MIRA INFORM REPORT

Report Date :

9^th March, 2007

IDENTIFICATION DETAILS

Name :	P.T. MENJANGAN SAKTI

Registered Office :	Mensa Builing I, 3^rd Floor, Jl. Rasuna Said Kav. B-34, Kuningan, Jakarta 12940, Indonesia

Country :	Indonesia

Date of Incorporation :	07.04.1975

Com. Reg. No.:	C-4531.HT.01.04.TH.97

Legal Form :	Limited Liability Company

Line of Business :	Importer and Wholesale of Pharmaceutical Food, Feed-stuff and Industrial Chemical.

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$ 760,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Name of Company

P.T. MENJANGAN SAKTI

Address

Head Office

Mensa Builing I, 3^rd Floor

Jl. Rasuna Said Kav. B-34

Kuningan

Jakarta 12940

Indonesia

Phone - (62-21) 5222468 (hunting)

Fax. - (62-21) 5222467, 5256337

Building Area - 22 storey

Office Space - 600 sq. meters

Region - Commercial

Status - Owned

Warehouse

Jl. Pulau Kambing II/26

Pulogadung Industrial Estate

Jakarta Timur

Indonesia

Phone - (62-21) 4605895, 46824074

Fax. - (62-21) 46824075

Building Area - 3,800 sq. meters

Office Space - 2,500 sq. meters

Region - Industrial Estate

Status - Rent

Date of Incorporation

07 April 1975

Legal Form

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

Company Reg. No.

The Ministry of Justice and Human Rights

a. No. C-4531.HT.01.04.TH.97

Dated 3 June 1997

b. No. C-UM.02.01.18614

Dated 21 December 2005

Company Status

National Private Company

Permit by the Government Department

a. The Department of Health

No. 405/AA/SK/PBB/II/7

Dated 7 September 1981

b. The Department of Trade

TAPPI No. 5749 N

Dated 11 February 1981

Related Company

The MENSA Group Members

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 20,000,000,000.-

Issued Capital : Rp. 15,000,000,000.-

Paid up Capital : Rp. 15,000,000,000.-

Shareholders/Owners :

a. Mr. Jimmy Sudharta - 99.9%

Address : Jl. Caringin Timur I/20 RT.015/010

Jakarta Selatan

Indonesia

b. Mrs. Maria Immaculata Tanudjaja - 0.1%

Address : Jl. Caringin Timur I/20 RT.015/010

Jakarta Selatan

Indonesia

BUSINESS ACTIVITIES

Lines of Business:

Importer and Wholesale of Pharmaceutical Food, Feed-stuff and Industrial Chemical

Production Capacity

None

Total Investment

None

Started Operation

1992

Brand Name

ROUSSEL UCLAF of France
RHONE POULENC of France
SANDOZ of Swiss
ROCHE of Swiss
INTRACO of Belgium
GIST BROCADES IPPD of Holland
HOECHST AG of Germany
MEGGLE of Germany
S.I.M.S. of Italy
RECORDATI Spa., of Italy
AMSA/CFM of Italy
INDENA of Italy
Etc.

Technical Assistance

None

Number of Employee

15 persons

Marketing Area

Local - 100%

Main Customers

a. P.T. INDO FARMA (pharmaceutical industry)

b. P.T. SANBE FARMA (pharmaceutical industry)

c. P.T. INDOFOOD SUKSES MAKMUR (food and instant noodle industry)

d. P.T. NUTRIFOOD INDONESIA (food industry)

e. P.T. COMFEED INDONESIA (animal feed industry)

f. P.T. MARTINA BERTO (cosmetic manufacturing)

g. P.T. SINAR ANTJOL (soap manufacturing)

h. P.T. SYAP MAS UTAMA (soap and industrial chemical processing)

i. Etc.

Market Situation

Very Competitive

Main Competitors

a. P.T. KHARINDO PRAKARSA

b. P.T. ELANG KURNIA SAKTI

c. P.T. ADIMITRA PRIMA LESTARI

d. P.T. TIRTA WANA SEMESTA KENCANA

e. P..T. MEGA KEMIRAYA

f. Etc.

Business Trend

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. ABN AMRO BANK N.V.

Jl. Ir. H. Juanda No. 23-24

Jakarta Pusat

Indonesia

b. DUEUTSCHE BANK

Jl. M.H. Thamrin No. 53

Jakarta Pusat

Indonesia

c. P.T. Bank CENTRAL ASIA Tbk.

Wisma BCA

Jl Jend. Sudirman Kav. 22-23

Jakarta Selatan

d. CITIBANK N.A.

