MIRA INFORM REPORT

Report Date :

30.04.2014

IDENTIFICATION DETAILS

Name :	P.T. ALUMINDO LIGHT METAL INDUSTRY TBK

Formerly Known as :	P.T. ALUMINDO LIGHT METAL INDUSTRY

Registered Office :	MASPION Industrial Estate Unit 1, Sawotratap, Gedangan, Sidoarjo 61254, East Java

Country :	Indonesia

Financials (as on) :	30.06.2013

Date of Incorporation :	26.06.1978

Com. Reg. No.:	No. AHU-AH.01.10-06468

Legal Form :	Publicly Listed Company

Line of Business :	· producer of aluminum sheet with thickness of 0.15 mm - 7.0 mm, and aluminum foil of 0.007 mm - 0.15 mm. · Subject is also engaged in investment holding by controls 18% shares of P.T. ANEKA KABEL CIPTAGUNA which is engaged in electric cable industry

No of Employees :	1,215

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Indonesia

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

Indonesia ECONOMIC OVERVIEW

Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.

Source : CIA

Name of Company

P.T. ALUMINDO LIGHT METAL INDUSTRY Tbk

company Address

Head Office & Factory

MASPION Industrial Estate Unit 1

Sawotratap, Gedangan

Sidoarjo 61254

East Java

Indonesia

Phones - (62-31) 8531531, 8532208, 8532994

Fax - (62-31) 8532608

E-mail - admin@alumindo.com

Website - http://www.alumindo.com

Land Area - 10.7 hectares

Building Area - 48,500 sq. meters

Region - Industrial Estate

Status - Owned

Date of Incorporation

a. 26 June 1978 as P.T. ALUMINDO LIGHT METAL INDUSTRY

b. 30 June 1998 as P.T. ALUMINDO LIGHT METAL INDUSTRY Tbk

Legal Form

P.T. Tbk (Perseroan Terbatas Terbuka) or Publicly Listed Company

Company Reg.No.

The Ministry of Law and Human Rights

- No. AHU-80596.AH.01.02.TH.2008

Dated 31 October 2008

- No. AHU-61811.AH.01.02.TH.2009

Dated 16 September 2009

- No. AHU-AH.01.10-06468

Dated 26 February 2013

Company Status

Domestic Investment (PMDN) Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.122.572.9-092.000

The Capital Investment Coordinating Board

- No. 147/I/PMDN/1980

Dated 20 October 1980

- No. 48/II/PMDN/1986

Dated 23 July 1986

- No. 200/II/PMDN/1990

Dated 3 April 1990

- No. 36/II/PMDN/1992

Dated 20 March 1992

- No. 157/II/PMDN/1995

Dated 19 June 1995

The Department of Industry

No. 252/T/Industri/1995

Dated 9 May 1995

The Capital Market Supervisory Agency

No. S-200/PM/1996

Dated 11 December 1996

Related Company

A Member Company of the MASPION Group (see attachment)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 209,000,000,000.-

Issued Capital : Rp. 154,000,000,000.-

Paid up Capital : Rp. 154,000,000,000.-

Shareholders/Owners :

a. P.T. HUSIN INVESTAMA - Rp. 49,436,294,500.-

b. P.T. MARINDO INVESTAMA - Rp. 23,364,869,000.-

c. P.T. SATRIA INVESTINDO - Rp. 19,102,426,000.-

d. P.T. GUNA INVESTINDO - Rp. 9,800,000,000.-

e. P.T. PRAKINDO INVESTAMA - Rp. 9,609,676,000.-

f. P.T. MULINDO INVESTAMA - Rp. 9,115,926,000.-

g. P.T. ANUGERAH INVESTAMA - Rp. 4,384,215,000.-

h. P.T. ALUMINDO INDUSTRIAL ESTATE - Rp. 4,299,250,000.-

i. Mr. Alim Markus - Rp. 2,263,750,000.-

j. Mr. Gunardi - Rp. 140,000,000.-

k. Mr. Welly Muliawan - Rp. 60,000,000.-

l. Mr. Budiprajogo Limanto - Rp. 6,250,000.-

m. Publics below 5% - Rp. 22,417,343,500.-

BUSINESS ACTIVITIES

Lines of Business :

a. Aluminum Sheet and Foil Manufacturing

b. Investment Holding

Production Capacity :

a. Aluminum Sheets - 144,000 tons p.a.

b. Aluminum Foils - 15,600 tons p.a.

c. Aluminum Roofing - 10,000 tons p.a.

