MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	P.T. SAMUEL SEKURITAS INDONESIA
Formerly Known As :	PT. INFINITY INVESTMA
Registered Office :	Menara Imperium, 26^th Floor, Jl. HR Rasuna Said Kav. 1, Jakarta 12980
Country :	Indonesia
Date of Incorporation :	08.05.1990
Com. Reg. No.:	No. AHU-AH.01.10-30175
Legal Form :	Limited Liability Company
Line of Business :	Investment Baking Services such as corporate finance, capital fund raising, financial advisory, equity brokerage, fixed income brokerage and research.

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$ 2.2 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

Full Name of Company

P.T. SAMUEL SEKURITAS INDONESIA

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

Branches

a. Gedung Bursa Efek Jakrta Tower I Suite 304

Jl. Jend. Sudirman Ka. 52-53

Jakarta Selatan

Indonesia

b. Gedung PIPM

Jl. A. Yani No. 195-C

Semarang, Central Java

Indonesia

Date of Incorporation

8 May 1990 as PT. NUSAMAS SEKURINDO, changed its name to PT. INFINITY INVESTMA on January 15, 1992, and changed its name again to PT. SAMUEL SEKURITAS INDONESIA on October 5, 1995.

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-AH.01.10-30175

Dated 24 November 2010

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.590.786.8-054.000

The Capital Market Supervisory Agency

No. SPAB-123/JATS/BEJ.1.1/V/1995

Dated 22 May a1955

Related Companies

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

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 - Rp. 200,000,000,000.-

Issued Capital - Rp. 125,000,000,000.-

Paid up Capital - Rp. 125,000,000,000.-

Shareholders/Owners :

a. P.T. SAMUEL INTERNATIONAL - Rp. 93,750,000,000.- (75%)

Address : Menara Imperium, 25^th Floor

Jl. HR Rasuna Said Kav. 1

Jakarta 12980

Indonesia

b. P.T. E-SAMUEL INDONESIA - Rp. 31,250,000,000.- (25%)

Address : Menara Imperium, 25^th Floor

Jl. HR Rasuna Said Kav. 1

Jakarta 12980

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Investment Baking Services such as corporate finance, capital fund raising, financial advisory, equity brokerage, fixed income brokerage and research.

Production Capacity :

None

Total Investment :

None

Started Operation :

1991

Brand Name :

SAMUEL SEKURITAS

Technical Assistance :

None

Number of Employee :

40 persons

Marketing Area :

Local - 100%

Main Customers :

Corporate and Individuals

Market Situation :

Very Competitive

Main Competitors :

a. PT. Danareksa Sekuritas

b. PT. Bahana Sekuritas

c. PT. Trimegah Securities

d. PT. UOB Kay Hia Securities Indoensia

e. PT. Merrill Lynch Indonesia

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. 110.0 billion

2008 – Rp. 125.0 billion

2009 – Rp. 142.0 billion

2010 – Rp. 160.0 billion

Net Profit (estimated):

2007 – Rp. 4.9 billion

2008 – Rp. 5.7 billion

2009 – Rp. 6.3 billion

2010 – Rp. 7.2 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Suharta Budiman

Directors - a. Mr. Liem Hisdiyanto

b. Mr. Kelvin Siwah Long

Board of Commissioners :

President Commissioner - Mrs. Rebekah Widya Astuti

Commissioner - Mr. Thomas Tampi

Signatories :

President Director (Mr. Suharta Budiman) or one of the Directors (Mr. Liem Hisdiyanto or Mr. Kelvin Siwah Long) which must be approved by Board of Commissioner (Mrs. Rebekah Widya Astuti and Mr. Thomas Tampi)

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$ 2.2 billion on the 90 days of payments

OVERALL PERFORMANCE

Originally named P.T. NUSAMAS SEKURINDO, the company was established on May 8, 1990 with an authorized capital of Rp 10,000,000,000.- of which Rp 2,000,000,000.- was issued and paid up. The founding shareholders of the company are Mr. Iwan Margono, Mr. Djisman Simanjuntak, Mr. Rebekah Widia and Mr. Ir. Aries Idman. They are indigenous businessmen and businesswoman. The company's notarial act was since revised a number of times. On January 15, 1992 the company's name was changed to P.T. INVINITY INVESTAMA, and changed its name again to P.T. SAMUEL SEKURITAS INDONESIA (P.T. SSI), on October 5, 1995.

On March 14, 2008 the authorized capital was raised to Rp. 200,000,000,000.- of which Rp 125,000,000,000.- was issued and fully paid up. Since that time, shareholders of the company are P.T. SEMUEL INTERNATIONAL (75%) and P.T. E-SAMUEL INDONESIA (25%), both are private companies. The latest deed of amendment was made by Mrs. Fathiah Helmi, SH, a public notary in Jakarta under Company Registration No. AHU-25632.AH.01.02.Tahun 2008 dated 15 May 2008 and No. AHU-AH.01.10-30175 dated 24 November 2010. No changes have been effected in term of its shareholding composition and capital structures to date.

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.

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. SSI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SSI 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. 125.0 billion rose to Rp. 142.0 billion in 2009 increased again to Rp. 160.0 billion in 2010. The operation in 2009 yielded an estimated net profit of at least Rp. 6.3 billion rose to Rp. 7.2 billion in 2010 and the company has an estimated total networth of at least Rp. 125 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. Suharta Budiman (52) as president director. He started his career at Citibank N.A., Jakarta in 1983 and rose to Vice President heading its fixed income distribution unit. Mr. Budiman has 24 years experience in Indonesia capital market. In daily activities, he is assisted by two directors namely Mr. Liem Hisdiyanto (52) and Mr. Kelvin Siwah Long (50). 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 SEKURITAS INDONESIA 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.