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Perum Jamkrindo Annual Report 20101

C O N T E N T S

MESSAGE FROM THE BOARD OF COMMISSIONER 02

MESSAGE FROM PRESIDENT DIRECTOR 05

BRIEF HISTORY 09

OUTLINE 11• Vision 11• Mission 11• PurposeandObjective 11• CorporateCulture 11

GENERAL CORPORATE INFORMATION 12• AGuaranteeBusinessProduct 13 - KUR 13 - CreditGuaranteeforCommercialLoan 14 - CreditGuaranteeforMicroFinancing 14 - CreditGuaranteeforGoods/ServiceConstructionandProcurement 15 - CreditforMulti-purpose 16 - CreditforDistribution 17 - CounterforBankGuarantee 17

• PatternofCreditGuarantee 18 - ShariaandConventional 18 - KURandExisting 19 - MechanismofTheCreditGuarantee 19 - Co-Guarantee 20 - WorkingUnit 22

FINANCIALSTATEMENT 24

ORGANIZATIONCHART 27

Credit Guarantee Corporation of Indonesia or known as Perum Jamkrindo always makes effort to achieve its vision, famous and trusted Credit Guarantee Corporation that capable to supporting the development of Micro, Small, Medium Enterprises and Cooperative (MiSMEsCo) in national economy.

M E S S A G E F R O M T H E B O A R D O F C O M M I S S I O N E R

Perum Jamkrindo Annual Report 2010 2


DearSir,

CreditGuaranteeCorporationof IndonesiaorknownasPerumJamkrindoalwaysmakesefforttoachieveitsvisiontobesound,famousandtrustedCreditGuaranteeCorporation that capable to supporting the development ofMicro, Small,MediumEnterprisesandCooperative(MiSMEsCo)innationaleconomy.

ToAchieve these efforts, Perum Jamkrindo in addition to assignment for providetheprovisionofCreditGuaranteeServiceforMiSMEsCo,alwayskeeptheCorporatesustainability on the principles of Good Corporate Governance/GCG. The CreditGuaranteeLoanfor thePublicBusiness (knownas“KUR”,which isaGovernmentProgram), is the one of the tasks of Public Service Provision for the benefit ofMiSMEsCo,otherthanexistingcreditguaranteeaswell.

Fromyear toyear, theperformanceofPerumJamkrindohasshowngoodenoughmovement.TotalassetsofPerumJamkrindointheendof2010hasreachedIDR2.99trillion.Therefore,theentirerowsoftheBoardofCommissionerofPerumJamkrindocongratulateforthehardworktoachievedtheperformance.Hopeforthefollowingyears,canbecontinuouslyimprovedtobeevenbetter.

From a combination of Human Resource with a reliable capacity, clear andunequivocalofauthorityanddivisionoftasks,andreliableinformationsystemandrisk-baseddecisionmakingprocess,authorityarethekeytosuccessinperformanceimprovementCorporationfromtimetotime.

Wehope,managementcontinuestoimproveitsperformanceinthefuturebyapplyingcontinuouslyandresponsiblefortheprinciplesofGoodCorporateGovernance(GCG)andobedienttotherulesandlegislationthatapplicable.Moreover,asindustrythatmovesinfinancialservicesector,humanresourcecapabilityimprovementbecomessignificantmattertobeperformedcontinuously,boththrougheducationorinformaltraining(in-house)andbydeliveringtoeducationinstitutionoutsideCorporation.

We,asTheBoardofCommissionerandassistedbyAuditCommitteeshallalwaysassistandmonitorsPerumJamkrindoinordertokeepmovingforwardanddeveloped.AsTheBoardofCommissionerofPerumJamkrindo,wearegratefulforallachievementsthathavebeenreached.Hopeinthefuture,PerumJamkrindowillkeepmaintainingitsgoodperformance,soitcanaddvalueandgiverealcontributiontothegrowthofnationaleconomy.

SincerelyYours,Jakarta,April4th 2011

BoardofCommissioner

Choirul Djamhari

Chairman

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from left to right:BandungPardede(Member)MahmudHusein(Member)ChoirulDjamhari(Chairman)AnisBaridwan(Member)

The Perum Jamkrindo business developments during the year of 2010 has showed an exhilarate performance. This was shown with profit an IBT (Income Before Tax) that reached IDR 178.86 billion or increase amounting to IDR 42.44 billion (31.11%) from the previous year amounting to IDR 136.42 billion.

M E S S A G E F R O M P R E S I D E N T D I R E C T O R



DearSir,

Alhamdulillah,thankstogiftandblessfromAllahSWT,PerumJamkrindocanthroughthisyear2010withasatisfyingresult.We,onbehalfofentirerowsofDirectorswouldlike toexpressoursinceregratitude to theentirestakeholders forall cooperation,praysandtrustthathadgiventoPerumJamkrindo.Inthisopportunity,weintendtoreporttheoperationalandfinancialperformanceofPerumJamkrindofortheyear2010.

Performance of Perum JamkrindoThePerumJamkrindobusinessdevelopmentsduringtheyearof2010hasshowedanexhilarateperformance.ThiswasshownwithprofitanIBT(IncomeBeforeTax)thatreachedIDR178.86billionorincreaseamountingtoIDR42.44billion(31.11%)fromthepreviousyearamountingtoIDR136.42billion.

Whereas growth of total asset suffered significant increase amounting to 80.14%where in2009 totalassetamounting to IDR1.66 trillion tobe IDR2.99 trillion in2010.Theincreasedofasset,wereoriginatedfromadditionofGovernment’sSharePlacement(asknown“PMN”)amountingtoIDR900billionwhichhasbeenstipulatedbyGovernmentRegulationNumber82of2010on20December2010.SuchPMNwasgiventoTheKURProgramforMicroandSmallBusiness.

