MIRA INFORM REPORT

Report Date :

21.01.2011

IDENTIFICATION DETAILS

Name :	C.V. PUTRA NUSA
Registered Office :	Wisma Bank Metro Express, 3^rd Floor Jalan Hayam Wuruk No. 19-20 Jakarta 10120
Country :	Indonesia
Year of Establishment :	1970’s
Legal Form :	Partnership with sleeping partner
Line of Business :	Trading and Distribution of Agriculture Commodities 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$ 400,000
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

C.V. PUTRA NUSA

Address

Head Office

Wisma Bank Metro Express, 3^rd Floor

Jalan Hayam Wuruk No. 19-20

Jakarta 10120

Indonesia

Phones - (62-21) 2311857, 2311858

Fax - (62-21) 2311859, 2311551, 3447449

E-mail - cvpn@cbn.net.id

Building Area - 6 storey

Office Space - 250 sq. meters

Region - Commercial

Status - Rent

Registration data

Date of Incorporation :

1970’s

Legal Form :

C.V. (Commanditaire Vennootschap) or Partnership with sleeping partner

Company Reg. No. :

The Ministry of Law and Human Rights

Not Required

Company Status :

National Private Company

Permit by the Government Department :

The Department of Trade

API No. 2557N (Import License)

Related Company :

A Member Company of the METRO EXPRESS Group (see attachment)

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital - Rp. 1.5 billion

Shareholders/Owners

a. Mr. Witu Sianandar (as active partner)

Address : Jl. Kesehatan No. 11

Kel. Petojo Selatan, Gambir

Jakrta Pusat - Indonesia

b. Mr. Tri Sianandar (as active partner)

Address : Jl. Tasikmalaya No. 11-A

Kel. Menteng, Menteng

Jakarta Pusat - Indonesia

c. Mr. Jan Sianandar (as silent partner)

Address : Jl. Tasikmalaya No. 11-A

Kel. Menteng, Menteng

Jakarta Pusat – Indonesia

d. Mr. Djitu Sianandar (as silent partner)

Address : Jl. Kesehatan No. 17

Kel. Petojo Selatan, Gambir

Jakarta Pusat - Indonesia

e. Mr. Kartono Sianandar (as silent partner)

Address : Jl. M.H. Thamrin No. 66-C

Kel. Tegal Sari, Surabaya

East Java - Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Agriculture Commodities Products

Production Capacity :

None

Total Investment :

None

Started Operation :

1970

Brand Name :

None

Technical Assistance :

None

Number of Employee :

24 persons

Marketing Area :

a. Domestic (Local) - 75%

b. Export - 25%

Main Customers :

a. Traditional markets

b. Food and Beverages Industries

c. Foodstuff Stores

d. Wholesalers and food industries

Market Situation :

Very Competitive

Main Competitors :

a. P.T. JASA INDO MAKMUR

b. P.T. ADI SAMPOERNO

c. P.T. DAKAI IMPEX

d. P.T. ALAM INDO RAMA

e. C.V. BUMI DJAJA

f. P.T. ADI SAMPOERNO, Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r s :

a. P.T. Bank METRO EXPRESS

Jakarta Head Office

Jalan Hayam Wuruk No. 19-20

Jakarta Pusat, 10120

Indonesia

b. P.T. Bank MANDIRI Tbk

Jalan Hayam Wuruk

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 28.0 billion

2009 – Rp. 29.5 billion

2010 – Rp. 30.5 billion

Net Profit (estimated) :

2008 – Rp. 2.5 billion

2009 – Rp. 2.6 billion

2010 – Rp. 2.9 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Witu Sianandar

Director - Mr. Tri Sianandar

Board of Commissioner :

None

Signatories :

President Director (Mr. Witu Sianandar) or the Director (Mr. Tri Sianandar) is only the authorized person to sign the loan on behalf of the company

CAPABILITIES

Management Capability :

G o o d

Business Morality :

G o o d

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

Proposed Credit Limit :

Small amount – periodical review

Maximum Credit Limit :

US$ 400,000 on the 90 days of the payment

OVERALL PERFORMANCE

C.V. PUTRA NUSA (C.V. PN) was established in the 1970’s in Jakarta with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner. The founding owners of the company are Mr. Witu Sianandar and Mr. Tri Sianandar as the active partner and some of his brothers as silent partners, including Mr. Jan Sianandar, Mr. Djitu Sianandar and Mr. Kartono Sianandar. They are Indonesian businessmen of Chinese extraction. As in common in cases of companies with C.V. status, there is no mention in the company’s notarial act of its capital structure. But going by the company’s conditions, we estimate its capital at some Rp. 1.5 billion.

