MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	P.T. MASUYA GRAHA TRIKENCANA
Registered Office :	Jalan Agung Karya IV, Block B/22, Sunter Agung Podomoro, Jakarta 14340
Country :	Indonesia
Date of Incorporation :	15.03.1989
Com. Reg. No.:	No. AHU-57478.AH.01.02.TH.2010
Legal Form :	Limited Liability Company
Line of Business :	Trading and Suppliers of Foods, Drinks and Foodstuffs for Restaurants
No. of Employees :	72 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. MASUYA GRAHA TRIKENCANA

company address

Head Office

Jalan Agung Karya IV, Block B/22

Sunter Agung Podomoro

Jakarta 14340

Indonesia

Phones - (021) 6509130 (Hunting), 6511180

Fax - (021) 6509129

Email - pinny@masuya.co.id

isales@masuya.co.id

Building Area - 4 storey

Office Space - 240 sq. meters

Region - Commercial

Status - Owned

Branch

Jalan Cempaka No. 12

Bekasi, West Java

Indonesia

Phone - (021) 8803737

Fax - (021) 88342818

Building Area - 2 storey

Office Space - 110 sq. meters

Region - Residence

Status - Owned

Date of Incorporation

15 March 1989

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. W7-03833.HT.01.04.TH.2006

Dated 18 December 2006

- No. AHU-57478.AH.01.02.TH.2010

Dated 9 December 2010

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.343.593.8-046.000

Related Company

A Member Company of the MASUYA Group (see attachment)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 30,000,000,000.-

Issued Capital : Rp. 25,000,000,000.-Paid up Capital : Rp. 25,000,000,000.-

Shareholders/Owners :

a. Mr. Hioe Stephen Andiyono - Rp. 13,750,000,000.-

Address : Jl. Bandengan Utara I No. 20-B

Tambora, Jakarta Barat

Indonesia

b. Mrs. Pinnywati Chandra - Rp. 11,250,000,000.-

Address : Jl. Petojo Selatan III No. 7

Gambir, Jakarta Pusat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading and Suppliers of Foods, Drinks and Foodstuffs for Restaurants

Sole Agent for: KIKKOMAN Ketchups of Singapore

Production Capacity :

None

Total Investment :

a. Equity Capital - Rp. 25.0 billion

b. Loan Capital - Rp. None

c. Total Investment - Rp. 25.0 billion

Started Operation :

March 1989

Brand Name :

KIKKOMAN Ketchups

Technical Assistance :

None

Number of Employee :

72 persons

Marketing Area :

Domestic - 100%

Main Customer :

Japanese restaurants, supermarkets, hotels, food and drink shops, and others

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ABC PRESIDENT INDONESIA

b. P.T. INDOFOOD SUKSES MAKMUR Tbk

c. P.T. UNILEVER INDONESIA Tbk

d. P.T. SAYAP MAS UTAMA

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank ARTHA GRAHA Tbk

Jalan Jend. Sudirman Kav. 52-53

Jakarta Selatan

Indonesia

b. P.T. Bank CENTRAL ASIA Tbk

Jalan Jend. Sudirman Kav. 22-23

Jakarta Selatan

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 138.0 billion

2010 – Rp. 145.0 billion

2011 – Rp. 152.0 billion

2012 – Rp. 79.8 billion (January – June)

Net Profit (estimated) :

2009 – Rp. 8.3 billion

2010 – Rp. 9.4 billion

2011 – Rp. 11.7 billion

2012 – Rp. 6.2 billion (January – June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mrs. Pinnywati Chandra

Manager - Mrs. Meilliyani Tan

Board of Commissioners :

President Commissioner - Mr. Mimi Gunawan Thamrin

Commissioner - Mr. Hioe Stephen Andiyono

Signatories :

Director (Mrs. Pinnywati Chandra) which must be approved by Board of Commissioners

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

OVERALL PERFORMANCE

P.T. MASUYA GRAHA TRIKENCANA (P.T. MGT) was established in Jakarta on March 15, 1989 with an authorized capital of Rp. 100,000,000 of which Rp. 20,000,000 was issued and paid up. The company was founded by Mr. Mimi Gunawan Thamrin, Mr. Budy Hermawan and Mr. Bambang Sinatra Nitiwaluyo as the original shareholders. They are all Indonesian businessmen of Chinese extraction. The company notary deed has been changed frequently. In 1991 Mr. Budy Hermawan and Mr. Bambang Sinatra Nitiwaluyo withdrew and replaced by Mrs. Pinywaty Chandra, SE, also an ethnic-Chinese Indonesian nationality.

Later in 2001, into the company entered a new shareholder namely Mr. Kazuo Ichihara, a businessman of Japan and concurrently the authorized capital was raised to US$ 5,800,000 of which US$ 900,000 was issued and fully paid up. Then in July 2006, the authorized capital was raised to Rp. 12,000,000,000 of which Rp. 9,000,000,000 was issued and fully paid up, and concurrently Mr. Kazuo Ichihara withdrew and into the company entered Mr. Hioe Stephen Andiyono as new shareholder. With this development the composition of its shareholders has been changed to become Mr. Hioe Stephen Andiyono (55%) and Mrs. Pinnywati Chandra (45%). The deed of amendment was made by Mr. Tse Min Suihardi, SH., a public notary in Jakarta under Company Registration Number W7-03833.HT.01.04.TH.2006, dated December 18, 2006. The latest according to the latest revision of notary documents on Mrs. Merryana Suryana, SH., No. 42 dated 30 November 2010 the company authorized capital was raised to Rp. 30,000,000,000 issued capital to Rp. 25,000,000,000 entirely paid up. With this development the composition of its shareholders are Mr. Hioe Stephen Andiyono (55%) and Mrs. Pinnywati Chandra (45%). Concurrently the company board of directors and the board of commissioner reappointed to lead and run of the company’s operation. The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its registration No. AHU-57478.AH.01.02.TH.2010 dated December 9, 2010.

