MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Correct Name :	C.V. MULIA AGRO LESTARI
Registered Office :	Ruko Klampis Megah Blok I No. 30, Jl. Klampis Jaya, Klampis Ngasem, Kecamatan Sukolilo, Surabaya, East Java
Country :	Indonesia
Date of Incorporation :	March 2008
Com. Reg. No.:	Not Available
Legal Form :	Partnership with Sleeping Partners
Line of Business :	Trading, Export Import of Agricultural Products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$. 390,000
Status :	Satisfactory
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	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

C.V. MULIA AGRO LESTARI

company Address

Head Office

Ruko Klampis Megah Blok I No. 30

Jl. Klampis Jaya, Klampis Ngasem

Kecamatan Sukolilo

Surabaya, East Java

Indonesia

Phone - (62-31) 5930839

Fax - (62-31) 5930839

Building Area - 2 storey

Office Space - 400 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

March 2008

Legal Form

C.V. (Commanditaire Vennootschaap) or partnership with sleeping partners

Company Reg.No.

Not Required

Company Status

Private National Company

Permit by the Government Department

Not Available

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital - Rp. 300 million

Shareholders/Owners :

a. Mr. Guruh Saputro (Active Partners)

b. Mr. Ronny Prasetio (Silent Partner)

BUSINESS ACTIVITIES

Lines of Business :

Trading, Export Import of Agricultural Products

Production Capacity :

None

Total Investment :

None

Started Operation :

April 2008

Brand Name :

None

Technical Assistance :

None

Number of Employee :

10 persons

Marketing Area :

Domestic (Local) - 100%

Main Customer :

Traditional markets

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ALAM INDORAMA

b. P.T. DAKAI IMPEX

c. P.T. SUPA SURYA NIAGA

d. P.T. TORRYS INDOSPICE

e. P.T. ADI SAMPOERNO

f. C.V. BUMI DAJAJA

g. C.V. PUTRA NUSA

h. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

P.T. Bank MANDIRI Tbk

Jalan Jend. Basuki Rachmat 129-137

Surabaya, East Java

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 16.5 billion

2009 – Rp. 24.0 billion

2010 – Rp. 28.5 billion

2011 – Rp. 16.0 billion (January – June)

Net Profit (Loss) :

2008 – Rp. 320 million

2009 – Rp. 520 million

2010 – Rp. 610 million

2011 – Rp. 340 million (January – June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Guruh Saputro

Board of Commissioner :

None

Signatories :

Director (Mr. Guruh Saputro) is only he authorized person to sign the loan

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

Credit Risk :

Above Average

Credit Recommendation :

Credit should be extended under guarantee

Proposed Credit Limit :

C.O.D. To small amount

Maximum Credit Limit :

US$. 390,000 on 90 days D/A

OVERALL PERFORMANCE

C.V. MULIA AGRO LESTARI (C.V. MAL) was established in March 2008 in Surabaya, East Java, with the legal status of Commanditaire Vennootschaf (C.V) or partnership with sleeping partner. The founding owners of C.V. MAL are Mr. Yoseph Tyasono as active partner and his wife Mrs. Ratna Tyasono as silent partner both are Indonesian business family of Chinese origin. Being as a C.V. company, the amount of its authorized capital was not mentioned at the time of its establishment. We estimate, C.V. MAL has own capital of about Rp. 300 million and it will be rising in line with the progress of its business operation. In mid-2009, Mr. Yoseph Tyasono and his wife pulled out and the whole shares are sold to Mr. Guruh Saputro (as active partner) and his partner Mr. Ronny Prasetio (as silent partner). No changes have been effected in term of its shareholding composition and capital structures to date.

C.V. MAL started with operating since April 2008 engaged in the field of trading, export-import and distribution of agricultural products. Export import and general trading in agricultural commodities products like chili, garlic, mung bean, ground nuts, spices, corn, etc. Ms. Retnowati, an administrative staff of the company explained that the whole agricultural products likes chili, garlic, mung bean and other spices is imported from China, India and the company will be imported ground nuts from Vietnam and others. They also imported various agricultural commodities based on job orders from their customers in Surabaya and surroundings. Then, the whole products supplied to food processing industries such as PT. SEKAR LAUT Tbk., PT. MANDALA CAHAYA SENTOSA and also supplies through traditional markets in East Java, Bali, Lombok, and South Kalimantan. We observed that C.V. MAL is classified as a small sized company of its kind in the country of which the operation has been growing in the last three years.

We have noticed that the demand for agricultural products had increased some 8% to 10% 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 C.V. MAL to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.

Until this time C.V. MAL 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 is Rp. 16.5 billion increased to Rp. 24.0 billion in 2009 and rose again to Rp. 28.5 billion in 2010. The operation in 2010 yielded an estimated net profit at least Rp. 610 million and the company has an estimated total networth at Rp. 2.0 billion. It is forecasted that total sales turnover of the company will increase at least 12% in 2011. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Mrs. Ina, the export import staff of the company disclosed that the company usually pays its debts punctually to suppliers.

The company is led by Mr. Guruh Saputro (35), a young businessman with has experienced for more than 8 years in the field of trading, export import and distribution of agricultural products. We observed that management’s reputation in said business is sufficiently fairly good. The company has had wide relation in the realm of the private businessmen within and outside the country. 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.

C.V. MULIA AGRO LESTARI is appraised a good enough for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.72
UK Pound	1	Rs.81.42
Euro	1	Rs.68.89

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.