MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	P.T. TERANG GEMILANG JAYA
Registered Office :	Ruko Taman Niaga Block A 7BSB Bukit Semarang Baru Jalan Rayan Ngaliyan-Mijen Semarang Central Java
Country :	Indonesia
Date of Incorporation :	28.06.2007
Com. Reg. No.:	No. AHU-03620.AH.01.01.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Kitchen Ware and Foodservice Products

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. TERANG GEMILANG JAYA

Address

Head Office

Ruko Taman Niaga Block A 7BSB

Bukit Semarang Baru

Jalan Rayan Ngaliyan-Mijen

Semarang

Central Java

Indonesia

Phones - (62-24) 70798588, 70797488

Fax - (62-24) 76631839

E-mail - info@teranggemilang.com

Building Area - 2 storey

Office Space - 130 sq. meters

Region - Commercial Building

Status - Rent

Registration data

Date of Incorporation :

28 June 2007

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-03620.AH.01.01.TH.2008

Dated 24 January 2008

Company Status :

Private National Company

Permit by the Government Department :

The Department of Finance

NPWP No. 02.625.226.2-503.000

Related Company :

None

CAPITAL AND OWNERSHIP

Capital Structure :

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

Issued Capital : Rp. 500,000,000.-

Paid up Capital : Rp. 500,000,000.-

Shareholders/Owners :

a. Mr. Edy - Rp. 200,000,000.-

Address : Jl. Kebon Pala II/12 A, RT. 007 RW. 005

Kel. Kampung Melayu, Kec. Jatinegara

Jakarta Timur

Indonesia

b. Mr. Robin - Rp. 200,000,000.-

Address : Jl. Tlogo Timur Raya Block F/2, RT. 005

RW. 001, Kel. Tlogosari Kulon, Kec.

Pedurungan, East Java

Indonesia

c. Ms. Margaret Puspita - Rp. 100,000,000.-

Address : Sidoarjo RT.01 RW. 01, Kel. Kemasan,

Kec. Krian, Sidoarjo, East Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Kitchen Ware and Foodservice Products

Production Capacity :

None

Total Investment :

None

Started Operation :

September 2007

Brand Name :

Terang Gemilang Jaya

Technical Assistance :

None

Number of Employee :

8 persons

Marketing Area :

Local - 100%

Main Customer :

Trader and Shops of Kitchen Equipment

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ADICEK CAKRA WIYASA

b. P.T. FOODTECO

c. C.V. MILANI SURYA PERSADA

d. P.T. RIA HOUSEWARES

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank CENTRAL ASIA Tbk

Semarang Main Branch

Central Java

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 5.0 billion

2009 – Rp. 5.5 billion

2010 – Rp. 6.0 billion

Net Profit (estimated) :

2008 – Rp. 400 million

2009 – Rp. 440 million

2010 – Rp. 510 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Edy

Board of Commissioners :

President Commissioner - Mr. Robin

Commissioner - Ms. Margaret Puspita

Signatories :

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

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

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. TERANG GEMILANG JAYA (P.T. TGJ) was set-up in Jakarta on June 28, 2007 with the authorized capital of Rp. 1,000,000,000 issued capital Rp. 300,000,000 fully and paid up. The founding and shareholders of the company are Mr. Edy, Ms. Margaret Puspita and Mr. Liliek Kelana Jaya, they are Indonesian businessmen of Chinese descent. The company notary deed has been changed and in December 2007, Mr. Liliek Kelana Jaya withdrew and the whole share sold to Mr. Robin as new shareholder. On the same occasion the issued capital was raised to Rp. 500,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Edy (40%), Mr. Robin (40%) and Ms. Margaret Puspita (20%). The company notary act was made by Mr. Sugeng Budiman, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-03620.AH.01.01.TH.2008, dated January 24, 2008.

P.T. TGJ has been in operation as from September 2007 in kitchen wares and foodservice products. The Company sells of various kitchen wares and foodservices products such as zinc plates, cups, spoons, bowls, pans, knives, pans, and kitchen wares equipment and other foodservices products. Mr. Wayun, export import staff explained that all such merchandise imported from China. P.T. TGJ usually imports these products about 2 to 3 times a month. The whole kitchen wares are imported in a variety of items about 45 items. All merchandise is sold to various shops and sales tableware in Semarang, Surabaya, Jakarta, Sumatera and Kalimantan.

Generally, demand for kitchen wares, foodservices products, kitchen utensil has been increasing by 10% to 12% in the last five years having close relation with the growth of industrial sectors including hotels, restaurants, food and beverage processing industries, supermarkets and hypermarkets and other in big cities in Indonesian as consumers. However, since October 2008 the business started declining as the impact of the global economic crisis in the country and sharp rupiah depreciation against US$ and other hard foreign currencies causing the prices of the merchandise products to raise. Since the early 2009 the business started increasing in line with the amelioration of the economic condition in the country. The investment climate in hotel industries, the development of restaurants, the opening of supermarkets and hypermarkets and the food and beverage processing industries has also been increasing. However, the competition is very tight on account of lots of similar company operating in the country. The business position of P.T. TGJ is favorable for having established wide marketing networks in the country.

Until this time P.T. TGJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. TGJ 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. 5.5 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. 510 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. TGJ is led by Mr. Edy (39) a young businessman with experience in trading, import and distribution of kitchen wares, kitchen utensil and foodservice products. 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. TERANG GEMILANG JAYA 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
--	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%)

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.