MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	P.T. ADIMAS ISOLASITAMA
Registered Office :	Jl. Pangeran Jayakarta 131-A/11 Jakarta 10730
Country :	Indonesia
Date of Incorporation :	01.03.1994
Com. Reg. No.:	No. AHU-35219.AH.01.02.Tahun 2009
Legal Form :	Limited Liability Company
Line of Business :	Trading, Import and Distribution of Air Condition System Materials
No. of Employees :	15 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$ 500,000
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. ADIMAS ISOLASITAMA

Address

Head Office

Jl. Pangeran Jayakarta 131-A/11

Jakarta 10730

Indonesia

Phones - (62-21) 625 7888, 639 7888, 659 3141

Fax - (62-21) 625 8836, 639 3079

Email - adi.net@binet.net.id

Building Area - 3 storey

Office Space - 240 sq. meters

Region - Commercial

Status - Owned

Registration data

Date of Incorporation :

01 March 1994

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. C2-9887.HT.01.01.TH.94

Dated 28 June 1994

b. No. AHU-35219.AH.01.02.Tahun 2009

Dated 24 July 2009

Company Status :

National Private Company

Permit by the Government Department :

The Department of Finance

NPWP No. 01.654.428.0-073.000

Affiliated/Associated Company :

Not available

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 3,000,000,000.-

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

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

Shareholders/Owners :

a. Mr. Yudi Prawira - Rp. 500,000,000.- (50%)

Address: Jl. Kemenangan I No. 106

Kel. Glodok, Kec. Taman Sari

Jakarta Barat

b. Mr. Ali Yunus - Rp. 500,000,000.- (50%)

Address: Jl. Perdatam VIII No. 5

Kel. Ulujami, Kec. Pesanggrahan

Jakarta Selatan

BUSINESS ACTIVITIES

Lines of Business :

Trading, Import and Distribution of Air Condition System Materials

Production Capacity :

None

Total Investment :

None

Started Operation :

1994

Brand Name :

ADIMAS ISOLASITAMA

Technical Assistance :

None

Number of Employee :

15 persons

Marketing Area :

Local - 100%

Main Customers :

a. Ducting AC Industries

b. Spiral Pipe Industries

c. Rolling Door Industries

d. Household Appliance Industries

e. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. PT. Benteng Mas Abadi

b. PT. Bordes Nusnatara

c. PT. Jadisejati Perkasa

d. PT. Ragam Logam

e. PT. Satriamandiri Citramulia

f. PT. Wira Mustika Indah

g. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r s :

a. P.T. Bank CENTRAL ASIA Tbk

Jayakarta Branch

Jl. Pangerang Jayakarta No. 127

Jakarta Barat

Indonesia

b. P.T. Bank MANDIRI Tbk

Jayakarta Branch

Jl. Pangeran Jayakarta No. 73

Jakarta Barat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Sales/income (estimated) :

2009 – Rp. 28.0 billion

2010 – Rp. 32.0 billion

2011 – Rp. 36.5 billion

Net Profit (estimated) :

2009 – Rp. 1.1 billion

2010 – Rp. 1.3 billion

2011 – Rp. 1.5 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Yudi Prawira

Board of Commissioner :

Commissioner - Mr. Ali Yunus

Signatories :

The Directors (Mr. Yudi Prawira) which must be approved by Board of Commissioner (Mr. Ali Yunus)

CAPABILITIES

Management Capability :

G o o d

Business Morality :

G o o d

Credit Risk :

Below average

Credit Recommendation :

Credit can be proceeded normally

Proposed Credit Limit :

Moderate amount

Maximum Credit Limit :

US$ 500,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. ADIMAS ISOLASITAMA (P.T. AIT) was established in Jakarta on March 1, 1994 with the authorized capital of Rp. 100,000,000.- of which Rp. 20,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Ali Yunus (50%) and Mr. Yudi Prawiro (50%), both are Indonesian businessmen of Chinese extraction. The Company’s Articles of Association was made by Ms. Esther M. Sulaiman, SH., a public notary in Jakarta based on notary deed No. 5 and it was approved by the Ministry of Law and Human Rights in its decision letter No. C2-9887.HT.01.01.TH.94 dated June 28, 1994. The company's notarial act has frequently been amended. On August 12, 2008 the authorized capital was raised to Rp 3,000,000,000.- of which Rp. 1,000,000,000.- was issued and fully paid up. No changes have been effected in term of its shareholding composition and capital structures to date. The amendment to Articles of Association was made by DR. Fulgensius Jimmy Hardjo Lukito The, SH., a public notary in Jakarta based on notary deed No. 73 and it was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-35219.AH.01.02.Tahun 2009 dated July 24, 2009.

Pursuant to the company’s notary deed, P.T. AIT engaged to operate in general trading, freight forwarding and courier, agricultural, plantation, industry, mining, contracting, transportation and trading agency. The Company’s registered office located at Jl. Pangeran Jayakarta 131-A/11, Jakarta 10730 and the company can open branch offices or representative offices at home and abroad.

P.T. AIT started operation since 1994 in trading, import and distribution of Air Condition System Materials such as galvanized zinc and plate, copper pipe, glass-wool, high closed cell, aluminium foil, aluminium tape, flinkote, rack-wool, wire-mesh/roof-mesh and others. Miss Devi, a sales staff of the company explained that the products are import from China, Taiwan, Singapore, India and others. P.T. AIT sells the above products directly to end users. Besides that, the above products are also sold to private industries in the country such as Ducting AC industries, Spiral Pipe industries, Rolling Door and Folding Gate Industries, Household Appliance Industries, Electric Cable Industries and others. We observed that P.T. AIT is classified as a small sized company of its kind in the country of which the operation has been growing slowly in the last three years.

Generally, the demand for Air Condition System materials such as galvanized zinc and plate, cooper pipe, glass-wool, high closed cell, aluminium foil and tape and others components in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of office building development, apartments, hotels, real estate and others. But, as from October 2008, the demand growth for AC System materials has kept on dwindling as an impact of global economic crisis as told above. Beside, the competition is very tight on account many similar companies operating in the country. P.T. AIT's business position is still quite good for it has experience enough in the above business since 1994.

Until this time P.T. AIT 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 2009 amounted to Rp. 28.0 billion increased to Rp. 32.0 billion in 2010 rose again to Rp. 36.5 billion in 2011 and projected it will be increase by at least 8% in 2012. The operation in 2011 yielded an estimated net profit of Rp. 1.5 billion and the company has an estimated total networth of at least Rp. 8.5 million. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).

The company's management headed by Mr. Yudi Prawira (46) as director, a businessman with more than 18 years experience in trading and distribution of Air Condition System Materials. In daily activities, he is assisted by Mr. Ali Yunus (54) as commissioner. The management is evaluated quite creative and dynamic. The management is quite capable of further developing business in the future. They have close relations with many high-ranking government officials as well as with 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. We are confident that P.T. ADIMAS ISOLASITAMA is quite feasible for normal business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.57

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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