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Credit Risk PT Telkom Indonesia

Credit risk on PT Telkom Indonesia occurred when the company is doing a contract with the
lender for a specific project or asset acquisition. Risks that will arise on the part of creditors of
course the risk of default of PT Telkom, but whether the risk of credit received by PT
Telkom ?? That's what you need to find the answer .. :) whereas in this article will discuss about
the

credit

risk

is

accepted

by

the

creditor

Party.

For additional information, creditors PT Telkom reached 222 in number. 179 Creditors entitled to
money bills of PT Telkom amounting to a total of 14 trillion, while 46 Creditors are entitled to
money

bills

of

PT

Telkom

amounting

to

total

of

315

trillion.

Among the creditors are PT Bank Mandiri, PT BCA, AB Svensk Export Credit, etc.
The scope of credit risk can not be separated clearly and forcefully with other types of risks
(operational risk, market risk and liquidity risk) and four types of these risks are interrelated. The
credit risk can arise due to the occurrence of market risk in advance.For example, customer
credit score becomes very large, due to the dominance of credit granted in foreign currency and
the rupiah weakened. The credit risk can arise due to the occurrence of operational risk in
advance., Bank officials have been negligent in carrying out tranksasi guarantees and binding.
To be more precise in providing credit, the creditor must inspect / assess the feasibility of PT
Telkom in receiving the credit contract. In the measurement of credit risk, we divided
into qualitative assessment of credit risk, and quantitative credit riskassessment.
Credit Risk Assessment in Qualitative
The use of a qualitative assessment of credit risk based on the 3Rs and 5C is an attempt to get the
approach to credit risk measurement values experienced by the company.
In simple terms we can conclude that this qualitative assessment based on the image of the
company in this case PT. Telkom in perspective 3R or 5C.

3R guidelines
Return (earnings) ie assess whether PT.Telkom have sufficient income to meet or pay off
debt and interest.
Repayment Capacity (ability to repay the loan), which assesses whether the PT. Telkom
has the capacity / ability to repay the loan and interest at maturity.

Risk-bearing Ability of assessing the ability of PT. Telkom in the risk


of failure or uncertainty associated with the use of credit.
Guidelines 5C

Character ie qualitative assessments of the willingness of borrowers to


meet their debt obligations and interest.
Capacity is qualitative assessments of the borrower to repay its debt
obligations through its management effectively and efficiently.
Capital is a qualitative assessment of the financial position of the
company (the borrower) as a whole.
Collateral is a qualitative assessment of assets pledged (as collateral)
for a loan.
Condition is a qualitative assessment of the extent to which economic
conditions will affect the ability to repay the loan.

The Credit Risk Assessment quantitatively, ie

Credit Scoring Model,

RAROC,

Yield Income,

Mortality Rate,

Credit Metrics

and frame option.

Credit Scoring Model

Altman Discriminant Model


Discriminant analysis basically want to see whether a company should be
included in a particular category. For example, suppose we have two categories:
companies that have failed to pay and that is not failure to pay. The first done is
to estimate the discriminant equation, namely by using a dependent variable (not
free) which is a category, which defaulted and did not fail to pay, and use

financial ratios as the dependent variable.Altman discriminant model equations


are described as follows:

Z = 1.2 + 1.4 X1 X2 X3 + 0.6 + 3.3 + 1.0 X4 X5

Where: X1 = working capital / total assets


X2 = retained earnings / total assets
X3 = earnings before interest and taxes / total assets
X4 = stock market value / book value of stock
X5 = sales / total assets

Model calculations with Diskriminan Altman

The calculation of the value of Z PT Telkom using


discriminant model as follows:
Z = 1.2 (0.17) 1.4 (0.37) + 3.3 (0.25) + 0.6 (31.16) + 1.0
(0.66)
= 0.204 + 0.518 + 0.825 + 18.696 + 0.66
= 20.903

Cut off rate Altman discriminant model is based on market value:

Z value from the calculation above, PT Telkom has a Z value


of 20.903 where the value is greater than the limit is not
bankrupt is 2.99. This reflects that the company has risks
bankrupt very small, almost non-existent because the value
of Z PT Telkom far adrift with no limit discriminant Altman
bankruptcy model based on market value. It means that
Telkom's financial performance during 2009 was quite nice
and PT Telkom was able to convince investors about the risk
of default is almost no or very little at all.