MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. TOYOTA
TSUSHO INDONESIA |
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Formerly Known As : |
P.T. TOYOTA TSUSHO ASTRA EXPORT |
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Registered Office : |
Mid Plaza 2 Building, 10th Floor, Jl. Jend. Sudirman Kav.
10-11, Jakarta 10220 |
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Country : |
Indonesia |
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Date of Incorporation : |
27.08.1990 |
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Com. Reg. No.: |
W7-03154.HT.01.04.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export and Import of Automotive Parts, Machinery and Electronic,
Metal Products, Chemicals, Foodstuffs, Consumer Product, etc. |
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$ 12,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. TOYOTA TSUSHO
INDONESIA
A d d r e s s
Head Office
MidPlaza 2
Building, 10th Floor
Jl. Jend. Sudirman
Kav. 10-11
Jakarta 10220
Indonesia
Phone - (62-21) 570 3202
(Hunting)
Fax - (62-21) 570 4713
Website - http://www.toyotatsusho.co.id
Email - arien@toyotatsusho.co.id
Building Area - 32 storey
Office Space - 2,200 sq.
meters
Region - Commercial
Status - Rent
Date of Incorporation
- 27 August
1990 as P.T. TOYOTA TSUSHO ASTRA EXPORT
- 08 October
1999 as P.T. TOYOTA TSUSHO EXPORT & IMPORT
- 10 January
2002 as P.T. TOYOTA TSUSHO INDONESIA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
W7-03154.HT.01.04.TH.2007
Dated 26 March
2007
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Capital Investment Coordinating Board
- No. 226/I/PMA/1990
Dated 04 September 1990
- No. 126/II/PMA/1999
Dated 06 July 1999
Related Companies
A Member of the TOYOTA Group of Japan
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 6,220,950,000.-
Issued Capital : Rp. 6,220,950,000.-
Paid up Capital : Rp. 6,220,950,000.-
Shareholders/Owners :
a. TOYOTA TSUSHO Corp., - Rp. 6,219,093,000.-
Address : 7-23 Meieki, 4-Chome,
Nakamura-ku, Nagoya
Japan
b. Mr. Norio Sato -
Rp. 1,857,000.-
Address : Apartment Plaza Senayan
Tower B Unit 202
Jakarta Pusat, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Export and Import of Automotive
Parts, Machinery and Electronic, Metal Products,
Chemicals, Foodstuffs, Consumer Product,
etc.
Production Capacity
None
Total Investment
a. Equity Capital - US$. 1.05 million
b. Loan Capital - US$. 0.10 million
c. Total
Investment - US$.
1.15 million
Started Operation
1 9 9 0
Brand Name
TOYOTA TSUSHO
INDONESIA
Technical Assistance
TOYOTA TSUSHO Corporation of Japan
Number of Employee
218 persons
Marketing Area
Domestic - 80%
Export - 20%
Main Customer
a. P.T. TOYOTA
ASTRA MOTOR
b. The ASTRA Group
Members,
c. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. INDOMOBIL
SUZUKI INTERNATIONAL
b. P.T. GENERAL
MOTORS
c. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
:
The Bank of Tokyo-Mitsubishi JFP Ltd.
MidPlaza Building
Jalan Jend.
Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
Auditor :
Unknown
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 350.0
billion
2005 – Rp. 430.0
billion
2006 – Rp. 740.0
billion
2007 – Rp. 880.0
billion
Net Profit (Loss)
:
2004 – Rp. 22.0 billion
2005 – Rp. 28.0 billion
2006 – Rp. 53.0 billion
2007 – Rp. 60.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Norio Sato
Director - Mr. Masakazu Nakagawa
Board of Commissioners :
President Commissioner - Mr. Tetsu Yagi
Commissioner -
Mr. Yoshimi Takai
Signatories :
President Director (Mr. Norio Sato)
or the Director (Mr. Masakazu Nakagawa)
which must be approved by board of commissioners (Mr. Tetsu Yagi and Mr.
