MIRA INFORM REPORT

Report Date :

01.07.2011

IDENTIFICATION DETAILS

Name :	P.T. IRAMA SEJUK SANTOSA

Registered Office :	Jalan Pemuda Raya No. 77, Kelurahan Rawamangun, Kecamatan Pulo, Gadung, Jakarta Timur, 13220

Country :	Indonesia

Date of Incorporation :	10.04.1991

Com. Reg. No.:	No. AHU-05572.AH.01.02.TH.2009

Legal Form :	Limited Liability Company

Line of Business :	Trading, Distribution and Installation of Motor Vehicle Air Conditioners

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	US$ 315,700

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Indonesia

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. IRAMA SEJUK SANTOSA

company Address

Head Office & Workshop

Jalan Pemuda Raya No. 77

Kelurahan Rawamangun, Kecamatan Pulo Gadung

Jakarta Timur, 13220

Indonesia

Phones - (62-21) 4755174, 4755476, 4755477, 4755478, 4755479

Fax - (62-21) 4755480

E-mail - irama_sejuk@cbn.net.id

Land Area - 2,000 sq. meters

Building Space - 800 sq. meters

Region - Industrial Zone

Status - Rent

Date of Incorporation

10 April 1991

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C2-9719 HT.01.01.TH.93

Dated 27 September 1993

- No. AHU-05572.AH.01.02.TH.2009

Dated 27 February 2009

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.540.904.8-007.000

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

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

Issued Capital : Rp. 50,000,000.-

Paid up Capital : Rp. 50,000,000.-

Shareholders/Owners :

a. Mr. Janto Hadi - Rp. 20,000,000.-

Address : Jl. Kemang Utara VII A/40, RT. 002

RW. 004, Kel. Bangka, Kec. Mampang

Prapatan, Jakarta Selatan

Indonesia

b. Mr. Dian Hadi - Rp. 20,000,000.-

Address : Jl. Kemang Utara VII A/40, RT. 002

RW. 004, Kel. Bangka, Kec. Mampang

Prapatan, Jakarta Selatan

Indonesia

c. Mrs. Mustikasari - Rp. 10,000,000.-

Address : Jl. Kemang Utara VII A/40, RT. 002

RW. 004, Kel. Bangka, Kec. Mampang

Prapatan, Jakarta Selatan

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading, Distribution and Installation of Motor Vehicle Air Conditioners

Production Capacity :

None

Total Investment :

None

Started Operation :

1991

Brand Name :

Irama Sejuk Santosa

Technical Assistance :

None

Number of Employee :

27 persons

Marketing Area :

Local - 100%

Main Customer :

Bus Transportation

Market Situation :

Very Competitive

Main Competitors :

a. P.T. KIKIJAYA AIRCONINDO

b. P.T. LENTENG AGUNG MITRA UTAMA

c. P.T. MITRA BUANA INDONESIA PRIMA

d. P.T. VALEO AC INDONESIA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank CIMB NIAGA Tbk

Jalan Raya Pemuda Kav. 3-4

Jakarta Timur

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 20.0 billion

2009 – Rp. 22.0 billion

2010 – Rp. 24.0 billion

Net Profit (estimated) :

2008 – Rp. 1.2 billion

2009 – Rp. 1.4 billion

2010 – Rp. 1.7 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Janto Hadi

Board of Commissioners :

President Commissioner - Mrs. Mustikasari

Commissioner - Mr. Dian Hadi

Signatories :

Director (Mr. Janto Hadi) 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$ 315,700 on 90 days D/A

OVERALL PERFORMANCE

The correct name of the Subject is P.T. IRAMA SEJUK SANTOSA not P.T. IRAMA SEJUK SANTOSO as stated in your order ref. no. 146345 dated 22 June 2011.

P.T. IRAMA SEJUK SANTOSA (P.T. ISS) was incorporated in Jakarta on April 10, 1991 with the authorized capital of Rp. 100,000,000 issued capital of Rp. 50,000,000 entirely paid up. The founding and shareholders of the company originally are Mr. Sjaftari Santoso, Mr. Janto Hadi, Mr. Silvester Santoso Surjo and Mrs. Ma Ing Sang, they are Indonesian businessmen of Chinese extraction. The company notary deed had been changed and in October 2008, Mr. Sjaftari Santoso, Mr. Silvester Santoso Surjo and Mrs. Ma Ing Sang pulled out and the whole shares sold to Mr. Dian Hadi and Mrs. Mustikasari as new shareholders. With this time the composition of its shareholders has been changed to become Mr. Janto Hadi (40%) his wife Mrs. Mustikasari (20%) and their son Mr. Dian Hadi (40%). The deed of amendments was made by Mrs. Liliana Indrawati Tanuwidjaja, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-05572.AH.01.02.TH.2009 dated February 27, 2009.

P.T. ISS started to be operating since 1991 to deal with trading, distribution and installation of motor vehicle air conditioners. The company sells of THERMO KING Air Conditioning for car, bus and truck refrigeration. P.T. ISS is an authorized distributor of THERMO KING Air Conditioning of the United States of America. After operation since 1991 the company has been installed of Thermo King Air Conditioning for mini car, mini bus, jeep, big bus, pick up, truck, trailer etc. The whole products supplied to almost various bus transportation, land transportation, in Jakarta and other cities in Indonesia. To supports of marketing, P.T. ISS also open a branches office in Solo, Semarang, Bandung, Surabaya, Bali, Medan and Pekanbaru. Besides, some of the products is also supplied thorough dealer and shops of car and bus air conditioning in big cities in Indonesia. We observe the operation of P.T. ISS has been growing and developing well in the last three years.

Generally, demand for motorcar components and spare parts has kept on increasing in line with the development of the production of motorcar in the country. One of factors supporting the growing demand for motorcar is the role of financial and banking institutions seriously backing up the motorcar purchasing with installment system. With a little Down Payment (DP), the public can obtain the motorcar. The competition is very tight on account of many air conditioner distributors and producers operating in the country including Chinese vehicle air conditioners offered with cheaper prices. The development of motorcar production in the country in detail is as illustrated in the following table:

Indonesia’s Wholesales of Motorcar, 2005-2010*

Year	Production (AISI) (Units)	Wholesales (Units)
2005	500,710	534,000
2006	296,008	319,000
2007	411,638	433,000
2008	600,628	604,000
2009	464,816	483,000
2010*	500,000	720,000

*) Projected

Source: AISI

Until this time P.T. ISS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. ISS 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. 20.0 billion rose to Rp. 22.0 billion in 2009 increased to Rp. 24.0 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. 1.7 billion and the company has an estimated total networth of at least Rp. 3.0 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. ISS is led by Mr. Janto Hadi (61) a businessman and professional manager with experience in trading, import, distribution and installation of motor vehicle air conditioners. 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. IRAMA SEJUK SANTOSA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.72
UK Pound	1	Rs.71.96
Euro	1	Rs.64.79

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.