We observe that Mrs. Pinnywati Chandra and her husband Mr. Mimi Gunawan Thamrin is also founder and majority business stakes owner of the MASUYA Group, a developing business group in Indonesia.

P.T. MGT is a distributor for food and beverages products such as frozen foods, western product and Japanese products. P.T. MGT has been in commercial operation since March 1989 with trading, supplying and distribution of foods, drinks and foodstuffs for restaurant. Mr. Hartono, a staff of the company, said that P.T. MGT sells foods, beverages and foodstuffs being imported from Japan such as salmon fish, spices and others. The company also sells meat being imported from Australia, and soya sauce and Kikkoman ketchups from Singapore. The merchandise products are sold to various Japanese restaurants, hotels, cafes and others. Besides selling foods and drink being imported from Japan and Australia, the company is also distributing foods and drinks being produced in the country such as candies, biscuits, milk and others. He added that the company is the authorized distributor of P.T. AMERTA INDAH OTSUKA for Pocari Sweat health drink and P.T. TAISHO INDONESIA for Lipovitan health drink. The locally made merchandise products are wholly supplied to supermarkets, food and drink shops, wholesalers, kiosks, fitness centers, sport center management and others. P.T. MGT is classified as a medium sized company in the country dealing with trading and distribution of foods and healthy drinks of which the operation had been running smoothly and growing in the last five years. The company has wide marketing networks in Jakarta and surroundings and other big cities in Indonesia.

Generally we find that food industries in the country had been growing by 10% to 12% per year within the last five years until 2012 in line with the increasing income of the people and rising demand for export. The long-term prospect of snack food, biscuit product, health drink is favorable. However, the competition is very tight on account of many similar companies operating in the country. The company has competitors not only from the local products but also the imported ones. The long-term prospect of the company is favorable once unstable economic condition starts recovery. Business position of P.T. MGT remains quite well for it has controlled a wide marketing network and the products have been widely known in the country.

Production Growth of Bread, Biscuits, Snack Foods and

Other Foods, in Indonesia, 2005 – 2012*

Year	Bread (Ton)	Biscuits (Ton)	Snack (Ton)	Others (Ton)
2005	1,299,242	212,660	168,279	708,085
2006	1,352,755	232,377	175,484	735,804
2007	1,384,388	249,118	182,518	756,104
2008	1,372,420	238,225	176,902	738,884
2009	1,392,456	255,445	182,755	757,061
2010	1,503,852	275,881	197,375	817,626
2011	1,594,083	292,434	209,217	866,683
2012*	1,689,728	309,980	221,770	918,684

Source: Central Bureau of Statistics (BPS) processed by ICB

The Average of Health Drink Consumption in Indonesia 2004-2009

(Liter)

Year	Production	Import	Export	Supply	Growth (%)
2004 2005 2006 2007 2008 2009	36,858,134 44,343,813 54,004,482 77,712,222 106,046,294 128,058,437	5,628,576 6,120,009 5,634,925 6,001,414 5,332,101 4,798,891	3,931,432 6,071,358 8,067,864 13,908,872 17,552,569 22,818,340	38,555,278 44,392,464 51,571,543 69,804,764 93,825,826 110,038,988	-- 15.14 16.17 35.36 34.41 17.28
Average Growth					23.67

Source: Indonesian Bureau of Statistic (BPS) Processes

Until this time P.T. MGT has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MGT 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. 138.0 billion rose to Rp. 145.0 billion in 2010 increased to Rp. 152.0 billion in 2011. As from January to June 2012 the sales turnover has reached at least Rp. 79.8 billion with a net profit of Rp. 6.2 billion and projected to go on rising by at least 6% in 2013. The company has an estimated total net worth of at least Rp. 45.0 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. MGT is led by Mrs. Finniwati Chandra (47) a businessman and professional manager with experience in trading, import and distribution of food and beverages products. She graduated from University of Tarumanegara majoring in economic. She is also the main founder and primemover of the MASUYA Group. In her daily activities, she is assisted by her husband Mr. Mimi Gunawan Thamrin (68) as president commissioner. 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. MASUYA GRAHA TRIKENCANA is sufficiently fairly good for business transaction.

Attachment:

List of the MASUYA Group Members

1. GLORY SUKSESS SELARAS, P.T. (Investment Holding)

2. ICHIYA INDONESIA, P.T. (Export, Import, Trading and Distribution of Food and Beverages

Products)

3. INDOGUNA SARANA UTAMA, P.T. (Trading, Importing, Supplying, and Distribution of Food

and Beverages Products)

4. MASUYA GRAHA TRIKENCANA, P.T. (Trading and Supplies of Food, Drinks and Foodstuffs)

5. MASUYA SEJATI, P.T. (Trading and Distribution of Food and Beverages Products,

Supermarket Papaya Fresh Gallery Management)

6. MASUYA SUKSES SELARAS, P.T. (Investment Holding)

7. MOG INDONESIA, P.T. (MOS Burger Fast Food Restaurant Management)

8. SARI MAKMUR SANJAYA, P.T. (Trading and Distribution of Food and Beverages Products)

9. Etc.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.43

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.