MIRA INFORM REPORT

Report No. :	350078
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	P.T. PAN BROTHERS TBK

Formerly Known As :	P.T. PAN BROTHERS TEX P.T. PANCA BROTHERS TEXTILE

Registered Office :	Jalan Muara Karang M-9 Selatan No. 34-37 Jakarta Utara, 14450

Country :	Indonesia

Financials (as on) :	30.06.2015

Date of Incorporation :	21.08.1980

Com. Reg. No.:	AHU-08815.40.21.2014

Legal Form :	Publicly Listed Company

Line of Business :	· Garment Manufacturing · Investment Holding

No. of Employees :	32,429

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 :	Slow but correct

Litigation :	Exist

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

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 summery

Name of Company :

P.T. PAN BROTHERS Tbk

Address :

Head Office

Jalan Muara Karang M-9 Selatan No. 34-37

Jakarta Utara, 14450

Indonesia

Phones - (62-21) 669 1833, 660 3680

Fax - (62-21) 669 4949, 660 3706

E-mail - corsec@pbrx.co.i

- marketing@pbrx.co.id

Website - http://www.panbrotherstbk.com

Building Area - 2 storey

Office Space - 200 sq. meters

Region - Commercial

Status - Owned

Factory

Jalan Siliwangi No. 178

Desa Alam Jaya, Jatiuwung

Tangerang, 15133

Banten Province

Indonesia

Phones - (62-21) 5900 718, 5900 705 (Hunting)

Fax - (62-21) 5900 706, 5900 717

Land Area - 200,000 sq. meters

Building Space - 137,000 sq. meters

Region - Industrial Zone

Status - Owned

Date of Incorporation :

a. 21 August 1980 as P.T. PANCA BROTHERS TEXTILE

b. 14 January 1982 as P.T. PAN BROTHERS TEX

c. 2 December 1996 as P.T. PAN BROTHERS Tbk

Legal Form :

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

Company Reg. No. :

The Ministry of Law and Human Rights

- No. Y.A.5/500/11

Dated 30 October 1980

- No. AHU-07894.AH.01.02.TH.2009

Dated 19 March 2009

- No. AHU-08815.40.21.2014

Dated 15 November 2014

Company Status :

National Private and Domestic Investment (PMDN) Company

Permit by the Government Department :

The Department of Finance

NPWP No. 01.136.073.2-054.000

The Department of Industry and Trade

TDP No. 10.03.1.18.00020

The Capital Investment Coordinating Board

- No. 64/I/PMDN/1987

Dated 26 February 1987

- No. 72/II/PMDN/1987

Dated 16 June 1987

Related Companies :

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

b. A Member Company of the SARI WARNA ASLI Group (see attachment)

CAPITAL AND OWNERSHIP

Capital Structure :

Authorized Capital : Rp. 300,000,000,000.-

Issued Capital : Rp. 161,957,390,275.-

Paid up Capital : Rp. 161,957,390,275.-

Shareholders/Owners :

a. P.T. TRISETIJO MANUNGGAL UTAMA - Rp. 42,641,583,575.-

Address : Gedung Graha Kencana

Jl. Raya Perjuangan No. 88

Kelurahan Kedoya Uatara, Kecamatan Kebon

Jeruk, Jakarta Barat, Indonesia

b. P.T. GANDA SAWIT UTAMA - Rp. 32,170,530,000.-

Address : Jl. Raya Pluit Selatan Block S No. 81

Pluit, Jakarta Utara, Indonesia

c. Public less then 5% - Rp. 87,145,276,700.-

Address : Indonesia Stock Exchange Building

Jl. Jend. Sudirman Kav. 52-53

Jakarta Selatan

Indonesia

BUSINESS ACTIVITIES

Lines of Business :

a. Garment Manufacturing

b. Investment Holding

Production Capacity :

Garments - 500,000 dozens p.a.

