MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PT MITSUBA INDONESIA |
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Registered Office : |
Jl. Siliwangi, Kel. Keroncong, Kec. Jatiuwung, Tengerang 15134 Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
15.11.2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Automotive Component Manufacturing and Import of Automotive Parts |
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$ 3,260,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. MITSUBA
INDONESIA
Address
Head Office & Factory
Jl. Siliwangi, Kel. Keroncong
Kec. Jatiuwung, Tengerang 15134
Banten Province
Indonesia
Phone - (62-21) 590 8020 (hunting)
Fax - (62-21) 590 3163
Land Area - 44,000 sq. meters
Building Space - 18,600 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
15 November 2001
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of Justice and Human Rights
No. C-14421.HT.01.01.TH.2001
Dated 28 November 2001
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital
Investment Coordinating Board
- No. 898/I/PMA/2001
Dated 12 November 2001
- No. 1380/III/PMA/2002
Dated 17 December 2002
Related Companies
P.T. ASTRA HONDA MOTOR (Investment Holding)
P.T. HONDA PROSPET MOTOR (Distributor of Automotive and Investment Holding)
MITSUBA Corporation of Japan (Investment Holding)
ASIAN HONDA MOTOR Co. Ltd., of Thailand (Investment Holding)
A member of the ASTRA Group and the IMORA Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$ 6,000,000.-
Issued Capital : US$ 6,000,000.-
Paid up Capital : US$ 6,000,000.-
Shareholders/Owners :
a. P.T. ASTRA HONDA MOTOR of Indonesia - US$ 300,000,-
b. P.T. HONDA PROSPECT MOTOR of Indonesia - US$ 300,000.-
c. MITSUBA Corporation of Japan - US$ 4,200,000.-
d. ASIAN HONDA MOTOR Co. Ltd., of Thailand - US$ 1,200,000.-
BUSINESS ACTIVITIES
Lines of Business:
Automotive Component Manufacturing and import of Automotive Parts
Production Capacity :
a. Horns - 2,000,000 pcs p.a.
b. Flasher Relays - 1,700,000 pcs p.a.
c. Starter Motors - 1,400,000 pcs p.a.
d. AC Generators - 1,700,000 pcs p.a.
e. Import of Automotive Parts - US$ 17.0 million
Total Investment
a. Equity Capital - US$ 6.0 million
b. Loan Capital - US$ 5.0 million
c. Total Investment - US$ 11.0 million
Started Operation
July 2002
Brand Name
MITSUBA
Technical Assistance
MITSUBA Corporation of Japan
Number of Employee
982 persons
Marketing Area
Domestic - 85%
Export - 15%
Main Customers
a. P.T. ASTRA HONDA MOTOR and the ASTRA Group Members
b. P.T. HONDA PROSPECT MOTOR and the IMORA Group Members
Market Situation
Very Competitive
Main Competitors
a. P.T. KOMPONEN FUTABA NUSAPERSADA
b. P.T. ASTRA OTOPARTS Tbk.
c. P.T. INDOPRIMA GEMILANG
d. P.T. INDOFACING INDONESIA
e. P.T. MK PRIMA INDONESIA
f. P.T. MCI PRIMA GASKET
g. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. The Bank of Tokyo-Mitsubishi UFJ Ltd.
Midplaza Building
Jalan Jend. Sudirman Kav. 10-11
Jakarta Selatan 10220
b. P.T. Bank PERMATA Tbk
Setiabudi Building
Jalan HR Rasuna Said Kav. 62
Jakarta Selatan
c. P.T. Bank MIZUHO INDONESIA
Plaza BII Menara II
Jalan Jend. Sudirman Kav. 50-51
Jakarta Selatan
Auditor
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 185.0 billion
2005 – Rp. 210.0 billion
2006 – Rp. 240.0 billion
2007 – Rp. 135.0 billion (January-June)
Net Profit (Loss) :
2004 – Rp. 11.0 billion
2005 – Rp. 13.5 billion
2006 – Rp. 16.0 billion
2007 – Rp. 9.8 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board
of Management :
President
Director - Mr. Takumi Tada
General
Manager - Mr.
Hitoshi Ogawa
Production/Technical
Manager - Mr. Junichi Oyama
HRD
Manager - Mr.
