MIRA INFORM REPORT

Report No. :	337918.2
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	P.T. FAJAR SURYA WISESA TBK
Formerly Known As :	P.T. FAJAR SURYA WISESA
Registered Office :	Jalan Abul Muis No. 30 Jakarta Pusat, 10160
Country :	Indonesia
Financials (as on) :	31.12.2014
Date of Incorporation :	13.06.1987
Com. Reg. No.:	AHU-AH.01.10-19560
Legal Form :	P.T. Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Line of Business :	· Industrial Paper Making · Investment Holding
No. of Employee :	2,652 Persons

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 :	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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.

Source : CIA

Company name

P.T. FAJAR SURYA WISESA TBK

Address

Head Office

Jalan Abul Muis No. 30

Jakarta Pusat, 10160

Indonesia

Phones - (62-21) 3441316 (Hunting)

Fax - (62-21) 3457643

E-mail - contact@fajarpaper.com

Website - http://www.fajarpaper.com

Building Area - 4 storey

Office Space - 1,522 sq. meters

Region - Commercial

Status - Rent

Factory

Kampung Gardu Sawah RT. 001/1-1

Kalijaya, Cibitung

Cikarang Barat, Bekasi 17520

West Java

Indonesia

Phones - (62-21) 8900330, 8900331

Fax - (62-21) 8901126

Land Area - 48.5 hectares

Building Area - 25 hectares

Region - Industrial Zone

Status - Owned

Date of Incorporation

a. 13 June 1987 as P.T. FAJAR SURYA WISESA

b. 29 December 1994 as P.T. FAJAR SURYA WISESA Tbk

Legal Form

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

Company Reg. No.

The Ministry of Law and Human Rights

- No. C2-1737.HT.01.01.TH.88

Dated 29 February 1988

- No. AHU-43900.AH.01.02.TH.2008

Dated 23 July 2008

- No. AHU-AH.01.10-19560

Dated 31 May 2012

Company Status

National Private and Domestic Investment (PMDN) Company

Permit by the Government Department

The Department of Finance

NPWP No. 01.326.236.5-431.000

The Capital Investment Coordinating Board

- No. 425/I/PMDN/1987

Dated 2 October 1987

- No. 12/III/PMDN/1988

Dated 8 January 1988

- No. 451/III/PMDN/1989

Dated 3 July 1989

- No. 40/II/PMDN/1992

Dated 31 March 1992

- No. 412/III/PMDN/1995

Dated 11 September 1995

The Department of Industry

No. 231/T/Industri/1997

Dated 29 May 1997

The Capital Market Supervisory Agency

- No. S-1927/PM/1994

Dated 29 November 1994

- No. Kep-06/PM/2000

Dated 13 March 2000

Related Companies

a. A Member Company of the DIRGAHAYU Group (see attachment)

b. A Member Company of the GARAMA Group (see attachment)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 2,500,000,000,000.-

Issued Capital : Rp. 1,238,944,393,500.-

Paid up Capital : Rp. 1,238,944,393,500.-

Shareholders/Owners :

a. P.T. INTERCIPTA SEMPANA - Rp. 633,937,500,000.-

b. P.T. INTRATATA USAHA MANDIRI - Rp. 219,848,750,000.-

c. P.T. GARAMA DHANANJAYA - Rp. 72,156,250,000.-

d. Publics - Rp. 313,001,893,500.-

BUSINESS ACTIVITIES

Lines of Business :

a. Industrial Paper Making

b. Investment Holding

Production Capacity :

Industrial Papers - 1,200,000 tons p.a.

Total Investment :

a. Equity Capital - Rp. 1,239.0 billion

b. Loan Capital - None__________

c. Total Investment - Rp. 1,239.0 billion

Started Operation :

1989

Brand Name :

Fajarpaper

Technical Assistance :

None

Number of Employee :

2,652 persons

Marketing Area :