Total Investment :

a. Equity Capital - Rp. 76.6 billion

b. Loan Capital - Rp. 192.0 billion

c. Total Investment - Rp. 268.6 billion

Started Operation :

1981

Brand Name :

Pan Brothers

Technical Assistance :

None

Number of Employee :

32,429 persons

Marketing Area :

Export - 100%

Main Customer :

Buyers in Europe Union and the USA

Market Situation :

Very Competitive

Main Competitors :

a. P.T. BINTANG ADI BUSANA

b. P.T. MASTERINDO JAYA ABADI

c. P.T. METRO GARMENT

d. P.T. UNGARAN SARI GARMENT.

Business Trend :

Fluctuating

BANKER, AUDITOR & LITIGATION

Bankers :

a. P.T. Bank MANDIRI Tbk

Plaza Mandiri

Jalan Jend. Gatot Subroto Kav. 36-38

Jakarta Selatan

Indonesia

b. P.T. Bank CENTRAL ASIA Tbk

Menara BCA Grand Indonesia

Jalan M.H. Thamrin No. 1

Jakarta Pusat

Indonesia

c. P.T. Bank CIMB NIAGA Tbk

Menara Dynaplast

Jalan M.H. Thamrin No. 1

Karawaci, Tangerang

Banten Province

Indonesia

Auditor :

Doli, Bambang, Sulistyanto, Dadang & Ali (D&B International)

Litigation :

See Litigation Matters

FINANCIAL FIGURE

Annual Sales :

2012 – US$ 286.6 million

2013 – US$ 339.7 million

2014 – US$ 338.5 million

2015 – US$ 183.9 million (as per 30 June)

Net Profit :

2012 – US$ 6.9 million

2013 – US$ 10.5 million

2014 – US$ 10.1 million

2015 – US$ 2.2 million (as per 30 June)

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

President Director - Mr. Ludijanto Setijo

Vice President Director - Mrs. Anne Patricia Sutanto

Directors - a. Mrs. Lilik Setijo

b. Mrs. Fitri Ratnasari Hartono

c. Mr. Murali Krishnan Ramakrishna Pillai

d. Mr. Hwang Sei Wook AKA Michael Hwang

Board of Commissioners :

President Commissioner - Mr. Supandi Widi Siswanto

Vice President Commissioner - Mr. Dhanny Cahyadi

Commissioner - Mr. Sutjipto Budiman

Signatories :

President Director (Mr. Ludijanto Setijo) or Vice President Director (Mrs. Anne Patricia Sutanto) or one of the Directors (Mrs. Lilik Setijo, Mrs. Fitri Ratnasari Hartono, Mr. Murali Krishnan Ramakrishna Pillai or Mr. Hwang Sei Wook AKA Michael Hwang) which must be approved by Board of Commissioner

CAPABILITIES

Management Capability :

Good

Business Morality :

Good

Credit Risk :

Average

Credit Recommendation :

Credit should be proceeded with monitor

Proposed Credit Limit :

Small amount – periodical review

OVERALL PERFORMANCE

Originally named P.T. PANCA BROTHERS TEXTILE, the company was established on 21 August 1980 with an authorized capital Rp. 1,000,000,000 of which Rp. 200,000,000 was issued and paid up. The company was founded by Mr. Sugiharto Hanafi AKA Ng Kwet Fu and his wife Mrs. Rini Chandra, an Indonesian business couple of Chinese extraction. The company notary act had been changed several times. In January 1982 the company's name was changed to P.T. PAN BROTHERS TEX. After that in June 1990 the company went public, selling part of its shares on the Jakarta Stock Exchange. Later in mid-1995 Mr. Sugiharto Hanafi and his wife were replaced by P.T. PANCAMITRA EKADAYA, a private company in which all the shares are controlled by Mr. Sugiharto Hanafi and his family. In December 1996 P.T. PANCAMITRA EKADAYA pulled out and all its shares were taken over by P.T. INTINIAGA USAHAMAKMUR, a private company in which all the shares are controlled by Mr. Bambang Setijo and his family members. Concurrently the company’s name was changed to P.T. PAN BROTHERS Tbk (P.T. PB).

