MIRA INFORM REPORT

Report No. :	350303
Report Date :	21.11.2015

IDENTIFICATION DETAILS

Name :	THE TRUBA GROUP

Registered Office :	Wisma PSM, Jalan Swadaya II No 7, Tanjung Barat, Jagakarsa, Jakarta Selatan, 12530

Country :	Indonesia

Financials (as on) :	2014

Year of Establishment :	1976’s

Legal Form :	Group of Companies

Line of Business :	· Mining, General Trading · Business Management Consulting) · Steel Fabricating · Design Engineering Procurement and Construction Services · Electric Power Plant Development · Investment Holding · Building Services, Non Destructive Testing Services · Quinine Manufacturing · Mechanical and Electrical Contracting · Mechanical Piping and Electrical Works · Oil and Gas Contracting · Coal Stock Pile Services

No. of Employees :	1,360

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 :	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

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

Business name

THE TRUBA GROUP

Summary

1. Name of the Business Group

- The TRUBA Group

2. Year of Establishment

- 1976’s

3. Business Headquarter

- South Jakarta

Indonesia

4. Business Operation Area

- Through-out Indonesia

5. Business Activities

a. Mining, General Trading

b. Business Management Consulting)

c. Steel Fabricating

d. Design Engineering Procurement and Construction Services

e. Electric Power Plant Development

f. Investment Holding

g. Building Services, Non Destructive Testing Services

h. Quinine Manufacturing

i. Mechanical and Electrical Contracting

j. Mechanical Piping and Electrical Works

k. Oil and Gas Contracting

l. Coal Stock Pile Services

m. Etc.,

6. Ultimate Investment Holding

- P.T. TRUBA JAYA ENGINEERING

7. Number of the Group Members

- 25 Companies

8. Major Members of the Group

- P.T. ALAM INTI MINING (General Trading)

- P.T. BUMI ALAM MANUNGGAL (Mining, General Trading)

- P.T. CILEGON FABRICATORS (Steel Fabricating)

- P.T. EQUATOR MANUNGGAL POWER (Electric Power Plant Development)

- P.T. GADING MEGAH JAYA (Engineering and Construction Services)

- P.T. KARANGASEM MANUNGGAL POWER (Electric Power Plant Development)

- P.T. MANUNGGAL ENGINEERING (Design Engineering, Procurement and Construction)

- P.T. MANUNGGAL INFRASOLUSI (Investment Holding)

- P.T. MANUNGGAL INFRASOLUSI UTAMA (Construction, Mining, Power Plant)

- P.T. MANUNGGAL POWER (Design Engineering, Procurement and Construction and

Investment Holding)

- P.T. MANUNGGAL POWER UTAMA (Design, Engineering Procurement and Construction)

- P.T. MAXIMA INFRASTRUKTUR (General Trading)

- P.T. MENAMAS MITRA ENERGI (Electric Power Plant Development)

- P.T. PRASADA SAMYA MUKTI (Building Services, Non Destructive Testing, Etc)

- P.T. RANYZA ENERGI (Electric Power Plant Development)

- P.T. SINKONA INDONESIA LESTARI (Quinine Manufacturing)

- P.T. SUAR ALAMA ENGINEERING (Integrated Business Solution in Oil and Gas Industry)

- P.T. TRUBA ALAM MANUNGGAL ENGINEERING Tbk (Engineering, Procurement and

Construction Services and Investment Holding)

- P.T. TRUBA ANUGRAH PRAKARSA (General Trading and Distribution of Chemicals)

- P.T. TRUBA JAYA ENGINEERING (Mechanical and Electrical Contracting and Investment

Holding)

- P.T. TRUBA MANDIRI (Oil and Gas Contracting)

- P.T. TRUBA POWER INDONESIA (Business Management Consulting)

- P.T. TRUBA POWER UTAMA (Electric Power Plant Development)

- P.T. TRUBA SEGIHAN UTAMA (Coal Stock Pile Services)

- Etc.

9. Total Employees

- 1,360 persons

10. Business Trend in the last 5 years

- Growing

11. Major Owners

a. P.T. MANUNGGAL INFRASOLUSI - 99.55%

b. P.T. KURNIA UNGGUL SEJAHTERA - 0.43%

c. P.T. MULTI ENERGI PERSADA - 0.02%

12. Top Figures and Executives

a. Mr. Boyke Wibowo Mukijat

b. Mr. Muhammad Yusrizki

c. Mr. Mma Gofran

d. Mr. Toto Arianto

e. Mr. Syafrizul Aziz

f. Mr. Samsul Syahyan

g. Mr. Alfan Baharudin

h. Mr. Indra Muda Salim

i. Mr. Medi Avianto

13. Listed Companies or Parent Company within the TRUBA Group

- P.T. TRUBA ALAM MANUNGGAL ENGINEERING Tbk, (but since the end 2013 delisted

from Indonesia Stock Exchanged)

