About Us

Financing

Acquisition & Sale MITRA KORPORASINDO

Restructuring

Distressed Debt Trusted Partner in

Private Equity C o rpo rate Finance &
Tax Advisory Restructuring Services
Project Highlights

The Core Team

Contact Us

Thu Apr 25 10:39:49 2024 1

  PT Mitra Korporasindo (“MitKorp”) is a low-cost solutions provider
About Us to various finance & investment transactions, e.g.: bank loan
arrangement, private/public debt & equity fund raising, business
acquisition & sale, strategic alliance, financial restructuring, distressed
Financing debt management, and private equity investment.

Acquisition & Sale

 We advise our client for the most suitable transaction structure and
Restructuring the best way to conclude it and, more crucial, we can act as our client’s
proxy to execute the transaction on private basis, in timely & efficient
Distressed Debt manner, such as:

Private Equity - Negotiate terms & condition of the transaction;

Tax Advisory - Reroute the transaction via a special purpose company to
minimize tax implications;

Project Highlights - Organize legal counsel & public notary in drafting required
contracts and in conducting necessary shareholders meetings;
The Core Team
- Liaise with relevant authorities to obtain necessary consents (e.g.
Contact Us from capital market supervisory board, stock exchanges
authorities).

Thu Apr 25 10:39:49 2024 2

 Our Resources develop from multi-discipline specialists in investment
banking, securities trading, fund management, and taxation, who respectively
has more than 15 years experience in Indonesia’s financial services industry.
About Us

Financing Access to local

& international
Sharia financiers
Acquisition & Sale
Contract drafting,
Restructuring
Established network in negotiation & dispute
Indonesia’s capital market resolution skill in
Distressed Debt
and banking sectors corporate finance
and M&A deals
Private Equity

Tax Advisory
Track record in equity &
Competence in debt offering, M&A,
tax strategies financial restructuring,
Project Highlights
fund management
Research database
The Core Team in agribusiness, mining,
oil & gas, base industries,
Contact Us
power, banking, property,
tourism, aviation

Thu Apr 25 10:39:49 2024 3

 Our Vision is to become a trusted partner in connecting Indonesia’s Small-
Medium Enterprises with local & international financiers, to mutually benefit
from Sharia Financing and Investment deals.
About Us

Financing Private/Public
Debt & Equity
Acquisition & Sale Offering

Restructuring Business
Bank Financing
Arrangement Acquisition & Sale
Distressed Debt

Private Equity SHARIA

FINANCE
Tax Advisory
Private Equity Financial
Project Highlights Investment Restructuring

The Core Team

Distressed Debt
Contact Us Recovery

Thu Apr 25 10:39:49 2024 4

 Company Name: PT Mitra Korporasindo

Incorporation: • Notary Deed No. 35, dated 22-12-2003 by Ms. Isyana Wisnuwardhani
Sadjarwo SH, registered in Jakarta.
About Us • Approval by the Ministry of Justice & Human Right’s
Decree No. C-03031 HT.01.01.TH.2004, dated 9-02-2004

Company Address: 4th Fl. Kantor Taman A9 Unit B, Jl. Mega Kuningan,
Jakarta 12950 – Indonesia.
Financing Tel: +62-21 5761106. Fax: +62-21 5761109.
Email: mitkorp@yahoo.com.sg
Acquisition & Sale Shareholders: Isni A. Buana: 99%; Eka Sandra: 1%

Restructuring Capitalization: Authorized Capital : Rp 500,000,000

Paid Up Capital : Rp 125,000,000

Distressed Debt Board: Commissioner : Reno Catelya Dira Oktavia

Director : Isni A. Buana
Private Equity Bank Particular: Bank Mandiri, Mega Kuningan Jakarta Branch
Account No: 124 000 4185907
Tax Advisory
Company Registration No: 09.03.1.74.42133 issued on 19 April 2004 by South Jakarta District
(TDP): Office, Dept of Industry & Trade.

Project Highlights Tax Registration (NPWP): No: 02.262.301.1-011.000 issued on 5 January 2004 by Directorate of
Taxes, Jakarta Setiabudi I Office.

