MIRA INFORM REPORT

 

Report Date :

24th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

PRIMA JAYA

 

 

Registered Office :

Gedung Glodok Jaya Ground Floor Block C No. 48, Jalan Hayam Wuruk, Jakarta Barat, Indonesia.

 

 

Country :

Indonesia

 

 

Date of Incorporation :

1997

 

 

Legal Form :

Sole Proprietary Company

 

 

Line of Business :

Trading and Distribution of High Speed Rolling Doors.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 56,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

Correct Name of Company

 

PRIMA JAYA

 

 

Address

 

Head Office

 

Gedung Glodok Jaya Ground Floor Block C No. 48

Jalan Hayam Wuruk

Jakarta Barat

Indonesia

Phone               - (62-21) 6010755, 6287936, 6269074-75

Fax.                  - (62-21) 6503165, 6395329

Handphone        - 0818-800743               

E-mail               - prma_jaya@cbn.net.id

Building Area     - 2 storey

Office Space      - 360 sq. meters

Region              - Commercial Building

Status               - Rent

 

 

Date of Incorporation

 

1997

               

                  

Legal Form

 

Sole Proprietary Company

 

                                                       

Company Reg.  No.

 

Not Required

 

 

Company Status 

 

Private Company

           

 

Permit by the Government Department

 

Not Available

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital                                   : Rp. 420.0 million

 

Owner :

Mr. Benardi Tanri                            - 100%

   

 

BUSINESS ACTIVITIES

                             

Lines of Business:       

Trading and Distribution of High Speed Rolling Doors

 

 

Production Capacity

 

None

 

 

Total Investment

 

None

 

 

Started Operation

 

1997

 

 

Brand Name

 

None

 

 

Technical Assistance

 

None

 

 

 

Number of Employee

 

11 persons                                       

 

 

Marketing Area

 

Domestic    - 100 %

 

 

Main Customer

 

Plants an other Industrial manufacturing

 

 

Market Situation

 

Very Competitive

 

 

Main Competitors

 

a. P.T. DORMATIC JAYA ABADI

b. P.T. METALINDO ESTETIKA DIMENSI

c. P.T. DUTACITRA NUSA JAYA

d. SINAR MAS

e. SURYA MANDIRI

 

 

Business Trend

 

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

    Jalan Pinangsia Raya Glodok Plaza

    Jakarta Barat

    Indonesia

 

b. P.T. Bank BUANA INDONESIA Tbk

    Jalan Pinangsia Raya Glodok Plaza

    Jakarta Barat

    Indonesia

 

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2004 – Rp. 3.6 billion

2005 – Rp. 3.9 billion

2006 – Rp. 4.3 billion

 

Net Profit (Loss) :

2004 – Rp. 0.2 billion

2005 – Rp. 0.3 billion

2006 – Rp. 0.4 billion

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                    - Mr. Benardi Tanri

 

Board of Commissioners :

None

                                                              

Signatories :

Director (Mr. Benardi Tanri) is only the authorized person to sign the loan on behalf of the company.

 

 

CAPABILITIES

 

Management Capability :

Good

 

 

Business Morality

 

Good

 

 

 

 

 

Credit Risk

 

Average

 

 

Credit Recommendation

 

Credit should be proceeded with monitor

 

 

Proposed Credit Limit 

  

Small amount – periodical review

 

 

Maximum Credit Limit

 

US$ 56,000.- on the 90 days of payments

 

 

OVERALL PERFOMANCE

 

PRIMA JAYA (PJ) was established in Jakarta in 1997 with a status of Sole Proprietary Company. Founders and owner of the company is Mr. Benardi Tanri, a Indonesian businessman of Chinese extraction. Being as Sole Proprietary Company, the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, the company has own capital of about Rp. 420 million and it will be rising in line with the progress of its business operation.

 

PRIMA JAYA (PJ) has been in operation since 1997 in trading and distribution of high speed rolling doors for industrials plant. All the products are RapiRoll, Swing Door, Strip Door, Floor induction loop, Remote control, Full Switch, Push Button, Photocell etc. The company is an agent for ALBANY DOOR SYSTEMS GmbH of Germany. Besides, the company is also imported the merchandising products from the United Kingdom, Singapore and sometime from India. Mr. Benardi Tanri, the director of the company disclosed that the company also provides Automatic Door Sensor. All of the merchandising goods and services are sold and used by its customers in industrial sectors for plant and factory such as steel and metal cutting, steel milling, machinery repairing and recondition and other factory operating in Jakarta, Bekasi, Tangerang, Banten, Karawang, Cikarang and surroundings. We see that the company’s operation has been growing slowly in the last three years.

 

The demand for technical equipment including automatic rolling doors and other has kept on rising by 8% to 10% per annum in the last five years. Such condition was in line with the growth of general mining industry like steel and metal cutting industry, steel milling, machinery repairing and recondition and other industrial sectors requiring the above products. It is projected that the demand growth will be rising within the next five years. Market competition is very tough on account of many other similar companies operating in Indonesia. PJ’s business position in this case is not too badly because it has established regular customers and extensive marketing network.       

 

Until this time PJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2004 amounted Rp. 3.6 billion increased to Rp. 3.9 billion in 2005 and to Rp. 4.3 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 400 million and the company has an estimated total networth at Rp. 550 million. It

 

is forecasted that total sales turnover of the company will increase at least 8% in 2006. We observe that PJ is supported by financially fairly strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). The company disclosed that the company usually pays its debts punctually to suppliers. 

 

The company is led out by Mr. Benard Tanri (45), a businessman who experienced for more than 10 years in the field of trading and distribution of high speed rolling doors for industrial plant. We observed that management’s reputation in said business is sufficiently fairly good. The management is handled by professional staff having wide relation with home and overseas private businessmen as well as with the government sectors. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. PRIMA JAYA is sufficiently fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions