MIRA INFORM REPORT

Report Date :

06.01.2012

IDENTIFICATION DETAILS

Name :	P.T. GEMA ISTA RAYA
Registered Office :	Jl. Ds. Tembero No. 17 Kejayan Pasuruan 67172 East Java
Country :	Indonesia
Date of Incorporation :	15.08.1985
Com. Reg. No.:	No. AHU-05170.AH.01.02.TH.2008
Legal Form :	Limited Liability Company
Line of Business :	Fish, Corn and Fruit Processing and Canning Industry
No. of Employees :	1,020 persons

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 6,300,000
Status :	Good
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. GEMA ISTA RAYA

Address

Head Office & Factory

Jl. Ds. Tembero No. 17 Kejayan

Pasuruan 67172

East Java

Indonesia

Phones - (62-343) 411257, 411997, 411998

Fax - (62-343) 411257

Email - gemaista@rad.net.id

Land Area - 12,600 sq. meters

Building Area - 7,200 sq. meters

Region - Industrial Zone

Status - Owned

Warehouse

Jl. Raya Manukan Wetan 69 Blok B-8

Surabaya 60165

East Java

Indonesia

Phones - (62-31) 7442033, 7442230

Fax - (62-31) 7457996

Land Area - 2,500 sq. meters

Building Area - 2,200 sq. meters

Region - Warehousing Zone

Status - Rent

Registration data

Date of Incorporation :

15 August 1985

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-05170.AH.01.02.TH.2008

Dated 31 January 2008

Company Status :

National Private Company

Permit by the Government Department :

The Department of Finance

NPWP No. 01.232.219.4-624.000

Affiliated/Associated Company :

Not available

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 28,000,000,000.-

Issued Capital - Rp. 7,000,000,000.-

Paid up Capital - Rp. 7,000,000,000.-

Shareholders/Owners :

a. Mr. Danny Satya Widjaja - Rp. 3,500,000,000.- (50.0%)

Address : Jl. Perak Barat No. 151

Surabaya, East Java

Indonesia

b. Mrs. Lisanna Willy - Rp. 3,490,000,000.- (49.9%)

Address : Jl. Perak Barat No. 151

Surabaya, East Java

Indonesia

c. Mr. Tony - Rp. 10,000,000.- ( 0.1%)

Address : Jl. Darmo Harapan E V/10

Surabaya, East Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Fish, Corn and Fruit Processing and Canning Industry

Production Capacity :

a. Sardines Fish Canned - 3,500 tons p.a.

b. Sweet Corn Canned - 1,600 tons p.a.

c. Fruit Cocktail Canned - 1,200 tons p.a.

Total Investment :

a. Owned Capital - Rp. 28.0 billion

b. Loan Capital - Rp. 40.0 billion

c. Total Investment - Rp. 48.0 billion

Started Operation :

1986

Brand Name :

CHILI, MINAMAS, PACIFIC QUEEN, etc

Technical Assistance :

None

Number of Employee :

1,020 persons

Marketing Area :

Local - 30%

Export - 70%

Main Customers :

a. Overseas buyer in Southeast Asia, Africa, Oceania, Mid East and Eastern Asia.

b. Giant Hypermarkets, etc.

Market Situation :

Very Competitive

Main Competitors :

a. PT. Maya Munchar

b. PT. Maya Food Industries

c. PT. Aneka Tuna Indonesia

d. PT. Balimaya Permai Food

e. PT. Bonanza Indonesia

f. PT. Trisejati Tatafood

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r s :

a. P.T. Bank CENTRAL ASIA Tbk

Surabaya Branch

Jl. Raya Darmo No. 5

Surabaya, East Java

b. P.T. Bank MANDIRI Tbk

Surabaya Branch

Jl. Veteran No. 42-44

Surabaya, East Java

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2008 – Rp. 330.0 billion

2009 – Rp. 370.0 billion

2010 – Rp. 412.0 billion

2011 – Rp. 460.0 billion

Net Profit (estimated) :

