MIRA INFORM REPORT

Report Date :

14.06.2007

IDENTIFICATION DETAILS

Name :	C.V. PUTRA NUSA

Registered Office :	Wisma Bank Metro Express, 3^rd Floor, Jalan Hayam Wuruk No. 19-20, Jakarta 10120

Country :	Indonesia

Date of Incorporation :	1970

Legal Form :	Partnership with sleeping partner

Line of Business :	Trading and Distribution of agriculture products

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$ 248,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Name of company

C.V. PUTRA NUSA

Address

Head Office

Wisma Bank Metro Express, 3^rd Floor

Jalan Hayam Wuruk No. 19-20

Jakarta 10120

Indonesia

Phones - (62-31) 3537708, 3531252

Fax - (62-31) 3550376

Email - cvpn@cbn.net.id

Building Area - 6 storey

Office Space - 250 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

1970’s

Legal Form

C.V. (Commanditaire Vennootschap) or Partnership with sleeping partner

Company Reg. No.

The Ministry of Law and Human Rights

Not Required

Company Status

National Private Company

Permit by the Government Department

The Department of Trade

API No. 2557N (Import License)

Related Company

The METRO EXPRESS Group Member

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital - Rp. 1.5 billion

Shareholders/Owners

a. Mr. Witu Sianandar as active partner - 20%

Address : Jl. Kesehatan No. 11

Kel. Petojo Selatan, Gambir

Jakrta Pusat - Indonesia

b. Mr. Tri Sianandar as active partner - 20%

Address : Jl. Tasikmalaya No. 11-A

Kel. Menteng, Menteng

Jakarta Pusat - Indonesia

b. Mr. Jan Sianandar as silent partner - 20%

Address : Jl. Tasikmalaya No. 11-A

Kel. Menteng, Menteng

Jakarta Pusat – Indonesia

b. Mr. Djitu Sianandar as silent partner - 20%

Address : Jl. Kesehatan No. 17

Kel. Petojo Selatan, Gambir

Jakarta Pusat - Indonesia

b. Mr. Kartono Sianandar as silent partner - 20%

Address : Jl. M.H. Thamrin No. 66-C

Kel. Tegal Sari, Surabaya

East Java - Indonesia

BUSINESS ACTIVITIES

Lines of Business:

Trading and Distribution of agriculture products

Production Capacity

None

Total Investment

a. Owned Capital - Rp. 5.0 billion

b. Loan Capital - Rp. -- billion

c. Total Investment - Rp. 5.0 billion

Started Operation

1970

Brand Name

None

Technical Assistance

None

Number of Employee

24 persons

Marketing Area

a. Domestic (Local) - 75%

b. Export - 25%

Main Customers

Traditional markets
Food and Beverages Industries
Foodstuff Stores
Wholesalers and food industries

Market Situation

Very Competitive

Main Competitors

a. P.T. JASA INDO MAKMUR

b. P.T. ADI SAMPOERNO

c. P.T. DAKAI IMPEX

d. P.T. ALAM INDO RAMA

e. C.V. BUMI DJAJA

f. P.T. ADI SAMPOERNO

g. C.V. PUTRA NUSA

Business Trend

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank METRO EXPRESS

Jakarta Head Office

Jl. Hayam Wuruk No. 19-20

Jakarta 10120

Indonesia

b. P.T. Bank MANDIRI Tbk

Jalan Hayam Wuruk

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2004 – Rp. 23.0 billion

2005 – Rp. 24.0 billion

2006 – Rp. 26.0 billion

Net Profit (Loss) :

2004 – Rp. 1.6 billion

2005 – Rp. 1.7 billion

2006 – Rp. 1.8 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Witu Sianandar

Director - Mr. Tri Sianandar

Board of Commissioner :

Commissioner - None

Signatories :

President Director (Mr. Witu Sianandar) or the Director (Mr. Tri Sianandar) is only the authorized person to sign the loan on behalf of the company

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$ 248,000 on the 90 days of the payment

OVERALL PERFOMANCE

C.V. PUTRA NUSA was established in the 1970’s in Jakarta with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner. The founding owners of the company are Mr. Witu Sianandar and Mr. Tri Sianandar as the active partner and some of his brothers as silent partners, including Mr. Jan Sianandar, Mr. Djitu Sianandar and Mr. Kartono Sianandar. They are Indonesian businessmen of Chinese extraction. As in common in cases of companies with C.V. status, there is no mention in the company’s notarial act of its capital structure. But going by the compay’s conditions, we estimate its capital at some Rp. 1.5 billion.

We observed that Sianandar family is a rich businessmen family in the country. Indirectly, Sianandar family have majority shares of PT. Bank METRO EXPRESS, a medium sized bank in the country. Besides, they have majority shares of PT. METRO INTI SEJAHTERA, producer of animal feed and any other companies.

Formerly, C.V. PUTRA NUSA carried out business in trading, distributor and importer of plastic material, such as Polypropylene (PP), polyethylene (PE) and others which are imported from Japan, Korea, USA and Germany. But its business operation was not running well and finally it was stopped. In 1990, C.V. PUTRA NUSA changed its business activities to trading and importer of agricultural products as ground-nut, garlic, soybean. The products are imported from China, India, Vietnam and Myanmar. Meanwhile, the agricultural product likes nutmeg, clove, cashew nut, chilly, bought from farmer in Sumatra, Sulawesi, Java and others island of Indonesia. Then, the whole products are exported to the United States of America and Europe Union. The whole products supplied to snack food industries, foodstuff stores, wholesalers, and traditional market in Jakarta, Surabaya, Lampung and other major cities in the country. Furthermore, it was explained that C.V. PUTRA NUSA has made business relation as agricultural supplier for along time with snack food processing, wholesalers, foodstuff stores and until this time the business relation still tied in with them. We observed that the company’s operation has been growing slowly in the last three years.

We have noticed that the demand for agricultural products had increased some 10% to 11% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia.

The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported.

The management of C.V. PUTRA NUSA is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that total sales turnover of the company in 2004 amounted to Rp. 23.0 billion increased to Rp. 24.0 billion in 2005 and rose again to Rp. 26.0 billion in 2006. The operation of the company in 2006 is estimated to have gained a profit of Rp. 1.8 billion with an estimated networth of Rp. 6.0 billion. It is forecasted that the total sales turnover of the company will increase at least 6% in 2007.

So far, we have never heard of C.V. PUTRA NUSA having been black listed by Bank Indonesia (Central Bank) and registered in district court for detrimental cases.

The company is led out by Mr. Witu Sianandar (64) and his younger brother Mr. Tri Sianandar (60), both businessmen with experienced for more than 27 years in the field of trading, export import and distribution of agricultural products. The management also handled by a number of professional staff in the business. We observed that management’s reputation in said business is fairly good. The company has had wide relation in the realm of the private businessmen inside and outside the country. Their relation with the government is fairly good. 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 litigation record is clean and it has not registered with the black list of Bank of Indonesia.

C.V. PUTRA NUSA is 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

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