Local - 40%

Export - 60%

Main Customers :

a. P.T. ANEKA KANRTON ELOK

b. P.T. GURU INDONESIA

c. P.T. MEKABOX

d. P.T. SINAR RAPI ASRI

e. P.T. WIRA MUSTIKA AGUNG (Distributor)

f. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. P.T. INDAH KIAT PULP & PAPER Tbk

b. P.T. PABRIK KERTAS INDONESIA

c P.T. PELITA CENGKARENG PAPER

d. P.T. PURINUSA EKA PERSADA

e. P.T. SUPARMA Tbk

f. P.T. SURYA KERTAS

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r s :

a. JP MORGAN CHASE Bank

Jakarta Branch

Jalan Medan Merdeka Barat No. 6

Jakarta Pusat

Indonesia

b. P.T. Bank RABO BANK INTERNATIONAL

Jalan Abdul Muis

Jakarta Pusat

Indonesia

c. P.T. Bank MANDIRI Tbk

Jalan P. Suroso No. 2-4

Jakarta Pusat

Indonesia

Auditor :

Osman Bing Satrio & Rekan (Delotte Touche Tohmatsu)

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales :

2011 – Rp. 4,123.7 billion

2012 – Rp. 3,987.8 billion

2013 – Rp. 4,960.8 billion

2014 – Rp. 5,456.9 billion

Net Profit (Loss):

2011 – Rp. 132.3 billion

2012 – Rp. 5.3 billion

2013 – (Rp. 249.0 billion)

2014 – Rp. 86.7 billion

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Yustinus Yusuf Kusumah

Directors - a. Mr. Roy Teguh

b. Mr. Wimba Wibawa Wanadiardja

c. Mr. Sentot Eko Junianto

d. Mr. Arif Razif

e. Mrs. Vilia Sulistyo

Board of Commissioners :

President Commissioner - Mr. Ir. Airlangga Hartarto, MMT, MBA

Commissioners - a. Mrs. Lila Notopradono

b. Mr. Tony Tjandra

c. Mr. Winarko Sulistyo

d. Mr. Hadi Rebowo Ongkowidjojo

Signatories :

President Director (Mr. Yustinus Yusuf Kusumah) or one of the Directors (Mr. Roy Teguh, Mr. Wimba Wibawa Wanadiardja, Mr. Sentot Eko Junianto, Mr. Arif Razif or Mrs. Vilia Sulistyo) which must be approved by Board of Commissioner.

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

OVERALL PERFORMANCE

Originally named P.T. FAJAR SURYA WISESA established in June 1987 in Jakarta with an authorized capital of Rp. 2,500,000,000 issued capital of Rp. 1,000,000,000 was fully paid up. The founders and shareholders of the company are Mr. Winarko Sulistyo AKA Tio Tjhen Hwa and Mrs. Ratna Notopradono, both are Indonesian business persons of Chinese origin. The company notarial deed was converted for several times. Its authorized capital was raised to Rp. 40,000,000,000 and the issued capital to Rp. 25,000,000,000 the wholly paid up. In the meantime Mrs. Ratna Notopradono pulled out and replaced by Mr. Ir. Airlangga, an indigenous businessman and a son of Mr. Dr. Hartarto, the former Coordinating Minister for Industry, Trade and Distribution. In December 1994, P.T. FAJAR SURYA WISESA went public by floating its 21.17% shares to the public through Indonesia Stock Exchange (IEJ) and its authorized capital had concurrently increased to Rp. 500,000,000,000 issued capital to Rp. 222,000,000,000 entirely paid-up and behind the company name, Tbk was added, became P.T. FAJAR SURYA WISESA Tbk. (P.T. FSWT). In December 1995 the issued capital was increased to Rp. 225,262,617,000 entirely paid up. In June 2000 the authorized capital was raised to Rp. 2,500,000,000,000 issued and paid up capital to Rp. 1,238,944,393,500. The notary deed of incorporation was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-19560 dated May 31, 2012. According to financial statement per 31 December 2014 the company’s latest shareholders are P.T. INTERCIPTA SEMPANA (51.17%), P.T. INTRATATA USAHA MANDIRI (17.75%), P.T. GARAMA DHANANJAYA (5.82%) and Publics (25.26%).

We observe the majority shareholders namely P.T. INTERCIPTA SEMPANA, P.T. TATACITA SWADAYA ABADI and P.T. INTRATATA USAHA MANDIRI are the private national company members of the DIRGAHAYU Group, a quite big company group which based in East Java region. The group has presently expanded its business to Jakarta, West Java and other regions in Indonesia. Meanwhile P.T. GARAMA DHANANJAYA, a private national company dealing with investment holding and majority shareholder is held by Mr. Ir. Airlangga Hartarto, MMT, MBA. He also founder and majority business stakes owners of the GARAMA Group, a medium size business group in the country.

