MIRA INFORM REPORT

Report Date :

13.01.2011

IDENTIFICATION DETAILS

Name :	P.T. TRIKOMSEL OKE TBK
Formerly Known As :	P.T. TRIKOMSEL OKE
Registered Office :	Equity Tower 30^th Floor, Jalan Jend. Sudirman Kav. 52-53, Jakarta Selatan, 12190
Country :	Indonesia
Financials (as on) :	30.09.2010
Date of Incorporation :	21.08.1996
Com. Reg. No.:	No. AHU-AH.01.10-13775
Legal Form :	Public Listed Company
Line of Business :	Trading and Distribution of Cellular Telephones

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$ 5,000,000
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. TRIKOMSEL OKE Tbk

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)

Operational Office

Jalan Abdul Muis No. 24-26

Jakarta Pusat, 10160

Indonesia

Phones - (62-21) 3440 220 (Hunting)

Fax - (62-21) 3483 5085

E-mail - info@oke.com

Website - http://www.oke.com

Building Area - 2 storey

Office Space - 320 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

a. 21 August 1996 as P.T. TRIKOMSEL CITRAWAHANA

b. 30 August 2000 as P.T. TRIKOMSEL MULTIMEDIA

c. 6 December 2007 as P.T. TRIKOMSEL OKE

d. 26 February 2009 as P.T. TRIKOMSEL OKE Tbk

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C2-9342 HT.01.01.TH.1996

Dated 7 October 1996

- No. AHU-AH.01.10-13775

Dated 4 June 2010

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.793.780.6-062.000

The Department of Industry and Trade

TDP No. 09.03.1.51.50370

Dated 6 October 2008

The Capital Market Supervisory Agency

No. S-2475/BL/2009

Dated 31 March 2009

Related Company

A Member Company of the PANGGUNG Group (see attachment)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 1,200,000,000,000.-

Issued Capital : Rp. 445,000,000,000.-

Paid up Capital : Rp. 445,000,000,000.-

Shareholders/Owners :

a. P.T. DELTA SARANA PRADANA - Rp. 277,261,000,000.-

b. CANOPUS FINANCE LTD. - Rp. 111,250,000,000.-

c. Mr. Kindarto Kohar - Rp. 5,744,500,000.-

d. Mr. Sugiono Wiyono Sugialam - Rp. 5,744,500,000.-

e. Publics - Rp. 45,000,000,000.-

BUSINESS ACTIVITIES

Lines of Business :

a. Trading and Distribution of Cellular Telephones

b. Wireless Application Protocol (WAPOke)

c. Short Message Services (SMS Oke)

d. Investment Holding

Production Capacity :

None

Total Investment :

Owned Capital - Rp. 445.0 billion

Started Operation :

August 1996

Brand Name :

Trikomsel Oke

Technical Assistance :

None

Number of Employee :

836 persons

Marketing Area :

Local - 100%

Main Customer :

Telecommunication Shops, Individuals

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 :

Purwantono, Sarwoko & Sandjaja

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales :

2008 – Rp. 5,340.3 billion

2009 – Rp. 5,452.3 billion

2010 – Rp. 3,819.2 billion (as per 30 September)

Net Profit :

2007 – Rp. 102.6 billion

2008 – Rp. 117.7 billion

2009 – Rp. 156.9 billion (as per 30 September)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Sugiono Wiyono Sugialam

Directors - a. Mr. Djohan Sutanto

b. Mr. Djoko Harijanto

c. Mrs. Evy Soenarjo

d. Mrs. Eliana Wati Setiady

e. Mrs. Juliana Julianti Samudro

f. Mr. Hening Tjiptadi Sudirdjo

Board of Commissioners :

President Commissioner - Mr. Kindarto Kohar

Commissioners - a. Mr. Glen T. Sugita

b. Mrs. Christine Barki

c. Mr. Suryatin Setiawan

Signatories :

President Director (Mr. Sugiono Wiyono Sugialam) or one of the Directors (Mr. Djohan Sutanto, Mr. Djoko Harijanto, Mrs. Evy Soenarjo, Mrs. Eliana Wati Setiady, Mrs. Juliana Julianti Samudro or Mr. Hening Tjiptadi Sudirdjo) 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$ 5,000,000 on 90 days D/A

OVERALL PERFORMANCE

Originally named P.T. TRIKOMSEL CITRA WAHANA established in August 1996 with the authorized capital of Rp. 1,000,000,000 issued capital Rp. 500,000,000 fully paid up. The founder and original shareholders are Mr. Kindarto Kohar AKA Kwok King Hwa, Mrs. Christine Angelita Parsaulian and Mrs. Surayah, Indonesian of Chinese extraction.

