MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. SENTOSA LAJU ENERGY

 

 

Registered Office :

Jl. Ruko Bukit Darmo Boulevard No. 2F, Surabaya, East Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

27.03.2009

 

 

Com. Reg. No.:

No. AHU-20385.AH.01.01.TH.2009

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading and Export of Coal

 

 

No. of Employees :

12

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 630,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company

 

P.T. SENTOSA LAJU ENERGY

 

 

company Address

 

Head Office

Jl. Ruko Bukit Darmo Boulevard No. 2F

Surabaya, East Java

Indonesia

Phones             - (62-31) 7382825, 70588199

Fax                   - (62-31) 7348861          

Building Area     - 4 storey

Office Space      - 110 sq. meters

Region              - Commercial

Status               - Owned

 

 

Date of Incorporation

 

27 March 2009

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

No. AHU-20385.AH.01.01.TH.2009

Dated 13 May 2009

 

 

Company Status

 

National Private Company

 

Permit by the Government Department

 

The Department of Finance

NPWP No. - Not available

 

 

Affiliated/Associated Companies

 

a. VERONA BEDDING (Trading of Bed Linen, Curtain, Furniture and Wallpaper)

b. Etc.

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            - Rp. 900,000,000.-

Issued Capital                                  - Rp. 225,000,000.-

Paid up Capital                                - Rp. 225,000,000.-

 

Shareholders/Owners :

a. Mrs. Tan Paulin                         - Rp. 75,000,000.- (33.3334%)

    Address : Jl. Raya Dharmahusada Indah 18/A-16

                    Surabaya, East Java

                    Indonesia

b. Mr. Irwantono Sentosa              - Rp. 75,000,000.- (33.3333%)

    Address : Jl. Raya Dharmahusada Indah 18/A-16

                    Surabaya, East Java

                    Indonesia

c. Mr.  Denny Iryanto                     - Rp. 75,000,000.- (33.3333%)

    Address : Jl. Raya Serongga Km. 5,5

                    Kabupaten Tanah Bumbu

                    South Kalimantan

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading and Export of Coal

 

Production Capacity :

None

 

Total Investment :

None

Started Operation :

June 2009

 

Brand Name :

None

 

Technical Assistance :

None

 

Number of Employee :

12 persons

 

Marketing Area :

Local                                                   - 30%

Export   - 70%

 

Main Customer :

a. Overseas buyer in Asia Pacific Countries

b. Cement Industries, etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. PT. Baramulti Sugih Sentosa

b. PT. Bintang Jaya Makmur

c. PT. Bumit Asam Prima

d. PT. Jaya Shakti Batutama

e. PT. Kasih Industri Indonesia

f.  PT. Manggala Wahana energitama

g. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.   P.T. Bank CENTRAL ASIA Tbk

      Surabaya Branch

      Jl. Raya Darmo No. 5

      Surabaya, East Java

      Indonesia

b.   P.T. Bank MANDIRI Tbk

      Surabaya Branch

      Jl. Veteran No. 42-44

      Surabaya, East Java

      Indonesia

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 22.5 billion

2010 – Rp. 38.0 billion

2011 – Rp. 46.0 billion

 

Net Profit (estimated) :

2009 – Rp. 1.2 billion

2010 – Rp. 2.0 billion

2011 – Rp. 2.5 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mrs. Tan Paulin

Director                                           - Mr. Denny Iryanto

 

Board of Commissioners :

Commissioner                                 - Mr. Irwantono Sentosa

 

Signatories :

President Director (Mrs. Tan Paulin) or the Director (Mr. Denny Iryanto) which must be approved by Board of Commissioner (Mr. Irwantono Sentosa)

 

 

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$ 630,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. SENTOSA LAJU ENERGY (P.T. SLE) was established in Surabaya, East Java with the authorized capital of Rp. 900,000,000 of which Rp. 225,000,000 was issued and fully paid up.  The founding shareholders of the company are Mrs. Tan Paulin (33.3334%), his husband Mr. Irwanto Sentosa (33.3333%) and Mr. Denny Iryanto (33.3333%).  They are Indonesian woman and businessmen of Chinese extraction. The Articles of Association was made by Ninik Sutjiati, SH., a public notary in Surabaya based on notary deed No. 28 and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-20385.AH.01.01.TH.2009 dated May 13, 2009.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

P.T. SLE is in affiliation with VERONA BEDDING (a sole proprietary company) is engaged in trading of Bed Linen, Curtain, Furniture and Wallpaper.

 

Pursuant to the company’s notary deed, P.T. SLE engaged to operate in mining, general trading, contractor, agency, service, transportation, printing, agricultural and industry. The Company’s registered office located in Surabaya (East Java) and the company can open branch offices or representative offices at home and abroad.

 

Miss Mirna, one of marketing staffs of PT SLE when contacted by phone explained that her company had started to conduct in trading and exporting of coal since mid-2009.  The coal products (5500 cal/kg to 6200 cal/kg) were bough from a number of coal mining companies in South and East Kalimantan.  Then, the coals are exported to Asia Pacific countries such as Japan, Korea, Taiwan, Hong Kong, Malaysia and others.   Beside, the company sells coals to local companies such as Cement Portland industries, power plant and textile industries.  We observe that P.T. SLE is classified as a small sized company of its kind in the country of which the operation has been growing slowly in the last two years.

 

The national coal industries in Indonesia have swiftly been growing in the last five years. According to the Central Bureau of Statistics (BPS), the national coal export in 2005 amounted to 129,044.1 thousand tons worth US$ 4,354.0 million rocketed to 184,008.9 thousand tons worth US$ 6,085.7 million in 2006 to 195,785.8 thousand tons worth US$ 6,681.5 million in 2007 to 201,021.7 thousand tons worth US$ 10,485.1 million in 2008 to 234,793.1 thousand worth US$ 13,817.3 million in 2009 and rose again to 298,844.5 thousand tons worth US$ 18,499.3 million in 2010.  The growth of coal export (volume and value) in Indonesia in 2005 to 2010 is pictured on the following table:

The Export Volume and Value of Coal Products 2005 – 2010

 

Description

2005

2006

2007

2008

2009

2010

Volume

(000 tons)

129,044.1

184,008.9

195,785.8

201,021.7

234,793.1

298,844.5

Value

(million US$)

4,354.0

6,085.7

6,681.5

10,485.1

13,817.3

18,499.3

  Source: Central Bureau of Statistic (BPS)

 

Until this time P.T. SLE has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SLE is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 22.5 billion increased to Rp. 38.0 billion in 2010 and rose again to Rp. 46.0 billion in 2011.  The operation in 2010 yielded an estimated net profit of Rp. 2.0 billion increased to Rp. 2.5 billion in 2011 and the company has an estimated total networth of at least Rp. 3.0 billion.  So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.  

 

P.T. SLE's management headed by Mrs. Tan Paulin (33), as president director with more than 3 years experience in coal trading and export.  In daily activities, she is assisted by Mr. Denny Iryanto (27) as director. The management is having maintained a wide business relation with private businessmen at home and abroad as well as with government sector.  So far, we did not hear that the company’s management involved in the business malpractices 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.

 

Since this company (PT. SLE) just about two years in operation commercially, so we recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.30

UK Pound

1

Rs.82.66

Euro

1

Rs.68.91

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.