MIRA
INFORM REPORT
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Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. NAVIGAT
ENERGY |
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Registered Office : |
Gedung BRI II, 8th Floor, Jalan Jend. Sudirman No.
44-46,Jakarta Pusat |
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Country : |
Indonesia |
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Date of Incorporation : |
2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Agent and Distribution of Gas
Generated Powers (Generating Sets) |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
US$ 328,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name
of Company
P.T. NAVIGAT ENERGY
Address
Head Office
Gedung BRI II, 8th
Floor
Jalan Jend. Sudirman
No. 44-46
Jakarta Pusat
Indonesia
Phone - (62-21) 572 4944
(Hunting)
Fax - (62-21) 572 7614
E-mail - jakarta@navigat.net
Building Area - 28 storey
Office Space - 200 sq. meters
Region - Commercial
Building (Sudirman Business District)
Status - Rent
Date of Incorporation
2005
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. W7-05662
HT.01.04.TH.2007
Dated 22 May 2007
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.356.074.1-077.000
Related Companies
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
4,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners :
a. Mrs. Romi Betia Himawati - Rp. 650,000,000.-
Address : Jl. Zamrud Raya Block E/88
Jakarta Selatan
Indonesia
b. Mrs. Mayoritas Utami - Rp. 250,000,000.-
Address : Jl. Bukit Indah No. 6
Bandung, West Java
Indonesia
c. Mr. Ishak Bundjamin - Rp. 100,000,000.-
Address : Jl. Gang Menteng III No. 6 A
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Agent and Distribution of Gas
Generated Powers (Generating Sets)
Agent of
GE ENERGY’S JENBACHER ENGINE of Austria
Production Capacity
None
Total Investment
None
Started Operation
2005
Brand Name
GE
Technical Assistance
None
Number of Employee
13 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. PERUSAHAAN
LISTRIK NEGARA Tbk
b. P.T. PLN BATAM
c. P.T. INDONESIA
POWER
Market Situation
Very Competitive
Main Competitors
a. P.T. BUANA
PENTA PRIMA
b. P.T. DAYA
ENERGY WURINDO
c. P.T. VOLTA
PRIMA NUSANTARA
d. P.T. PIONEER
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker s :
a. P.T. Bank RAKYAT INDONESIA Tbk
Gedung BRI II
Jalan Jend. Sudirman No. 44-46
Jakarta Pusat
Indonesia
b. CITIBANK N.A.
Landmark Centre
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 22.0
billion
2006 – Rp. 25.0
billion
2007 – Rp. 15.0
billion (January-June)
Net Profit (Loss)
:
2005 – Rp. 1.7 billion
2006 – Rp. 2.0 billion
2007 – Rp. 1.2 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Romi Betia
Himawati
Director - Mrs. Mayoritas Utami
Board of Commissioners :
Commissioner - Mr. Ishak Bundjamin
Signatories :
President Director (Mrs. Romi betia
Himawati) or the Director (Mrs. Mayoritas Utami) which must be approved by
Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 328,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. NAVIGAT ENERGY (P.T. NE) was established in Jakarta in 2005 with an authorized capital of Rp. 4,000,000,000 issued capital of Rp. 1,000,000,000 entirely paid up. The founding shareholders of the company are Mrs. Romi Betia Himawati, Mrs. Mayorita Utami and Mr. Ishak Bundjamin. They are Indonesian businessmen of Chinese origins. The deed of amendment was made by Mrs. Runi Sri Wulandari, SH., a public notary in Jakarta under Company Registration Number W7-05662 HT.01.04.TH.2007, dated May 22, 2007.
P.T. NE has been operating since 2005 dealing with trading, agent, import and distribution of gas generating power (generating set). The merchandise good include spare parts of diesels, electrical, mechanical, gas general engines, diesel electric systems, electric motors, generator sets, marine automation, power management, robotized lines, stabilizing systems, incinerators, fire alarms and safety, cleaning systems, chock fast, switchboard panels and winches. The types of products are Jenbacher gas engine types (type 2 – type 6). The company is an agent of GE ENERGY JENBACHER GAS ENGINES of Austria. Whole merchandise products are supplied to P.T. PERUSAHAAN LISTRIK NEGARA Tbk, P.T. INDONESIA POWER, P.T. PLN BATAM, foreign oil contracting companies such as CONOCOPHILIP INDONESIA, P.T. CHEVRON PACIFIC INDONESIA and other heavy industries owing their own power plants. Besides, the products are also supplied to domestic and foreign companies including P.T. RIAU PULP & PAPER, P.T. PINDO DELI PULP AND PAPER and other industries. The operation of P.T. NE has been growing steadily in the last three years.
Generally, demand for diesel spare parts and repair services of ship diesel machines and electric diesel machines has kept on increasing by 8% to 10% in the last five years having close relation with the growth of industrial, maritime and electrical sectors in the last five years. The development of maritime industrial sectors has kept on increasing considering that Indonesia is one of maritime countries requiring development of new ships. Besides, shipping industries and maritime industries as means of transportation extremely support the national economic growth. Besides, the electrical sectors have also kept on increasing in which the government and private sectors have kept on investing on the development of electric power plants. The business position of P.T. NET is appraised to be good for having established regular customers among shipping companies and P.T. PLN.
Until this time P.T. NE has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2005 amounted to Rp. 22.0 billion, increased to Rp. 25.0 billion in 2006. We estimated the total sales turnover as from January to June 2007 amounted to Rp. 15.0 billion with a net profit of Rp. 1.2 billion. It is estimated the company has an estimated total networth at least Rp. 7.5 billion. It is projected that total sales turnover of the company will increase at least 8% in 2008. We observe that P.T. NE is supported by financially strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. NE is led by Mrs. Romi Betia Himawati (51) a businessman with 18 years of experience in trading, import, agent and distribution of gas generating power (generating sets). The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. NAVIGAT ENERGY is sufficiently fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)