MIRA INFORM REPORT

Report Date :

13.01.2011

IDENTIFICATION DETAILS

Correct Name :	P.T. DELTA SARANA PRADANA
Registered Office :	Equity Tower 30^th Floor, Jalan Jend. Sudirman Kav. 52-53, Jakarta Selatan, 12190
Country :	Indonesia
Date of Incorporation :	19.05.1999
Com. Reg. No.:	No. AHU-07303.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Investment Holding

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 2,000,000
Status :	Satisfactory
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. DELTA SARANA PRADANA

company Address

Head Office

Equity Tower 30^th Floor

Jalan Jend. Sudirman Kav. 52-53

Jakarta Selatan, 12190

Indonesia

Phones - (62-21) 29035200 (Hunting)

Fax - (62-21) 29035222

Building Area - 43 storey

Office Space - 300 sq. meters

Region - Commercial

Status - Owned (Strata Title)

Date of Incorporation

19 May 1999

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C-12265 HT.01.02TH.1999

Dated 5 July 1999

- No. AHU-07303.AH.01.02.TH.2008

Dated 14 February 2008

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 1.829.589.9-603

The Department of Industry and Trade

TDP No. 13.17.1.51.01180

Dated 4 October 2005

Related Company

A Member Company of the PANGGUNG Group (see attachment)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 2,000,000,000.-

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

Paid up Capital : Rp. 1,500,000,000.-

Shareholders/Owners :

a. Mr. Kindarto Kohar - Rp. 1,157,100,000.-

Address : Puncak Permai 2/15-17, RT. 006 RW. 001

Kel. Tanjungsari, Kec. Sukomanunggal

Surabaya, East Java

Indonesia

b. Mr. Sugiono Wiyono Sugialam - Rp. 342,900,000.-

Address : Jl. Raya Waru No. 1, RT. 04 RW. 14

Kel. Desa Waru, Kec. Waru, Sidoarjo

Surabaya, East Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Investment Holding

Production Capacity :

None

Total Investment :

None

Started Operation :

August 2000

Brand Name :

Delta Sarana Pradana

Technical Assistance :

None

Number of Employee :

5 persons

Marketing Area :

Local - 100%

Main Customer :

Distributors

Market Situation :

Very Competitive

Main Competitors :

a. P.T. AXINDO INFOTAMA

b. P.T. KRESNATE INDONESIA

c. P.T. NEXIAN INDONESIA

d. P.T. PARASTAR ECHORINDO

e. P.T. VITELL MOBILE INDONESIA

f. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

Wisma BCA

Jalan Jend. Sudirman Kav. 22-23

Jakarta Selatan

Indonesia

b. P.T. Bank MANDIRI Tbk

Plaza Mandiri

Jalan Jend. Gatot Subroto Kav. 36-38

Jakarta Selatan

Indonesia

c. P.T. Bank CIMB NIAGA Tbk

Plaza CIMB NIAGA

Jalan Jend. Sudirman Kav. 27

Jakarta Selatan

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Revenue :

2008 – Rp. 63.9 billion

2009 – Rp. 73.3 billion

2010 – Rp. 97.8 billion (as per 30 September)

Net Profit :

2007 – Rp. 50.5 billion

2008 – Rp. 58.0 billion

2009 – Rp. 82.0 billion (as per 30 September)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Kindarto Kohar

Board of Commissioners :

Commissioner - Mrs. Lindrawati Widjojo

Signatories :

Director (Mr. Kindarto Kohar) which must be approved by Board of Commissioners

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

Proposed Credit Limit :

Small amount – periodical review

Maximum Credit Limit :

US$ 2,000,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. DELTA SARANA PRADANA (P.T. DSP) was established in Sidoarjo, East Java on May 19, 1999 with the authorized capital of Rp. 2,000,000,000 issued capital of Rp. 500,000,000 fully and paid up. The founding and shareholders of the company are Mr. Widyo Resmono and Mr. Minto Widjojo as the original shareholders. The company notary deed has been changed a couple of times and in August 2004 the company domicile has been moved from East Java to Jakarta. The latest in January 2008 the issued capital was increased to Rp. 1,500,000,000 entirely paid up. With this time the whole shares had been controlled by Mr. Kindarto Kohar and Mr. Sugiono Wiyono Sugialam as new shareholders. The latest revision of notary act was made by Mrs. Lilik Kristiwati, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-07303.AH.01.02.TH.2008, dated February 14, 2008.

