MIRA INFORM REPORT

Report Date :

27.07.2011

IDENTIFICATION DETAILS

Name :	C.V. WIRA MIVA MANDIRI
Registered Office :	Griya Permata Gedangan L2/35, Kebon Sekip, Gedangan, Surabaya, East Java
Country :	Indonesia
Year of Establishment :	2010
Com. Reg. No.:	Not Available
Legal Form :	Partnership with Sleeping Partner
Line of Business :	Trading, Import and Distribution of Fresh Fruit, Ground Nut and Garlic

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Maximum Credit Limit :	US$ 39,400
Status :	New Company
Payment Behaviour :	Unknown
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	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Name of Company

C.V. WIRA MIVA MANDIRI

company Address

Registered Office

Griya Permata Gedangan L2/35

Kebon Sekip, Gedangan

Surabaya

East Java

Indonesia

Phone - (62-31) 8556982

Fax - (62-31) 3579985

Building Area - 1 storey

Office Space - 100 sq. meters

Region - Housing Complex

Status - Owned

Office & Warehouse

Jalan Tanjung Pura No. 40

Perak, Surabaya

East Java

Indonesia

Phone - (62-31) 3533073

Fax - (62-31) 3579985

Mobile Phone - 081 23012887 (Mr. Mulia Wiroso)

E-mail - wirosby@gmail.com

Building Area - 1 storey

Office Space - 120 sq. meters

Region - Commercial Building

Status - Rent

Date of Incorporation

2010

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

Private National Company

Permit by the Government Department

The Department of Finance

Not Available

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 300 million

Owners :

a. Mr. Mulia Wiroso (Active Partner)

b. Mrs. Ita Wiroso (Silent Partner)

BUSINESS ACTIVITIES

Lines of Business :

Trading, Import and Distribution of Fresh Fruit, Ground Nut and Garlic

Production Capacity :

None

Total Investment :

None

Started Operation :

2010

Brand Name :

Wira Miva Mandiri

Technical Assistance :

None

Number of Employee :

5 persons

Marketing Area :

Local - 100%

Main Customer :

Traditional Markets

Market Situation :

Very Competitive

Main Competitors :

a. P.T. AYU LESTARI JAYA

b. P.T. INTI SEHAT SENTOSA

c. P.T. MEKAR CITRA ABADI

d. P.T. PINCURAN MAS BINA USAHA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank MANDIRI Tbk

Jalan Raya Gedangan Sidoarjo

Surabaya, East Java

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2010 – Rp. 3.0 billion

Net Profit (estimated) :

2010 – Rp. 0.2 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Mulia Wiroso

Board of Commissioners :

None

Signatories :

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

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$ 39,400 on 90 days D/A

OVERALL PERFORMANCE

Based on our investigation that the registered office of the Subject located at Griya Permata Gedangan L2/35, Kebon Sekip, Gedangan, Surabaya. According information the address is also used as home by Mr. Mulia Wiroso and his wife Mrs. Ita Wiroso. Besides, the office located at Jalan Tanjung Pura No. 40, Perak, Surabaya, East Java. Meanwhile the correct name of the Subject is C.V. WIRA MIVA MANDIRI not C.V. WIRA MIVA as stated in your order ref. no. 149497 dated 25 July 2011.

C.V. WIRA MIVA MANDIRI (C.V. WMM) was established in Surabaya, East Java in 2010’s with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner. The founding owners of the company are Mr. Mulia Wiroso as active partner and his wife Mrs. Ita Wiroso as silent partner. Both are indigenous business family. 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. 300 million.

C.V. WMM has been in operation since the early 2010 in trading, importing and distribution of fresh fruits such as oranges, apples, grapes, pears, Sunkist, etc. Mr. Nugroho, the company's marketing and administration staff, said the products being sold are fresh fruits like pears, apples, oranges, grapes, Sunkist etc., imported China, Hong Kong, Australia, New Zealand, and other countries. Besides, the company also imported ground nuts and garlic from India. Further Mr. Nugroho explained the whole products like fresh fruit, ground nuts and garlic to several fruit stores, grocery fruits and traditional markets in Surabaya and surroundings. We observe that C.V. WMM is classified as a small company in the country dealing with trading, importing and distributor of fresh fruits, ground nuts and garlic of which the operation had been running smoothly and growing slowly in the last one year.

We note that generally the domestic demand for fresh fruits has been rising by about 8% - 10% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. We consider C.V. WMM to be in a quite favorable position for having already got hold of a steady clientele in East Java.

Until this time C.V. WMM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of C.V. WMM is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first year operation 2010 amounted to Rp. 3.0 billion 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. 200 million and the company has an estimated total networth of at least Rp. 0.5 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 C.V. WMM is led by Mr. Mulia Wiroso (48) a businessman and professional manager with experience in trading, import and distribution of fresh fruits, ground nuts and spices. 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. C.V. WIRA MIVA MANDIRI is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.29
UK Pound	1	Rs.72.37
Euro	1	Rs.64.17

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.