MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	UD. JAYA ABADI
Registered Office :	Jalan Muara Baru No. 1AGudang Kompas, Jakarta Utara
Country :	Indonesia
Year of Establishment :	2002’s
Legal Form :	Sole Proprietary Company
Line of Business :	Trading and Export Import of Agricultural 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$ 82,000
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

UD. JAYA ABADI

Address

Head Office

Jalan Muara Baru No. 1A

Gudang Kompas, Jakarta Utara

Indonesia

Phone - (62-21) 6691218, 70501222

Fax - (62-21) 6624923

Building Area - 2 storey

Office Space - 360 sq. meters

Region - Commercial Building

Status - Rent

Registration data

Date of Incorporation :

2002’s

Legal Form :

Sole Proprietary Company

Company Reg. No. :

Not Required

Company Status :

Private National Company

Permit by the Government Department :

Not Available

Related Company :

None

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital : Rp. 300.0 million

Owner :

Mr. Ashok - 100%

BUSINESS ACTIVITIES

Lines of Business :

Trading and Export Import of Agricultural Products

Production Capacity :

None

Total Investment :

None

Started Operation :

2002’s

Brand Name :

None

Technical Assistance :

None

Number of Employee :

5 persons

Marketing Area :

Domestic - 90%

Export - 10%

Main Customer :

Export of clove, mung bean, spice (Buyer in Malaysia, Singapore, Thailand and China) and

traditional market especially in Jakarta and surroundings

Market Situation :

Very Competitive

Main Competitors :

a. P.T. DAKAI MPEX

b. P.T. ALAM INDORAMA

c. C.V. BUMI DJAJA

d. C.V. JAYA BERSAMA

e. C.V. PUTRA NUSA

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r s :

a. P.T. Bank CIMB NIAGA Tbk

Jalam Muara Baru

Jakarta Utara

Indonesia

b. P.T. Bank CENTRAL ASIA Tbk

Jalan Muara Baru

Jakarta Utara

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 5.4 billion

2009 – Rp. 5.8 billion

2010 – Rp. 6.3 billion

Net Profit (estimated) :

2008 – Rp. 486 million

2009 – Rp. 522 million

2010 – Rp. 598 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Ashok

Board of Commissioners :

None

Signatories :

Director (Mr. Ashok) is only the authorized person to sign the loan on behalf of the company.

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

Credit Risk :

Above Average

Credit Recommendation :

Credit should be extended under guarantee

Proposed Credit Limit :

C.O.D. To small amount

Maximum Credit Limit :

US$ 82,000.- on the 90 days of payments

OVERALL PERFORMANCE

UD. JAYA ABADI (JA) was established in Jakarta in 2002’s with a status of Sole Proprietary Company. Founders and owner of the company is Mr. Ashok, a Indonesian businessman of Chinese extraction. Being as Sole Proprietary Company, the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, the company has own capital of about Rp. 300 million and it will be rising in line with the progress of its business operation.

UD. JAYA ABADI (JA) had been operating since 2002’s in trading, export import and distribution of agricultural products. Mr. Ashok, a director and owner of the company explained that the whole agricultural products likes mung bean is imported from Burma, Myanmar, chili imported from India and China. The whole products like mung bean and chili supplied to snack food industries and traditional market in Jakarta, Bekasi, Tangerang, Karawang and Cikarang. Besides, the company also exported of clove, mung bean and other spices to Malaysia, Singapore, Thailand and China. The clove and mung bean products collected from the farmer of Java islands. We observed that the company’s operation has been growing slowly in the last three years.

We have noticed that the demand for agricultural products had increased some 10% to 11% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia. We consider UD. JA to be in a quite favorable position for having already got holds of a steady customer in the country and abroad.

Until this time UD. JAYA ABADI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of UD. JA 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. 5.4 billion rose to Rp. 5.8 billion in 2009 increased to Rp. 6.3 billion in 2010 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 598 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 UD. JA is led by Mr. Ashok (44) a businessman with experience in trading, import and distribution of agricultural commodities 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. UD. JAYA ABADI 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%)

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