MIRA INFORM REPORT

Report No. :	325002
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	P.T. ASTANA SHOGA ASIA
Registered Office :	Jl. Jaksa Agung Suprapto No. 55A, RT.003, RW.004, Kauman Nganjuk, East Java
Country :	Indonesia
Date of Incorporation :	08.11.2013
Com. Reg. No.:	AHU-64143.AH.01.01
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in trading, export and distribution of agricultural products
No. of Employee :	8

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Indonesia	A2	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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

Company Name

P.T. ASTANA SHOGA ASIA

Address

Head Office

Jl. Jaksa Agung Suprapto No. 55A, RT.003, RW.004

Kauman Nganjuk, East Java

Indonesia

Phones - (62-857) 9024 4038

Fax - (62-857) 9024 4039

Building Area - 2 storey

Office Space - 260 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation

08 November 2013

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

No. AHU-64143.AH.01.01.Tahun 2013

Dated 09 December 2013

Company Status

National Private Company

Permit by the Government Department

The Department of Finance

NPWP – not available

Related Company

None

CAPITAL AND OWNERSHIP

Capital Structure :

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

Issued Capital - Rp. 250,000,000.-

Paid up Capital - Rp. 250,000,000.-

Shareholders/Owners :

a. Mr. Ir. H. Nur Wisnu Ardono - Rp. 150,000,000.- (60%)

Address : Perumnas Candirejo Blok F8,

Kel. Candirejo, Kec. Loceret

Nganjuk, East Java

Indonesia

b. Mr. Timur Pradopo - Rp. 20,000,000.- ( 8%)

Address : PerumTosari Indah Perdada G-30

Kel. Tosaren, Kec. Pesantren

Kediri, East Java

Indonesia

c. Mr. Jauhar Yohanis - Rp. 17,500,000.- ( 7%)

Address : Dusun Nglerep, RT.004, RW.001

Kel. Trayang, Kec. Noronggol

Nganjuk, East Java

Indonesia

d. Mr. Sholihuddin - Rp. 62,500,000.- (25%)

Address : Jl. Sudiro Gayam Timur,

Kel. Gayam, Kec. Gurah

Kediri, East Java

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

Trading, Export and Distribution of Agricultural Products

Production Capacity :

None

Total Investment :

Owned Capital - Rp. 250 million

Started Operation :

January 2014

Brand Name :

ASA

Technical Assistance :

None

Number of Employee :

8 persons

Marketing Area :

Local - 100%

Main Customers:

Corporate and Individuals

Market Situation :

Very Competitive

Main Competitors :

a. P.T. ALAM INDORAMA

b. C.V. BUMI DJAJA

c. P.T. ADI SAMPOERNO

d. C.V. PUTRA NUSA

e. C.V. SUMBER BUMI JAYA

f. C.V. ARSAM PRATAMA

g. C.V. MUKTI JABAR

h. C.V. PRIMATAMA

i. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

Banker :

P.T. Bank CENTRAL ASIA Tbk

Nganjuk Branch

Jl. Ahmad Yani No. 282-284

Nganjuk, East Java

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2014 – Rp. 3,800 million

Net Profit (estimated) :

2014 – Rp. 240 million

Payment Manner :

Average

Financial Comments :

Fairly

KEY EXECUTIVES

Board of Management :

Director - Mr. Timur Pradopo

Board of Commissioners :

Commissioner - Mr. Jauhar Yohanis

Signatories :

Director (Mr. Timur Pradopo) which must be approved by Board of Commissioner (Mr. Jauhar Yohanis)

CAPABILITIES

Management Capability :

Fairly

Business Morality :

Fairly

OVERALL PERFORMANCE

P.T. ASTANA SHOGA ASIA (P.T. ASA) was incorporated in Nganjuk (East Java) based on Notarial Deed of Arini Jauharoh, SH., No. 10 dated 8 November 2013 with an authorized capital of Rp. 1,000,000,000.- of which Rp. 250,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Ir. Nur Wisnu Ardono (60%), Mr. Timur Pradopo (8%), Mr. Jauhar Yohanis (7%) and Mr. Sholihuddin (25%). They are all indigenous businessmen. The Deed of establishment has been approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-64143.AH.01.01.Tahun 2013 dated December 9, 2013. Since then, no changes have been effected in term of its shareholding composition and capital structures to date.

In accordance with article 3 (three) of the articles of association contained in the deed of establishment, the scope of activities of the Company is primarily in development, trading, industry, land transportation, agricultural, printing and services. The Company’s registered office located on Jalan Jaksa Agung Suprapto No. 55-A, RT.03, RW.04, Kauman sub-district, Nganjuk district, East Java and the Company can open branch offices or representative offices at home and abroad.

We observe that P.T. ASA has been operating since January 2014 to deal with trading, export and distribution of agricultural commodities products. Mr. Rosyid, a marketing staff of P.T. ASA explained that the merchandising goods products including are ginger, cloves, cinnamon, cloves stem, nutmeg, cocoa, coriander and any other spices. He also added the agricultural commodities products are bough from local such as East Java, Central Java, Makassar (South Sulawesi) and others. Then, the whole products are marketed locally through traditional market in East Java and exported to European countries. We observed that P.T. TASA is still relatively new company in trading, import and distribution of agricultural products.

We have noticed that the demand for agricultural products had increased some 8% to 10% per annum in the last five years in line with the growth of food and beverage industries 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. P.T. ASA is classified as a new company of its kind in the country of which the operation has been growing slowly.

The financial condition of the company is appraised to be less strong and its financial condition at present is as the paid up capital of Rp. 250,000,000 as stated in the articles of association of the company. The financial condition of the company still depends on the financial condition of its shareholders. The management of P.T. ASA is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2014 amounted to Rp. 3.8 billion and it is projected that total sales turnover of the company will increase at least 10% in 2015. So far we did not hear that P.T. ASA has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court. The company usually pays its debts punctually to suppliers.

The management of P.T. ASA is led by Mr. Timur Pradopo (36) as director and CEO of the company. He is an indigenous businessman with more than 5 years experience in trading, export and distribution of agricultural products. In daily activities he is assisted by Mr. Jauhar Yohanis (48) as commissioner. Beside they are also assisted by a number of expert staffs in the above business. The Company’s management has 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.

Since this company (PT. ASA) just about one year in operation commercially, so we recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.11
UK Pound	1	Rs.97.84
Euro	1	Rs.71.12

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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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