MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	P.T. MITRACHEM NUTRI DELTA
Registered Office :	Jalan Kedoya Barat No. 26, RT. 004/ RW. 007, Kedoya Utara, Kebon Jeruk, Jakarta Barat
Country :	Indonesia
Date of Incorporation :	14.07.1997
Com. Reg. No.:	No. AHU-36679.AH.01.02.Tahun 2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Food Ingredients, Food Grade and Pharmaceutical Raw Materials

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$ 230,000
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. MITRACHEM NUTRI DELTA

company Address

Head Office

Jalan Kedoya Barat No. 26

RT. 004/ RW. 007, Kedoya Utara

Kebon Jeruk, Jakarta Barat

Indonesia

Phone - (62-21) 5811 125 (Hunting)

Fax. - (62-21) 5830 2844

E-mail - mitrachem@centrin.nete.id

Building Area - 3 storey

Office Space - 600 sq. meters

Region - Commercial

Status - Owned

Date of Incorporation

14 July 1997

Legal Form

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

Company Reg.No.

The Ministry of Law and Human Rights

a. No. C-01346 HT.01.04.TH.2006

Dated 17 January 2006

b. No. AHU-36679.AH.01.02.Tahun 2008

Dated 30 June 2008

Company Status

Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.825.856.6-035.000

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

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

Issued Capital - Rp. 300,000,000.-

Paid up Capital - Rp. 300,000,000.-

Shareholders/Owners :

a. Mrs. Jong Indriasari - Rp. 150,000,000.- (50.0%)

Address : Perumahan Citra Garden II G 4/25

Rt. 008/ Rw. 012, Jakarta Barat

Indonesia

b. Mr. Stefanus Sugianto Setiawan - Rp. 142,500,000.- (47.5%)

Address : Perumahan Citra Garden II G 4/25

Rt. 008/ Rw. 012, Jakarta Barat

Indonesia

c. Mrs. Moei Heni Anggraeni - Rp. 7,500,000.- ( 2.5%)

Address : Jl. Keamanan No. 104 Rt. 006/006

Kelurahan Keagungan, Jakarta Barat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Food Ingredients, Food Grade and Pharmaceutical Raw Materials

Production Capacity :

Total Investment :

None

Started Operation :

1998

Brand Name :

Collagen, Chamomile, Chrysanthemum Extract

Technical Assistance :

None

Number of Employee :

18 persons

Marketing Area :

Domestic - 100%

Main Customers :

a. PT. Indofood Sukses Makmur Tbk

b. PT. Nestle Indonesia

c. PT. Arnotts Indonesia

d. PT. Agrofood Propanindo

e. PT. Kalbe Farma Tbk.

f. PT. Bintang Toejo

g. PT. Ferron Farma

Market Situation :

Very Competitive

Main Competitors :

a. PT. Bali Extract Utama

b. PT. Bali Bangkit Makmur

c. PT. Telaga Inti Nabati

d. PT. Wadah Makmur Kencana

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. The Hongkong and Shanghai Banking Corp. Ltd.

World Trade Center

Jalan Jend. Sudirman Kav. 29-31

Jakarta Selatan, 12930

Indonesia

b. P.T. Bank CENTRAL ASIA Tbk

Jalan Asemka No. 25-26

Jakarta Barat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2007 – Rp. 11.0 billion

2008 – Rp. 13.2 billion

2009 – Rp. 14.8 billion

2010 – Rp. 16.5 billion

Net Profit (Loss) :

2007 – Rp. 620 million

2008 – Rp. 740 million

2009 – Rp. 830 million

2010 – Rp. 920 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Stefanus Sugianto Setiawan

Director - Mrs. Jong Indriasari

Board of Commissioners :

Commissioner - Mrs. Moei Heni Anggraeni

Signatories :

President Director (Mr. Stefanus Sugianto Setiawan) or one the Director (Mrs. Jong Indriasari) which must be approved by Board of Commissioner (Mrs. Moei Heni Anggraeni)

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Below average

Credit Recommendation :

Credit can be proceeded normally

Proposed Credit Limit :

Moderate amount (Good for US$ 125,000.00 on 90 days D/A)

