Attachment 1

Report Update On	10^th September, 2002

Report on	P. T. MEGASETIA AGUNG KIMIA

Registered Office	Jalan Paradise Timur Raya, Blok F21, No. 58, Sunter Agung, Podomoro, Jakarta 14350, Indonesia

Tel. No.	(021) 6451037
Fax No.	(021) 6452306
E-Mail	megasetia@indosat.net.id
Telex	--

Attachment 2

SUMMARY

Incorporated	23.12.1995	Status	Satisfactory

Registration No.	C2-2111.HT. 01.01.TH.97	Chief Executive	Ms. Ir Suryani Hartoya

Capital (Rp)	300,000,000	Payments	Usually Correct

Sales (Rp)	20 billions	Litigation	Clear

Net Worth (Rp)		Banking Reputation	Good

No. of Employees	20	Auditors

Credit Rating	Ba (See attachment 3)

BACKGROUND/OFFICIAL DATA

1. Address

Head Office

Jalan Paradise Timur Raya Blok F21 No. 58

Sunter Agung, Podomoro

Jakarta 14350, Indonesia

Tel. (021) 6451037 (Hunting)

Fax. (021) 6452306

E-mail : megasetia@indosat.net.id

Branch

Perumahan Delta Sari Indah

Blok AP No. 05, Waru

Sidoarjo, East Java

Tel. (031) 8535518

Fax. (031) 8546929

Warehouse

Jalan Malaka IV

Kel. Rorotan Cilincing

North Jakarta

Tel. (021) 44850307

2. Established

23 December 1995

3. Organization Style

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

4. Legalization

No. C2-2111.HT.01.01.Th.97

Dated 25 March 1997

5. Government Permit(s)

Department of Finance

NPWP : 1.744.272.4-042

6. Capitalization

Authorized Capital - Rp. 500,000,000

Issued Capital - Rp. 300,000,000

Paid-up Capital - Rp. 300,000,000

Notes :

Consist of 1,000 shares @Rp. 500,000

7. Shareholder(s)

a. Mr. Sutedja Sidarta - 45.0%

b. Ir. Suryani Hartoyo - 20.0%

c. Ms. Indria Sari Sidarta - 20.0%

d. Mr. Rusdi Wijaya Effendi - 10.0%

e. Mr. Muharrom Ahmad - 2.5%

f. Mr. Ignatius Budhi P, BSc - 2.5%

8. Supervisory Board

Chairman - Mr. Sutedja Sidarta

Member(s) - Mr. Rusdi Wijaya Effendi

9. Management Board

President Director - Ir. Suryani Hartoyo

Director(s) - a. Mr. Ignatius Budhi P. Bsc

b. Ms. Rusmini Sidarta

10. Registered Activities

a. Trading

b. Chemical Industry

OPERATIONAL

11. Started Operation

1996

12. Business Category

Wholesaler

13. Line of Business

Trading of Industrial Chemical

Agent & Distributor For :

a. Rohm and Hass of France

b. Allied Chemical International of Thailand

c. Seppic-Air Liquid of France

d. Sophin of France

e. Sino-Japan of Taiwan

f. Others

14. Product & Capacity

None

15. Status of Investment

Non Facility

16. Sales Territory

Local - 100%

17. Number of Employee

FINANCIAL INFORMATION

18. Sales Turnover

1999 - Rp. 8 billion

2000 - Rp. 15 billion

2001 - Rp. 20 billion

19. Total Asset

Rp. 12 billion

20. Investment

None

21. Banker(s)

a. P.T. Bank Buana Indonesia

Jakarta Kota Branch

Jalan Asemka No. 32-36

Jakarta 11110

b. P.T. Bank Central Asia

Jakarta Sunter Branch

Jalan Danau Sunter Agung 2 Blok E No. 8

North Jakarta

CREDITWORTHINESS

22. Operating Trend

Steady

23. Industrial Trend

Medium

24. Banking Relation

Good

25. Financial Condition

Medium

26. Commercial Morality

Good

27. Management Capability

Good

28. Payment Manner

Medium

29. Authorized Signatories

President Director or Director which must be approved by Chairman or Member of Supervisory Board

