MIRA INFORM REPORT
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Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. MINDA ASEAN AUTOMOTIVE |
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Registered Office : |
Jalan Permata Lot CA-7, KIIC Industrial Estate, Desa Sukuluyu, Teluk Jambe, Karawang, 41361, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
20.10.2004 |
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Com. Reg. No.: |
No. AHU-24737.AH.01.02.TH.2009 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Motorcycle
Component Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 1,700,000 |
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Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. MINDA ASEAN
AUTOMOTIVE
company Address
Head Office & Factory
Jalan Permata Lot
CA-7
KIIC Industrial
Estate
Desa Sukuluyu,
Teluk Jambe
Karawang, 41361
West Java
Indonesia
Phones -
(62-267) 7419 701 (Hunting)
Fax - (62-267) 7419 703
E-mail - info@mindaasean.com
Land Area - 12,000 sq.
meters
Building Space - 11,000 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
20 October 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-24737.AH.01.02.TH.2009
Dated 5 June 2009
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.869.625.2-408.001
Related Company
A MINDA Group,
India
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
24,753,600,000.-
Issued Capital : Rp.
12,376,800,000.-
Paid up Capital : Rp.
12,376,800,000.-
Shareholders/Owners
:
a. ALMIGHTY
INTERNATIONAL PTE, LTD. - Rp.
6,188,400,000.-
Address : 20 Cecil Street
Equity Plaza
14-01
Singapore
b. MINDA
INVESTMENTS LTD. -
Rp. 4,331,880,000.-
Address : Village – Nawada,
Fatehpur
P.O. – SikanderPur Badda
IMT Manesar, Distt. Gurgaon
Haryana, India
c. MINDA
INDUSTRIES LTD. -
Rp. 1,856,520,000.-
Address : Village – Nawada, Fatehpur
P.O. – SikanderPur Badda
IMT Manesar, Distt. Gurgaon
Haryana, India
BUSINESS ACTIVITIES
Lines of
Business :
Motorcycle
Component Manufacturing
Production
Capacity :
a. Switches -
2,000,000 sets p.a.
b. Locks -
2,000,000 sets p.a.
Total
Investment :
a. Equity Capital - Rp. 12.4 billion
b. Loan Capital -
Rp. 25.0 billion
c. Total Investment - Rp. 37.4 billion
Started
Operation :
October 2005
Brand Name :
Minda
Technical
Assistance :
Minda Investment
Ltd., India
Number of
Employee :
215 persons
Marketing Area
:
Local - 70%
Export - 30%
Main Customer
:
Motorcycle
Assembling
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. HONDA
LOCK INDONESIA
b. P.T. INDONESIA
STANLEY ELECTRIC
c. P.T. MITSUBA INDONESIA
d. P.T. TOYO DENSO INDONESIA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
SWADESI Tbk
Jalan
Samanhudi No. 37
Jakarta Pusat
Indonesia
b. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot
Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
c. CITIBANK N.A.
Citi Bank Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 117.0
billion
2009 – Rp. 123.0
billion
2010 – Rp. 130.0
billion
Net Profit
(estimated) :
2008 – Rp. 8.2 billion
2009 – Rp. 9.8 billion
2010 – Rp. 11.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Rajiv Arora
Directors -
a. Mr. Suman Dey
b. Mr. Sanjay Jain
c. Mr. Ajay Kumar Sharma
Board of Commissioners :
Commissioner -
Mr. Sudhir Kashyap
Signatories :
President Director (Mr.
Rajiv Aora) or one of the Directors (Mr. Suman Dey, Mr. Sanjay Jain or Mr. Ajay
Kumar Sharma) which must be approved by Board of Commissioner.
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$ 1,700,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. MINDA ASEAN AUTOMOTIVE (P.T. MAA) was set-up in Karawang, West Java
on October 20, 2004 with the authorized capital of Rp. 24,753,600,000 issued
capital of Rp. 12,376,800,000 entirely paid up. The founding shareholders of
the company are ALMIGHTY INTERNATIONAL PTE, LTD., Singapore, MINDA INVESTMENTS
LTD., and MINDA INDSUTRIES LTD., both are of India. The company notary deed has
been changed and in May 2009 the board of directors and the board of
commissioners had been changed (see profile of this report). According to the
latest revision of notary documents in May 2009 the composition of its
shareholders are ALMIGHTY INTERNATIONAL PTE, LTD (50%), MINDA INVESTMENTS LTD.,
(35%) and MINDA INDUSTRIES LTD (15%). The company latest revision of notary act
was made by Mr. Alexander Hidayat Siswandi, SH., was approved by the Ministry
of Law and Human Right in its Decision Letter No. AHU-24737.AH.01.02.TH.2009
dated June 5, 2009.
