MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	P.T. PIGURA JASALINDO
Registered Office :	Jl. Binjai Km. 12 SP Kompos, Gg. Utama Dusun II No. 62/65, Puji Mulyo Sunggal, Deli Serdang, Medan North Sumatra
Country :	Indonesia
Date of Incorporation :	03.02.2006
Com. Reg. No.:	No. AHU-51831.AH.01.02.Tahun 2009
Legal Form :	Limited Liability Company
Line of Business :	· Exporter, Importer and distributor of agricultural products likes black pepper, palm cake, clove, cashew nut and other spices, bought from farmer in Sumatra, Java and others island of Indonesia. · Subject also imports garlic, peanut, dry chili, mung bean from China, Pakistan and India.
No of Employees :	28

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. PIGURA JASALINDO

Company Address

Head Office

Jl. Binjai Km. 12 SP Kompos,

Gg. Utama Dusun II No. 62/65

Puji Mulyo Sunggal,

Deli Serdang, Medan

North Sumatra

Indonesia

Phones - (62-61) 8459477, 845 4285

Fax. - (62-61) 8451214, 845 4286

Land Area - 4,500 sq. meters

Building Space - 2,200 sq. meters

Region - Industrial Zone

Status - Rent

Date of Incorporation

03 February 2006

Legal Form

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

Company Reg.No.

The Ministry of Law and Human Rights

a. No. C-09901.HT.01.01.TH.2006

Dated 06 April 2006

b. No. AHU-51831.AH.01.02.Tahun 2009

Dated 27 October 2009

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP No. 02.279.196.6-119.000

Related/Affiliated Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital - Rp. 1,000,000,000.-

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

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

Shareholders/Owners :

a. Mr. Muhammad Jawed Shaik - Rp. 490,000,000.- (98%)

Address : Jl. Murai VI No. 63, Komplek Tomang Elok

Kel. Simpang Tanjung, Medan

North Sumatra - Indonesia

b. Mr. Hasrul Harahap - Rp. 10,000,000.- ( 2%)

Address : Jl. Cempaka Gang Melati No. 23-A

Kel. Tanjung Gusta, Medan

North Sumatra - Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading, Export-Import and Distribution of Agriculture Products

Production Capacity :

None

Total Investment :

Owned Capital - Rp. 2.5 billion

Started Operation :

June 2006

Brand Name :

None

Technical Assistance :

None

Number of Employee :

28 persons

Marketing Area :

Domestic - 60%

Export - 40%

Main Customer :

a. Supermarkets

b. Traditional Market

c. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. DAKAI IMPEX

b. P.T. ALAM INDORAMA

c. C.V. BUMI DJAJA

d. P.T. ADI SAMPOERNO

e. C.V. PUTRA NUSA

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank MANDIRI Tbk

Medan Branch

North Sumatra

Indonesia

b. P.T. Bank CENTRAL ASIA Tbk

Medan Branch

North Sumatra

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2011 – Rp. 62.5 billion

2012 – Rp. 68.0 billion

2013 – Rp. 74.0 billion

Net Profit (estimated) :

2011 – Rp. 3.2 billion

2012 – Rp. 3.5 billion

2013 – Rp. 3.8 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Muhammad Jawed Shaikh

Board of Commissioners :

President Commissioner - Mr. Hasrul Harahap

Commissioner - Mrs. Fahmida Jawed

Signatories :

The Director (Mr. Muhammad Jawed Shaikh) which must be approved by the president commissioner (Mr. Hasrul Harahap) or commissioner (Mrs. Fahmida Jawed)

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

OVERALL PERFORMANCE

P.T. PIGURA JASALINDO (P.T. PJ) was established in Deli Serdang, Medan, North Sumatra based on Notarial Deed of Notary Kalam Liano, SH., No. 7 dated 3 February 2006 with an authorized capital of Rp. 1,000,000,000.- issued capital of Rp. 500,000,000.- entirely paid up. The founding shareholders are Mr. Muhammad Jawed Shaikh (98%), an Indonesian businessman of India extraction and Mr. Hasrul Harahap (2%), an indigenous businessman. The Deed of establishment has been approved by the Minister of Law and Human Right through its Decision Letter No. C-09901 HT.01.01.TH. 2006, dated April 6, 2006 and No. AHU-51831.AH.01.02.Tahun 2009 dated October 27, 2009. No changes have been effected in term of its shareholding composition and capital structures to date. We allege that currently the amount of capital invested by P.T. PJ has been much greater.

P.T. PJ has been in operation since June 2006 in trading, export-import and distribution of agricultural products. Mr. Ucok Harahap, a marketing staff of the company explained that the whole agricultural products likes black pepper, palm cake, clove, cashew nut and other spices, bought from farmer in Sumatra, Java and others island of Indonesia. Then, the whole products are exported to Europe Union, Pakistan and others. Besides, the company also imported of garlic, peanut, dry chili, mung bean from China, Pakistan and India. The whole products supplied to snack food industries and traditional market in Sumatra and Java Island. We observed that P.T. PJ is classified as a medium 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 agricultural products had increased some 10% to 11% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia. We consider P.T. PJ 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. PJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. PJ 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. 62.5 billion and increased to Rp. 68.0 billion in 2012 and rose again to Rp. 74.0 billion in 2012. The operation in 2013 yielded an estimated net profit at least Rp. 3.8 billion and the company has an estimated total networth at Rp. 13.0 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 is led out by Mr. Muhammad jawed Shaikh (46), a businessman who experienced for more than 12 years in the field of trading, export import and distribution of agricultural products. We observed that management’s reputation in said business is fairly good. 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. PIGURA JASALINDO 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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

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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