MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	P.T. Mega Sakti Jaya
Registered Office :	Jalan Peternakan I No. 33, RT. 004 RW. 07, Kapuk, Cengkareng, Jakarta Barat, 11720
Country :	Indonesia
Date of Incorporation :	02.02.2011
Com. Reg. No.:	No. AHU-10987.AH.01.01.TH.2011
Legal Form :	P.T. (Perseroan Terbatas) or Limited Liability Company
Line of Business :	Trading, Import and Distribution of Agriculture Commodities Products
No. of Employees :	13

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 more than 6% annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high oil prices.

Source : CIA

BASIC SEARCH

Name of Company:

P.T. MEGA SAKTI JAYA

Address:

Head Office

Jalan Peternakan I No. 33, RT. 004 RW. 07

Kapuk, Cengkareng

Jakarta Barat, 11720

Indonesia

Phone - (62-21) 5437 2578

Fax - (62-21) 5437 2578

Building Area - 1 storey

Office Space - 100 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation:

2 February 2011

Legal Form:

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

Company Reg. No.:

The Ministry of Law and Human Rights

No. AHU-10987.AH.01.01.TH.2011

Dated 3 March 2011

Company Status:

National Private Company

Permit by the Government Department:

The Department of Finance

Not Available

Related Company:

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 2,000,000,000.-

Issued Capital : Rp. 1,000,000,000.-

Paid up Capital : Rp. 1,000,000,000.-

Shareholders/Owners :

a. Mr. Sutrisno Ramlan - Rp. 750,000,000.-

Address : Jl. Mesjid Pekojan No. 61, RT. 005 RW. 006

Kelurahan Pekojan, Kecamatan Tambora

Jakarta Barat

Indonesia

b. Mrs. Merry Nilawidjaja - Rp. 100,000,000.-

Address : Jl. Mesjid Pekojan No. 61, RT. 005 RW. 006

Kelurahan Pekojan, Kecamatan Tambora

Jakarta Barat

Indonesia

c. Ms. Cindy - Rp. 50,000,000.-

Address : Jl. Mesjid Pekojan No. 61, RT. 005 RW. 006

Kelurahan Pekojan, Kecamatan Tambora

Jakarta Barat

Indonesia

d. Ms. Jennifer - Rp. 50,000,000.-

Address : Jl. Mesjid Pekojan No. 61, RT. 005 RW. 006

Kelurahan Pekojan, Kecamatan Tambora

Jakarta Barat

Indonesia

e. Ms. Fanny - Rp. 50,000,000.-

Address : Jl. Mesjid Pekojan No. 61, RT. 005 RW. 006

Kelurahan Pekojan, Kecamatan Tambora

Jakarta Barat

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading, Import and Distribution of Agriculture Commodities Products

Production Capacity :

None

Total Investment :

None

Started Operation :

March 2011

Brand Name :

Mega Sakti Jaya

Technical Assistance :

None

Number of Employee :

13 persons

Marketing Area :

Local - 100%

Main Customer :

Distributors, Supermarket, Traditional Markets

Market Situation :

Very Competitive

Main Competitors :

a. P.T. AGROMIS PRIMA

b. P.T. ALAM INDO RAMA

c. P.T. DAKAI IMPEX

d. C.V. PUTRA NUSA

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank CENTRAL ASIA Tbk

Jalan Kapuk Kamal Block K. 32-33

Jakarta Barat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2011 – Rp. 5.0 billion (March – December)

2012 – Rp. 6.5 billion

Net Profit (estimated) :

2011 – Rp. 250 million

2012 – Rp. 325 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Sutrisno Ramlan

Board of Commissioners :

Commissioner - Mrs. Merry Nilawidjaja

Signatories :

Director (Mr. Sutrisno Ramlan) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

Proposed Credit Limit :

Small amount – periodical review

OVERALL PERFORMANCE

P.T. MEGA SAKTI JAYA (P.T. MSJ) was established in Jakarta based on notary deed of Mrs. Elly Rustam, SH., No. 004 dated 2 February 2011 with the authorized capital of Rp. 2,000,000,000 issued capital of Rp. 1,000,000,000 entirely paid up. The company was founded by Mr. Sutrisno Ramlan (75%) his wife Mrs. Merry Nilawidjaja (10%) and their daughters namely Ms. Cindy (5%), Ms. Jennifer (5%) and Ms. Fanny (5%), they are Indonesian business family of Chinese descents. Based on our knowledge up to writing the report the notary deed of the company had not undergone any changes. The notary deed of incorporation was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-10987.AH.01.01.TH.2011 dated March 3, 2011.

P.T. MSJ is a private company started to be operating since April 2011 engaged in the field of trading, import and distribution of agriculture commodities products. Mrs. Merry Nilawidjaja, Commissioner of the company explained the company imported of garlic, red onion, dried chili, extract chili, corn powder, sesame seeds, ground nuts imported from India, and China. While ground nuts also imported from Vietnam, Thailand and India. The whole products supplied through supplied through traditional markets in Jakarta, Banten, Lampung and others. Besides the products is also supplied to supermarket, agro mart, mini market, foodstuff stores, wholesalers in Jakarta and surroundings. Furthermore, it was explained that P.T. MSJ has made business relation as agricultural supplier for along time with snack food processing, wholesalers, foodstuff stores and until this time the business relation still tied in with them. We observed that P.T. MSJ’s operation has been growing slowly in the last two 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. MSJ to be in a quite favorable position for having already got holds of a steady customer in the country.

Until this time P.T. MSJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2011 amounted to Rp. 5.0 billion rose to Rp. 6.5 billion in 2012 and projected to go on rising by at least 5% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 325 million and the company has an estimated total networth of at least Rp. 1.0 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. MSJ is led by Mr. Sutrisno Ramlan (52) a businessman with experience in trading, import and distribution of agriculture commodities products. 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. MEGA SAKTI JAYA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.77
UK Pound	1	Rs.83.31
Euro	1	Rs.70.46

INFORMATION DETAILS

Report Prepared by :

NIT

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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