MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	P.T. UNITED COAL INDONESIA

Registered Office :	Sudirman Plaza, Gedung Plaza Marein 11^th Floor Suite G1, Jalan Jend. Sudirman Kav. 76-78, Jakarta Selatan, 12910

Country :	Indonesia

Date of Incorporation :	02.02.2006

Com. Reg. No.:	No. AHU-AH.01.10-13280

Legal Form :	Limited Liability Company

Line of Business :	General Mining Contracting

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 800,800
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 – 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. UNITED COAL INDONESIA

company Address

Head Office

Sudirman Plaza, Gedung Plaza Marein 11^th Floor Suite G1

Jalan Jend. Sudirman Kav. 76-78

Jakarta Selatan, 12910

Indonesia

Phones - (62-21) 57935924, 57935926 - 27

Fax - (62-21) 57935925

E-mail - hrd@unitedcoal.co.id

Building Area - 28 storey

Office Space - 130 sq. meters

Region - Commercial

Status - Rent

Branch

Jalan Pangeran Suryansyah No. 39

Samarinda Ilir

East Kalimantan

Indonesia

Phones - (62-541) 728346, 728347

Fax - (62-541) 728347

Building Area - 2 storey

Office Space - 80 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

2 February 2006

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C-07656.HT.01.01.TH.2006

Dated 15 March 2006

- No. AHU-95772.AH.01.02.TH.2008

Dated 11 December 2008

- No. AHU-AH.01.10-13280

Dated 14 August 2009

Company Status

Foreign Investment (PMA) Company

Permit by the Government Department :

a. The Department of Finance

NPWP No. 02.414.565.8-056.000

b. The Department of Industry and Trade

TDP No. 09.06.1.10.53421

Dated 1 January 2007

c. The Capital Investment Coordinating Board

No. 98/I/PMA/2006

Dated 27 January 2006

Related Companies

a. KNIGHTSBRIDGE GLOBAL PTE, LTD, Singapore (Investment Holding)

b. UNITED COAL PTE. LTD., Singapore (Investment Holding)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : US$ 2,000,000.-

Issued Capital : US$ 500,000.-

Paid up Capital : US$ 500,000.-

Shareholders/Owners :

a. UNITED COAL PTE LTD. - US$ 475,000.-

Address : One Phillip Street 03-01

Singapore

b. KNIGHSBRIDGE GLOBAL PTE, LTD. - US$ 25,000.-

Address : One Philip Street 03-01

Singapore

BUSINESS ACTIVITIES

Lines of Business :

General Mining Contracting

Production Capacity :

General Mining Contracting Services - US$ 8.5 million

Total Investment :

a. Equity Capital - US$ 0.5 million

b. Loan Capital - US$ 1.5 million

c. Total Investment - US$ 2.0 million

Started Operation :

2006

Brand Name :

United Coal Mining

Technical Assistance :

United Coal Pte. Ltd., Singapore

Number of Employee :

22 persons

Marketing Area :

Local - 100%

Main Customers :

a. Gold Mining Company

b. Coal Mining Company

c. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. KTH MINING ENGINEERING

b. P.T. LIAN BENG ENERGY

c. P.T. SAPTAINDRA SEJATI

d. P.T. PAMAPERSADA NUSANTARA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. Hongkong and Shanghai Banking Corp. Ltd.

World Trade Centre

Jalan Jend. Sudirman Kav. 29-31

Jakarta Selatan

Indonesia

b. P.T. Bank DBS INDONESIA

Plaza Permata

Jalan M.H. Thamrin 57

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 65.0 billion

2009 – Rp. 70.0 billion

2010 – Rp. 75.0 billion

Net Profit (estimated) :

2008 – Rp. 4.8 billion

2009 – Rp. 5.2 billion

2010 – Rp. 6.0 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Taufik Surya Darma

Director - Mr. Herumanto Zaini

Board of Commissioners :

President Commissioner - Mr. Kow Chee Choy

Commissioner - Mr. Stephen James Laidlow

Signatories :

