MIRA INFORM REPORT

Report Date :

09.02.2012

IDENTIFICATION DETAILS

Name :	P.T. IDEFAB CIPTA
Registered Office :	Jalan Mangga Besar Raya No. 59 C Jakarta Barat, 11180
Country :	Indonesia
Date of Incorporation :	03.06.1991
Com. Reg. No.:	No. AHU-04433.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Curtain, Interior Design and Furnishing
No. of Employees :	14 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$ 113,000
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. IDEFAB CIPTA

Address

Head Office

Jalan Mangga Besar Raya No. 59 C

Jakarta Barat, 11180

Indonesia

Phones - (62-21) 6010551-3, 6492356, 6496451

Fax - (62-21) 6397237

Building Area - 2 storey

Office Space - 130 sq. meters

Region - Commercial

Status - Owned

Registration data

Date of Incorporation :

3 June 1991

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

- No. C2-1901.HT.01.01.TH.92

Dated 26 February 1992

- No. AHU-04433.AH.01.02.TH.2008

Dated 29 January 2008

Company Status :

Private National Company

Permit by the Government Department :

The Department of Finance

NPWP No. 1.560.559.5-032

The Department of Industry and Trade

TDP No. 09021618652

Dated 9 April 1998

Related Company :

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 100,000,000.-

Issued Capital : Rp. 50,000,000.-

Paid up Capital : Rp. 50,000,000.-

Shareholders/Owners :

a. Mr. Harsono Herman Wihardjo - Rp. 40,000,000.-

Address : Jl. Mangga Besar Raya No. 59

Jakarta Barat

Indonesia

b. Mrs. Sukmawati Gozali - Rp. 10,000,000.-

Address : Jl. Mangga Besar Raya No. 59-C

Jakarta Barat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Curtain, Interior Design and Furnishing

Production Capacity :

None

Total Investment :

None

Started Operation :

1991

Brand Name :

Idefab Cipta

Technical Assistance :

None

Number of Employee :

14 persons

Marketing Area :

Local - 100%

Main Customer :

Corporate and Individuals

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ABADI INDORONA

b. P.T. MAINSTREAM TRI SEKAWAN MANUNGGAL JAYA

c. P.T. SERBA ANTIK

d. P.T. TRIKALINDO KHARISMA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank CENTRAL ASIA Tbk

Jalan Mangga Besar Raya No. 11-15

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 7.5 billion

2010 – Rp. 8.0 billion

2011 – Rp. 8.6 billion

Net Profit (estimated) :

2009 – Rp. 465 million

2010 – Rp. 480 million

2011 – Rp. 516 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Harsono Herman Wihardjo

Board of Commissioners :

Commissioner - Mrs. Sukmawati Gozali

Signatories :

Director (Mr. Harsono Herman Wihardjo) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

Proposed Credit Limit :

Small amount – periodical review

Maximum Credit Limit :

US$ 113,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. IDEFAB CIPTA (P.T. IC) was established in Jakarta on June 3, 1991 with an authorized capital of Rp. 100,000,000 issued and paid up capital of Rp. 20,000,000. The founding shareholders of the company are Mr. Harsono Herman Wihardjo and his wife Mrs. Sukmawati Gozali, both are Chinese origins Indonesian entrepreneurs. The company notary deed has been changed and based on notary deed of Dradjat Darmadji, SH., No. 97 dated 13 November 2007 the issued capital was raised to Rp. 50,000,000 fully and paid up. With this development the composition of its shareholders has been changed to become Mr. Harsono Herman Wihardjo (80) and his wife Mrs. Sukmawati Gozali (20%). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-04433.AH.01.02.TH.2008 dated January 29, 2008.

P.T. IC has been operating since 1991 in the trading and distribution of curtain, interior design fabrics & furnishing. Miss Rachel, a marketing staff said the products are brought in from Europe and the USA. P.T. IC is a distributor of several famous products, such as, ANNA FRENCH, CREATION BAUMANN, DESIGNTEX, FARDIS, HOULES, LELIEVRE, LORENZO RUBELLI, MANUEL VANOVAS, PIERRE FREY, ZOFFANY and many others. The products are sold to many hotels like ARYADUTA hotel, BALI BEACH hotel, CITRALAND hotel, DAI-ICHI hotel, MANDARIN ORIENTAL hotel, Mulia Hotel, etc. Besides, some of the products supplied through distributors in Jakarta, Surabaya, Bandung and other cities. The products are also sold to office buildings, restaurants, etc. P.T. IC belongs to a medium-sized company and its operation has been running and growing well.

Generally we find the demand for curtain, vitrages, wall-papers, upholsteries, carpets, etc., had been rising by 8% to 10% per year in the last five years. It links closely with the growth of property sector like office building, hotels, restaurant, apartment and housing projects that mostly used the above products. The global economic crisis in October 2008 and the Rupiah depreciation to the US$ and other hard foreign currencies have resulted in a deep slump of the property business in Indonesia. But since the early 2009 the property market has started picking up in line with improvements being effected in the condition of the national economy.

Until this time P.T. IC has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. IC 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. 7.5 billion rose to Rp. 8.0 billion in 2010 increased to Rp. 8.6 billion in 2011 and projected to go on rising by at least 4% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 516 million and the company has an estimated total net worth of at least Rp. 3.6 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. IC is led by Mr. Harsono Herman Wihardjo (60) a businessman and professional manager with experience in trading and distribution curtain, interior design fabrics and furnishing. 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. P.T. IDEFAB CIPTA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.07
UK Pound	1	Rs.78.09
Euro	1	Rs.65.15

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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