Kepada Yth.CV WIRASANAJL DANAU TAMBLINGAN NO 126 DENPASAR - BALI

UP:

Dengan hormat,Bersama ini kami beritahukan bahwa kami telah menyetujui permohonan kredit PT. Cipaganti Citra Grahadengan kondisi sebagai berikut,

Brand, Type Toyota Vios

Model G M/T

Category Passenger Car (MPV)

Year 2007

Special Spex Std

Jumlah 5 Unit/s

User Name CV WIRASANA

Vehicles Usage TO BE RENTED TO BANK MANDIRI

SUPPLIER : Auto 2000 - DENPASAR

CREDIT TERMS

On the road price 182,050,000

Discount 0

Total OTR Price 182,050,000

Principal 163,845,000

Insurance (CREDIT) 6,908,798

Total Principal 170,753,798

Installment 4,625,000

Down Payment 18,205,000

Admin Fee 400,000

Fiducia 250,000

Cash Insurance 3,003,825

Insurance Fee 50,000

Total First Payment 21,908,825

Asuransi : Wajib dengan kondisi minimal All Risk (AAB), on loan

Biaya Administrasi NilBiaya Fidusia NilCara Pembayaran Bilyet Giro Bank selama masa kreditSyarat Pencairan : Sesuai standar TAFS +

BG Angsuran, selama masa kredit, Polis AsuransiCross Collateral Default yang tekah ditandatangani

Apabila penawaran ini disetujui, mohon ditanda tangani dan segera dikembaikan kepada kami.Atas perhatian dan kerjasamanya kami ucapkan terima kasih.

Jakarta, ……………… 2007 Menyetujui, CV WIRASANA

( ) ( )

Leasing Clause dengan menyebutkan PT TAFS sebagai beneficiary pada polis asuransi.

Demikian hal ini kami beritahukan sehubungan dengan proses kredit yang diajukan, harga, perhitungan dan kondisi persetujuan kredit ini dapat berubah sewaktu-waktu tanpa pemberitahuan terlebih dahulu sampai dengan Perjanjian Pembiayaan ditanda tangani kedua belah pihak.

DOCUMENT CHECK LIST & TIME SERVICE

Customer Name : CV WIRASANA Process point : Date Time

Approval Number : #REF! #REF! 1 Aplication In

Address : JL DANAU TAMBLINGAN NO 126 2 Survey Time

DENPASAR - BALI 3 Memo Realisasi Crd

PIC : I NYOMAN SENIWECA Phone Number (0361) 286066 4 Deliver to Customer

Dealer Name : Auto 2000 5 Receive fr Customer

Address : DENPASAR 6 Deliver to Dealer

PIC : 0 Phone Number : 7 Receive fr Dealer

FAO : #REF! 8 Check Doc. & Cond.

Credit Analyst : #REF! 9 Deliver to Finance

Cust ID Number : 10 Draw Down

Document Must Accepted by Explaination Date Time

Customer Data's :- Akta Pendirian Perusahaan x

- Akta Perubahan x

- KTP Presiden Direktur / Direksi x

- KTP Presiden Komisaris / Komisaris x

- NPWP / SPT Terakhir x

- SIUPP / Surat Ijin Usaha x

- TDP / SK Domisili Perusahaan x

- SK Pengesahan Depkeh (PT Terdaftar) x

- ……………………………………….

Financial Data's :- Bank Account Statement Last 3 Months

- Neraca / Laporan keuangan Terbaru x

- Laporan Rugi Laba Terbaru x

- Laporan Audit Terbaru x

Business / Project Data's :- Laporan Penjualan / Omzet 3 Bln terakhir

- Kontrak Kerja / Surat Perjanjian Kerjasama

- Surat Penunjukan / Bukti Kontrak Kerja

- ……………………………………….

Vehicles & Dealer Data's :- Surat Perjanjian Kerjasama Dealer

- Surat Pesanan Kendaraan

- Surat Pernyataan Bersama BPKB / BPKB

- Gesekan No Rangka / Mesin

- Taksasi & Foto Kendaraan

- ……………………………………….

NOTE :Service Time : …….. Work hour

Dealer Note's : ……………………………………………

RETNO MAYANGSARI Customer Note's : ………………………………………..

Sales Admin

#REF! ……………………… ARFIANTO WIBOWOFleet Account Officer A/P Payment Offc. District Sales Manager

- Delivery Order / Berita Acara Serah Terima Kend

APPROVALApproval Date : 8-Apr-23 FAO : SURYANA PADMA

Approval Number : 28 /A-CM/FLT-TAFS/ vI/07 Area : DKI

CREDIT MEMO File Name : FCA : WIDI CAHYONO

COMPANY PROFILES

Name : CV WIRASANAAddress : JL DANAU TAMBLINGAN NO 126 DENPASAR - BALIType of Business : TRANSPORTATION SERVICE

PIC : Position HP number Phone Nr I NYOMAN SENIWECA DIRECTOR 0815 (0361) 286066 - - - - - -

TRANSACTION BACKGROUND

SUMMARY OF FINANCIAL REPORTS

Previous Period (2005) The Latest (2006) Proforma COMMENT :

Total Revenue 17,058,368,000 22,293,441,100 22,398,441,100 As of Dec 2006, total revenue already booked

Total Asset 14,374,260,369 18,426,309,681 18,469,726,723 almost 60% of last year performance.