The Core Team Business License (SIUP): No: 02454 / 1.824.51 issued on 6 April 2004 by South Jakarta District
Office, Dept of Industry & Trade.
Contact Us Capital Market • No: Kep 285/PM/IP/PEE/1997 dated 11 Dec 1997, Securities
Professional License hold Underwriter license under name: Isni A. Buana;
by Shareholder • No: Kep 48/PM/IP/WMI/1998 dated 6 May 1998, Investment
Manager license under name: Isni A. Buana
Thu Apr 25 10:39:49 2024 5
 Sharia Bank Financing
About Us
MitKorp provides arrangement services to corporate clients in obtaining
sharia based financing facility from local and international banks.
Financing
Accordingly, MitKorp can act as “outsourcing agent” to Sharia Banks in
originating suitable candidates for various type of sharia financing
Acquisition & Sale
facilities.
Restructuring
 Review client’s business in compliance with Sharia, assess its current
Distressed Debt financial condition, debt capacity and financing requirement.

Private Equity  Prepare financial plan and structure the facility to be in line with
various modes of Sharia financing (e.g. mudarabah, musharakah,
Tax Advisory murabaha, ijara, istisna, etc).

 Prepare the information memorandum.

Project Highlights  Solicit to Sharia banks and securing the financing commitment.
The Core Team  Assist client in negotiating the contract with the banks.
Contact Us

Thu Apr 25 10:39:49 2024 6

 Private/Public Sharia Bond Issuance
About Us
MitKorp advises corporate clients in Sharia bond issuance, either privately
or publicly for Indonesian listing (Bursa Efek Surabaya) or international
Financing listing (Luxembourg, Bahrain, Labuan).

Acquisition & Sale  Due diligence on the issuer’s business in compliance with Sharia,
including financial condition & prospect, debt capacity and financing
Restructuring requirement.

 Prepare 5-year financial projection and design the bond structures to

Distressed Debt be in line with typical Sharia bond such as: mudarabah sukuk,
musharakah suku, ijara sukuk, istisna sukuk.
Private Equity
 Advise the issuer in rating process as necessary;
Tax Advisory
 Prepare the information memorandum (in case of private
placement). Assist the issuer in preparing all required documents,
including Prospectus, for registration statement to capital market
Project Highlights
authorities (Bapepam, Surabaya Stock Exchange, etc), and to liaise
The Core Team with them to ensure a smooth implementation of the bond issuance
(in case of public offering).
Contact Us  Solicit to potential investment bankers and assist the issuer in
conducting “beauty contest” to get the underwriting commitment.
Advise the issuer in negotiation with the lead underwriter.
Thu Apr 25 10:39:49 2024 7
 Influential Factors in Structuring Finance Facility
About Us
Financial Market Condition
Financing
Business Risk
Acquisition & Sale Management’s track records
Country
Market Risk
Restructuring Yield industry
market
share,
Financier’s demand,
structure & technology,
expected yield
performance
Distressed Debt efficiency
Facility
Structure
Private Equity (size, tenor,
yield, security,
Tax Advisory financial option financial
flexibility
policy
Govt Obligor’s capacity to meet its
financial commitment Market
Securities
profitability, Liquidity
Project Highlights yield capital
structure,
(Rating)
cash Flow
leverage coverage
The Core Team
Financial Risk
Contact Us
Inflation,
Forex
Thu Apr 25 10:39:49 2024 8
 Initial Public Offering (IPO)
About Us
MitKorp advises corporate clients in the public offering of shares, for
Indonesian listing (Jakarta Stock Exchange) and international listing
Financing
(Singapore Exchange).
Acquisition & Sale
 Due diligence on all aspect of client’s business in compliance with
Sharia, legal, financial.
Restructuring
 Review client’s business plan, prepare 5-year financial projection and
Distressed Debt valuation model under worse-best case scenarios with consideration
on market circumstances, as a basis in determining a fair price range
Private Equity of the shares. Recommend the offering structure, e.g. optimal size of
floating shares, nominal value, share prices, sweetener.
Tax Advisory
 Assist the issuer in preparing all required documents, including
Prospectus, for registration statement to capital market authorities
Project Highlights (Bapepam, Jakarta Stock Exchange, etc), and to liaise with them to
ensure a smooth implementation of the IPO
The Core Team  Solicit to potential investment bankers and assist the client in
conducting “beauty contest” to get the underwriting commitment.
Contact Us
Advise the client in negotiating the offering structure with the lead
underwriter.