Landmark Building

Jalan Jend. Sudirman No. 1

Jakarta Pusat

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2003 – Rp. 39.0 billion

2004 – Rp. 42.5 billion

2005 – Rp. 48.0 billion

2006 – Rp. 56.0 billion

Net Profit (Loss) :

2003 – Rp. 1.8 billion

2004 – Rp. 2.1 billion

2005 – Rp. 2.4 billion

2006 – Rp. 2.7 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Jimmy Sudharta

Director - Mrs. Merwi

Board of Commissioners :

President Commissioner - Mrs. Maria Immaculata Tanudjaja

Commissioner - Mrs. Lanny Soenanta Sudharta

Signatories :

President Director (Mr. Jimmy Sudharta) or Director (Mrs. Merwi) which must be approved by the Chairman Supervisory Board (Mrs. Maria Immaculata Tanudjaja) or the board member (Mrs. Lanny Soenanta Sudharta)

CAPABILITIES

Management Capability :

Good

Business Morality

Good

Credit Risk

Below Average

Credit Recommendation

Credit should be proceeded normally

Proposed Credit Limit

Moderate amount

Maximum Credit Limit

US$ 760,000.- on the 90 days of payments

OVERALL PERFOMANCE

The company was incorporated on April 1975 in Jakarta with an authorized capital of Rp 20,000,000.- of which Rp 10,000,000.- was issued and paid up. Founders and shareholders of P.T. MENJANGAN SAKTI (P.T. MENSA) are Mr. Jimmy Sudharta and his wife Mrs. Maria Tanudjaja. They are Chinese origin Indonesian business family. The company's notarial act has frequently been amended. In 1978 its authorized capital was raised to Rp 100,000,000.- of which Rp 60,000,000.- was issued and paid up. In December 1992 its authorized capital was increased again to Rp 5,000,000,000.- and the issued capital to Rp 2,000,000,000.- wholly paid up. In June 1995 the authorized capital was raised to Rp 10,000,000,000.-, issued and paid up capital to Rp 7,000,000,000.-. The latest in July 1996 the authorized capital was raised to Rp 20,000,000,000.- while the issued and paid up capital were unchanged. The Deed of amendment was made by Mrs. Irmadewi Gunawan SH., a public notary in Jakarta under Company Registration Number C-UM.02.01.18614, dated December 21, 2005. P.T. MENSA is parent company of the MENSA Group, a big-size business group in trading and distribution of pharmaceutical chemicals & basic materials and medical equipment.

P.T. MENSA has been in operation since 1975 in import and wholesale of pharmaceutical, food, feed-stuff and industrial chemical. The company is appointed by a number of leading foreign companies as an agent as depicted in point 7 of this report for details. The products are sold to pharmaceutical industries P.T. INDO FARMA, P.T. SANBE FARMA, food industries P.T. INDOFOOD SUKSES MAKMUR, P.T. NUTRIFOOD INDONESIA, animal-feed industries P.T. COMFEED INDONESIA, P.T. CIBADAK INDAH SARI FARM, cosmetic industries P.T. MARTINA BERTO, industrial chemical P.T. SINAR ANTJOL, P.T. SAYAP MAS UTAMA, as well as to its sister pharmaceutical companies P.T. OTTO PHARMACEUTICAL and P.T. PERTIWI AGUNG. The activities had been fluctuating within the last five years due to economic crisis occurred in the country since mid-1997. Of our whole observation, we may conclude that P.T. MENSA is classified as a medium sized company of its kind in the country dealing with trading of pharmaceutical, food, feed basic material and industrial chemicals.

Generally outlook, the demand for industrial chemicals such as food chemicals, dyestuff, textile chemicals, textile auxiliary materials and pharmaceutical has kept on growing by 8% to 10% until early 1997 in line with the growing activities of food, pharmaceutical, textile and other industries as consumers. It is projected the demand will rise by about 5% to 6% per year within the coming three years. Competition is very tight due to a large number of similar local and imported products are marketed locally. Business position of P.T. MENSA is not so critical for it has controlled a wide marketing network and customers in the country.

The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. P.T. MENSA’s management is very reticent to coutsiders and jected to disclose its financial condition. We estimated the total sales turnover of P.T. MENSA in 2003 amounted to Rp 39.0 billion to Rp 42.5 billion in 2004, to Rp 48.0 billion in 2005, to Rp. 56.0 billion in 2006 and projected it will be higher by around 6% to 8% per year within 1997. The operation in 2006 yielded an estimated profit at around Rp 2.7 billion with a total networth of Rp 20.0 billion.

Initially P.T. MENSA is quoted as a bad-debtor on the Indonesian Bank Restructuring Agency (IBRA) amounting to Rp 11,942,272,100.-. Besides, it is also acting as obligor of its sister companies which quoted as bad-debtors on P.T. PPA (ex. The Indonesian Bank Restructuring Agency or IBRA). The companies are P.T. OTTO PHARMACEUTICAL amounting to Rp 4,550,000,000.-, P.T. MENSA BINA SUKSES amounting to Rp 999,920,740.- and P.T. PERTIWI AGUNG amounting to Rp 979,103,249.-. However, based on P.T. PPA publication of February 2003, P.T. MENSA and its sister companies have been disappeared in assets to be sold list. Indication showed that the debts have been settled.

The management is handed by Mr. Jimmy Sudharto (59), a businessman with experience for more than 28 years in the trading of pharmaceuticals, animal-feed and industrial chemicals. The management is also handled by number of professional managers. The management has already maintained a wide business relation with private companies at home and abroad as well as with government agencies. As far as business is concerned the management of P.T. MENJANGAN SAKTI has never involved in any fraudulent dealings.

We believed that P.T. MENSA is good for normal business transaction. Considering unstable economic condition in the country, we recommend to treat prudently in extending 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