regarding the UCG projects
in Indonesia, that is 18 February 2016. However, on 23 May 2016, Linc Energy just had confirmed
its status as a liquidating company, but not its US subsidiaries as they had filed for relief and seek
bankruptcy protection (Chapter 11) on 29 May 2016.
The MOUs were the one of many heydays that UCG projects have been accepted worldwide as an
alternative to mine the primary energy coal in terms of syngas. Scotland, Australia, Vancouver, and
Nova Scotia were the few names that had been offering and approving coal companies to try and
implement the UCG technologies.
As coal companies can never be aware of what beneath the earth surface, they failed to convince
that they already have the required technologies and resources to protect the environment. They are
doomed to fail before it’s begun.
As a consequences, lenders and creditors participating as investors in the proposed UCG projects
surely stop funding and began to demand a payback. Even worst, they wanted to liquidate their
assets invested in the troubled coal companies.
Some companies may weather the storm and sail unscathedly. Some others may have to sink and
scuttle their ships to the bottom of ocean floor. Nevertheless, what may have saved the ships from
sinking is the captain and skipper of the ship. Should the captain know exactly the weights and
worth of the ship, the cargoes, and the crews, they shall bargain to salvage what’s worth saving.
Indeed, in the beginning, it hurts. A lot. To many parties. Corporate retrenchment, layoffs, shrinking
assets are some desperate measures to be taken in desperate times. These inevitable corporate
actions are unload some burdens in preserving cashflows and contain cash drains. Some assets are
indeed liabilities. Especially when the assets are failing to perform and generate revenues that
profitable enough to cover the incurred and embedded expenses.
Jakarta, 31 August 2016
Sando Sasako
Email: sandosako @ yahoo.com
Mobile: +62 812 8056 516
11.
12. PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery – v
Contents
Foreword....................................................................................................................................... iii
Contents ..........................................................................................................................................v
List of Tables .................................................................................................................................ix
List of Figures .................................................................................................................................x
Global Trends in Energy Industry....................................................................................................1
Global Coal Trends..........................................................................................................................2
Energy Business in Indonesia in a brief ...........................................................................................3
Coal.............................................................................................................................................5
Borneo Lumbung Energi & Metal......................................................................................11
Has Samin Tan lost his bets in Bumi plc and BORN?.....................................................11
The Company Named Borneo Lumbung Energi .............................................................12
The Road to Highly Indebted BORN..............................................................................14
The Awkward and Ugliness in 2011...............................................................................17
The Teasing Dreams and Illusion of Interest in Bumi plc ...............................................21
The $1b Debt Traps for Lending Stanchart and Borrowing BORN .................................23
The End of Bumi plc......................................................................................................25
Tony Blair......................................................................................................................26
REDD+..........................................................................................................................27
Heart of Borneo .............................................................................................................28
Samin Tan......................................................................................................................29
Recapital Advisors .........................................................................................................30
Borneo Lumbung Energi and Energi Megah Persada......................................................31
Borneo Lumbung Energi & Metal: The Brief Profile..........................................................33
Shareholders ..................................................................................................................33
Management ..................................................................................................................34
Related Parties and Financial Transactions.....................................................................35
Third Parties & Transaction Types .................................................................................37
IPO Proceeds .................................................................................................................39
Financials.......................................................................................................................40
Surviving on Debt Burdens, Theoretically......................................................................40
The Walk-Through.........................................................................................................43
The Road So Far ............................................................................................................44
Troubles with the Crown Jewel Holding the Bargain Chip .............................................45
Asmin Koalindo Tuhup......................................................................................................48
AKT in Brief, Legally ....................................................................................................50
Concession Area ............................................................................................................51
Coal Deposits.................................................................................................................52
Mining Operations .........................................................................................................53
Production......................................................................................................................54
Product Specifications....................................................................................................55
Coal 101 ........................................................................................................................55
Coking Coal Grades .......................................................................................................56
13. vi – PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery
Infrastructure..................................................................................................................57
Transportation................................................................................................................58
Marketing & Sales .........................................................................................................60
Customers ......................................................................................................................60
Management ..................................................................................................................61
Shareholders ..................................................................................................................61
Financials.......................................................................................................................61
References.....................................................................................................................................63
Directory of Coal Mining Companies in Indonesia ........................................................................67
Abadi Batubara Cemerlang ....................................................................................................67
Abadi Coal Cemerlang...........................................................................................................67
Aceh Resources and Mineral..................................................................................................67
Aceh Resources and Mineral Core .........................................................................................67
Adaro Indonesia.....................................................................................................................67
Adimas Baturaja Cemerlang ..................................................................................................67
Allied Indo Coal , PT.............................................................................................................68
Andhika Mutiara Etam...........................................................................................................68
