MIRA INFORM REPORT

Report Date :

05.01.2011

IDENTIFICATION DETAILS

Correct Name :	P.T. EKASA PRATAMA
Registered Office :	Suropati Core Block J-10, Jalan PHH Mustafa No. 39, Bandung, 40192, West Java
Country :	Indonesia
Date of Incorporation :	02.11.2009
Com. Reg. No.:	No. AHU-56949.AH.01.01.TH.2009
Legal Form :	Limited Liability Company
Line of Business :	Trading and Export of Crumb Rubber

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$ 55,000
Status :	New Concern
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. EKASA PRATAMA

company Address

Head Office

Suropati Core Block J-10

Jalan PHH Mustafa No. 39

Bandung, 40192

West Java

Indonesia

Phone - (62-22) 87241361

Fax - (62-22) 87241361

E-mail - suwarnae@yahoo.com

albert_sumarna@yahoo.com

Building Area - 2 storey

Office Space - 100 sq. meters

Region - Commercial

Status - Rent

Warehouse

Jalan Terusan Cibaduyut No. 67

Bandung

West Java

Indonesia

Land Area - 2,000 sq. meters

Building Space - 1,200 sq. meters

Region - Industrial Zone

Status - Rent

Date of Incorporation

2 November 2009

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-56949.AH.01.01.TH.2009

Dated 20 November 2009

Company Status

Private National Company

Permit by the Government Department

Bandung Municipal City

No. 63/BP/XI/2009-PSI

Dated 4 November 2009

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 200,000,000.-

Issued Capital : Rp. 60,000,000.-

Paid up Capital : Rp. 60,000,000.-

Shareholders/Owners :

a. Mr. Eka Suwarna - Rp. 51,000,000.-

Address : Sadang Hegar Gang Palem II No. 13

RT. 001 RW. 013, Kel. Sekeloa,

Kec. Coblong, Bandung, West Java

Indonesia

b. Mrs. Desi Sariwati - Rp. 9,000,000.-

Address : Duta Sariwangi No. 9 B, RT. 01 RW. 05

Desa Sariwangi, Kec. Parongpong

Bandung, West Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Export of Crumb Rubber

Production Capacity :

None

Total Investment :

None

Started Operation :

2010

Brand Name :

Ekasa Pratama

Technical Assistance :

None

Number of Employee :

13 persons

Marketing Area :

Export - 90%

Local - 10%

Main Customer :

Buyers in India and China

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ANDALAN TEKNIK

b. P.T. KERTA ASIAH

c. P.T. PONG CODAN INDONESIA

d. P.T. SUPRABAKTI MANDIRI

e. P.T. TATA KARYA RUBBER

f. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank MANDIRI Tbk

Jalan Asia Afrika No. 124

Bandung, West Java

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2010 – Rp. 4.5 billion

Net Profit (estimated) :

2010 – Rp. 0.2 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Eka Suwarna

Board of Commissioners :

Commissioner - Mrs. Desi Sariwati

Signatories :

Director (Mr. Eka Suwarna) 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$ 55,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. EKASA PRATAMA (P.T. EP) was established in Bandung, West Java on November 2, 2009 with the authorized capital of Rp. 200,000,000 issued capital of Rp. 60,000,000 entirely paid up. The founding and shareholders of the company are Mr. Eka Suwarna and Mrs. Desi Sariwati, both are indigenous businessmen. The company notary act was made by Mrs. Hajjah Teti Kurniawati, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-56949.AH.01.01.TH.2009, dated November 20, 2009.

P.T. EP is a new company engaged in trading and export of crumb rubbers. The company manages a warehouse located at Jalan Terusan Cibaduyut No. 67, Bandung, West Java on a land of 2,000 sq. meters. The company export of Crumb rubber RSS, SIR-20 and Brown/Compo which obtained from North Sumatera, Pekanbaru, Jambi, Palembang, Lampung, West Java and Kalimantan. Mr. Albert Halomoan Sumarna, export staff of the company went to say that the whole products like crumb rubber is bought from various local producers in Bandung and Sumatera such as P.T. PERKEBUNAN NUSANTARA III, Tanjung Morawa, Medan, North Sumatra; P.T. BAKRIE SUMATRA PLANTATIONS Tbk, Medan, North Sumatra; P.T. PP LONDON SUMATRA PLANTATION Tbk, Medan, North Sumatra and Bengkulu and also bought from West Java. Most of crumb rubber exported to India and China, while the rest supplied in the country to various shoe and slipper industries, tires industries and other industries. We consider P.T. EP to be in the small size category in the above business in the country with slowly developing operations in the last one year.

Generally, demand for rubber products has been fluctuating in the last five years in line with the growth of rubber processing industries and others. According to the Directorate General of Plantation (Kementan), the export volume and value of the national rubber production in the last four years up to 2010 is as pictured in the following table:

The National Rubber Production, 2007 – 2010

Year	Farmer Folk	State Owned Enterprise	Private Company
2007	2.176.69	277.2	301.29
2008	2.173.62	276.8	300.86
2009	2.064.85	253.8	275.82
2010	2.207.31	269.8	293.22

Source: Directorate General of Plantation

Until this time P.T. EP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. EP 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 2010 amounted to Rp. 4.5 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 200 million and the company has an estimated total networth of at least Rp. 0.7 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. EP is led by Mr. Eka Suwarna (33) a young businessman with experience in trading and export of crumb rubbers. 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. EKASA PRATAMA is sufficiently fairly good for business transaction. However, in view of the company has newly been operation we recommend to treat prudently in extending a loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.84
UK Pound	1	Rs.69.32
Euro	1	Rs.59.79

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
----	NB	New Business	----

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.