MIRA INFORM REPORT

Report Date :

28.02.2011

IDENTIFICATION DETAILS

Name :	P.T. ETERINDO WAHANATAMA TBK

Formerly Known As :	P.T. ETERINDO WAHANATAMA

Registered Office :	Barclay House (d/h Wisma BCA Tower 1), 7^TH Floor, Jl. Jend. Sudirman Kav. 22-23, Jakarta 12920

Country :	Indonesia

Financials (as on) :	31.12.2009

Date of Incorporation :	06.03.1992

Com. Reg. No.:	No. AHU-35745.AH.01.02.Tahun 2009

Legal Form :	Public Listed Company

Line of Business :	Investment Holding

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 9,400,000
Status :	Good
Payment Behaviour :	Regular
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)

Turkey

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. ETERINDO WAHANATAMA Tbk

company Address

Head Office

Barclay House (d/h Wisma BCA Tower 1), 7^TH Floor

Jl. Jend. Sudirman Kav. 22-23

Jakarta 12920

Indonesia

Phone - (62-21) 5712998 (hunting)

Fax. - (62-21) 5712678

Email - corsec@eterindo.com

Website - http://www.eterindo.com

Building Area - 32 storey

Office Space - 380 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

6 March 1992 as P.T. ETERINDO WAHANATAMA, changed its name to P.T. ETERINDO WAHANATAMA Tbk., on January 31, 1997.

Legal Form

P.T. Tbk. (Perseroan Terbatas Terbuka) or Public Listed Company

Company Reg. No.

The Ministry of Law and Human Rights

- No. C2-4561.HT.01.01.TH.93

Dated 11 June 1993

- No. C2-18.517.HT.01.04.TH.94

Dated 19 December 1994

- No. C2-13638.HT.01.04.TH.95

Dated 25 October 1995

- No. C2-1241.HT.01.04.TH.97

Dated 24 February 1997

- No. C2-HT.01.04-A.1459

Dated 24 February 1997

- No. C-1142.HT.01.04.TH.2001

Dated 5 February 2001

- No. AHU-35745.AH.01.02.Tahun 2009

Dated 28 July 2009

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.585.572.9-054.000

Subsidiary Companies

a. P.T. ANUGERAHINTI GEMANUSA (Bio-diesel Industry)

b. P.T. MEISKA BHUMI SEMESTA (Palm Oil Plantation)

c. P.T. MALINDO PERSADA KHATULISTIWA (Palm Oil Plantation)

Affiliated Company

A member of the ETERINDO Group

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 750,000,000,000.-

Issued Capital - Rp. 484,148,500,000.-

Paid up Capital - Rp. 484,148,500,000.-

Shareholders (as of 31 March 2010):

a. PT. Jali Utama Raya - Rp. 12,000,000,000.- ( 2.48%)

b. Mr. Sudiharto Sridjaja - Rp. 900,000,000.- ( 0.19%)

c. Mr. Jasin Sridjaja - Rp. 300,000,000.- ( 0.06%)

d. Mr. Hadisan Sridjaja - Rp. 36,200,000,000.- ( 7.48%)

e. The Publics

- Watervale Worldwide Inc. - Rp. 105,676,850,000.- (21.83%)

- Centrin Telecom Ltd. - Rp. 69,000,000,000.- (14.25%)

- PT. Sekuritas Indo Pasific Investasi - Rp. 38,307,000,000.- ( 7.91%)

- Credit Suisse Singapore Trust - Rp. 37,819,900,000.- ( 7.81%)

- Osville Energy Corporation (S)

Pte. Ltd. - Rp. 30,750,000,000.- ( 6.35%)

- Bony-Non Treaty Acct - Rp. 27,707,800,000.- ( 5.72%)

- Others - Rp. 125,486,950,000.- (25.92%)

BUSINESS ACTIVITIES

Lines of Business :

a. Investment Holding

b. Trading and Distribution of Bio-diesel Chemical Products produced by affiliated companies.