Total Liabilities 4,014,959,757 9,315,490,317 9,319,559,627 Asset, liability, & equity has shown equal growth.

Total Equity 10,359,300,612 9,110,819,364 17,504,418,077 EBITDA figures is still sufficient to cover the

EBITDA 4,825,993,573 8,354,250,981 8,393,598,713 installment.

Current Liabilities 68,540,500 65,019,075 66,375,512

EBITDA to Current Liabilities 70.41 x 128.49 x 126.46 x

DER 0.39 x 1.02 x 0.53 x

Current Ratio 16.55 x 27.61 x 27.63 x

INVESTMENT ANALYSIS

NPV 109,881,159 Feasible Based on the analysis, the investment areIRR 6.17% Feasible feasible, based on NPV, IRR, andProfitability Index 508.62% Feasible profitability index shown.

BANK STATEMENT : Month 1 Month 2 Month 3 AVERAGE

Total Credit Transaction 421,967,861 448,422,679 289,882,764 386,757,768

Total Debit Transaction 422,823,558 452,645,900 288,689,433 388,052,964

Bank Account Nr : Total Average Balance 76,939,202 77,120,710 81,625,756 78,561,889

2 Account Total Ending Balanced 102,870,570 98,647,349 45,075,548 82,197,822

NOTES

The bank account statement is active and dominated with the transaction of its members lending & saving activities. While other transaction consist of business operational activities.

Average Credit Transaction VS Total Sales 0.10 x

Average Debit Transaction VS Total Installment 4.58 xTotal Ending Balanced VS TAFS Installment 0.97 x

CONCLUSION

WEAKNESS STRENGTHSHas not have an audited report Supported with other line of business

THREAT OPPORTUNITYLack of maintenance will affect the unit condition Additional rental from Bank Mandiri or regular replacement of units

Recommendation : PROPOSED TO APPROVED

CV Wirasana is one of rental companies in Bali. It was established on March 3 1989.It engaged in rental business. Currently, there are around 300 units that rented to third parties in Denpasar, NTB, NTT, and Surabaya. Beside CV Wirasana, Mr I Nyoman Seniweca also has 2 other rental companies, CV Liga and PT Tangkas.

CV Wirasan had been appointed to provide 5 units of Vios G M/T by Bank Mandiri Bali to be used as their operational vehicles in 2007 (rental agreement attached). However, to anticipate the business growth and based on the customer projection, we propose for 25 units of vehicles.

CREDIT SCHEMES

PRODUCT FINANCE 1 2Brand, Type Model Toyota Vios G M/TCategory Special Spex Passenger Car (MPV) StdYear 2007Unit/s 5 Unit/sDealer Auto 2000 Denpasar Bali

CREDIT TERMSPER UNIT TOTAL PER UNIT TOTAL

On the road price 182,050,000 3,335,750,000 Discount - - Total OTR Price 182,050,000 3,335,750,000

Down Payment 10% 18,205,000 333,575,000 Principal 163,845,000 3,002,175,000 Insurance (CREDIT) 3.80% 6,908,798 128,063,138 Total Principal 170,753,798 3,130,238,138 Tenor 4 Years 48 MthsInterest Rate 51,226,139 939,071,441

ADD B 7.50% in arrear Eff. Rate : 13.51%

Total Loan 221,979,937 4,069,309,579 Installment 4,625,000 -

Down Payment 18,205,000 333,575,000 Admin Fee 400,000 2,000,000Fiducia 250,000 1,250,000Cash Insurance 1.65% 3,003,825 58,678,125Insurance Fee 50,000 750,000

Total First Payment 21,908,825 396,253,125

CONDITIONSDrawdown Juli - August 2007 Payment Method Post Date Check Document Required Vehicle Order Letter (SPK)

Down Payment Receipt Vehicle data & Invoice from dealer Rental agreement or LoI

Others Drawdown will be made based on unit availability

SPECIAL CONDITIONS :

Need approval for special conditions : Standard Approval1 Insurance AAB 3% Commercial AAB 1.65%

Dealer has already aggred with this ins rate

PROPOSED BY ACKNOWLEDGED BY

SURYANA PADMA WIDI CAHYONO BAMBANG BODHIANTO ADI SEPIARSO

FLEET ACC OFFICER NATIONAL FLEET HEAD RM DIVISION HEAD OPERATION DIVISION HEADCOMMENTS / NOTES :

COMPANY PROFILES

SUMMARY OF FINANCIAL REPORTS

NOTES

CONCLUSION

CREDIT SCHEMES

SPECIAL CONDITIONS :

CUSTOMER PROFILEName : CV WIRASANAAddress : JL DANAU TAMBLINGAN NO 126 Province : DENPASAR - BALIPhone Nr : (0361) 286066 Fax Nr :Type of Business : TRANSPORTATION SERVICE

