MIRA INFORM REPORT

Report Date :

18.02.2014

IDENTIFICATION DETAILS

Name :	P.T. JAPFA COMFEED INDONESIA TBK
Registered Office :	Wisma Milenia, 7th floor, Jl. M.T. Haryono Kav. 16, Jakarta 12810
Country :	Indonesia
Financials (as on) :	30.09.2013
Year of Establishment :	1997
Com. Reg. No.:	AHU-AH.01.10-11682
Legal Form :	Public Listed Company
Line of Business :	· Animal Feed Milling · Plastic Bag Manufacturing · Investment Holding
No of Employees :	16,191

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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. JAPFA COMFEED INDONESIA TBK

Address :

Head Office

Wisma Milenia, 7th floor

Jl. M.T. Haryono Kav. 16

Jakarta 12810

Phones - (021) 285 45680 (hunting), 285 45640 (hunting)

Fax. - (021) 285 45638, 831 0309, 837 81041

Email - corsec@japfacomfeed.co.id

Website - http://www.japfacomfeed.co.id

Regional Offices

a. Wisma JCI, 4th Floor

Jl. HRM Mangundirpojo Km. 3,5

Sidoarjo 61252

East Java, Indonesia

b. Jl. Veteran No. 242

Purwakarta 41115

West Java

Indonesia

c. Jl. Ir. Sutami Km. 9

Campang Raya, Tanjung Karang Timur

Bandar Lampung 35122

South Sumatra, Indonesia

Factories

a. Jl. Ir. Sutami Km. 9

Campang Raya, Tanjung Karang Timur

Bandar Lampung 35122

South Sumatra, Indonesia

b. Jl. A. Yani No. 31

Cirebon 45133

West Java, Indonesia

c. Jl. Raya Serang Km. 14,2, Cikupa

Tangerang 15001

Banten Province, Indonesia

d. Jl. Ir. Sutami Km. 17 (Poros Jl. Tol)

Makassar

South Sulawesi, Indonesia

e. Jl. Medan – Tanjung Morawa Km. 12,8

Deli Serdang, Medan

North Sumatra, Indonesia

f. Jl. Raya Duyungan Km. 4,5

Sidoharjo, Sragen 57281

Central Java, Indonesia

g. Jl. Raya Semarang – Purwodadi Km.40

Desa Harjowinangun, Godong 58162

Central Java, Indonesia

h. Kawasan Industri Padang K. NS.10

Nagari Kasang, Batang Anai

Padang Pariaman

West Sumatra, Indonesia

i. Jl. A. Yani Km. 35,5

Desa Nusa Indah, Kec. Bati-bati

Banjarmasin, South Kalimantan

j. Jl. Raya Rangkas Bitung Km. 3,2

Cikande, Serang 42186

Banten, Indonesia

k. Raya Tebel Km. 3,8

Gedangan, Sidoarjo 61254

East Java, Indonesia

l. Jl. Margomulyo No. 36-38

Surabaya, East Java

Indonesia

m. Jl. Raya Sadang – Subang Km. 15,2

Cibatu, Purwakarta

West Java, Indonesia

Date of Incorporation :

a. 18 January 1971 as P.T. JAVA PELETIZING FACTORY

b. In 1989 as P.T. JAPFA COMFEED INDONESIA

c. In 1997 as P.T. JAPFA COMFEED INDONESIA Tbk

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. YA-5/39/8

Dated 4 October 1972

b. No. AHU-33535.AH.01.02.TH.2012

Dated 29 June 2012

b. No. AHU-AH.01.10-21613

Dated 14 June 2012

d. No. AHU-AH.01.10-11682

Dated 02 April 2013

Company Status :

Foreign Investment Company (PMA)

Permit by the Government Department :

a. The Department of Finance

NPWP No. 01.002.845.4-092.000

b. The Capital Investment Coordinating Board

- No. 10/V/1982

Dated 25 June 1982

- No. 15/II/PMDN/1990

Dated 10 January 1990

- No. 205/II/PMDN/1991

Dated 31 October 1991

- No. 17/II/PMDN/1992

Dated 11 February 1992

c. The Capital Market Supervisory Agency

- No. SI-046/SHM/MK.10/1989

Dated 31 August 1989

- No. S-139/PM/1990

Dated 8 February 1990

- No. S-1149/PM/1991

Dated 26 July 1991

Related/Affiliated Companies :