We observed that Sianandar family is a rich businessmen family in the country. Indirectly, Sianandar family has the majority shares of PT. Bank METRO EXPRESS, a medium sized bank in the country. Besides, they have majority shares of PT. METRO INTI SEJAHTERA, producer of animal feed and any other companies or under the wing of METRO EXPRESS Group.

Formerly, C.V. PUTRA NUSA carried out business in trading, distributor and importer of plastic material, such as Polypropylene (PP), polyethylene (PE) and others which are imported from Japan, Korea, USA and Germany. But its business operation was not running well and finally it was stopped. In 1990, C.V. PUTRA NUSA changed its business activities to trading and importer of agricultural commodities products as ground-nut, garlic and soybean. The products are imported from China, India, Vietnam and Myanmar. Meanwhile, the agricultural product likes nutmeg, clove, cashew nut, chili, white pepper, coffee, tea, spices bought from farmer in Sumatra, Sulawesi, Java and others island of Indonesia. Then, the whole products are exported to the United States of America and Europe Union. Besides, some of the products supplied to snack food industries, foodstuff stores, wholesalers and traditional market in Jakarta, Surabaya, Lampung and other major cities in the country. Furthermore, it was explained that C.V. PUTRA NUSA has made business relation as agricultural supplier for along time with snack food processing, wholesalers, foodstuff stores and until this time the business relation still tied in with them. 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 C.V. PN to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.

Export Volume of Agricultural Products, 2005-2009

(Thousand Tons)

Products	2005	2006	2007	2008	2009
Tea Rubber Coffee Spices Cocoa Bean Tobacco	45,7 4,8 442,8 107,3 368,7 31,5	42,6 9,2 411,5 114,1 494,1 29,4	55,6 8,7 315,5 114,1 381,9 25,6	83,8 9,6 467,9 114,8 382,5 30.0	82,9 10,0 510,1 110,4 440,3 32,8

Export Value of Agricultural Products, 2005-2009

(Million US$)

Products	2005	2006	2007	2008	2009
Tea Rubber Coffee Spices Cocoa Bean Tobacco	48,0 46,4 497,7 138,0 468,2 62,9	51,1 14,3 583,2 188,6 620,3 57,3	73,2 12,3 633,7 258,5 623,1 56,6	125,1 16,3 989,0 283,7 856,2 73,7	144,3 12,8 822,1 239,6 1,088,2 93,7

Source: Central Bureau of Statistic, processed by ICB

Until this time C.V. PN has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of C.V. PN 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. 28.0 billion rose to Rp. 29.5 billion in 2009 increased to Rp. 30.5 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. 2.9 billion and the company has an estimated total networth of at least Rp. 7.0 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 company is headed by Mr. Witu Sianandar (67) and his younger brother Mr. Tri Sianandar (63), both businessmen with experienced for more than 30 years in the field of trading, export import and distribution of agricultural commodities products. The management also handled by a number of professional staff in the business. We observed that management’s reputation in said business is fairly good. 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. C.V. PUTRA NUSA is sufficiently fairly good for business transaction.

Attachment:

List of the METRO EXPRESS Group Members

1. AMYLUM CORN GRITS, P.T. (Corn Grits by Raw Material for Chiki Snack Foods)

2. METRO EXPRESS Bank, P.T. (Banking)

3. METRO INTI PURNAMA, P.T. (Animal Feed Mills)

4. METRO INTI SEJAHTERA, P.T. (Hatchery, Farm DOC)

5. METROPANCA GEMILANG, P.T. (Investment Holding)

6. PANEN BARU, C.V. (Trading and Export of White Pepper, Coffee, Tea and Spices)

7. PUTRA NUSA, C.V. (Trading, Export Import of Agricultural Commodities Products)

8. WIDYA SAKTI KUSUMA, P.T. (Warehouse Rental for Containers)

9. Etc.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

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.