MIRA INFORM REPORT

Report Date :

05.12.2012

IDENTIFICATION DETAILS

Name :	C.V. HERLINDA
Registered Office :	Jalan Banda No. 7A, Tanjung Priok, Jakarta Utara, 14310
Country :	Indonesia
Year of Establishment :	2004
Com. Reg. No.:	Not Available
Legal Form :	Partnership with Sleeping Partner
Line of Business :	Trading, Import and Distribution of Agro Commodities Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Indonesia	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Indonesia - ECONOMIC OVERVIEW

Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.

Source : CIA

Name of Company

C.V. HERLINDA

company Address

Head Office

Jalan Banda No. 7A

Tanjung Priok

Jakarta Utara, 14310

Indonesia

Phone - (62-21) None

Fax - (62-21) None

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Housing Complex

Status - Rent

Date of Incorporation

2004’s

Legal Form

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

Company Reg. No.

Not Required

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

Not Available

Related Company

P.T. LINDA PUTRA MANDIRI (Trading and Import of Fresh Fruits)

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital : Rp. 400 million

Owners :

a. Mr. Hariyanto Simarmata (Active Partner)

b. Mrs. Herlinda (Silent Partner)

BUSINESS ACTIVITIES

Lines of Business :

Trading, Import and Distribution of Agro Commodities Products

Production Capacity :

None

Total Investment :

None

Started Operation :

2004’s but ceased operation since 2010

Brand Name :

Herlinda

Technical Assistance :

None

Number of Employee :

None

Marketing Area :

Local - 100%

Main Customer :

Traditional Markets

Market Situation :

None

Main Competitors :

a. C.V. AGRO NUSA PERMAI

b. C.V. BUMI DJAJA

c. C.V. PUTRA NUSA

d. P.T. TUNASUTAMA SARIPERKASA

Business Trend :

No Comment

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank MANDIRI Tbk

Jalan Enggano

Tanjung Priok

Jakarta Utara

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 5.0 billion

2010 – None

Net Profit (estimated) :

2010 – None

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Hariyanto Simarmata

Board of Commissioners :

None

Signatories :

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

CAPABILITIES

Management Capability :

Weak

Business Morality :

Prudent

OVERALL PERFORMANCE

Based on investigation to the above address at Jalan Banda No. 7A, Pelabuhan Tanjung Priok, North Jakarta that the Subject did not found. According information the address is a houses and the owner of the property did not know about Subject. Besides according information from Telkom Jakarta the Subject was registered at Jalan Enggano No. 15 Block C-12, Tanjung Priok, North Jakarta. However after visited the address was placed by P.T. MARTUADO PUTRA MANDIRI and they said C.V. HERLINDA has been ceased operation.

C.V. HERLINDA was established in Jakarta in 2004 with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner. The founding and owners of the company are Mr. Hariyanto Simarmata as active partner and his wife Mrs. Herlinda as silent partner. Both of are indigenous business family of Batak descent. As in common in cases of companies with C.V. status, there is no mention in the company’s notarial act of its capital structure. But going by the company’s conditions, we estimate its capital at some Rp. 400 million. We observe that Mr. Hariyanto Simarmata is also founder and business stakes owner of P.T. LINDA PUTRA MANDIRI engaged in the field trading, import and distribution of fresh fruits.

Previously C.V. HERLINDA started with operating since 2004 to deal with trading, import and distribution of agricultural commodities. Mr. Hariyanto Simarmata, Director and owner of the company went on to say the company import of ground nuts, garlic, red onion of India; red onion and ground nuts of China. Then, the whole product like garlic, red onion and ground nut marketed locally through traditional market in Jakarta, Bekasi, Bogor, Karawang, Tangerang etc. Besides, the company exported red onion based on job order from Thailand. The global economic crisis and very sharp depreciation of the Rupiah to foreign currencies have adversely affected the company's operations for having caused the sales prices of agro commodities product the company is selling, which have mostly been imported, to be very highly priced. Meanwhile, the domestic demand has sharply fallen. However since 2010 C.V. HERLINDA has been ceased operation and there was no activity to present.

We refrain from informing business prospect of C.V. HERLINDA because ceased operation since 2010. The management of C.V. HERLINDA is led by Mr. Hariyanto Simarmata (51) a businessman and professional manager with experience in trading, import and distribution of agriculture commodities products. In view of C.V. HERLINDA has been ceased operation since 2010 we recommend that a high degree of prudence be observed in business transactions and adequate collateral from its shareholders be acquired in extending a new loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.95
UK Pound	1	Rs.88.42
Euro	1	Rs.71.71

INFORMATION DETAILS

Report Prepared by :

MNL

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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