MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	P.T. SAMUEL INTERNATIONAL
Registered Office :	Menara Imperium, 26^th Floor, Jl. HR Rasuna Said Kav. 1, Jakarta 12980
Country :	Indonesia
Date of Incorporation :	02.10.2000
Com. Reg. No.:	No. AHU-AH.01.10-12873
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$ 1.5 billion
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 INTERNATIONAL

company Address

Head Office

Menara Imperium, 26^th Floor

Jl. HR Rasuna Said Kav. 1

Jakarta 12980

Indonesia

Phones - (62-21) 2854 8100 (hunting)

Fax - (62-21) 2854 1618

Email - ssi_info@e-samuel.com

Building Area - 34 storey

Office Space - 260 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

02 October 2000

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-AH.01.10-12873

Dated 26 May 2010

Company Status

Foreign Investment Company (PMA)

Permit by the Government Department

The Department of Finance

NPWP No. 2.015.505.7-056

The Department of Industry and Trade

TDP No. 09.03.1.74.33866

Dated 13 December 2006

The Investment Coordinating Board

No. 557/I/PMA/2000

Dated 13 July 2000

Holding Company

NEW AGE WORLD LIMITED of British Virgin Island

Related Companies

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

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

c. P.T. SAMUEL ASET MANAJEMEN (Asset Management and Trading Services)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - US$. 500,000.-

Issued Capital - US$. 150,000.-

Paid up Capital - US$. 150,000

Shareholders/Owners :

a. NEW AGE WORLD Ltd., - US$. 120,000.- (80%)

Address : British Virgin Island

b. Mr. Suharta Budiman - US$. 30,000.- (20%)

Address : Jl. Cipete Raya No. 1

Jakarta Selatan

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Investment Holding by controlling 75% shares of PT. SAMUEL SEKURITAS INDONESIA and 25% shares of PT. SAMUEL ASET MANAJEMEN.

Production Capacity :

None

Total Investment :

None

Started Operation :

2001

Brand Name :

SAMUEL INTERNATIONAL

Technical Assistance :

None

Number of Employee :

4 persons

Marketing Area :

Local - 100%

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. 72.0 billion

2008 – Rp. 85.0 billion

2009 – Rp. 98.0 billion

2010 – Rp. 112.0 billion

Net Profit (estimated):

2007 – Rp. 3.6 billion

2008 – Rp. 4.2 billion

2009 – Rp. 4.9 billion

2010 – Rp. 5.6 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mrs. Eunice Meriati Satyono

Director - Mrs. Lana Sulistyaningsih

Board of Commissioners :

President Commissioner - Mr. Rakesh Jian

Commissioner - Mrs. Rebekah Widya Astuti

Signatories :

President Director (Mrs. Eunice Meriati Satyono) or Director (Mrs. Lana Slistyaningsih) which must be approved by Board of Commissioners (Mr. Rakesh Jain and Mrs. Rebekah Widya Astuti)

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$ 1.5 billion on the 90 days of payments

OVERALL PERFORMANCE

P.T. SAMUEL INTERNATIONAL (P.T. SI) was established on October 2, 2000 with an authorized capital of US$. 500,000.- of which US$ 150,000.- was issued and fully paid up. The founding shareholders of the company are NEW AGE WORLD Ltd., of British Virgin Island (80%) and Ms. Eunice Meriati Satyono of Indonesia (20%), The company's notarial act was since revised a number times. in August 2008, Mrs. Eunice Meriati Satyono pulled out and the whole shares is sold to Mr. Suharta Budiman. But, in April 2010, Mr. Suharta Budiman pulled out the whole shares is sold again to Mrs. Eunice Meriati Satyono. The latest deed of amendment was made by Mrs. Fathiah Helmi, SH, a public notary in Jakarta under Company Registration No. AHU-57281.AH.01.02.Tahun 2008 dated 1 September 2008 and No. AHU-AH.01.10-12873 dated 26 May 2010. No changes have been effected in term of its shareholding composition and capital structures to date.

We noticed that P.T. SI has no direct business activity, but on as an Investment Holding by controlling 75% shares of PT. SAMUEL SEKURITAS INDONESIA and 25% shares of PT. SAMUEL ASET MANAJEMEN.

a. P.T. SAMUEL SEKURITAS INDONESIA

P.T. SSI has been in operation since early 1991 in Investment Baking Services such as corporate finance, capital fund raising, financial advisory, equity brokerage, fixed income brokerage and research. Corporate Finance division is focuses on providing tailored financial solutions to their diverse client base comprised of loan and foreign corporation. P.T. SSI is very active in raising debt financing and financial advisory work for clients with respect to mergers and acquisitions, recapitalizations, divestitures, restructurings, spin-offs, and specialized fund raising. The company provides a variety of investment banking services for institutional and corporate. P.T. SSI is also as an investment holding company by controlling 75% shares of P.T. SAMUEL ASET MANAJEMAN (asset management and trading services). 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.

b. P.T. SAMUEL ASET MANAJEMEN

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 determines the asset allocation and SAM is responsible for placing of order

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

We noticed that P.T. SI has no direct business activity, but on as an investment holding company by controlling 75% shares of P.T. SAMUEL SEKURITAS INDONESIA and 25% shares of P.T. SAMUEL ASET MANAJEMEN. We estimated that total revenue of the company (from above its subsidiary companies) in 2008 amounted to Rp. 85.0 billion increased to Rp. 98.0 billion in 2009 and rose again to Rp. 112.0 billion in 2010. The operation in 2008 yielded an estimated net profit of at least Rp. 4.2 billion increased to Rp. 4.9 billion in 2009 and rose again to Rp. 5.6 billion in 2010. It is estimated the company has an estimated total networth at least Rp.150.0 billion.

The management of P.T. AMS is led by Mrs. Eunice Meriati Satyono (32) as president director. Mrs. Satyono has 15 years of banking and capital market industry experience working in Hong Kong, Singapore and Indonesia. In daily activities, he is assisted by Mrs. Lana Sulistyaningsih (46) as director. 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 INTERNATIONAL 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.