A Member of the JAPFA COMFEED Group

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 3,000,000,000,000.-

Issued Capital - Rp. 1,666,250,182,000.-

Paid up Capital - Rp. 1,666,250,182,000.-

Shareholders (as of June 30, 2013) :

a. JAPFA HOLDINGS Pte. Ltd., (formerly Molvolia Pte. Ltd.) - 57.51%

b. COUTTS and Co. Ltd., of Singapore - 6.33%

c. Public - 35.97%

d. Treasury Stock - 0.19%

BUSINESS ACTIVITIES

Lines of Business :

a. Animal Feed Milling

b. Plastic Bag Manufacturing

d. Investment Holding

Production Capacity :

Animal Feed

a. Tangerang Factory - 300,000 tons p.a.

b. Cirebon Factory - 30,000 tons p.a.

c. Sidoarjo Factory - 300,000 tons p.a.

d. Bandar Lampung Factory - 30,000 tons p.a.

e. Surabaya Factory - 100,000 tons p.a.

Fish/Shrimp Feed

- Sidoarjo Factory - 18,000 tons p.a.

Chicken Farming

a. Eggs - 31,200,000 pcs. p.a.

b. Layers - 240,000 heads p.a.

Others

a. Plastic Woven Bags - 2,400 tons p.a.

b. Dried Corn - 25,000 tons p.a.

Total Investment :

a. Owned Capital - Rp 4,916.1 billion

b. Loan Capital - Rp 3,129.6 billion

c. Total Investment - Rp 8,045.7 billion

Started Operation :

1973

Brand Name :

JAPFA COMFEED

Technical Assistance :

JAPFA HOLDINGS Pte. Ltd., (formerly Molvolia Pte. Ltd.) of Singapore

Number of Employee :

16,191 persons (as of Sept. 30, 2013)

Marketing Area :

Domestic - 100%

Main Customers :

a. P.T. KRAKSAAN WINDU

b. P.T. ARTHA LAUTAN MULYA

c. P.T. BUMIASRI LESTARI

d. P.T. MULTIBREEDER ADIRAMA INDONESIA Tbk.

e. P.T. MULTIPHALA ADIPUTRA

f. P.T. HIDON

g. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. METRO FEED INDONESIA

b. P.T. CHAROEN POKPHAN INDONESIA

c. P.T. MULTI DARANA PAKANINDO

d. P.T. MITRA MANGGALINDO

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank DANAMON Tbk

Wisma Bank DANAMON

Jl. Jend. Sudirman Kav. 45-46

Jakarta Selatan

b. P.T. Bank CENTRAL ASIA Tbk

Menara BCA

Jl. M.H. Thamrin No. 12

Jakarta Pusat

c. CREDIT SUISSE AG

Singapore Branch

Singapore

Auditor :

Mulyamin Sensi Suryanto & Lianny (a member of Moore Stephens)

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales :

2010 – Rp. 13,955.8 billion

2011 – Rp. 15,633.1 billion

2012 – Rp. 17,832.7 billion

2013 – Rp. 15,977.2 billion (as of 30 September 2013)

Net Profit (Loss) :

2010 – Rp. 1,091.3 billion

2011 – Rp. 671.5 billion

2012 – Rp. 1,074.6 billion

2013 – Rp. 818.9 billion (as of 30 September 2013)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Handojo Santosa

Vice Pres. Director - Mr. Bambang Budi Hendarto

Directors - a. Mr. Ignatius Herry Wibowo

b. Mr. Tan Yong Nang

c. Mr. Rachmat Indrajaya

Board of Director :

President Commissioner - Mr. Syamsir Siregar

Vice Pres. Commissioner - Mr. Hendrick Kolonas

Independent Commissioner - Mrs. Retno Astuti Wibisono

Signatories :

President Director (Mr. Handojo Santosa) or Vice Pres. Director (Mr. Bambang Budi Hendarto) or one of directors (Mr. Ignatius Herry Wibowo, Mr. Tan Yong Nang or Rachmat Indrajaya) which must be approved by Board of Commissioners.

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Below average

Credit Recommendation :

Credit can be proceeded normally

OVERALL PERFORMANCE

Initially named P.T. JAYA PELLETIZING, the company was set up in 1971 with an authorized capital of US$ 500,000.- of which US$ 50,000.- was issued and fully paid up. The founding shareholders of the company are PT. Perusahaan Dagang dan Industri OMETRACO of Indonesia and N.V. INTERNATIONAL GRAANHANDEL THEGRA of the Netherlands. The Deed of establishment was approved by the Ministry of Justice of the Republic Indonesia in its Decision Letter No. Y.A.5/39/8 dated October 4, 1972. Its articles of association have subsequently been changed for several times. In 1987 the authorized capital was raised and converted into Rp 25,000,000,000.- of which Rp 16,000,000,000.- was issued and fully paid up. In September 1989 it became a public listed company by selling its 25% shares to public through the Jakarta Stock Exchange and in December 1989 it was renamed P.T. JAPFA COMFEED INDONESIA. Since 1991 the authorized capital was raised to Rp 200,000,000,000.- of which Rp 148,941,466,000.- was issued and fully paid up. In mid-1997 a world Terbuka (Tbk) was added behind its name to comply with new law on publicly listed company to P.T. JAPFA COMFEED INDONESIA Tbk., is abbreviated P.T. JCIT.