According to the revision articles of association of the company in December 2005, the authorized capital of the company was raised to Rp. 192,000,000,000 of which Rp. 44,544,000,000 was issued and fully paid up. The shareholders of P.T. PB were P.T. INTINIAGA USAHAMAKMUR (21.00%), P.T. DWIPADANA SAKTI SEKURINDO (11.72%), P.T. TRISETIJO MANUNGGAL UTAMA (7.51%), Mr. Hsu Ruei Hsing (6.74%) and the publics (53.03%). According to the Financial Statement as 30 June 2015 the company authorized capital was increased to Rp. 300,000,000,000 issued capital to Rp. 161,957,390,275 entirely paid up. With this development the composition of its shareholders has been changed to become P.T. TRISETIJO MANUNGGAL UTAMA (26.33%), P.T. GANDA SAWIT UTAMA (19.86%) and Public less than 5% (53.81%).

We observe that P.T. TRISETIJO MANUNGGAL UTAMA is a private national company a member of the SARI WARNA ASLI Group, a large sized company group in the country dealing with textile industry led by Mr. Bambang Setijo. Formerly, Mr. Bambang Setijo was in cooperation with Mr. Handiman Tjokrosaputro, the founder and the majority shareholder of the BATIK KERIS Group, a leading company group dealing with batik industry. Besides, P.T. GANDA SAWIT UTAMA is a member company of the GANDA Group a private national company dealing with investment holding and which majority shares is controlled by Mr. Ganda, a brother of WILMAR founder Mr. Martua Sitorus, SE. Mr. Ganda is also founder and business stakes owners of the GANDA Group, a small-size business group in oil palm plantation and refinery, crude palm oil and trading of crude palm oil.

P.T. PB is dealing with garment manufacturing by managing a plant located at Jalan Siliwangi No. 178-A, Alam Jaya Village, Jati Uwung, Tangerang, Banten Province on a land of 20 hectares. The plant has been in commercial operation since 1981 having been expanded for a couple of times. In 1990, P.T. PB took over a plant of its own member P.T. SUPRA BUSANA YASA located next to its plant. P.T. PB produces cut & sewn knit garment such as Polo Shirt, Golf Shirt, Track Suit, Sweet Shirt, Pants. P.T. PB is at present classified as a large sized company in the country obtaining a license to use famous brands such as Calvin Klein Jeans, New York & Co, Nautica, Perry Ellis, Mark & Spencer, Abercrombie & Fitch, Lane Bryant, S. Oliver, Lerner, Tommy Hilfiger, Ashworth, Axis, Gap/Old navy, Chaps Polo Ralph Lauren, Umbro, Zara, Reebok, Arena, Hummel, Diadora and others.

P.T. Pan Brothers Tbk is an Indonesia-based apparel manufacturer. It produces various kinds of garments, such as cut and sewn garments, including polo shirts, golf shirts, track suits, sweat shirts and pants, as well as woven garments, including shorts, casual pants and dress shirts. The Company supplies its products to various brand owners, such as Calvin Klein, Nautica, J.Crew, s.Oliver, Tom Tailor, Esprit, Uniqlo, The North Face, Tommy Hilfiger, Macy’s, Nike, Adidas, Hugo Boss, Stella, New Balance and Joop, among others. Its manufacturing facilities are located in Tangerang, Sragen and Boyolali, Indonesia. Its subsidiaries include P.T. Pancaprima Ekabrothers, P.T. Hollit International, Continent 8 Pte. Ltd. and P.T. Ocean Asia Industry.