Total Investment :

a. Equity Capital - Rp. 154.0 billion

b. Reinvested Profit - Rp. 54.0 billion

c. Loan Capital - Rp. 183.4 billion

d. Total Investment - Rp. 391.4 billion

Started Operation :

1983

Brand Name :

ALMIT

Technical Assistance :

None

Number of Employee :

1,215 persons

Marketing Area :

Domestic (Local) - 47%

Export - 53%

Main Customers :

a. P.T. ANEKA KABEL CIPTAGUNA

b. P.T. CATERLINDO

c. P.T. INDAL ALUMINUM INDUSTRY Tbk

d. P.T. FURUKAWA INDAH ALUMINUM

e. P.T. MASPION

f. P.T. TJAKRINDO MAS

g. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ALUPRIMA PACIFIC INDUSTRIES

b. P.T. ALAKASA EXTRUSINDO

c. P.T. ALAKASA INDUSTRINDO Tbk

d. P.T. CALINDO DAMAI SEJAHTERA ABADI

e. P.T. MAKMUR JAYA PERKASA

Business Trend :

Fluctuating

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank MANDIRI Tbk

Jalan Gentengklai No. 93-96

Surabaya, East Java

Indonesia

b. P.T. Bank DANAMON INDONESIA Tbk

Jalan Jend. A. Yani No. 7

Surabaya, East Java

Indonesia

c. Hongkong and Shanghai Banking Corp. Ltd.

Jalan Jend. Basuki Rachmat No. 106-128

Surabaya, East Java

Indonesia

d. ABN AMRO Bank N.V.

Jalan Pemuda No. 54

Surabaya, East Java

Indonesia

Auditor :

Paul Hadiwinata, Hidayat, Arsono & Rekan

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales :

2010 – Rp. 3,019.1 billion

2011 – Rp. 3,605.5 billion

2012 – Rp. 3,221.6 billion

2013 – Rp. 1,458.6 billion (as per 30 June)

Net Profit (Loss) :

2010 – Rp. 43.7 billion

2011 – Rp. 54.8 billion

2012 – Rp. 13.9 billion

2013 – Rp. 1.8 billion (as per 30 June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Alim Markus

AKA Lim (Go) Wen Kwang

Directors - a. Mr. Alim Mulia Satria

AKA Lim (Go) Won Hong

b. Mr. Alim Prakasa

AKA Lim (Go) Wen Tjoen

c. Mr. Welly Muliawan

d. Mr. Soefianto Djunaedi

Board of Commissioner :

President Commissioner - Mrs. Angkasa Rachmawati

Commissioners - a. Mr. Gunardi

AKA Lim (Go) Kiem Pien

b. Mr. Supranoto Dipokusumo

c. Mr. Budiprajogo Limanto

Signatories :

President Director (Mr. Alim Markus) or one of the Directors (Mr. Alim Mulia Satria, Mr. Alim Prakasa, Mr. Welly Muliawan or Mr. Soefianto Djunaedi) which must be approved by Board of Commissioners.

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

OVERALL PERFORMANCE

P.T. ALUMINDO LIGHT METAL INDUSTRY Tbk or abbreviated ALMIT (ex. P.T. ALUMINDO LIGHT METAL INDUSTRY) was established in June 1978, with an authorized capital of Rp. 1,100,000,000 issued capital of Rp. 220,000,000 entirely paid up. The founders and original shareholders of the company were Mr. Alim Husin AKA Go Kiem Moey, his wife Mrs. Angkasa Rachmawati AKA Ong Sui Eng and their children. Mr. Alim Markus AKA Go Wen Kwang, Mr. Alim Mulia Sastra AKA Go Wen Hong, Mr. Alim Satria AKA Go Wen Ing, Mr. Alim Puspita AKA Go Sioe Lan, Mr. Alim Prakasa AKA Go Wen Tjoen and Mr. Gunardi (Mr. Alim Husin's brother). They are a Chinese origin Indonesian family. The company notary deed has been changed a couple of times. In December 1996 part of its shares were sold to public through the Indonesian Stock Exchange (BEI).

