MIRA INFORM REPORT

Report No. :	488541
Report Date :	01.02.2018

IDENTIFICATION DETAILS

Name :	PT. MANUNGGAL SUKSES SEJATI

Registered Office :	Podomoro City, Ruko Garden Shopping Arcade Blok B No. 8 DH, Jl. S. Parman Kelurahan Tanjung Duren Selatan, Kecamatan Grogol Petamburan Kota Jakarta Barat 11470 DKI Jakarta

Country :	Indonesia

Date of Incorporation :	23.04.2012

Legal Form :	Private Limited Liability Company

Line of Business :	Printing and reproduction of recorded media Printing and service activities related to printing Printing (other than printing of newspapers and printing on labels and tags) n.e.c.

No. of Employees :	100

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Indonesia

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

INDONESIA - ECONOMIC OVERVIEW

Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.

Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.

Source : CIA

COMPANY IDENTIFICATION

Company Name	PT. Manunggal Sukses Sejati

Address	Podomoro City, Ruko Garden Shopping Arcade Blok B No. 8 DH, Jl. S. Parman Kelurahan Tanjung Duren Selatan, Kecamatan Grogol Petamburan Kota Jakarta Barat 11470 DKI Jakarta - Indonesia

Telephone	+622129912050
Fax	+622129206263
Mobile Phone	N.A.

Email	contact@masejati.com
Web	masejati.com

PROFILE

Address

Podomoro City, Ruko Garden Shopping Arcade Blok B No. 8 DH, Jl. S. Parman
Kelurahan Tanjung Duren Selatan, Kecamatan Grogol Petamburan
Kota Jakarta Barat 11470
DKI Jakarta - Indonesia

Office Building

a.	Area - Commercial
b.	Status - Leased

Date of Establishment

-	23 April 2012

Start Operation

2013

Legal Status

Private Limited Liability Company or Perseroan Terbatas (PT)

Legalization (historical)

No. AHU-28319.AH.01.01.Tahun 2012
Dated, 28 May 2012

No. AHU-0001697.AH.01.03.Tahun 2015
Dated, 12 January 2015

Government Permit (s)

Kementerian Perdagangan
TDP - 090214651989
Dated, Valid Until 11 March 2020

Significant change

PT. Manunggal Sukses Sejati (the Company) was established on April 23, 2012 in Kota Jakarta Barat-DKI Jakarta with authorized capital of IDR 600 million, and issued and paid-up capital of IDR 150 million. Initially, shareholder structure of the Company consisted of Mr. Miftakhudin (99.333%) and Mr. Dwi Joko Wiyono (0.667%).

On January 6, 2015, the Company issued a revision notarial act. As written on the act, shareholders of the Company changed, to consist of Ms. Desi (50.000%) and Mr. Allief Edowari (50.000%). Meanwhile, capitalization structure of the Company remained unchanged.

As far as we know, there has been no more change in the Company’s notarial act as published by the Ministry of Justice.

Capitalization

     -    Authorized Capital
     -    Issued Capital
     -    Paid Up Capital

IDR 600,000,000
IDR 150,000,000
IDR 150,000,000

SHAREHOLDERS & MANAGEMENT

Shareholders

Total No. of Shareholders: 2
Shareholders as 12 January 2015
Total Shareholding private – 150 shares

Name of Shareholders

-	Ms. Desi (75 shares) - 50.000 %
-	Mr. Allief Edowari (75 shares) - 50.000 %

Management Board

Name

Ms. Desi

Position

Director

Nationality

Indonesian

Supervisory Board

Name

Mr. Allief Edowari

Position

Commissioner

Nationality

Indonesian

Management Assessment

The management is deemed to have sufficient experience and industry expertise to manage subject properly.

Authorized Signatories

Ms. Desi as Director of the Company which must be approved by shareholder meeting.

Affiliate (s) / Associate (s)

N.A.

KEY DATA ON OPERATIONS

Registered Activities

SIC Code 18 : Printing and reproduction of recorded media

Number of Employee

Approximately 100 employees

Business Category

SIC Code 18.1 : Printing and service activities related to printing

Line of Business

SIC Code 18.12/9 : Printing (other than printing of newspapers and printing on labels and tags) n.e.c.

Product & Capacity

N.A.

Status of Investment

Non-facilities based Company

Sales Territory

Local

100%

International

00%

Main Items Imported
And Country Origin

PVC Sheets
Ink
Printing Machine

China
China
China
Germany

Main Items Exported
and Country Destination

Major Customers

-	PT. Cipta Srigati Lestari

Major Supplier

-	PT. Cemani Toka

Terms of Payment

Purchase Payment
Domestic: Telegraphic Transfer (T.T) based on Agreement;
Overseas: Telegraphic Transfer (T.T) based on Agreement;

Sale Terms
Domestic: Telegraphic Transfer (T.T) based on Agreement;
Overseas: N.A.