Thu Apr 25 10:39:49 2024 9

 Key Success Factors in Public Offering
About Us
• Politic/economy/market condition
• Stock exchange seasonal
Financing TIMING
• Competition among incoming issuance
• Finalisation of favourable audited report
Acquisition & Sale • Growth story, investment merits
OFFERING • Benchmark to listed companies, potential upside valuation
PACKAGE • Attractive offering structure
Restructuring • Credible lead underwriters

Distressed Debt • Positioning campaign, research publication, road show, public expose
MARKETING & • Book-building to anchor investors / retail investors, price adjustment
DISTRIBUTION • Underwriting syndication
Private Equity • Managed supply of shares (allocation policy)

Tax Advisory • Secondary Market making, price stabilisation

SECONDARY
• Research follow up
MARKET
• Continuous investor relations
IPO Goal:
Project Highlights
 Optimise proceeds
The Core Team  Balanced distribution
 Healthy after market
Contact Us

Thu Apr 25 10:39:49 2024 10

 Business Acquisition
About Us
MitKorp advises and represents Clients in executing acquisition transactions.

 Recommend strategy and transaction structure that provide maximum

Financing benefit to the Client, including viable exit alternatives in the future.
 Conduct due diligence on target company process, identify risk factors in
Acquisition & Sale connection with business, financial, legal.

Restructuring  Prepare valuation model (e.g. DCF, market comparable multiples) under
worse-best case scenarios as a basis in determining fair prices for the
Distressed Debt transaction, with consideration of Client's investment parameters and
market circumstances.
Private Equity  Advise and represent Client in bidding process and negotiation of the
Sale & Purchase Agreement with the Seller.
Tax Advisory  Arrange necessary bridge financing for the acquisition.
 Arrange the transaction closing and settlement.
Project Highlights  In case of the Client is a listed company, MitKorp will advise necessary
mitigation of any potential issues pertaining to the transaction which
The Core Team concern public shareholders, creditors, and capital market authorities
(e.g. Bapepam); assist in preparing the Circular Letter regarding the
Contact Us transaction for submission to Bapepam and public shareholders; advise
in presenting the transaction rationale to Bapepam for obtaining
necessary consent.
Thu Apr 25 10:39:49 2024 11
 Acquisition Checklist:
About Us
 Evaluate historical and projected cash flows and earnings.
 Assess the quality of assets.
Financing
 Evaluate equity investment, joint ventures, off-balance sheet
Acquisition & Sale transactions and other financing arrangements.
 Identify contingencies, commitments and hidden costs.
Restructuring
 Evaluate financial systems and risk management in place, focusing on
Distressed Debt compatibility and quality of systems.
 Evaluate employee benefits, executive contracts, and golden
Private Equity parachute arrangements.

Tax Advisory  Identify and quantify potential merger synergies.

 Structure purchase-price adjustments and other mechanisms to
protect the buyer's interests; reliance on representations and
Project Highlights warranties is often not an adequate substitute.
 Identify tax exposures and tax planning opportunities, including
The Core Team
structures to optimize tax benefits, repatriation of profit/dividend.
Contact Us  Identify potential issues pertaining to the acquisition which concern
public shareholders, creditors, and capital market authorities (in case
of the acquisition involves listed companies).
Thu Apr 25 10:39:49 2024 12
 Business Sale
About Us
 Recommend strategy and transaction structure that provide maximum
value to the Client.
Financing  Prepare valuation model (e.g. DCF, market comparable multiples)
under worse-best case scenarios as a basis in determining fair prices
Acquisition & Sale for the transaction.

Restructuring  Prepare information memorandum, sale procedure and necessary

bidding documents (including draft sale & purchase agreement).
Distressed Debt  Solicit to potential buyers and securing interest from them.
 Organize due diligence program as required by potential buyers.
Private Equity
 Advise and represent Client in negotiation of the Sale & Purchase
Tax Advisory Agreement with the Buyer.
 Arrange the transaction closing and settlement.
Project Highlights  In case of the Client is a listed company, MitKorp will advise
necessary mitigation of any potential issues pertaining to the
The Core Team transaction which concern public shareholders, creditors, and capital
market authorities (e.g. Bapepam); assist in preparing the Circular
Contact Us Letter regarding the transaction for submission to Bapepam and
public shareholders; advise in presenting the transaction rationale to
Bapepam for obtaining necessary consent.
Thu Apr 25 10:39:49 2024 13
 Valuation Approach
About Us
Approach Basis Applicability Limitations

Financing
Relates the value of a project/ Applicable for project/ Depend on reliability of the
Discounted company to the present value company that has foreseeable assumptions made in
Cash Flow of expected future cash flows cash flows generation, despite financial projection of the
Acquisition & Sale
of that project/company. negative earnings history. project/company.