In theyear2010, the totalguaranteedcreditvolumewasamounting to IDR34.12trillion. That value increase amounting to IDR 8.77 trillion (34.47%) from 2009amountingtoIDR25.44trillion.Meanwhile,outstandingpositioncreditguaranteebyDecember31st2010wasamountingto33.75%comparedto2009thatreachedIDR49.72trillion.TheGuaranteeFeereceivedbyJamkrindoin2010wasamountingtoIDR509.87billion,increaseamountingtoIDR69.6billion(15.81%)from2009IDR440.27billion.TotalclaimpaidbyPerumJamkrindotoGuaranteeReceiver(creditor)in2010wasamountingtoIDR178billion,ascendedamountingtoIDR30.09billion(20.34%)from2009amountingtoIDR147.91billion.

Corporate Governance and Risk ManagementPerumJamkrindoasState-OwnedCompany(BUMN)mustperformGoodCorporateGovernance (GCG). Its stipulated in Joint Decree of Directors and The Board ofCommissioner of Perum SPU Number: 62/DIR/XII/2005 and S-13/DP/XII/2005concerningImplementationManualofGoodCorporateGovernance(GCG)forPerumSPU.InperformingGCG,managementandTheBoardofCommissionerimplementthe corporation management based on principles of transparency, accountability,responsibility,autonomy,andproperness.

The efforts that are performed by Perum Jamkrindo in improving corporateperformanceissupportedbytheavailabilityofsufficientHumanResource(HR),thereliableofinformationtechnologysystemandManagementcommitmenttoempowerandmanagetheentirecomponentsofthecorporatetoreachitsvisionandmissionbasedongoodcorporategovernance.

To support the achievement of Corporate objective, other than implementingprinciplesofGCG,asafinancialinstitutionwithprimarybusinessofcreditguarantee,riskManagementof theCorporatebecomesan importantmatter tobeperformed.ToimplementtheRiskManagement,theCorporationhastodevelopedanintegratedRiskManagementSystem(EnterpriseRiskManagement,ERM).InthefirststageofRiskManagement implementation, Perum Jamkrindo has prepared Blueprint andRoadmapofRiskManagementforPerumJamkrindo.

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Then,tosupportthatimplementationofRiskManagementconceptmentioned,intheendof2010,allDirectorshasstipulatedseveralregulations,thoseare,theregulationofRiskManagementImplementation,theregulationofRiskManagementCommittee,theregulationofRiskManagementManualandSOPofRiskManagement.Moreover,asamanagementcommitmentrelatedtothatimplementationofRiskManagement,theDirectorsandallentireofficialsofPerumJamkrindohavetoexecutedStatementonRiskManagementPolicyofPerumJamkrindo.

Fromtheorganizationview,in2010Directorshavetoperformedadjustmentoftheorganizationstructure.Intheneworganizationstructurementioned,therewasoneofdivisionthathastaskstocoordinatetheprocessimplementationofRiskManagement.

ForthefluencyoftheprocessimplementationforRiskManagementthroughoutthelineoftheCorporate,DirectorshavetoassignedaPersoninCharge(PIC)tocoordinatetheimplementationofRiskManagementineachworkunit.

Forthefollow-upofstipulationthatregulation,intheyear2011mustperformthesocializationofRiskManagementfortheentirerowsinorderthatimplementationwillrunwell.

Future Business ProspectTheCreditguaranteebusinessinIndonesiaarestillwidelyopened,atpresent,PerumJamkrindo is a constitutes that the only one of the Credit Guarantee CorporationwithanationalscalethatacquiresbusinesslicensefromBappepamcq.TheBureauP2,andhasbeenpresentin17citiesthatserveallIndonesia.TheprimarybusinessofPerumJamkrindoistoassureaproperbusinessforMiSMEsCocredit.Otherthanperformingcommercialcreditguarantee,PerumJamkrindoalsogivesguaranteeonKURProgramthatisaddressedtoproperMicroandSmallBusinessbutnotbankable,which has been started in the year 2007 until now. For the future years, PerumJamkrindoshallalwaysperformdevelopmentofguaranteeproduct,bothguaranteeoncashcreditandnon-cashcredit,whicharedistributedbybankingandnonbankagency.ThatdevelopmentisperformedbyPerumJamkrindotofulfiltherequirementofMiSMEsCoinordertoincreaseitsbusinessactivity.

ClosingIn this great opportunity,we, on behalf of Directors, are grateful for thework ofallpartnersthathavegiventrusttoPerumJamkrindo.Wearealsogratefulforthesupport from The Board of Commissioner and the entire stakeholders, until thebusiness activity in the year2010 canworkwell.We specially conveyour thankstotheentireemployeesofPerumJmakrindothathavecommitmenttoworkwelltoachievetheobjectiveoftheCorporate,sothatbusinessoftheCorporatewillcontinuetobedevelopedandtheperformanceofCorporatewillbeimproved.

Weshallalwaysmaketheperformanceimprovementasamotivator for theentirerowsofmanagementsandallemployeesatPerumJamkrindo toalwaysmake theinnovation for the improvementof satisfactionand trustofallpartners tomakeabetterservice.

SincerelyYoursJakarta,April4th 2011

Nahid HudayaPresidentDirector

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Per30March2011,structureofDirectorsPerumJamkrindochangetobe:

from left to right:HerrySidharta(DirectorofFinance)NahidHudaya(PresidentDirector)

BaktiPrasetyo(DirectorofBusinessDevelopment)NanangWaskito(DirectorofGuarantee)

from left to right:BaktiPrasetyo(DirectorofBusinessDevelopment)

NahidHudaya(PresidentDirector)VictorHutapea(DirectorofFinance)

NanangWaskito(DirectorofGuarantee)

Message From

President Director

B R I E F H I S T O R Y

The cooperative progress was still left behind compared to the two other economic actors (state owned and Private), the Government established Credit Guarantee Agency of Cooperative (known as “LJKK”) in 1970 which in Finance of Cooperative (Perum PKK) through Government Regulation Number 51 on 23 December 1981, which was then completed by Government Regulation No. 27 on 31 May 1985.