We observe that P.T. DSP is a members company of the PANGGUNG Group, a large sized business group which lead by Mr. Kindarto Kohar.

P.T. DSP started with operation in 2000 dealing with investment holding. The principal activity of P.T. DSP is in the business of trading and distribution services. In investment holding initially P.T. DSP controls of 87.31% shares of P.T. TRIKOMSEL OKE Tbk. And now P.T. DSP holds 62.31% shares of P.T. TRIKOMSEL OKE Tbk (P.T. TOT).

P.T. TOT started with operation in August 1996 in trading and distribution of cellular telephones by marketing NOKIA brand of Finland for GSM type (Global System for Mobile) communication. In addition to providing various mobile communication products and services, the Company also acts as a distributor for well known operator products in Indonesia. Business activities of the company are done through distribution and retail channels with the basis of fostering the value of life through continuous improvement. On the distribution channel, the Company is collaborating with independent dealers which have one or more outlets. Up to December 2009, the total number of dealers and points of distribution had reached 11,814 and 108, respectively. The Company has a wide retail network that covers all areas in Indonesia that are supported with continuous infrastructure development. The retail network is represented in the form of retail outlets entitled "OkeShop".

At the end of 2009, OkeShop retail network had reached 766 outlets in 153 cities in Indonesia. Through OkeShop retail network, the Company sells a variety of mobile devices and accessories from various international producers such as Nokia, Sony Ericsson, iPhone and BlackBerry. In addition the Company also offers operator products such as pre-paid SIM cards and reloads or top-up vouchers from well-known Indonesian operators. Since 2007, the Company has sold mobile content from third party providers that include ring tones, games, and other applications primarily to provide value added services to the mobile devices users where the experiences will be part of day to day lifestyle of the mobile devices' users. Sales were not limited to certain segments as the portfolio of the marketed products varied in price, brand, and design.

To expand the distribution network, customers' convenience and market network, the Company launched an online sales service through www.oke.com. This website has become the first online shop in Indonesia to offer telecommunication products with credit card payment. In the third quarter of 2009, the Company also undertook some product and service diversification by penetrating the netbook market in collaboration with well known international brands such as Acer and Asus.

P.T. TOT is also dealing with investment holding by controlling 99.99% shares of P.T. OKESHOP engaged in trading and distribution of telephone cellular; 100% shares of TRIKOMSEL Pte. Ltd., Singapore engaged in trading of multimedia equipment, computer, telephone celluler, parts and accessories; 45% shares of P.T. TRIKOMSEL YAHOH COMMUNICATION (by YAHOH COMMUNICATION 45% and by P.T. INTERTEL NETWORK 10%), a company dealings with management services and information technology including download ring tone, logo operation and music into cellular. We observed that P.T. TOT operation has kept on increasing and developing well in the last five years.

Generally observed the demand for telecommunication services and telecommunication equipment has kept on rising within the last five years. The telecommunication industry in 2009 showed quite rapid growth. The quickest growth has been showing by cellular telephone and internet. Meanwhile, based on communication products grabbled by P.T. TELKOM Tbk in 2009 has also increased. Details on the growth of cable telephone production facility are as shown on the table below:

Growth, Development of Fixed Telephone and Cellular Telephone Subscriber 2005-2009

Year	Fixed Telephone	Cellular Telephone
2005 2006 2007 2008 2009	13.0 million 14.0 million 16.2 million 20.0 million 26.0 million	46.9 million 63.8 million 96.4 million 170.9 million 172.4 million

Source: Directorate of Post & Telecommunication

Until this time P.T. DSP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. DSP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total revenue of the company in 2008 amounted to Rp. 63.9 billion rose to Rp. 73.3 billion in 2009. As per 30 September 2010 the total revenue has reached at Rp. 97.8 billion with a net profit of Rp. 82.0 billion and projected to go on rising by at least 5% in 2011. We observe that P.T. DSP is supported by the PANGGUNG Group 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. DSP is led by Mr. Kindarto Kohar AKA Kwok King Kwa (57) a businessman and professional manager and primemover of the PANGGUNG Group with has 25 years experience in many type of business. 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. DELTA SARANA PRADANA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.16
UK Pound	1	Rs.70.64
Euro	1	Rs.58.68

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
----	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.