MIRA INFORM REPORT

Report Date :

21.08.2014

IDENTIFICATION DETAILS

Name :	P.T. SARANA TANI PRATAMA
Registered Office :	Dusun Kelapa Balian, Desa Pengambengan Kec. Negara, Kab. Jembrana 82251 Bali Province
Country :	Indonesia
Date of Incorporation :	January 2002
Legal Form :	Limited Liability Company
Line of Business :	Trading and Processing of Marine Fish Meal, Canned Sardines
No. of Employees	02

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Ceased Operation
Payment Behaviour :	--
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Indonesia	B1	A2

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, 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

Company name

P.T. SARANA TANI PRATAMA

address

Head Office

Dusun Kelapa Balian, Desa Pengambengan

Kec. Negara, Kab. Jembrana 82251

Bali Province

Indonesia

Indonesia

Phones - (62-21) not available

Fax - (62-21) not available

Date of Incorporation :

13 December 2001

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. AHU-21711.AH.01.01.Tahun 2002

Dated 07 November 2002

b. No. AHU-47615.AH.01.02.Tahun 2008

Dated 05 August 2008

c. No. AHU-AH.01.10-12578

Dated 21 March 2014

Company Status :

National Private Company

Permit by the Government Department :

The Department of Finance

NPWP No. 01.960.054.3-902.000

Related/Affiliated Company :

Not available

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 2,660,000,000.-

Issued Capital - Rp. 2,660,000,000.-

Paid up Capital - Rp. 2,660,000,000.-

Shareholders/Owners :

a. Mr. Widjaja Putra Tjoek - Rp. 1,330,000,000.- (50%)

b. Mr. Teddy Hartono - Rp. 1,330,000,000.- (50%)

BUSINESS ACTIVITIES

Lines of Business :

Trading and Processing of Marine Fish Meal, Canned Sardines, etc.

Production Capacity :

None

Total Investment :

Owned Capital - Rp. 2.7 billion

Started Operation :

January 2002 but it was ceased operation since the middle of 2013

Brand Name :

SARI TANI PRATAMA

Technical Assistance :

None

Number of Employee :

2 persons

Marketing Area :

No Comment

Main Customer:

None

Market Situation :

Very Competitive

Business Trend :

No Comment

BANKER, AUDITOR & LITIGATION

B a n k e r :

No Comment

Auditor :

No Comment

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Total Income/Revenues:

No Comment

Net Profit (Loss) :

No Comment

Payment Manner :

No Comment

Financial Comments :

No Comment

KEY EXECUTIVES

Board of Management :

Director - Mr. Widjaja Putra Tjoek

Board of Commissioners :

Commissioner - Mr. Teddy Hartono

Signatories :

Director (Mr. Widjaja Putra tjoek) which must be approved by Board of Commissioners (Miss Suwarty and Mr. Teddy Hartono)

CAPABILITIES

Management Capability :

Weak

Business Morality :

Doubted

Credit Risk :

High

Credit Recommendation :

Credit is not recommended

Proposed Credit Limit :

C.O.D.

OVERALL PERFORMANCE

P.T. SARANA TANI PRATAMA (P.T. STP) was established in Bali based on Notarial Deed Number 56 dated December 13, 2001 drawn up by Mrs. Erna Anggraini Hutabarat, SH., notary in Jakarta with an authorized capital of Rp. 500,000,000.- of which Rp. 125,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Wijono Sugiharto (10%), Mr. Drs. Arijanto Josef Suharta (40%) and Mrs. Lusi Indriani (50%), they are indigenous businessmen and businesswoman. The Deed of establishment was approved by the Minister of Law and Human Rights through its Decision Letter No. C-21711.HT.01.01.TH.2002 dated November 7, 2002. The articles of association of the company have frequently been changed,

The Company’s article of association has been amended for several times, most recently by notarial Deed of I Gusti Putu Dharma Atmaja, SH., in March 2014 the founding shareholders pulled out and the whole shares are sold to Mr. Widjaja Putra Tjoek (50%) and Mr. Teddy Hartono (50%), both are Indonesian businessmen of Chinese extraction. Concurrently, the authorized capital was raised to Rp. 2,660,000,000.- entirely was issued and fully paid up. The amendment to deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-12578 dated March 21, 2014.

Pursuant to the company’s notary deed, P.T. STP engaged to operate in trading, industry, transportation, development, agricultural printing, publishing and services. The Company’s registered office located at Jl. Dusun Kelapa Balian, Desa Pengambengan, Kecamatan Negara, Kabupaten Jembrana, Bali.

According to the results of our investigation we noticed that previously P.T. STP was engaged in trading and processing of marine fish meal, canned sardines and other fish processed products. Mr. Siswanto, the former a marketing staff of P.T. STP, when reached by phone said that P.T. STP has not been in operation since the middle of 2013 (lockout) and all of its employees have also been dismissed. Since March 2014, P.T. STP’s shares and assets were sold to Mr. Widjaja Putra Tjoek and Mr. Teddy Hartono as new management of the company. We observed that since the company was taken over up to now the company it has never conducted any business activities.

Furthermore we have checked to the Ministry of Law and Human Rights (MLHR) to ensure that whether the P.T. STP has been liquidated. But our source at MLHR said that until now there is no notice from the shareholders of P.T. STP concerning the shutdown of the company. According to our source in MLHR, that in Indonesia there are many companies that not actively operate or shut down, but never reported their case to MLHR. This is generally done by these companies, to avoid payment of taxes and duties.

We have a strong suspicion that P.T. STP has been abandoned by its shareholders. Company's financial strength was only Rp. 2,660.0 million which was paid capital as contained in its notary deed. In its last notary deed, the Company’s management is headed by Mr. Widjaja Putra Tjoek (42) as director and he is assisted by Mr. Teddy Hartono (38) as commissioner. We don’t know much about their reputation in the business. We observed that their reputation in trading and processing of marine fish meal and canned sardines is not prominent.

Considering P.T. SARANA TANI PRATAMA is still relatively new management and it has never conducted any business activities, so we recommend to treat prudently in extending new loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.66
UK Pound	1	Rs.100.80
Euro	1	Rs.80.72

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NIS

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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