Restructuring Commonly used for companies Potentially bias when the

Estimates the equity value of a
project/company by looking at with a long earnings track market is over/under
Distressed Debt
Earnings
the pricing multiple of record. Particularly useful when valuation on these
Multiple: comparable companies relative there are a large number of comparable companies or
Private Equity
to its net profit. comparable listed companies in particular sector
- P/E multiple the markets.
Tax Advisory
- EV/EBITDA Estimates the enterprise value by
EV/EBITDA multiple can be
multiple looking at the pricing multiple of
used as an alternative, when
comparable companies relative
company incurs net loss.
to its EBITDA.
Project Highlights

The Core Team

Analyze current realizable Applicable when the assets
Adjusted are importance to the
values of the assets book Disregard the earning
Book
Contact value,
Us and deducted by company’s operations, and
capability of the company
Value liabilities to arrive at the net have values independent of
adjusted book value. the earning of the company

Thu Apr 25 10:39:49 2024 14

 Macro Economics Sector/Industry
About Us VARIABLES  Exchange rate  Terminal value multiple
DCF BASIS
DCF Basis  Inflation  Cost of capital
Many factors will
 Interest rates  Taxation
go into the ultimate
 Risk free rate Company  Equity risk premium
Financing valuation of the  Asset beta
Project/Company.  Revenue growth
Discounted Cash  Cost structure
Acquisition & Sale
Flow basis is usually  Capex, Working Capital
the most appropriate  Free cash flow
Restructuring
valuation approach  Capital structure
for the Project/  WACC
Distressed
Company. Debt METHODOLOGY
Free Cash Flow
Private Equity The Company’s value is Net = EBIT (1-tax rate)
Present Value of future cash less (Capex - Depreciation)
flow stream discounted by
Tax Advisory the weighted average cost of
less Changes in WC
capital (WACC).

Project Highlights VALUATION Enterprise

Value
The Equity Value is derived – Debt =
The Core Team from the Company’s value Equity
added by cash equivalent, and Value
Contact Us deducted by existing debt.

Thu Apr 25 10:39:49 2024 15

 Macro Economics Sector/Industry
About Us VARIABLES
EV/EBITDA  EV/EBITDA multiple
 Exchange rate
Multiple Basis Key factors should be
 Interest rates  Profitability (margin, ROE)
considered in the  Leverage (DER)
Financing valuation of the Company
Project/Company.  Historical EBITDA and growth
EV/EBITDA & Sale
Acquisition  Profitability and leverage level
multiple is an  Current debt
appropriate valuation  Available cash equivalent
Restructuring
methodology, when
the Company METHODOLOGY EBITDA =
Distressed
incurred net loss. Debt (Earning Before Interest, Tax,
The Company’s value is
Depreciation & Amortization
Private Equity calculated by multiplying the
Net profit + Interest + Tax
average historical EBITDA
with average EV/EBITDA + Deprec. & Amort.
Tax Advisory
multiple of the related industry

VALUATION Enterprise
Project Highlights Value
The Equity Value is derived – Debt =
The Core Team from the Company’s value Equity
added by cash equivalent, and Value
Contact Us deducted by existing debt.

Thu Apr 25 10:39:49 2024 16

 Macro Economics Sector/Industry
About Us
Price/Earning VARIABLES
 Exchange rate  P/E multiple (PER)
Multiple Basis  Interest rates  Profitability (margin, ROE)
Key factors should be
 Leverage (DER)
considered in the
Financing Company
valuation.
P/E multiple is  Historical revenue and growth
Acquisition
commonly used&forSale  Historical net profit and growth
companies with a  Profitability
 Leverage level
Restructuring
long history of net
profit after tax
Distressed Debt METHODOLOGY
The Equity Value is calculated Net Profit After Tax
Private Equity by multiplying the average
historical profit after tax with
Tax Advisory average P/E multiple of the
related industry

Project Highlights VALUATION Equity

The valuation result will Value
The Core Team indicate the Equity Value of
the Company
Contact Us

Thu Apr 25 10:39:49 2024 17

 Sale & Purchase Agreement: Important Clauses
About Us  Representations & Warranties of Seller. Normally the buyer will ask the seller to
undertake all information provided regarding the Transaction.

Financing  The Seller’s corporate status and authority of its directors/officers to act;

Acquisition & Sale  Description, title/ownership, and condition of all Seller’s property and assets (incl.
plant and equipment), as well as description and status of existing patents,
trademarks, copyrights, business permits/licenses;
Restructuring
 Status of third-party contracts, suppliers/customers, lessors, insurer (adequacy of
Distressed Debt insurance coverage);

 Status of any litigation in process, existence of any labour disputes, existence of

Private Equity any default conditions, compliance and fulfilment of all tax obligation, compliance
with relevant regulations;
Tax Advisory
 Financial statements and the notes are complete and correct, presented fairly and
were prepared in accordance with accepted accounting principles and no liabilities
except as stated in the latest balance sheet and all reserves established on the
Project Highlights balance sheet were adequate;

The Core Team  Company’s operations since the latest financial statement date is in ordinary
course and that no material changes had occurred, including: no issuance of
Contact Us securities, no mortgages/encumbrances, no sale of assets, no substantial capex, no
dividend declaration, no extraordinary losses/obligations;

 Truth of representations & warranties and no omission of material facts.

