MIRA INFORM REPORT

Report Date :

17.06.2014

IDENTIFICATION DETAILS

Name :	P.T. TRICAHAYA MITRATAMA
Registered Office :	Jl. Raya Sukabumi No. 47, Caringin, Bogor 16730, West Java
Country :	Indonesia
Year of Establishments :	02.12.1993
Com. Reg. No.:	AHU-AH.01.10-02491
Legal Form :	Limited Liability Company
Line of Business :	Engaged in Trading, Export and Distribution of brooms and Brooms Materials such as Brooms Shorgum, Injuk, Rayung, Palmyra, Dowel Sticks, Bamboo, Lakop, Carton Box & Nylon Yarns
No of Employees :	20

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Indonesia	B1	B1

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. TRICAHAYA MITRATAMA

company Address

Head Office

Jl. Raya Sukabumi No. 47

Caringin, Bogor 16730

West Java

Indonesia

Phones - (62-251) 824 1631, 824 6532

Fax. - (62-251) 824 5923

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial

Status - Owned

Date of Incorporation

02 December 1993

Legal Form

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

Company Reg.No.

The Ministry of Law and Human Rights

a. No. C2-5380.HT.01.01.Th.95

Dated 02 May 1995

b. No. AHU-02577.AH.01.02.Tahun 2010

Dated 18 January 2010

c. No. AHU-AH.01.10-02491

Dated 02 February 2010

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.626.971.4-404.000

Related/Affiliated Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

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

Issued Capital - Rp. 500,000,000.-

Paid up Capital - Rp. 500,000,000.-

Shareholders/Owners :

a. Mrs. Ekastuti Widianingrum - Rp. 450,000,000.- (90%)

Address : Jl. Aster VI No.1, RT.004/RW.003

Pakuan Bogor Selatan, Bogor

West Java - Indonesia

b. Mr. Yuwana Patriawarman - Rp. 50,000,000.- (10%)

Address : Jl. Kartini No.44, RT.04/RW.03

Gombong, Kebumen

Centrl Java - Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Engaged in Trading, Export and Distribution of brooms and Brooms Materials such as Brooms Shorgum, Injuk, Rayung, Palmyra, Dowel Sticks, Bamboo, Lakop, Carton Box & Nylon Yarns

Production Capacity :

None

Total Investment :

Owned Capital - Rp. 1.5 billion

Started Operation :

1994

Brand Name :

Tricahaya Mitratama

Technical Assistance :

None

Number of Employee :

20 persons

Marketing Area :

Domestic - 20%

Export - 80%

Main Customer :

a. Supermarkets

b. Traditional Market

c. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. SORGUM TANI BARU

b. P.T. CAHAYA TERANG MAYALINDO

c. C.V. KEMBAR BINA USAHA

d. U.D. ADI PUTRA JAYA

e. U.D. RAYUNG PELANGI

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

Bogor Branch

Jl. Ir. H. Juanda No. 28

Bogor, West Java

Indonesia

b. P.T. Bank MANDIRI Tbk

Bogor Branch

Jl. Ir. H. Juanda No. 12

Bogor, West Java

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2011 – Rp. 9.6 billion

2012 – Rp. 10.9 billion

2013 – Rp. 12.4 billion

Net Profit (estimated) :

2011 – Rp. 608 million

2012 – Rp. 690 million

2013 – Rp. 780 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mrs. Ekastuti Widianingrum

Board of Commissioners :

Commissioner - Mr. Yuwana Patriawarman

Signatories :

The Director (Mrs. Ekastuti Widianingrum) which must be approved by the board of commissioner (Mr. Yuwana Patriawarman)

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Below Average

OVERALL PERFORMANCE

P.T. TRICAHAYA MITRATAMA (P.T. TM) was established in Bogor, West Java based on Notarial Deed of Notary Heru Warsito, SH., No. 1 dated December 2, 1993 with an authorized capital of Rp. 30,000,000.- entirely was issued and fully paid up. The founding shareholders are Mrs. Ekastuti Widianingrum (90%) and Mr. Drs. Juju Hasanputra (10%), both are indigenous business persons. The Deed of establishment has been approved by the Minister of Law and Human Right through its Decision Letter No. C2-5380.HT.01.01.Th.95 dated May 2, 1995.

The articles of association of the company have frequently been revised, most recently by notarial deed of Rusdiana, SH., No. 01 dated December 03, 2009 the authorized capital was raised again to Rp. 500,000,000.- entirely was issued and fully paid up. Since the time, the shareholders of the company are Mrs. Ekastuti Widianingrum (90%) and Mr. Yuwana P{atriawarman (10%). The amendment to Article of Association has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-02577.AH.01.02.Tahun 2010 dated January 18, 2010 and No. AHU-AH.01.10-02491 dated February 2, 2010.

P.T. TM has been in operation since 1994 in trading, export and distribution of brooms and brooms materials. Mr. Triyadi, a marketing staff of the company explained that the brooms and broom materials likes brooms shorgum, injuk, rayung, palmyra, dowel sticks, bamboo, lakop, carton box & nylon yarns, bought from broom home industries in Bogor, Sukabumi, Tasikmalaya and other cities in West Java and Central Java. Then, the whole products are exported to Japan, South Korea, Malaysia and others. Besides, the company also imported of agriculture products like garlic, peanut, dry chili from China and India. The whole products supplied to snack food industries and traditional market in West Java and Central Java. We observed that P.T. TM is classified as a small sized company of its kind in the country of which the operation has been growing in the last three years.

We have noticed that the demand for brooms and agricultural products had increased some 10% to 11% per annum in the last five years in line. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for brooms and agricultural products is very competitive for a large number of similar companies operating in the country. We consider P.T. TM to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.

Until this time P.T. TM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. TM is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that total sales turnover of the company in 2011 amounted of Rp. 9.6 billion and increased to Rp. 10.9 billion in 2012 and rose again to Rp. 12.4 billion in 2013. The operation in 2013 yielded an estimated net profit at least Rp. 780 million and the company has an estimated total networth at Rp. 1.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2014. 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.

The company’s management is headed by Mrs. Ekastuti Widianingrum (48), a businesswoman who experienced for more than 18 years in the field of trading, export and distribution of brooms and brooms materials. In daily activities, she is assisted by Mr. Yuwana Patriawarman (45) as commissioner and a number of professional staffs and expert in the business. The company has had wide relation in the realm of the private businessmen inside and outside the country. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice 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. TRICAHAYA MITRATAMA is sufficiently fairly good for business transaction. However, in view of the political situation in the country is warming we recommend to treat prudently in extending a loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.00
UK Pound	1	Rs. 101.99
Euro	1	Rs. 81.25

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%)

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