P.T. Pan Brothers Tbk Ownership

Name of Company	Lines of Business	Percentage of Ownership (%)
Direct Ownership
P.T. PANCAPRIMA EKABROTHERS	Garment Manufacturing	99.91
P.T. HOLLIT INTERNATIONAL	Garment Manufacturing	51.00
P.T. OCEAN ASIA INDUSTRY	Textile Industry	51.00
CONTINENT 8, PTE, LTD., Singapore	Product Development	51.00
P.T. ECO SMART GARMENT INDONESIA	Garment Manufacturing	85.00
P.T. APPARELINDO PRIMA SENTOSA	Business Retails	99.00
COSMIC GEAR, LTD, Hong Kong	Product Development	51.00
P.T. PRIMA SEJATI SEJAHTERA	Garment Manufacturing	99.00
P.T. TEODORE PAN GARMINDO	Garment Manufacturing	51.00
P.T. VICTORY PAN MULTITEX	Textile Industry	51.00

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, increased to 470,200 tons (7,501.0 million) in 2013 and 463,900 tons (US$ 7,450.9 million) in 2014.

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 and 1,815.6 tons (US$ 5,379.9 million( in 2014. 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

2014

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

450.9

450.2

470.2

463.9

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

7,450.9

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

1,815.6

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

5,379.9

The total sales turnover of P.T. PB in 2012 amounted to US$ 286.6 million with a net profit of US$ 6.9 million increased to US$ 339.7 million with a net profit of US$ 10.5 million in 2013 decreased at US$ 338.5 million with a net profit of at least US$ 10.1 million in 2014. As per 30 June 2015 the sales turnover amounted at US$ 183.9 million with a net profit of at least US$ 2.2 million. It is projected that total sales turnover of the company will increase at least 4% in 2016. We observe that P.T. PB is supported by financially fairly strong behind it. 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 condense financial statement is shown.

(In USS)

Descriptions	30 June 2015	31 December
Descriptions	30 June 2015	2014	2013	2012
A. ASSETS
a. Current Assets	292.398.119	284.235.425	170.214.582	147.579.894
b. Non Current Assets	127.370.047	82.259.052	63.627.924	60.721.580
c. Other Assets	2.249.336	233.808	295.404	440.140
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY	*419.768.167*	*366.494.477*	*233.842.506*	*208.301.474*
B. LIABILITIES &STOCKHOLDERS EQUITY
a. Current Liabilities	96.866.889	73.581.933	50.826.017	115.394.402
b. Non Current Liabilities	115.005.516	91.430.326	84.889.105	5.136.145
c. Stockholder’s Equity : - Paid Up Capital - Additional Paid Up Capital - Retained Earnings Total Stock holder’s Equity	30.206.632 124.618.382 36.553.063 207.895.762	30.206.632 124.618.382 34.082.707 201.482.217	23.239.822 48.590.996 24.266.999 98.127.384	23.189.438 47.843.228 27.016.481 87.770.927
C. INCOME STATEMENT
a. Sales Net	183.889.324	338.529.242	339.723.836	286.613.923
b. Operating Profit	7.092.710	13.438.647	18.776.793	13.963.113
c. Net Profit (loss)	2.244.017	10.082.632	10.488.760	6.914.340

Notes: 31 December 2012, 2013, 2014 by KAP Doli Bambang, Sulistyanto Dadang & Ali

*30 June 2015 un audited

Litigation Matters/Law Cased faced the Company

Civil lawsuits in the District Court of Central Jakarta 32/PDT.G/2013/PN.JKT.PST registration number, dated January 22, 2013.

The Company as the Plaintiff has filed a breach of contract lawsuit against PT. Indonesia Taroko Textile as Defendants for late delivery of raw materials by the Defendant to the Plaintiff to incur losses for (a) Freight Line Through the Air (Air Freight), (b) Disruption of Production Schedule, (c) Goods Production Defects, (d) Order Goods Transferred, and (e) Accessory Shipping Costs / Additional Material Into Vietnam Through the Air Line (Air Freight), the overall amount of USD 1.654.932.

Based on the decision No:206/PDT/2014/PT.DKI dated June 5, 2014, the judges accept the appeal of PT Pan Brothers Tbk overall and cancel the decision of the Central Jakarta District Court No: 32/PDT.G/2013/PN.JKT.PST dated October 9, 2013.

