MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	P.T. MITRA LESTARI MOTORINDO
Registered Office :	MITRA 2000, Komplek Lodan Centre Block G No. 2, Jalan Lodan Raya No. 2 Ancol, Pademangan, Jakarta Utara, 14430
Country :	Indonesia
Date of Incorporation :	June 2000
Com. Reg. No.:	No. AHU-46141.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Motorcycle Spare Parts and Accessories
No. of Employees :	23 employees

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

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 – 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

P.T. MITRA LESTARI MOTORINDO

compaNY Address

Head Office

MITRA 2000

Komplek Lodan Centre Block G No. 2

Jalan Lodan Raya No. 2

Ancol, Pademangan

Jakarta Utara, 14430

Indonesia

Phones - (62-21) 6930 777 (Hunting)

Fax - (62-21) 6916 568

E-mail - info@mitra2000.com

Website - http://www.mitra2000.com

Building Area - 2 storey

Office Space - 200 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

June 2000

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. W7-02493 HT.01.04.TH.2006

Dated 14 November 2006

- No. AHU-46141.AH.01.02.TH.2008

Dated 29 July 2008

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.992.941.3-044.000

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 4,000,000,000.-

Issued Capital : Rp. 1,000,000,000.-

Paid up Capital : Rp. 1,000,000,000.-

Shareholders/Owners :

a. Mr. Teddy Hartono Tanuwidjaja - Rp. 845,000,000.-

Address : Puri Marina B.3.E No. 16, RT. 009 RW. 011

Kelurahan Ancol, Kecamatan Pademangan

Jakarta Utara

Indonesia

b. Mrs. Mery Gunawan - Rp. 150,000,000.-

Address : Puri Marina B.3.E No. 16, RT. 009 RW. 011

Kelurahan Ancol, Kecamatan Pademangan

Jakarta Utara

Indonesia

c. Mrs. Kho Mey Ing - Rp. 5,000,000.-

Address : Jl. Taman Sari VIII No. 96, RT. 010 RW. 006

Kelurahan Maphar, Kecamatan Taman Sari

Jakarta Barat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Motorcycle Spare Parts and Accessories

Production Capacity :

None

Total Investment :

None

Started Operation :

2000

Brand Name :

Mitra 2000

Technical Assistance :

None

Number of Employee :

23 persons

Marketing Area :

Local - 100%

Main Customer :

Motorcycle Parts & Shops

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ADHI WIJAYA CITRA

b. P.T. ARMADA RUANG MOTOR

c. P.T. DELTA ABADI SENTOSA

d. P.T. DUTA OTOPRIMA

e. Etc

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank CENTRAL ASIA Tbk

Roko Lodan Centre Block O No. 6-7

Jalan Lodan Raya

Jakarta Utara

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 13.7 billion

2010 – Rp. 14.5 billion

2011 – Rp. 15.8 billion

2012 – Rp. 8.5 billion (January – June)

Net Profit (estimated) :

2009 – Rp. 0.8 billion

2010 – Rp. 0.9 billion

2011 – Rp. 1.1 billion

2012 – Rp. 0.7 billion (January – June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Teddy Hartono Tanuwidjaja

Director - Mrs. Kho Mey Ing

Board of Commissioners :

Commissioner - Mrs. Mery Gunawan

Signatories :

President Director (Mr. Teddy Hartono Tanuwidjaja) or the Director (Mrs. Kho Mey Ing) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

OVERALL PERFORMANCE

P.T. MITA LESTARI MOTORINDO or known with trading style MITRA 2000 was incorporated in Jakarta in June 2000 by Mrs. Kho Mey Ing his son Mr. Teddy Hartono Tanuwidjaja AKA Chen Kang Rong and his wife Mrs. Mery Gunawan AKA Zheng Hui Zhen, they are Indonesian business family of Chinese descent. The company notary document has been changed a couple of times. Then according to the latest revision of notary documents of Mrs. Merry Susanti Siaril, SH., No. 04 dated 7 July 2008 the company authorized capital was amounted at Rp. 4,000,000,000 issued capital of Rp. 1,000,000,000 fully and paid up. With this time the composition of its shareholders are Mr. Teddy Hartono Tanuwidjaja (84.5%) his wife Mrs. Mery Gunawan (15%) and mother in law Mrs. Kho Mey Ing (0.5%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-46141.AH.01.02.TH.2008 dated July 29, 2008.

P.T. MLM or MITRA 2000 started to be operating since 2000 dealing with trading and distribution of motorcycle spare parts and accessories. MITRA 2000 is very familiar among motorcycle riders for the products and services of high quality. For the closer, and with dedication MITRA 2000 provides innovative new services to all motorists that MOSS (Motorcycle Services Station). MITRA 2000’s business is supply and distributes motorcycle parts, accessories, and other products related to motorcycle riders in Indonesia; motorcycle services; motorcycle and franchising and motorcycle assembly. MITRA 2000 sells of motorcycle products such as engine system including engine, electrical, clutch & transmission, induction & exhaust, suspension, wheel system, brake system, body system, lubricant, riding gear and tools & equipment. The whole products is imported with various brands among others are TDR of Thailand; DID, YSS, COMET, SHAD, FULMER, OSAKI, FCC, ACE WELL, SUNSTAR and YOGUSO. The whole products supplied to various motorcycle trader & shops among others SMILE MOTOR, THREE BROTHERS RACING, YONK JAYA MOTOR, WARID MOTOR, ARTHA DUTA RAYA and PLATIUM MOTOR. Besides, some of the products supplied to others motorcycle parts traders in Jakarta, Medan, Bandung, Purwokerto, Malang and Surabaya. We observe the operation of P.T. MLM or MITRA 2000 has been growing and developing well in the last three years.

In general, the demand for motorcycle and component & parts has been growing in the last several years in line with the progress achieved by Indonesian motorcycle manufacturing industry. We observe that motorcycles assembling industries have kept on increasing in the last several years. However, the competition is very tight because motorcycles assembled in the People Republic of Chinese and South Korea is sold for cheaper compared with Japanese ones. Besides that, the competition is very tight because there is lot of motorcycle imports products marketed in the country. The development of motorcycle industry in the country can be seen from the Indonesian growth of motorcycle production as follow:

Indonesia’s Production and Wholesales of Motorcycle, 2005-2012 (July)

Year	Production (AISI) (Units)	Wholesales (Units)
2005	5,113,487	5,089,426
2006	4,459,000	4,470,722
2007	4,722,000	4,713,895
2008	6,264,265	6,280,799
2009	5,884,000	5,882,000
2010	7,395,390	7,398,644
2011	8,006,293	8,043,535
2012 (July)	4,311,019	4,328,642

Source: AISI

Until this time P.T. MLM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MLM 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. 13.7 billion rose to Rp. 14.5 billion in 2010 increased to Rp. 15.8 billion in 2011. As from January to June 2012 the sales turnover has reached at least Rp. 8.5 billion with a net profit of Rp. 0.7 billion and sales its projected to go on rising by at least 5% in 2013.

The company has an estimated total networth of at least Rp. 5.0 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. MLM is led by Mr. Teddy Hartono Tanuwidjaja (37) a businessman and professional manager with experience in trading, import and distribution of motorcycle parts and accessories. He graduated from Trisakti University, a private university in Jakarta majoring in Economic. Daily activity he is assisted by his mother Mrs. Kho Mey Ing (63) 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. We are convinced P.T. MITRA LESTARI MOTORINDO or MITRA 2000 is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.