14. Financial Figures of the TRUBA Group

(In Billion Rupiah)

Description	2010	2011	2012	2013	2014
a. Gross Sales	3,100.0	2,990.5	2,810.0	2,750.0	2,550.0
b. Net Profit	186.0	179.4	168.6	137.5	102.0
c. Networth	840.0	898.0	920.0	1,100.0	1,210.0

15. Sales Structure by Sector

a. Engineering Procurement and Construction - 80%

b. Others - 20%

16. Major Bankers

a. P.T. Bank MEGA Tbk

b. P.T. Bank CIMB NIAGA Tbk

c. P.T. Bank CENTRAL ASIA Tbk

d. P.T. Bank MANDIRI Tbk

e. P.T. Bank DANAMON INDONESIA Tbk

f. P.T. Bank PAN INDONESIA Tbk

g. P.T. Bank PERMATA Tbk

h. P.T. Bank NEGARA INDONESIA Tbk

i. P.T. Bank SYARIAH MEGA

17. Contact Addresses

P.T. TRUBA JAYA ENGINEERING

Head Office

Wisma PSM

Jalan Swadaya II No. 7

Tanjung Barat, Jagakarsa

Jakarta Selatan, 12530

Phones - (62-21) 7803300, 7891481, 7815760

Fax - (62-21) 7801054, 7823968

E-mail - marketing@trubagroup.com

Website - http://www.trubagroup.com

Contact Person

President Director - Mr. Boyke Wibowo Mukijat

Director - Mr. Muhammad Yusrizki

REMARKS

TRUBA Group is a medium sized private business group which established in around 1976 by YAYASAN KARTIKA EKA PAKSI a foundation owned by Indonesian Army (TNI-AD), Mr. Hartono Wirjodiprojo and others. Previously approximately 90% of business stakes of the group controlled by YAYASAN KARTIKA EKA PAKSI. But since the 1998 reform of the armed forces around the foundations of the republic of Indonesia (Indonesian Army) should no longer active in business and sold all its shares. Parent company of the TRUBA Group is P.T. TRUBA JAYA ENGINEERING a national private company set-up in April 1976 founded by P.T. TRI USAHA BHAKTI and P.T. ALL TRUBA INDAH both are owned by YAYASAN KARTIKA EKA PAKSI. However after reform in 1998 the whole business stakes controlled by P.T. MANUNGGAL INFRASOLUSI (99.55%), P.T. KURNIA UNGGUL SEJAHTERA (0.43%) and P.T. MULTI ENERGI PERSADA (0.02%).

TRUBA Group is a medium sized private business group started with operating since 1976 dealing with design, engineering procurement and construction services. Through P.T. TRUBA JAYA ENGINEERING (P.T. THE) is one of the leading national construction services company with solid reputation and achievement. The TRUBA Group has already established its presence in Southeast Asia and the Middle East through cooperation agreements or Partnership with reputable local companies. P.T. Truba Jaya Engineering builds great many power plants, fertilizers plants, cement plant, mining plants, recovery boilers, pulp & paper mills, steel mills and oil & gas and petrochemical plant around Indonesia. The Truba Group through P.T. Truba Jaya Engineering ensure its Quality Assurance based on International Standard such as ISO 9000-Quality Management System, OHSAS 18000-Health and Safety Management System, and ISO 14000-Environment Management System.

TRUBA Group through P.T. Truba Jaya Engineering has been in operation since 1976 in engineering, procurement and constructing services. A number of projects carried out by P.T. TJE among others are civil and electrical works of Diesel Power Plant (2x660 Kw) owned by P.T. PLN in Air Raja, Tanjung Pinang, Riau, completed in end 1996; erection of 3 unit boilers and auxiliaries of Grati Combined Cycle Power Plant owned by P.T. PLN in Pasuruan, East Java, completed in January 1997; material and warehouse management of Muara Tawar Combined Cycle Power Plant project owned by P.T. PLN in North Jakarta, completed in January 1997; erection of boiler for units 5 & 6 and electrostatistic precipitor of Power Plant project owned by P.T. PLN in Suralaya, West Java, completed in April 1997; erection of 6 units HRSG and BOP of Tambak Lorok Combined Cycle Power Plant project owned by P.T. PLN in Tambak Lorok, Semarang, Central Java, completed in May 1997; installation of steam turbines of Power Plant units 5,6 & 7 project owned by P.T. PLN in Suralaya, West Java, completed in March 1998. The project being completed is an erection of 2 units coal fired steam generator/boiler and accessories of Power Plant project owned by P.T. PAITON ENERGY in Paiton, East Java, completed in January 1999.