Activity Comment

PT. Manunggal Sukses Sejati (the Company) is a non-facility based company that is engaged in the printing industry. The Company has been operating since 2013. Head office of the Company is located in Podomoro City, Ruko Garden Shopping Arcade Blok B No. 8 DH, Jl. S. Parman, Kelurahan Tanjung Duren Selatan, Kecamatan Grogol Petamburan, Kota Jakarta Barat 11470, DKI Jakarta - Indonesia. We believe that the location is leased from another party.

The Company owns a factory located in Jl. Raya Meruya Ilir RT 001 RW 001, Kelurahan Srengseng, Kecamatan Kembangan, Kota Jakarta Barat 11630, DKI Jakarta - Indonesia, which is also as registered address of the Company.

Based on our investigation, the Company is engaged in printing industry. The Company produces ID cards, member cards and several other smart card products in accordance to request from customers.

For its operation, the Company uses PVC sheet and ink materials, which are mostly obtained from local suppliers, such as ink from PT. Cemani Toka. The Company also uses imported PVC sheet and ink from China. Factory of the Company is equipped with several units of printing machines, which were imported directly from Germany and China.

Next, the Company produces ID Cards for corporate customers or members cards for several shopping centers. One of current customers of the Company is PT. Cipta Srigati Lestari.

Operationally, according to our source, performance of the Company in 2016 and 2017 was increasing, yet not significant. Demand for the Company’s products also increased by some 4%-5% per year. The stabile demand is because the Company has signed contracts with several existing clients. Meanwhile, the Company seems facing difficulties in capturing new customers, due to tight competition in the printing industry.

Up to this first quarter of 2018, the Company is still operating well. The Company is also not facing significant payment problem from customers or to suppliers.

At the time this report is written, this Company has not been involved in any criminal or civil cases. This statement is based on a result of a search for cases conducted at the State Court in the district where the Company was established and operational today.

Factory and Registered Address

Jl. Raya Meruya Ilir RT 001 RW 001
Kelurahan Srengseng, Kecamatan Kembangan
Kota Jakarta Barat 11630
DKI Jakarta - Indonesia
Phone : -
Fax : -
Email : -

BANKING INFORMATION

Banker (s)

-	PT. Bank Danamon Indonesia Tbk

Insurance

-	Badan Penyelenggara Jaminan Sosial (BPJS)

BUSINESS PROSPECTS

Business Prospects

Performance of the Company relies on the outlook of printing industries. In present time, the printing industry has entered the 4.0 era, in which technology and digitalization become part of all activities. The 4.0 era enables many manufacturers to connect digitally, either for 3D printing, robotic or for new digital technologies.

Based on data from IDC (International Data Corporation), the global offset and printing industry will continue to grow fast in 2018, with a total market size of USD 9 billion, or increasing significantly from USD 5.3 billion in 2012.

The current digital era is actually quite facilitating for the printing and offset industry. As also revealed by IDC, the printing, offset, packaging and advertisement industry in the Asia Pacific continued to grow by 12% in 2017.

Meanwhile, according to Smithers Pira (2017), the global printing industry is predicted to grow and reach USD 980 billion in 2018, triggered by the increasing demand for digital printing products. The digital printing market will also increase twofold, from 9.5% in 2008 to 19.7% in 2018.

In fact, by the year 2020, the offset and printing industry is predicted to reach USD 47.2 billion throughout the world. Specifically, in Indonesia, the publishing industry is predicted to grow by 14.9%, followed by the packaging industry with 13.2% growth, and the advertisement industry with 12.1% growth.

Based on data shown above, we believe that the printing industry is still able to grow well in Indonesia.

FINANCIAL STATEMENT

Sales Turn Over	2015 - IDR 25,642,000,000 *(Estimated)* 2016 - IDR 26,924,100,000 *(Estimated)* 2017 - IDR 27,318,230,000 *(Estimated)*

Total Assets	As the Company is not a publicly listed company, we are unable to give detail picture of the financial condition of the Company.

Other Financial Data	As the Company is not a publicly listed company, we are unable to give detail picture of the financial condition of the Company.

CREDITWORTHINESS

Management Capability	Adequate

Business Morality	Adequate

Payment Manner	Slow but Correct

Financial Condition	Satisfactory

Operating Trend	Up

Conclusive remarks	Based on information shown above, we learn that the Company is engaged in the printing industry. The Company produces ID Cards for corporate customers or members cards for several shopping centers. One of current customers of the Company is PT. Cipta Srigati Lestari. Operationally, as we learn, performance of the Company was quite favorable in the past two years. Meanwhile, the printing industry is predicted to continue to grow in 2018. In addition, the printing card industry is still quite prospective, in line with the increasing demand for smart cards, either ID cards or member cards in the market. Nevertheless, the Company should improve its product innovations, due to the getting tight competition of the printing industry. In term of financial aspect, the Company is not facing significant issues; so that its cash flow is still secured. Based on considerations shown above, we classify the Company’s current credit rating to "medium" risk. However, for security reason, we advise those wishing to cooperate with or grant loans to this Company to ask adequate collateral from shareholders.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.69
UK Pound	1	INR 90.35
Euro	1	INR 79.21
IDR	1	INR 0.0048

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.