Based on the decision No.32/PDT.G /2013/PN.JKT.PST dated 9 October 2013, the judge of the district court central Jakarta have dropped the award rejected a lawsuit company to enclose an area. Over the ruling companies have to submit a request to the high Civil lawsuits in the District Court of Central Jakarta 32/PDT.G/2013/PN.JKT.PST registration number, dated January 22, 2013.

The related financial impact for the case, if the lawsuit being rejected therefore the total assets as of December 31, 2014 and 2013 the financial report date will decrease 0,45 % and 0,71 % with income before tax decreased amount to 12,81% respectively.

However PT. Indonesia Taroko Textile made an appeal against the decision of the Jakarta District Court in accordance with the Deed of Acceptance of Counter Memorandum of Cassation 102 / Srt.Pdt.Kas /2014 / PN.JKT.PST Jo 32 / Pdt.G /2013/PN.JKT. PST dated October 9, 2014.

Legal opinion on this lawsuit is immaterial and have no significant impact on Company going concern. The related financial impact for the case, if the lawsuit being rejected therefore the total assets as of December 31, 2014 and 2013 the financial report date will decrease 0,45 % and 0,71 % with income before tax decreased amount to 12,81% respectively.

Civil lawsuits in the District Court of Central Jakarta No. 277/PDT.G.PN.JKT.PST dated June 10, 2013.

The Subsidiary as Plaintiff has filed a breach of contract lawsuit against PT. Indonesia Taroko Textile as Defendants for late delivery of raw materials by the Defendant that cause harm to Plaintiff overall amount of USD 1.084.829,23.

Based on the decision No.277/Pdt.G/2013/PN.JKT.PST dated June 10, 2013, the Court of Central Jakarta District Court has ruled in favor of the Plaintiff for the majority, punish defendant to pay material damages of USD 1.084.829,23. The decision over PT. Indonesia Taroko Textile has filed an Application for Appeal to the Jakarta High Court on 7 April 2014 as described in the Deed of Appeal No.47/SRT.PDT.BDG/2014/PN.JKT.PST.

The management of P.T. PB is led by Mr. Ludijanto Setijo (45) a businessman and professional manager with experience in integrated textile and garment manufacturing. Mr. Ludijanto Setijo serves as President Director of PT Pan Brothers Tbk since June 22, 2010. He is the current Vice President Director of PT Pancaprima Ekabrothers. He was Director of the Company in 1997, Deputy General Manager of PT Herald Tristate Plastic, Finance Director of PT Tassindo Tassa Industries from 1993 to 1995 and Director of PT Intiras Busana Prana International from 1995 to 1997. Mr. Setijo graduated from Nakano School of Business, Japan in 1993.

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. We are convinced P.T. PAN BROTHERS Tbk is sufficiently fairly good for business transaction.