Yoshimi Takai)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 12,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T. TOYOTA TSUSHO ASTRA
EXPORT it was established in August 1990 with the authorized capital of US $ 1,000,000.-
issued capital of US $ 300,000.- wholly
paid-up. Founders and original shareholders are TOYOTA TSUSHO CORPORATION of
Japan and P.T. ASTRA EXPORT COMPANY. In October 1999, the authorized capital
was decreased to US $ 350,000.- entirely issued and paid-up. On the same
occasion, one of its shareholders namely P.T. ASTRA EXPORT COMPANY was replaced
with Mr. Yoshikatsu Tokoro. In January 2002, the company renamed to P.T. TOYOTA
TSUSHO INDONESIA (P.T. TTI).
In April 2006, TOMEN Corporation merged into TOYOTA
TSUSHO Corporation with TOYOTA TSUSHO Corporation as the surviving
company. Since that time, the
activities of both companies in Indonesia namely P.T. TTI and P.T. TOMEN
INDONESIA have also been merged with P.T. TTI as the surviving company. According to the notary deed of P.T. TTI in
March 2007, the capital of the company was converted to Rp. 6,220,950,000
entirely issued and paid up. The
shareholders of the company are TOYOTA TSUSHO Corporation (99.97%) and Mr. Norio Sato (0.03%), both of
Japan. The notary eed of amendment was made
by Mr. Adrian Juaini, SH., a public notary in Jakarta under Company
Registration Number W7-03154 HT.01.04.TH.2007, dated March 26, 2007.
P.T. TTI has been in operation as from 1990 in
automotive parts importing business. P.T. TTI is the importer of TOYOTA ASTRA
Group’s automotive parts in Indonesia. In its activity, P.T. TTI has used-up a
total investment of US $ 1.05 million originating from own capital of US $ 1.0
million while the rest is loan. P.T. TTI obtained an importing facility
services for automotive spare parts worth US $ 56.0 million. To support its
distribution, P.T. TTI appointed several sub-distributors in several Indonesian
major cities.
Since P.T. TTI and P.T. TOMEN INDONESIA were
merged in April 2006, the activities of the merge company are not only dealing
with trading, export and import of automotive parts but also with machinery and
electronics, metal products, energy and chemicals, foodstuffs, consumer
products and others. The operation of the
company has been running smoothly and growing in the last five years.
Generally, local demand for automotives, machinery,
electronics, metal products, energy and chemicals, foodstuffs, consumer
products and others has been increasing by 5% to 6% per annum in the last five
years in line with amelioration of the economic condition in the country. Besides, the automotive industrial sectors
have also been increasing rapidly. According
to the Indonesian Car Manufacturers Association (GAIKINDO) and the Indonesian
Motorcycle Manufacturers Association (AISI), the sales of cars and motorcycle
in 2000 up to 2006 is as pictured in the following table :
|
Year |
Automotive Sales (unit) |
Motorcycle Sales (unit) |
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2000 |
300,964 |
587,402 |
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2001 |
300,569 |
979,422 |
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2002 |
317,749 |
1,650,770 |
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2003 |
354,331 |
2,814,054 |
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2004 |
483,170 |
3,887,675 |
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2005 |
533,922 |
4,764,848 |
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2006 |
302,364 |
3,555,185 |
Source
: GAIKINDO and AISI
The business position of P.T. TTI is favorable being supported by TOYOTA
ASTRA Group, the largest company group in automotive assembling the
country. Besides, in April 2006 the
business activities of P.T. TTI have been expanded in line with the merging
P.T. TOMEN INDONESIA into the company.
Until this time P.T. TTI 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. 430.0 billion, increased to Rp. 740.0 billion in 2006 and rose again to Rp.
880.0 billion in 2007. It is projected
that total sales turnover of the company will increase at least 8% in
2008. P.T. TTI’s operation in 2007
yielded a net profit of about Rp. 60.0 billion with a total networkh Rp. 460.0
billion. We observe that P.T. TTI 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.
P.T. TTI’s management is led by Mr. Nario Sato (57), a professional manager
with more than 20 years experience working for TOYOTA TSUSHO CORP., of Japan.
He has a good reputation in trading and importing of automotive parts
and components. In his day-to-day
activities, he is assisted by Mr.
Masakazu Nakagawa (40) as a director, and some professional managers with well
experience in the above business. The management has wide relation with private
businessmen of home and overseas as well as with the government sectors. So far, we have never yet come across
reports on involvement of P.T. TTI’s management in any fraudulent dealings.
We believed that P.T. TTI is good for normal business transaction. However, in view of the unstable economic
condition in the country, we recommend to treat prudently in extending 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%)