MANAGEMENT

Position Name Notes

DIRECTOR I NYOMAN SENIWECA

PIC : Position HP number Phone NrI NYOMAN SENIWECA DIRECTOR 0815 (0361) 286066

SHARE HOLDERS

Name Number of shares Shares Notes

I NYOMAN SENIWECA 100.00%

COMPANY BACKGROUND

BUSINESS CONDITION

CLIENTS / CUSTOMERS LIST

Name Vol Sales Explanation

Bank Mandiri

ASSETS IN RENTED VEHICLES

Name Year Unit Explanation

The vehicles list is attached

Total 0

CV Wirasana is one of rental companies in Bali. It was established on March 3 1989.It engaged in rental business. Currently, there are around 300 units that rented to third parties in Denpasar, NTB, NTT, and Surabaya. Beside CV Wirasana, Mr I Nyoman Seniweca also has 2 other rental companies, CV Liga and PT Tangkas.

CV Wirasan had been appointed to provide 5 units of Vios G M/T by Bank Mandiri Bali to be used as their operational vehicles in 2007 (rental agreement attached). However, to anticipate the business growth and based on the customer projection, we propose for 25 units of vehicles.

SUMMARY OF FINANCIAL REPORTS

Name : CV WIRASANA

Address : JL DANAU TAMBLINGAN NO 126 DENPASAR - BALI

Type : TRANSPORTATION SERVICE

Status : Inhouse Inhouse Inhouse

Auditor : :

Dated : : 31 December 2004 31 December 2005 30 December 2006

Dated :Period : : 2004 2005 2006

Total Assets 0 14,374,260,369 18,426,309,681Revenue 0 17,058,368,000 22,293,441,100Nett Loss/Profit -1 4,825,993,573 8,354,250,981

Total Liabilities 0 4,014,959,757 9,315,490,317Current Liabilities: 0 68,540,500 65,019,075

Short Term Bank Loan 0 0 0Short Term Leasing Loan 0 0 0

Long Term Liabilities: 0 3,946,419,257 9,250,471,242Long Term Bank Loan 0 3,941,419,257 9,250,471,242Long Term Leasing Loan 0 0 0

Equity 0 10,359,300,612 9,110,819,364

PROFITABILITY Gross Profit Margin #DIV/0! 94.43% 99.29%Operating Profit Margin #DIV/0! 28.29% 37.47%Net Income Margin #DIV/0! 28.29% 37.47%EBITDA -1 4,825,993,573 8,354,250,981EBITDA to New Installment 0.00 4.74 x 8.21 x

LIQUIDITY Current Ratio #DIV/0! 16.55 x 27.61 x

LEVERAGEDER #DIV/0! 0.39 x 1.02 x

Detail Revenues (30 June 2006) :

Business Notes % Amount

1 Operational Leasing 78.18% 17,429,476,000

2 Rental 17.59% 3,922,248,000

3 Tour 3.79% 844,815,250

4 Driver Services 0.30% 66,345,850

5 Transfer Service 0.14% 30,556,000

6 Other 0.00% 0

TOTAL 100.00% 22,293,441,100

Detail Leasing Liabilities (30 June 2006) :

Company Name Purposes O/S Amount

1 ACC Vehicles Purchase and lease back

2

3

TOTAL 0

Name : CV WIRASANAAddress : JL DANAU TAMBLINGAN NO 126

DENPASAR - BALI

In House In House In House31/12/2005 31/12/2005 31/12/2006

KEY FINANCIALSNet Sales 0 17,058,368,000 22,293,441,100COGS 0 949,300,667 159,216,200SGA 0 11,283,073,760 13,779,973,919Operating Profit -1 4,825,993,573 8,354,250,981Net Income -1 4,825,993,573 8,354,250,981Total Current Asset 0 1,134,021,514 1,795,228,118Total Fixed Asset 0 13,240,238,855 16,631,081,563Total Asset 0 14,374,260,369 18,426,309,681Total Current Liabilities 0 68,540,500 65,019,075Long Term Debt 0 3,946,419,257 9,250,471,242Total Liabilities 0 4,014,959,757 9,315,490,317Total Net Worth 0 10,359,300,612 9,110,819,364

ANNUAL GROWTH

Sales Growth #DIV/0! 30.69%Operating Profit Growth -482599357400.00% 73.11%Net Income Growth -482599357400.00% 73.11%Asset Growth #DIV/0! 28.19%

PROFITABILITY

Gross Profit Margin #DIV/0! 94.43% 99.29%Operating Profit Margin #DIV/0! 28.29% 37.47%Net Income Margin #DIV/0! 28.29% 37.47%ROA #DIV/0! 33.57% 45.34%ROE #DIV/0! 46.59% 91.70%

EFFICIENCY

Days Inventory #DIV/0! 6.77 48Days Receivables #DIV/0! 1.38 6Days Payables #DIV/0! 0.00 0Asset Turnover #DIV/0! 1.19 1.21

