MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. KAYABA INDONESIA |
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Registered Office : |
Pulogadung Industrial Estate Jalan Rawa Terate 1/4 Pulogadung, Jakarta Timur, 13930, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
25.02.1976 |
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Com. Reg. No.: |
C2-24296.HT.01.04.TH.98 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer
of Automotive and Motorcycle Parts and Component. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 7,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. KAYABA INDONESIA
Address
Head Office & Factory
Pulogadung Industrial Estate
Jalan Rawa Terate 1/4
Pulogadung
Jakarta Timur, 13930
Indonesia
Phone - (62-21) 460 0046, 461 5020(Hunting)
Fax. - (62-21) 460 0048, 460 6140
E-mail - marketing@kyb.component.astra.co.id
Land Area - 26,000 sq. meters
Factory Space - 15,600 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
25 February 1976
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C2-24296.HT.01.04.TH.98
Dated 10 November 1998
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The President of the Republic of Indonesia
No. B-07/Pres/I/1976
Dated 27 January 1976
The Capital Investment
Coordinating Board
- No. 06/II/PMA/1982
Dated 7 April 1982
- No. 25/II/PMA/1991
Dated 26 February 1991
- No. 126/II/PMA/1995
Dated 6 June 1995
The Department of Finance
NPWP No. 1.002.832.2-055
The Department of Industry
TDP No. 09041300693
Dated 16 February 1999
Related Company
The
ASTRA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 3,942,500,000.-
Issued Capital : Rp. 3,942,500,000.-
Paid up Capital : Rp. 3,942,500,000.-
Shareholders/Owners :
a. P.T. ASTRA OTOPARTS Tbk of Indonesia - Rp. 1,971,250,000.-
b. KAYABA INDUSTRY Co. Ltd., of Japan - Rp. 1,182,750,000.-
c. TOYOTA TSUSHO Co. Ltd., of Japan - Rp. 394,250,000.-
d. P.T. YAMAHA INDONESIA MOTOR
MANUFACTURING of
Indonesia -
Rp. 394,250,000.-
BUSINESS ACTIVITIES
Lines
of Business:
Automotive and Motorcycle Parts and Component Manufacturing
Production Capacity
a. Shock Absorbers - 2,400,000 units p.a.
b. Oil Cushion Units - 2,160,000 units p.a.
c. Front Forks - 720,000 units p.a.
d. Inner Tubes - 720,000 pcs p.a.
e. Outer Tubes - 720,000 pcs p.a.
f. Cylinders - 720,000 pcs p.a.
g. Piston Valve Screws - 2,400,000 pcs p.a.
h. Piston Rods - 2,400,000 pcs p.a.
i. Outer Shell Completes - 2,400,000 pcs p.a.
j. Die Sets - 50 units p.a.
k. Cylinder Completes - 756,000 units p.a.
Total Investment
a. Equity Capital - US$ 9.5 million
b. Reinvested Profit - US$ 2.6 million
c. Loan Capital - US$ 4.0 million
d. Total Investment - US$ 16.1 million
Started Operation
1977
Brand Name
KAYABA, HONDA, YAMAHA
Technical Assistance
KAYABA INDUSTRY Co. Ltd., of Japan
Number of Employee
1,400 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. ASTRA HONDA MOTOR
b. P.T. YAMAHA INDONESIA MOTOR MAFG
c. P.T. ASTRA DAIHATSU MOTOR
d. P.T. KRAMAYUDHA TIGABERLIAN MOTOR
e. P.T. HONDA PROSPECT MOTOR
Market Situation
Very Competitive
Main Competitors
a. P.T. TRI DHARMA WISESA
b. P.T. GEMALA KEMPA DAYA
c. P.T. INTI GANDA PERDANA
d. P.T. WAHANA EKA PARAMITRA
e. P.T. PULOGADUNG PAWITRA
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan M.H. Thamrin No. 5
Jakarta Pusat
Indonesia
b. P.T.
Bank NEGARA INDONESIA Tbk
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
c. The
Bank of TOKYO-MITSUBISHI UFJ LTD.
Midplaza Building
Jalan Jend. Sudirman Kav. 9-11
Jakarta Pusat
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 545.0 billion
2005 – Rp. 580.0 billion
2006 – Rp. 610.0 billion
Net Profit (Loss) :
2004 – Rp. 32.7 billion
2005 – Rp. 34.8 billion
2006 – Rp. 36.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr.
Ir. Janto Inggonoto Pangestu
Directors -
a. Mr. Kenji Ichinose
b. Mr. Koji Fuse
c. Mr. Djuanda Danuatmadja
d. Mr. Iwan Hariyanto
Board of Commissioners :
President Commissioner - Mr. Ir. Danny Walla
Commissioners - a.
Mr. Kiyoshi Hosomi
b. Mr. Eko Budi Putranto
c. Mr. Wiran Tanjungan
Signatories :
President Director (Mr. Ir. Janto Inggonoto
Pangestu) or one of the Directors (Mr. Kenji Ichinose, Mr. Koji Fuse, Mr.
Djuanda Danuatmadja or Mr. Iwan Hariyanto) which must be approved by
Supervisory Board.
