MIRA INFORM REPORT

Report Date :

27.06.2011

IDENTIFICATION DETAILS

Name :	P.T. GENTA BUANA ASTADECA
Registered Office :	Jalan Margonda Raya No. 9, Depok, Bogor, West Java
Country :	Indonesia
Date of Incorporation :	06.06.2003
Com. Reg. No.:	No. AHU-85810.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Supply of Medical Equipment and Laboratory Equipment

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$ 78,900
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	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. GENTA BUANA ASTADECA

company Address

Head Office

Jalan Margonda Raya No. 9

Depok, Bogor, West Java

Indonesia

Phone - (62-21) 786-3841

Fax - (62-21) 786-3841

Email - astadeca@cbn.net.id

Building Area - 1 storey

Office Space - 150 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

6 June 2003

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C-19595.HT.01.01.TH.2003

Dated 20 August 2003

- No. AHU-85810.AH.01.02.TH.2008

Dated 13 November 2008

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 02.310.665.1-412.000

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 1,000,000,000.-

Issued Capital : Rp. 500,000,000.-

Paid up Capital : Rp. 500,000,000.-

Shareholders/Owners :

a. Mr. Ivan Herlambang - Rp. 450,000,000.-

Address : Pesona Khayangan Block J No. 4

Sukmajaya, Depok

West Java

Indonesia

b. Mrs. Vera Yandrilisia - Rp. 50,000,000.-

Address : Depok Alam Lestari Block C No. 16

RT. 006 RW. 008, Depok, West Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Supply of Medical Equipment and Laboratory Equipment

Production Capacity :

None

Total Investment :

None

Started Operation :

2004

Brand Name :

Genta Buana Astadeca

Technical Assistance :

None

Number of Employee :

13 persons

Marketing Area :

Domestic (Local) - 100 %

Main Customer :

a. Hospital

b. Medical Checkup

c. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. BERSAUDARA

b. P.T. FALAH JAYA

c. P.T. UNITAMA ANALITIKA

d. P.T. FONDACO JAYA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

Jalan Margonda Raya No. 15

Depok, Bogor

Jakarta, Indonesia

Indonesia

b. P.T. Bank MANDIRI Tbk

Jalan Margonda Raya

Depok, Bogor

Jakarta, Indonesia

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 5.0 billion

2009 – Rp. 5.5 billion

2010 – Rp. 6.0 billion

Net Profit (estimated) :

2008 – Rp. 300 million

2009 – Rp. 358 million

2010 – Rp. 420 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Ivan Herlambang

Board of Commissioner :

Commissioner - Mrs. Vera Yandrilisia

Signatories :

Director (Mr. Ivan Herlambang) which must be approved by the Board of Commissioner (Mrs. Vera Yandrilisia)

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$ 78,900 on the 90 days of payments

OVERALL PERFORMANCE

P.T. GENTA BUANA ASTADECA (P.T. GBA) was established on June 6, 2003 in Depok, West Java with the authorized capital of Rp. 100.000.000 and the subscribed capital of Rp. 25.000.000 which was fully paid up of Rp. 12.500.000. The founders and the shareholders of the company are Mr. Ivan Herlambang (75) and Mrs. Vera Yandrilisia (25%). Both are Indonesian businessmen of Chinese descent. Deed of notary of the company was made by Mr. Sutjipto, SH., a public notary in Jakarta, under Company Registration Number C-19595.HT.01.01.TH. 2003, dated August 20, 2003. The company notary deed had been changed and in October 2008 the authorized capital was increased to Rp. 1,000,000,000 issued capital to Rp. 500,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Ivan Herlambang (90%) and his wife Mrs. Vera Yandrilisia (10%). The deed of amendment was made by Mrs. Rohana Frieta, SH., a public notary in Depok, was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-85810.AH.01.02.TH.2008 dated November 13, 2008.

P.T. GBA has operated its business since 2004 in the field of general trading and supplying of medical and laboratory equipment. Office of the company located at Jalan Margonda Raya No. 9, Depok, Bogor, Jawa Barat , a house-shop (ruko) area in Depok, West Java. Mrs. Yani, secretary to the Directors of the company explained that P.T. GBA is an authorized distributor and supplier of hospital and medical equipment, contraceptive instruments, medical health instruments and non-medical health instruments. The products are imported from Germany under ERBE brand; LABKIT brand of Spain; Medicon brand of South Korea; DNA Analyzer Bayer of Germany; Electrical stimulation of ERBE of Germany and MYO Trac of Canada. All products supplied to the Public Hospital in Bogor, Marjuki Mahdi Hospital in Depok, Medical Clinics, Public Health Centre (PUSKESMAS) and sale agent of medical instruments in Depok and Bogor. We observed that P.T. GBA is classified as small company in the said business. They don’t make goods stock and they have no storehouse. In generally, we observed that the company’s business activities is running smoothly and growing up slowly in the last three years.

Generally, demand for laboratory and medical equipment and various pharmaceutical products had been growing in the last five years up to the end 2007 as pictured in sales value of national pharmaceutical products, import value and export value issued by the Food and Drug Controlling Board (BPOM). The national pharmaceutical sales, export and import value of products are estimated to be rising by 6% to 8% in the next year. The competition is very tight on account many similar companies operating in the country. The business position of P.T. GBA is a sufficiently fairly good because the company has captive market namely the state-owned hospital and private hospital in the country. According the BPOM that national pharmaceutical sales as shown are as the following table.

National Market Trend of Drugs, 2001-2010 (Billion Rupiah)

Year	Total Market	Ethical Drugs	Generic Drugs
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010	12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531	7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21,142	1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610

Source: Food and Drug Controlling Board (BPOM)

Until this time P.T. GBA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. GBA 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. 5.0 billion rose to Rp. 5.5 billion in 2009 increased to Rp. 6.0 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. 420 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 P.T. GBA is led by Mr. Ivan Herlambang (43) a businessman and professional manager with experience in trading, import and distribution of medical andlaboratory equipments. 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. GENTA BUANA ASTADECA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.71.89
Euro	1	Rs.64.09

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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