MIRA INFORM REPORT

Report Date :

29.01.2011

IDENTIFICATION DETAILS

Correct Name :	P.T. RAPISENTRA ADIPRATAMA
Registered Office :	Grogol Permai Complex Block B-25, Jalan Prof. Dr. Latumenten No. 19, Jakarta Barat, 11460
Country :	Indonesia
Date of Incorporation :	07.11.1989
Com. Reg. No.:	No. AHU-00829.AH.01.02.TH.2009
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Industrial Pumps

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$ 217,000
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

P.T. RAPISENTRA ADIPRATAMA

company Address

Head Office

Grogol Permai Complex Block B-25

Jalan Prof. Dr. Latumenten No. 19

Jakarta Barat, 11460

Indonesia

Phones - (62-21) 5677838-5677839

Fax - (62-21) 5665403

Building Area - 2 storey

Office Space - 130 sq. meters

Region - Commercial

Status - Rent

Branches

a. Jalan Kebun Jukut No. 25

Bandung 40117

West Java

Indonesia

Phone - (62-22) 4205202

Fax - (62-22) 4205202

Building Area - 2 storey

Office Space - 100 sq. meters

Region - Commercial

Status - Rent

b. Plaza Solo Baru 1 Block HA-5

Jalan Raya Solo Permai

Solo, Central Java

Indonesia

Phone - (62-271) 620330, 620352

Fax - (62-271) 620330

Building Area - 1 storey

Office Space - 80 sq. meters

Region - Commercial

Status - Rent

c. Jalan Ngagel Jaya Utara No. 51

Surabaya, East Java

Indonesia

Phone - (62-31) 5025966

Fax - (62-31) 5025966

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

7 November 1989

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C2-7154.HT.01.01.TH.96

Dated 6 March 1996

- No. AHU-00829.AH.01.02.TH.2009

Dated 6 January 2009

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 1.353.551.3-022

The Department of Industry and Trade

TDP No. 09.02.1.62.09656

Dated 22 May 2006

Related Companies

a. P.T. BONA TIRTA ANUGERA (Trading and Distribution of Water Filter and Purified Equipment)

b. P.T. GIRIACON (General Trading)

c. P.T. RAPI LOKA JAYA (Spring Bed Manufacturing)

d. P.T. RAPI KHARISMA ADIPRATAMA (Trading and Distribution of Laundry Equipment)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 100,000,000.-

Issued Capital : Rp. 25,000,000.-

Paid up Capital : Rp. 25,000,000.-

Shareholders/Owners :

a. Mr. Ir. Hartono Mahadi - Rp. 20,000,000.-

Address : Jl. Alfa Indah A.7/9, RT. 002 RW. 007

Kel. Joglo, Kec. Kembangan

Jakarta Barat

Indonesia

b. Mr. Dih Sen - Rp. 5,000,000.-

Address : Jl. Alfa Indah B. 8/9, RT. 009 RW. 007

Kel. Joglo, Kec. Kembangan

Jakarta Barat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Industrial Pumps

Production Capacity :

None

Total Investment :

None

Started Operation :

1990

Brand Name :

Rapisentra Adipratama

Technical Assistance :

None

Number of Employee :

27 persons

Marketing Area :

Local - 100%

Main Customer :

Industrial Manufacturing and Individuals (Houses)

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ADHINUSA LESTARI JAYA

b. P.T. DEKA AHINUSA

c. P.T. INDOBARA BAHANA

d. P.T. SAHABAT WASKITA TEKNIK, Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank CENTRAL ASIA Tbk

Jalan Prof. Dr. Latumenteen

Grogol

Jakarta Barat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 15.0 billion

2009 – Rp. 15.8 billion

2010 – Rp. 16.5 billion

Net Profit (estimated) :

2008 – Rp. 750 million

2009 – Rp. 790 million

2010 – Rp. 825 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Ir. Hartono Mahadi

Board of Commissioners :

Commissioner - Mr. Din Sean

Signatories :

Director (Mr. Ir. Hartono Mahadi) 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$ 217,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. RAPISENTRA ADIPRATAMA (P.T. RA) was established in Jakarta on November 7, 1989 with the authorized capital of Rp. 100,000,000 issued capital of Rp. 20,000,000 fully and paid up. The founding and shareholders of the company are Mr. Ir. Hartono Mahadi and Mr. Dih Sen, both are Indonesian business family of Chinese descent. The company notary deed had been changed and in March 1998 the issued capital was increased to Rp. 25,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Ir. Hartono Mahadi (80%) and Mr. Dih Sen (20%). The latest in December 2008 the board of director and the board of commissioner reappointed headed and runs of its operation (see profile of this report). The latest revision of notary deed was made by Mr. Dradjat Darmaadji, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-00829.AH.01.02.TH.2009 dated January 6, 2009.

We observed that Mr. Ir. Hartono Mahadi is also founder and business stakes owners of P.T. GIRIACON engaged in general trading, P.T. RAPI LOKA JAYA engaged in spring bed manufacturing and P.T. RAPI KHARISMA ADIPRATAMA engaged in trading and distribution of laundry equipments.

P.T. RA had been operating since 1990 in trading and distribution of industrial pump and spare parts. The merchandising goods stainless steel submersible pump, stainless steel vertical centrifugal pump, dirty & sewage water pump and dosing pump. The whole industrial pump is imported from Italy and using TERRA, DOSEURBO and ZENIT brands. The company sells various types of pump such as Centrifugal End Suction, Sprinkle Head, Horizontal Multi Stage End Suction, Trailer Pump, Horizontal Multi Stage, Horizontal Booster Pump, Tractor Pump, Vertical Turbine Diesel/Electric, Submersible Deep Well, Monobloc/ Closed Coupled, Vertical Multi Stage, Vertical Booster Pump, Submersible Waste Water/Drainage Sewage and Fire Pump NFPA Standard. The whole industrial pump is marketed locally through by its distributor in Jakarta, Bandung, Solo, and Surabaya.

Mr. Robby Tio explained that the company supplied the above products to end user such as garment and textile industries, chemical industries, hotel, apartments and to individual housing in Jakarta, Bandung, Solo and Surabaya. We observe the operation of P.T. RA has been growing in the last three years.

Generally outlook we find the demand for technical goods and engineering services has been rising by 6% to 8% per year in the last five years, in line with the growth of industrial sectors like chemical, textile, cement, building management, housing complex, etc. The demand for the industrial pump will be rising by 6% in the next five years. The products are largely imported and the prices increased sharply while the purchasing power dropped down. Competition is very tight due to a lot of similar imported products are offered in the market. Business position of P.T. RA remains quite good for it has already controlled wide marketing chains in many major cities in the country.

Until this time P.T. RA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. RA 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. 15.0 billion rose to Rp. 15.8 billion in 2009 increased to Rp. 16.5 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. 825 million and the company has an estimated total networth of at least Rp. 2.5 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. RA is led by Mr. Ir. Hartono Mahadi (58) a businessman with experience in trading, import and distribution of industrial pumps. 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. RAPISENTRA ADIPRATAMA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.74
UK Pound	1	Rs.72.73
Euro	1	Rs.62.73

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.