MIRA INFORM REPORT

Report Date :

07.03.2011

IDENTIFICATION DETAILS

Name :	PD. JAYA ABADI
Registered Office :	Gudang Kompas, Jln. Muara Baru No. 1A, Jakarta Utara
Country :	Indonesia
Year of Establishment :	2002
Com. Reg. No.:	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trading and Export Import of Agricultural 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$ 360,000
Status :	Moderate
Payment Behaviour :	Regular
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

PD. JAYA ABADI

company Address

Head Office (former address)

Gudang Kompas

Jln. Muara Baru No. 1A

Jakarta Utara

Indonesia

Phone - (62-21) 5668144, 6691218

Fax. - (62-21) 6624923

Head Office (new address)

Pergudangan Muara Karang

Jl. Pluit Karya IV, Blok D Selatan No. 18

Jakarta Utara

Indonesia

Phone - (62-21) 70501222, 6624923

Fax. - (62-21) 66604391

Building Area - 2 storey

Office Space - 460 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

2002’s

Legal Form

Sole Proprietary Company

Company Reg.No.

Not Required

Company Status

Private Company

Permit by the Government Department

Not Available

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital : Rp. 500.0 million

Owners :

a. Mr. Ashok alias Ji Kok - 80%

b. Mrs. Suwarti alias A Ling - 20%

BUSINESS ACTIVITIES

Lines of Business:

Trading and Export Import of Agricultural Products

Production Capacity :

None

Total Investment :

None

Started Operation :

2002’s

Brand Name :

None

Technical Assistance :

None

Number of Employee :

18 persons

Marketing Area :

Domestic - 90%

Export - 10%

Main Customers :

a. Traditional and Super Market in Jakarta and its surrounding

b. Snack food industries in Bekasi, Tangerang, Cikrang and Karawang (West Java)

c. Overseas buyer in Malaysia, Singapore, Thailand and China.

d. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. DAKAI MPEX

b. P.T. ALAM INDORAMA

c. C.V. BUMI DJAJA

d. C.V. JAYA BERSAMA

e. C.V. PUTRA NUSA

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

Jalan Muara Karang Blok A-3

Jakarta Utara, Indonesia

b. P.T. Bank MANDIRI Tbk

Jalam Muara Karang Raya 93-95

Jakarta Utara, Indonesia

c. P.T. Bank EKONOMI RAHARJA

Jalam Muara Karang Raya Blok Z-3

Jakarta Utara, Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2007 – Rp. 10.6 billion

2008 – Rp. 14.5 billion

2009 – Rp. 22.0 billion

2010 – Rp. 26.5 billion

Net Profit (estimated) :

2007 – Rp. 540 million

2008 – Rp. 620 million

2009 – Rp. 940 million

2010 – Rp. 1,130 million

Payment Manner :

Promptly

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Ashok alias Ji Kok

Vice Director - Mrs. Suwarti alias A Ling

Board of Commissioners :

None

Signatories :

Director (Mr. Ashok alias Ji Kok) 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$ 360,000.- on the 90 days of payments

OVERALL PERFORMANCE

PD. JAYA ABADI (JA) was established in Jakarta in 2002’s with a status of Sole Proprietary Company. Founders and owner of the company is Mr. Ashok alias Ji Kok and his younger sister Mrs. Suwarti alis A Ling, both are Indonesian businessman and businesswoman of Chinese extraction. Being as Sole Proprietary Company, the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, the company has own capital of about Rp. 500 million and it will be rising in line with the progress of its business operation.

PD. JAYA ABADI (JA) had been operating since 2002’s in trading, export import and distribution of agricultural products. Mrs. Suwarti alias A Ling, a vice director and owner of the company explained that the whole agricultural products likes mung bean, peanut, coriander, garlic, chili are imported from India, China and Australia. The whole products are supplied to snack food industries and traditional market in Jakarta, Bekasi, Tangerang, Karawang and Cikarang.

Besides, the company also exported of clove, pepper, sesame and other spices to Malaysia, Singapore, Thailand and China. The clove, pepper and sesame products collected from the farmer of Java islands. We observed that PD. JA is classified as a medium sized company of its kind in the country of which the operation has been growing slowly in the last three years.

We have noticed that the demand for agricultural products had increased some 7% to 8% 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 5% to 6% 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 PD. JA to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.

Until this time PD. JA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2008 amounted to Rp. 14.5 billion increased to Rp. 22.0 billion in 2009 and rose again to Rp. 26.5 billion in 2010. The operation in 2010 yielded an estimated net profit at least Rp. 1,130 million and the company has an estimated total net worth by at least Rp. 6.0 billion. It is forecasted that total sales turnover of the company will increase at least 8% in 2011. We observe that PD. JAYA ABADI is supported by financially fairly strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Mrs. A Ling, the vice director of the company disclosed that the company usually pays its debts punctually to suppliers.

The company is led out by Mr. Ashok alias Ji Kok (45), a businessman who experienced for more than 7 years in the field of trading, export import and distribution of agricultural products. In daily activities, he is assisted by his younger sister Mrs. Suwarti alias Aling (42). The company has had wide relation in the realm of the private businessmen inside and outside the country. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.

PD. JAYA ABADI is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.73.24
Euro	1	Rs.62.80

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.