2008 – Rp. 16.0 billion

2009 – Rp. 18.5 billion

2010 – Rp. 20.6 billion

2011 – Rp. 23.0 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Danny Satya Wijaya

Board of Commissioner :

Commissioner - Mrs. Lisanna Willy

Signatories :

Director (Mr. Danny Satya Wijaya) which must be approved by Board of Commissioner

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$ 6,300,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. GEMA ISTA RAYA (PT. GIR) was established in Surabaya, on August 15, 1985 with an authorized capital of Rp 60,000,000.- of which Rp. 12,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Iswoto (50%) and Mr. Danny Satya Wijaya AKA Dany Setia Wijaya (50%). They are Indonesian businessmen of Chinese extraction. In February 1999 the authorized capital was raised to Rp. 1,200,000,000.- of which Rp. 300,000,000.- was issued and fully paid up. The amendment to Articles of Association was made by Lanny Setyawati Djojokusumo, SH., a public notary in Surabaya and it was approved by the Minister of Law and Human Rights in its Decision Letter No. C-8793.HT.01.04.TH.99 dated May 21, 1999. Latest in November 2007, the authorized capital was raised again to Rp 28,000,000,000.- of which Rp. 7,000,000,000.- was issued and fully paid up. Since the time, shareholders of the company are Mr. Danny Satya Widjaja (50.0%), his wife Mrs. Lisanna Willy (49.95) and his nephew Mr. Tony (0.1%). The latest amendment to Articles of Association was made by Erna Mujiarti, SH., a public notary in Surabaya and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-05170.AH.01.02.Tahun 2008 dated January 31, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. GIR has been operating since 1986 in fish processing and canning industry, is located at Jl. Desa Tembero No. 17, Kejayaan, Pasuruan, East Java on land area 12,600 square meters. Ms. Vita, a marketing staff of the company explained that P.T. GIR produces a variety of fish canned with raw materials sardines and mackerel used trademark “Chili” and “Minamas” . Beside that, P.T. GIR produces sweet corn canned and fruit cocktail canned, used trademark “Pacific Queen”. We observe that the marketing network of P.T. GIR in the country is the quite extensive covering all major cities in the country such as Surabaya, Semarang, Bandung, Jakarta, Makassar and others. The results of company production are also sold at Giant Hypermarkets, is a large-scale hypermarket management company in the country. Miss Vita added that some 30% of the products are marketed locally and the rest of some 70% is exported to Southeast Asia, Africa, Oceania, Mid East and Eastern Asia. We observe that P.T. GIR is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.

We note that the demand for fish canning such as tuna, sardine and mackerel has been growing some 10% to 12% per year in the last five years in line with the growth of mini-markets, supermarkets, hypermarkets and other retail shops. In the coming years, the growth rate of demand is estimated at about 6% to 8% per annum. The present market situation for fish processing and canning industry is very competitive for a large number of similar companies operating in the country. P.T. GIR 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. GIR has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. P.T. GIR's management is very reticent to outsiders particularly about finances. We estimate the company's sales turnover in 2008 amounted to Rp. 330.0 billion increased to Rp. 370.0 billion in 2009 rose again to Rp. 412.0 billion in 2010 and to Rp. 460.0 billion in 2011. The company is figured to have made a net profit of at least Rp. 20.6 billion in 2010 and rose to Rp. 23.0 billion in 2011. P.T. GIR has an estimated net worth of at least Rp. 160.0 billion. So far, we have never heard of 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. GIR is led by Mr. Danny Satya Wijaya (50) a businessman who experienced for more than 20 years in the field of fish processing and canning industry. The management is also handled by his wife Mrs. Lisanna Willy (50) as commissioner and a number of professional staff, having maintained a wide business relation with private businessmen at home and abroad. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in business malpractices 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. GEMA ISTA RAYA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.82.33
Euro	1	Rs.68.19

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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