Attachment 1

List of the SARI WARNA ASLI Group Members

1. ALLADINTEX ABADI, P.T. (Textile Manufacturing)

2. BINTANG MANUNGGAL, P.T. Bank (Banking)

3. CELEBESMINAHASA SURYAADIRA, P.T. (Animal Feed Industry)

4. DASAR RUKUN, P.T. (Spinning Mills)

5. DHARMA KOLIBA, P.T. Cipanas (Real Estate)

6. ELANGPERDANA TYRE INDUSTRY, P.T. (Car and Truck Tire Industry)

7. HANIN NUSAMULYA, P.T. (Garment Manufacturing)

8. HOLLIT INTERNATIONAL, P.T. (Buying Agent)

9. INDO ACIDATAMA CHEMICAL INDUSTRY, P.T. (Alcohol & Spiritus Distillation)

10. INDOCITMAS LESTARI MANDIRI, P.T. (Distribution of Alcohol and Spiritus)

11. INTITRAS BUSANAPRANA INTERNATIONAL, P.T. (Garment Manufacturing)

12. KAMALTEX, P.T. (Spinning Mills)

13. MEGA RUBBER FACTORY, P.T. Semarang (Tyre Manufacturing)

14. MEGA SAFE TYRE INDUSTRY, P.T. (Tyre and Rubber Industry)

15. METROPOLITAN SYNTHETIC CHEMICALS INDUSTRIES, P.T. (Integrated Textile Industry)

16. NIRMALA AGUNG, P.T. Sukabumi (Plantation)

17. PABRIK SEPATU FAMOUS, P.T. (Sports Shoe Manufacturing)

18. PAN BROTHERS Tbk., P.T. (Garment Manufacturing)

19. PANCA PRIMA EKABROTHERS, P.T. (Garment Manufacturing)

20. RUKUN JAYA, C.V. (Trading)

21. SAMA MANDIRI, P.T. (Industrial Chemical Processing)

22. SARI WARNA ABADI, P.T. (Industrial Chemical Processing)

23. SARI WARNA ASLI TEXTILE INDUSTRY, P.T. (Integrated Textile Industry)

24. SARI WARNA FINTEX, P.T. (Textile Dyed Chemical Manufacturing)

25. SINAR PALEM ABADI, P.T. (Trading and Supplier)

26. SUMBER RUKUN JAYA PRIMA, P.T. (General Trading and Distributor)

27. TASINDO TASSA INDUSTRIES, P.T. (Rubber Glove Manufacturing)

28. TATA RUBBERINDO INDUSTRIES, P.T. (Rubber Glove Manufacturing)

29. THE FAST CHANNEL INDONESIA ELECTRONICS, P.T. (Computer Components Manufacturing)

30. TOPTONE ELECTRONIC INDUSTRIES, P.T. (Electronic Component Manufacturing)

31. TOYO ASAHI BICYCLE INDUSTRIES, P.T. (Bicycle Manufacturing)

32. TRINUSA OPTIMA GARMENT INDUSTRY, P.T. (Garment Industry)

33. TRISTATE GENERAL CORPORATION, P.T. (Trading and Supplier)

34. TRISTATE TEXTILE LTD., P.T. (Spinning Mills)

35. TUBANTIA KUDUS SPINNING MILLS, P.T. (Integrated Textile Industry)

36. WIDJAJA & CO., C.V. Surabaya (General Trading and Distributor)

Attachment 2

List of the GANDA Group Members

1. ARGACITRA KURNIA, P.T. (Investment Holding)

2. GANDA DINAMIKA, P.T. (Oil Palm Plantation and Refinery)

3. GANDA SAWIT UTAMA, P.T. (Oil Palm Plantation and Investment Holding)

4. GANDAERAH HENDANA, P.T. (Oil Palm Plantation and Refinery)

5. INECDA, P.T. (Oil Palm Plantation and Refinery)

6. JATIM JAYA PERKASA, P.T. (Oil Palm Plantation)

7. KARTIKA PRIMA NABATI, P.T. (Oil Palm Plantation)

8. KARYA AGUNG MEGAH UTAMA, P.T. (Oil Palm Plantation)

9. PAN BROTHERS Tbk, P.T. (Textile Mills and Investment Holding)

10. PATIWARE, P.T. (Oil Palm Plantation)

11. PERKEBUNAN ANAK NEGERI PASAMAN, P.T. (Oil Palm Plantation)

12. PERKEBUNAN KALTIM UTAMA, P.T. (Oil Palm Plantation)

13. PUTRALINK DOMAS, P.T. (Oil Palm Plantation)

14. SENTOSA ASIH MAKMUR, P.T. (Oil Palm Plantation)

15. SUMATERA UNGGUL MAKMUR, P.T. (Oil Palm Plantation)

16. SUMATRA AGRO NUSA PLANTATION PRIMA, P.T. (Oil Palm Plantation)

17. WAWASAN KEBUN NUSANTARA, P.T. (Oil Palm Plantation)

18. WILMAR SAMBAS PLANTATION, P.T. (Oil Palm Plantation)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.17
UK Pound	1	Rs.100.66
Euro	1	Rs.70.97

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	TRU

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.