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Dividend payable Balance of Dividend payable of the Company on 30 June 2010 amounted to Rp.8,125,320 thousand, consisting of:
in thousands Rupiah
Information Total
Sugiman Layanto 3,254,173
Muriani 1,820,303
Nely Layanto 1,016,929
Darmawan Layanto 1,016,929
Lina Layanto 1,016,929
Elly Tety 44
Johnson W. Sutjipto 13
Total Dividend payable 8,125,320
B. Non current liabilities
Total balance of non current liabilities of the Company on 30 June 2010 was Rp.680,331,354 thousand.
C. Commitments and Contingencies 1. The Issuer is engaged in a lease agreement with PT Wintermarjaya Lestari WJL, Related parties on 31 October 2008. The
Issuer is leasing 1 one floor in a building owned by WJL with an area of 467.40 square meters for 5 years starting from 1 November 2008 until 31 October 2013 in the amount of Rp.2,804,400 thousand.
2. PT Wintermar Wintermar, a subsidiary, is engaged in a vessel charter agreement with various customers, among others as follows:
a. Makassar Strait Explorers Consortium MSEC PT Wintermar, a subsidiary, executed a charter contract with MSEC, members of which are Anadarko Popodi Ltd,
ConocoPhilips Kuma Ltd, Eni Bukat Ltd, Marathon International Petroleum Indonesia Limited, Statoil Indonesia Karamas AS and Talisman Sageri Ltd to provide 2 two vessels with a total value of contract amounting to
US57,959,800. b. Kodeco Energy Co. Ltd Kodeco
Based on the Contract for Provision of One Unit Fast Multipurpose Crew Boat dated 11 August 2008, Wintermar chartered Kodeco a vessel, Brompton Galaxy, with a contract value amounting to US9,052,000.
c. Premier Oil Natuna Sea BV Premier Based on Charterparty No. CO-08-076 dated 29 August 2008, Wintermar chartered the vessel MV Fos Star to Premier
with contract value amounting to US9,052,000. d. PT Conoco Philips Indonesia Conoco
Based on the Marine Vessel Services Agreement dated 27 April 2008, Wintermar chartered the vessels SMS Express, CB Pesat and CB Petir to Conoco with contract value amounting to US12,286,447.50.
e. PT Chevron Pacific Indonesia Chevron Based on a Charter Party Contract dated 31 August 2007 which has been amended on 1 November 2008, Wintermar
chartered 2 units of vessels, namely Landing Craft and Tug Boat, to Chevron with contract value amounting to US4,013,880 for vessels chartering and Rp.3,141,000 thousand for agency fees.
3. Wintermar is engaged in a lease agreement with WJL, Related parties on 2 November 2008. Wintermar is leasing 1 one floor in a building owned by WJL for 5 years starting from 1 December 2008 until 30 November 2013 at a price of
Rp.3,306,240 thousand. 4. PT Sentosasegara Mulia Shipping Sentosa, a subsidiary, is engaged in a lease agreement with WJL, Related parties on
31 October 2008. Sentosa is leasing 1 one floor in a building owned by WJL with an area of 467,40 square meters for 5 years starting from 1 November 2008 until 31 October 2013 at a price of Rp.2,804,400 thousand.
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5. On 22 August 2008, PT Hammar Marine Offshore Hammar, a subsidiary, as a buyer and PT Hamdok Argokaravi Raya shareholders in Hammar as the seller, executed a construction contract for the construction of a multi function vessel with a
value amounting to US4,500,000. The payment shall be done in 9 nine payment installments in accordance with the physi- cal progress of the work.
6. On 7 April 2010, PT Wintermar, a subsidiary, and PT Paluansa Kamal Maritim executed a sale and purchase agreement of a barge SMS 152 with selling price amounting to Rp.1,000,000 thousand. Up until 30 June 2010 the said barge has not been
handed over. Based on the financial position as at 30 June 2010, the Issuer is capable of meeting all covenants, while PSV is not yet required to
meet the convenant ratio as it has not fulfilled the required operation period, which is 6 months. The Issuer and its Subsidiaries have no significant liabilities and engagement prior to the effective date of the
Registration Statement other than those arising from the Company’s operational activities and those disclosed in this Prospectus and in the consolidated financial statements of the Company contained in this Prospectus.
The Company has settled all its due liabilities. No due liabilities remain which have not been settled by the Company. The Management of the Issuer, in this case acting for and on behalf of the Issuer, and also in relation to its duties and
responsibilities in the Issuer, herewith state its capability to meet all liabilities of the Issuer as disclosed in the consolidated financial statements of the Company contained in this Prospectus.
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IV. Management’s Discussion and Analysis
