MIRA INFORM REPORT
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Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. BAJAJ AUTO |
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Registered Office : |
Menara Imperium 29th Floor Suite A, Jalan H.R. Rasuna Said Kav. 1 Setiabudi, Jakarta Selatan,
12980 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.07.2006 |
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Com. Reg. No.: |
No.
AHU-AsH.01.10-09230 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Motorcycle and Components |
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No. of Employees
: |
165 |
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$ 2,500,000 |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
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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 |
P.T. BAJAJ AUTO INDONESIA
Head Office
Menara Imperium
29th Floor Suite A
Jalan H.R. Rasuna Said Kav. 1
Setiabudi
Jakarta Selatan, 12980
Indonesia
Phones -
(62-21) 8281 787 (Hunting), 8307 648
Fax - (62-21) 8307 615
E-mail - info@bajaj-indonesia.com
Website - http://www.bajaj-indonesia.com
Building Area - 32 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Factory
(Assembling)
Jalan Raya Industri C 4 No. 1
Bekasi International Industrial Estate
Lippo Cikarang, Bekasi, 17550
West Java
Indonesia
Phones -
(62-21) 8990 8907 (Hunting)
Fax - (62-21) 8990 8908
Land Area - 30,000 sq.
meters
Building Space - 18,200 sq. meters
Region - Industrial
Estate
Status - Rent
3 July 2006
P.T. (Perseroan Terbatas)
or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-22753.HT.01.01.TH.2006
Dated 3
August 2006
- No. AHU-80183.AH.01.02.TH.2008
Dated 31
October 2008
- No. AHU-42315.AH.01.02.TH.2009
Dated 28 August 2009
- No. AHU-AH.01.10-09230
Dated 25 March 2011
Foreign
Investment (PMA) Company
a. The Department of Finance
NPWP No. 02.519.856.5-055.000
b. The Department of Industry & Trade
TDP No. 090313550480
Dated 30 August 2006
c. The Capital Investment Coordinating Board
- No.
631/I/PMA/2006
Dated
8 June 2006
- No. 1189/III/PMA/2007
Dated 16 August 2007
- No. 1119/III/PMA/2008
Dated 10 July 2008
- No. 991/III/PMA/2009
Dated 30 July 2009
a. BAJAJ AUTO
LIMITED, India (Motorcycle Manufacturing and Investment Holding)
b. P.T. ABDI
RAHARJA (Trading and Distribution of Motorcycle)
c. P.T. ABDI
SEJAHTERA (Trading and Distribution of Technical Equipment)
Capital
Structure :
Authorized
Capital : US$
29,500,000.-
Issued Capital : US$
29,500,000.-
Paid up Capital : US$
29,500,000.-
Shareholders/Owners
:
a. BAJAI AUTO
LIMITED -
US$ 29,187,500.-
Address : Mumbai Pune Road
Akurdi, Pune 411035
India
b. Mr. Teguh
Boentoro -
US$ 312,500.-
Address : Jl. Villa RT. 001/ RW. 008
Kelurahan Jati Padang,
Pasar Minggu
Jakarta
Selatan
Indonesia
Lines of
Business :
a. Trading,
Import and Distribution of Motorcycle and Components
b. Motorcycle
Assembling
Production
Capacity :
a. Motorcycle (2
wheeler) - 28,000 units
p.a.
b. Trading,
Import and Distribution of
Motorcycle and Components
Total
Investment :
a. Equity Capital - US$ 29.5 million
b. Loan Capital - US$ 43.0
million
c. Total
Investment - US$
72.5 million
Started
Operation :
a. July 2006
b. Assembling
2007
Brand Name :
BAJAJ
Technical Assistance
:
BAJAJ AUTO
LIMITED of India
Number of
Employee :
165 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. P.T. BAJAJ
ANDALAN SAKTI
b. P.T. BAJAJ
FONTANA PERKASA MOTOR
c. Other
Distributors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASTRA
HONDA MOTOR
b. P.T. INDOMOBIL SUZUKI INTERNATIONAL
c. P.T. KAWASAKI
MOTOR INDONESIA
d. P.T. TVS MOTOR INDONESIA
e. P.T. YAMAHA MOTOR INDONESIA
f. Etc.
Business Trend
:
Fluctuating
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 :
KAP Handoko &
Suparmun
Litigation :
No litigation
record in our database
Annual Sales
(as per March):
2009 – Rp. 229.1
billion
2010 – Rp. 141.1
billion
2011 – Rp. 195.0
billion (estimated)
Net Loss (as
per March) :
2009 – Rp. 109.1
billion
2010 – Rp. 25.4 billion
2011 – Rp. 15.0 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Tomotaka Ishikawa
Vice President Director -
Mr. Kulkarni Dinesh Anantrao
Directors -
a. Mr. Vijayaraghavan Srinivasan
b. Mr. Sampath Kumar Krishnan
Marketing Manager -
Mr. Apong Arfiansyah
Board of Commissioners :
President Commissioner -
Mr. Rakesh Sharma
Commissioners -
a. Mr. Kevin D’sa
b. Mr. Teguh Boentoro
Signatories :
President Director (Mr.
Tomotaka Ishikawa) or Vice President Director (Mr. Kulkarni Dinesh Anantrao) or
one of the Directors (Mr. Vijayaraghavan Srinivasan or Mr. Sampath Kumar
Krishnan) which must be approved by Board of Commissioner.
