MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. FINESTINDO
PRIMA |
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Registered Office : |
Itc Cempaka Mas Mega Grosir 4th Floor Block J No.
820-821, Jalan Jend. Suprapto, Jakarta Pusat |
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Country : |
Indonesia |
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Date of Incorporation : |
4 April 2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Supplier of Computer and
Peripherals. |
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$ 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
P.T. FINESTINDO PRIMA
Address
Head Office
ITC CEMPAKA MAS
MEGA GROSIR 4th Floor Block J No. 820-821
Jalan Jend.
Suprapto
Jakarta Pusat
Indonesia
Phone - (62-21)
4288-4933
Fax - (62-21) 4288-4933
Building Area - 5 storey
Office Space - 300 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
4 April 2005
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-00564
HT.01.01.TH.2006
Dated 9 January
2006
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.494.323.5-027.000
Related Companies
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
500,000,000.-
Issued Capital : Rp.
300,000,000.-
Paid up Capital : Rp.
300,000,000.-
Shareholders/Owners :
a. Mr. Amirullah -
Rp. 150,000,000.-
Address : Kampung Rawa Kalong
RT. 002/ RW. 004, Bekasi
West Java, Indonesia
b. Mr. Mohamad Sabarudin - Rp. 150,000,000.-
Address : Kampung Rawa Kalong
RT. 002/ RW. 004, Bekasi
West Java, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Supplier of Computer and
Peripherals
Production Capacity
None
Total Investment
None
Started Operation
2006
Brand Name
None
Technical Assistance
None
Number of Employee
7 persons
Marketing Area
Local - 100%
Main Customer
Individuals (End
Users)
Market Situation
Very Competitive
Main Competitors
a. P.T. LAPLASINDO
PRATAMA
b. P.T. ERAKOMP
INFONUSA
c. P.T. PRINTCOM
SOLUSI
d. P.T. PACIFIC
AGUNG TRIJAYA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank NEGARA INDONESIA Tbk
ITC Cempaka Mas
Jalan Jend. Suprapto
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
ITC Cempaka Mas
Jalan Jend. Suprapto
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 4.0
billion
2007 – Rp. 2.4
billion (January-June)
Net Profit (Loss)
:
2006 – Rp. 0.2 billion
2007 – Rp. 0.1 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Amirullah
Board of Commissioner :
Commissioner - Mr. Mohamad Sabarudini
Signatories :
Director (Mr. Amirullah) which must be
approved by Board of Commissioner.
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$ 50,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. FINESTINDO PRIMA (P.T. FP) was established in Jakarta in July 2005 with an authorized capital of Rp. 500,000,000 issued capital of Rp. 300,000,000 was paid up. The founding shareholders of the company are Mr. Amirullah and Mr. Mohamad Sabarudin, both are indigenous businessmen. The deed of amendment was made by Mr. Daniel Parganda Marpaung, SH., a public notary in Jakarta under Company Registration Number C-00564.000 HT.01.01.TH.2006, dated January 9, 2006.
P.T. FP has been operating since 2006 dealing with trading and supplied of computer and peripherals. The company provides and sells various computer hardware and installing computer systems. The company sells various computer hardware and computer equipment such as INTEL Processors of USA, FIA Co-processors of Taiwan, NEC Co-processor and Nsk Co-processor both of Japan. Besides, the company also sells various computers such as Toshiba, IBM, ZYREX, Compaq and also computers second hand. To support its activities, the company provides solution services including service based application, networking (internet and external networking) and maintenance services for servers, printers, computers, and standby engineers. All products are marketed among individuals (end users), private offices and government institutions. We see that the operation of P.T. FP has been growing in the last two years.
Generally local demand for computers had been increasing by 7% to 8% on the average per annum in the last five years having close relation with the growth of various industrial sectors such as offices, educational institutions, banking and other industries in the above period. It’s projected the demand for computers and peripherals will be increasing by at least 8% in the next five years. The competition is very tight on account of lots of similar companies operating in the country. The business position of P.T. FP is appraised to be favorable for having established regular customers in Jakarta and surrounding areas.
Until this time P.T. FP 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 2006 amounted to Rp. 4.0 billion. We estimated the total sales
turnover as from January to June 2006 amounted to Rp. 2.4 billion with a net
profit of Rp. 0.1 billion. It is estimated the company has an estimated total
networth at least Rp. 700 million. It is projected that total sales turnover of
the company will increase at least 8% in 2008. We observe that P.T. FP is
supported by financially fairly strong behind it. So far, we did not hear that
the company having been black listed by the Central Bank (Bank Indonesia). The
company usually pays its debts punctually to suppliers.
The management of P.T. FP is led by Mr. Amirullah (39) a businessman with 12 years of experience in trading and supplier of computer and peripherals. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear 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.
P.T. FINESTINDO PRIMA 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
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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. |
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%)