MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	P.T. EKACITTA DIAN PERSADA

Registered Office :	Kompleks Citta Graha, Jalan Panjang (Arteri) No. 26-1A, B&P, Kedoya Selatan, Kebon Jeruk, Jakarta Barat 11520

Country :	Indonesia

Date of Incorporation :	13.05.1996

Com. Reg. No.:	No. AHU-55504.AH.01.02.Tahun 2011

Legal Form :	Limited Liability Company

Line of Business :	Trading and Distribution of Pharmaceutical Ingredients, Trace Elements and Coating Materials, Food & Beverage Additives, Herbal Extracts and Flavors, Personal Care and Cosmetic Ingredients, Cake and Pastry Ingredients

No. of Employees :	140 persons

RATING & COMMENTS

MIRA’s Rating :

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

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

Name of Company

P.T. EKACITTA DIAN PERSADA

Address

Head Office

Kompleks Citta Graha

Jalan Panjang (Arteri) No. 26-1A, B&P

Kedoya Selatan, Kebon Jeruk

Jakarta Barat 11520

Indonesia

Phone - (62-21) 5819361 (hunting)

Fax - (62-21) 5819360

Email - info@ekacitta.com

Website - http://www.ekacita.com

Building Area - 4 storey

Office Space - 2,400 sq. meters

Region - Commercial

Status - Owned

Branches

a. Tigaraksa Satria Building, Blok F

Jalan Soekarno Hatta No. 606

Bandung 40286

Indonesia

Phone - (62-22) 7501976

Fax - (62-22) 7504908

b. Ruko Taman Mojopahit Indah Estate

Jalan Taman Mojopahit Ruko 9-10

Semarang, Central Java

Indonesia

Phone - (62-24) 6710496

Fax - (62-24) 6711640

c. Jalan Jamsaran No. 7

Makam Bergolo, Serengan

Solo, Central Java

Indonesia

Phone - (62-271) 636556

Fax - (62-271) 642174

d. Komplek Pertokoan Pondok Tjandra

Jalan Palm Raya II Blok TC 16

Surabaya, East Java

Indonesia

Phone - (62-31) 8677775

Fax - (62-31) 8677664

Date of Incorporation

13 May 1996

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

a. No. AHU-33375.AH.01.02.Tahun 2008

Dated 16 June 2008

b. No. AHU-55504.AH.01.02.Tahun 2011

Dated 14 November 2011

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.776.232.9-038.000

Related Company

A member of the MUGI Group

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 4,000,000,000.-

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

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

Shareholders/Owners :

a. Mrs. Leliany Trismitro - Rp. 528,000,000.-

Address : Jl. Patra Kuningan Raya Kav. V

Kuningan Timur

Jakarta Selatan

b. Mrs. Roswita Trismitro - Rp. 624,000,000.-

Address : Jl. Mataman No. 18

Kel. Selong, Kebayoran Baru

Jakarta Selatan

c. Mrs. Angela Trismitro - Rp. 840,000,000.-

Address : Jl. Patra Kuningan III/IV

Kuningan Timur, Jakarta Selatan

d. Mrs. Roswitha Juda - Rp. 128,000,000.-

Address : Jl. Tanah Abang II No. 77

Petojo Selatan

Jakarta Pusat

e. P.T. LANIROS GEMALA SAKTI - Rp. 1,880,000,000.-

Address : Jl. M.T. Haryono Kav. 10

Kel. Cawang

Jakarta Selatan

BUSINESS ACTIVITIES

Lines of Business :

Trading and Distribution of Pharmaceutical Ingredients, Trace Elements and Coating Materials,

Food & Beverage Additives, Herbal Extracts and Flavors, Personal Care and Cosmetic Ingredients,

Cake and Pastry Ingredients, etc

Production Capacity :

None

Total Investment :

None

Started Operation :

1996

Brand Name :

EDP

Technical Assistance :

None

Number of Employee :

140 persons

Marketing Area :

Domestic - 100%

Main Customers :

a. P.T. TEMPO SCAN PACIFIC

b. P.T. SQUIBB INDONESIA

c. P.T. SCHERING INDONESIA

d. P.T. SETIAWAN SEJATI

e. P.T. INDOFOOD SUKSES MAKMUR Tbk.

f. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ADI TUNGGAL PUSAKA

b. P.T. ADIGUNA EKA SENTRA

c. P.T. ADIGUNA MAKMUR MANDIRI

d. P.T. HAES BROTHERS

e. P.T. ELO KARSA UTAMA

f. P.T. KURNIAJAYA MUKTISENTOSA

g. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r s :

a. P.T. Bank CIMB NIAGA Tbk

(Ex. PT. Bank LIPPO Tbk)

Jl. Raya Kedoya Agave Rukan Tomang Tol Blok A-2/12

Kedoya Selatan, Kebon Jeruk

Jakarta Barat

Indonesia

b. CITIBANK N.A.

Gedung Sastra Graha

Jl. Raya Perjuangan Kav. 21

Kebon Jeruk, Jakarta Barat

Indonesia

Auditor :

Independent Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2009 – Rp. 170.0 billion

2010 – Rp. 190.0 billion

2011 – Rp. 220.0 billion

2012 – Rp. 260.0 billion

2013 – Rp. 146.0 billion (January – June)

Net Profit (Loss) :

2009 – Rp. 7.6 billion

2010 – Rp. 8.5 billion

2011 – Rp. 9.8 billion

2012 – Rp. 11.6 billion

2013 – Rp. 6.5 billion (January – June)

Payment Manner :

Almost Promptly

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mrs. Angela Trismitro

Director s - a. Mrs. Ida Juda

b. Mr. Setiawan Nugroho

Board of Commissioners :

President Commissioner - Mrs. Roswita Trismitro

Commissioner - Mrs. Leliany Trismitro

Signatories :

President Director (Mrs. Angela Trismitro) or one of the Directors (Mrs. Ida Juda and Mr. Setiawan Nugroho) which must be approved by President Commissioner (Mrs. Roswita Trismitro) or Commissioner (Mrs. Leliany Trismitro).