P.T. FSWT is dealing with industrial paper making by managing a plant located in Cibitung region, Bekasi, West Java. P.T. FSWT is a leading packaging paper manufacturer in Indonesia with an installed capacity of 1,000,000 metric tons per year and a range of products which includes linerboard and corrugated medium paper to create carton box packaging, and coated duplex board for display packaging. The Company started commercial operations in 1989 and is presently producing industrial paper, such as sack kraft, containerboard (liner and corrugating medium) and boxboard, for use in the packaging of consumer and industrial goods. P.T. FSW’s commercial operations commenced in 1989, using Paper Machine 2 (PM2) to produce linerboard. In 1990, Paper Machine 1 (PM1) began producing coated duplex board and a third paper machine (PM3) began operations in 1995, manufacturing corrugated medium. In the same year the Company installed its first power plant (Cogen1) with a capacity of 32.5 megawatts. A fourth paper machine, PM7, producing containerboard (corrugated medium and linerboard was completed in 2006 and upgraded in 2012. A second power plant (Cogen2) with a capacity of 35 MW was installed. A fifth paper machine (PM5) commended operations in December 2010. The numbering of our paper machines is not sequential, and as of the date of this annual report, we do not own, or have owned, PM4 and PM6. In addition, FajarPaper is also connected to the state-owned electricity company grid with access to capacity of 50 MW that serves as a backup power supply.

The Company’s products are sold to domestic customers and exported to other Asian countries, Europe and the Middle East. The percentages of domestic and export sales to net sales in 2010 were 89% and 11%, respectively.

P.T. FSWT Products are:

Coated Duplex Board

Coated duplex board is a paper with a white, glossy-coated, top layer finish and a grey bottom layer. Coated duplex board is ideal for light-weight packaging materials that require high quality printing, particularly effective for pharmaceutical products, shoes, household goods, processed foods and consumer electronics

Container Boards

High quality brown packaging paper used for the outer layers of corrugated sheets. It provides effective protection for contents and a smooth surface that facilitates high quality printing.

High performance fluting paper used in the construction of carton boxes. It is made from 100% recycled paper. It superb characteristics provide good protection during transportation and for use in display stacks. The combination of Fajar Liner and Fajar Medium ensures excellent runn ability on corrugator machines.

P.T. FSWT or Fajar Paper is a leading packaging paper manufacturer in Indonesia with an installed capacity of 1,000,000 metric tons per year and a range of products which include linerboard and corrugated medium paper for carton box packaging and coated duplex board for display packaging. Running with current 5 paper machines, Fajar Paper produces around 1 million tons of packaging papers per year ranging from Coated Duplex Board, Kraft Liner Board and Corrugated Medium Paper.

Paper Machine	year build	Capacity (ton/year)	Products
PM1	1990	150.000
PM2	1989	150.000
PM3	1995	200.000
PM7	2006	200.000
PM5	2010	300.000
Total		1.000.000
PM7 modification	2011	130.000*
PM2 modification	2012	120.000*
Total		1.250.000

*Expected additional capacity

In investment holding P.T. FSWT controls 100% shares of FSW INTERNATIONAL FINANCE COMPANY BV, dealing with financing service located at the Netherlands. But since 01 May 2002, FSW INTERNATIONAL FINANCE COMPANY B.V., had been liquidated as provided in commercial registration Chamber of Commerce and Industry in Roterdam, the Netherlands.

The Company has a production capacity of 1.000,000 tons per year. Some 40% of P.T. FSWT's products is still marketed locally through distributor P.T. WIRA MUSTIKA AGUNG and also supplied to various carton box manufacturing plants among others are P.T. ANEKA KARTON ELOK, P.T. SINAR RAPI ASRI, P.T. GURU INDONESIA, P.T. MEKABOX, etc., and the rest is exported to Malaysia, the People’s Republic of China, Australia, Hong Kong, the UK, Thailand, etc., and the rest is for domestic consumption. The company operation is fully backed by P.T. SURABAYA AGUNG INDUSTRI KERTAS (P.T. SURYA KERTAS), a paper manufacturer processing extensive local and overseas marketing network. Besides, some of the products supplied to P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. DANONE INDONESIA and P.T. NESTLE INDONESIA.