LIQUIDITY

Current Ratio #DIV/0! 16.55 27.61

LEVERAGETotal Liab/Total Net Worth #DIV/0! 0.39 1.02Interest Coverage #DIV/0! #DIV/0! #DIV/0!Debt to Asset #DIV/0! 0.28 0.51

Sustainable Growth Rate #DIV/0! 0.87 11.04

Name : CV WIRASANA

In House In House In House

DATE 31/12/2005 31/12/2005 31/12/2006

BALANCE SHEET

1 Cash & Banks #DIV/0! 1,009,938,014 7.0% 1,356,432,368 7.4%2 Deposit #DIV/0! 0.0% 0.0%3 Account Receivables #DIV/0! 65,250,000 0.5% 380,564,000 2.1%4 Inventory #DIV/0! 17,850,000 0.1% 21,243,750 0.1%5 Prepaid Tax #DIV/0! 15,983,500 0.1% 11,988,000 0.1%6 Advance Payment #DIV/0! 0.0% 0.0%7 Prepaid Expense #DIV/0! 0.0% 0.0%8 Other Receivables #DIV/0! 25,000,000 0.2% 25,000,000 0.1%

0.0%9 TOTAL CURRENT ASSET 0 #DIV/0! 1,134,021,514 7.9% 1,795,228,118 9.7%

10 Net Fixed Assets #DIV/0! 13,240,238,855 92.1% 16,631,081,563 90.3%11 Leasing Asset #DIV/0! 0.0% 0.0%12 Investment #DIV/0! 0.0% 0 0.0%13 Deffered Tax Asset #DIV/0! 0.0% 0.0%14 Project in Progress #DIV/0! 0.0% 0.0%15 Other Assets #DIV/0! 0.0% 0.0%

0.0%16 TOTAL FIXED ASSETS 0 #DIV/0! 13,240,238,855 92.1% 16,631,081,563 90.3%

17 TOTAL ASSETS 0 #DIV/0! 14,374,260,369 100.0% 18,426,309,681 100.0%

18 Short Term Debt Bank #DIV/0! 0.0% 0.0%19 Short Term Debt Leasing #DIV/0! 0.0% 0.0%20 Account Payable #DIV/0! 21,549,000 0.1% 15,450,725 0.1%21 Short Term Shareholders Loan #DIV/0! 0.0% 0.0%21 Taxes Payable #DIV/0! 0.0% 0.0%22 Insurance payment #DIV/0! 0.0% 0.0%23 Accruals #DIV/0! 0.0% 0.0%24 Advance payment #DIV/0! 0.0% 0.0%25 Other Liabilities #REF! 46,991,500 0.3% 49,568,350 0.3%26 Deffered Income #DIV/0! 0.0% 0.0%27 TOTAL CURRENT LIABILITIES 0 #DIV/0! 68,540,500 0.5% 65,019,075 0.4%

28 Long Term Bank Loan #DIV/0! 3,941,419,257 27.4% 9,250,471,242 50.2%29 Long Term Leasing Loan #DIV/0! 0.0% 0.0%30 Other Long Term Loan #DIV/0! 5,000,000 0.0% 0.0%31 Customer Deposit #DIV/0! 0.0% 0.0%32 Deffered Income #DIV/0! 0.0% 0.0%3334 TOTAL L.T. LIABILITIES 0 #DIV/0! 3,946,419,257 27.5% 9,250,471,242 50.2%

35 TOTAL LIABILITIES 0 #DIV/0! 4,014,959,757 27.9% 9,315,490,317 50.6%

36 Capital Stock #DIV/0! 10,359,300,612 72.1% 9,110,819,364 49.4%37 Exchange rate difference #DIV/0! 0.0% 0.0%38 Reserves #DIV/0! 0.0% 0.0%39 Deviden #DIV/0! 0.0% 0.0%40 #DIV/0! 0.0% 0.0%41 Retained Earning #DIV/0! 0.0% 0 0.0%42 Profit/Loss In Current Year #DIV/0! 0 0.0% 0 0.0%43 TOTAL NET WORTH 0 #DIV/0! 10,359,300,612 72.1% 9,110,819,364 49.4%

44 TOTAL LIAB. & NET WORTH 0 14,374,260,369 18,426,309,6810 0 0

45 Contingent Liab.- (excl. Bills disc.)

In House In House In House

DATE 31/12/2005 31/12/2005 31/12/2006

D E S C R I P T I O N INCOME STATEMENT

46 NET SALES 100.00% 17,058,368,000 100.00% 22,293,441,100 100.00%47 Cost of Good Sold #DIV/0! 949,300,667 5.6% 159,216,200 0.7%48 Selling, Gen. & Admin. Expenses #DIV/0! 11,283,073,760 66.1% 13,779,973,919 61.8%49 0 16,109,067,333 22,134,224,90050 OPERATING PROFIT -1 #DIV/0! 4,825,993,573 28.3% 8,354,250,981 37.5%