Alongwith elapsed time and related to success of function and task performanceof Perum PKK in developing cooperative through Credit Guarantee activity, theGovernmentexpandsscopeof serviceofPerumPKKandbecamenotonly limitedto cooperative, but also including Micro, Small and Medium Business throughGovernment Regulation No. 95 on 7 November 2000 and also changed name ofPerumPKKintoPerumSPU.

TheninMay2008,throughGovernmentRegulationNo.41on19May2008,PerumSPU was changed again into Perum Jamkrindo (Credit Guarantee Corporation ofIndonesia).ThenamealterationofCorporationmentioned related to thebusinesschange of the Corporatewhich has not given loan directly toMiSMESCo throughprofitsharingpattern,butonlyfocusedoncreditguaranteeforMiSMESCo.

Intheyear2008aswell,theGovernmentissuedaPresidentialDecreeNo.2on26January2008concerningGuaranteeInstitutions.ToimplementthePresidentDecreementioned, theGovernment in thiscase,MinistryofFinance, issuedRegulationofMinisterofFinance(PMK)No.222/PMK.010/2008on16December2008concerningCredit Guarantee Corporation and Credit Re-guarantee Corporation. With thisregulation, Perum Jamkrindo must possess business license as Credit GuaranteeCorporation. To follow-up PMK mentioned, Minister of Finance issued Decree ofMinisterNumber:KEP-77/KM.10/2009on22April2009whichstipulatedbusinesslicenseofPerumJamkrindoasCreditGuaranteeCorporation.

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LJKK

Credit Guarantee Scheme: KKP, TRI, Credit

Agriculture

PERUM PKK

Credit Guarantee Scheme: KKP, TRI, GLP, & GLK, Kopelra, RMU,

Credit Agricultura

PERUM SPU

Business Oriented to Credit Guarantee for MiSMEsCo and Profit

Sharing Loan

PERUM JAMKRINDO

Focus to Credit Guarantee for

MiSMEsCoDevelopment

1970–1981 1981–2000 2000-2008 2008–NOW

O U T L I N E

InordertoenforcementtheroleandfunctionofPerumJamkrindo,improvingroleof MiSMEsCo in national economic, then Perum Jamkrindo stipulates Vision andMissionoftheCorporateasfollows:

Vision

TobecomesafamousandtrustedCreditGuaranteeCorporationthatabletosupportdevelopment of Micro, Small, Medium Enterprises and Cooperative MiSMEsCo innationaleconomic.

Mission

ToreachanidealgoalsofCorporateasabovementioned,thenthemissionsofPerumJamkrindoasfollows:1. Toperformbusinessactivityofcreditguaranteeand

managementassistanceconsultingfordevelopmentofMicro,Small,MediumenterprisesandCooperativeMiSMEsCo.

2. ToimprovetheprofessionalisminmanagingCorporationsoasabletodevelopandproduceprofitinordertoprovideawiderexcellentservicetoMiSMEsCO,businesspartnersandbeneficialfortheCorporate.

3. BeProactiveagainstanyformofchangesandstillconsideringtheinterestofrelatedparties(stakeholder)pursuanttoahealthybusinessprinciples.

Purpose And Objective

Through the Government Regulation Number 41/2008 on 19 May 2008, theGovernmentstipulatespurposeandobjectiveofPerumJamkrindois toparticipateinperformingandsupportingpolicyandprogramsofthegovernmentineconomicsectorandnationaldevelopment,byimplementingthecreditguaranteeactivityforMicro,Small,MediumEnterprisesandCooperativeMiSMEsCO.

Corporate Culture

CorporatedevelopsaworkculturetobecomprehendedbytheentirerowsofCorporateineverybusinessprocess,thoseare:1. Orientationtotheconsumersatisfaction.2. Proactiveagainstthechangeofbusinessenvironment.3. Behonest,positivethinkingandhighdedication.4. Workdiligently,disciplinebyprioritizinginterestoftheCorporation.5. Alwaysimprovetheprofessionalisminordertoadditionalvalueachievementof

Corporate.


The Credit Guarantee Corpotation of Indonesia as constitutes State-Owned Company that has been established by the Government Regulation Number 41 of 2008 is to supersede and resume task and authority from Perum SPU (Government Regulation Number 95 of 2000).

G E N E R A L C O R P O R AT E I N F O R M AT I O N



TheMainBusinessactivitiesofPerumJamkrindo is toperformscreditguarantee,both cashandnon cashgivenbybankor corporate toMicro, Small andMediumEnterprises and Cooperative MiSMEsCo; (pursuant to Government RegulationNumber41of2008,ThirdChapterconcerning“BusinessActivityandDevelopment”Article8paragrapha).

A. GUARANTEE BUSINESS PRODUCT TheCreditGuarantee is a function of providing guarantee for financial obligationfulfillment(Guaranteed)tothecreditor(GuaranteeReceiver).

The Credit Guarantee Process involves at least three parties, those are, creditorcompany/financing companywhich in this case called as Guarantee Receiver, thedebitorwhichinthiscasecalledastheGuaranteed,andCreditGuaranteeCorporationwhich in this case called theGuarantor.TheCharacteristic ofCreditGuarantee isanexpropriationriskonfailuretosupport theGuaranteedin fulfilling itsfinancialobligationtotheGuaranteeReceiver,butdoesnotreleasethefinancialobligationoftheGuaranteedtotheGuaranteeReceiveruntiltheGuaranteeReceiverstatesCredit/FinancingoftheGuaranteedhasbeenpaidinfully.