According to the latest notary act revision in 1998 the authorized capital of P.T. ALMIT amounted to Rp. 209,000,000,000 issued and paid up capital to Rp. 154,000,000,000. According to the financial statement 30 June 2013 the company latest shareholders are P.T. HUSIN INVESTAMA (32.10%), P.T. MARINDO INVESTAMA (15.17%), P.T. SATRIA INVESTINDO (12.40%), P.T. GUNA INVESTINDO (6.36%), P.T. PRAKINDO INVESTAMA (6.24%), P.T. MULINDO INVESTAMA (5.92%), P.T. ANUGERAH INVESTAMA (2.85), P.T. ALUMINDO INDUSTRIAL ESTATE (2.79%), all a member company of the MASPION Group, Mr. Alim Markus (1.47%), Mr. Gunardi Go (0.09), Mr. Welly Muliawan (0.04%), Mr. Budi Prayogo Limanto (0.00%) and Publics (14.56%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-06468 dated February 26, 2013.

We observe that the above shareholding companies are all national private companies which the whole shares were controlled by Mr. Alim Husin’s family. They are also the majority business stakes owners and primemovers of the MASPION Group, a major business group in Indonesia.

P.T. ALMIT is engaged in aluminum sheet and foils industry and had been operating commercially since the early 1983. Its plant is located at Maspion Industrial Estate Unit I, Desa Sawotratap, Gedangan, Sidoarjo, East Java, on a land of some 10.7 hectares. The plant has frequently been expanded and now operating 3 hot rolling and 4 cold rolling machines with a production capacity of 84,600 tons aluminum sheet, 12,960 tons aluminum foil and 10,000 tons aluminum roofing per year. The company has planned to produce wire rods with a capacity of 12,000 tons per year, but it was cancelled and such product is produced by its sister company P.T. ANEKA KABEL CIPTAGUNA. The development of the plant has absorbed an investment of Rp. 391.4 billion coming from company's capital of Rp. 154.0 billion, reinvested profit of Rp. 54.0 billion and the remainder from loan largely from International Finance Corporation (the World Bank Group), the ABN-AMRO Bank the DEUTSCHE Bank, the AMERICAN EXPRESS Bank, the HSCB Bank, P.T. Bank MANDIRI (Ex. P.T. Bank DAGANG NEGARA) and a number of private and foreign joint-ventured banks, such as, P.T. Bank PERMATA Tbk, P.T. Bank INTERNATIONAL INDONESIA Tbk, P.T. Bank DANAMON INDONESIA Tbk, P.T. BNP LIPPO Bank, P.T. Bank SUMITOMO NIAGA, P.T. Bank CREDIT LYONNAIS INDONESIA, etc.

Further in early of 2009, P.T. ALMIT has expanding its production capacity by produces of aluminum sheets of 59,440 tons per annum. The company had increased aluminum sheet production capacity from 84,000 tons per year to 144,000 tons per year. The Increased production conducted since early 2009 done in line with the increasing of the company’s exports to the United States, Europe, Australia and others.

P.T. ALMIT’s expansion carried out after last year the company completed the addition of production facilities such as kitchen casting, cold rolling mill and annealing furnaces. In line with its capacity expansion, P.T. ALMIT is applying the latest technology to its production process by using advanced computerized machineries and working in partnership with other world class aluminum producers.

P.T. ALMIT produces aluminum sheet with thickness of 0.15 mm - 7.0 mm, and aluminum foil of 0.007 mm - 0.15 mm. In 2005, some 53% of the company’s products were for export markets especially to Empire Resources Inc, Galex Inc, Sunwell Metal Ltd, Porn Prom Metal Co. Ltd, Glencore International AG, Hydro Aluminum AS, and Comalco Aluminum Ltd. The sales of the products are supported by its partners and associates like Fung Lam Trading Company Ltd (Hong Kong), Taiwan Concorde (Taiwan), Alim Brothers Industries Pte. Ltd (Singapore) and Maspion Canada Incorporated (Canada). Whereas, some 47% of the company’s products were for domestic markets especially absorbed by parties having special relationship with P.T. ALMIT like P.T. MASPION, P.T. ANEKAKABEL CIPTAGUNA, P.T. INDAL ALUMINUM INDUSTRY Tbk, P.T. TFC MASPION INDONESIA, P.T. FURUKAWA INDAL ALUMINUM and those having no special relationship like C.V. SIGMA MAS, P.T. CATERLINDO and P.T. TJAKRINDO MAS.

Besides, P.T. ALMIT is also engaged in investment holding by controls 18% shares of P.T. ANEKA KABEL CIPTAGUNA, engaged in electric cable industry with its plant located at Maspion Industrial Estate Unit II, Desa Banjar Kemantren, Buduran, Sidoarjo, had been operating since August 1995.