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$ 2,500,000 on
90 days D/A
P.T. BAJAJ AUTO INDONESIA (P.T. BAI) was established in Jakarta on July
03, 2006 with an authorized capital of US$ 12,500,000 wholly issued and paid
up. The company was founded by BAJAJ AUTO LIMITED of India as foreign partner
and Mr. Teguh Boentoro as local partner. The deed of amendment was made by Mrs.
Aulia Taufani, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. C-22753 HT.01.01.TH.2006, dated August 03, 2006. The
company notary deed has been changed and in September 2008 the board of
directors and the board of commissioner had been changed (see profile of this
report). The deed of amendments was made by Mr. Sutjipto, SH., a public notary
in Jakarta and was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-80183.AH.01.02.TH.2008 dated October 31, 2008. Then
according to the latest revision of notary documents of Mrs. Mala Mukti, SH.,
LL.M., No. 17 dated 7 March 2011 the company authorized capital was increased
to US$ 29,500,000 wholly issued and paid up. With this development the
composition of its shareholders has been changed to become BAJAJ AUTO LIMITED
(98.94%) and Mr. Teguh Boentoro (1.06%). The latest revision of notary
documents was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-09230 dated March 25, 2011.
We observe the local partner namely Mr. Teguh Boentoro is an Indonesian
businessman of Chinese descent, where he is also business owners of P.T. ABDI
RAHARJA engaged in trading and distribution of motorcycle and P.T. ABDI
SEJAHTERA engaged in trading and distribution of technical equipment.
P.T. BAI was established in the frame work of Foreign Investment (PMA)
facility to deal with trading, import and distribution of motorcycle, component
and parts. The company has been in operation since July 2006 by import of
motorcycle from India in CBU (Completely Built-Up) by using BAJAJ brand. Besides,
the company also import of motorcycle component and spare parts from India. To
increasing the marketing and operation, P.T. BAI has been built and manages
factory in Lippo Cikarang, West Java. The assembling plant located at Jalan
Angsana Raya Block A 9 No. 8, Kawasan Industri Delta Silicon, Lippo Cikarang,
Bekasi, West Java on a land of 12,000 sq. meters. Then the plant engaged in
motorcycle (India motorcycle) assembling industry having been in operation
since 2007.
Then the plant was relocated to a new factory at Jalan Raya Industri C 4
No. 1, Bekasi International Industrial Estate, Bekasi, West Java standing on
30,000 sq. meters land. The whole products of motorcycles are imported from
India in SKD (Semi Knock Down) form of which later assembled in their above
factory. The motorcycles produced by the company consist of several types
including BAJAJ XCD 125 DTS-Si; PULSAR 180 DTS-Si and PULSAR 200 DTS-Si. Whole
products of the company are locally marketed using BAJAJ and PULSAR brands. Mr.
Apong Arfiansyah, marketing manager of the company explained the above
motorcycle distributed by various dealers such as P.T. BAJAJ ANDALAN SAKTI,
P.T. BAJAJ FONTANA PERKASA MOTOR and other dealers in Indonesia. He also added
that the dealer and after sales services station of BAJAJ Motorcycle has been
reached more than 75 units spreading in big cities in Indonesia. We observe the
operation of P.T. BAI has been fluctuating and suffering from loss in the last
three years.
Generally, demand for motorcycles and components and spare parts of
motorcycles has 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. BAI is well enough because its product BAJAJ
motorcycle controls 3% local market segment within the last three years. 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 |
|
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. BAI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The total sales turnover of the company which ended as per 31 March 2009
amounted at Rp. 229.1 billion with a net loss of Rp. 109.1 billion declined to
Rp. 141.1 billion with a net loss of Rp. 25.4 billion in 2010. We estimated the
sales turnover of the company which ended as per 31 March 2011 amounted at Rp.
195.0 billion with a net loss of Rp. 15.0 billion and projected to go on rising
by at least 5% in 2012. We observe that P.T. BAI 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
company usually pays its debts punctually to suppliers. The condense financial
statement is shown.
(In million Rp)
|
Descriptions |
As per 31 March |
|
|
|
2010 |
2009 |
|
|
|
A. ASSETS |
|
|
|
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a. Current Assets |
57,977 |
135,367 |
|
|
b. Non Current Assets |
77,099 |
70,213 |
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c. Other Assets |
- |
- |
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TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
135,077 |
205,581 |
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B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
|
a. Current Liabilities |
61,380 |
274,935 |
|
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b. Non Current
Liabilities |
1,559 |
1,145 |
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|
c. Stockholders Equity
: -
Paid Up Capital -
Foreign Exchange -
Deficit Total Stock holders Equity |
275,972 6,508 210,343 72,138 |
116,937 (2,553) 184,884 (70,499) |
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C. INCOME STATEMENT |
|
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a. Sales Net |
141,124 |
229,109 |
|
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b. Loss from operation |
(67,236) |
(85,082) |
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c. Net Loss |
25,459 |
109,106 |
|
Notes: Ended 31 March 2010 and 2009 Audited by KAP Handoko &
Suparmun
The management of P.T. BAI is led by Mr. Tomotaka Ishikawa (62) a professional
manager of Japan who experience in motorcycle assembling. Prior he was
professional manager trusted Managing Director of YAMAHA MOTOR India. Daily
activity he is assisted by Mr. Kulkarni Dinesh Anantrao (46) a professional
manager of India with experience in motorcycle assembling and trading. The
company's management is handled by professional staff 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. BAJAJ AUTO INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.66 |
|
UK Pound |
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
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.