TheCredit Guarantee is required by theGuaranteeReceiver at the time of creditapplication/financing fromGuaranteed is stated as proper by Guarantee Receivernotwithstanding has not fulfilled administrative requirements of banking credit,particularlyinrespectofcollateralsufficiencyfulfillment.

ThetypesofGuaranteeBusinessProduct:

1) KURKURisaWorkingCapitalCreditand/orinvestmenttoMiSMEsCoinproductiveandproperbusinesssector,butnotbankablewithceilingofcredituptoIDR500,000,000(fivehundredmillionrupiahs)whichisguaranteedbytheGuaranteeCorporation.TheexpectedofKURdistributionistoassistproductivebusinessdevelopment.

Sinceitsfounding,PerumJamkrindohascommitmenttoparticipateand support policy of government program in economics andnational development by performing credit guarantee activity forMicro,Small,MediumenterprisesandCooperativeMiSMEsCo.Oneofthem,thatis,byoptimizingguaranteeprogramofKUR.

The KUR Guarantee program constitutes one of the governmentprogramsinefforttorealizeaccelerationofrealsectordevelopmentand empowerment of Micro, Small, Medium Enterprises andCooperativeMiSMEsCo by giving and improving credit access forMiSMEsCowhichhasthepotentialbusiness(feasible)butnotfulfillthecriteriaoffinancingthroughbanking(bankable).

Since theassignmentby theGovernmentasoneof theGuaranteeCorporationofKURin2007until2010,PerumJamkrindohasmadecooperationwith19SupplyingBankforKURprogramthatconsistof6PublicBankand13RegionalDevelopmentBank.

TheRealizationofKURguaranteeprogramuntil the endof2010PerumJamkrindohadguaranteedforamountingIDR10.47trillion,withintheyear2008IDR2,426billion,intheyear2009amountingtoIDR1,584billionandintheyear2010amountingtoIDR6,459billion.

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2) Credit Guarantee for Commercial LoanIstoguaranteetheloanthatgivenbytheGuaranteeReceivertotheGuaranteedfortheadditionalrequirementofWorkingCapitaland/orinvestmentinorderforbusinessimprovementanddevelopmentofGuaranteed,whichitsguaranteeprocessisperformedincasebycase.

2008 2009 2010

12,000

10,000

8,000

6,000

4,000

2,000

0

2,426

4,010

10,469

Credit Volume up to 2008 up to 2009 up to 2010

KUR 2,426 4,010 10,469

(IDR Billion)

200820072006 2009 2010

1,500

1,250

1,000

750

500

250

0

528

1,107

863

1,069

1,424

Credit Volume 2006 2007 2008 2009 2010

Commercial Loan 528 863 1,107 1,424 1,069

(IDR Billion)

3) Credit Guarantee for Micro FinancingIs to guarantee the loan that given by the Guarantee Receiver totheGuaranteed,MicroandSmallBusinessman,fortherequirementof Working Capital and/or investment in order for businessimprovementanddevelopmentoftheGuaranteed,withitsamountofcreditceiling/financingpursuant toprovisionofmicrocreditatthe Guarantee Receiver, and its guarantee submission process isperformedincollectivelyorindividually.

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Laporan Tahunan Perum Jamkrindo 201015

200820072006 2009 2010

1,200

1,000

800

600

400

200

0

269

1,083

438

9641,046

Credit Volume 2006 2007 2008 2009 2010

Micro Financing 269 438 1,083 1,046 964

(IDR Billion)

Intheyear2008therewasanincreasedofmicrocreditguaranteevolumeamountingto147,22%orfromIDR438billionintheyear2007 to IDR 1.083 billion.While in 2010, the volume realizationofMicroCreditGuaranteedecreasedbyamountingto8.48%fromIDR1.046billionin2009toIDR964billionin2010.ThedecreaseresultedfromtheexistenceofchangeinmicrocustomerintomicrocustomerofKURbecausetheyhavemetcriteriaasKURdebtor.

4) Credit Guarantee for Goods/Service Construction and Procurement

Is to guarantee the loan that given by the Guarantee Receiver totheGuaranteed for therequirementofWorkingCapitaladditionalfor goods/service construction and procurement service businesspursuanttoitsworkcontract,withitsretrievalprocessisoriginatedfrom National Budget/Regional Budget fund or national private,whichitsguaranteesubmissionprocessisperformedincollectively.

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200820072006 2009 2010

3,000

2,500

2,000

1,500

1,000

500

0

1,756

2,8112,503

2,0992,491

Credit Volume 2006 2007 2008 2009 2010

1,756 2,503 2,811 2,491 2,099

(IDR Billion)

Goods/Service Construction & Procurement


Since the year 2008 until 2010, the Credit Guarantee volume ofGoods/ServiceConstructionandProcurementissuffereddecline.In2009thesuffereddeclineamountingtoIDR12.85%(IDR319billion)or from IDR2,811billion to IDR2,491billion.And in2010,alsosuffereddeclineamountingto18.64%fromIDR2,491billionin2009toIDR2,099billionin2010.ThatdeclinewasresultedbecausethecorporationisstillfocusedontheconstructionservicethatgivenbytheBPD(RegionalDevelopmentBank)whichitsrepaymentsourcearefromtheRegionalBudgetfund.

5) Credit for Multi-purposeIs to guarantee the loan that given by the Guarantee Receiver tothe Guaranteed, individual (permanent employee of a Company/government instance) which its distribution performed directlyor through the other agency, with its repayments source are bydeductingthewageoftheGuaranteedfromitsguaranteesubmissionprocessperformedincollectively.

Perum Jamkrindo will always develops and performs innovationcontinuouslyagainstMulti-purposeCreditguarantee.