The article of association of the company has frequently been amended, and in August 2000 when the name of the company named to P.T. TRIKOMSEL MULTIMEDIA. Concurrently the authorized capital was raised to Rp. 75,000,000,000 issued and paid up capital to Rp. 20,000,000,000. On the same occasion Mrs. Christine Angelita Parsaulian and Mrs. Surayah withdrew and into the company entered new shareholder P.T. DELTA SARANA PRADANA, a private national company. In December 2007 the company changed to P.T. TRIKOMSEL OKE. Then in February 2009 the company changed to P.T. TRIKOMSEL OKE Tbk (P.T. TOT).

Concurrently the authorized capital was raised to Rp. 1,200,000,000,000 issued capital to Rp. 400,000,000,000 fully and paid up. On the same occasion Mr. Sugiono Wiyono Sugialam entered into the company as new shareholder. In April 2009, P.T. TOT go-public by sells 10.11% of its shares through Indonesian Stock Exchange (BEI). With this time the composition of its shareholders are P.T. DELTA SARANA PRADANA (87.31%), Mr. Kindarto Kohar (1.29%), Mr. Sugiono Wiyono Sugialam (1.29%) and Publics (10.11%). In June 2010 the board of directors and the board of commissioners had been changed (see profile of this report). The revision of notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-13775 dated June 4, 2010.

The latest as per 30 September 2010 the issued capital was raised to Rp. 445,000,000,000 entirely paid up. The latest shareholders are P.T. DELTA SARANA PRADANA (62.31%), CANOPUS FINANCE LIMITED (25.00%), Mr. Kindarto Kohar (1.29%), Mr. Sugiono Wiyono Sugialam (1.29%) and Publics (10.11%).

P.T. TOT is a member of PANGGUNG Group, a private company group of which its majority business stakes is controlled by Mr. Kindarto Kohar AKA Kwok King Hwa above. 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 its activities, P.T. TOT cooperates with the GSM telephone cellular network companies P.T. TELKOMSEL, P.T. SATELINDO and P.T. EXCELCOMINDO PRATAMA. In developing its business, P.T. TOT established an integrated service system for the customers through "Nokia Costumer Care Program" (NPC) located at Jalan Abdul Muis No. 34, Central Jakarta.

Beside that, P.T. TOT is also offering the service for the new launched (1999) Wireless Application Protocol (WAPoke). This service is usable by post paid customers of the three GSM cellular operators. On 28 September 2000, the company also launched Short Message Service (SMSoke) which is usable by pre-paid of the three GSM cellular operators. Mr. Sugiono Wiyono Sugialam, the President Director, disclosed that the demand for SMSoke will be increasing after the pre-paid customers of the three cellular operators can receive and send this service. Beside that, it can save 50% cost compared with the cost of mobile telephone. He went on to say that the company has depleted an investment of US$ 400,000 to explore this service.

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 cellular, parts and accessories; 45% shares of P.T. TRIKOMSEL YAHOH COMMUNICATION (by YAHOH COMMUNICATION 45% and by P.T. INTERTEL NETWORK 10%), 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

According to financial statement which audited by Purwantono, Sarwoko & Sadjaja, Public Accountant that sales turnover of P.T. TOT in 2008 amounted to Rp. 5,340.3 billion with a net profit of Rp. 102.6 billion rose to Rp. 5,452.3 billion with a net profit of Rp. 117.7 billion in 2009. As per 30 September 2010 the sales turnover has reached at Rp. 3,819.2 billion with a net profit of Rp. 156.9 billion and projected to go on rising by at least 6% in 2011. We observe that P.T. TOT 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 condense financial statement is shown.