Based on Notarial Deed No. 87 dated June 7, 2012 of Dr. Irawan Soerodjo, SH., a notary in Jakarta, concerning the merger of PT. Multibreeder Adirama Indonesia Tbk., PT. Multiphala Adiputra and PT. Hidon to the Company. The amendment of Deed was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-33535.AH.01.02.dated June 19, 2012.

Latest, pursuant to annual report of the company, as of September 30, 2013 the authorized capital was raised to Rp 3,000,000,000,000.- of which Rp 1,666,250,182,000.- was issued and fully paid up. The shareholders of the company are JAPFA HOLDINGS Pte. Ltd. (formerly Molvolia Pte. Ltd.) of Singapore (57.51%), COUTTS and Co. Ltd., of Singapore (6.33%), Public (35.97%) and Treasury Stock (0.19%). No changes have been effected in term of its shareholding composition and capital structures to date.

P.T. JCIT (the Company) started commercial production in 1971 with its main products being copra pellets. At first it only managed a plant located on Jalan Nilam Barat No. 5-9, Surabaya, East Java. In 1989 it took over all assets/plants of some companies in its owned groups including P.T. COMFEED INDONESIA with 2 plants each located at Sidoardjo, East Java, and Tangerang, West Java; P.T. OMETRACO SATWAFEED with its plant in Cirebon, West Java, P.T. INDOPELL RAYA with its plant in Lampung, and P.T. SURI TANI PEMUKA with its plant in Sidoarjo, East Java. P.T. JCIT also controls the whole assets of P.T. DHARMA NESWARA, a plastic bag manufacturer located on Jalan Tifar Km. 0.6, Cakung, East Jakarta. In 1992, the company took over a poultry breeding and processing business whose commercial production had started in 1985, as well as shrimp pond and shrimp processing facilities.

In 2003, the Company began its program of regional expansion in Indonesia, beginning with the opening of a new feed-mill in Makassar in 2003 and followed by the expansion of its chicken breeding facilities in Samarinda, Palembang and Manado in 2004. In 2005, a number of the Company’s feed-mills located in Sidoarjo, Medan, Tangerang, Cirebon and Lampung successfully obtained ISO 9001:2000 certifications.

The Company issued Rp 500 billion of JAPFA I Bonds in 2007. The bonds attracted a lot of demand and were 50 percent oversubscribed. A portion of the proceeds from the bonds issuance were used to fund the construction of two feed mills in Padang and South Kalimantan that were completed in 2008. In December 2007, the Company through its subsidiary PT. Multibreeder Adirama Indonesia Tbk., purchased the shares of PT. Hidon, a company with hatchery and breeding farm businesses.

On January 15, 2008, The company acquired PT. Santosa Agrindo, the largest beef cattle feedlot operator in South East Asia. On September 3, 2008, the Company, through its subsidiary PT. Ciomas Adisatwa, acquired PT. Vaksindo Satwa Nusantara, a company that produces poultry and animal vaccines. PT. Vaksindo is one of only three companies in Indonesia with the facilities to undertake research on the H5NI virus.

On December 1, 2009, the Company has been effectively merged with PT. Multi Agro Persada (MAP), a producer and distributor of animal feed. Through this merger, better business synergy – both operationally and financially – was achieved. In 2011, the Company issued Rp 1,500 billion of Rupiah Denominated Continuous JAPFA I Bonds. The bonds were declared effective by the Capital Markets Supervisory Agency (Bapepam) on December 29, 2011, with the bond proceeds received in January and February 2012.

In 2012, the Company maintained its focus on Agribusiness by merging with PT. Multibreeder Adirama Indonesia Tbk., (MBAI), a subsidiary of the Company, and also with PT. Multiphala Adiputa (MPA) and PT. Hidon, both are subsidiaries MBAI. The merger has led to greater integration and synergies through better operation performance. This merger became effective on July 1, 2012.