Projects having been carried out by P.T. TJE include mechanical and electrical works in the development project of Liquified Natural Gas (LNG) Tangguh, Cirebon owned by PERTAMINA, mechanical and electrical works in the expansion project of fertilizer plant owned by P.T. PUPUK KALTIM in East Kalimantan (UBS Lingga Urea Bulk) and maintenance and reparation services work of machineries of INCO and CHEVRON, foreign oil companies in Duri, Riau Province, the development of electric power plant in Paiton, Probolinggo, East Java; PERTAMINA Balikpapan, East Kalimantan, PLTA Suralaya; PLTA Tanjung Jati B; Riyadh Power and others.

P.T. Truba Jaya Engineering Ownership

Name of Company	Lines of Business	Percentage of Ownership (%)
Direct Ownership
P.T. TRUBA ANUGRAH PERKASA	Trading and Distribution of Chemicals	99.93
P.T. GADING MEGAH JAYA	Engineering, Construction Services	99.00
P.T. PRASADA SAMYA MUKTI	Building Services, Non Destructive Testing	55.87
P.T. TRUBA MANDIRI	Oil and Gas Contracting	79.43
P.T. CILEGON FABRICATORS	Steel Fabricating	10.91

TRUBA Group through P.T. TRUBA ALAM MANUNGGAL ENGINERING Tbk (P.T. TAMET) is a public listed company established in February 2001 dealing with engineering procurement and construction services, integrated power plant and investment holding. P.T. Truba Alam Manunggal Engineering Tbk is an Indonesia-based company primarily engaged in provisioning engineering, procurement and construction (EPC) services. It provides its EPC services to independent power producer (IPP) projects, oil and gas, mining, pulp and paper, petrochemical, fertilizer and cement sectors, particularly the construction of power plant and industrial plant. It also provides operations and maintenance (O&M) services for industrial boilers. Its subsidiaries include P.T. Manunggal Infrasolusi Utama, P.T. Manunggal Engineering, P.T. Truba Jaya Engineering, TAME Turnkey Contracting Pte Ltd and others.

Based on the forecast from some economists, Indonesia’s economic growth in 2015 is still challenging. Bank Indonesia has decided to maintain the BI Rate at 7.75% based on the evaluation of the 2015 economic outlook. This is also in line with the efforts to steer inflation around 4% by 2015, while supporting the control of the current account deficit to a more healthy level. The Rupiah currency is predicted to be in the average range of Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above conditions indicate that in general, Indonesia’s economic condition is not growing optimally and mainly focuses on maintaining economic stability. Indonesia National Budget Plans 2015, the government has predicted the following 2015 global economic challenges which cover; uncertain global economy triggered by either economic downturn or economic crisis in many countries; the risk caused by the fluctuating global commodity prices, especially the raw oil price; commitment to support the ASEAN Economic Community (AEC); and implementation of the global development agenda post 2015. Meanwhile, the forecasted 2015 domestic economic challenges will cover: An increase in the slowing down of economic growth; risk in the domestic financial market; imbalanced payment balance sheet; and reduced social gap. This condition potentially impacts both the industry and the market in which TRUBA Group is engaged. It is estimated that industrial growth equal to or less compared to the previous year.

The TRUBA Group adopts very reclusive attitude towards outsiders and rejected to unveil its financial condition. The TRUBA Group's financial condition is still very much dependent on the financial condition of its member companies. TRUBA Group's operation in 2012 is estimated to have posted a total sales turnover of Rp. 2,810.0 billion decreased to Rp. 2,750.0 billion in 2013 drop to Rp. 2,550.0.0 billion in 2014 and projected to be lower by 4% to 5% in 2015.

According information subsidiary P.T. Truba Alam Manunggal Engineering Tbk has delisted since the end 2013 because the company has yet reported and publication its financial statement in the last three years.

The prime mover of the TRUBA Group is led by Mr. Boyke Wibowo Mukijat AKA Mukiyat (57) as professional manager with experienced in design, engineering procurement and construction services. He has been appointed as a President Director of P.T. Truba Jaya Engineering as of December 2014. Prior to held his current position, he was the President Director and CEO of state owned company such as P.T. Bahana Pembinaan Usaha Indonesia from 2001 through 2008, the President Director and CEO of P.T. Perusahaan Pengelola Aset (P.T. PPA) from November 2008 through 2013. He holds a Bachelor Degree in Economics from the University of Indonesia (UI) and continued his studies in Economics at London Business School in United Kingdom. The group'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. Considering TRUBA Group operation has been declining in the last three years we recommend to treat prudently in extending loan to the company’s group members.