Production Capacity :

None

Total Assets :

As of 31 March 2010 – Rp. 491.5 billion

Started Operation :

1993

Brand Name :

ETERINDO

Technical Assistance :

None

Number of Employee :

59 persons

Marketing Area :

a. Local - 60%

b. Export - 40%

Main Customers :

a. PERTAMINA and Fuel Stations (SPBU)

b. Overseas markets in Korea, Singapore, Australia, etc.

Market Situation :

Very Competitive

Main Competitors :

a. PT. Lautan Luas Tbk

b. PT. Justus Sakti Raya

c. PT. Arbe Chemindo

d. PT. Hercules Chemicals Indonesia

e. PT. Karyakimia Kelolajaya

f. PT. Wahana Redox Utama

g. PT. Sarichem Polywarna

h. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

a. P.T. Bank CENTRAL ASIA Tbk

Wisma BCA

Jalan Jend. Sudirman Kav. 22-23

Jakarta Pusat

b. P.T. Bank LIPPO Tbk

Citra Graha Builidng

Jalan Jend. Gatot Subroto Kav. 25-26

Jakarta Selatan

c. P.T. Bank PERMATA Tbk

PERMATA Bank Tower 1

Jalan Jend. Sudirman Kav. 27

Jakarta Selatan

Auditor :

Aryanto, Amir, Jusuf & Mawar

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales Turnover :

2007 – Rp. 421.3 billion

2008 – Rp. 714.8 billion

2009 – Rp. 552.9 billion (as of 30 September 2009)

2010 – Rp. 236.2 billion (as of 31 March 2010)

Net Profit (Loss) :

2007 – Rp. 6.7 billion

2008 – Rp. 617.2 billion

2009 – Rp. 18.1 billion (as of 30 September 2009)

2010 – Rp. 4.8 billion (as of 31 March 2010)

Payment Manner :

Fairly

Financial Comments :

Good

KEY EXECUTIVES

Board of Management :

President Director - Mr. Immanuel Sutarto

Director - a. Mr. Yudianto Kosman

b. Mr. Very Yonnevil

Board of Commissioners :

President Commissioner - Mr. Soedjono Dirdjosisworo

Commissioners - a. Mr. Jasin Sridjaja

b. Mr. Mashudi

Signatories :

President Director (Mr. Immanuel Sutarto) or one of the Directors (Mr. Yudianto Kosman or Mr. Very Yonnevil) which must be approved by Board of Commissioners (Mr. Soedjono Dirdjosisworo, Mr. Jasin Sridjaja and Mr. Mashudi).

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Below Average

Credit Recommendation :

Credit can be proceeded normally

Proposed Credit Limit :

Moderate amount

Maximum Credit Limit :

US$ 9,400,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. ETERINDO WAHANATAMA was established on March 6, 1992 with an authorized capital of Rp 1,000,000,000.- of which Rp 500,000,000.- was isued and paid up. The founding shareholders of the company are Mr. Jasin Sridjaja and Mr. Hadiran Sridjaja, both are Indonesian businessmen of Chinese extraction. Notary deed of the company made by Annie Sri Rahmani Hendrotomo, SH., a public notary in Jakarta and obtained its registration number of the Department of Laws and Human Rights of the Republic of Indonesia under No. C2-4561.HT.01.01.Th.93, dated 11 June 1993. The company's notary deed was since revised a number of times. In September 1995 the authorized capital was increased to Rp 250,000,000,000.- with the issued and paid up capital amounting to Rp 50,000,000,000.-At the same time into the company entered new shareholders, namely Mr. Sudiharto Sridjaja, Mr. Salim Sridjaja, Mr. Hadisan Sridjaja (all three are Indonesian businessmen of Chinese extraction) and P.T. ETERINDO INTIUTAMA (a private company).

