MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	P.T. LINTAS BUANA UNGGUL
Registered Office :	Jalan Pangeran Jayakarta No. 68 Block A – 18 Jakarta Pusat, 19730
Country :	Indonesia
Year of Establishment :	2000
Com. Reg. No.:	AHU-79762.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Trading, Export Import and Distribution of Agricultural Commodities 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$ 147,300
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 – 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. LINTAS BUANA UNGGUL

Address

Head Office

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

Branch

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

Registration data

Date of Incorporation :

2000

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-79762.AH.01.02.TH.2008

Dated 30 October 2008

Company Status :

Private National Company

Permit by the Government Department :

The Department of Finance

NPWP No. 01.557.219.1-073.000

Related Companies :

a. P.T. BUANA TUNAS SEGARA SUMBUR (Trading and Distribution of Agricultural Commodities)

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

CAPITAL AND OWNERSHIP

Capital Structure :

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

Issued Capital : Rp. 250,000,000.-

Paid up Capital : Rp. 250,000,000.-

Shareholders/Owners :

a. Mr. Ifan Effendy - Rp. 175,000,000.-

Address : Jl. Pangeran Jayakarta 68/A - 18

Mangga Dua Selatan, Jakarta Pusat

Indonesia

b. Mr. Farid Helingo - Rp. 37,500,000.-

Address : Jl. Haji Achmad RT. 09/04

Bale Kambang, Kramat Jati

Jakarta Timur

Indonesia

c. Mr. Philip Thamzir - Rp. 37,500,000.-

Address : Taman Kalijaga Permai Block H/14

Harjamukti, Cirebon

West Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading, Export Import and Distribution of Agricultural Commodities Products

Production Capacity :

N o n e

Total Investment :

N o n e

Started Operation :

2000

Brand Name :

Lintas Buana Unggul

Technical Assistance :

None

Number of Employee :

15 persons

Marketing Area :

Local - 100%

Main Customer :

Traditional Market

Market Situation :

Very Competitive

Main Competitors :

a. P.T. GOLDEN HARVESTINDO

b. P.T. SARIMAKMUR TUNGGALMANDIRI

c. P.T. TEMPUREJO

d. P.T. TIRTA BAHAGIA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

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) :

2008 – Rp. 9.0 billion

2009 – Rp. 10.6 billion

2010 – Rp. 11.2 billion

Net Profit (estimated) :

2008 – Rp. 450 million

2009 – Rp. 530 million

2010 – Rp. 560 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Farid Helingo

Director - Mr. Philip Thamzir

Board of Commissioners :

Commissioner - Mr. Ifan Effendy

Signatories :

President Director (Mr. Farid Helingo) or the Director (Mr. Philip Thamzir) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

G o o d

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$ 147,300 on 90 days D/A

OVERALL PERFORMANCE

P.T. LINTAS BUANA UNGGUL (P.T. LBU) was established in Jakarta in 2000’s with an authorized capital of Rp. 200,000,000 issued capital of Rp. 50,000,000 fully and paid up. The founding shareholders of the company are Mr. Ifan Effendy with his business partners namely Mr. Farid Helingo and Mr. Philip Thamzir, they are Indonesian businessmen of Chinese origins. The company notary deed has been changed in September 2008 the authorized capital was raised to Rp. 1,000,000,000 issued capital to Rp. 250,000,000 entirely paid up. With this development the composition of its shareholders changed to become Mr. Ifan Effendy (70%), Mr. Farid Helingo (15%) and Mr. Philip Thamzir (15%). The deed of amendment was made by Mr. Nelson Eddy Tampubolon SH., a public notary in Jakarta was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-79762.AH.01.02.TH.2008, dated October 30, 2008.

We observe that the majority shareholders is held by Mr. Ifan Effendy, and he is also founder and business stakes owner of P.T. BUANA TUNAS SEGARA SUMBER and P.T. TUNASUTAMA SARIPERKASA both are engaged in the field of trading, import and distribution of agricultural commodities products.

P.T. LBU has been operating since 2000 to deal with trading, export import and distribution of agricultural commodities products. Mr. Farid Helingo, President Director of P.T. LBU went on to say the merchandising goods products including are garlic, ground nuts, red onion. He 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. Mr. Farid Helingo added the company has exported spices to China, Thailand, Vietnam, India 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 Sumatera. We observed that the company’s operation has been growing and developing well in the last three 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. LBU to be in a quite favorable position for having already got hold of a steady clientele in the Jakarta, Java and Sumatera. The production of vegetable harvested is attached below:

Export Volume of Agricultural Products, 2005-2009

(Thousand Tons)

Products	2005	2006	2007	2008	2009
Tea Rubber Coffee Spices Cocoa Bean Tobacco	45,7 4,8 442,8 107,3 368,7 31,5	42,6 9,2 411,5 114,1 494,1 29,4	55,6 8,7 315,5 114,1 381,9 25,6	83,8 9,6 467,9 114,8 382,5 30.0	82,9 10,0 510,1 110,4 440,3 32,8

Export Value of Agricultural Products, 2005-2009

(Million US$)

Products	2005	2006	2007	2008	2009
Tea Rubber Coffee Spices Cocoa Bean Tobacco	48,0 46,4 497,7 138,0 468,2 62,9	51,1 14,3 583,2 188,6 620,3 57,3	73,2 12,3 633,7 258,5 623,1 56,6	125,1 16,3 989,0 283,7 856,2 73,7	144,3 12,8 822,1 239,6 1,088,2 93,7

Source: Central Bureau of Statistic, processed by ICB

P.T. LBU 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. 9.0 billion rose to Rp. 10.6 billion in 2009 increased to Rp. 11.2 billion in 2010 and projected to go on rising by at least 4% in 2011. It is projected the company has gained a net profit of Rp. 560 million with 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. LBU is led by Mr. Farid Helingo (44) a business and professional manager with experience for more than 9 years in trading, export import of agricultural commodities products. But we are sure the primemover of the company is Mr. Ifan Effendy (56) a businessman and professional manager with experience in trading, import and distribution of agriculture commodities products. Daily operation he is assisted by Mr. Philip Thamzir (51) 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 business malpractice 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. LINTAS BUANA UNGGUL is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

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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