MIRA INFORM REPORT

Report Date :

29.09.2012

IDENTIFICATION DETAILS

Name :	P.T. MULIAPACK INTISEMPURNA
Registered Office :	Jl. Pluit Raya No. 195, Jakarta 14440
Country :	Indonesia
Date of Incorporation :	04.11.1994
Com. Reg. No.:	No. AHU-68581.AH.01.02.Tahun 2008
Legal Form :	Limited Liability Company
Line of Business :	Flexible Packaging Industry
No. of Employees :	110 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

Company name

P.T. MULIAPACK INTISEMPURNA

company Address

Head Office

Jl. Pluit Raya No. 195

Jakarta 14440

Indonesia

Phones - (62-21) 6684358, 6626865, 6626866

Fax - (62-21) 6684359

Building Area - 2 storey

Office Space - 480 sq. meters

Region - Commercial

Status - Owned

Factory

Jl. Raya Serng Km. 60

Pancatama Raya II

Cikande, Serang

Banten Province

Indonesia

Phones - (62-254) 402482-4

Fax - (62-254) 402495

Land Area - 10,200 sq. meters

Factory Space - 6,500 sq. meters

Region - Industrial Zone

Status - Owned

Date of Incorporation

04 November 1994

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

a. No. C-2589 HT.01.04.TH.99

Dated 8 February 1999

b. No. AHU-68581.AH.01.02.Tahun 2008

Dated 23 September 2008

Company Status

Domestic Investment Company (PMDN)

Permit by the Government Department

a. The Department of Finance

NPWP No. 01.696.544.4-046.000

b. The Capital Investment Coordinating Board

No. 15/I/PMDN/1995

Dated 12 January 1995

Related/Affiliated Companies

a. PT. AYAM MERAK (Coffee Powder Industry and Investment Holding)

b. PT. KARYA INDAH BERSAMA (Plastic Flexible Packaging Manufacturing)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 5,000,000,000.-

Issued Capital - Rp. 4,400,000,000.-

Paid up Capital - Rp. 4,400,000,000.-

Shareholders/Owners :

a. Mr. Handy Noerjanto - Rp. 220,000,000 ( 5%)

Address : Jl. Muara Karang Blok O.X.S/42

Jakarta Utara

Indonesia

b. Mr. Tandy Wanto - Rp. 440,000,000 (10%)

Address :Jl. Pluit Murni III/34

Jakarta Utara

Indonesia

c. Mr. Suhardi Muliawan - Rp. 528,000,000 (12%)

Address : Jl. Pluit timur Blok T Utara No. 53

Jakarta Utara

Indonesia

d. Mr. Haryo Suparmun - Rp. 220,000,000 ( 5%)

Address :Jl. Muara Karang Blok B.X.U./3

Jakarta Utara

Indonesia

e. Mr. Djulizon Sulaeman, MBA - Rp. 748,000,000 (17%)

Address : Jl. Pluit Timur Blok K Selatan No. 2

Jakarta Utara

Indonesia

f. Mr. Berlen Sulaiman, SE, MM - Rp. 748,000,000 (17%)

Address :Jl. Pluit Timur Blok K Selatan No. 2

Jakarta Utara

Indonesia

g. Mr. Martun Sulaiman - Rp. 748,000,000 (17%)

Address :Jl. Pluit Timur Blok K Selatan No. 2

Jakarta Utara

Indonesia

h. Mr. Yanto Muliawan - Rp. 220,000,000 ( 5%)

Address : Jl. Pluit Timur Blok H Utara/17

Jakarta Utara

Indonesia

j. PT. AYAM MERAK - Rp. 528,000,000 (12%)

Address :Jl. Pluit Raya No. 195

Jakarta Utara

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

a. Flexible Packaging Industry

b. Investment Holding

Production Capacity :

Flexible Packaging - 2,500 tons p.a.

Total Investment :

a. Equity Capital - Rp. 4.4 billion

b. Loan Capital - Rp. 5.1 billion

c. Total Investment - Rp. 9.5 billion

Started Operation :

1996

Brand Names :

MULIAPACK

Technical Assistance :

None

Number of Employee :

110 persons

Marketing Area :

Domestic - 90%

Export - 10%

Main Customers :

a. P.T. MANADUNIA BOGA

b. The ABC Group

c. P.T. CASTROL INDONESIA

d. P.T. AYAM MERAK

e. P.T. SANTOS JAYA ABADI

f. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. PT. ANEKA KEMASINDO UAMA

b. PT. BOGA VICTORY MAKMUR

c. PT. INDOGRAVURE

d. PT. KEMASINDO INDAH TRIUTAMA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank NEGARA INDONESIA Tbk

Plaza BNI – Kota 46

Jalan Jend. Sudirman Kav. 1

Jakarta Pusat

Indonesia

b. P.T. Bank MANDIRI Tbk

Bank Mandiri Building

Jalan M.H. Thamrin No. 5

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated):

2008 – Rp. 96.0 billion

2009 – Rp. 108.0 billion

2010 – Rp. 120.0 billion

2011 – Rp. 145.0 billion

Net Profit (estimated) :