Generally, demand for aluminum sheet and aluminum foil has been fluctuating in the last five years. The demand is extremely influenced by the growth of cigarette industries, food and beverage industries, pharmaceutical industries, properties, and other business sectors in the country using the above products. It is projected that the demand will be rising by 6% per annum in the coming three years. The competition is very tight on account of many similar local and imported products offered in the local market. Basically, P.T. ALMIT is one of the foremost of aluminum sheet and aluminum foil producer in the country. The weakening demand and increasing in basic materials prices have made the company activities to be less profitable.

The Export Volume and Value of Aluminum Products 2007 – 2012

Description

2007

2008

2009

2010

2011

2012

Volume

(000 tons)

293.4

282.5

257.9

301.7

298.0

306.5

Value

(million US$)

868.2

865.3

527.0

772.0

869.6

783.9

Source: Central Bureau of Statistic (BPS)

According to the financial statement of P.T. ALMIT audited by a public accountant, total sales turnover of the company in 2010 amounted Rp. 3,019.1 billion with a net profit of Rp. 43.7 billion increased to Rp. 3,605.5 billion with a net profit of Rp. 54.8 billion in 2011 dropt to Rp. 3,221.6 billion with a net profit of Rp. 13.9 billion in 2012. As per 30 June 2013 the sales turnover has amounted at Rp. 1,458.6 billion with a net profit of Rp. 1.8 billion. It is projected the sales turnover will be higher by at least 5% until 2014.

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 financial statements of P.T. ALMIT per 31 December 2010, 2011, 2012 and as per 30 June 2013 are attached.

The management of P.T. ALMIT is headed by Mr. Alim Markus AKA Go Wen Kwang (63), a businessman with experience for some 40 years in many business activities in the MASPION Group. Mr. Alim Markus serves as President Director of PT Indal Aluminium Industry Tbk. He is one of the founders of the Company. he currently holds several board positions in Maspion Group since 1994 and serves as Chairman of Indonesia China Business Council (ICBC), as well as Chairman of Indonesian Businessman Association (Apindo) in East Java region.

The management is also handled by a number of professionals with wide experience and expertise in aluminum products industry and trade. We observed that management’s reputation in said business is sufficiently fairly good. They have already maintained a good relation among government agencies as well as among private companies at home and abroad. So far, we did not hear that the company’s being filed to the district court or involved in any fraudulent dealings. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. ALUMINDO LIGHT METAL INDUSTRY Tbk is sufficiently fairly good for business transaction.

Attachment 1:

P.T. ALUMINDO LIGHT METAL INDUSTRY Tbk

And It’s Subsidiaries

FINANCIAL STATEMENTS

Per 31 December 2010, 2011, 2012 and as 30 June 2013

(In million Rupiah)