Andhika Mutiara Lestari ........................................................................................................68
Andhika Mutiara Sejahtera.....................................................................................................68
Antang Gunung Meratus........................................................................................................68
Anugerah Jatimulia................................................................................................................69
Anugerah Jatimulya ...............................................................................................................69
Arutmin Indonesia .................................................................................................................69
Asmin Bara Bronang..............................................................................................................69
Asmin Bara Jaan....................................................................................................................69
Asmin Koalindo Tuhup..........................................................................................................69
Astaka Dodol.........................................................................................................................70
Bahari Cakrawala Sebuku ......................................................................................................70
Bangun Banua Persada Kalimantan........................................................................................70
Bara Mutiara Prima................................................................................................................70
Bara Pramulya Abadi.............................................................................................................71
Bara Sentosa Lestari ..............................................................................................................71
Bara Utama Unggul ...............................................................................................................71
Baradinamika Mudasukses.....................................................................................................71
Baramarta, PD .......................................................................................................................71
Baramarta ..............................................................................................................................71
Baramulti Sukses Sarana........................................................................................................72
Baramulti Suksessartana ........................................................................................................72
Baramutiara Prima .................................................................................................................72
Barasentosa Lestari................................................................................................................72
Batu Alam Selaras .................................................................................................................72
Batubara Duaribu Abadi, PT..................................................................................................72
Batubara Selaras Sapta, PT ....................................................................................................72
Baturona Adimulya................................................................................................................73
Benakat Energi ......................................................................................................................73
Benakat Energy......................................................................................................................73
Bentala Coal Mining ..............................................................................................................73
Berau Coal.............................................................................................................................73
Bharinto Ekatama ..................................................................................................................73
Bima Duta Batubara Sakti......................................................................................................74
14. PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery – vii
Borneo Bhaktibara Utama......................................................................................................74
Borneo Indobara ....................................................................................................................74
Buana Bara Utama.................................................................................................................74
Bukit Baiduri Enterprises.......................................................................................................74
Bukit Sunur ...........................................................................................................................75
Bumi Laksana Perkasa...........................................................................................................75
Bumi Panen Sukses................................................................................................................75
Bumi Sukse Mandiri..............................................................................................................75
Buntok Perdana Coal Mining .................................................................................................75
Calicari..................................................................................................................................75
Coal Duaribu Abadi...............................................................................................................75
Coal Selaras Sapta .................................................................................................................76
Danau Mas Hitam..................................................................................................................76
Daya Lapan ...........................................................................................................................76
Delma Mining Corporation ....................................................................................................76
Dhamar Tejokencono.............................................................................................................76
Dharma Puspita Mining .........................................................................................................76
Dutaputra Tanaratama............................................................................................................77
Ekasatya Yanatama................................................................................................................77
Energi Batubara Sumatera......................................................................................................77
Energy Batubara Sumatra ......................................................................................................77
Fajar Bumi Sakti....................................................................................................................77
Firman Ketaun Perkasa ..........................................................................................................77
Galicari..................................................................................................................................77
General Sakti Kreasindo ........................................................................................................78
Generalindo Prima Coal.........................................................................................................78
Gunung Bayan Pratama .........................................................................................................78
Gunung Bayan Pratama Coal .................................................................................................78
Hulubalang Inti Bumi ............................................................................................................78
Indexim Coalindo ..................................................................................................................78
Indominco Mandiri ................................................................................................................79
Insani Bara Perkasa................................................................................................................79
Interex Sacra Raya.................................................................................................................79
Intitirta Prima Sakti................................................................................................................79
Intitirta Primasakti .................................................................................................................80
Jorong Barutama Greston.......................................................................................................80
Juloi Coal ..............................................................................................................................80
Kadya Caraka Mulia ..............................................................................................................80
Kalimantan Energi Lestari .....................................................................................................80
Kalteng Coal..........................................................................................................................81
