MIRA INFORM REPORT

Report Date :

02.04.2011

IDENTIFICATION DETAILS

Name :	P.T. NTP ENERGY SOLUTIONS
Registered Office :	Jalan Gunung Sahari Raya No. 51/6, Jakarta Pusat, 10610
Country :	Indonesia
Date of Incorporation :	July 2010
Com. Reg. No.:	No. AHU-AH.01.10-24501
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Energy Solution Services

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 32,800
Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Indonesia	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Name of Company

P.T. NTP ENERGY SOLUTIONS

company Address

Head Office

Jalan Gunung Sahari Raya No. 51/6

Jakarta Pusat, 10610

Indonesia

Phones - (62-21) 4247733 (Hunting)

Fax - (62-21) 64714502

E-mail - joby@ntpenergysolutions.com

admin@ntpenergysolutions.com

Website - http://www.ntpenergysolutions.com

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

July 2010

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. AHU-40803.AH.01.01.TH.2010

Dated 19 August 2010

- No. AHU-AH.01.10-24501

Dated 29 September 2010

Company Status

Foreign Investment (PMA) Company

Permit by the Government Department

The Department of Finance

Not Available

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : US$ 800,000.-

Issued Capital : US$ 200,000.-

Paid up Capital : US$ 200,000.-

Shareholders/Owners :

a. Mr. Jyoti Pandey - US$ 100,000.-

Address : H No. 198 KH Karan Sarai

Sasaram, Near Govt.

India

b. Mr. Kalathil Mohanan Neettiyath - US$ 80,000.-

Address : Padmalaya Kiwale

Dehu Road

India

c. Mr. Rohit Mahajan - US$ 20,000.-

Address : Ward No. 2

Chowgan Bazar Nurpur

India

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Energy Solution Services

Production Capacity :

None

Total Investment :

None

Started Operation :

August 2010

Brand Name :

NTP Energy Solutions

Technical Assistance :

None

Number of Employee :

11 persons

Marketing Area :

Local - 100%

Main Customer :

Industrial Sectors

Market Situation :

Very Competitive

Main Competitors :

a. P.T. GOLTENS MARINE

b. P.T. MITRACO PERKASA SURYA

c. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank MANDIRI Tbk

Jalan Angkasa Kav. 2-3 Block 15

Gunung Sahari Utara

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2010 – Rp. 2.5 billion (August – December)

Net Profit (estimated) :

2010 – None

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Joby Kachappilly Kochuvarred

Director - Mr. Krishna Nand Tiwary

Board of Commissioners :

Commissioner - Mrs. Magdalena Precilia Damayantie

Signatories :

President Director (Mr. Joby Kachappilly Kochuvarred) or the Director (Mr. Krishna Nand Tiwary) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

Proposed Credit Limit :

Small amount – periodical review

Maximum Credit Limit :

US$ 32,800 on 90 days D/A

OVERALL PERFORMANCE

P.T. NTP ENERGY SOLUTIONS (P.T. NES) was incorporated in July 2010 in Jakarta with the authorized capital of US$ 800,000 issued capital of US$ 100,000 entirely paid up. The founding shareholders of the company are Mr. Jyoty Pandey (50%), Mr. Kalathil Mohanan Neettiyath (40%) and Mr. Rohit Mahajan (10%). The company notary deed had been changed and in September 2010 the board of directors and the board of commissioner has been changed (see profile) of this report. The latest revision of notary document was made by Mrs. Yunita Neni Susiandari, SH., M.Kn., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-24501 dated September 29, 2010.

P.T. NES has obtained a Foreign Investment (PMA) company facility to deal with trading and distribution of energy solutions services. The company is an agent and authorized distributor for THERMAX LTD., of India. The list of equipments below provides standard solutions though their engineers would be happy to note the specific issues and offer environmentally friendly solutions for saving water. The standard solution offers standard equipments such as Clarifiers filters, Demineralizers, Softeners Sea Water Reverse Osmosis, Back Water Reverse Osmosis, Ultra filtration and Wastewater treatment plants. NTP utilizing it experiences on heat recovery, strongly recommends capturing exhaust gases and jacket water energy from power producing equipments such as gas engines, diesel engines, gas turbines and waste heat from blast furnaces, flue gas from the stack. The captured heat can be successfully converted into steam, hot water & chilled water. Such recoveries use mainly customized equipments producing the results without hampering the on going process of power production or manufacturing.

NTP energy solution is committed to offer conversion of electrical heating to thermal heating to industries such as polyester, BOPP, Nylon & other chemical and related industries. NTP extends its services to offer installation and plant room piping, following the best engineering codes and practices. A proper location of chilled water pump, cooling water pump and cooling tower lowers pumping head thus minimizing break kilowatts of the motors, saving power and offering better space management for future maintenance.

P.T. NES solutions specifically focus on:

- Heating equipment – using a variety of fuels, including biomass

- Absorption chillers fired by waste heat or steam

- Power and captive cogeneration plans

- Waste heat recovery units

- Waste water management systems, pre treatment, waste water treatment and chemical conditioning of water, sewage effluent treatment and recycling

- Air pollution control system

- Performance improving chemicals

P.T. NES (Thermax) provides industries with clean technologies that recover pollutants; thereby reducing their hazardous impact on the environment. Today, many iron & steel, cement, fertilizer and chemical industries reduce emissions using our air pollution control systems. The services has used by P.T. NUBIKA JAYA, P.T. SYNCO GLOBAL, P.T. SOUTH PACIFIC VISCOSE, P.T. INDO BHARAT RAYON, P.T. INDO RAYA KIMIA, P.T. INDORAMA SYNTHETICS Tbk and others. We observe that P.T. NES’s operation is still relatively new growing in the last one year.

Generally, energy solution equipment, and other technical equipments had kept increasing by 8% to 10% per annum in the last five years in line with the growth of industrial sectors including textile industry, chemical industry, oil and natural gas, building contractor, pharmaceutical, food & beverage, pulp & paper, cement, and other sectors requiring these equipments. It is projected that the demand will keep going up in five years to come. The competition is very tight on account of many similar companies operating in the country. The business position of P.T. NES is favorable on account of having already established customers and wide marketing networks in the country.

Until this time P.T. NES has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. NES is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first year operation August to December 2010 amounted to Rp. 2.5 billion and projected to go on rising by at least 5% in 2011. The operation in 2010 has no yielded profit because just newly been operation. We observe that P.T. NES is supported by foreign partner with has financially strong and sound behind it. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.

The management of P.T. NES is led by Mr. Joby Kachappilly Kochuvarred (38) a professional manager of India with experience in trading, import and distribution of energy solution equipment. Daily activity he is assisted by Mr. Krishna Nand Tiwary (44) but he lived in India. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country.

So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. NTP ENERGY SOLUTIONS is sufficiently fairly good for business transaction. However, considering that P.T. NTP ENERGY SOLUTIONS is still relatively new in operation we recommend to acquire strong guarantee from shareholders before extending any new loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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	Capability to overcome financial difficulties seems comparatively below average.	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

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%)

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