(in million Rp)

Descriptions	30 September 2010	31 December
		2009	2008
A. ASSETS
a. Current Assets	2,231,472	1,788,021	1,098,883
b. Non Current Assets	105,736	160,815	111,440
c. Other Assets	26,123	873	229
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY	2,337,164	1,948,836	1,210,323
B. LIABILITIES &STOCKHOLDERS EQUITY
a. Current Liabilities	1,522,056	1,253,534	776,185
b. Non Current Liabilities	7,820	7,866	6,456
c. Stockholders Equity : - Paid Up Capital - Additional Paid Up Capital Total Stock holders Equity	445,000 50,992 807,287	445,000 50,992 687,435	321,310 - 428,681
C. INCOME STATEMENT
a. Sales Net	3,819,252	5,452,339	5,340,320
b. Operating Profit	288,013	258,826	206,478
c. Net Profit (loss)	156,952	117,688	102,582

Notes: 31 December 2008, 2009 Audited by Purwantono, Sarwoko & Sandjaja

*) As per 30 September 2010 un audited

The management of P.T. TOT is led by Mr. Sugiono Wiyono Sugialam (49) a businessman and professional manager with experience in trading, import and distribution of telephone cellular, computer, multimedia equipment, parts and accessories. The company's management is handled by professional staff in the above business. We believe that the the primemover is Mr. Kindarto Kohar AKA Kwok King Kwa (57) with 25 years experience in many type of business. The Management is handled by professional managers in trading and distribution of cellular telephone having wide relation with home and overseas private businessmen. 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. TRIKOMSEL OKE Tbk is sufficiently fairly good for business transaction.

Attachment:

List of the PANGGUNG Group Members

1. AGIP LUBRINDO PRATAMA, P.T. (Lube Oil Blending Plant)

A. SCHULMAN PLASTIC, P.T. (Plastic Compound Manufacturing)

2. ASTRIA GRAHAMAS ELECTRIC, P.T. (Investment Holding)

3. ASTRIA RAYA BANK, P.T. (Banking)

4. ASTRIA SUMMIT ELECTRONIC, P.T. (Electronic Goods and Component Manufacturing)

5. AURORA TIRTA KURNIA, P.T. (Supermarket Management)

6. BUANA TIRTA WINATA, P.T. (Cold Storage Management)

7. BHINEKA TATAMULYA INDUSTRI, P.T. (Plastic Sheet Industry)

8. DELTA MEGAH KURNIA, P.T. (Distribution of Electronics and Electrical Household Appliances)

9. DELTA SARANA PRADANA, P.T. (Investment Holding)

10. DEWATA PANDUSENTOSA, P.T. (Hotel and Recreation Centre Management)

11. DHARMA PANGGUNG SENTOSA, P.T. (Real Estate Management)

12. DJOEWITA TRADING Co., Ltd., P.T. (General Trading)

13. DWI KRESNA, P.T. (Trading and Investment Holding)

14. FINE WELL, P.T. (Trading)

15. GLOBALINK INVESTAMA, P.T. (Investment Holding)

16. INSPECS LIMATAMA BENUA, P.T. (Trading)

17. INTELINDO CITRAKARYA, P.T. (Electronics Household Manufacturing - inactive)

18. JVC INDONESIA, P.T. (Electronic Goods Importing, Distribution and Manufacturing)

19. KOLIMA PUTRAGEMILANG, P.T. (Trading and Distribution of Automotive Component and Lubricating Oil)

20. MOBILKOMSEL SELULAR INDO GEMILANG, P.T. (Trading and Distribution of MOTOROLA Handphone Set and Accessories)

21. PANGGUNG ELECTRONIC INDUSTRIES, P.T. (Electronic Good Manufacturing and Assembling Industries)

22. PANGGUNG MAXELL INDUSTRIES, P.T. (Audio and Video Cassette Manufacturing)

23. PANINDO, U.D. (Distribution of Electronics and Electrical Household Appliances)

24. PANWELL INDUSTRIES, P.T. (Electronic Component Manufacturing)

25. PENDAWASURYA TIRTAMAS, P.T. (Investment Holding)

26. SELULAR INDONESIA UTAMA, P.T. (Trading and Distribution of Handphone Set and Accessories)

27. SINAR PEJAMBON INDAH, P.T. (Lubricating Oil Recycling Industry)

28. SINAR RAPI ASRI, P.T. (Printing and Packaging Industry)

29. SUCORINVEST CENTRAL GANI, P.T. (Securities Services)

30. TABUNG GAMBAR INDONESIA, P.T. (Investment Holding)

31. TOSHIBA DISPLAY DEVICES INDONESIA (Electronic Components Industry)

32. TOSUMMIT ELECTRONIC DEVICE INDONESIA, P.T. (Electronic Good Component Manufacturing)

33. TRIAS SENTOSA Tbk, P.T. (OPP Film Manufacturing)

34. TRIKOMSEL OKE Tbk, P.T. (Trading and Distribution of NOKIA Handphone Set and Accessories)

35. VASTEX PRIMA INDUSTRIES, P.T. (Integrated Textile Mill and Man-made Fibre Making)

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%)

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