MIRA
INFORM REPORT
|
Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
TRIMITRA BATERAI PRAKASA |
|
|
|
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Registered Office : |
Jl. Semper Timur No. 3 Semper Cilincing Jakarta Utara 14130 |
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Country : |
Indonesia |
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Date of Incorporation : |
14.01.1996 |
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Com. Reg. No.: |
No. AHU-AH.01.10-13647 |
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|
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Automotive Battery Manufacturing |
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No. of Employees : |
928 persons |
RATING & COMMENTS
|
MIRAs 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$ 13.8 million |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. TRIMITRA BATERAI PRAKASA
Address
Head Office &
Factory
Jl. Semper Timur
No. 3
Semper
Cilincing
Jakarta Utara
14130
Indonesia
Phones -
(62-21) 440 3066 (Hunting)
Fax - (62-21) 440 1763
Email - bennybayang@trimitra-baterai.co.id
Website - http://www.trimitra-baterai.co.id
Land Area - 49,500 sq.
meters
Building Area - 21,000 sq.
meters
Region - Commercial
Status - Owned
Workshops
a. Jl.
MT. Haryono Kav. 1
Pancoran
Jakarta
Selatan
Indonesia
Phones - (62-21) 8303027
b. Komplek Bukit Gading Indah Blok O No. 9
Kelapa Gading
Jakarta Utara
Indonesia
Phones - (62-21) 45842790
c. Ruko
Boulevard Taman Palem Lestari Blok C No. 33
Cengkareng
Jakarta Baratg
Indonesia
Phones - (62-21) 55955050
Registration data
Date of Incorporation :
14 January 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
AHU-56713.AH.01.02.TH.2010
Dated 03 December 2010
b. No.
AHU-AH.01.10-13647
Dated 06 May 2011
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.769.6-046.000
b. The Investment Coordinating Board
No. 775/I/PMDN/1996
Dated 13 December 1996
Holding
Companies :
a. GS YUASA
INTERNATIONAL Ltd., of Japan (Investment Holding)
b. PT. YUASA
BATTERY INDONESIA (Investment Holding)
Affiliated/Associated
Companies :
a. PT. SAPTA
PANJI MANGGALA (Investment Holding)
b. PT. PAKARTI
YOGA (Investment Holding)
c. PT.
SANTINILUWANSA LESTARI (Investment Holding)
d. A member of GS
YUASA Group of Japan
e. A member of
PAKARTI YOGA Group or GEMALA Group of Indonesia
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 56,400,000,000.-
Issued Capital - Rp. 56,400,000,000.-
Paid up Capital - Rp. 56,400,000,000.-
Shareholders/Owners
:
a. GS YUASA INTERNATIONAL Ltd., - Rp. 18,800,000,000.- (33.33%)
Address :
1, Inobanda-cho, Nishinosho,
Kisshoin,
Minami-ku, Kyoto, 601-8520
Japan
b. PT. YUASA BATTERY INDONESIA - Rp. 18,800,000,000.- (33.33%)
Address : Jl. Kebon Sirih No.
96
Jakarta Pusat
Indonesia
c. PT. SAPTA
PANJI MANGGALA - Rp. 8,813,440,000.- (15.63%)
Address : Kawaan Industri Pulogadung
Jakarta Timur
Indonesia
d. PT. PAKARTI
YOGA - Rp. 9,400,000,000.- (16.67%)
Address : Jl. Kebon Sirih No.
96
Jakarta Pusat
Indonesia
e. PT.
SANTINILUWANSA LESTARI - Rp. 586,560,000.- ( 1.04%)
Address : Jl. Taman Kebon Sirih II/7
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Automotive
Battery Manufacturing
Production
Capacity :
Automotive Batteries - 4,500,000 units
p.a.
Total
Investment :
a. Equity Capital - Rp. 56.4 billion
b. Loan Capital - Rp. 86.8 billion
c. Total Investment - Rp. 143.2 billion
Started
Operation :
November 1996.