Thu Apr 25 10:39:49 2024 18
 Sale & Purchase Agreement: Important Clauses

About Us  Buyer’s Assumption of Liabilities. Assumption of all liabilities, including

unknown/contingent, or specified liabilities only, e.g: a) as disclosed in the Seller’s latest
balance sheet, b) disclosed litigation, c) obligation under listed contracts/agreements, d)
obligation incurred in ordinary course of business since the latest balance sheet date;
Financing  Seller’s Indemnification of the Buyer.
 Indemnification against all but assumed/disclosed obligations;
Acquisition & Sale
 Cash placed in the escrow account to satisfy indemnification (amount, tenor,
gradual release).
Restructuring
 Seller’s Conduct of the Business Pending the Closing
Distressed Debt  Positive covenants that the Seller will conduct business only in ordinary course.
Best efforts to preserve existing business relationships;
Private Equity  Negative covenants that the Seller has not taken actions, since the latest balance
sheet date, which are stipulated in the seller’s representations & warranties (i.e. no
issuance of securities, no mortgages/encumbrances, no sale of assets, no
Tax Advisory substantial capex, no dividend declaration, no extraordinary losses/obligations.

 Conditions Precedent to the Closing (Buyer requirements)

Project Highlights  All of seller’s representations & warranties and covenants are true and performed
at closing;
The Core Team  Favorable opinion of professional parties involved (legal audit, comfort letter
from public accountant, appraisal report, engineer reports);
Contact Us  Approval/resolution of Seller’s shareholder meeting and relevant authorities;
 If required, resolution on the appointment of Buyer’s designated directors.
 Price adjustments, post-closing considerations
Thu Apr 25 10:39:49 2024 19
 Financial Restructuring
About Us MitKorp assists corporate clients, as well as the banks/creditors, in debt
restructuring to revitalize debtor’s financial sustainability and to ensure utmost
recovery value to the creditors.
Financing
 Detailed analysis of debtor’s current business and prospect. Review existing
Acquisition & Sale debt structured and terms (debt type & seniority, collateral, covenants),
assess debt services capabilities and sustainable debt level.
Restructuring  Prepare restructuring plan, including: financial projections to demonstrate
the restructuring feasibility, transaction structure and basic terms sheet.
Distressed Debt
 Present the restructuring proposal to creditors, with consideration of
Private Equity competing interests of creditors, majority shareholders, and management.
Negotiate restructuring terms & conditions.
Tax Advisory  Work with legal counsel in drafting required agreements (e.g. debt
rescheduling, debt-to-equity swap, assets sale) and necessary shareholders’
resolutions.
Project Highlights
 Arrange necessary fresh funds to compliment the restructuring
The Core Team  In case of debtor is a listed company, MitKorp will advise necessary
mitigation of crucial issues pertaining to the restructuring which concern
Contact Us public shareholders and capital market authorities (e.g. Bapepam); assist in
preparing the Circular Letter regarding the restructuring for submission to
Bapepam and public shareholders; advise in presenting the rationale of
restructuring to Bapepam for obtaining necessary consent.
Thu Apr 25 10:39:49 2024 20
 Bank’s Perspective: Categorizing Debtors
About Us
Prior to debt restructuring, Banks usually classify Debtors based on their
commercial prospects and the level of their cooperation. Good business
Financing prospects include, attractive industry, strong market position, having the
potential to improve efficiency and competitiveness. Cooperative debtors have
Acquisition & Sale initiative and actively negotiate with creditors, adhere to the principles of
transparency, and have a willingness to repay their debts and to complete the
restructuring process.
Restructuring

Distressed Debt Cooperative Non-Cooperative

Good business prospect Category A Category C

Private Equity
- Restructure the debt - Management intervention
Tax Advisory and/or the company - Hostile takeover of the
- Preferably via out of company
court settlement. - Litigation
Project Highlights
Poor business prospect Category B Category D
The Core Team
- Restructure the debt - Foreclosure
and/or the company - Bankruptcy
Contact Us - Preferably via out of - Liquidation
court settlement

