MIRA
INFORM REPORT
|
Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. DANAPERSADARAYA MOTOR INDUSTRY |
|
|
|
|
Registered Office : |
Jalan Branta Mulia, Kp. Subur, Desa Tarikolot, Kawasan Industri Branta Mulia Citeureup, Bogor, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
02 August 2004 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Safety Helmet Manufacturing |
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$ 252,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. DANAPERSADARAYA MOTOR INDUSTRY
Address
Head Office &
Factory
Jalan Branta
Mulia, Kp. Subur
Desa Tarikolot, Kawasan Industri Branta Mulia
Citeureup, Bogor
West Java
Indonesia
Phone - (62-21) 8753975
(Hunting)
Fax - (62-21) 87940165
Land Area - 5,700 sq.
meters
Factory Space - 4,000 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
02 August 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-22293
HT.01.01.TH.2004
Dated 3 September
2004
Company Status
Private National Company
Permit by the Government
Department
The Directorate General of Tax
NPWP No. 02.361.532.1-027.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
5,000,000,000.-
Issued Capital : Rp.
1,250,000,000.-
Paid up Capital : Rp.
1,250,000,000.-
Shareholders/Owners :
a. Mrs. Tjong Lyanti Tedjakusuma - Rp. 687,500,000.-
Address : Jl. Palmeriam No. 3
Palmeriam, Matraman
Jakarta Timur
Indonesia
b. Mr. Johanes -
Rp. 187,500,000.-
Address : Jl. Kelapa Sawit VIII DG. 14
Kelapa Gading Timur
Jakarta Timur
Indonesia
c. Mrs. Tjung Ursula Cokrodihardjo - Rp. 187,500,000.-
Address : Jl. C.L. No. 22
Karang Anyar
Jakarta Timur
Indonesia
d. Ms Tjung Theresia Cokrodihardjo - Rp. 187,500,000.-
Address : Jl. Kelapa Sawit VII DG. 14
Kelapa Gading Timur
Jakarta
Timur
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Safety Helmet Manufacturing
Production Capacity
Helmet - 550,000 units
Total Investment
a. Equity Capital - Rp. 1.2
billion
b. Loan Capital - Rp. 2.0
billion
c. Total
Investment - Rp. 3.0 billion
Started Operation
2005
Brand Name
DMI
Technical Assistance
None
Number of Employee
253 persons
Marketing Area
Domestic - 80%
Export - 20%
Main Customer
a. TRIJAYA MOTOR
b. Others Dealers
(After Market)
Market Situation
Very Competitive
Main Competitors
a. P.T. DINAHETI
MOTOR INDUSTRY
b. P.T. EKA HELMET
c. P.T. HELMINDO
UTAMA
d. P.T. JAKARTA
HELM INDUSTRY
e. P.T. JAYA
MANDALA MOTORINDO
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Cibinong
Citerureup, Bogor
West Java
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya Matraman
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 17.5
billion
2006 – Rp. 19.2
billion
Net Profit (Loss)
:
2005 – Rp. 1.4 billion
2006 – Rp. 1.5
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Tjong Lyanti Tedjakusuma
Director - Mr. Johanes
Board of Commissioners :
President Commissioner - Mrs. Tjung Ursula Cokrodihardjo
Commissioner -
Ms Tjung Theresia Cokrodihardjo
Signatories :
President Director (Mrs. Tjong Lyanti
Tedjakusuma) or the Director (Mr. Johanes) 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$ 252,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. DANAPERSADARAYA MOTOR INDUSTRY (P.T. DMI) was established in Jakarta on 2 August 2004 with an authorized capital of Rp. 5,000,000,000 issued capital of Rp. 1,250,000,000 entirely paid up. The founding shareholders are Mrs. Tjong Lyanti Tedjakusuma, her son and daughters Mr. Johanes, Mrs. Tjung Ursula Cokrodihardjo and Ms Tjung Theresia Cokrodihardjo. They are Indonesian business family of Chinese origins. The deed of amendment was made by Mr. Frans Elsius Muliawan, SH., a public notary in Jakarta under Company Registration Number C-22293 HT.01.01.TH.2004, dated September 3, 2004.
P.T. DMI has been in operation since 2005 in safety helmet manufacturing. Its plant located on a 5,700 sq. meters land at Jalan Branta Mulia, Kp. Subur, Desa Tari Kolot, Kawasan Industri Branta Mulia, Bogor, West Java. The plant has been expanded to step up its production capacity, and now has a production capacity of 550,000 units of helmets per year. The safety helmets produced by the company are especially for motorcycle riders and are made of fiber and special grade plastic designed for helmets. About 20% of the company's production has already been exported to several Asian, Africa, USA and European countries, with the rest being marketed in the country through stores selling spare parts, show rooms and motorcycle repair shops in the big cities of the country under the NHK, GM, MAZ and GAG brands. P.T. DMI's helmets are of quite good quality and are priced at varying levels of relatively low prices. P.T. DMI is classified as a big sized company in Indonesia in safety helmet manufacturing whose business operation had kept on running stable in the last two years.
We observed that the domestic demand for safety helmet especially for motorcycle drivers had kept on rising by about 5% to 6% on the average per annum within the last five years in line with the growth of motorcycle population. In general, the demand for car and automotive 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
|
Year |
Motorcar (units) |
Motorcycle (units) |
|
1997 |
386,691 |
1,852,906 |
|
1998 |
58,303 |
492,626 |
|
1999 |
93,842 |
517,912 |
|
2000 |
300,964 |
587,402 |
|
2001 |
299,634 |
979,422 |
|
2002 |
317,780 |
1,650,770 |
|
2003 |
354,208 |
2,814,054 |
|
2004 |
472,190 |
3,887,675 |
|
2005 |
456,822 |
3,830,847 |
Source : AISI
Until this time P.T. DMI 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 2005 amounted to Rp. 17.5
billion increased to Rp. 19.2 billion in 2006. The operation in 2006 yielded an
estimated net profit at least Rp. 1.5 billion and the company has an estimated
total net worth at Rp. 8.0 billion. It is projected that total sales turnover
of the company will increase at least 8% in 2007. We observe that P.T. DMI is
supported by financially strong business family 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. DMI is led by Mrs. Tjong Lyanti Tedjakusuma (56) as president director. Daily operation, she is assisted by his son Mr. Johanes (27) a professional and businessman with 5 years of experience safety helmet manufacturing and trading. 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. DANAPERSADARAYA MOTOR INDUSTRY 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
|
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. |
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%)