MIRA INFORM REPORT

Report Date :

19.03.2011

IDENTIFICATION DETAILS

Name :	P.T. BUANA TUNAS SEGARA SUBUR
Registered Office :	Jalan Perak Timur 512 Block C – 9, Surabaya, East Java
Country :	Indonesia
Date of Incorporation :	30.10.2008
Com. Reg. No.:	No. AHU-08121.AH.01.01.2009
Legal Form :	Limited Liability Company
Line of Business :	Trading, Import and Distribution of Garlic, Red Onion, Leek Onion, and Ground Nut

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$ 177,600
Status :	Small Company
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 – 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

P.T. BUANA TUNAS SEGARA SUBUR

company Address

Head Office

Jalan Perak Timur 512 Block C - 9

Surabaya

East Java

Indonesia

Phones - (62-31) 329 22260 (Hunting)

Fax - (62-31) 328 3276

Building Area - 2 storey

Office Space - 100 sq. meters

Region - Commercial Building

Status - Rent

Branch

Jalan Pangeran Jayakarta No. 68 Block A - 18

Jakarta Pusat, 19730

Indonesia

Phones - (62-21) 6264733 (Hunting)

Fax - (62-21) 6281215

E-mail - tunasself@yahoo.com

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial Building

Status - Rent

Date of Incorporation

30 October 2008

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-08121.AH.01.01.2009

Dated 19 March 2008

Company Status

Private National Company

Permit by the Government Department

The Department of Finance

NPWP No. 02.817.282.3-613.000

Related Companies

a. P.T. LINTAS BUANA UNGGUL (Trading, Import and Distribution of Agricultural Commodities)

b. P.T. TUNASUTAMA SARIPERKASA (Trading and Distribution of Agricultural Commodities)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 3,000,000,000.-

Issued Capital : Rp. 750,000,000.-

Paid up Capital : Rp. 750,000,000.-

Shareholders/Owners :

a. Mr. Ifan Effendy - Rp. 675,000,000.-

Address : Jl. Pangeran Jayakarta 68/A - 18

Mangga Dua Selatan, Jakarta Pusat

Indonesia

b. Mrs. Rossaria Widhawati Widayat - Rp. 37,500,000.-

Address : Jl. Ploso 9 No. 1, RT. 009 RW. 05

Kel. Ploso, Kec. Tambaksari

Surabaya, East Java

Indonesia

c. Mr. Chandra Wijaya Muchtar - Rp. 37,500,000.-

Address : Menteng Raya Panjang RT. 07/014

Kel. Menteng Atas, Kec. Setiabudi

Jakarta Selatan

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading, Import and Distribution of Garlic, Red Onion, Leek Onion, and Ground Nut

Production Capacity :

None

Total Investment :

None

Started Operation :

2009

Brand Name :

Buana Tunas Segara Subur

Technical Assistance :

None

Number of Employee :

12 persons

Marketing Area :

Local - 100%

Main Customer :

Traditional Market

Market Situation :

Very Competitive

Main Competitors :

a. ANUGRAH PANGAN

b. P.T. ASIA AGROMAS ABADI

c. C.V. BUMI DJAJA

d. C.V. PUTRA NUSA

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank PANIN Tbk

Jalan Pangeran Jayakarta

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 12.5 billion

2010 – Rp. 13.5 billion

Net Profit (estimated) :

2009 – Rp. 625 million

2010 – Rp. 650 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mrs. Rossaria Widhawati Widayat

Director - Mr. Chandra Wijaya Muchtar

Board of Commissioners :

Commissioner - Mr. Ifan Efendy

Signatories :

President Director (Mrs. Rossaria Widhawati Widayat) or the Director (Mr. Chandra Wijaya Muchtar) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Good

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$ 177,600 on 90 days D/A

OVERALL PERFOMANCE

P.T. BUANA TUNAS SEGARA SUBUR (P.T. BTSS) was incorporated in Surabaya, East Java on October 30, 2008 with the authorized capital of Rp. 3,000,000,000 issued capital of Rp. 750,000,000 entirely paid up. The founding shareholders of the company are Mr. Ifan Effendi, Mrs. Rossaria Widhawati Widayat and Mr. Chandra Wijaya Muchtar. They are Indonesian businessmen of Chinese descent. Based on our knowledge up to writing the report the company notary documents of the company have not undergone any changes. The company notary deed was made by Mr. Nelson Eddy Tampubolon, SH., a public notary in Surabaya and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-08121.AH.01.01.TH.2009 dated March 19, 2009.

We observe that the majority share is controlled by Mr. Ifan Effendi. He is also business stakes owner of P.T. LINTAS BUANA UNGGUL and P.T. TUNASUTAMA SARIPERKASA both are engaged in the field of trading, import and distribution of agricultural commodities products.

P.T. BTSS has been operating since 2009 to deal with trading, export import and distribution of agricultural commodities products. Mrs. Rossaria Widhawati Widayat, President Director of P.T. BTSS disclosed the merchandising goods products including are garlic, ground nuts and red onion. She also added the agricultural commodities products like garlic is imported from China, ground nuts from India. Besides, the other products likes red onion is obtained from Brebes (Central Java) and East Java and the exported to Singapore. Mrs. Rossaria added the company has exported spices to China, Thailand, Vietnam and Myanmar and it’s depends of the order bases from the customers and buyers. Then, the whole product likes garlic and groundnut marketed locally through traditional market in Jakarta, East Java and Sumatra. We observed that P.T. BTSS’s operation has been growing and developing well in the last two years.

We have noticed that the demand for agricultural products had increased some 10% to 11% 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 6% to 7% 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 P.T. BTSS to be in a quite favorable position for having already got hold of a steady clientele in the Jakarta, Java and Sumatra.

P.T. BTSS 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 2009 amounted to Rp. 12.5 billion rose to Rp. 13.5 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. 650 million 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. BTSS is led by Mrs. Rossaria Widhawati Widayat (36) a businesswoman and professional manager with experience in trading, import and distribution of agriculture commodities products. Daily operation he is assisted by Mr. Chandra Wijaya Muchtar (25) as a director. The management is handled by experienced staff in this business, having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. So far, we did not hear 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. P.T. BUANA TUNAS SEGARA SUBUR is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.09
UK Pound	1	Rs.72.82
Euro	1	Rs.63.43

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.