Thu Apr 25 10:39:49 2024 21

 Bank’s Perspective: Debt Restructuring Process

About Us

Financing

Acquisition & Sale

Restructuring

Distressed Debt

Private Equity

Tax Advisory

Project Highlights

The Core Team

Contact Us

Thu Apr 25 10:39:49 2024 22

 Debt Restructuring Alternatives

About Us

Financing

Acquisition & Sale

Restructuring

Distressed Debt

Private Equity

Tax Advisory

Project Highlights

The Core Team

Contact Us

Thu Apr 25 10:39:49 2024 23

 MitKorp represents investor in acquiring distressed debt, as well as, advises
About Us bank in managing and/or disposing its non-performing loans (NPL).

Debt Purchase
Financing
 Debt valuation based on analysis of debt recovery and sustainable debt
level.
Acquisition & Sale
 Preparing and submitting bid documents to the seller, negotiate and execute
Restructuring the transaction.
 Set up offshore entities as required and warehousing documentation.
Distressed Debt
Debt Management
Private Equity
 Assessment of recovery potential and recommendation of exit strategies.
Tax Advisory  Preservation and perfection of creditors rights.
 Acting as proxy to investor in creditor meetings.
 Optimize debt recovery via restructuring program. Negotiation of
Project Highlights restructuring agreements.

The Core Team  Representing the investor in takeover of the debtor company, as required.
 Conducting disposal program: (a) preparing sale procedure & related
Contact Us documents, information memorandum; (b) Solicitation to potential buyers;
(c) negotiation of the sale & purchase agreement; (d) transaction closing.
 Assisting the investors in litigation process against debtor, as required.
 Monitoring of debtor’s bankruptcy/liquidation process.
Thu Apr 25 10:39:49 2024 24
 NPL Resolution Scheme
About Us

Financing BANK - A
Sale of NPLs
BANK - B AMC
Acquisition & Sale Cash/Securities
BANK – C
Restructuring
Loans
Distressed Debt Proceeds Proceeds

Private Equity NPL RESOLUTIONS: Max Recovery

• Collection • Restructuring
Tax Advisory • Sale of collateral assets • Packaged loans sale
• Liquidation • Securitization

Project Highlights Proceeds Proceeds

Debt
The Core Team INVESTORS
INVESTORS
INVESTORS
INVESTORS
OBLIGORS INVESTORS
Contact Us

Thu Apr 25 10:39:49 2024 25

 Distressed Debt Valuation. Common approaches in valuing distressed debt:
About Us a) Debt Recovery analysis; b) Debt NPV discounted by distressed yield; c)
Sustainable Debt analysis based on EBITDA/interest coverage, term loan/bond
analysis.
Financing Debt type & seniority shall have significant impact on the prices. Market
research has shown that a senior & secured class of distressed debt could have
Acquisition & Sale 30%-50% higher price than a subordinated class.

Restructuring
Relative influence of factors to recovery rates on defaulted debt

Distressed Debt

Private Equity

Tax Advisory

Project Highlights

The Core Team

Contact Us
Source: Moody’s Investor Services, LossCalcTM : Model for Predicting Loss Given
Default (LGD), February 2002.
Thu Apr 25 10:39:49 2024 26
 Influential Factors in Distressed Debt Prices
About Us
Market Approach

Financing
Debt Industry Country
Debt Recovery Market Risk: cost Rating:
Acquisition & Sale Rates Liquidity of capital risk spread

Restructuring
Investor’s Expected Yield
Distressed Debt
Distressed
Private Equity Debt Prices

Tax Advisory
Sustainable Debt Level

Project Highlights
Debt Company’s Company’s
Previous Debt Type cash flow
Covenants Leverage
The Core Team Rating & Seniority protection
& Collateral Position
Contact Us
Company Approach

Thu Apr 25 10:39:49 2024 27

 Private Equity Investment.
About Us
MitKorp assists Indonesia and international private equity investors in
originating and managing direct investment in Indonesia’s small-medium
Financing enterprises under proper Sharia financing modes.

