MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	P.T. PYNOLEX POLYPROPINDO

Registered Office :	Kawasan Industri Jababeka Block K Unit 17-D, Jalan Jababeka XI-E, Cikarang Barat, Bekasi, 17520, West Java

Country :	Indonesia

Date of Incorporation :	15.12.2010

Com. Reg. No.:	No. AHU-09805.AH.01.01.TH.2011

Legal Form :	Limited Liability Company

Line of Business :	Trading and Distribution of Plastic Raw Materials

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor

Payment Behaviour :	Unknown

Litigation :	----

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Indonesia

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. PYNOLEX POLYPROPINDO

company Address

Head Office

Correspondence Office

Kawasan Industri Jababeka Block K Unit 17-D

Jalan Jababeka XI-E

Cikarang Barat, Bekasi, 17520

West Java

Indonesia

Phones - (62-21) 838-99645286, 89652755226, 85852450184, 7018194

Fax - (62-21) 70718164

E-mail - info@pynolex.com

Website - http://www.pynolex.com

Building Area - None

Office Space - None

Region - Industrial Estate

Status - None

Based on our investigation that whole Subject telephone numbers has yet been registered and is not valid. According to P.T. TELKOM the whole telephone numbers has yet been registered until now. We had also looking through the above address but did not found Subject Company. According to industrial estate management P.T. KAWASAN INDUSTRI JABABEKA Tbk explained that P.T. PYNOLEX POLYPROPINDO did not registered on that industrial estate.

Date of Incorporation

15 December 2010

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-09805.AH.01.01.TH.2011

Dated 25 February 2011

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. 400,000,000.-

Issued Capital : Rp. 200,000,000.-

Paid up Capital : Rp. 200,000,000.-

Shareholders/Owners :

a. Mr. Herman Apriyansah - Rp. 120,000,000.-

Address : Jl. Tebet Timur Dalam V-C/28, RT. 005

RW. 006, Kel. Tebet Timur, Kec. Tebet

Jakarta Selatan

Indonesia

b. Mr. Tata Sumitra - Rp. 80,000,000.-

Address : Jl. Jembatan Balok IV, RT. 010 RW. 004

Kel. Duri Utara, Kec. Tambora

Jakarta Barat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Plastic Raw Materials

Production Capacity :

None

Total Investment :

None

Started Operation :

Unknown

Brand Name :

None

Technical Assistance :

None

Number of Employee :

Unknown

Marketing Area :

None

Main Customer :

Industrial Plastic

Market Situation :

No Comment

Main Competitors :

Unknown

Business Trend :

No Comment

BANKER, AUDITOR & LITIGATION

Banker :

Unknown

Auditor :

None

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

None

Net Profit (estimated) :

Unknown

Total Assets (estimated) :

Unknown

Payment Manner :

Above Average

Financial Comments :

Weak

KEY EXECUTIVES

Board of Management :

Director - Mr. Herman Apriyansah

Board of Commissioners :

Commissioner - Mr. Tata Sumitra

Signatories :

Director (Mr. Herman Apriyansah) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Prudent

Business Morality :

Doubtful

Credit Risk :

Very High

Credit Recommendation :

Not qualified for credit assessment

Proposed Credit Limit :

Deposit or Advance Payments

Maximum Credit Limit :

We suggest to stop any new proposed loan for the company

OVERALL PERFORMANCE

Based on our investigation through P.T. TELKOM information of Jakarta explained that P.T. PYNOLEX POLYPROPINDO was not registered in Jakarta and Cikarang, Bekasi, West Java. Based on our investigation that whole Subject telephone numbers has yet been registered and is not valid. According to P.T. TELKOM the whole telephone numbers has yet been registered until now. We had also looking through the above address but did not found Subject Company.

Besides, according to industrial estate management P.T. KAWASAN INDUSTRI JABABEKA Tbk explained that P.T. PYNOLEX POLYPROPINDO did not registered on that industrial estate. Mrs. Tiara, Customer Services section of P.T. JABABEKA Tbk explained that there are lots up companies in domestic and overseas confirmed regarding P.T. PYNOLEX POLYPROPINDO and they explained P.T. PYNOLEX has never registered on the above address.

P.T. KAWASAN INDUSTRI JABABEKA Tbk

Jababeka Center, Hollywood Plaza
Jalan H. Usmar Ismail no. 10 - 12, Kota Jababeka
Cikarang, Bekasi 17550
West Java, Indonesia

Phone - (62 21) 898 34321

Fax - (62-21) 898 33921-22
Contact Interviewed - Mrs. Tiara

Position - Customer Services

P.T. PYNOLEX POLYPROPINDO (P.T. PPP) was incorporated in Jakarta on December 15, 2010 with the authorized capital of Rp. 400,000,000 issued capital of Rp. 200,000,000 entirely paid up. The founding shareholders of the company are Mr. Herman Apriyansah (60%) and Mr. Tata Sumitra (40%). The company notary deed was made by Mr. Isadora, SH, M.Kn., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-09805.AH.01.01.TH.2011 dated February 25, 2011.

According information also from Alibaba.com that P.T. PYNOLEX POLYPROPINDO engaged in trading and distribution of plastic raw materials. Pynolex Polypropindo has been firmly established as a reliable supplier of high quality and exotic material to the Chemical and Petrochemical since 2006. According to internet www.pynolex.com our strong, worldwide agency network enables us to provide a wide range of Plastic Raw Material and other materials.

We supply certified quality materials exclusively, and provide reliable service to our customers throughout Europe, America, Asia and the neighboring countries, with all the technical assistance they may require. Today, Pynolex Polypropindo's Head Office and warehouses are located in Jababeka to serve our customers in the eastern industrial area.

However after we check, there was not found the Subject Company at Kawasan Industri Jababeka Block K Unit 17-D, Cikarang, Bekasi, West Java. According information from Alibaba.com and internet www.pynolex.com that, P.T. PYNOLEX POLYPROPINDO engaged in trading and manufacture of plastic products such as PE, PP, HDPE, LDPE etc.

So, we still doubt the activities of P.T. PYNOLEX POLYPROPINDO because of the telephone number and address is not correct, bogus address although they explain and make their ads and promote activity in this company's website. We also doubt because many companies in Indonesia introduces its business in an internet and some of the companies address not clearly. We are sure P.T. PYNOLEX POLPROPINDO is a fictitious company.

From the whole negative factors, we recommended to stop any new business relation to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.08
UK Pound	1	Rs.78.78
Euro	1	Rs.67.76

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