0.0%51 Depreciation #DIV/0! 0.0% 0.0%52 Ammortization #DIV/0! 0.0% 0.0%

53 Interest Income #DIV/0! 0.0% 0.0%54 Claim Income #DIV/0! 0.0% 0.0%55 Dividends from subsidiaries #DIV/0! 0.0% 0.0%56 Income from selling fixed asset #DIV/0! 0.0% 0.0%57 Other Income #DIV/0! 0.0% 0.0%58 Forex Diff Gain (non cash) #DIV/0! 0.0% 0.0%

59 Interest Expenses (Bank) #DIV/0! 0.0% 0.0%60 Interest Expense (Leasing) #DIV/0! 0.0% 0.0%61 Tax Expenses #DIV/0! 0.0% 0.0%62 Bad Stocks #DIV/0! 0.0% 0.0%63 Other Expense #DIV/0! 0.0% 0.0%

64 PROFIT BEFORE INCOME TAXES -1 #DIV/0! 4,825,993,573 28.3% 8,354,250,981 37.5%

65 Income Tax #DIV/0! 0.0% 0.0%66 Deferred Income Tax #DIV/0! 0.0% 0.0%67 #DIV/0! 0.0% 0.0%

0.0%68 NET INCOME -1 #DIV/0! 4,825,993,573 28.3% 8,354,250,981 37.5%

Earning before interest, tax, deprec., ammort -1 #DIV/0! 4,825,993,573 28.29% 8,354,250,981 37.47%

Bank Summary

BANK STATEMENT SUMMARY :

Name : CV WIRASANA

Address : JL DANAU TAMBLINGAN NO 126 DENPASAR - BALI

Type : CURRENT ACCOUNT

Terisi secara otomatis

SUMMARYBank Name Branch Account Type Account Name Avg Balance

Bank BNI Denpasar-Bali CURRENT ACCOUNT PT TANGKAS PERKASA 26,674,154 Bank Mandiri Denpasar CURRENT ACCOUNT CV WIRASANA 51,887,735

Month 1 Month 2 Month 3 AVERAGE

Total Credit Transaction 421,967,861 448,422,679 289,882,764 386,757,768Total Debit Transaction 422,823,558 452,645,900 288,689,433 388,052,964Total Average Balance 76,939,202 77,120,710 81,625,756 78,561,889Total Ending Balanced 102,870,570 98,647,349 45,075,548 82,197,822

Analyze:

1. Frequency of credit transaction compare to the company's sales

Average Credit Transaction VS Total Sales 0.10 xAverage Debit Transaction VS Total Installment 4.58 x

2. Ending Balance balance amount compare to monthly installmentTotal Ending Balanced VS TAFS Installment 0.97 x

Comments

The bank account statement is active and dominated with the transaction of its members lending & saving activities. While other transaction consist of business operational activities.

1 48078914 1 56487969 1 179093672 50876914 2 18487001 2 429039123 50876914 3 18487001 3 675274894 50876914 4 18487001 4 534329895 87255284 5 31618819 5 421529896 90760738 6 31618819 6 421529897 122408329 7 39027910 7 421529898 159872920 8 39027910 8 786661719 159867920 9 38887910 9 78666171

10 159867920 10 38887910 10 9541720411 159867920 11 38887910 11 141720412 4867920 12 56495037 12 888370413 13038829 13 59993787 13 888370414 71432590 14 2321060 14 888370415 71432590 15 2321060 15 888370416 99858642 16 21302969 16 910870417 99858642 17 21302969 17 1010870418 99858642 18 21302969 18 1010870419 99858642 19 21302969 19 2888643120 107882733 20 29473878 20 2888643121 107882733 21 49473878 21 2888643122 112579046 22 64191605 22 6003552223 55400864 23 70898422 23 7579370424 55400864 24 70898422 24 7956570425 55400864 25 70898422 25 5161674926 63571773 26 70898422 26 5130232627 95059584 27 12762058 27 5130232628 14331514 28 12762058 28 5130232629 14331514 29 20411058 29 160232630 14331514 30 75967091 30 3778778031 14331514 31 72674500 31 42450414

77784571 38630929 39247706159872920 75967091 95417204

4867920 2321060 1417204

Bank / 1

04/08/2023 / 16:23:29 file:///tt/file_convert/54704771b4af9f27558b458a/document.xls

BANK STATEMENT SUMMARY :