CAPABILITIES

Management Capability :

G o o d

Business Morality :

G o o d

Credit Risk :

Below average

Credit Recommendation :

Credit can be proceeded normally

OVERALL PERFORMANCE

P.T. EKACITTA DIAN PERSADA (P.T. EDP) was established in May 1996 with an authorized capital of Rp 1,000,000,000.- of which Rp 500,000,000.- was issued and paid up. The company's founding shareholders are Mrs. Angela Trismitro AKA (also known as) Tjioe Eng Hoa, her younger sisters Mrs. Leliany Trismitro AKA Tjioe Lee Hoa, Mrs. Roswita Trismitro AKA Tjioe Gwat Hoa and P.T. DOS NI ROHA, a private company. Lastly on June 2008 the authorized capital was raised to Rp. 4,000,000,000.- entirely was issued and fully paid up. Concurrently, P.T. DOS NI ROHA pulled out and the whole shares sold to P.T. LANIROS GEMALA SAKTI and Mrs. Roswitha Juda, an Indonesia business woman of Chinese extraction. The capital structures and shareholder composition of P.T. EDP in details are as shown on page 3-4 of this report. The latest amendment deed of the company was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-55504.AH.01.02.Tahun 2011, dated November 14, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. LANIROS GEMALA SAKTI is a member of the MUGI Group, a medium size private business group companies in the country. Majority shares of the MUGI Group are controlled by the Trismitro family members.

P.T. EDP has been operating since 1996 in the trading and distribution of pharmaceutical ingredients, trace elements and coating materials, food ingredients, herbal extracts and flavors, personal care ingredients and fragrances, pastry ingredients and decorative materials. Whole merchandise products are imported from Europe, the USA, Australia and Asia. P.T. EDP as an agent and importer for:

The above products are sold to various pharmaceutical industries, food and beverage industries, personal care and cosmetic manufacturing and etc. Meanwhile the product like laboratory equipment supplied to various hospital, industrial and dealers. Beside, the Company opens and manages 4 branches and marketing offices in Bandung (West Java), Semarang (Central Java), Solo (Central Java) and Surabaya (East Java) We observed that P.T. EDP 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.

Generally, demand for pharmaceutical ingredients, food ingredients, herbal extracts and flavors, personal care ingredients, trace elements and coating materials, cosmetic chemicals and others has kept on rising in the last five years in the country in line with the activities of pharmaceutical industry, food and beverage industry, cosmetic industry, paint industry, textile industry, furniture industry and other industries in the country. But, as from October 2008, the demand growth for can making and metal printing has kept on dwindling as an impact of global economic crisis as told above. The demand was increasing in the early 2009 due to economic condition was gradually recovery in the country. The demand is estimated to be increasing by 5% to 7% per annum in the next three years. The competition is very tight on account of many similar companies operating in the country. The business position of P.T. EDP is favorable for having established regular customers and wide marketing networks in the country.

Until this time P.T. EDP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. 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. EDP’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of the company in 2010 amounted to Rp. 190.0 billion increased to Rp. 220.0 billion in 2011 and rose again to Rp. 260.0 billion in 2012. The operation in 2012 yielded a net profit at least Rp. 11.6 billion and the company has a total net worth of Rp. 80.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2013. So far we did not hear that P.T. EDP has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court.

P.T. EDP's management is headed by Mrs. Angela Trismitro AKA Tjioe Eng Hoa (68), the daughter of the late Mr. Eugene Trismitro AKA Tjioe Mo Tjiang, the founder of the MUGI Group. Mrs. Angela Trismitro also appointed as president director of P.T. DOS NI ROHA (DNR), engaged in trading and distributor of pharmaceutical, medical equipment and consumer healthcare products. There is indication that she will replace his father to lead the MUGI Group. In daily activities, she is assisted by Mrs. Ida Juda (55) and Mr. Setiawan Nugroho (62,) both as director respectively. The company's management also gets back-up in running the company from experts and professionals in their respective field. So far, we have never heard that the company’s management involved in the business malpractices or detrimental cases that settled in the country. The company’s relation in banking sector is good enough and P.T. EDP has not registered with the black list of Bank of Indonesia.

P.T. EDP is considered to be good enough for business transaction. However, in view of low demand and public purchasing power, the country's unstable economic condition, and other negative factors, we recommend to treat prudently in extending a new loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.49

INFORMATION DETAILS

Report Prepared by :

NLM

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.

MIRA INFORM REPORT

Name of Company

Address

Date of Incorporation

Legal Form

Company Reg. No.

Company Status

Permit by the Government Department

Related Company

CAPITAL AND OWNERSHIP

BUSINESS ACTIVITIES

BANKER, AUDITOR & LITIGATION

FINANCIAL FIGURE

KEY EXECUTIVES

CAPABILITIES

OVERALL PERFORMANCE

a. Pharmaceutical Ingredients, Trace Elements and Coating Materials Division

b. Food Ingredients, Herbal Extracts and Flavors Division

c. Personal Care Ingredients and Fragrances Division

d. Pastry Ingredients and Decorative Materials Division

e. Other Related Chemicals Division

f. Water Treatment and Filter Division

Unit