During the last5 (five)years,MultipurposeCreditGuaranteehasshown an increasing growth. It was shown from the year 2006,Multi purpose Credit Guarantee has showed a figure amountingtoIDR8,781.4billion,intheyear2007ascendedtoIDR12,798.9billion,intheyear2008ascendtoIDR15,755.7billion,thenintheyear2009ascended to IDR18,107.5billionand in theyear2010ascendedtoIDR23,064.2billion.

200820072006 2009 2010

30,000

25,000

20,000

15,000

10,000

5,000

0

8,781

15,75512,798

23,064

18,107

Credit Volume 2006 2007 2008 2009 2010

Multi-purpose 8,781 12,798 15,755 18,107 23,064

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6) Credit for DistributionIstoguaranteetheloanthatgivenbytheGuaranteeReceiver(goodsproducer)totheGuaranteedwhichitsobligatestheGuaranteedtomakepaymentwhitinacertainterm.

It is for Micro, Small, Medium Enterprises and CooperativeMiSMEsCo.PerumJamkrindowillalwaysdevelopsandmakesaninnovationcontinuouslyagainstGoodsDistributionUnderwriting.

Duringthelast5(five)years,theguaranteeforGoodsDistributionhasshownagoodenoughprogress.Thiswasshownintheyear2006,theGoodsDistributionguaranteehasshowedfigureamountingtoIDR2billion then in theyear2007 itsascended to IDR3billion,thenintheyear2008hasshowedanincreaseamountingtoIDR11billionthenintheyear2009hasshowedanincreaseamountingtoIDR265billionandintheyear2010hasdecreasedamountingtoIDR196billion.

7) Counters for Bank Guarantee Is to guarantee conferral in the form of contra-guarantee onBank Guarantee facility issued by the Guarantee Receiver to theGuaranteed.

TheproductofContra-BankGuaranteeisforMicro,Small,MediumenterprisesandCooperativeMiSMEsCo.PerumJamkrindodevelopsand makes innovation continuously against counters for BankGuarantee.

During the last 5 (five) years, counters for Bank Guarantee hasshowedfluctuationprogress. This has been shown from the year2006,countersforBankGuaranteeshowedfigureamountingtoIDR519billion, then in2007decline to IDR210billion, then in2008showedincreaseamountingtoIDR461billion,thenin2009showedincreaseamountingtoIDR520billionandin2010suffereddecreaseamountingtoIDR354billion.

200820072006 2009 2010

300

250

200

150

100

50

02 113

196

265

Credit Volume 2006 2007 2008 2009 2010

Distribution 2 3 11 265 196

(IDR Billion)

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200820072006 2009 2010

600

500

400

300

200

100

0

519461

210

354

520

Credit Volume 2006 2007 2008 2009 2010

519 210 461 520 354

(IDR Billion)

Counters for Bank Guarantee

B. PATTERN OF CREDIT GUARANTEE

1. Sharia and Conventional

1.a. ShariaGuaranteePattern TheShariaGuaranteewasestablishedin1997,thatwasthecooperation

between guarantee and sharia banking, namely PT. BankMuamalatIndonesiaandthencameafterwardwithPT.BankSyariahMandiriintheyear2003.

The Established of the Sharia Guarantee Division, it has beenrecommended by the National Sharia Council of Majelis UlamaIndonesia/ClergyAssemblyofIndonesia(DSN-MUI)throughdecreeofDSN-MUINumber:U-217/DSN-MUI/IX/2006on15September2006,itwasannouncedofficiallyonFebruary13th2007.

Recently,alongwithrapidgrowthofbanking/financialagencyofsharia,the potential business of sharia guarantee also increased. Similar towhathasbeenregulatedinconventionalguaranteepatternperformedin public banking and conventional financial agency, then basicallyfinancingguaranteewhichisbasedonshariaprinciple is identical tofulfillmenttheprovisionofshariabankingandshariafinancialagencyinanefforttomitigatetheriskoffinancingwhichhasbeendistributed.

The sharia economy has regulated guarantee in economic activity(muamalah)byusingAkadKafalah.

Principally, the loan is given to MiSMEsCo which has the potentialbusiness(feasible),butnotfulfillthecriteriaoffinancingthroughshariabanking(nonbankable).

1.b. ConventionalGuaranteePattern Conventional Credit Guarantee is an activity of guaranteeing on

fulfillmentoffinancialobligationforthecreditreceiver(Guaranteed)totheGuaranteeReceiver.

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The conventional credit guarantee process involves at least 3 (three)parties,thoseare,thecreditorcompanywhichinthiscasecalledtheGuarantee Receiver, debitor of credit which in this case called theGuaranteed,andConventionalcreditguaranteecorporatewhichinthiscasecalledtheGuarantor.

TheCharacteristicofconventionalcreditguaranteeisanexpropriationrisk on failure to support the Guaranteed in fulfilling its financialobligationtotheGuaranteeReceiver,butdoesnotreleasethefinancialobligation of the Guaranteed to the Guarantee Receiver until theGuaranteeReceiverstatesthatcreditoftheGuaranteedhasbeenpaidfully.

The Conventional credit guarantee is required by the GuaranteeReceiverat the timeof thecreditapplication from theGuaranteed isstatedasaproperbytheGuaranteeReceiver,butnotyetfulfillingtheadministrativerequirementsofthebankcreditor,particularlyintermsofadequacyofcollateralfulfillment.

2. KUR and Existing

2.a. KURGuaranteePattern Perum Jamkrindo performs guarantee to the KUR distribution both

performed by directly and indirectly. The direct KUR Distribution isperformedbyparticipatingBankstoMiSMEsCo,whilefortheindirectdistribution of KUR, the participating Bank makes cooperation withthelinkageagencytotheKURdistributiontoMiSMEsCobyExecutingpatternsandChannellingpattern.

