MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	P.T. SAMUEL ASET MANAJEMEN
Registered Office :	Menara Imperium, 26^th Floor, Jl. HR Rasuna Said Kav. 1, Jakarta 12980
Country :	Indonesia
Date of Incorporation :	14.05.1997
Com. Reg. No.:	No. AHU-83255.AH.01.02.Tahun 2008
Legal Form :	Limited Liability Company
Line of Business :	Asset Management and Trading Services

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$ 940,000
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. SAMUEL ASET MANAJEMEN

company Address

Head Office

Menara Imperium, 26^th Floor

Jl. HR Rasuna Said Kav. 1

Jakarta 12980

Indonesia

Phones - (62-21) 2854 8168 (hunting)

Fax - (62-21) 2854 3278

Email - sam_info@e-samuel.com

Building Area - 34 storey

Office Space - 220 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

14 May 1997

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-83255.AH.01.02.Tahun 2008

Dated 10 November 2008

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.807.867.5-054.000

The Department of Industry and Trade

TDP No. 09.03.1.67.25379

Dated 13 June 2005

Related Companies

a. P.T. SAMUEL INTERNATIONAL (Investment Holding)

b. P.T. E-SAMUEL INDONESIA (Investment Holding)

c. P.T. SAMUEL SEKURITAS INDONESIA (Investment Banking Services)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 50,000,000,000.-

Issued Capital - Rp. 25,000,000,000.-

Paid up Capital - Rp. 25,000,000,000.-

Shareholders/Owners :

a. P.T. SAMUEL INTERNATIONAL - Rp. 6,250,000,000.- (25%)

Address : Menara Imperium, 25^th Floor

Jl. HR Rasuna Said Kav. 1

Jakarta 12980

Indonesia

b. P.T. SAMUEL SEKURITAS INDONESIA - Rp. 18,750,000,000.- (75%)

Address : Menara Imperium, 25^th Floor

Jl. HR Rasuna Said Kav. 1

Jakarta 12980

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Asset Management and Trading Services

Production Capacity :

None

Total Investment :

None

Started Operation :

1997

Brand Name :

SAMUEL ASET MANAJEMEN

Technical Assistance :

None

Number of Employee :

22 persons

Marketing Area :

Local - 100%

Main Customers :

a. Individuals

b. Public Listed Companies

Market Situation :

Very Competitive

Main Competitors :

a. PT. Batavia Prosperindo Aset Manajemen

b. PT. Recapital Asset Management

c. PT. Global Lintas Artha

d. PT. Gani Aset Manajemen

e. PT. Bhakti Aset Manajemen

f. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. CITIBANK N.A.

Citibank Tower

Jl. Jend. Sudirman Kav. 50

Jakarta Selatan

Indonesia

b. P.T. Bank MANDIRI Tbk

Plaza Mandiri

Jl. Jend. Gatot Subroto Kav. 36-38

Jakarta Selatan

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Revenue (estimated) :

2007 – Rp. 46.0 billion

2008 – Rp. 52.0 billion

2009 – Rp. 61.5 billion

2010 – Rp. 68.0 billion

Net Profit (estimated):

2007 – Rp. 2.0 billion

2008 – Rp. 2.3 billion

2009 – Rp. 2.7 billion

2010 – Rp. 3.0 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Agus Basuki Yanuar

Director - Ms. Evelyn Satyono

Board of Commissioners :

President Commissioner - Mrs. Eunice Meriati Satyono

Commissioner - Mr. Rakesh Jain

Signatories :

President Director (Mr. Agus Basuki Yanuar) or Director (Ms. Evelyn Satyono) which must be approved by Board of Commissioners (Mrs. Eunice Meriati Satyono and Mr. Rakesh Jain)

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$ 940,000 on the 90 days of payments