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$
7,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. KAYABA INDONESIA (P.T. KI) was established in February 1976 with an
authorized capital of US$ 1,500,000.- issued capital of US$ 1,000,000.- wholly
paid-up. Founders and original shareholders are KAYABA INDUSTRY CO. LTD.,
TOYOTA TSUSHO KAISHA CO. LTD., (both of Japan), P.T. WINDU TRI NUSANTARA (a
national private company) and Mr. Drs. Saud L. Tobing (indigenous businessman).
In March 1980, Mr. Drs. Saud L. Tobing pulled-out and replaced by P.T. ASTRA
INTERNATIONAL Tbk., P.T. MULTI INVESTMENT and P.T. KARYA SAKTI UTAMA MOTOR,
wholly national private businessmen. Its articles of association has
subsequently been changed for a couple of times. According to its latest
articles of association of August 1998, the authorized capital was converted
into Rupiah with Rp. 3,942,500,000.- wholly issued and paid-up. The latest
shareholders are P.T. ASTRA OTOPARTS Tbk., P.T. YAMAHA INDONESIA and two
foreign partners of Japan namely KAYABA INDUSTRY Co. Ltd., and TOYOTA TSUSHO
CORPORATION. The deed of amendment was made by Mr. Benny Kristianto, SH.,
a public notary in Jakarta under Company Registration Number
C2-24296HT.01.04.th.1998, dated November 10, 1998.
The local partner of P.T. KI namely P.T. ASTRA OTOPARTS Tbk. is a
publicly listed firm whose majority business stakes are controlled by P.T.
ASTRA INTERNATIONAL Tbk., parent company of the ASTRA Group, the largest
business group in the distribution of motor vehicles, motorcycle and heavy duty
equipment in Indonesia. P.T. YAMAHA INDONESIA MOTOR MANUFACTURING is a joint
venture company with YAMAHA MOTOR CO. LTD., of Japan dealing with YAMAHA brand
motorcycle assembling industry in Indonesia.
P.T. KI obtained a Foreign Investment (PMA) license for dealing with
automotive and motorcycle parts and component manufacturing whose plant located
at Kawasan Industri Pulogadung, East Jakarta standing on 2.6 hectares land. The
plant started operation in 1977 and expanded respectively in 1991 and 1995. At
present, P.T. KI produces shock absorbers, oil cushion units, front forks and
components. P.T. KI's operation has been declining as from the period of the mid of 1997 until the early of 2000 in
line with the plunge down of motor vehicles assembling industry in Indonesia
and the increasingly growing higher of automotive component prices in Indonesia
due to the economic crisis and sharp rupiah depreciation against the foreign
hard currencies in 1997. Later as from the middle of 2000, P.T. KI's operation
has been resurgent and its utility has reached by about 80% to 85% in the last
one year. The whole of P.T. KI's products are marketed locally. But, some time
it was exported to several Asean countries and Brazil with small volume based
on order.
Most of P.T. KI's shock absorber products are marketed to various motor
vehicles assembling companies within the ASTRA Group and the KRAMAYUDHA Group
and the rest is marketed to various motor vehicles spare parts distributor
shops all across the country while forks and oil cushion products are mostly sold
to various HONDA and YAMAHA brand assembling companies in Indonesia and the
rest is sold to various spare parts distributor shops and motorcycle workshops
all across Indonesian major cities. P.T. KI is classified as a large sized
company in the country dealing with automotive and motorcycle parts and
component manufacturing of which the operation had been running smoothly and
growing steadily in the last five years.
In general, the demand for
automotive and motorcycle component is in line with the progress achieved by
Indonesian automotive manufacturing industry. We observe that motorcar and
motorcycles assembling industries have kept on increasing in the last five
years. However, the competition is very tight because motorcar and motorcycles
assembled in the People Republic of Chinese and South Korea are sold for
cheaper compared with Japanese ones. The development of motorcar and motorcycle
industry in the country can be seen from the Indonesian growth of motorcycle
sales as follow :
Sales of Motorcars & Motorcycles in Indonesia
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Y e a r |
Motorcar (units) |
Motorcycle (units) |
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1996 |
337,399 |
1,408,553 |
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1997 |
392,185 |
1,845,297 |
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1998 |
58,312 |
516,930 |
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1999 |
94,023 |
568,979 |
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2000 |
298,665 |
976,108 |
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2001 |
299,629 |
1,545,693 |
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2002 |
317,457 |
2,430,000 |
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2003 |
354,333 |
2,814,054 |
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2004 |
472,190 |
3,887,675 |
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2005 |
456,822 |
3,830,847 |
Source :
Processed from various sources by BI and AISI
Until this time P.T. KI 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 to Rp.
545.0 billion increased to Rp. 580.0 billion in 2005 and to Rp. 610.0 billion
in 2006. The operation in 2006 yielded an estimated net profit at least Rp.
36.6 billion and the company has an estimated total net worth at Rp. 247.0
billion. It is projected that total sales turnover of the company will increase
at least 8% in 2007. We observe that P.T. KI is supported by financially fairly
strong foreign partner behind it. So far, we have never heard of 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. KI is led by Mr. Ir. Janto Inggonoto Pangestu
(48) with 14 years of experience in the field of automotive and motorcycle
parts and component manufacturing. The management of the company is handled by
professional managers 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. KAYABA INDONESIA is 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/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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