2.b. ExistingGuaranteePattern Perum Jamkrindo performs existing guarantee both performed by

directly and indirectly. The Direct loans are given by the GuaranteeReceiver to MiSMEsCo, while for the indirect loans distribution, theGuarantee Receiver makes cooperation with the Linkage Agency byExecutingPatternandChannellingpatternasstatedintablebelow.

3. Mechanism of the Credit Guarantee TheMechanism of the Credit Guarantee which is performed constitutes is

oneof the services (ServiceLevel) to thepartnerof theGuaranteeReceiver(Financial Agency of Bank/Non-Bank) pursuant to the agreement betweenPerum Jamkrindo (the Guarantor) and the Guarantee Receiver as in theCooperationAgreementorAgreementLetterofGuaranteePrinciple(SP3).AsforguaranteemechanismwhichisprevailsatPerumJamkrindorecently,aredifferentiatedinto2(two),thoseare:

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DistributionCredit Guarantee Products Direct Indirect

CreditGuaranteeforMicroFinancing • •CreditGuaranteeforCommercialLoan • •CreditGuaranteeforConstruction •CreditGuaranteeforCountersBankGuarantee •CreditGuaranteeforDistribution •CreditGuaranteeforMulti-purpose • •


a. GuaranteeMechanismCasebyCase Definition Is a guarantee mechanism that given by Guarantor, where Guarantor

performs business feasibility in advance against Prospect GuaranteedMiSMEsCo.

Stepsforcreditguaranteecasebycaseare:1) The Guaranteed and the Guarantee Receiver or work partner of

bank/non-bank submits credit guarantee application to guarantee byattaching several documents among other things, business proposal,identityandlegalityofapplicantbusinessascreditapplicationfromtheGuaranteedofMiSMEsCototheGuaranteeReceiver.

2) Afterperformedthefeasibilityanalysisofguarantee,thentheGuarantorissuesOfferingLetter(SP3)totheGuaranteeReceiverwhichcontainsprovisionandrequirementsofguarantee,andsubmitsrejectionletterwhentheGuarantordisagreeonguaranteeapplicationmentioned.

3) TheGuaranteeReceiversubmitsofferingletterandSP3oftheGuarantor,ifitsapprovesprovisioninSP3.

4) TheGuaranteeReceiversubmitsissuanceapplicationoftheCertificateofGuarantee(SP)byattachingseveraldocuments,amongotherthings,copyofCreditAgreementand itsAddendumandpayment receiptofGuaranteeServiceFee(IJP).

5) TheGuarantorissuestheCertificateofGuarantee(SP)totheGuaranteeReceiver.

b. ConditionalAutomaticCover/CACGuaranteeMechanism Definition IsaguaranteemechanismthatgivenbytheGuarantorthroughtermsand

conditionsofcreditguaranteewhichsincethebeginninghasbeenapprovedbetweentheGuarantorandtheGuaranteeReceiverandpouredinCreditGuarantee Agreement or Approval Letter ofMaster Guarantee Principle(MasterSP3).ThesubmissionofacreditGuaranteeisperformedaftertheguaranteereceiverrealizeditscreditandcanbeperformedcollectively.

Stepsforconditionalautomaticcovercreditguarantee,are:1) The Guarantor studies terms and conditions of the loan and credit

mechanismprevailingintheGuaranteeReceiver.2) The Guarantee Receiver and the Guarantor makes agreement on

guarantee criteria including terms and conditions of conditionalautomaticguaranteeinaCreditUnderwritingAgreementorApprovalLetterofMasterGuaranteePrinciple(MasterSP3).

3) The Guarantee Receiver submits directly, application letter of theCertificate Guarantee issuance periodically, to the Guarantor byattachingnomination listofprospectGuaranteeandpayment receiptIJP.

4) TheGuaranteeReceiverkeepsseveraldocumentsthatshallbesubmittedtotheGuarantoratthetimeofclaim.

4. Co-Guarantee The Government has targeted of KUR distribution in each year amounting

toIDR20trillion.Tosupportthat,theGovernmentdeterminesPMNBudget(NationalBudget)amountingtoIDR2trilliontoassuretheKURallocatedatPerumJamkrindoandPT.Askrindo,andinguaranteeingKUR,thebanksisfreedtopledgeitscreditstoPerumJamkrindoorPT.Askrindo.

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Thebasisofcooperationbasedon:a. PerumJamkrindoandPT.AskrindoarethesameState-OwnedCompany.b. PerumJamkrindoandPT.Askrindoarethesameobtaininganextrafund

ofPMN.c. PerumJamkrindoandPT.Askrindoarethesameacquiringtaskto

guaranteeKUR.d. ThesameGuaranteeingtheBanksthathastasktoprovideKURtothe

MiSMEsCo.e. ThesameinKURriskofprofileandguaranteeinConditionalAutomatic

Cover/CAC.

Then,since2010,PerumJamkrindoandPT.Askrindohavemadecooperationof Co-Guarantee, in order that implementation of government programmentionedcanbeperformedallthebest.

Meanwhile,inordertofulfillrequirementofguaranteepartnertoguaranteeProductiveMicroandSmallandNonKURcreditconferralandMultipurposeloan, member of National Police of Indonesia/Indonesian National ArmedForce, Employee of State-Owned Company/Regional-Owned Company andEmployee of famous Private company, then one of riskmitigation in 2010,Perum Jamkrindo has executed cooperation of Co-Guarantee with severalinsurancecompaniesasworkpartnerofCo-Guarantee,inter-alia:PT.AsuransiJiwasraya(Persero),PT.AsuransiJiwaSyariahAlAmin,PT.HeksaEkaLifeInsuranceandPT.AsuransiSyariahMubarakah.

