MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	P.T. KHARISMA PELITA ABADI
Registered Office :	Jalan Biak No. 14, Roxi Jakarta 10150
Country :	Indonesia
Date of Incorporation :	06.09.2002
Com. Reg. No.:	No. AHU-00956.AH.01.02.Tahun 2011
Legal Form :	Limited Liability Company
Line of Business :	Trading, Export-Export and Distribution of Agricultural Products
No. of Employees :	36 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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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. KHARISMA PELITA ABADI

Address

Head Office

Jalan Biak No. 14, Roxi

Jakarta 10150

Indonesia

Phones - (62-21) 63869352, 63869353

Fax - (62-21) 63851173

Email - e_owen@cbn.net.id

Website - http://www.indowincommodity.com

Building Area - 3 storey

Office Space - 210 sq. meters

Region - Commercial

Status - Rent

Registration data

Date of Incorporation :

06 September 2002

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

- No. C-19999 HT.01.01.TH.2002

Dated 16 October 2002

- No. AHU-00956.AH.01.02.Tahun 2011

Dated 07 January 2011

Company Status :

National Private Company

Permit by the Government Department :

The Department of Finance

NPWP No. 02250.169.6-028.000

Related Companies:

Not available

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 1,000,000,000.-

Issued Capital - Rp. 600,000,000.-

Paid up Capital - Rp. 600,000,000.-

Shareholders/Owners :

a. Mr. Elang Owen - Rp. 300,000,000.-

Address : Palemanda Asri Blok B.2/5

Kel. Karang Tengah, Tangerang

Banten, Indonesia

b. Mrs. Thamudren Wanishri - Rp. 240,000,000.-

Address : Jl. Pelita Blok C No. 5

Cengkareng Timur

Jakarta Barat, Indonesia

c. Mr. Dharma Raja - Rp. 60,000,000.-

Address : Kampung Karang Mulya RT.002/RW.008

Karangsatria, Bekasi

West Java, Indonesia

BUSINESS ACTIVITIES

Lines of Business :

a. Trading, Export-Export and Distribution of Agricultural Products

b. Trading and Distribution of Laser Toner Catridge, Printer Spare Parts and Servies

Production Capacity :

None

Total Investment :

Owned Capital - Rp. 2.0 billion

Started Operation :

January 2003

Brand Name :

SUNDOT

Technical Assistance :

None

Number of Employee :

36 persons

Marketing Area :

a. Local - 50%

b. Export - 50%

Main Customers :

a. Overseas buyer in Malaysia, Singapore, India, Sri Lanka, Pakistan and China

b. Domestic Corporate and Individuals

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ALAM INDORAMA

b. C.V. BUMI DJAJA

c. P.T. ADI SAMPOERNO

d. C.V. PUTRA NUSA

e. C.V. SUMBER BUMI JAYA

f. C.V. ARSAM PRATAMA

g. C.V. MUKTI JABAR

h. C.V. PRIMATAMA

i. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank NEGARA INDONESIA Tbk.

Komplek Duta Merlin Blok A 1-2-3

Jalan Gajah Mada No. 3-5

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Revenue (estimated) :

2009 – Rp. 50.2 billion

2010 – Rp. 57.0 billion

2011 – Rp. 65.0 billion

Net Profit (estimated) :

2009 – Rp. 2.8 billion

2010 – Rp. 3.2 billion

2011 – Rp. 3.6 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Elang Owen AKA Gowin

Director - Mr. Dharma Raja

Board of Commissioners :

Commissioner - Mrs. Thamudren Wanishri

Signatories :

President Director (Mr. Elang Owen AKA Gowin) or Director (Mr. Dharma Raja) which must be approved by Board of Commissioner (Mrs. Thamudren Wanishri)

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

OVERALL PERFORMANCE

P.T. KHARISMA PELITA ABADI (P.T. KPA) was established in Jakarta on September 6, 2002 with an authorized capital of Rp. 1,000,000,000.- of which Rp. 300,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Elang Owen (50%) and Mr. A Siwa Kumar (50%), both are Indonesian businessmen of Indian descent. The Articles of Association was made by Fauzi Agus, SH., a notary in Jakarta and it has been approved by the Minister of Law and Human Rights through Decision Letter No. C-19999 HT.01.01.TH.2002 dated October 16, 2002.

The articles of association of the company have frequently been revised. In December 2010, the issued capital was raised from Rp. 300,000,000.- to Rp. 600,000,000.- and fully paid up. Concurrently, Mr. A Siwa Kumar pulled out and the whole shares are sold to Mrs. Thamudren Wanishri and Mr. Dharma Raja, both also Indonesian business persons of Indian descent. Since then, the shareholders of the company are Mr. Elang Owen AKA Gowin (50%), Mrs. Thamudren Wanishri (40%) and Mr. Dharma Raja (10%). The amendment to Articles of Association was made by Rose Takarina, SH., a notary in Jakarta and it has been approved by the Minister of Law and Human Rights through Decision Letter No. AHU-00956.AH.01.02.Tahun 2011 dated January 7, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. KPA has been in operation since early 2003 in trading, export import and distribution of agricultural products. Mr. G. Thamudren, an administrative staff of the company explained that the whole agricultural products such as; fresh mature coconuts, brown mature coconut, cloves, gum copal, nut meg, cinnamon spice, tapioca chips, brown palm sugar, mug bens, raw cashew nut and mung beans bought from farmer in Java, Sumatra, Sulawesi and others island of Indonesia. Then, the whole products are exported to Malaysia, Singapore, India, Sri Lanka, Pakistan and China. Besides, the company also imported of dried red chilies, star anise, ground nuts, fennel seeds, soybean meal, funegreek seed, coriander seeds, mustard seeds, cumin seeds and black cumin from India, Pakistan, China, Australia, Germany and USA. The whole products supplied to snack food industries and traditional market in Jakarta, Bandung, Semarang, Surabaya, East Java and Bali. Beside that, P.T. KPA also engaged in trading and distribution of laser toner catridge, maintenance and printer services, printer spare parts and printer rental. The whole products are marketed and supply to various companies in Jakarta and its surrounding. We observed that P.T. KPA 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 have noticed that the demand for agricultural products had increased some 10% to 11% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia. We consider P.T. KPA to be in a quite favorable position for having already got hold of a steady clientele in the Java and surroundings.

Until this time P.T. KPA 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 of Rp. 52.8 billion increased to Rp. 57.0 billion in 2010 and rose again to Rp. 65.0 billion in 2011. The operation in 2011 yielded an estimated net profit at least Rp. 3.6 billion and the company has an estimated total networth at Rp. 6.0 billion. It is forecasted that total sales turnover of the company will increase at least 10% in 2012. The Based on information obtained from some customers, the payment habit of the company is smooth ranging from 1 to 3 months. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).

Since December 2010, the management of the company has been led by Mr. Elang Owen AKA Gowin (46) as president director, with more than 10 years experienced in trading, import-export and distribution of agricultural products. In daily activities, he is assisted by Mr. Dharma Raja (38) as director and Mrs. Thamudren Wanishri (31) as commissioner. The management, which is evaluated quite creative and dynamic, also has succeeded in expanding their overseas marketing network. We consider 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 the 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. KHARISMA PELITA ABADI is appraised good for business transaction. But owing to economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

SDA

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.