Kaltim Prima Coal.................................................................................................................81
Kartika Selabumi Mining.......................................................................................................81
Karunia Poladaya Bumi .........................................................................................................81
Karya Bumi Baratama............................................................................................................81
Kendilo Coal Indonesia..........................................................................................................82
BHP Kendilo Coal Indonesia .................................................................................................82
Kideco Jaya Agung................................................................................................................82
Kitadin...................................................................................................................................82
Kodeco Horna Mandiri ..........................................................................................................82
Kurnia Sarana Lestari ............................................................................................................82
Kutai Kertanegara Prima Coal ...............................................................................................82
Lahai Coal.............................................................................................................................83
15. viii – PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery
Lanna Harita Indonesia ..........................................................................................................83
Lianganggang Cemerlang ......................................................................................................83
Mahakam Sumber Jaya ..........................................................................................................83
Mandiri Intiperkasa................................................................................................................83
Mantimin Coal Mining...........................................................................................................84
Marunda Graha Mineral.........................................................................................................84
Marunda Grahamineral ..........................................................................................................84
Maruwai Coal........................................................................................................................84
Maruai Coal...........................................................................................................................84
Meulaboh Energitama............................................................................................................84
Meullaboho Energitama.........................................................................................................85
Mitrajaya Timuragung ...........................................................................................................85
Multi Harapan Utama ............................................................................................................85
Multi Tambangjaya Utama.....................................................................................................85
Nusa Minera Utama ...............................................................................................................85
Nusantara Termal Coal (D/A Nusantara Thai Coal) ...............................................................86
Nusantara Thai Coal ..............................................................................................................86
Pari Coal................................................................................................................................86
Pendopo Energi Coal .............................................................................................................86
Pendopo Energy Batubara......................................................................................................86
Perkasa Inakakerta.................................................................................................................86
Persada Permata Mulya..........................................................................................................87
Persada Permata Mulia...........................................................................................................87
Pesona Khatulistiwa Nusantara ..............................................................................................87
Pinang Jaya Sarana Bara ........................................................................................................87
Pinangjaya Sarana Bara .........................................................................................................87
Ramdany Coal Mining ...........................................................................................................87
Ratah Coal.............................................................................................................................87
Restubara Karya Pratama.......................................................................................................88
Riau Bara Harum ...................................................................................................................88
Salamindo Coalindo...............................................................................................................88
Salamindo Pahala...................................................................................................................88
Santan Coal............................................................................................................................88
Santan Batubara.....................................................................................................................88
Sarwa Sembada Karya Bumi..................................................................................................88
Selatan Selabara.....................................................................................................................89
Selo Argodedali .....................................................................................................................89
Selo Argokencono Sakti.........................................................................................................89
Senamas Energindo Mulya.....................................................................................................89
Senamas Energindo Mulia .....................................................................................................89
Sinar Benua Prima .................................................................................................................90
Sinarindo Barakarya...............................................................................................................90
Singlurus Pratama..................................................................................................................90
Solok Bara Adipratama..........................................................................................................90
Sumber Barito Coal ...............................................................................................................90
Sumber Kurnia Buana............................................................................................................91
Suprabari Mapanindo Mineral................................................................................................91
Tambang Damai ....................................................................................................................91
Tanito Harum.........................................................................................................................91
Tanjung Alam Jaya ................................................................................................................92
Tanjung Alam Raya ...............................................................................................................92
Taraco Mining .......................................................................................................................92
16. PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery – ix
Teguh Persada Coal ...............................................................................................................92
Teguh Reksa Daya.................................................................................................................92
Teguh Sinar Abadi.................................................................................................................92
Tempayang Cemerlang ..........................................................................................................93
Timah Batubara Utama ..........................................................................................................93
Torah Antareja Mining ..........................................................................................................93
Trimarta Coal Perkasa............................................................................................................93
Trimata Buana .......................................................................................................................93