FajarPaper generates the majority of sales revenue from supplying our products to industrial customers, primarily domestic independent box-making manufacturers and converters. Export earnings from sales in Asia, the Middle East, and the Indian sub-continent, are denominated in US Dollars, a source of foreign currency used to match payables in respect of foreign currency borrowings, and routine expenditures on raw materials and imported spare parts to maintain production. Indonesia’s fast growing modern retail segment is one of the largest paper packaging markets in the region and the Company’s sales are primarily to meet local market needs. P.T. FSW paper is used in corrugated boxes, folding cartons, and other packaging products. These are on-sold to consumer goods companies to be used as packaging for protection and safe delivery of goods, as well as for display packaging in modern retail environments. Typical sectors include food and beverage, household goods and personal care, footware, toys, pharmaceuticals, electronics, and stationary. FSW end-user customers include large corporations and multinational companies such as: Unilever, Indofood, Nestle, Aqua Danone, Mayora, Wings, Kao, Kalbe Farma, Samsung, Panasonic, LG, Toshiba, Mattel among many other consumer goods companies.

P.T. FSWT is classified as a medium sized company of which the operation had been growing stable up to 1996. P.T. FSWT obtained ISO 9002 certificate from SISIR Singapore for the acknowledgement of quality and management.

We observe P.T. FSWT is classified as a large sized company in the country dealing with industrial paper making of which the operation had been running smoothly in the last five years.

The national pulp and paper industries will be better in 2013 than in 2012. Market estimates of production and sales will be the norm. Additional capacity will continue price of pulp is still going up although with a slower rise in pulp price increases triggered by the low stock of pulp due to the hard efforts of pulp mills to reduce production, to balance the supply-demand, and the purchase of pulp on a large scale by China also triggered a rise in pulp prices. Ir. H. M. Mansur, Chairman of the Presidium APKI (Association of Indonesian Pulp and Paper) said the increased price of paper is not as big and as fast as the price of pulp, because the factories are not as intensive as paper pulp mills to reduce production, so that the paper stock in the world market is still quite great. Indonesia's pulp paper does not seem necessary to limit and reduce production because production will be absorbed by the market-domestic and export markets. Global crisis appears to have started over, things would be normal, production, consumption and prices will rise again. Indonesia has very good potential to be leader in the global pulp and paper industry due to its geographical location.

Indonesian Pulp and Paper Production, 2007 – 2013

(Tons)

Year	Pulp Production	Paper Production
2007	5,200,000	11,000,000
2008	5,900,000	9,7000,000
2009	6,500,000	12,200,000
2010	7,900,000	12,900,000
2011	7,900,000	12,900,000
2012	8,216,000	13,416,000
2013	7,900,000	14,420,000

According to financial report audited by a public accountant the total sales turnover of P.T. FSWT in 2012 amounted to Rp. 3,987.8 billion with a profit of Rp. 5.3 billion increased to Rp. 4,960.0 billion with a net loss of Rp. 249.0 billion in 2013 rose to Rp. 5,456.9 billion with a net profit of Rp. 86.7 billion 2014. The sales turnover will be increasing because the company’s production capacity has been increased of 20% in 2013. Besides, some of the machinery printing machine and paper machine 7 (PM7) has been modification. It is projected that total sales turnover of the company will be higher by at least 6% in 2015. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). Financial statements as of 31 December 2012, 2013, 2014 are attached.

The management of P.T. FSWT is led by Mr. Yustinus Yusuf Kusumah (47) a professional manager with experience in paper making industry and distribution. Yustinus J. Kusumah was appointed as a President Directors in May 2014. Mr. Kusumah has served on the Board of Directors since 1998. Prior to this, he served as the Marketing Manager for FajarPaper, 1995-1998. He held the position as Deputy Head of the Department of Corporate Governance & Public Listed Company Performance Enhancement in the Indonesia Public Listed Companies Association, 2005-2008. He graduated in Industrial Engineering from the University of Miami, and gained a Master’s in the same subject from the Georgia Institute of Technology. Later, he earned an MBA from the State University of NewYork, Buffalo. Before joining FajarPaper, he worked with Andersen Consulting.

The management is backed-up by a team of professional, skillful and well experienced managers. They have wide relation with private businessmen at home and abroad as well as with government sectors. 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. FAJAR SURYA WISESA Tbk is sufficiently fairly good for business cooperation.