ATTACHMENT 1

CORPORATE

1. P.T. TRUBA JAYA ENGINEERING

1. Name of Company : P.T. TRUBA JAYA ENGINERING

2. Location / Address : Head Office

Wisma PSM

Jalan Swadaya II No. 7

Tanjung Barat, Jagakarsa

Jakarta Selatan, 12530

Phones - (62-21) 7803300, 7891481, 7815760

Fax - (62-21) 7801054, 7823968

E-mail - marketing@trubagroup.com

Website - http://www.trubagroup.com

Building Area - 6 storey

Office Space - 124 sq. meters

Region - Commercial

Status - Rent

3. Incorporation : a. 8 April 1976 as P.T. TRUBA JURONG ENGINEERING

b. 20 July 2007 as P.T. TRUBA JAYA ENGINEERING

4. Company Reg. No. : The Ministry of Laws and Human Rights

No. AHU-AH.01.10-01806

Dated 16 January 2014

5. Legal Form : Limited Liability Company

6. Company Status : National Private Company

7. Permit by the Government : The Department of Finance

Department NPWP No. 01.308.504.8-017.000

8. Capitalization : Authorized Capital - Rp. 4,800,000,000,000

Issued Capital - Rp. 1,209,000,000,000

Paid up Capital - Rp. 1,209,000,000,000

9. Shareholder/Owner : a. P.T. MANUGGAL INFRA

SOLUSI - Rp. 1,203,544,013,700

b. P.T. KURNIA UNGGUL

SEJAHTERA - Rp. 5,246,286,300

c. P.T. MULTI ENERGI

PERSADA - Rp. 209,700,000

10. Key Executives : Board of Management

President Director - Mr. Boyke Wibowo Mukijat

Directors - a. Mr. Muhammad Yusrizki

b. Mr. Mma Gofran

c. Mr. Toto Arianto

d. Mr. Syafrizul Aziz

e. Mr. Samsul Syahyan

Board of Commissioner

Pres. Commissioner - Mr. Alfan Baharudin

Commissioners - a. Mr. Indra Muda Salim

b. Mr. Medi Avianto

11. Business Activities : a. Engineering, Procurement and Construction Services

b. Investment Holding

12. Production Capacity : None

13. Number of Employees : 380 persons

14. Litigation : No litigation record in our database

15. Credit Recommendation : Credit should be extended under guarantee

ATTACHMENT 2

List of the TRUBA Group Members

1. ALAM INTI MINING,P.T. (General Trading)

2. BUMI ALAM MANUNGGAL, P.T. (Mining, General Trading)

3. CILEGON FABRICATORS, P.T. (Steel Fabricating)

4. EQUATOR MANUNGGAL POWER, P.T. (Electric Power Plant Development)

5. GADING MEGAH JAYA, P.T. (Engineering and Construction Services)

6. KARANGASEM MANUNGGAL POWER, P.T. (Electric Power Plant Development)

7. MANUNGGAL ENGINEERING, P.T. (Design Engineering, Procurement and Construction)

8. MANUNGGAL INFRASOLUSI, P.T. (Investment Holding)

9. MANUNGGAL INFRASOLUSI UTAMA, P.T. (Construction, Mining, Power Plant)

10. MANUNGGAL POWER, P.T. (Design Engineering, Procurement and Construction and Investment Holding)

11. MANUNGGAL POWER UTAMA, P.T. (Design, Engineering Procurement and Construction)

12. MAXIMA INFRASTRUKTUR, P.T. (General Trading)

13. MENAMAS MITRA ENERGI, P.T. (Electric Power Plant Development)

14. PRASADA SAMYA MUKTI, P.T. (Building Services, Non Destructive Testing, Etc)

15. RANYZA ENERGI, P.T. (Electric Power Plant Development)

16. SINKONA INDONESIA LESTARI, P.T. (Quinine Manufacturing)

17. SUAR ALAMA ENGINEERING, P.T. (Integrated Business Solution in Oil and Gas Industry)

18. TRUBA ALAM MANUNGGAL ENGINEERING Tbk, P.T. (Engineering, Procurement and

Construction Services and Investment Holding)

19. TRUBA ANUGRAH PRAKARSA, P.T. (General Trading and Distribution of Chemicals)

20. TRUBA JAYA ENGINEERING, P.T. (Mechanical and Electrical Contracting and Investment

Holding)

21. TRUBA MANDIRI, P.T. (Oil and Gas Contracting)

22. TRUBA POWER INDONESIA, P.T. (Business Management Consulting)

23. TRUBA POWER UTAMA, P.T. (Electric Power Plant Development)

24. TRUBA SEGIHAN UTAMA, P.T. (Coal Stock Pile Services)

25. Etc.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.