2008 – Rp. 5.2 billion

2009 – Rp. 5.9 billion

2010 – Rp. 6.6 billion

2011 – Rp. 8.0 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Handy Noerjanto

Director - Mr. Tandy Wanto

Board of Commissioners :

President Commissioner - Mr. Suhardi Muliawan

Commissioners - a. Mr. Haryo Suparmun

b. Mr. Djulizon Sulaeman, MBA

c. Mr. Berlen Sulaiman, SE, MM

d. Mr. Martun Sulaiman

e. Mr. Yanto Muliawan

Signatories :

President Director (Mr. Handy Noerjanto) or Director (Mr. Tandy Wanto) which must be approved by Board of Commissioners

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

OVERALL PERFORMANCE

P.T. MULIAPACK INTISEMPURNA (P.T. MI) was established in November 1994 with an authorized capital of Rp 1,000,000,000.- of which Rp 500,000,000.- was issued and paid-up. The founding shareholders of the company are Mr. Suhardi Muliawan, Mr. Berlen Sulaiman, Mr. Tandy Wanto, Mr. Drs. Handy Noerjanto, MBA, Mr. Haryo Suparmun (all Indonesian business of Chinese extraction) and P.T. AYAM MERAK (a national private company). The company's notarial act has been revised. In October 1997 the authorized capital was raised to Rp 4,400,000,000.-, entirely issued and paid up. By the same time Mr. Djulizon Sulaiman and Mr. Martun Sulaiman joined in as new shareholders. Details on the subject are as depicted in page 3-4 of this report.

This Articles of Association amendment was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter No. C-2589.HT.01.04.TH.99 dated February 8, 1999 and No. AHU-68581.AH.01.02.Tahun 2008 dated September 23, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. MI operates under Domestic Investment (PMDN) facilities in the plastic packaging industry with its plant located on some 1.0 hectare landsite at Jalan Raya Serang Km. 60, Pancatama Raya II, Cikande, Serang (Banten Province). The plant, which went into operation in yearly 1996 with a production capacity of 2,500 tons of flexible packaging per year, used up an investment of Rp 9.5 billion, with Rp 4.4 billion having come from company capital and the balance from loans. Mr. Tandy Wanto, director of the company, disclosed to our inquiry that the basic materials used like OPP Film, PET Film, Nylon Film, PP, PE, CPP are mostly local products, only a small amount imported. Some 90% of the products are marketed to food product industries, detergent, oil and other industries, and among the customers are P.T. MANADUNIA BOGA, the ABC Group, P.T. CASTROL INDONESIA, its holding company P.T. AYAM MERAK, PT. SANTOS JAYA ABADI, etc., and the rest 10% is exported to Singapore and other countries on job-order basis.

Beside, P.T. MI is also active in investment holding by controlling 40% shares of P.T. KARYA INDAH BERSAMA (P.T. KIB) and the rest is owned by Mr. Erwin Tanujaya (31.5%), Mr. Tandy Wanto (15%) and Mr. Pandu Ardani (13.5%), they are Indonesian businessmen of Chinese extraction. P.T. KIB is a private national company dealing with plastic flexible packaging manufacturing. The plant is located at Jalan Raya Serang Km. 18.8, Kawasan Industri Kencana Alam, Tangerang, Banten Province standing on 13,7000 sq. meters land. The plant has been operating since 2009 by produces of plastic flexible packaging of 1,500 tons per annum. We observe that P.T. MI 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.

In overall we find the demand for flexible packaging materials had been growing within the last five years in line with the growth and developing of consuming industries like detergent, instant noodles, candy, chocolate, snack, powdered coffee, pharmaceutical & cosmetic, etc. Competition is very tight due to a large number of similar companies operating in the country. P.T. MI is considered to be still in a quite good business position for having already got hold of a clientele and having established a wide marketing network among foods and drinks processing industries in Jakarta, Karawang, Tangerang, Banten Province and other big cities.

Until this time P.T. MI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MI is very reclusive to outsider mainly concerning its financial condition. But we estimated the total sales turnover in 2009 amounted to Rp 108.0 billion increased to Rp 120.0 billion in 2010 rose again to Rp 145.0 billion in 2011 and projected it will still be higher at least 12% in 2012. The operation in 2011 yielded a profit of Rp 8.0 billion and the company has a total networth of Rp 55.0 billion. Payment condition for domestic suppliers is good with the credit payment system of 1 month to 3 months. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).

P.T. MI management is headed by Mr. Handy Noerjanto (49), who has about 18 years, of experience in flexible packaging industry and trade. In day-to-day operations, he is assisted by Mr. Tandy Wanto (50) as director and several professional managers with know-how in the above business. They have quire wide relations with private businessmen within and outside the country and with government authorities as well. 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.

Of the whole observation we may conclude that P.T. MULIAPACK INTISEMPURNA is quite feasible for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.70
UK Pound	1	Rs.85.72
Euro	1	Rs.68.15

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.