FINANCIAL STATEMENTS

Attachment 1:

PT. FAJAR SURYA WISESA Tbk

And It’s Subsidiaries

FINANCIAL STATEMENTS

Per 31 December 2011, 2012, 2013 and 2014

(In Million Rupiah)

DESCRIPTION	31 December
	2014	2013	2012	2011
A. ASSETS
a. Current Assets
- Cash and Cash Equivalent	60.996	80.306	72.871	42.218
- Note Receivable	-	10.000	-	-
- Trade Receivable
* Related Parties	-	-	-	81.490
* Third Parties	811.094	887.117	878.622	255.114
- Other Receivable	6.834	166.496	2.144	1.639
- Inventories	829.904	649.109	636.373	668.283
- Advance Payment	8.113	9.260	7.965	19.260
- Prepaid taxes	48.355	51.337	76.802	66.224
- Prepaid Expenses	30.336	6.214	6.175	3.633
Total Current Assets	1.795.632	1.859.840	1.680.952	1.137.863
b. Non Current Assets
- Restricted time Deposits	12.620	12.146	9.465	-
- Fixed Assets	3.733.099	3.795.093	3.860.973	3.734.449
- Intangible Assets - Net	14.704	19.905	22.865	-
- Advance Payment for fixed Assets	16.595	1.064	60	59.955
- Guarantee Deposits	8.359	4.012	4.018	3.826
Total Non Current Assets	3.785.377	3.832.220	3.893.363	3.798.230
TOTAL ASSETS = LIABILITIES STOCKHOLDERS’ EQUITY	5.581.009	5.692.060	5.578.334	4.936.094
B. LIABILITIES & STOCKHOLDERS’ EQUITY
a. Current Liabilities
- Bank Loan	302.219	412.586	301.673	107.698
- Trade Accounts payable to third parties	1.158.295	561.319	639.631	324.129
- Other Accounts payable	64.583	29.256	45.047	60.383
- Taxes Payable	4.018	10.913	20.393	1.797
- Accrued Expenses	89.105	77.064	64.609	71.249
- Derivative Financial Instrument	185	-	3.033	-
- Current maturities of long term liabilities
* Bank	220.216	214.733	1.795.726	280.982
- Obligation under finance lease	31	4.310	9.207	14.960
Total Current Liabilities	1.838.652	1.310.181	2.879.319	861.198
b. Non Current Liabilities
- Deferred Tax Liabilities	337.692	297.994	378.346	372.609
- Long Term Loans
* Derivative financial instrument	3.017	5.975	8.199	12.797
* Banks	1.668.484	2.433.603	426.891	1.810.796
* Obligation under finance lease	-	31	3.445	11.020
- Post-Employee Benefits obligation	88.476	86.345	75.143	65.975
Total Non Current Liabilities	2.097.669	2.823.948	892.024	2.273.197
Total Liabilities	3.936.323	4.134.128	3.771.344	3.134.396
c. Stockholders Equity
- Share Capital	1.238.944	1.238.944	1.238.944	1.238.944
- Additional Paid up Capital	3.561	3.561	3.561	3.561
- Retained Earnings	402.173	315.427	564.485	559.192
Total Stockholders’ Equity	1.644.678	1.557.932	1.806.990	1.801.697
DECCRIPTION
C. INCOME STATEMENTS
a. Sales – Net	5.456.936	4.960.825	3.987.783	4.123.728
b. Cost of Goods Sold	(4.880.425)	(4.243.133)	(3.506.341)	(3.511.918)
c. Gross Profit	576.510	717.692	481.442	611.810
d. Operating Expenses	(472.706)	(1.071.570)	(301.571)	(180.211)
e. Profit Before Income Tax	126.444	(329.410)	11.029	182.076
f. Tax Benefit Expenses	(39.698)	80.352	(5.737)	(49.737)
g. Net Profit (Loss)	86.746	(249.058)	5.292	132.339

Notes: 31 December 2011, 2012, 2013 and 2014 audited by Osman Bing Satrio & Rekan (Delooitte)

Attachment 2:

List of the DIRGAHAYU Group Members

1. BAHANA BUANABOX, P.T. (Corrugated Carton Box Manufacturing)

2. DIRGAHAYU MANUFACTURING CO., C.V. (Stationery Manufacturing)

3. GENERAL MAGNETIC INDONESIA, P.T. (Trading)

4. INTAN TEGUH SEJATI, P.T. (Investment Holding)

5. INTAN USTRIX, P.T. (Corrugated Carton Box Manufacturing)

6. INTIRAPI POLANUSA, P.T. (Investment Holding)

7. FAJAR SURYA WISESA, P.T. (Industrial Paper Making and Investment Holding)

8. PARDIKA ANARAWATA, P.T. (Investment Holding)

9. POLARONA PACIFIC, P.T. (Investment Holding)

10. RAPIPACK ASRITAMA, P.T. (Corrugated Carton Box Manufacturing)

11. SURYA KERTAS Tbk, P.T. (Paper Board Packaging Industry)

12. SURYA MANDIRI BUANA, P.T. (Trading and Distribution of Paper, Pulp, Board and Stationery Products)

13. TIRTA BAYU SANGKA, P.T. (Investment Holding)

14. WAHANA MUSTIKA AGUNG, P.T. (Trading and Distributor of Industrial Paper)

15. Etc.

Attachment 3:

List of the GARAMA Group Members

1. AYUTHAYA WISESA, P.T. (Development and Management of Hotel and recreational Centre)

2. BASUNANDA NUSANTARA, P.T. (Steel Plate Machining)

3. BISMA NARENDRA, P.T. (Manufacturing of Zinc Coated Steel Sheets, Printed coated Steel Sheet, Galvanils and Galvan)

4. BUKAKA KUJANG PRIMA, P.T. (Steel Fabricating and Construction)

5. BUMI MITRA PRATAMA, P.T. (Development and Management of Office building, Luxury Apartment and Shop-houses)

6. ESSAR DHANANJAYA, P.T. (Cold Rolled Steel Coils and Sheet Manufacturing)

7. FAJAR SURYA WISESA, P.T. (Paper Industry)

8. GARAMA ADIPRATAMA, P.T. (Investment Holding)

9. GARAMA DHANANJAYA, P.T. (General Trading and Supplier and Investment Holding)

10. GARAMA DHANANJAYA PRIMA, P.T. (Investment Holding)

11. GARAMA INTERTRADE - Singapore (General Trading)

12. GARAMA PANCAMURNI, P.T. (Investment Holding)

13. GARAMA PERDANA, P.T. (Trading)

14. GARAMA PROPERTY, P.T. (Modern Office Building Development and management)

15. GRAHA CURAH NIAGA, P.T. (General Trading, Export and Import Services of urea Fertilizers, Cements, Coals, Molasses, etc.)

16. GRESIK GASES INDONESIA, P.T. (Industrial Gases Manufacturing)

17. GRESIK POWER INDONESIA, P.T. (Electric Power Development and management)

18. GESLO LIMITED, P.T. (General Trading and Distribution of Shipping equipment, Heavy Machinery and Logistics)

19. INDO BAGNA PRIMA, P.T. (Electrical Equipment Industry)

20. INDOSPEC ASIA PETROLEUM BANGADUA, P.T. (Oil & Natural Gas Exploration)

21. INSANI BINAPERKASA, P.T. (Coal Mining)

22. JAKARTA PRIMA CRANES, P.T. (Trading and Distribution of Crane)

23. LEAR CORPORATION INDONESIA, P.T. (Automotive Accessories Manufacturing)

24. LEAR SEATING INDONESIA, P.T. (Automotive Seating Manufacturing)

25. NONGSIN SEKAR, P.T. (Instant Noodle Processing)

26. PAN GARAMA PRIMA, P.T. (Garment Manufacturing)

27. PRIMA ETHYCOLINDO, P.T. (Ethylene Glycol Industry)

28. SRIJAYA PLASINDO, P.T. (Multivarious Plastic Weaving)

29. SURYA NARENDRA, P.T. (Investment Holding)

30. TATUNG BUDI INDONESIA, P.T. (Electrical Equipment Manufacturing)

31. TATSUMI GRAHA STAR LINE, P.T. (Tanker Services)

32. TELEN ECO COAL, P.T. (Coal Mining (Planned) )

33. WUJUD NAWANGWULAN, P.T. (Garment Manufacturing)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.72.10

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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.