MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	P.T. KEMIKO INDONESIA
Registered Office :	Infinia Park Block B-87 Jl. Prof. Dr. saharjo No. 45 Jakarta Selatan 12850
Country :	Indonesia
Date of Incorporation :	18.02.2002
Com. Reg. No.:	No. AHU-92783.AH.01.02.Tahun 2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Specialty Chemical an Ingredients
No. of Employees :	55 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

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. KEMIKO INDONESIA

Address

Head Office

Infinia Park Block B-87

Jl. Prof. Dr. saharjo No. 45

Jakarta Selatan 12850

Indonesia

Phones - (62-21) 831 5515

Fax - (62-21) 831 5516

Email - yulia.chemicoindo@chemicogroup.com

Building Area - 6 storey

Office Space - 380 sq. meters including warehouse 180Sq. meters

Region - Commercial

Status - Rent

Registration data

Date of Incorporation :

18 February 2002

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. C-06264 HT.01.01.TH.2002

Dated 15 April 2002

b. No. AHU-92783.AH.01.02.Tahun 2008

Dated 02 December 2008

Company Status :

Foreign Investment Company

Permit by the Government Department :

The Department of Finance

NPWP No. 02.115.622.9-059.000

Affiliated/Associated Company :

CHEMICO INTER CORPORATION Co. Ltd., Thailand

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - US$. 1,200,000 (Rp. 12,544,800,000)

Issued Capital - US$. 300,000 (Rp. 3,136,200,000)

Paid up Capital - US$. 300,000 (Rp. 3,136,200,000)

Shareholders/Owners :

a. Mr. Prasop Palakornkitti - US$. 137,180

b. Mr. Somkiat Wungkobkiat - US$. 15,230

c. Mr.Yeap Teck Cheong - US$. 27,135

d. Mr. Raucha Anusap - US$. 3,965

e. Mr. Sukit Wiriyapongsukit - US$. 18,895

f. Mrs. Wannaporn Uneanong - US$. 15,865

g. Mr. Wirat Tongthamporn - US$. 15,865

h. Mr. Wichai Tongthamporn - US$. 15,865

i. Mr. Siu Min - US$. 50,000

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Specialty Chemical an Ingredients

Production Capacity :

None

Total Investment :

None

Started Operation :

April 2002

Brand Name :

KEMIKO INDONESIA

Technical Assistance :

Chemico Inter Corporation Co. Ltd., of Thailand

Number of Employee :

55 persons

Marketing Area :

Local - 100%

Main Customers :

a. Cosmetic Industries

b. Food and Beverage Industries

c. Consumer Good Industries

d. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ESSENCE INDONESIA

b. P.T. FIRMENICH INDONESIA

c. P.T. FOODEX INGREDIENT INDONESIA

d. P.T. INDESCO AROMA

e. P.T. MANE INDONESIA

f. P.T. OGAWA INDONESIA

g. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r s :

a. BANGKOK BANK Corp.

Jakarta Office

Jl. MH Thamrin No. 3

Jakarta Pusat

Indonesia

b. HSBC BANK

Jakarta Office

Jl. Prof. Dr. Soepomo, Crown Place Blok A-2

Jakarta Selatan

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Sales/Revenue (estimated) :

2009 – Rp. 55.0 billion

2010 – Rp. 61.0 billion

2011 – Rp. 68.5 billion

Net Profit (estimated) :

2009 – Rp. 2.7 billion

2010 – Rp. 3.0 billion

2011 – Rp. 3.4 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Prasop Palakornkitti

Directors - a. Mr. Yeap Teck Cheong

b. Mr. Siu Min

c. Miss Pilaiporn Chanhom

Board of Commissioner :

President Commissioner - Mr. Wichai Tongthamporn

Commissioner - Mr. Raucha Anusap

Signatories :

President Director (Mr. Prasop Palakornkitti) or one of the Directors (Mr. Yeap Teck Cheong, Mr. siu Min and Miss Pilaiporn Chanhom) which must be approved by Board of Commissioners (Mr. Wichai Tongthamporn and Mr. Raucha Anusap)

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

OVERALL PERFORMANCE

P.T. KEMIKO INDONESIA (P.T. KI) was established in Jakarta on February 18, 2002 with the authorized capital of US$.250,000.- entirely was issued and fully paid up. The founding shareholders of the company are Mr. Mr. Prasop Palakornkitti, Mr. Somkiat Wungkobkiat, Mr.Yeap Teck Cheong, Mr. Raucha Anusap, Mr. sukit Wiriyapongsukit, Mrs. Wannaporn Uneanong, Mr. Wirat Tongthamporn, Mr. Wichai Tongthamporn, and Mr. Sukit Wiriyapongsukit. They are Thailand businessmen and businesswoman. The Company’s Articles of Association was made by Mr. Bonar Sihombing, SH., a public notary in Jakarta based on notary deed No. 5 and it was approved by the Ministry of Law and Human Rights in its decision letter No. C-06264 HT.01.01.TH.2002 dated April 15, 2002. The Articles of Association had been changed and based on notary deed of Ms. Irmadewi Gunawan, SH., No. 13 dated October 30, 2008, Mr. Sukit Wiriyapongsukit pulled out and the whole shares are sold to Mr. Siu Min as new shareholder. Concurrently, the authorized capital was raised to US$. 1,200,000.- of which US$. 300,000.- was issued and fully paid up. The amendment to notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-92783.AH.01.02.Tahun 2008 dated December 2, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.

Pursuant to the company’s notary deed, P.T. KI engaged to operate in wholesaler (main distributor), export and import and also business management consulting services. The Company’s registered office located at Infinia Park Blok B-87, Jl. Prof. Dr. Saharjo No. 45, South Jakarta and the company can open branch offices or representative offices at home and abroad.

P.T. KI started operation in 2002 in trading, import-export and distribution of industrial chemicals. But, since the year 2004, the company embarked a supply of specialty on food ingredients and beauty instruments aiming to enhance their position in the domestic market. Under affiliation with Chemico Inter Corporation Co., Ltd., of Thailand, PT. KI has become one of the fastest growing distributors providing a wide variety of specialty chemicals and ingredients from many countries. Chemico Inter Corporation Co. Ltd., is parent company of the CHEMICAL Group, having the headquarters in Thailand, has 4 subsidiaries in 4 countries; Indonesia, Malaysia, the Philippines and Vietnam. Now, P.T. KI has emerged as one of the leading players in the cosmetic market in Indonesia. We observed that P.T. KI is classified as a middle 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 specialty chemicals and ingredients in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of cosmetic industries, food and beverage industries, snack food industries including instant noodle, biscuit, confectioneries, candies, etc. But, as from October 2008, the demand growth for specialty chemical and ingredients 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. KI is considered to be in a favorable business position in view of the company's experience in the above business.

Until this time P.T. KI 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. 55.0 billion increased to Rp. 61.0 billion in 2010, rose again to Rp. 68.5 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. 3.4 billion and the company has an estimated total networth of at least Rp. 20.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).

P.T. KI's management headed by Mr. Prasop Palakornkitti of Thailand as president director, a businessman with more than 12 years experience in trading and distribution of specialty chemicals and ingredients. In daily activities, he is assisted by Mr. Yeap Teck Cheong, Mr. Siu Min and Miss Pilaiporn Chanhom, respectively as directors. 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. P.T. KEMIKO INDONESIA is sufficiently fairly good for 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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.