OVERALL PERFORMANCE

P.T. SAMUEL ASET MANAJEMEN (P.T. SAM) was established on May 14, 1997 with an authorized capital of Rp 2,000,000,000.- of which Rp 500,000,000.- was issued and paid up. The founding shareholders of the company are Mrs. Eunice Meriati Satyono and Mrs. Rebelah Widya Astuti. Both are indigenous businesswoman. The company's notarial act was since revised a number of times. In July 1997, the authorized capital was raised to Rp. 5,000,000,000.- of which Rp. 3,000,000,000.- was issued and fully paid up. Latest on August 2008, the authorized capital was raised again to Rp. 50,000,000,000.- of which Rp. 25,000,000,000.- was issued and fully paid up. Since the time, the shareholders of the company are P.T. SAMUEL INTERNATIONAL (25%) and P.T. SAMUEL SEKURITAS INDONESIA (75%). The latest deed of amendment was made by Mr. Adam Kasdarmadji, SH, a public notary in Jakarta under Company Registration No. AHU-83255.AH.01.02.Tahun 2008 dated 10 November 2008. No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. SAM has been in operation since early 1997 in asset management services. The company provides asset management and trading services to institutions and high net worth individuals as well as through several publicly listed mutual funds. P.T. SAM is one of the asset manager in Indonesia providing investors with a wide variety of mutual funds: money market, equity, fixed income, syariah and discretionary funds. P.T. SAM’s discretionary funds fall into three categories of management:

A. Full Discretionary

- P.T. SAM is responsible for all investment allocation decisions

B. Partial Discretionary

- Client requires minimum exposure to particular investment categories

C. Non-Discretionary

- Client determine es the asset allocation and SAM is responsible for placing of order

We observe that P.T. SSI 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 Indonesian economy has weathered the storm and is currently accelerating. As for the global economy, it is also in a recovery phase and this recovery is expected to continue in 2010. Overall, the prospects for the Indonesian economy in 2010 are brighter than in 2009. Several factors support brisker economic growth in 2010. First, the global economic conditions are expected to be better in 2010 than in 2009. This is evident in the global economic recover that is expected to continue well into 2010. The US economy, for example, is expected to grow by 2.5 percent in 2010 compared to a contraction of 2.4 percent in 2009. Meanwhile, the Japanese economy is predicted to grow by around 1.2 percent in 2010 in contrast to an expected contraction of around 5.7 percent in 2009. As for Europe, it is expected to grow by 1.1 percent in 2010 compared to an expected contraction of around 3.8 percent in 2009. Against this backdrop, Indonesian exports are expected to grow by 12.9 percent 2010.

Indonesia’s economic growth in 2008, 2009 and forecast for 2010

No.	Sector	2008	2009	2010
1.	Agriculture	4.8	3.6	3.3
2.	Mining and Quarrying	0.5	3.7	3.7
3.	Manufacturing	3.7	2.2	2.2
4.	Electricity, Gas, and Clean Water	10.9	13.4	13.4
5.	Construction	7.3	7.1	7.0
6.	Trade, Hotel, and Restaurant	7.2	1.2	5.8
7.	Transportation and Communication	16.7	17.4	16.7
8.	Finance, Leasing and Business Services	8.2	5.5	6.3
9.	Services	6.4	6.7	6.9
Gross Domestic Product (GDP)		6.1	4.7	6.0

Source: Indonesia Economic Almanac 2010 by Bisnis Indonesia

Until this time P.T. SAM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SAM is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that total income/revenue of the company in 2008 amounted to Rp. 52.0 billion rose to Rp. 61.5 billion in 2009 increased again to Rp. 68.0 billion in 2010. The operation in 2009 yielded an estimated net profit of at least Rp. 2.7 billion rose to Rp. 3.0 billion in 2010 and the company has an estimated total networth of at least Rp. 25 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. AMS is led by Mr. Agus Basuki Yanuar (47) as president director. He started his career as an auditor with Price Waterhouse before moving in 1990 to W.I. Carr Securities. He brings over 20 years of capital market experience in Indonesia. In daily activities, he is assisted by Ms. Evelyn Satyono (42) as director. Ms. Satyono has 15 years of banking and capital market industry experience working in Hong Kong, Singapore and Indonesia. Beside, the company's management is handled by a number of expert staffs 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.

We believed that P.T. SAMUEL ASET MANAJEMEN is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.