MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. FRISKI PRIMA |
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Registered Office : |
Jalan Siliwangi Km. 1, Keroncong, Jati Uwung, Tangerang, |
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Country : |
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Date of Incorporation : |
13 May 2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution, and Supply of
Railway and Railroad Equipment and Parts
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 78,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. FRISKI PRIMA
Address
Head Office &
Workshop
Jalan Siliwangi
Km. 1
Keroncong, Jati
Uwung
Tangerang,
Phone -
(62-21) 590 3132
Fax. - (62-21) 590 3132
Land Area - 2,500 sq.
meters
Factory Space - 1,500 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
13 May 2005
Legal Form
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-17974
HT.01.01.TH.2005
Dated 28 June 2005
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 02.451.583.5-402
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000.-
Issued Capital : Rp. 600,000,000.-
Paid up Capital : Rp. 600,000,000.-
Shareholders/Owners :
a. Mr. Indra Heryana - Rp. 306,000,000.-
Address : Pademangan 1, Pademangan Timur
b. Mr. Bambang Wicaksono Witoyo - Rp. 294,000,000.-
Address : Jl. Jaka, Cilandak Timur
Pasar Minggu,
BUSINESS ACTIVITIES
Lines of Business:
Trading, Distribution, and Supply of Railway
and Railroad Equipment and Parts
Production Capacity
None
Total Investment
None
Started Operation
August 2005
Brand Name
None
Technical Assistance
None
Number of Employee
19 persons
Marketing Area
Domestic - 100%
Main Customer
P.T. KERETA API
Market Situation
Very Competitive
Main Competitors
a. P.T. YASAPOLA
REMAJA
b. P.T. DENSHA
INDOGUNA JAYA
c. P.T. BINA
SARANA DIRGANTARA
d. P.T. BITEK
BARATA
e. P.T. PANDROL
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank
Komplek Bumi Serpong Damai
b. P.T. Bank MANDIRI Tbk
Bumi Serpong Damai
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 3.2
billion (August-December)
2006 – Rp. 6.0
billion
Net Profit (Loss)
:
2005 – Rp. 0.2 billion
2006 – Rp. 0.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Indra Heryata
Board of Commissioners :
Commissioner - Mr. Bambang Wicaksono Witoyo
Signatories :
Director (Mr. Indra Heryata) which must
be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Above average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit
Limit
C.O.D. To small amount
Maximum Credit Limit
US$ 78,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company was incorporated on May 13, 2005 in Tangerang,
P.T. FPI started with operation as from August 2005 in trading,
distribution, supply and installation of railroad, railway and rail equipment
and parts. Some of the works performed by the company are including electric
works (brake block, cautionary material
supply). P.T. FPI is an agent of brake block of RRAILTECH AUSTRALIA Ltd., of
Generally we observe that the demand for railroad equipment and
construction services have been continuously accelerated over the last five
years. The development of various new railroad have been continuously increased
of particularly in Java island. The increase is closely correlated with the
growth of the development. The state budget in the fiskal year of 2001/2002 has
allocated of Rp. 4,119.5 billion for land transfortation and means sub-sector,
increased to Rp. 4,560.3 billion in 2002/2003, to Rp. 5,087.3 billion in
2003/2004 and to Rp. 5,603.5 billion in 2004/2005. In the meantime market
situation is quite competitive due to a large number of similar companies are
operating in the country at present. P.T. FPI's business position is still
quite good for it is obtaining projects from P.T. KERETA API
Until this time P.T. FPI 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
the first operation as from August to December 2005 amounted to Rp. 3.2 billion
increased to Rp. 6.0 billion in 2006 and projected to go increasing by at least
5% in 2007. The operation in 2006 yielded an estimated net profit at least Rp.
0.5 billion and the company has an estimated total net worth at Rp. 1.7
billion. We observe that P.T. FPI 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
The management of P.T. FPI is led by Mr. Indra Heryata (44)
with 12 years of experience in trading, distribution, supply and installation
of railroad and railway equipment and parts. The management of the company is
handled by professional staff having wide relation with private businessmen
within and outside the country and with the government sectors as well. We observed
that management’s reputation in said business is fairly good. 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. PT. FRIKSI PRIMA
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)