General Inform

ation of The Com

pany


5. Working Unit

No Working Unit Service Area

1 Surabaya EastJavaandSubBranchOfficeofJayapura 2 Semarang CentralJavaandDIYogyakarta 3 Bandung WestJavaandoutsidetheBranchOfficeofJakarta 4 Pekanbaru WestSumatera,Riau,TheIslandsofRiauandJambi 5 Makassar SouthSulawesi,WestSulawesi,CentralSulawesi,SoutheastSulawesi, Maluku,NorthMalukuandSubBranchOfficeofManado 6 Palembang SouthSumatera,BengkuluandBangkaBelitung 7 Denpasar Bali,SubBranchOfficeofKupangandSubBranchOfficeofMataram 8 Samarinda EastKalimantanandSubBranchOfficeofBanjarmasin 9 Pontianak WestKalimantanandSubBranchOfficeofPalangkaraya10 Jakarta DKIJakarta,Bogor,Depok,Bekasi,BantenandLampung11 Medan NorthSumateraandDIAceh12 Palangkaraya CentralBorneo13 Banjarmasin SouthBorneo14 Mataram WestNusaTenggara15 Kupang EastNusaTenggara16 Manado NorthSulawesiandGorontalo17 Jayapura PapuaandWestPapua

Working Unit Location

BranchOffice Jakarta,Bandung,Semarang,Surabaya,Makassar,Pekanbaru,Denpasar,Pontianak,Palembang,Samarinda,andMedan

Sub-BranchOffice Palangkaraya,Mataram,Kupang,Banjarmasin,Manado,andJayapura

TheserviceareaofPerumJamkrindocoverstheentireterritoryofIndonesiawithWorkingUnitandServiceAreaasfollows:

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Laporan Tahunan Perum Jamkrindo 201023

Bandung Branch Office

Semarang Branch Office

Surabaya Branch Office

Makassar Branch Office

Denpasar Branch Office

Medan Branch Office

General Inform

ation of The Com

pany

F I N A N C I A L S T A T E M E N T S

(IDR Million)

2010 2009 2008 2007 2006

Balance Sheet TotalAssets 2,993,023 1,661,517 1,267,182 1,125,982 442,086 TotalCurrentAssets 2,880,123 1,387,310 1,022,497 935,497 172,007 TotalNonCurrentAssets 112,900 274,207 244,685 190,486 270,079 CurrentLiabilities 929,336 87,121 79,069 59,093 33,165 Long-TermLiabilities 167,618 1,384 1,313 1,139 1,073 OtherLiabilities 23 139,000 128,592 120,126 112,784 Equities 1,896,047 1,434,013 1,058,208 945,624 295,064

Statement of Income IncomefromOperations 595,091 506,453 466,031 301,616 222,703 GuaranteeFee 509,872 440,266 412,210 286,232 203,532 InterestIncome 85,218 66,187 53,821 15,383 19,170 OperatingExpenses 452,139 402,657 323,172 238,939 196,226 ClaimExpenses 178,001 147,912 94,473 73,698 75,979 NonClaimExpenses 274,138 254,745 228,699 165,240 120,247 NonOperatingIncome(Expenses)35,910 32,622 30,270 16,793 15,408 IncomeBeforeTax 178,862 136,418 172,188 79,471 41,885 NetIncome 148,389 113,193 133,821 58,600 33,580 Financing Ratio CurrentRatio 309.91% 1592.40% 1293.17% 1583.09% 518.64% OperatingRatio 75.98% 79.51% 69.49% 79.22% 88.11% DebtRatio 36.65% 13.69% 16.49% 16.02% 33.26% ClaimRatio 34.91% 33.60% 22.92% 25.75% 37.33% Profitabilities ROA 6.38% 7.73% 11.18% 7.47% 7.96% ROE 7.83% 7.89% 12.65% 6.21% 11.38%

Solvabilities 57.86% 15.86% 19.75% 19.07% 49.83%

24Perum Jamkrindo Annual Report 2010


Guarantee Fee

Claim Expenses

2006 2007 2008 2009 2010

600.000

500.000

400.000

300.000

200.000

100.000

0

203.

532

75.9

79

286.

232

73.6

98

94.4

73

440.

266

147.

912

509.

872

178.

001

412.

210

(IDR Billion)

The graph comparison graphic between Guarantee Service Fee and ClaimExpensesduringthelast5(five)years.

Outstanding Guarantee: Outstanding credit guarantee until 31 December 2010amountingtoIDR66.14trillionthatconsistedofproductivecreditamountingtoIDR15.73 trillionandnon-productivecreditormultipurposeamounting to IDR50.69trillion.

GEARING RATIOGearingRatioistheratiobetweentheoutstandingcreditwhichisguaranteedtothetotalequityoftheCorporation.In2010,GearingRatioforproductivebusinesswas8.29timesandGearingRatioforNon-Productivecreditwas26.73times.Pursuanttoapplicableprovision,theMaximumofGearingRatioforproductivebusinesswasmaximum10times,andforthenon-productivebusinesswas50times.Therefore,PerumJamkrindostillfulfilledtheapplicableprovisions.ThatvaluewasalsoshowedthatPerumJamkrindoisstillhadfreedomtoperformtheguaranteeingactivity.Inotherside,suchvaluewasalsoshowedthatPerumJamkrindohasbeensufficientlyeffectiveinperformingitsroleascreditguarantorrelatedtoitscapital.

Financial Statements


PERUM JAMINAN KREDIT INDONESIA(CREDIT GUARANTEE CORPORATION OF INDONESIA)BALANCE SHEET (Audited)Fortheyearsthatend31December2006to2010(inmillionrupiah)

ASSETSCURRENT ASSETS CashandCashEquivalent 2,441,212 1,324,286 986,509 907,930 149,114 Short-TermInvestment NetofAllowanceforImpairmentLosses 452 4,174 6,049 11,472 14,600 Co-GuaranteeReceivable 66,571 47,375 21,577 10,919 1,982 OtherInvestment - - - 2,684 2,430 OtherReceivable 570 566 855 703 625 AccruedRevenue 61,416 8,347 4,388 466 1,251 Advance 3,078 756 - - - PrepaidExpenses 306,824 1,806 3,119 1,321 2,004

TotalCurrentAssets 2,880,123 1,387,310 1,022,497 935,497 172,007

NON CURRENT ASSETS Long-TermInvestment NetofAllowanceforImpairmentLosses 10,606 66,355 55,177 11,184 4,483 FixedAssets NetofAccumulatedDepreciation 53,783 47,870 43,555 42,619 40,925 DeferredExpenses - - - 391 328 DeferredTaxAssets 47,369 5,767 3,027 2,738 2,532 OtherAssets 1,142 154,215 142,926 133,554 221,810

TotalNonCurrentAssets 112,900 274,207 244,685 190,486 270,079

TOTAL ASSETS 2,993,023 1,661,517 1,267,182 1,125,982 442,086

LIABILITIES AND EQUITYLIABILITIESCURRENT LIABILITIES ClaimPayable 13,670 7,024 1,813 2,410 1,043 TaxPayable 25,023 10,407 25,812 15,398 2,219 PremiumPayable 12 251 200 174 109 AccruedExpenses 14,415 10,282 12,896 11,770 10,040 UnearnedRevenue 776,940 1,412 1,425 1,710 1,576 Co-GuaranteePayable 27,214 5,004 - - - OtherLiabilitiesinProgress 71,029 51,721 35,870 26,654 17,247 OtherPayable 1,033 1,020 1,052 977 930

TotalCurrentLiabilities 929,336 87,121 79,069 59,093 33,165

LONG-TERM LIABILITIES PayabletoThirdParties 1,588 1,384 1,123 981 948 LiabilitiesFee - - 190 159 126 ClaimReserve 166,029 - - - -

TotalLong-TermLiabilities 167,618 1,384 1,313 1,139 1,073

OTHER LIABILITIES 23 139,000 128,592 120,126 112,784TOTAL LIABILITIES 1,096,976 227,504 208,974 180,358 147,022EQUITIES Government’sSharePlacement 1,849,733 949,733 699,733 699,733 99,733 AppropriateRetainedEarnings 458,906 360,132 237,750 187,291 161,750 UnrealizedGain(Loss)onSecuritiesAvailableforSale - 10,954 (13,097) - - RetainedEarningsEffectsSFAS50–55andChanges ofAccountingPolicy (560,981) - - - - RetainedEarnings 148,389 113,193 133,821 58,600 33,580

TotalEquities 1,896,047 1,434,013 1,058,208 945,624 295,064

TOTAL LIABILITIES AND EQUITY 2,993,023 1,661,517 1,267,182 1,125,982 442,086

DESCRIPTION 2010 2009 2008 2007 2006

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O R G A N I Z A T I O N C H A R T

Every organizationalways facesdynamics of environment change, both internallyandexternally.Tofacedynamicsofenvironmentchangementionedrequireseffectiveorganization management. Management Effectiveness of an organization is sorequiredbyorganizationstructureanditsorganizationmanagement.

InordertorespondenvironmentchangeofCompanyandachievementoflongtermbusinessdirection,thenin2010,PerumJamkrindohasperformedadjustmentagainstOrganizationStructureofCompany.ThefollowingisOrganizationStructureofPerumJamkrindoasalreadystipulatedinDecreeofDirectorsNumber33/Kep-Dir/VII/2010on1July2010,thatconsistsof:

1. OrganizationStructureofHeadOffice.2. OrganizationStructureofBranchOfficeClassA.3. OrganizationStructureofBranchOfficeClassB.4. OrganizationStructureofSubBranchOffice.

ORGANIZATION STRUCTURE

MINISTER OF STATE OWNED ENTERPRISE (SOEs)

BOARD OFCOMMISSIONER

DIVISION OF SUPERVISION, CLAIM

& SUBROGATION

DIVISION OF HUMAN RESOURCE & LEGAL

SUB DIVISION OF SHARIA

GUARANTEE 1

SUB DIVISION OF SHARIA

GUARANTEE 2

DIVISION OFFINANCE

GENERALAFFAIRS

DIVISION OF GUARANTEE 1

DIVISION OF SHARIA

GUARANTEE

DIVISION OF GUARANTEE 2

SUB DIVISION OFRISK MANAGEMENT

& INFORMATION TECHNOLOGY

INTERNALAUDITOR

SUB DIVISION OF INFORMATION TECHNOLOGY

SUB DIVISION OF CLAIM &

SUBROGATION

SUB DIVISION OF HRD

SUB DIVISIONOF TREASURY

SUB DIVISION OF GENERAL AFFAIRS

& BUILDING

SUB DIVISIONOF MONITORING

SUB DIVISIONOF LEGAL

SUB DIVISION OF CSR

SUB DIVISIONOF ACCOUNTING

SUB UNIT OF AREA I

SUB UNIT OF AREA II

SUB DIVISION OF SUPERVISION BRANCH OFFICE

SUB DIVISION OF RISK

MANAGEMENT

SUB DIVISION OF RESEARCH & BUSINESS DEV.

SUB DIVISION OF HUMAN RESOURCE ADMINISTRATION

SUB DIVISION OF BUDGETING

SUB-DIVISIONOF THE

COMMERCIAL GUARANTEE

SUB-DIVISIONOF SPECIAL GUARANTEE PROGRAM

SUB DIVISION OF SECRETARY &

PUBLIC RELATION

SUB DIVISION OF PROGRAM GUARANTEE

BRANCHOFFICESCLASS A

BRANCHOFFICESCLASS B

SUB BRANCHOFFICES

PRESIDENTDIRECTOR

DIRECTOR OFFINANCE

DIRECTOR OFGUARANTEE

DIRECTOR OFBUSINESS

DEVELOPMENT


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