MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	P.T. IKRAR MANDIRIABADI
Registered Office :	Jalan Ciledug Raya No. 12, (Jalan Haji Sulaeman No. 12), Petukangan Utara, Pesanggrahan, Kebayoran Lama, Jakarta Selatan, 12260
Country :	Indonesia
Date of Incorporation :	25.04.1988
Com. Reg. No.:	No. AHU-17124.AH.01.02.TH.2009
Legal Form :	Limited Liability Company
Line of Business :	Offset Printing Services

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 78,900
Status :	Moderate
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. IKRAR MANDIRIABADI

company Address

Head Office & Workshop

Jalan Ciledug Raya No. 12

(Jalan Haji Sulaeman No. 12)

Petukangan Utara, Pesanggrahan

Kebayoran Lama

Jakarta Selatan, 12260

Indonesia

Phones - (62-21) 68992324 (Hunting)

Fax - (62-21) 5854501, 7363929

E-mail - ayi.oke@gmail.com

Land Area - 300 sq. meters

Building Space - 230 sq. meters

Region - Industrial Zone

Status - Rent

Date of Incorporation

25 April 1988

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C2-6648.HT.01.01.TH.89

Dated 26 July 1989

- No. AHU-17124.AH.01.02.TH.2009

Dated 30 April 2009

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.333.501.3-013.000

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 550,000,000.-

Issued Capital : Rp. 140,000,000.-

Paid up Capital : Rp. 140,000,000.-

Shareholders/Owners :

a. Mrs. Listania Linawati - Rp. 126,000,000.-

Address : Jl. Pahlawan No. 40, RT. 003 RW. 004

Kel. Sukabumi Selatan, Kec. Kebon

Jeruk, Jakarta Barat

Indonesia

b. Mr. Wahid Syamsuhari - Rp. 14,000,000.-

Address : Pondok Kacang Prima RT. 14 RW. 08

Kel. Pondok Kacang Timur, Kec. Pondok

Aren, Tangerang, Banten Province

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Offset Printing Services

Production Capacity :

Offset Printing - 30,000 sq. meters per hours

Total Investment :

Owned Capital - Rp. 550 million

Started Operation :

1989

Brand Name :

Ikrar Mandiri Abadi

Technical Assistance :

None

Number of Employee :

57 persons

Marketing Area :

Local - 100%

Main Customer :

Corporate (Industrial Manufacturing)

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ACC GRAFIKA RAYA

b. P.T. ADIPERKASA WARNA GRAFIS

c. P.T. BINARUPA AKSARA

d. P.T. INTERCIPTA PLUSINDO

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank MANDIRI Tbk

Jalan Raya Ciledug

Jakarta Selatan

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 5.0 billion

2009 – Rp. 5.6 billion

2010 – Rp. 6.0 billion

Net Profit (estimated) :

2008 – Rp. 450 million

2009 – Rp. 504 million

2010 – Rp. 540 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Wahid Syamsuhari

Board of Commissioners :

Commissioner - Mrs. Listania Linawati

Signatories :

Director (Mr. Wahid Syamsuri) which must be approved by Board of Commissioner

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$ 78,900 on 90 days D/A

OVERALL PERFORMANCE

P.T. IKRAR MANDIRIABADI (P.T. IMA) was set-up in Jakarta on April 25, 1988 with the authorized capital of Rp. 10,000,000 wholly issued and paid up. The founding and shareholders of the company originally are Mr. Hanggoro Santoso, Mrs. Listania Linawati and Mrs. Mariani Listania, they are indigenous businessmen. The company notary deed had been changed a couple of times. In September 1994 the authorized capital was raised to Rp. 550,000,000 issued capital to Rp. 110,000,000 fully and paid up. Then in March 1998 the issued capital was raised to Rp. 140,000,000 fully and paid up. On the same occasion Mrs. Mariani Listania withdrew and the whole share sold to Mr. Hanggoro Santoso. Later in July 2008 Mr. Hanggoro Santoso pulled out and the whole share sold to Mr. Wahid Syamsuri as new shareholder. With this time the composition of its shareholders has been changed to become Mrs. Listania Linawati (90%) and Mr. Wahid Syamsuri (10%).

The latest in March 2009 the board of director and the board of commissioner had been changed (see profile of this report). The company notary act was made by Mr. Fransiscus Xaverius Budi Santoso Isbani, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-17124.AH.01.02.TH.2009, dated April 30, 2009.

P.T. IMA has been operating since 1989 in the field of offset printing services. The company was able to print good dark color, light and other colors such as magazines, packaging, brochures, folders, catalogs & calendars. The workshop is located at Jalan Ciledug Raya No. 12 (Haji Sulaeman), Kebayoran Lama, South Jakarta, on an area of 300 square meters. Blast printing press offer printing cheap printing services in posters, flyers, labels, brochures, handbooks, satin stickers, business cards, invitation cards, letterheads, envelopes, receipts, invoices, office forms and other printed materials. P.T. IMA press operators have the expertise and experience to guarantee you receive the top-quality printing you expect. They also confer regularly with the designers and our mailing department, ensuring your complete package-from the first design to the final print-can be mailed correctly. P.T. IMA strive to keep abreast of the latest and best in offset printing, which is why we added a Heidelberg GTO four-color press to our pressroom and a new Heidelberg Stahl folder. In addition to their presses, P.T. IMA has a complete in-house Pre-Press Department, including an in-house image setter and full Bindery. When printing is complete, materials are handed over to the mailing department. No need for boxing or expensive and time-consuming shipping. The whole services uses various industries which operating in Jakarta, Tangerang, Banten Province and surroundings. We observe the operation of P.T. IMA has been growing and developing well in the last three years.

The domestic demand for offset printing services, printing ink and printing equipment has kept on fluctuating within the last four years in line with the growth of printing house industry (flexible, rotogravure and others) in Indonesia. The demand is projected to be higher by 5% in the next year to come. Market competition is very tough on account of many imported products are being offered for sales in Indonesia.

Until this time P.T. IMA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. IMA is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 5.0 billion rose to Rp. 5.6 billion in 2009 increased to Rp. 6.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 540 million and the company has an estimated total networth of at least Rp. 1.0 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. IMA is led by Mr. Wahid Syamsuri (51) a businessman and professional manager with experience in offset printing services. 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. IKRAR MANDIRIABADI is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

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

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.