In May 1997 the company sold part of its shares to the public on the Jakarta Stock Exchange and the Surabaya Stock Exchange. Concurrently the authorized capital was raised to Rp 750,000,000,000.- and the issued capital to Rp 273,000,000,000.- fully paid up. In January 1997 the letters Tbk. (for Terbuka or Open) were added behind the company's name to comply with a law on public listed companies causing its name to become P.T. ETERINDO WAHANATAMA Tbk. (P.T. EWT). In December 1999, the issued capital was stepped up to Rp 484,148,500,000.- and wholly paid up. At present, the shareholders of P.T. EWT are P.T. ETERINDO INTIUTAMA (28.50%), P.T. JALI UTAMA RAYA (9.91%), Mr. Sudiharto Sridjaja (0.19%), Mr. Salim Sridjaja (0.08%), Mr. Jasin Sridjaja (0.06%), Mr. Hadiran Sridjaja (0.04%), Mr. Hadisan Srijaja (0.04%) and the publics (61.18%).

Pursuant to company’s annual report, as of 31 December 2008 the shareholders of the company are Watervale Worldwide Inc., (21.83%), Centrin Telecom Ltd., (14.25%), PT. Sekuritas Indo Pasific Investasi (7.91%), Credit Suisse Singapore (7.81%), Hadisan Sridjaja (7.48%), Osville Energy Corporation (S) Pte. Ltd., (6.35%), The Bank of New York – Non Treaty Acct (5.72%), Sudiharto Sridjaja (0.19%), Jasin Sridjaja (0.06%) and public (28.40%). The latest, as of 31 March 2010, the shareholders of the company are PT. Jali Utama Raya (2.48%), Mr. Sudiharto Sridjaja (0.19%), Jasin Sridjaja (0.06%), Mr. Hadisan Sridjaja (7.48%) and the public such as Watervale Worldwide Inc., (21.83%), Centrin Telecom Ltd., (14.25%), PT. Sekuritas Indo Pasifik Investasi (7.91%), Credit Suisse Singapore Trust (7.81%), Osville Energy Corporation (S) Pte. Ltd., (6.35%), Bony-Non Treaty Acct (5.72%) and others (25.92%).

P.T. ETW has been in operation since in 1993 as an investment holding company. Originally, P.T. EWT is a holding company three subsidiary companies P.T. ANUGERAHINTI GEMANUSA (48.21%), P.T. ETERNAL BUANA CHEMICAL INDUSTRIES (30.72%) and P.T. PETROWIDADA (23.17%). But since December 2008, P.T. EWT is only an investment holding in P.T. ANUGERAHINTI GEMANUSA (99.59%). The business activities of P.T. ANUGERAHINTI GEMANUSA (P.T. AG) shall be as follows:

P.T. AG has been in operation since 2001, originally dealing with specialty plasticizer industry. Initially, the operation of the company was under the Domestic Capital Investment (PMDN) facility issued by the Capital Investment Coordinating Board (BKPM). P.T. AG operates its plant located in Gresik Industrial Estate. The construction of the plant absorbed an investment of Rp. 573.3 billion coming from own capital of Rp. 498.8 billion and the rest from loans. The plasticizer products being produced by the company include dioctylephthalate, dibutylphthalate, diisononylphthalate, diisodecylphthalate, trioctyltrimellitate, diisobutylphtalate, and dioctyl adipate. The capacity of the plant up to 2004 reached 40% of the total production capacity.

However, on 20 January 2004, two plant units PA-I and PA-II of P.T. PETROWIDADA was exploded and burnt physically a part of the building. Since the fire accident in its sister company, P.T. AG imports the basic materials for its production. Some 30% to 40% of the products of P.T. AG is exported to South East Asian countries, China, the USA and others. There is strong indication that the operation of P.T. AG had been running less smoothly in line with the fire accident in its sister company, the main suppliers of the basic materials. Besides, its holding company P.T. ET Tbk, a public listed company being registered in the Jakarta Stock Exchanges, had been stopped its share trading by the Capital Market Supervisory Board (Bapepam) since 7 June 2001 in line with the financial statement of the company, as of December 2003 up to the stopping of share trading, having yet to be finished. Besides, the operation of its sister company in 2000 up to 2002 had kept suffering from a loss.