Brand Name :
G-FORCE and
MASSIVE
Technical
Assistance :
GS YUASA INTERNATIONAL Ltd., of Japan
Number of
Employee :
928 persons
Marketing Area
:
a. Local -
20%
b. Export - 80%
Main Customers
:
a. Automotive and
Motorcycle Industries
b. Overseas buyer
in UK, Greece, Australia, Cyprus, Sweden, Czech Rep, Trinidad, New Zealand,
Oman, Philippines, Yemen, turkey, Libya,
Italy, Egypt, Holland, Malaysia, Lebanon, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Yuasa
Battery Indonesia
b. PT. GS Battery
Indonesia
c. PT. Nipress
Tbk.
d. PT. Indobatt
Industri Permai
e. PT. Best
Energy System
f. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. The Bank of
Tokyo-Mitsubishi UFJ Ltd
MidPlaza Building
Jl. Jend. Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
b. P.T. Bank
NEGARA INDONESIA Tbk
Plaza 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 Rp. 735.0 billion
2008 Rp. 816.0 billion
2009 Rp. 907.0 billion
2010 Rp.
1,008.0 billion
2011 Rp. 560.0 billion (January June)
Net Profit
(estimated) :
2007 Rp. 24,8 billion
2008 Rp. 27.5 billion
2009 Rp. 31.0 billion
2010 Rp. 34.6 billion
2011 Rp. 19.2 billion (January June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Emmanuel Lestarto Wanandi
Directors -
a. Mr. Takuji Matsumura
b. Mr. Takaomi Matsuzaki
c. Mr. Ir. Johannes Benny Bajang
Board of Commissioners :
President Commissioner -
Mr. Hiromichi Kaneko
Commissioners -
a. Mr. Akio Furukawa
b. Mr. Lukito Wanandi
c. Mr. Aryuoso Wijoyo Sugiarso
Signatories :
President Director (Mr.
emmanuel Lestarto Wanandi) or one of the Directors (Mr. Takuji Matsumura, Mr.
Takaomi Matsuzaki and Mr. Ir. Johannes Benny bajang) which must be approved by
Board of Commissioners.
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 13.8 million
on 90 days D/A
OVERALL PERFORMANCE
P.T. TRIMITRA BATERAI PRAKASA (P.T.
TBP) was established on January 14, 1996 with an authorized capital of Rp
500,000,000 of which Rp. 250,000,000 was issued and fuly paid up. The founding shareholders of P.T. TBP are PT.
Sapta Panji Manggala (87.5%), PT. Trikirana Investindo Prima (7.5%) and PT.
Santini Luwansa Lestari (5.0%). The Articles of Association was approved by the Minister of Justice of the Republic
Indonesia by virtue of Decision Letter No. C2-10579.YHT.01.01.TH.96
dated November 26, 1996. The companys Articles of Association has subsequently
been revamped for several times. In 1994, the authorized capital was increased
to Rp. 50,000,000,000.- issued capital
to Rp. 25,600,000,000.- wholly paid-up.
In November 1996, the whole assets and
business activities of P.T. GEMALA BATTERY were shifted to its sister company
P.T. TBP. Concurrently, P.T. TBP's
authorized capital was set-up at Rp. 37,600,000,000.- wholly issued and
paid-up. As of September 2008, the
shareholders of P.T. TBP are PT. YUASA BATTERY INDONESIA (50%), PT. SAPTA PANJI
MANGGALA (23.44%), PT.PAKARTI YOGA (25%) and PT. SANTINILUWANSA LESTARI
(1.56%). Latest on April 29, 2011, the authorized capital was raised to Rp.
56,400,000,000.- entirely was issued and paid up. Since the times, the shareholders of the
company are GS YUASA INTERNATIONAL Ltd., of Japan (33.33%), PT. YUASA BATTERY
INDONESIA (33.33%), PT. SAPTA PANJI MANGGALA (15.63%), PT. PAKARTI YOGA
(16.67%) and PT. SANTINILUWANSA LESTARI (1.04%). The latest amendment to
Articles of Association was made by Mrs. Rukmasanti Hardjasatya, SH., a notary
public in Jakarta based on natarial deed No. 2, was approved by the Minister of
Law and Human Rights through Decision Letter No. AHU-AH.01.10-13647 dated May
6, 2011. No changes have been effected in term of its shareholding composition
and capital structures to date.
P.T. TBP is the continuation of P.T. GEMALA
BATTERY dealing with motorcar battery manufacturing whose plant located at Jl.