Pursuant to Annual Report of the Company, in the year ended September 30, 2013, P.T. JCIT has ownership interest of more than 50% shares directly and indirectly in the following subsidiaries which are engaged in poultry farming, trading and processed chicken, production and distribution of poultry feed, chicken feather meal and others. The table of P.T. JPIT’s subsidiary companies shall be as follows:

(In Rp million)

Name of Subsidiary	Lines of Business	Year of Incorporation	% of Ownership	Total Assets (30 Sept. 2013)
PT. Suri Tani Pemuka	Production of shrimp feed and farming, cold storage and shrimp hatchery	1987	100.00	1,966,421
- PT. Kraksaan Windu	Shrimp farming	1991	100.00	3,885
- PT. Artha Lautan Mulya	Shrimp farming	1992	99.55	37,081
- PT. Bumiasri Lestari	Shrimp farming	1989	60.00	6,181
- PT. Iroha Sidat Indonesia	Shrimp farming	1989	60.00	106,360
PT. Ciomas Adisatwa	Trading, commercial farm and chicken slaughter house	1998	100.00	2,253,098
- PT. Japfa Indoland	Real estate	1992	100.00	374,734
- PT. Tretes Indah Permai	Real estate	1995	100.00	6,921
- PT. Jakamitra Indonesia	Real estate	2010	70.00	419,151
- PT. Indonesia Pelleting	Pellets Mfg (dormant)	1967	99.00	116
- PT. Japfa Food Nusantara	Foods Mfg (dormant)	1997	100.00	1,983
- PT. Wabin Jayatama	Plantation and farming	1988	100.00	20,371
- PT. Vaksindo Satwa Nusantara	Production of vaccine	1981	100.00	118,294
- Apachee Pte. Ltd., Singapore	Transportation services	2010	100.00	55,379
- PT. Adiguna Bintang Lestari	Commercial farm	2010	100.00	9,621
- PT. Bhirawa Mitra Sentosa	Transportation services	1999	100.00	41,264
- PT. Agrinusa Jaya Sentosa	Production of vaccine	2008	100.00	206,255
PT. EMKL Bintang Laut Timur	Transportation services	1974	100.00	14,199
PT. Indojaya Aginusa	Animal feeds manufacturing	1997	50.00	854,735
PT. Santosa Agrindo	Trading, cattle breeding and cattle slaughter house	1991	100.00	694,145
- PT. Austasia Stockfeed	Trading, cattle breeding and production of animal feeds	1973	100.00	260,637
- Japfa Santori Australia Pty. Ltd.	Trading, cattle breeding and cattle slaughter house	2013	100.00	0.11
Comfeed Finance B.V	Investment	2013	100.00	2,646,178
Comfeed Trading B.V.	Investment	2013	100.00	2,624,695

According to financial statement the total sales turnover of P.T. JCIT in 2010 amounted to Rp 13,955.8 billion with a net profit of Rp 1,091.3 billion, increased to Rp 15,633.1 billion with a net profit of Rp 671.5 billion in 2011 and rose again to Rp 17,832.7 billion with a net profit of Rp 1,074.6 billion in 2012. As of September 30, 2013, its total sales turnover was Rp. 15,977.2 billion with a net profit of Rp. 818.9 billion. The Company’s consolidated statements of financial position, in the year ended December 31, 2010, 2011, 2012 and as of 30 September 2013 are attached. So far, we have never heard that P.T. JCIT has been black listed by Bank Indonesia (Central Bank) or involved in detrimental cases being settled in the local court.

The management of P.T. JCIT is led by Mr. Handojo Santosa (50) as president director, a professional manager of Indonesia. He is a son of the late Mr. Fery Teguh Santosa AKA Kang Som Tjiang and the late Mrs. Carla Widjaja AKA Tan Loen Nio, both the founder of the OMETRACO Group. The late Carla Widjaja is a younger sister of Mr. Eka Tjipta Widjaja AKA Oei Ek Tjhong, the founder of the SINAR MAS Group. In daily activities, he is assisted by Mr. Bambang Budi Hendarto (69) as Vice President Director, Mr. Ignatius Herry Wibowo (65), Mr. Tan Yong Nang (53) and Mr. Rachmat Indrajaya (47), third as directors respectively. The management reputation is the above business is excellent. The management maintains wide relation with home and overseas private businessmen. So far, we have never yet heard of the company’s management having been involved in business malpractices.

P.T. JCIT is appraised to be good for business transaction. However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.