1 BANK NAME : Bank BNI BRANCH : Denpasar-Bali

ACCOUNT NAME : PT TANGKAS PERKASA

ACCOUNT NUMBERS : 0111812848 ACCOUNT TYPE : CURRENT ACCOUNT

Period : Feb 07 Mar 07 April 07 AVERAGE

Credit Amount 71,211,066 128,636,304 672,285 66,839,885

Frequency 5 8 2 5

Debit Amount 43,947,864 191,202,510 24,020,000 86,390,125

Frequency 3 7 2 4

Beginning Balance 61,275,854 88,539,056 25,972,849 58,595,920

Maximum Balance 88,564,920 104,746,756 25,972,849 73,094,842

Average Balance 37,691,496 38,489,781 3,841,185 26,674,154

Minimum Balance 17,353,854 1,648,585 1,972,849 6,991,763

End Balance 88,539,056 25,972,849 2,625,134 39,045,680

Bounced PDC Date Amount Transaction Type Reasons

2 BANK NAME : Bank Mandiri BRANCH : Denpasar

ACCOUNT NAME : CV WIRASANA

ACCOUNT NUMBERS : 145-00-0301235-4 ACCOUNT TYPE : CURRENT ACCOUNT

Period : Feb 07 Mar 07 April 07 AVERAGE

Credit Amount 289,210,479 319,786,375 350,756,795 319,917,883

Frequency 44 37 41 41

Debit Amount 264,669,433 261,443,390 378,875,694 301,662,839

Frequency 16 13 16 15

Beginning Balance 17,909,367 14,331,514 42,450,414 24,897,098

Maximum Balance 95,417,204 75,967,091 159,872,920 110,419,072

Average Balance 39,247,706 38,630,929 77784571 51,887,735

Minimum Balance 1,417,204 2,321,060 4,867,920 2,868,728

End Balance 42,450,414 72,674,500 14,331,514 43,152,143

Bounced PDC Date Amount Transaction Type Reasons

Credit Calc

CREDIT CALCULATION

VEHICLE DATABrand, Type Toyota ViosModel G M/TCategory Passenger Car (MPV)Year 2007Special Spex Std

Unit/s 5 Unit/sUser Name CV WIRASANA

Vehicles Usage TO BE RENTED TO BANK MANDIRI

Location DENPASAR

SUPPLIER :Dealer's Name Auto 2000

Branch DENPASAR

Salesman -

Supervisor -

CREDIT TERMS

PER UNIT TOTAL

On the road price 182,050,000 910,250,000 Discount - -

Total OTR Price 182,050,000 910,250,000 Down Payment 10.00% 18,205,000 91,025,000

Principal 163,845,000 819,225,000 Insurance (CREDIT) 3.80% 6,908,798 34,543,988

Total Principal 170,753,798 853,768,988 Tenor 4 48 MonthsInterest Rate 7.50% 51,226,139 256,130,696

ADD B in arrearEff. Rate : 13.51%

Total Loan 221,979,937 1,109,899,684

Installment4,624,582 23,122,910

4,625,000 23,125,000

Down Payment 18,205,000 91,025,000 Admin Fee 400,000 2,000,000 Fiducia 250,000 1,250,000 Cash Insurance 1.65% 3,003,825 15,019,125

Policy Fee 50,000 250,000

Installment 0 0

Total First Payment 21,908,825 109,544,125

Loss on Repossession Calculation

On the road price 182,050,000 3,335,750,000 Discount 0 0 Total OTR Price 182,050,000 3,335,750,000

Down Payment 10.00% 18,205,000 333,575,000 Principal 163,845,000 3,002,175,000 Insurance (CREDIT) 3.80% 6,908,798 128,063,138

Total Principal 170,753,798 3,130,238,138 Tenor 4 YEARS 48 MthsInterest Rate 7.50% 51,226,139 939,071,441

ADD B in arrearEff. Rate : 13.51%

Total Loan 221,979,937 4,069,309,579 Installment 4,625,000 0 Down Payment 18,205,000 333,575,000 Admin Fee 400,000 2,000,000 Fiducia 250,000 1,250,000 Cash Insurance 3,003,825 58,678,125 Insurance Fee 50,000 750,000

Total First Payment 21,908,825 396,253,125

Vehicle Usage

User name CV WIRASANA

Vehicles Toyota Vios Location DENPASAR BPKB on behalfAvailable to Repos.

Repossessed Fee 1,000,000

Relocation Fee 1,000,000

Document Admin 500,000

RESALE VALUE MARKET PRICEOn the road price 182,050,000 Year: 2006

Similar Type :Market Price 105,000,000 2005

Deprc. Rate Resale Value d %

0 20.00% 145,640,000 80.00%

1 25.00% 136,537,500 75.00%

2 30.00% 127,435,000 70.00%

3 35.00% 118,332,500 65.00%

4 40.00% 109,230,000 60.00%

5

ANALYSIS

As the fast moving car Toyota Vios has good resale value,

resale value after 4 years usage predicted 60% from OTR price.

There is no collateral risk because principal is below the resale value.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000

180,000,000

Principal

Resale Value Price

Interest Rate 13.51% 1.13% OTR PRICE 182,050,000 INSTALLMENT 4,625,000 1st Year 20.00% 145,640,000 4th Year 35.00% 118,332,500for Investment Assume AMT FINANCE 170,753,798 DP 10.00% 2nd Year 25.00% 136,537,500

Inv Period 48 REVENUE 6,371,750 3rd Year 30.00% 127,435,0004 Years

0 1 2 3 4 5 6 7 8 9 10 11 12 13 24 36 48

INCOME

Revenue 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750 6,371,750

- Pph 3% (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153) (191,153)

Driver Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

- VAT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Resale Value 118,332,500 118,332,500

Present Value 71,269,808 TOTAL INCOME 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 6,180,598 124,513,098