Budi Setiyadi
Board
of Commissioners :
President
Commissioner - Mr. Masasuke Yagishita
Commissioners -
a. Mr. Noboru Abe
b. Mr. Tomio Nasu
Signatories
:
President
Director (Mr. Takumi Tada) or General Manager (Mr. Hitoshi Ogawa) which must be
approved by President Commissioner (Mr. Masasuke Yagishita) and Commissioners
(Mr. Noboru Abe and Mr. Tomio Nasu)
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Below
Average
Credit Recommendation
Credit should
be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 3,260,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. MITSUBA INDONESIA (P.T. MI) was established in Tangerang, Banten Province on 15 November 2001 with the authorized capital of US$ 6000,000 of which US$ 4,000,000 was issued and fully paid up. The founding shareholders of the company are MITSUBA Corporation of Japan, ASIAN HONDA MOTOR Co.Ltd of Thailand, P.T. ASTRA HONDA MOTOR and P.T. HONDA PROSPECT MOTOR both of Indonesia. The capital structures and shareholders composition of the company in details are as shown on capital and ownerships (page-3). The notary deed of the company was made by Mr. Singgih Susilo, SH., a public notary in Jakarta under Company Registration Number C-14421. HT.01.01.TH.2001, dated November 28, 2001.
P.T. ASTRA HONDA MOTOR is the largest motor assembling and component industry in Indonesia being also as a joint venture company between ASTRA HONDA MOTOR Co.Ltd of Japan (50%) and P.T. ASTRA INTERNATIONAL Tbk (50%). P.T. HONDA PROSPECT MOTOR is a large sized company in the country dealing with automotive component assembling, fire engines and generating set manufacturing being a joint venture company between P.T. PROSPECT MOTOR (51%) and HONDA MOTOR Co.Ltd of Japan (49%).
P.T. MI obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with automotive components and parts manufacturing. Its plant is located on Jalan Siliwangi, Keroncong Sub-district, Jatiuwung, Tangerang, Banten Province on a land of 44,000 square meters. The plant has been in operation since July 2002 producing and selling electronic equipments for two and four wheel motor vehicles. The plant annually produces 2,000,000 pcs of horns, 1,700,000 pcs of flasher relays, 1,400,000 pcs of motor starters and 1,700,000 pcs of air conditioner generators for four-wheel motor vehicles. The development of the plant is estimated to have absorbed an investment of US$ 9.0 million coming from own capital of US$ 4.0 million and the rest from loans. The supporting materials for producing automotive components and parts are still imported from Japan.
Whole products of the company are locally marketed especially to P.T. ASTRA HONDA MOTOR, Honda motorcycle assembling industry. The company plans to export approximately 15 product types of horns and flasher relays to Thailand. Meanwhile, other products of the company Air Conditioner Generators are wholly supplied to P.T. HONDA PROSPECT MOTOR dealing with automotive assembling industry, fire engines and generating set being also as the sole agent of HONDA cars of Japan. The operation of P.T. MI has been growing in the last three years.
Generally, demand for motorcycle components and parts has kept on increasing in line with the growing motorcycle production in the country. One factor supporting the increase in local motorcycle demand in Indonesia is the leasing and banking institution seriously supported motorcycle purchasing with credit system. With a small down payment (DP), the people can own motorcycles. The competition is very tight on account of lots of motorcycle producers operating in the country including the imported motorcycles of China being sold at cheaper prices. However, Japanese motorcycles still dominate the local motorcycle market shares like HONDA controlling 47% of the market shares, YAMAHA (32%) SUZUKI (17%), KAWASAKI (2%) and others under 2%. The business position of P.T. MI is good because the company’s whole products are supplied to motorcycle assembling industries in the country.
Until this time P.T. MI 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. 185.0 billion, increased to Rp. 210.0 billion in 2005 and rose again to Rp. 240.0 billion in 2006. The operation of the company in 2006 is estimated to have gained a net profit of Rp. 16.0 billion. It is estimated the company has an estimated total networth at least Rp. 120.0 billion. It is projected that total sales turnover of the company will increase at least 12% in 2007. We observe that P.T. MI is supported by financially 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. MI is led by Mr. Takumi Tada (55) as President Director. He is a professional managers of Japan with broad experience in motorcycle and automobile components and parts manufacturing. Daily operation, he is assisted by Mr. Hitoshi Ogawa as General Manager, Mr. Junichi Oyama as Production and Technical Manager (both from Japan) and Mr. Budi Setiyadi as HRD Manager from Indonesia. 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. MITSUBA INDONESIA 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%)