MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	P.T. HABITA INDONESIA
Registered Office :	Jalan Paus No. 83 Kel. Rawamangun, Kec. Pulogadung Jakarta Timur, 13220
Country :	Indonesia
Date of Incorporation :	31.10.2008
Com. Reg. No.:	No. AHU-90155.AH.01.01.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Export Import And Customs Clearance Services
No. of Employees :	13 persons

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$ 121,000
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, 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

P.T. HABITA INDONESIA

Address

Head Office

Jalan Paus No. 83

Kel. Rawamangun, Kec. Pulogadung

Jakarta Timur, 13220

Indonesia

Phones - (62-21) 56980668 (Hunting)

Fax - (62-21) 56972979

E-mail - herman_parom@yahoo.com

Building Area - 2 storey

Office Space - 100 sq. meters

Region - Commercial

Status - Rent

Registration data

Date of Incorporation :

31 October 2008

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-90155.AH.01.01.TH.2008

Dated 26 November 2008

Company Status :

Private National Company

Permit by the Government Department :

The Department of Finance

NPWP No. 24.692.221.5-024.000

Related Company :

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 600,000,000.-

Issued Capital : Rp. 600,000,000.-

Paid up Capital : Rp. 600,000,000.-

Shareholders/Owners :

a. Mr. Herman - Rp. 300,000,000.-

Address : Jl. Rawasari Selatan, RT. 014 RW. 009

Kel. Rawasari, Kec. Cempaka Putih

Jakarta Pusat

Indonesia

b. Mr. Syaiful Amri - Rp. 200,000,000.-

Address : Jl. Pondok Bambu RT. 015 RW. 002

Kel. Pondok Bambu, Kec. Duren Sawit

Jakarta Timur

Indonesia

c. Mr. Erwin Yusnandar - Rp. 100,000,000.-

Address : Jl. HL. Bonang III No. 110, RT. 002 RW.

007, Kel. Jatirasa, Kec. Jatiasih

Bekasi, West Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Export Import And Customs Clearance Services

Production Capacity :

None

Total Investment :

None

Started Operation :

November 2008

Brand Name :

Habita Indonesia

Technical Assistance :

None

Number of Employee :

13 persons

Marketing Area :

Local - 100%

Main Customer :

Granite Industries

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ADIKARYA BINTANG GEMILANG

b. C.V. CAHAYA MANDIRI TRANSPORT

c. P.T. JAKARTA EXPRESS

d. P.T. SINAR GENOA TRANSPORTAMA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank MANDIRI Tbk

Jalan Pemuda Raya No. 3-B

Rawamangun

Jakarta Timur

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 8.0 billion

2010 – Rp. 9.2 billion

2011 – Rp. 5.5 billion (January – June)

Net Profit (estimated) :

2009 – Rp. 480 million

2010 – Rp. 600 million

2011 – Rp. 385 million (January – June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Herman

Director - Mr. Erwin Yusnandar

Board of Commissioners :

Commissioner - Mr. Syaiful Amri

Signatories :

President Director (Mr. Herman) or the Director (Mr. Erwin Yusnandar) 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$ 121,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. HABITA INDONESIA (P.T. HI) was incorporated in Jakarta based on notary deed of Mr. Jansehat Aritonang, SH., M.Kn., No. 192 dated on October 31, 2008 with the authorized capital of Rp. 600,000,000 wholly issued and paid up. The founding shareholders of the company are Mr. Herman (50%), Mr. Syaiful Amri (33.33%) and Mr. Erwin Yusnandar (16.67%). Based on our knowledge up to writing the report the notary documents of the company have not undergone any changes. The company notary document was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-90155.AH.01.01.TH.2008 dated November 26, 2008. P.T. HI started to be operating since November 2008 to deal with export import and customs clearance services. To support of its activity, P.T. HI operates and manages operation in supplier, importer, exporter, general trading, customs clearance, under name fee, customs clearance all in. P.T. HI Serving Import Customs Clearance, or Volume ( All In) Customs Clearance Services ( PPJK) , handle the Export-Import Serving the field of Transport & Shipping Domestic Sea, Land & Air Serving Permit to consignee Import Company ( UNDER NAME) Term condition completeness document handling import.

The process of customs clearances for the maintenance expenditure of imported goods generally require several documents from the importing company as follows: Import Identity Number ( API), Customs Registration Certificate ( SRP), Taxpayer Identification Number ( TIN), Registered Importers ( IT), Invoice / Packing List of Goods Imported, Purchasing Order ( PO) / Sales Contract, The original power of attorney duly stamped 6000 Document Delivery Imported Goods ( AWB / Bill of Lading), Customs Clearance Process in Region BEA & Customs Port of Tanjung Priok we strive Document 2-3 complete working days after receive. Mrs. Felni, finance staff of P.T. HI explained the company import of granite and marble slab from India and China. The whole marble and granite slabs supplied to their partners namely P.T. JAYA ABADI GRANITAMA, P.T. GRANITO GUNA BUILDING CERAMICS, P.T. SANDIMAS REKSAKERAMIKA GRANITO and others marble and granite industries. We observe the operation of P.T. HI has been growing and developing well in the last three years.

In overall views we find the demand for marble, ceramic tiles, sanitary wares and the like had been rising by 10% to 12% per year in the last five years, in line with the rapid growth of property sector like hotel, apartment, real-estate, office building, etc. Its projected the demand for ceramic tile will be rising in the last five years. While competition, is very tight due to a large number of similar companies operating in the country. The global economic crisis battering the country since October 2008 followed by the sharp Rupiah depreciation against US$, Japan Yen, EUR and other hard foreign currencies has brought bad impact to the property and constructing businesses such as the development of housings, real estates, office buildings, shopping buildings, apartments and others.

The Growth of Ceramics in Indonesia

Period 2006 – 2009

Description	2006	2007	2008	2009
Total Production (ton)	4,997,700	4,997,700	4,997,700	4,997,700
Real Production (ton)	4,796,864	4,193,955	4,162,500	3,871,200
Domestic Demand (ton)	2,484,124	2,500,000	3,926,527	3,760,111
Export (ton)	525,058	451,454	434,151	302,360
Import (ton)	212,318	148,354	198,178	168,921
Number of Employee (person)	200,000	200,000	200,000	200,000

Source: Department of Industry, Processed by ICB

Until this time P.T. HI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. HI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 8.0 billion rose to Rp. 9.2 billion in 2010. As from January to June 2011 the sales turnover has reached at least Rp. 5.5 billion with a net of at least Rp. 385 million and projected to go on rising by at least 6% in 2012. The company has 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. HI is led by Mr. Herman (35) a businessman and professional manager with experience in export import and custom clearance services. Daily activity he is assisted by Mr. Erwin Yusnandar (39) 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. HABITA INDONESIA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.70.07

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.