(June 11, 2025 ) -- The rating reflects HAJI's good vertically integrated operations as well as conservative capital structure and strong cash flow protection. The rating is constrained by concentrated business profile while the Company is also exposed to fluctuating commodity prices and environmental risk.
The rating may be raised if HAJI strengthens its business profile by diversifying its business while maintaining its conservative capital structure. We may lower the rating if HAJI's revenue or EBITDA decreases significantly due to the Company's inability to develop other businesses to replace revenue from coal mines that will be decreasing in the medium to long term. The rating may also be under pressure if HAJI continues to provide significant funds to its affiliates through dividends as well as related-parties receivables, which may aggravate its financial profile. Deterioration of coal prices may also adversely affect HMI's financial profile, which may negatively impact the Company's rating.
PT Hasnur Jaya International is part of Hasnur Group, which engages in the coal mining industry. The Company owns one coal mine under PT Bhumi Rantau Energi, one coal mining contractor under PT Hasnur Riung Sinergi, and owns a hauling road and jetty as its infrastructure support. As of March 31, 2025, its shareholders were PT Hasnur Jaya Utama (96.57%), Haji Rahmadi HAS (0.49%), Jayanti Sari (0.49%), Hj. Nila Susanti (0.49%), Hasnuryadi Sulaiman (0.49%), Hasnuryani (0.49%), Yuni Abdi Sulaiman (0.49%), and Zainal Hadi HAS HB (0.49%). (ends)