DECCRIPTION	30 June 2013	31 December
DECCRIPTION	30 June 2013	2012	2011	2010
A. ASSETS
a. Current Assets
- Cash and Cash Equivalent	60,889	47,687	99,135	56,412
- Short Term Investment	81,376,	83,200	116,829	96,357
- Account Receivable
* Third Parties	144,664	216,854	230,737	136,908
* Related Parties	28,161	41,452	26,180	22,307
- Other Receivable	2,082	1,118	1,987	1,064
- Inventories	470,172	600,180	551,129	412,964
- Prepaid Taxes	114,505	53,257	22,059	8,224
- Prepaid Expenses	526	1,473	1,081	2,234
- Purchased Advances	89,597	44,289	62,724	81,570
- Purchased Advanced of Fixed Assets	1,521	1,875	4,178	3,023
- Tax Receivable	95,677	69,255	68,136	-
- Receivable due from Related Parties	31,928	35,531	30,349	-
Total Current Assets	1,121,100	1,196,172	1,214,525	821,065
b. Non Current Assets				-
- Other Investment	47	32	39	26
- Receivable due from Related Parties	16,065	508	18,398	74,775
- Tax Receivables	-	-	-	63,605
- Advanced for purchased property plant	-	-	-	3,024
- Fixed Assets	691,405	684,846	630,004	599,025
- Guarantee (other assets)	10	-	-	653
Total Non Current Assets	707,527	685,396	648,441	738,084
TOTAL ASSETS = LIABILITIES STOCKHOLDERS’ EQUITY	1,828,627	1,881,568	1,862,966	1,559,150
B. LIABILITIES & STOCKHOLDERS’ EQUITY
a. Current Liabilities
- Account Payable
* Third Parties	208,152	601,118	506,817	269,731
* Related Parties	15,590	19,474	111,645	11,942
- Other Payables	343	165	1,154	164
- Tax Payables	724	692	615	657
- Dividend Payables	691	691	621	499
- Accrued Expenses	9,170	8,880	13,577	7,359
- Short-term Bank Borrowings	599,488	198,928	333,483	683,642
- Current Maturities of long term loans banks	113,080	95,805	42,821	92
- Finance Lease Liabilities	-	46	102	-
Total Current Liabilities	947,239	925,798	1,010,835	974,085
b. Non Current Liabilities
- Long Term Loans	239,179	336,544	223,968	-
- Finance Lease	-	-	-	46
- Employee Benefit Liabilities	25,365	23,715	21,097	18099
- Deferred Tax Liabilities	8,515	7,627	18,961	6,031
Total Non Current Liabilities	273,060	367,887	264,072	24,277
c. Total Liabilities	1,220,299	1,293,685	1,274,907	998,363
d. Stockholders Equity
- Share Capital	154,000	154,000	154,000	154,000
- Additional Paid-up Capital	66,439	66,439	66,439	66,439
- Other Equity Components	68,938	50,320	49,045	54,997
- Retained Earnings	318,951	317,124	318,574	285,351
Total Shareholder Equity	608,328	587,883	588,059	560,787
DECCRIPTION				-
C. INCOME STATEMENTS
a. Sales – Net	1,458,652	3,221,635	3,605,496	3,019,070
b. Cost of Goods Sold	(1,396,658)	(3,103,342)	(3,419,732)	(2,834,455)
c. Gross Profit	61,994	118,293	185,764	184,615
d. Operating Expenses	(40,519)	(86,171)	(86,013)	(84,586)
e. Operating Profit	21,475	32,122	99,751	100,029
f. Profit Before Income Tax	2,715	2,617	67,711	59,983
g. Income Tax Expense	(887)	11,332	(12,927)	(16,260)
*h. Net Profit*	*1,827*	*13,949*	*54,783*	*43,722*

Notes: 31 December 2010, 2011, 2012 Audited by Paul Hadiwinata, Hidayat, Arsono & Rekan

30 June 2013 un audited

Attachment 2:

List of the MASPION Group Members

1. ALASKA MASPION INDONESIA, P.T. (Ceiling Fan Manufacturing)

2. ALIM BROTHERS INDUSTRIES Pte., Ltd. Singapore (Trading)

3. ALIM INVESTAMA, P.T. (Investment Holding)

4. ALTAP PRIMA, P.T. (Aluminum Roofing (Sheet Manufacturing)

5. ALTAP PRIMA INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)

6. ALUMINDO INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)

7. ALUMINDO LIGHT METAL INDUSTRY Tbk, P.T. (Aluminum Foil, Sheets and Material Manufacturing)

8. ANEKA KABEL CIPTA GUNA, P.T. (Electric Cable Manufacturing)

9. ANUGERAH INVESTINDO, P.T. (Investment Holding)

10. BINTANG OSOWILANGUN, P.T. (Property Development and Management)

11. CITRA MASPION CONTRACTOR, P.T. (General Contracting)

12. DHARMA CIPTA KARAYA, P.T. (PVC Leather, and Floor Tile Manufacturing)

13. DHARMALA-RSEA INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)

14. DHARMA SEJAHTERA SAKTI, P.T. (Trading and Investment Holding)

15. DRAKINDO INVESTAMA, P.T. (Investment Holding)

16. DUPONT AGRICULTURAL PRODUCTS INDONESIA, P.T. (Agrochemical Industry)

17. ERP MULTISOLUSI INDONESIA, P.T. (Trading and Distributor of Computer and Advance Planning System)

18. FUNGLAM Trading Company, Hong Kong (Trading)

19. FURUKAWA INDAL ALUMINIUM, P.T. (Automotive and Condenser AC Manufacturing)

20. GUNA INVESTINDO, P.T. (Investment Holding)

21. HEISEI STAINLESS STEEL INDUSTRY, P.T. (Manufacturer of Stainless Steel

Pipe and Tubing)