Trimata Benua .......................................................................................................................93
Trimata Coal Perkasa.............................................................................................................94
Trubaindo Coal Mining..........................................................................................................94
Wadung Mas Tambang Mulia................................................................................................94
Wadungmas Tambang Mulia .................................................................................................94
Wahana Baratama Mining......................................................................................................94
Whirakaneo Coalindo ............................................................................................................94
Whiratama Bina Perkasa........................................................................................................94
Yamabhumi Palaka................................................................................................................95
List of Tables
Table 1 – Coal reserves in Indonesia, 2014 (million ton)..................................................................6
Table 2 – Coal supply in Indonesia, 2000-2014 ...............................................................................7
Table 3 – Existing coal terminals in Indonesia .................................................................................8
Table 4 – The most vital financial figures of PT Borneo Lumbung Energi & Metal Tbk,
2006-2014q3...........................................................................................................14
Table 5 – BORN’s debts by signing dates and terms, 2005-2010 ...................................................16
Table 6 – BORN’s loans, 2007q4 -2012q1.....................................................................................17
Table 7 – Underwriters at BORN’s IPO.........................................................................................18
Table 8 – Corporate actions of Bakrie & Brothers regarding Bumi plc and BORN, late 2011 ........19
Table 9 – BORN’s IPO proceeds: Planned vs Reported in 2012 Annual Report (IDR mn) .............19
Table 10 – Subsidiaries of Bumi plc, June 2012.............................................................................22
Table 11 – ARMS company financials, 2011-2014 £(M) ...............................................................26
Table 12 – BORN’s Shareholders, March 2006 – Sept. 2014 (shares)............................................33
Table 13 – Trading suspension dates of BORN’s stock in IDX, 20130701-20160801 ....................33
Table 14 – BORN’s Board of Commissioners, Dec. 2007 – Sept. 2014..........................................34
Table 15 – BORN’s Board of Directors, Dec. 2007 – Sept. 2014...................................................34
Table 16 – Corporate Officers in BORN group of companies, 2010...............................................35
Table 17 – Related companies of BORN and transaction types, 2011-201409 (US$) .....................35
Table 18 – Related companies of BORN and transaction types, 2007-2011 (IDR mn) ...................37
Table 19 – Third parties of BORN.................................................................................................37
Table 20 – BORN’s IPO underwriting fees detailed.......................................................................39
Table 21 – BORN’s IPO proceeds: Planned vs Reported in 2012 Annual Report (IDR mn) ...........39
Table 22 – BORN’s outstanding loans, 20100630..........................................................................40
Table 23 – The most vital financial figures of PT Borneo Lumbung Energi & Metal Tbk,
2006-2014q3...........................................................................................................40
Table 24 – The financial structure of BORN (share of liabilities components to assets), 2009-
2014q3....................................................................................................................41
Table 25 – Coal mineable reserves of BORN, March 2013 (mt).....................................................52
Table 26 – Coal resources of BORN, March 2013 (mt)..................................................................52
Table 27 – BORN’s coal deposits in Kohong and Telakong blocks, 30 June 2010 (mt)..................52
Table 28 – BORN’s performance in coal productions, sales, and price, 2007-2013........................54
17. x – PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery
Table 29 – Tuhup coal product specification, 30 June 2010 ...........................................................55
Table 30 – Grades of coking coal...................................................................................................57
Table 31 – Utilisation of installed capacity of BORN, 2007-2010H1 .............................................57
Table 32 – Third parties contracted in relation to barging and loading in ISP.................................59
Table 33 – Coal sales by marketers, 2011-2012 ($)........................................................................60
Table 34 – BORN sales by country, 2009-2013 .............................................................................60
Table 35 – Management Boards of Asmindo Koalindo Tuhup, 1 Sept. 2010..................................61
Table 36 – Changes in AKT shareholders, 1993 – 20091220 .........................................................61
Table 37 – The financials of AKT acquisition in 2008 and 2012....................................................62
Table 38 – The financials of AKT, 2007 – 2010H1 ($) ..................................................................62
List of Figures
Figure 1 – Gasification-based system concepts ................................................................................5
Figure 2 – Gasification chemistry ....................................................................................................5
Figure 3 – Coal distribution in Indonesia by calory class, 2014........................................................6
Figure 4 – Supply and export of Indonesian coal, 1997-2014...........................................................7
Figure 5 – Export share over coal production in top producing countries .........................................7
Figure 6 – Coal seaports in Indonesia, 2015.....................................................................................9
Figure 7 – UK banks involvement in Indonesian coal companies...................................................10
Figure 8 – Share price of Vallar plc, Bumi plc, and Asia Resource Minerals plc, 9 July 2010 –
10 August 2015.......................................................................................................11
Figure 9 – The owners of BLE.......................................................................................................13
Figure 10 - The net debt maturities of PT Borneo Lumbung Energi & Metal Tbk, 2012q1.............14
Figure 11 - The debt burdens of PT Borneo Lumbung Energi & Metal Tbk, 2012q1......................14
Figure 12 – The flows of debts and stakes within companies related with PT Borneo
Lumbung Energi & Metal Tbk (BORN), Nov.2010.................................................15
Figure 13 – The interests of BNBR and LHHL in Bumi plc, December 2011.................................20
Figure 14 – The interests of BORN and Samin Tan in Bumi plc, June 2012...................................21
Figure 15 – Bumi plc related companies, from shareholders to subsidiaries, June 2012..................22
Figure 16 – The interests of BORN and Samin Tan in Bumi plc, prior to March 2014 ...................24
Figure 17 – Heart of Borneo: Three countries, One conservation vision.........................................28
Figure 18 – Transfers of $15m loan of AKT ..................................................................................36
Figure 19 – Transfers of $50m loan of BMS ..................................................................................36
Figure 20 – Transfers of $75m loan of BORN ...............................................................................36
Figure 21 – Transfer of advance and receivable of ETU in BMS and BORN to REM ....................36
Figure 22 – Classification of asset structure, financial structure, and capital structure ....................41
Figure 23 – AKT's coal deposit, 200511-201109 ...........................................................................48
Figure 24 – BORN's coal specification, worldwide comparation....................................................48
Figure 25 – Indonesian coal producers by mine sites......................................................................49
Figure 26 – Sea access of AKT as BORN's asset ...........................................................................50
Figure 27 – The site map of Muara Tuhup and Damparan in Central Kalimantan...........................51
Figure 28 – Mining activities cycle of AKT...................................................................................53
Figure 29 – BORN monthly production, Oct.2008 – June 2010 (000 ton) ......................................54
Figure 30 – Coal classification by energy content ..........................................................................56
Figure 31 – Bulk carriers compared by size, from Handysize to Capesize......................................58