President Director (Mr. Taufik Surya Darma) or the Director (Mr. Herumanto Zaini) which must be approved by Board of Commissioner

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$ 800,800 on 90 days D/A

OVERALL PERFORMANCE

P.T. UNITED COAL INDONESIA (P.T. UCI) was established on February 2, 2006 in Jakarta with the authorized capital of US$ 2,000,000 issued capital of US$ 500,000 entirely paid up. The company was founded by Mr. Taufik Surya Darma of Indonesia as local partner and UNITED COAL PTE LTD., of Singapore as foreign partner. The company notary deed has been changed and in November 2008 Mr. Taufik Surya Darma withdrew and into the company entered new shareholders namely HUGO ASSET LTD., of British Virgin Island. On the same occasion the composition of its shareholders has been changed to become UNITED COAL PTE LTD., Singapore (95%) and HUGO ASSET LTD., British Virgin Island (5%). However the capitalization structure of the company remained the same. The deed of amendment was made by Mrs. Anne Djoenardi SH, MBA, was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-95772.AH.01.02.TH.2008, dated December 11, 2008. The latest in July 2009 HUGO ASSETS LTD., of British Virgin Island pulled out the whole share sold to KNIGHTSBRIDGE GLOBAL PTE, LTD., of Singapore as new shareholder. With this time the composition of its shareholders has been changed to become UNITED COAL PTE LTD., of Singapore (95%) and KNIGHTSBRIDGE GLOBAL PTE LTD., of Singapore (5%). The deed of amendments was made by Mrs. Anne Djoenardi, SH, MBA a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-13280 dated August 14, 2009.

P.T. UCI was established in the frame work of Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with general mining contracting services. The company provides services including gold mining contracting, coal mining contracting, cutting down, oven burden, clearance of cover layer, mining of digging materials, mining reclamation. In its operation, the company carries out oven burden, mining, hauling road construction for gold mining, coal mining being owned by P.T. NEWMON NUSA TENGGARA in Sumbawa, Nusa Tenggara Barat; and coal mining in Samarinda, East Kalimantan and Banjarmasin, South Kalimantan. In its operation in coal mining and coal trader P.T. UCI cooperation with P.T. INTAN BUMI ENERGI to explore coal mining in Samarinda. P.T. UCI has explore of 50,000 tons of coal per annum from Samarinda, East Kalimantan. The company owns and operates several heavy equipments including Excavator, Dozers, Dump Trucks, and Caterpillar Motor Graders etc. Besides, some of heavy equipment being used by various coal mining in Samarinda, East Kalimantan and South Kalimantan. The operation of P.T. UCI has been growing in the last three years.

The market trend of coal mining & gold mining contracting, heavy equipment has kept on rising in the last five years in line with the development and growth of mining industries. Besides, at present, there are many heavy equipment products are being offered on the domestic market. Most of the above products are imported from Japan, the European countries, the USA and Canada with major market in the property and construction sectors as well as mining and forestry. Market competition is very tough on account of many other heavy equipments and general mining contracting such as P.T. THIESS CONTRACTORS, P.T. PAMAPERSADA NUSANTARA, P.T. BUKIT MAKMUR MANDIRI UTAMA, P.T. SAPTAINDRA SEJATI, P.T. PRIMA TRAKTOR INDONUSA, P.T. LIAN BENG ENERGY, P.T. KTC MINING etc. The business position of P.T. UCI is considered to be quite good for they have broad experience in heavy equipment rental and mining contracting services.

P.T. UCI 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. 65.0 billion rose to Rp. 70.0 billion in 2009 increased to Rp. 75.0 billion in 2010 with a net profit of Rp. 6.0 billion. It is projected the sales revenue will be increasing by at least 4% in 2011. The company has an estimated total networth of at least Rp. 25.0 billion. We observe that P.T. UCI is supported by foreign partner with has financially strong and sound behind it. 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. UCI is led by Mr. Taufik Surya Darma (46) a businessman and professional manager with experience in general mining contracting services. Daily operation he is assisted by Mr. Herumanto Zaini (49) as Director. 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. UNITED COAL INDONESIA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

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.