22. HUSIN INVESTAMA, P.T. (Investment Holding)

23. INCOM INDUSTRY, P.T. (Aluminum Extraction and Fabricating)

24. INDAL ALUMINIUM, P.T. (Aluminum Sheet and Steel Extrusion Industry)

25. INDAL INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)

26. INDAL COMPACT ALUMINIUM INDUSTRIES, P.T. (Aluminum, Extrusion and Fabrication)

27. INDAL DRYVIT, P.T. (Dryvit Manufacturing)

28. INDALEX, P.T. (General Contracting and Dryvit Distribution)

29. INDAL STEEL PIPE, P.T. (Steel Pipe Industry)

30. INDOFIBRE MATTRESS, P.T. (Fibre Mattress Manufacturing)

31. INDOGLASS INDUSTRI, P.T. (Sheet Glass Manufacturing)

32. INDONESIA STAINLESS STEEL, P.T. (Steel Slab & Stainless Steel Sheet Manufacturing)

33. ISHIZUKA MASPION, P.T (Glass Tableware Manufacturing) Inactive

34. K.K. MASPION, Japan (Trading)

35. LOGAM JAWA, (General Trading & Steel Tableware Manufacturing)

36. MARINDO INVESTAMA, P.T. (Investment Holding)

37. MASPION Tbk., P.T. (Manufacturing of Plasticwares, Stainless Steel Tablewares and Kitchen Utensils, Aluminum Utensils, Electric Fans, Pressure Lamps, Ornamental Lamps, etc.)

38. MASPION CANADA INC., Canada (Trading)

39. MASPION FINANSIAL, P.T. (Financing Services)

40. MASPION FLATWARE, P.T. (Flatware Manufacturing) Inactive

41. MASPION INDONESIA, P.T. Bank (Banking)

42. MASPION INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)

43. MASPION INSURANCE, P.T. (Insurance Services)

44. MASPION INVESTINDO, P.T. (Investment Holding)

45. MASPION KENCANA, P.T. (PVC Pipe, Steel Pipes and Other Foam Products Manufacturing)

46. MASPION POLYSTYRENE, P.T. (Expandable Polystyrene Manufacturing)

47. MASPION RAYA, P.T. (Sheet Glass and PVC Resin Industry)

48. MASPION SECURITIES, P.T. (Securities Services)

49. MASPION STAINLESS STEEL INDONESIA, P.T. (Stainless Steel Industry) Inactive

50. MASPION TRADING, P.T. (Investment Holding and Trading)

51. MULINDO INVESTAMA, P.T. (Investment Holding)

52. NAOMOTO INDONESIA, P.T. (Ironing Table Manufacturing)

53. PRAKINDO INVESTAMA, P.T. (Investment Holding)

54. PRAICINDO INVESTAMA, P.T. (Investment Holding)

55. ROYAL CHEMICAL, P.T. (Polystyrene Industry)

56. SAMSUNG MASPION INDONESIA, P.T. (Electrical and Electronical Household Appliances and their Part and Component Manufacturing)

57. SATRIA INVESTAMA, P.T. (Investment Holding)

58. SEA HORSE MASPION INDONESIA, P.T. (Flexible Polyurethane Foam Manufacturing)

59. SHANGHAI MASPION OLEO CHEMICAL INDUSTRY, P.T. (Industrial and Household Soap Manufacturing)

60. SHANGHAI MASPION PRINTING INK INDUSTRY, P.T. (Printing Ink and Pigment Manufacturing)

61. SHANGHAI MASPION TOOTHPASTE INDUSTRY, P.T. (Toothpaste Manufacturing

62. SIAM MASPION POLYMERS, P.T. (PVC Resin Industry)

63. SIAM MASPION TERMINAL, P.T. (Terminal for Liquid Bulk Cargo Development and Management)

64. SINAR MASPION, P.T. (Retailing)

65. SRITHAI MASPION INDONESIA, P.T. (Melamine Table Wares Manufacturing)

66. TFC MASPION INDONESIA, P.T. (Fluorescent Lamp, Light bulb, Glass tube, Ballast and Lighting Manufacturing)

67. TRISULA PACK INDAH, P.T. (Corrugated Cardboard Box Manufacturing)

68. WELLBURGER COATINGS, P.T. (Paint and Coating Manufacturing)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.52
UK Pound	1	Rs.101.77
Euro	1	Rs.83.92

INFORMATION DETAILS

Analysis Done by :	DIV

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.