MIRA INFORM REPORT

Report Date :

24^th February, 2007

IDENTIFICATION DETAILS

Name :	P.T. SINAR ANDALAS SAKTI

Registered Office :	J. Dagan No. 18-C (D/H 5-C), Medan, North Sumatra, Indonesia

Country :	Indonesia

Date of Incorporation :	13.10.1992

Com. Reg. No.:	C-4154.HT.01.01.TH.2001

Legal Form :	P.T. (Perseroan Terbatas) or Limited Liability Company

Line of Business :	Import and Export Services

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 260,000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Name of company

P.T. SINAR ANDALAS SAKTI

Address

Head Office

J. Dagan No. 18-C (D/H 5-C)

Medan, North Sumatra

Indonesia

Phone - (62-61) 4146014, 4145972

Fax. - (62-61) 5422033

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial

Status - Owned

Date of Incorporation

13 October 1992

Legal Form

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

Company Reg. No.

No. C-4154.HT.01.01.TH.2001

Dated 9 April 2001

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

Related Company :

P.T. FAJAR DELO\I UTAMA (Import and Export Services)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 75,000,000.-

Issued Capital : Rp. 30,000,000.-

Paid up Capital : Rp. 30,000,000.-

Shareholders/Owners :

a. Mr. Haji Muhammad Soehoed - Rp. 12,000.000.-

Jl. Setia Budi No. 285

Medan, North Sumatra

Indonesia

b. Mr. Ir. Hadi Sudibyo - Rp. 8,000,000.-

Jl. Setia Budi No. 285

Medan, North Sumatra

Indonesia

c. Ms. Ir. Hajjah Sri Pujiastuti - Rp. 5,000,000.-

Jl. Sukaramai No. 10-A

Medan, North Sumatra

Indonesia

d. Ms. Sri Suciwati, SE. - Rp. 5,000,000.-

Jl. Setia Budi No. 285

Medan, North Sumatra

Indonesia

BUSINESS ACTIVITIES

Lines of Business:

Import and Export Services

Production Capacity

None

Total Investment

Owned Capital - Rp. 800 million

Started Operation

1992

Brand Name

None

Technical Assistance

None

Number of Employee

12 persons

Marketing Area

Domestic (Local) - 90%

Export - 10%

Main Customer

a. Supermarkets

b. Fruit Wholesalers

c. Traditional Markets, etc.,

Market Situation

Very Competitive

Main Competitors

a. P.T. Gemilang Mitra Lestari

b. P.T. Budi Aneka Cemerlang

c. P.T. Aneka Protarada International

d. P.T. Bukit Angkasa Makmur

e. P.T. Global Export Import

f. P.T. Glorify International

g. P.T. Henintex Jaya Corporation

h. Etc.

Business Trend

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank PERMATA Tbk.

Medan Branch

North Sumatra

Indonesia

b. P.T. Bank INTERNASIONAL INDONESIA Tbk.

Medan Branch

North Sumatra

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Income/Revenue

2004 – Rp. 14.5 billion

2005 – Rp. 17.0 billion

2006 – Rp. 19.0 billion

Net Profit (Loss) :

2004 – Rp. 290 million

2005 – Rp. 340 million

2006 – Rp. 380 million

Payment Manner :

Promptly

Financial Comments :

Fairly Strong

KEY EXECUTIVES

Board of Management :

President Director - Mr. Haji Muhammad Soehoed

Director - Mr. Ir. Hadi Sudibyo

Board of Commissioner :

President Commissioner - Ms. Ir. Hajjah Sri Pujiastuti

Commissioner - Ms. Sri Suciwati, SE.

Signatories :

President Directors (Mr. Haji Muhammad Soehoed) or Director (Mr. Ir. Hadi Sudibyo) which must be approved by President Commissioner (Ms. Ir. Hajjah Sri Pujiasuti) or Commissioner (Ms. Sri Suciwati, SE.)

CAPABILITIES

Management Capability :

Fairly Good

Business Morality

Fairly Good

Credit Risk

Below Average

Credit Recommendation

Credit can be proceeded normally

Proposed Credit Limit

Moderate Amount

Maximum Credit Limit

US$ 260,000.- on the 90 days D/A

OVERALL PERFOMANCE

P.T. SINAR ANDALAS SAKTI (P.T. SAS) was incorporated in Medan, North Sumatra, in October 1990 with an authorized capital of Rp. 75,000,000.- issued and paid up capital of Rp. 30,000,000.- The founding shareholders of P.T. SAS are Mr. Haji Muhammad Soehoed, his son Mr. Ir. Hadi Sudibyo and his daughters Ms. Ir. Hajjah Sri Pujiastuti and Ms. Sri Suciwati, SE. They are indigenous business family. Neither shareholders nor capital structure has ever changed as yet. The deed of amendment was made by Mr. H. Makmur Ritonga, SH., a public notary in Medan under Company Registration Number C-4154.HT.01.01.TH.2001, dated April 9, 2001. The Hadi

Sudibyo family is also founders and majority business stakes owners of P.T. FAJAR DELI UTAMA engaged in import and export services.

P.T. SAS had been operating since 1992 in import – export services and running well as yet. Mr. Mohammad Abdi, a senior staff of the company said to our inquiry that PT.. SAS imports various fruits like oranges, grapes, apples, peer, etc., from China, Australia and USA. The fruits are supplied to several supermarket and fruits wholesalers in major cities in Sumatra. Besides, it exports agro products like tobacco (Deli) to Penang (Malaysia) and Singapore. The operation has basically been running and growing well and it is likely to be able to maintain the business to the future.

Generally the demand for imported fruits at home ahs been very potential in view of a great number of total population. The rate of demand was estimated at about 5% per year linking with the economic improvement and the propensity of the people to consume imported fresh fruits. Similarly the demand for export of tobacco has also been rising every year. While market situation is very competitive due to a large number of companies hare doing the same business. P.T. SAS in the circumstances has nothing to worry about for it has already controlled a wide marketing chains and regular customers as well.

The management of P.T. SAS is very reclusive mainly concerning financial condition. But we presume that total revenue in 2004 amounted to about Rp. 14.5 billion with a net profit of Rp. 290 million, increased to Rp. 17.0 billion with a net profit of Rp. 340 million in 2005 and rose again to Rp. 19.0 billion with a net profit of Rp. 380 million in 2006. Igt is projected that total revenue will be higher by about 10% in 2007. The company has an estimated total networth at around Rp. 4.5 billion. So far, we have never heard that the company has been black listed by Bank Indonesia (Central Bank). Its payment to suppliers is running punctually.

The management of P.T. SAS is headed by Mr. Haji Muhammad Soehoed (78), a well-experienced businessman in importing and trading of fruits. He is assisted by his son Mr. Ir. Hadi Sudibyo (47). They have already maintained a wide business relation among private companies at home and abroad as well as among government sectors. They are also appraised to be able to manage and develop the business in the future. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s relation in banking sector is good enough and P.T. SAS has not registered with the black list of Bank of Indonesia. It is quite reasonable to conclude that PT.. SAS is good for normal business transactions.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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