Maximum Credit Limit :

US$ 230,000.- on the 90 days of payments

OVERALL PERFOMANCE

P.T. MITRACHEM NUTRI DELTA (P.T. MND) was established in Jakarta on 14 July 1997 with an authorized capital of Rp. 100,000,000.- issued capital of Rp. 25,000,000.- entirely paid up. The original founders and shareholders of the company were Mrs. Rini Tirtoyoso and Mrs. Jong Indriasari, both are Indonesian businesswomen of Chinese origins. The notary deed has been changed a couple of times. In November 2006, the authorized capital was increased to Rp. 500,000,000.- issued capital to Rp. 300,000,000.- entirely paid up. On the same occasion, Mrs. Rini Tirtoyoso pulled out and replaced by Mr. Stephanus Sugianto Setiawan (husband of Mrs. JOng Indriasari) and Mrs. Moei Heni Anggraeni, both are Indonesia businessman/woman of Chinese extraction. The deed of amendment was made by Mr. Eddi Setiadi, SH., a public notary in Jakarta under Company Registration Number C-01346 HT.01.04.TH.2006, dated January 17, 2006 and No. AHU-36679.AH.01.02.Tahun 2008 dated 30 June 2008. No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. MND has been operating since 1998 dealing with trading, import and supply of food ingredients, food grade and pharmaceutical raw materials. Mrs. Jong Indriasari, the director of the company explained that merchandising goods like collagen, chamomile, chrysanthemum extract and pharmaceutical raw materials is imported from Europe Union, the USA, India and China. Its food grade and food ingredients products marketed to various local food and beverage processing plants like instant noodles, snack foods, crackers, edible oils and margarine processing companies among others are P.T. P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. NESTLE INDONESIA, P.T. ARNOTS INDONESIA, P.T. AGROFOOD PROPANINDO. Meanwhile the pharmaceutical raw materials supplied to P.T. KALBE FARMA Tbk, P.T. BINTANG TOEDJOE, P.T. FERRON FARMA, P.T. GALENUM PHARMACEUTICAL and others. P.T. MND has established many regular customers both in Jakarta, Tangerang, Bekasi, Cikarang, Karawang and surroundings. We observe that P.T. MND is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.

The demand for food ingredients, food grade and food seasoning products has kept on rising by 8% to 10% per annum in the last five years in line with the sustained growth in food and beverage processing industry in Indonesia as well as the improving of population income. The demand growth will go on rising by 6% to 7% per annum in the next three years. Besides that, the demand for pharmaceutical raw material had increased some 10% to 12% per annum in the last five years in line with the growth of pharmaceutical industries in the country. In the coming years, the growth rate of demand is estimated at about 6% to 8% per annum. The major buyers for pharmaceutical are the government sectors including Publics Hospital, Armed Forces Hospitals, the Public Health Case Canters (PUSKESMAS), etc. The present market situation for pharmaceutical is very competitive, since most of major international pharmaceutical manufactures have entered Indonesian market by set up joint ventures. Market competition is very sharp considering many other similar imported products offering on the local markets. P.T. MND in this case is not doing very badly on account of it has built a fairly close connection with several leading food and beverages processing plants in Indonesia.

Until this time P.T. MND has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2007 amounted to Rp. 11.0 billion increased to Rp. 13.2 billion in 2008 to Rp. 14.8 billion in 2009 and rose again to Rp. 16.5 billion in 2010. The operation in 2010 yielded an estimated net profit at least Rp. 920 million and the company have an estimated total net worth at Rp. 6.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2011. We observe that P.T. MND is supported by financially fairly strong behind it. So far, we have never heard of 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. MND is led by Mr. Stephanus Sugianto Setiawan (51) with 20 years of experience in trading, distribution, supply of food ingredients, food grade and pharmaceutical raw materials. In daily activities, he is assisted by his wife Mrs. Jong Indriasari (50) as director. The management of the company is also handled by professional managers having wide relation within private businessmen and outside the country and with the government sectors as well. We observed that management’s reputation in said business 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. We believed that PT. MITRACHEM NUTRI DELTA is fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

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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