Semper Timur No. 3, Semper-Cilincing, North Jakarta standing on 49,500 sq.
meters land with building wide of 21,000 sq. meters. The plant started with operation as from 1990
with a total production capacity of 1,000,000.- units per year. In 2004, the
plant expanded for producing 2,000,000 units of automotive battery per annum.
In 2006, its production capacity was raised by 3,500,000 units and rose again
to 4,200,000 units per annum in 2007 and 4,500,000 units per annum at
present. Its production is marketed
under G-FORCE brand and MASSIVE brands under technology of GS YUASA
INTERNATIONAL Ltd., of Japan. In August 1997, P.T. TBP was granted an ISO 9001
certificate and product certificate (GS-MARKING) from TUV-RHEINLAND (Germany).
Mrs. Linawati, a marketing staff of P.T.
TBI, said that some 80% of the company products is exported to Middle East
countries such as Uni Emirate Arab, Egypt, Yemen, Taiwan, the Philippines, New
Zealand, Australia and other European countries including the UK, the
Netherlands, Czeeho, Denmark, Italy, Greece, Sweden, Latvia and Russia. For
local markets, P.T. TBP appoints P.T. SANTINILUWANSA ABADI as the sole
distributor of its products. Besides, P.T. TBP also distributes its products to
a number of car assembling industries including P.T. GENERAL MOTOR INDONESIA
(OPEL), P.T. DIAMLER CHRYSLER INDONESIA (MERCEDES BENZ), P.T. GARUDA MATARAM
MOTOR (AUDI and CARAVELLE), P.T. HYUNDAI INDONESIA (HYUNDAI) and P.T. VOLVO INDONESIA
(VOLVO). The operation of the company has been running smoothly and growing
stable.
We note that the
demand for automotive and motorcycle components and part, tires and batteries
has kept on rising by at least 10% per year in the last five years in line with
the growth and development of the automotive and motorcycle industry in the
country. According to the Indonesia Car
Manufacturers Association (GAIKINDO) explained that the total of car sales in
2006 amounted to 318,904 units increased to 433,341 units in 2007 and rose
again to 603,774 in 2008. But the total
of car sales in 2009 dropped to 483,548 units rose again to 764,710 units in
2010 and as of 30 February 2011 amounted to 143,355 units. The growth of car
and motorcycle sales in Indonesia in 2005 to 2011 is pictured on the following
table:
|
Year |
Motorcar (units) |
Motorcycle (units) |
|
2005 |
533,917 |
5,089,426 |
|
2006 |
318,904 |
4,470,722 |
|
2007 |
433,341 |
4,713,895 |
|
2008 |
603,774 |
6,280,799 |
|
2009 |
483,548 |
5,882,000 |
|
2010 |
764,710 |
7,481,815 |
|
2011* |
143,355 |
n.a. |
Source: GAIKINDO and The Indonesian
Motorcycle Manufacturer Association (AISMI)
*) January to February 2011
The company is
neither public listed nor bond issued company. Therefore, the company has no
obligation to publish financial statement publicly. We have checked to
Department of Trade and Industry and found that no financial statement has been
reported. P.T. TBPs management is very reclusive to outsider and rejecting to
disclose its financial condition but we estimated the total sales turnover in
2008 amounted to Rp. 816.0 billion increased to Rp. 907.0 billion in 2009 to
Rp. 1,008.0 billion in 2010 and estimated it will be higher by at least 10% in
2011. The operation in 2010 yielded a net profit at least Rp. 34.6 billion and
the company has a total net worth of Rp. 480.0 billion. P.T. TBP is supported
by a financially strong and healthy foreign partner. So far, we have never
heard of the company having been black listed by the Central Bank (Bank
Indonesia). Besides, the company usually pays its debts punctually to
suppliers.
Since April 2004, the management of the
company has been led by Mr. Emmanuel Lestarto Wanandi AKA Wandi Wanandi (43), a
creative, dynamic young businessman. He is daily assisted by three directors
Mr. Takuji Matsumura (41), Mr. Takaomi Matsuzaki (46), both of Japan and Mr.
Ir. Johannes Benny Bayang (49), of Indonesia. The management has broad
experience in automotive component industry including batteries. Besides, the
company management is handled by a number of experienced professional managers
of its sister company GS YUASA INTERNATIONAL Ltd., of Japan having 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. TBP's management in any
fraudulent dealings. We are convinced
that P.T. TBP is quite good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.