MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	P.T. PROLIMAS UTAMA JAYA
Registered Office :	Roxy Mas Office Complex Block C5 No. 14, Jl. K.H. Hasyim Ashari, Jakarta 10150
Country :	Indonesia
Date of Incorporation :	05.05.1981
Com. Reg. No.:	No. AHU-53988.AH.01.02.Tahun 2008
Legal Form :	Limited Liability Company
Line of Business :	Trading and Distribution of Aromatic Chemicals such as flavour and fragrance
No. of Employees :	36

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 – September 30^th, 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. PROLIMAS UTAMA JAYA

company Address

Head Office

Roxy Mas Office Complex Block C5 No. 14

Jl. K.H. Hasyim Ashari,

Jakarta 10150

Phones - (62-21) 633 2034 (hunting)

Fax - (62-21) 633 2035

Email - cs@prolimas.com

Building Area - 3 storey

Office Space - 210 sq. meters

Region - Commercial

Status - Owned

Date of Incorporation

05 May 1981

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-53988.AH.01.02.Tahun 2008

Dated 22 August 2008

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.360.767.6-028.000

Affiliated/Associated Company

Not available

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 1,500,000,000.-

Issued Capital - Rp. 550,000,000.-

Paid up Capital - Rp. 550,000,000.-

Shareholders/Owners :

a. Mr. Benny goenawan - Rp. 220,000,000.- (40%)

Address : Jl. Dr. Nurdin II Gang I No. 1

Kel. Grogol Petamburan

Jakarta Barat

b. Mrs. Martha Haryanti - Rp. 275,000,000.- (50%)

Address : Jl. Dr. Nurdin II Gang I No. 1

Kel. Grogol Petamburan

Jakarta Barat

c. Mr. Ronald Cahyana Gunawan - Rp. 55,-000,000.- (10%)

Address : Jl. Dr. Nurdin II Gang I No. 1

Kel. Grogol Petamburan

Jakarta Barat

BUSINESS ACTIVITIES

Lines of Business :

a. Trading and Distribution of Aromatic Chemicals such as flavour and fragrance

b. Trading and Distribution of Foundry and refractory Equipments

c. Railway Contracting Services

Production Capacity :

None

Total Investment :

None

Started Operation :

1982

Brand Name :

PROLIMAS

Technical Assistance :

None

Number of Employee :

36 persons

Marketing Area :

Local - 100%

Main Customers :

a. Food and Beverage Industries

b. Biscuit and Snack Industries

c. Fertilizer Industries

d. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ESSENCE INDONESIA

b. P.T. FIRMENICH INDONESIA

c. P.T. FOODEX INGREDIENT INDONESIA

d. P.T. INDESCO AROMA

e. P.T. MANE INDONESIA

f. P.T. OGAWA INDONESIA

g. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank INTERNASIONAL INDONESIA Tbk

Head Office

Jl. M.H. Thamrin Kav. 22

Jakarta Pusat

Indonesia

b. P.T. Bank PERMATA Tbk

Kedoya Branch

Jl. Kedoya Agave Raya,

Ruko Tomang Tol Blok A1 No. 6

Jakarta Barat

Indonesia

c. P.T. Bank CENTRAL ASIA Tbk

Daan Mogot Branch

Jl. Daan Mogot No. 48A

Jakarta Barat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Sales/Revenue (estimated) :

2009 – Rp. 28.0 billion

2010 – Rp. 32.0 billion

2011 – Rp. 36.2 billion

Net Profit (estimated) :

2009 – Rp. 1.4 million

2010 – Rp. 1.6 billion

2011 – Rp. 1.8 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Benny Goenawan

Director - Mr. Ronald Cahyana Gunawan

Board of Commissioner :

Commissioner - Mrs. Martha Haryanti

Signatories :

President Director (Mr. Benny goenawan) or Director (Mr. Ronal Cahyana Gunawan) which must be approved by Board of Commissioner (Mrs. Martha Haryani)

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Below average

Credit Recommendation :