P.T. JAPFA COMFEED INDONESIA Tbk, AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

December 31, 2010, 2011, 2012 and as of 30 September 2013

(in million Rp )

DESCRIPTION	30 Sept. 2013	31 December
		2012	2011	2010
1. ASSETS
a. Current Assets
- Cash and cash equivalent	1,632,687	872,441	827,444	762,187
- Short-term investments	13,283	13,283	11,283	52,366
- Trade receivable
* Related parties	157,092	45,459	48,142	--
* Third parties	898,083	859,575	630,573	803,358
- Other account receivable	79,585	51,965	47,414	37,36 3
- Inventories - net	4,160,002	3,634,152	2,640,526	2,185,129
- Breeding chickens	508,079	409,948	382,422	323,246
- Advances	765,154	295,358	145,778	192,382
- Prepaid taxes	124,078	219,036	173,389	42,871
- Prepaid expenses	61,238	28,283	25,329	36,312
Total Current Assets	8,399,281	6,429,500	4,932,300	4,435,214
b. Non-current Assets
- Restricted cash in bank	1,299	1,806	2,982	2,287
- Deferred tax assets	123,685	113,819	73,382	70,864
- Goodwill	70,013	70,013	70,013	1,345
- Plantations - net	2,287	2,235	2,267	2,371
- Breeding cattle	151,406	162,130	140,835	117,349
- Investments properties - net	45,726	46,035	50,880	75,768
- Property, plant and equipment - net	4,703,259	4,064,770	2,933,581	2,224,592
- Unused assets - net	8,329	10,832	2,832	3,371
- Real estate assets	22,143	19,542	17,990	19,318
- Intangible assets - net	--	--	--	3,780
- Other assets	41,390	40,782	39,355	24,848
Total Non-Current Assets	5,169,537	4,531,964	3,334,117	2,545,893
TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY	13,568,818	10,961,464	8,266,417	6,981,107
2. LIABILITIES AND EQUITY
a. Current Liabilities
- Short-term bank loans	1,683,431	2,284,599	1,799,804	700,403
- Trade account payables
* Related parties	57,746	186,294	346	--
* Third Parties	540,329	370,595	313,758	412,127
- Other account payables
* Third parties	127,907	99,431	47,704	41,882
- Taxes payable	66,176	99,350	36,821	133,027
- Accrued expenses	177,532	109,985	73,190	150,733
- Advances received	42,884	30,729	43,136	51,648
- Current portion of long-term liabilities	425,630	334,847	276,969	195,411
- Liability for the purchase of fixed assets	4,379	4,334	7,415	1,343
- Lease liabilities	3,610	3,727	1,5821,240	140
- Bonds payable	--	--	499,266	--
Total Current Liabilities	3,129,624	3,523,891	3,099,991	1,686,714
b. Non-Current Liabilities
- Deferred tax liabilities – net	34,885	34,431	34,270	9,970
- Long-term employee benefits liability	615,297	534,062	427,653	365,245
- Negative goodwill - net	--	--	--	76,098
- Long-term liabilities – net
* Long-term loans	346,991	610,648	914,495	861,876
* Liability for the fixed assets	453	1,176	3,421	638
* Lease liabilities	5,861	4,216	1,240	160
- Bonds payable	4,019,112	1,489,713	--	497,756
Total Non-Current Liabilities	5,023,112	2,674,246	1,381,079	1,807,526
3. EQUITY
- Issued and Paid up Capital	1,666,250	1,666,250	1,605,878	1,605,878
- Additional Paid up Capital	895,615	579,383	426,227	426,227
- Treasury stocks – 4,064,948 shares	(17,717)	(17,717)	--	--
- Retained Earning
* Appropriated	150,000	120,000	104,000	80,000
* Un-appropriated	2,204,436	1,680,363	864,308	955,555
- Difference in value arising	--	316,232	316,232	(15,971)
- Other equity components	17,778	4,143	1,287	22,592
- Non-controlling interest	499,720	414,673	467,415	412,586
Total Equity	4,916,082	4,763,327	3,785,347	3,074,281
3. INCOME STATEMENT
a. Net Sales	15,977,162	17,832,702	15,633,068	13,955,792
b. Cost of Goods Sold	(12,947,400)	(14,648,797)	(13,072,723)	(10,906,624)
c. Gross Profit	3,029,762	3,183,905	2,560,345	3,049,168
d. Operating Expenses	(1,966,662)	(1,819,014)	(1,688,036)	(1,612,313)
g. Profit Before Income Tax	1,063,100	1,364,891	872,309	1,436,855
h. Income Tax Expanse	(244,176)	(290,314)	(200,835)	(345,576)
i. Net Profit (Loss)	818,924	1,074,577	671,474	1,091,279

Notes: Audited by Mulyamin Sensi Suryanto & Lianny (a member of Moore Stephens)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.95
UK Pound	1	Rs. 104.02
Euro	1	Rs. 84.95

INFORMATION DETAILS

Report Prepared by :

DPT

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.