30. Credit Opinion

Caution should be needed in granting credit

31. Affiliate(s)/ Associate(s)

P.T. Apollo Agung Chemical Industry (Manufacturing & Trading of Industrial Chemical)

***

Background

P.T. Megasetia Agung Kimia was established in Jakarta on 23 December 1995 with an authorized capital of Rp. 500,000,000 where Rp. 300,000,000 was issued and paid up. The founding shareholders are Mr. Sutedja Sidarta (45%), Ir. Suryani Hartoyo (20%), Ms. Indria Sari Sidarta (20%), Mr. Rusdi Wijaya Effendi (10%), Mr. Muharrom Ahmad (2.5%) and Mr. Ignatius Budhi P, BSc. (2.5%). So far, the notarial deed has never been revised. It has been legalized by the Ministry of Justice No. C2-2111.HT.01.01.Th.97 dated 25 March 1997.

Subject affiliates with P.T. Apollo Agung Chemical Industry that is active in the manufacturing and trading of industrial chemical.

Operations Outlook

In accordance to its notarial deed, subject is registered to be active in trading and chemical industry. Similarly, subject realizes its business the above activity. It started operation in early 1996. In its business, subject manages a warehouse located in Jalan Malaka IV, Kel. Rorotan Cilincing, North Jakarta. This warehouse is facilitated with a modern laboratory to formulate the chemical. The specialty chemicals are then marketed to leather, cosmetic & toiletries as well as rubber & adhesive industries. So far, subject has secured some potential customers from various industries, such as P.T. Unilever Indonesia, P.T. Pabrik Pharmasi Vita, Wings Group, etc. (cosmetic and toiletries), P.T. Dongsung Indonesia (adhesive), P.T. Hardaya Aneka Shoes Indonesia (shoe manufacturing) and others.

In general, we observed that chemical business has drastically dropped for the last three years due to the negative impact of the economic crisis in the country since mid 1997. The crisis was caused by the monetary fluctuation where Rupiah has been sharply depreciated against US Dollars. The selling price of the above products has hiked many times over. This has caused the weakening purchasing power of customers. After reaching the bottom line in 1998, there is indication that, in 1999, the business has started to recover. In spite of that, the market competition is tight.

Basically, subject’s operation has been running relatively stable in the last three years. Subject already has long experience in the business and has acquired wide marketing network with several potential customers.

Financial Condition

Subject's sales turnover has increased in the last few years. It was Rp. 8 billion in 1999, Rp. 15 billion in 2000 and Rp. 20 billion in 2001. In the meantime, its current total asset is estimated to reach Rp. 12 billion.

Management

The management team is led by Ir. Suryani Hartoyo as the president director. She is a chemical engineer who has long experience in the business. In running the day-to-day operations, she is assisted by two other directors namely Mr. Ignatius Budhi P, BSc. and Ms. Rusmini Sidarta as well as some other professionals. The management team has long experience in the business and maintains good business relationship with entrepreneurs related to the business, both locally and internationally.

Creditworthiness

Based on the above facts, we conclude that subject’s operation has been running relatively stable in the last three years. Subject already has long experience in the business and has acquired wide marketing network with several potential customers. Basically, subject is considered to be capable in maintaining the business up to the shortcoming time. Yet, since there are still uncertainties in the country so far, we suggest caution in granting credit to subject.

Attachment 3

SCORE SHEET

SCORE	CREDIT 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. Maybe drawn to slightly difficult position as unfavourable conditions arise. Minimal assurance for timely payment on interest and principal sums	Moderate
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively limited or considered not known. Capability to pay both interest and principal sums is doubtful	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

Attachment 4

ACKNOWLEDGEMENT

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