Credit can be proceeded normally

Proposed Credit Limit :

Moderate amount

Maximum Credit Limit :

US$ 240,000 on 90 days D/A

OVERALL PERFORMANCE

P.T. PROLIMAS UTAMA JAYA (P.T. PUJ) was established in 1981 with an authorized capital of Rp. 25,000,000.- of which Rp. 5,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr.   Benny Goenawan, Mrs. Elizabeth  Lestari  Chandradjaya (both Indonesian business  persons of Chinese  extraction)  and  two indigenous businessmen named Mr. Muhamad  Nur Raisyuli  and  Mr. Kuntadiarto as the original shareholders. The company’s Articles of Association have frequently been changed. In 1990, Mrs. Elizabeth Lestari Chandradjaya, Mr. Muhamad Nur Raisyuli and Mr. Kuntadiarto pulled out and the whole shares were taken over by Mr. Benny Goenawan and his wife Mrs. Martha Ariyanti. On July 2008, the authorized capital was raised to Rp. 1,500,000,000.- of which Rp. 550,000,000.- was issued and fully paid up. Since the time, the shareholders of the company are Mr. Benny Goenawan (40%), his wife Mrs. Martha Haryanti (50%) and his son Mr. Ronald Cahyana Gunawan (10%). The amendment to Article of Association was made by FX Budi Santoso Isbandi, SH., notary public in Jakarta based on notarial deed No.45 and it was approved by the Minister of Law and Human Rights through Decision Letter No. AHU-53988.AH.01.02.Tahun 2008 dated August 22, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. PUJ has been in operation since 1982 in trading, import and distribution of aromatic chemicals such as flavour and fragrance. Beside, the company is engaged in trading and distribution of foundry and refractory equipments and railway contracting services. The products are imported from Australia, Taiwan, Japan, the USA, the UK, France, Spain, Belgium, Brazil, etc. P.T. PUJ has been selling its merchandise products directly to end users, particularly food and beverage industries, biscuit and snack industries (for aromatic chemicals) and the government sectors or state owned companies such as P.T. Pupuk KALTIM in Bontang (East Kalimantan), P.T. PINDAD in Bandung (West Java), the state electricity company P.T. PLN, P.T. KRAKATAU STEEL Tbk., P.T. BARATA INDONESIA and others. We observed that P.T. PUJ is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.

On  the  whole,  we  find  that  the  demand  for  aromatic chemicals, foundry and refractory equipment and other technical goods has still been  rising  by about  7%  to  8% per year. The upward trend is in line with the growth of food and beverages, biscuit and snack food, and various industrial sectors in the country. However, there is very heavy competition in this technical goods trade, in view of the great many companies operating in this type of business in the country. These types of goods are mostly still comprised of imported and high-technology products.  The demand for these products is projected in the long term to go on rising by at least 5% per year, but with the competition getting increasingly heavy. P.T. PUJ is considered to be in a favorable business position in view of the company's experience in the above business.

The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. PUJ's management is very closed to outsiders about the company's finances in particular. The company's sales turnover in 2009 is estimated at Rp 28.0 billion increased to Rp 32.0 billion in 2010 rose again to Rp 36.2 billion in 2011 and projected to go on rising by at least 10% in 2012. The operation in 2011 yielded an estimated net profit at least Rp. 1.8 billion and the company has an estimated total net worth at least Rp. 12.0 billion. We observe that P.T. PUJ is supported by financially fairly strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.

P.T. PUJ's management is headed by Mr. Benny Goenawan (70) as president director, who already has about 30 years of experience in trading and distribution of aromatic chemicals, foundry and refractory equipment and railway contracting services. In day-to-day operations he is assisted by his son Mr. Ronald Chayana Gunawan (35) and several professional managers in the above business. They have wide relations with private businessmen within and outside the country and in the ranks of senior government officials.

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. PROLIMAS UTAMA JAYA is appraised quite good for normal business transactions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.24
UK Pound	1	Rs.84.54
Euro	1	Rs.72.32

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.