In September 2005, P.T. AG obtained an approval from the BKPM to expand its business in bio-diesel industry. The expanded project has started since October 2005. In line with the expansion, the business activities of P.T. AG in specialty plasticizer industry have been ceased and more focused on bio-diesel industry. A part of its production machinery has been modified to support its business activities. The expanded project has absorbed an investment of Rp. 123.0 billion entirely coming from loans. The basic materials used for production are palm oil supplied by palm oil producers in Sumatra. Besides, P.T. AG also uses the used cooking oil as basic materials.

Profile of PT. ANUGERAHINTI GEMANUSA:

Location : Gresik, East Java, Indonesia

Commercial Production : 2001

Total Area : + 68,958 m2

Product : Biodiesel (FAME)

Total Capacity : 70,000 MTPA

Remarks : Since 1^st September 2005, PT. AG has diversified its product to

Produce Fatty Acid Methl Ester (FAME), well-known as Biodiesel.

Product Capacity of Biodiesel is 40,000 MTPA and will be expanded

to 70,000 MTPA

In 2010, P.T. EWT has acquired 2 palm oil plantation companies in West Kalimantan to strengthen its biodiesel business by having a secure supply of raw material as well as the vertical integration. Each company consists of 20,000 Ha, totaling 40,000 ha. The plantation is targeted to be completed in 2014 with the production of CPO around 130,000 to 160,000 MTPA.

Profile of PT. MEISKA BHUMI SEMESTA:

Location : Landak Regency, West Kalimantan

Commercial Production : 2006

Total Area : 20,000 ha

Total Production Area : 12,000 ha

Compensated Land : 8,288 ha

Cultivation Area : 878 ha

Planted Area : 493 ha

Remarks : The palm seed being and to be planted the MBS’ plantation are is

Taken from the Indonesian reputable seed suppliers such as PPKS

Medan, Socfindo Medan and Bahlias London Sumatera in which

they supply the newest super clones.

Profile of PT. MALINDO PERSADA KHATULISTIWA:

Location : Landak Regency, West Kalimantan

Commercial Production : 2006

Total Area : 20,000 ha

Total Production Area : 12,000 ha

Compensated Land : 8,463 ha

Cultivation Area : 1,641 ha

Planted Area : 718 ha

Remarks : The palm seed being and to be planted the MBS’ plantation are is

Taken from the Indonesian reputable seed suppliers such as PPKS

Medan, Socfindo Medan and Bahlias London Sumatera in which

they supply the newest super clones.

Based a financial report of the company, P.T. EWT total sales in 2006 reached Rp. 396.3 billion with a net profit of Rp 10.0 billion increased to Rp. 421.3 billion with a net profit of Rp. 6.7 billion in 2007 and rose again to Rp 714.8 billion with a net profit of Rp. 617.2 billion in 2008. The company’s sales as of 30 September 2009 amounted to Rp. 552.9 billion with a net profit of Rp. 18.1 billion. Financial statement of P.T. EWT and subsidiary as per 31 December 2007, 2008 and as of 30 September 2009 shall be as follows:

(In million Rupiah)