 Acquiring significant/majority stakes of small-medium sized companies

Acquisition & Sale in defensive-growth sectors (e.g. agribusiness, consumer products,
manufacture support industries), in form of equity and equity-related
Restructuring finances. Partnering with experience entrepreneurs who are willing to
invest their own capital.
Distressed Debt
 If necessary, channeling the investment via Indonesia’s sharia banks
Private Equity under Mudaraba Muqayyadah contract with predetermined portfolio of
debt-based (murabaha, ijara) or equity-based (musharaka) finances.
Tax Advisory
 Enhancing Value by raising productivity & profitability, reinvesting cash
flow for growth opportunities. Promote equity-linked incentives to
Project Highlights management (e.g. declining musharaka);

The Core Team  Well-defined Exit Strategy via trade sale (to be acquired by third party
investors) or Initial Public Offering within 2-5 year time frame.
Contact Us
 Implementing Good Corporate Governance and proper risk
management in the investment process, performance evaluation and
exit program.
Thu Apr 25 10:39:49 2024 28
 Corporate Tax Advisory Services
About Us
 Advise client in corporate income tax planning: implement tax saving
opportunities, identify potential tax exposures and recommend
Financing necessary mitigation.

Acquisition & Sale  Assist client in handling tax audit: review preliminary findings report
from tax office, liaise with tax officers to ensure a smooth process,
Restructuring provide necessary solutions on raised issues, prepare response letters to
tax office, and present the client’s position in closing conference as
Distressed Debt required.

Private Equity  Advise client in designing tax efficient structures for corporate finance,
merger & acquisition, debt restructuring transactions, such as: optimize
Tax Advisory the basis of any tax depreciable assets and tax losses of the target
company in acquisition, deductibility of any related borrowing costs,
and minimize the transaction taxes on capital gain.
Project Highlights
 Assist investors in setting up offshore entities as investment holding in
The Core Team certain jurisdictions that have tax treaties with Indonesia (e.g. BVI,
Netherlands, Mauritius) to minimize withholding tax on profits
Contact Us repatriation from Indonesia operating companies and capital gain tax
upon assets sale.

Thu Apr 25 10:39:49 2024 29

 Recent Assignments

About Us
 Advise private investor in the acquisition of PT Indokarya Gemasakti, a palm oil
plantation company with 4,000 Ha land of HGU certificate located in Pasir Regency,
East Kalimantan (Jun 2010).
Financing
 Advise PT Sumberdaya Sewatama (a subsidiary of Trakindo Group in power services)
Acquisition & Sale for acquiring stake in a power plant company: lead due diligence team of financial, tax
and legal, share valuation, transaction structure and SPA (Jul – Sep 09).
Restructuring
 Advise state-owned PT Perkebunan Nusantara III (Persero) for IPO preparation, i.e.
Distressed Debt brief the management regarding IPO strategy, develop valuation model and offering
structure, ESOP program (Jul – Nov 08).
Private Equity
 Advise state-owned PT Sucofindo (Persero) for IPO preparation and potential merger
Tax Advisory & acquisition deal with PT Surveyor Indonesia (Persero) (Nov 2008 – May 2009).

 Advise PT Medco Energi Internasional Tbk for assessment and valuation of various
Project Highlights acquisition, disposal and restructuring, i.e. acquisition of coal mining concession by
PT Medco Energi Mining Internasional (Jan – Mar 09); internal restructuring of
The Core Team PT Medco Power Indonesia and PT Medco Downstream Indonesia (Dec-07);
divestment of PT Apexindo Pratama Duta Tbk (Nov 07);
Contact Us

Thu Apr 25 10:39:49 2024 30

 Fund Raising

About Us  Advise PT Dharma Samudera Fishing Industries Tbk in build up the valuation and
financial projection to highlight its Rp 93 billion Right Issue (Apr 07).

 Advise Bank Muamalat Indonesia in right issue program (Apr-02).*

Financing
 Underwriting syndication in Astra Sedaya Finance’s Rp 500bn bond issuance (2000).*
Acquisition & Sale  Underwriting syndication in the Initial Public Offerings of Bank Universal Rp 169bn,
Aneka Tambang Rp 603bn, and Astra Agro Lestari Rp 214bn (1997).*
Restructuring
Acquisition & Sale
Distressed Debt  Advise PT Medco Energi Internasional Tbk in assessment and valuation of Lapindo
Brantas gas field for disposal program (Feb-07).
Private Equity  Advise PT Indocitra Finance Tbk in proceeding a majority stake sale (Oct-05).
Tax Advisory  Advise PT Suryaraya Teladan in loan work-out with Bank Niaga and executing a
strategic sale of its Benakat oil field to an affiliate of Sinopec (Apr 03 – Sep 04).

