MIRA INFORM REPORT

Report Date :

18.09.2014

IDENTIFICATION DETAILS

Name :	P.T. ANUGERAH SAKTI

Registered Office :	Jalan Gunung Sahari III Block C – 1 No. 8 Jakarta Pusat, 10610

Country :	Indonesia

Date of Incorporation :	August 2010

Com. Reg. No.:	No. AHU-AH.01.10-40799

Legal Form :	Limited Liability Company

Line of Business :	Garment Manufacturing

No. of Employees	220 persons

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Indonesia

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

BASIC SEARCH

Name of Company :

P.T. ANUGERAH SAKTI

Address :

Head Office

Jalan Gunung Sahari III Block C – 1 No. 8

Jakarta Pusat, 10610

Indonesia

Phones - (62-21) 4219040, 4219041

Fax - (62-21) 4219208

Building Area - 2 storey

Office Space - 120 sq. meters

Region - Commercial

Status - Rent

Factory

Jalan Tenjo Ayu, RT. 02 RW. 04

Desa Tenjo Ayu, Kecamatan Cicurug

Sukabumi

West Java

Indonesia

Land Area - 7,000 sq. meters

Building Space - 2,600 sq. meters

Region - Industrial Zone

Status - Rent

Date of Incorporation :

August 2010

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

- No. AHU-39068.AH.01.02.TH.2012

Dated 19 July 2012

- No. AHU-AH.01.10-40799

Dated 3 October 2013

Company Status :

National Private Company

Permit by the Government Department :

The Department of Finance

NPWP No. 02.269.549.8-027.001

Related 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. Ganesh Subash - Rp. 260,000,000.-

Address : Jl. Batu Tulis No. 17

Kelurahan Kebon Kelapa, Kecamatan

Gambir, Jakarta Pusat

Indonesia

b. Mr. Sugeng Hariyadi - Rp. 240,000,000.-

Address : Jl. Pisangan Lama, RT. 012 RW. 003

Kelurahan Pisangan Lama, Kecamatan

Jatinegara, Jakarta Timur

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Garment Manufacturing

Production Capacity :

a. Shirts - 12,000 dozens p.a.

b. Blouses - 12,000 dozens p.a.

Total Investment :

Owned Capital - Rp. 1.0 billion

Started Operation :

2011

Brand Name :

Anugerah Sakti

Technical Assistance :

None

Number of Employee :

220 persons

Marketing Area :

Local - 100%

Main Customer :

Matahari, Ramaya Department Store

Market Situation :

Very Competitive

Main Competitors :

a. P.T. CITA KARTIKA GARMINDO

b. P.T. DERIAN MITRAUSAHA UTAMA

c. P.T. DWI TUNGGAL MANDIRI GARMINDO

d. P.T. ELOK WARNA SEJATI

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. Bank CENTRAL ASIA Tbk

Jalan Gunung Sahari 45

Jakarta Pusat

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2011 – Rp. 21.7 billion

2012 – Rp. 23.0 billion

2013 – Rp. 24.0 billion

Net Profit (estimated) :

2011 – Rp. 1.3 billion

2012 – Rp. 1.5 billion

2013 – Rp. 1.6 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mrs. Ratih Andriyanti

Director - Mr. Sugeng Hariyadi

Board of Commissioners :

Commissioner - Mr. Ganesh Subash

Signatories :

President Director (Mrs. Ratih Andriyanti) or the Director (Mr. Sugeng HAriyadi) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Good

Credit Risk :

Average

OVERALL PERFORMANCE

P.T. ANUGERAH SAKTI (P.T. AS) was set-up in Jakarta in August 2010 by Mr. Ganesh Subash and Mr. Sugeng Hariyadi, both are indigenous businessmen of Indian descents. Based on notary documents of Mr. Haji Feby Rubein Hidayat, SH., No. 05 dated 13 September 2013 the company authorized capital was amounted at Rp. 1,000,000,000 issued capital of Rp. 500,000,000 fully and paid up. With this time the latest composition of its shareholders is Mr. Ganesh Subash (52%) and Mr. Sugeng hariyadi (48%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-40799 dated October 3, 2013.

P.T. AS is a national private company started to be operating since 2011 engaged in the filed of garment manufacturing. The company manages a plant located at Jalan Tenjo Ayu, Tenjo Ayu Village, Cicurug district, Sukabumi, West Java standing on 7,000 sq. meters land. According information from Mrs. Ratih Andriyanti, President Director of the company explained the company produces of shirts and blouses for men’s and women’s based on job order basis from customers in the country and overseas. Previously some of the products is exported to Singapore, Europe and the USA. However since the global economic crisis most of the products marketed locally based on job orders. She also added that some of the basic materials like textile (fabrics) is imported from Thailand, India, China, Hong Kong and other countries. Mrs. Ratih Andriyanti also explained the whole textile fabrics imported with the best and high quality products. Currently whole of the shirts and blouses produces by using STANLEY ADAMS, AEXNMIN and AMINEM brands and supplied to Matahari Department Store and Ramayana Department Store. We observe that P.T. AS is classified a small size company of its kinds with operation has been growing and developing well in the last three years.

The textile and textile product (TTP) industry is one of the industries that has contrived to with stand the protracted global economic crisis. At a time when the average national industrial utilization rate fell to under 20% in 2008, TTP plants on the other hand were operating at an utilization rate of above 81.6%. This was attributable to the ability of textile and garment producers to maintain the utilization rate of plants at a high level by aggressively stepping up exports. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327,300 tons (US$ 4,351.9 million) in 2004 to 369,500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010 rose to 450,900 ton (US$ 7,801.5 million) in 2011 decline to 450,200 tons (US$ (7,304.8 million) in 2012 and increased to 470,200 tons (7,501.0 million) in 2013.

The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010 decreased to 1,493.3 tons (US$ 5,563.3 million) in 2011 increase to 1,508.5 tons (US$ 5,278.1 million) in 2012 increased to 1,633.1 tons (US$ 5,293.6 million) in 2013. The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. While this year’s the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 2013 are pictured on the following table.

Year

Garment

Textile Products

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

450.9

450.2

470.2

3,887.2

4,037.9

4,351.9

4,967.0

5,608.1

5,712.9

6,092.2

5,735.6

6,598.0

7,801.5

7,304.8

7,501.0

1,425.9

1,307.5

1,300.4

1,427.3

1,477.8

1,473.6

1,312.2

1,369.6

1,525.9

1,493.3

1,508.5

1,633.1

3,075.9

3,064.6

3,354.6

3,704.0

3,908.6

4,178.0

4,127.9

3,602.8

4,721.8

5,563.3

5,278.1

5,293.6

Source: Central Bureau of Statistic

Until this time P.T. AS has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2011 amounted to Rp. 21.7 billion rose to Rp. 23.0 billion in 2012 to Rp. 24.0 billion in 2013 and projected to go on rising by at least 6% in 2014. The operation in 2013 has yielded a net profit of at least Rp. 1.6 billion. 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 management of P.T. AS is led by Mrs. Ratih Andriyanti (45) a professional manager with experience in garment manufacturing and trading. In her daily activity he is assisted by Mr. Sugeng Hariyadi (54) as Director. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. ANUGERAH SAKTI is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.95
UK Pound	1	Rs.99.32
Euro	1	Rs.78.97

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	SDA

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.