Outlay

LEASING FIRST PAYMENT (21,908,825)ADDITIONAL EQUIPMENT

INSURANCE PREMIUM 0

TAX ROAD 1.50% (2,594,213) (2,457,675) (2,321,138)

INSTALLMENT (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000)

OTHERS

Total Outlay (21,908,825) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (4,625,000) (7,219,213) (4,625,000) (7,082,675) (6,946,138) 0

Cost

Maintenance Cost 3.50% (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979) (530,979)

Fixed Cost 1.50% (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563) (227,563)

Driver Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Cost (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) (758,542) 0

TOTAL CASH FLOW (21,908,825) 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 (1,797,157) 797,056 (1,660,619) (1,524,082) 124,513,098

CASH OUTFLOW (21,908,825) 0 0 0 0 0 0 0 0 0 0 0 (1,797,157) 0 (1,660,619) (1,524,082) 0 CASH INFLOW 218,802,513 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 0 797,056 0 0 124,513,098

(21,908,825) 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 797,056 (1,797,157) 797,056 (1,660,619) (1,524,082) 124,513,098

TOTAL OUTLAY & COST (26,890,683)

NPV 109,881,159 Feasible

IRR 6.17% Feasible

Profitability Index 508.62% Feasible

Estimate Contract Value/Year 105,000,000Estimate Contract Value Per Month : 8,750,000*Contract values per month are assumed 3.5% from OTRTerm (in months) : 36

BUSINESS CALCULATIONIncrease Sales

2006

In thousand RupiahCurrent Increase After

22,293,441,100 105,000,000 22,398,441,100

Increase sales is based on the customer projection after the new investment.(As calculation attached)

Profit/Loss Projection

Normal Condition2006* 2007 (PROJ) 2008 2009 2010

Sales 22,293,441,100 22,398,441,100 23,518,363,155 24,694,281,313 25,928,995,378COGS 159,216,200 15,432,525,918 16,204,152,214 17,014,359,824 17,865,077,816Gross Profit 22,134,224,900 6,965,915,182 7,314,210,941 7,679,921,488 8,063,917,563S&A Expenses 13,779,973,919 2,889,398,902 3,033,868,847 3,185,562,289 3,344,840,404Operating Profit 8,354,250,981 4,076,516,280 4,280,342,094 4,494,359,199 4,719,077,159Tax 835,425,098 407,651,628 428,034,209 449,435,920 471,907,716Net Profit 7,518,825,883 3,668,864,652 3,852,307,885 4,044,923,279 4,247,169,443InstallmentCash Inflow 7,518,825,883 3,668,864,652 3,852,307,885 4,044,923,279 4,247,169,443

Assumptions*Figures are based on the financial statement of 2006- Sales will increase at the rate of 5% after 2007- COGS is 68.9% of sales - Selling & administration expenses is 12.9% of sales- Tax is assumed at the ratio of 10%- Installment to TAFS is Rp 6,802 bio/month for 36 months

Worst Condition2006* 2007 (PROJ) 2008 2009 2010

Sales 22,293,441,100 22,398,441,100 20,158,596,990 18,142,737,291 16,328,463,562COGS 159,216,200 16,552,447,973 14,897,203,176 13,407,482,858 12,066,734,572Gross Profit 22,134,224,900 5,845,993,127 5,261,393,814 4,735,254,433 4,261,728,990S&A Expenses 13,779,973,919 2,889,398,902 2,600,459,012 2,340,413,111 2,106,371,799Operating Profit 8,354,250,981 2,956,594,225 2,660,934,803 2,394,841,322 2,155,357,190Tax 835,425,098 295,659,423 266,093,480 239,484,132 215,535,719Net Profit 7,518,825,883 2,660,934,803 2,394,841,322 2,155,357,190 1,939,821,471InstallmentCash Inflow 7,518,825,883 2,660,934,803 2,394,841,322 2,155,357,190 1,939,821,471

Assumptions*Figures are based on the financial statement of 2006- Sales will decrease at the rate of 10% after 2007- COGS is 73.9% of sales - Selling & administration expenses is 12.9% of sales- Tax is assumed at the ratio of 10%- Installment to TAFS is Rp 6,802 bio/month for 36 months

SUMMARYPositive cashflow with business calculation analysis, even in worst case condition where sales decrease and COGS increase.

Name : CV WIRASANAAddress : JL DANAU TAMBLINGAN NO 126

DENPASAR - BALI

AUDITED PROFORMA 1ST YEAR30/9/2006 +/- NEW INVESTMENT 31/12/2002

KEY FINANCIALSNet Sales 22,293,441,100 105,000,000 22,398,441,100 ###COGS 159,216,200 749,893 159,966,093 ###SGA 13,779,973,919 64,902,374 13,844,876,293 ###Operating Profit 8,354,250,981 39,347,732 8,393,598,713 ###Net Income 8,354,250,981 39,347,732 8,393,598,713 ###Total Current Asset 1,795,228,118 38,943,979 1,834,172,097 ###Total Fixed Asset 16,631,081,563 4,473,063 16,635,554,626 ###Total Asset 18,426,309,681 43,417,042 18,469,726,723 ###Total Current Liabilities 65,019,075 1,356,437 66,375,512 ###Long Term Debt 9,250,471,242 2,712,873 9,253,184,115 ###Total Liabilities 9,315,490,317 4,069,310 9,319,559,627 ###Total Net Worth 9,110,819,364 39,347,732 17,504,418,077 ###EBITDA 8,354,250,981 39,347,732 8,393,598,713