 Advise PT Medco Energi Internasional Tbk in assessment and valuation of Novus

Project Highlights Petroleum for acquisition and disposal program (Dec 03 - Aug 04).*

The Core Team  Advise PT Apexindo Pratama Duta Tbk in assessment & valuation for proposed sale
of Mesa Drilling Inc. (Feb-04).*
Contact Us  Advise PERTAMINA in acquisition of Devon Indonesia’s assets (Mar-02), acquisition
of BP's stake in Singapore Refining Company (Dec-01), acquisition of 50% stake &
US$ 250mn defaulted loan of Wayang Windu Geothermal Project (Aug-01).*

*Former
Team up in thebytakeover
participation of PT Astra
MitKorp’s principal. Securities (May-99).*Thu Apr 25 10:39:49 2024 31
 Restructuring

 Advise PT ITCI Kartika Utama in pre IPO restructuring, including fine-tune the
business plan for industrial forest plantation and pulp mill development (May – Jul 07).
About Us
 Advise PT Indocitra Finance Tbk in executing Rp 32.9bn Debt to Equity swap
transaction, included: structure the transactions for minimum tax implication, organize
legal & public notary in drafting necessary contracts and in conducting shareholders
Financing meeting, liaise with Bapepam and get consent (Jun 05).

Acquisition & Sale  Advise PT Cipendawa Agroindustri Tbk in executing Rp 92.7bn debt restructuring,
included: structure the transactions, coordinate legal & public notary in drafting
required contracts and shareholders resolutions, get consent from Bapepam (Dec 04).
Restructuring
 Advise PT Gagas Nusaprima (a property company) in Rp 55bn loan workout with
Distressed Debt Indonesian Bank Restructuring Agency/BPPN (Oct 00).*

Private Equity Distressed Debt

 Represent investor in purchase distressed loan of a business hotel company in

Tax Advisory Makassar from BPPN (Oct-03). Advise and represent the investor in takeover of the
company, conduct reorganization and debt restructuring (Nov 03 - Sep 04), and
afterward negotiate a strategic sale to a national chain hotel operator (Jun 05).
Project Highlights  Advise PT Medco Energi Internasional Tbk in assessment and valuation of US$ 84mn
and Rp 72bn distressed receivables for disposal program (Nov 02).*
The Core Team
 Advise Bank BNI to set up an asset management company for management and
disposal of the bank's non-performing loan (Jul 02).*
Contact Us
Tax Advisory

* Former
Advise PT Samick Indonesia (one of the world’s largest musical instrument
participation by MitKorp’s principal. Thu Apr 25 10:39:49 2024 32
 Isni A. Buana
About Us Isni is the founder of MitKorp. He has 18 years experience in capital market, trade &
commodity finance, M&A, debt restructuring, fund management, and taxation. His
career development ranges from government to private sectors, included PT Sucofindo,
PT Madani Securities, PT Mitra Invesdana Sekurindo, PT Asuransi Niaga Cigna Life,
Financing PT Sempati Air, and Directorate of Taxes – Ministry of Finance. Isni graduated from
the Faculty of Economics University of Indonesia and State College of Accountancy
Acquisition & Sale (STAN). He holds underwriting and investment manager licenses issued by Capital
market Supervisory Board (Bapepam).

Restructuring Moeryanto
Moer has 20 years experience in capital market and banking with focus on brokerage
Distressed Debt and investment operation, micro finances, audit, and information technology. Before
joining MitKorp, his career was developed in Satmarindo Group, PT Madani Securities,
PT Mesana Investama Utama, PT Pentasena Arthasentosa Securities, Bank Danamon,
Private Equity Bank Duta, BPR-Nusamba projects, and PT Jamsostek. He graduated from the
Jayabaya University with Bachelor of Accounting degree.
Tax Advisory
Aji Martono
Aji has more than 14 years experience in capital market, with specialization in research,
Project Highlights securities trading and fund management. He has developed his career in PT Madani
Securities and PT Mitra Invesdana Sekurindo.
The Core Team
Imanuel Manting
Contact Us Iman is has 18 years experience in performing management audit and tax audit in
various government and private sectors. He graduated from the State College of
Accountancy (STAN).

Thu Apr 25 10:39:49 2024 33

 About Us

Financing Office Address:

Kantor Taman A9 Unit B 4th Fl.T: +62 (021) 5761106
Acquisition & Sale Jl. Mega Kuningan, F: +62 (021) 5761109
Jakarta 12950 – IndonesiaE: mitkorp@gmail.com
Restructuring

Distressed Debt Mobile No:

Private Equity Isni A. Buana0818 162346
Moeryanto0816 1947726
Tax Advisory Immanuel Manting0818 938532
Aji Martono0815 14454466

Project Highlights

The Core Team

Contact Us

Thu Apr 25 10:39:49 2024 34