MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	P.T. BUANA AGRO BISNIS
Registered Office :	Complex Ruko Puri Mutiara Block A No. 110-111, Kelurahan Sunter Agung, Kec. Tanjung Priok , Jakarta Utara, 14350
Country :	Indonesia
Date of Incorporation :	04.07.2005
Com. Reg. No.:	No. 43214.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Trading, Import and Distribution of Agricultural Commodities Products

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 125,000
Status :	Moderate
Payment Behaviour :	No Complaints
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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. BUANA AGRO BISNIS

company Address

Head Office

Complex Ruko Puri Mutiara Block A No. 110-111

Kelurahan Sunter Agung, Kec. Tanjung Priok

Jakarta Utara, 14350

Indonesia

Phones - (62-21) 65835001 (Hunting)

Fax - (62-21) 65837666

E-mail - bronis.jakarta@yahoo.com

Building Area - 2 storey

Office Space - 230 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

4 July 2005

Legal Form

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

Company Reg.No.

The Ministry of Law and Human Rights

- No. C-25034 HT.01.01.TH.2005

Dated 9 September 2005

- No. 43214.AH.01.02.TH.2008

Dated 21 July 2008

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 02.475.948.2-048.000

The Department of Industry and Trade

TDP No. 09.01.1.51.20861

Dated 12 September 2007

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 1,500,000,000.-

Issued Capital : Rp. 1,000,000,000.-

Paid up Capital : Rp. 1,000,000,000.-

Shareholders/Owners :

a. Mr. Aldi Sukirno Widodo - Rp. 500,000,000.-

Address : 5 Rue Des Iris, 92 Antony Paris

France

b. Mr. Iwan Suwarna - Rp. 500,000,000.-

Address : Johan De Witstraar-1 4902-VG

Oosterhou

Netherlands

BUSINESS ACTIVITIES

Lines of Business :

Trading, Import and Distribution of Agricultural Commodities Products

Production Capacity :

None

Total Investment :

None

Started Operation :

August 2005

Brand Name :

Buana Agro Bisnis

Technical Assistance :

None

Number of Employee :

12 persons

Marketing Area :

Local - 100%

Main Customer :

Traditional Markets

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ALAM INDORAMA

b. P.T. BAHANA PELITA ABADI

c. C.V.. BUMI DJAJA

d. C.V. DEWA TUNGGAL ABADI

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank CENTRAL ASIA Tbk

Jalan Danau Agung II Block E 2 No. 1 A

Sunter Agung

Jakarta Utara

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 8.6 billion

2009 – Rp. 9.0 billion

2010 – Rp. 9.5 billion

Net Profit (estimated) :

2008 – Rp. 516 million

2009 – Rp. 540 million

2010 – Rp. 570 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Aldi Sukirno Widodo

Board of Commissioners :

Commissioner - Mr. Iwan Suwarna

Signatories :

Director (Mr. Aldi Sukirno Widodo) 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$ 125,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. BUANA AGRO BISNIS (P.T. BAB) was set-up in Jakarta on July 4, 2005 with an authorized capital of Rp. 1,500,000,000 issued capital of Rp. 1,000,000,000 entirely paid up. The company was founded by Mr. Supono and Mr. Suryana as the original shareholders. The company notary deed has been changed frequently. In August 2005 Mr. Djonni entered into the company as new shareholder. Later in June 2008, Mr. Supono, Mr. Suryana and Mr. Djonni withdrew and the whole shares sold to Mr. Aldi Sukirno Widodo and Mr. Iwan Suwarna, both are Indonesian businessmen of Chinese descent as new shareholders. With this time the composition of its shareholders has been changed to become Mr. Aldi Sukirno Widodo (50%) and Mr. Iwan Suwarna (50%). The latest revision of notary document was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-43214.AH.01.02.TH.2008 dated July 21, 2008.

P.T. BAB started to be operating since August 2005 to deal with trading, import and distribution of agricultural commodities products. In its operation the company import of dry chili, fresh chili, extract chili of Vietnam; red onion and garlic from India and rice from Vietnam and Thailand. Besides, P.T. BAB is also export of black glutinous rice to Asian countries. The whole agricultural commodities products marketed locally through traditional market in Java and Sumatera. Besides, the dry chili and extract chili supplied to various food and snack processing industries in Jakarta, West Java and East Java. We observed that the company’s operation has been growing 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. We consider P.T. BAP to be in a quite favorable position for having already got hold of a steady clientele in the Java , Sumatera and surroundings.

Until this time P.T. BAB has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. BAB is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 8.6 billion rose to Rp. 9.0 billion in 2009 increased to Rp. 9.5 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 570 million and the company has an estimated total networth of at least Rp. 2.0 billion. 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. BAB is led by Mr. Aldi Sukirno Widodo (38) a businessman and professional manager with experience in trading, import and distribution of agricultural commodities products. 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. BUANA AGRO BISNIS is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.25
Euro	1	Rs.62.68

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.