DER 1.02 x 0.53 x ###Current Asset Ratio 27.61 x 27.63 x ###EBITDA/Short Term Liabilities 128.49 x 126.46 x ###EBITDA/New Installment #DIV/0! #DIV/0! ###EBITDA/Current Liabilities 128.49 x 126.46 xInstallment Coverage Ratio #DIV/0! #DIV/0!EBITDA/Short Term Leasing Debt #DIV/0! 6187.98 x

Name : CV WIRASANA In thousands of Rupiah

PROFORMA BALANCE SHEET

AUDITED +/- PROFORMA30/9/2006 New Investment

1 Cash & Banks 1,356,432,368 7.4% 38,943,979 89.7% 1,395,376,347 7.6%9 TOTAL CURRENT ASSET 1,795,228,118 9.7% 38,943,979 1,834,172,097 9.9%

0.0%10 Net Fixed Assets 16,631,081,563 90.3% 403,753 16,631,485,316 90.0%11 Leasing Asset 0 0.0% 4,069,310 4,069,310 0.0%16 TOTAL FIXED ASSETS 16,631,081,563 90.3% 4,473,063 16,635,554,626 90.1%

17 TOTAL ASSETS 18,426,309,681 100.0% 43,417,042 18,469,726,723 ###

18 Short Term Debt Bank 0 0.0% 0 0 0.0%19 Short Term Debt Leasing 0 0.0% 1,356,437 1,356,437 0.0%27 TOTAL CURRENT LIABILITIES 65,019,075 0.4% 1,356,437 66,375,512 0.2%

0.0% 0.0%28 Long Term Bank Loan 9,250,471,242 50.2% 0 9,250,471,242 34.5%29 Long Term Leasing Loan 0 0.0% 2,712,873 2,712,873 0.0%34 TOTAL L.T. LIABILITIES 9,250,471,242 50.2% 2,712,873 9,253,184,115 34.5%

0.0% 0 0.0%35 TOTAL LIABILITIES 9,315,490,317 50.6% 4,069,310 9,319,559,627 34.7%

0.0% 0 0.0%42 Profit/Loss In Current Year 0 0.0% 39,347,732 8,393,598,713 31.3%43 TOTAL NET WORTH 9,110,819,364 49.4% 39,347,732 17,504,418,077 65.3%

044 TOTAL LIAB. & NET WORTH 18,426,309,681 43,417,042 26,823,977,704

D E S C R I P T I O N INCOME STATEMENT

AUDITED +/- PROFORMA30/9/2006 New Investment

46 NET SALES 22,293,441,100 100.00% 105,000,000 100.00% 22,398,441,100 100.00%47 Cost of Good Sold 159,216,200 0.7% 749,893 0.7% 159,966,093 0.7%48 Selling, Gen. & Admin. Expenses 13,779,973,919 61.8% 64,902,374 61.8% 13,844,876,293 61.8%49 050 OPERATING PROFIT 8,354,250,981 37.5% 39,347,732 37.5% 8,393,598,713 37.5%

51 Depreciation 0 0.0% 0 0.0% 0 0.0%52 Ammortization 0 0.0% 0 0.0% 0 0.0%

0 053 Interest Income 0 0.0% 0 0.0% 0 0.0%54 Rent Income 0 0.0% 0 0.0% 0 0.0%55 Forex Income 0 0.0% 0 0.0% 0 0.0%56 Physical Inventory gain 0 0.0% 0 0.0% 0 0.0%57 Other Income 0 0.0% 0 0.0% 0 0.0%58 Forex Diff Gain (non cash) 0 0.0% 0 0.0% 0 0.0%

0 59 Interest Expenses 0 0.0% 0 0.0% 0 0.0%60 Forex Loss 0 0.0% 0 0.0% 0 0.0%61 Bank Expenses 0 0.0% 0 0.0% 0 0.0%62 Bad Stocks 0 0.0% 0 0.0% 0 0.0%63 Other Expense 0 0.0% 0 0.0% 0 0.0%

64 PROFIT BEFORE INCOME TAXES 8,354,250,981 37.5% 39,347,732 37.5% 8,393,598,713 37.5%

65 Income Tax 0 0.0% 0 0.0% 0 0.0%66 Deverred Income Tax 0 0.0% 0 0.0% 0 0.0%67 Minority Interest 0 0.0% 0 0.0% 0 0.0%

68 NET INCOME 8,354,250,981 37.5% 39,347,732 37.5% 8,393,598,713 37.5%

Earning before interest, tax, deprec., ammor 8,354,250,981 39,347,732 8,393,598,713 ###