	31 December
	*2009)**	2008	2007
A. ASSETS
a. Current Assets
- Cash on Hand and in Banks	2,536.4	3,879.8	4,046.7
- Accounts Receivable
* Related Parties	64,076.2	4.7	3.7
* Third Parties	51,959.3	30,269.1	52,360.4
- Other Receivables
* Related Parties	--	25,508.0	--
* Third Parties	219,947.8	263,605.6	462.9
- Inventories	13,948.5	27,010.3	7,393.9
- Prepaid Taxes	3,616.1	8,431.5	3,925.5
- Advances	5,650.2	10,358.7	4,381.7
Total Current Assets	361,734.5	369,067.8	76,247.0
b. Non Current Assets
- Account Receivable with related parties	40,991.9	--	--
- Investment in Shares of Stock	1,042.5	1,042.5	360,717.4
- Deferred Tax Assets – Net	11,604.3	11,639.7	494.8
- Fixed Assets after accumulated depreciation-net	26,341.2	26,199.0	1,452.4
- Other Assets	7,414.0	9,599.6	634.4
Total Non Current Assets	87,393.9	48,480.9	363,299.0
TOTAL LIABILITIES TOTAL ASSETS = & STOCKHOLDERS’ EQUITY	449,128.3	417,548.7	439,546.0
B. LIABILITIES & STOCKHOLDERS’ EQUITY
a. Current Liabilities
- Bank Loans	50,979.8	64,771.5	--
- Accounts Payable
* Related Parties	62,571.5	29,309.7	28,103.5
* Third Parties	17,095.1	7,806.3	4,765.3
- Other Payables	26,571.5	24,978.1	--
- Taxes Payable	1,953.1	1,317.0	282.5
- Accrued Expenses	630.4	1,552.2	977.1
- Advances from Customers
* Related Parties	4,071.7	1,084.3	--
* Third Parties	--	1,633.3	704.9
- Current Portion of Long Term Loans Loan
* Bank Loans	84.8	366.7	160.7
* Lease Payable	--	--	28.5
Total Current Liabilities	164,103.3	132,819.0	35,022.5
b. Non Current Liabilities
- Estimated Liabilities on Employee Benefit	1,958.8	1,958.8	1,894.5
- Due to Related Parties	15,023.8	33,003.0	33,784.4
- Long Term Loan
* Bank Loans	420.7	305.1	257.9
* Lease Payable	--	--	55.9
Total Non Current Liabilities	17,403.3	35,266.9	35,992.8
c. Minority Interest	676.5	640.2	--
d. Stockholders Equity
- Issued and Paid-up Capital	484,148.5	484,148.5	484,148.5
- Additional Paid-up Capital	--	203,367.3	203,367.3
- Difference Arising from Transaction	(420,570.6)	--	736,919.6
- Retained Earnings (deficit)	266,945.2	(438,693.2)	(1,055
Total Stockholders Equity	449,128.3	248,822.6	368,530.6

C. INCOME STATEMENTS
a. Net Sales	552,907.9	714,819.4	421,311.3
b. Cost of Goods Sold	522,587.9	691,780.2	404,513.9
c. Gross Profit	30,320.0	23,039.2	16,797.4
d. Operating Expenses	14,950.5	16,563.9	14,451.3
e. Income from Operations	15,369.5	6,475.3	2,346.1
f. Other Income (Charges)	6,017.9	674,063.1	(520.6)
g. Income Before Equity Net Earning of Associates	21,387.4	680,538.4	1,825.5
h. Equity Net Earning (Losses) of Associates	(3,228.5)	(61,038.5)	6,098.0
i. Income Before Tax Expenses	18,158.9	619,499.9	7,923.5
j. Tax Expenses – Net	(36.3)	(2,288.4)	(1,229.4)
k. Net Profit	18,122.6	617,211.6	6,694.2

Note: a. 31 December 2007 and 2008 audited by Aryanto, Amir, Jusuf & Mawar

b. *) as of 30 September 2009 un-audited

Initially, the company used to be led by Mr. Hadiran Sridjaja (45) as president director. However, since June 2005 he has been replaced by Mr. Immanuel Sutarto, MBA (65), as president director with more than 23 years experience in trading and industry of industrial chemicals. Mr. Sutarto studied Mechanical Engineering at University of Gajahmada, Yogyakarta and obtained Master of Business Administration from Institute of Technology Aditama, Surabaya. In his daily activities, he is assisted by two directors namely Mr. Yudianto Kosman (53), graduated in Geological Engineering in University of Nevada, the United States in 1986 and obtained Master Management from University of Indonesia in 1994 and Mr. Veri Yonnevil (46), graduated from Faculty of Law, University of Islam Indonesia Yogyakarta in 1990. The management has a good business reputation in trading of industrial chemicals and bio-diesel and wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the management of the company has been involved in business malpractices and detrimental cases being settled in the court.

P.T. ETERINDO WAHANATAMA Tbk. is sufficiently fairly good for business transaction. However, in view of the unstable economic and politic condition in the country we recommend to treat prudently in extending a loan to the company.

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%)

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