P.T. MAA obtained a Foreign Investment (PMA) facility issued by BKPM
(Investment Coordinating Board) for dealing with motorcycle component industry
whose plant is located at KIIC Industrial Estate, Jalan Permata Raya Lot CA-7,
Karawang, West Java standing on 12,000 square meters land. The plant has been
in operation as from October 2005. According to its license the plant is having
a capacity to produce 2,000,000 sets of motorcycle switches and 2,000,000 sets
of motorcycle locks respectively per annum. The plant produces of modular
switches (switch dimmer assy, switch horn assy, switch starter assy, switch
light assy, switch turn signal assy, switch light signal assy); handle bar
switches (switch handle 1, gap grip assy, switch handle 2, switch handle 3,
switch handle 5); brake switches (brake switch 1, brake switch 2); neutral
switches (neutral switch 1, neutral switch 2, neutral switch 3) and lock sets
(lock set assy A, lock set assy B and lock set assy C). The products of the
company in the form of motorcycle key sets are entirely marketed in the country
and supplied to various motorcycle assembling industries of YAMAHA, SUZUKI,
KAWASAKI, BAJAJ. Besies some 30% of the products is exported to Malaysia,
Singapore, Philippines, Thailand and Vietnam. P.T. MAA is classified as a large
sized company in the country dealing with motorcycle component industry of
which the operation has been growing.
Generally, demand for motorcycles and components and spare parts of
motorcycles had kept on increasing in line with the development of the
production of motorcycles in the country. One of factors supporting the growing
demand for motorcycles is the role of financial and banking institutions
seriously backing up the motorcycle purchasing with installment system. With a
little Down Payment (DP), the public can obtain the motorcycles. The
competition is very tight on account of many motorcycle producers operating in
the country including Chinese motorcycles offered with cheaper prices. However,
Japanese motorcycles still dominate the local motorcycle markets like HONDA
controls 60% of the market segment, SUZUKI (19%), YAMAHA (16%), KAWASAKI (2%)
and others 3%. Business position of P.T. MAA is well enough because its product
absorbed by motorcycle assembling in the country and also in overseas. The
development of motorcycle production in the country in detail is as illustrated
in the following table:
Indonesia’s Production
and Wholesales of Motorcycle, 2005-2010*
|
Year |
Production (AISI)
(Units) |
Wholesales (Units) |
|
2005 |
5,113,487 |
5,089,426 |
|
2006 |
4,459,000 |
4,470,722 |
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2007 |
4,722,000 |
4,713,895 |
|
2008 |
6,264,265 |
6,280,799 |
|
2009 |
5,884,000 |
5,882,000 |
|
2010* |
5,600,000 |
5,650,000 |
*)
Projected
Source: AISI
Until this time P.T. MAA has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The management of P.T. MAA is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2008 amounted to Rp. 117.0 billion
rose to Rp. 123.0 billion in 2009 increased to Rp. 130.0 billion in 2010 and
projected to go on rising by at least 5% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 11.0 billion and the company has an
estimated total networth of at least Rp. 55.0 billion. We observe that P.T. MAA
is supported by foreign partner with has financially strong and sound behind
it. So far, we did not heard 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. MAA is led by Mr. Rajiv Arora (43) a professional
manager of India with experience in motorcycle component manufacturing. Daily
operation he is assisted by Mr. Suman Dey (42), Mr. Sanjay Jain (41) and Mr.
Ajay Kumar Sharma (40) as directors. The company's management is handled by
professional managers in the above business. They have wide relations with
private businessmen within and outside the country. So
far, we did not hear that the management of the company being filed to the
district court for detrimental cases or involved in any business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. MINDA ASEAN AUTOMOTIVE is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.90 |
|
UK Pound |
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.