MIRA INFORM REPORT

Report Date :

24.10.2011

IDENTIFICATION DETAILS

Name :	C.V. NIAGA BERSAMA
Registered Office :	Jl. Kayu Putih Selatan III D No. 45, RT.007, RW.005 Pulo Gadung Jakarta Timur 13260
Country :	Indonesia
Date of Incorporation :	2002’s
Legal Form :	Partnership with Sleeping Partner
Line of Business :	General Trading and Importing Services

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$ 96,590
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, 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. NIAGA BERSAMA

Address

Head Office

Jl. Kayu Putih Selatan III D No. 45, RT.007, RW.005

Pulo Gadung

Jakarta Timur 13260

Indonesia

Phones - (62-21) 4755530, 45781252

Fax - (62-21) 4755530

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial

Status - Rent

Registration data

Date of Incorporation :

2002’s

Legal Form :

C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner

Company Reg. No. :

Not Required

Company Status :

Private National Company

Permit by the Government Department :

The Department of Finance

Not Available

Affiliated/Associated Company :

P.T. PORTINDO MARWA JAYA (Freight Forwarding and Courier Services)

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital - Rp. 300 million

Shareholders/Owners :

a. Mr. Marwa Hanifa (Active Partner)

b. Mr. Soleh (Silent Partner)

BUSINESS ACTIVITIES

Lines of Business :

General Trading and Importing Services

Production Capacity :

None

Total Investment :

None

Started Operation :

2002’s

Brand Name :

Niaga Bersama

Technical Assistance :

None

Number of Employee :

6 persons

Marketing Area :

Local - 100%

Market Situation :

Very Competitive

Main Competitors :

a. PT. Aka Sarana Pertiwi

b. PT. Cakra Indologistik Adiprima

c. PT. Ekakarta Jadimakmur

d. PT. Global Indotrada

e. PT. Mercu Maya Sakti

f. PT. Sinar Mutiara Sentosa

g. CV. Tjahaja Harapan

h. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank MANDIRI Tbk

Jalan Matraman Raya No. 31

Jakarta Timur

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Income/Revenue (estimated) :

2008 – Rp. 5.5 billion

2009 – Rp. 6.1 billion

2010 – Rp. 6.8 billion

2011 – Rp. 3.8 billion (January – June)

Net Profit (estimated) :

2008 – Rp. 340 million

2009 – Rp. 380 million

2010 – Rp. 428 million

2011 – Rp. 240 million (January – June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Marwa Hanifa

Board of Commissioners :

None

Signatories :

Director (Mr. Marwa Hanifa) is only the authorized person to sign the loan on behalf of the company.

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$ 96,590 on 90 days D/A

OVERALL PERFORMANCE

C.V. NIAGA BERSAMA (C.V. NB) was established in Jakarta in 2002’s with the legal status of Commanditaire Vennootschaaf (C.V) or partnership with sleeping partner. Founders and owners of the company are Mr. Marwa Hanifa as active partner and his business partner Mr. Soleh as silent partner. Both are Indonesian business family of Chinese extraction. 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. NB has own capital of about Rp. 300 million and it will be rising in line with the progress of its business operation.

C.V. NB was started to be operating since 2002 to deal with general trading and importing services. Mr. Marwa Hanifa, the owner of the company explained that C.V. NB focused its activities in imported of garlic, dried chili, ground nuts and beans from China, India, Thailand and Vietnam. Beside that, C.V. NB also imported of toys, motorcycle parts and others from China and Taiwan. The whole products distributed and marketed locally through traditional markets and shops in Jakarta and surroundings. Mr. Hanifa also added that the company’s operation is backup by its affiliated company P.T. PORTINDO MARWA JAYA is engaged in freight forwarding and courier services. We observed that C.V. NB 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 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 C.V. NB to be in a quite favorable position for having already got hold of a steady clientele in the Java and surroundings.

Until this time C.V. NB has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of C.V. SBJ is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 5.5 billion increased to Rp. 6.1 billion in 2009 and rose again to Rp. 6.8 billion in 2010 with a net profit of Rp. 428 million. It’s estimated as from January to June 2011 the sales turnover was reached at Rp. 3.8 billion with a net profit of Rp. 240 million. 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 C.V. NB is led by Mr. Marwa Hanifa (43) a businessman with more than 10 year experience in general trading and importing services. The company's management is also 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.

C.V. NIAGA BERSAMA is sufficiently fairly good for business transaction. But owing to economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.06
UK Pound	1	Rs.79.15
Euro	1	Rs.69.03

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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