|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HINO MOTORS SALES INDONESIA |
|
|
|
|
Registered Office : |
Wisma Indomobil
II, 9th Floor, Jl. M.T. Haryono Kav. 9, Jakarta 13330 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
07.4.2003 |
|
|
|
|
Com. Reg. No.: |
No. AHU-46657.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Main
Distributor and Authorized Dealer of Hino Automotive (Truck and Bus) |
|
|
|
|
No. of Employees : |
257 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Usually correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source
: CIA |
P.T. HINO MOTORS SALES INDONESIA
Head Office
Wisma Indomobil
II, 9th Floor
Jl. M.T. Haryono Kav. 9
Jakarta 13330
Indonesia
Phones -
(62-21) 856 4570, 856 4480
Fax - (62-21) 851 5731, 851 7550, 856 4835
Email - info@hino.co.id
Website - http://www.hino.co.id
Land Area - 22 Storey
Building Area - 240 sq. meters
Region - Commercial
Status - Rent
Spare Parts and
Service
Jl. Raya Gatot
Subroto Km. 8,5
Tangerang 15111
Banten Province
Indonesia
Phones -
(62-21) 591 8080, 591 8844
Fax - (62-21) 591 70=979, 591 7887
Land Area - 1.8 hectares
Building Space - 1.0 hectares
Region - Industrial Zone
Status - Rent
Date of Incorporation :
07 April 2003
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Minister of Law and Human Rights
a. No.
C-08839 HT.01.01.TH.2003
Dated 23 April 2003
b. No.
AHU-46657.AH.01.02.Tahun 2008
Dated 31 July 2008
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of
Finance
NPWP No.
02.116.022.1-056.000
Related/Affiliated
Companies :
a. A member of
the HINO MOTORS Group of Japan
b. A member of
the INDOMOBIL Group of Indonesia
c. A member of
the SUMITOMO Group of Japan
Capital
Structure :
Authorized Capital - US$ 8,000,000 (Rp. 71,192,000,000)
Issued Capital - US$ 8,000,000 (Rp.
71,192,000,000)
Paid up Capital - US$ 8,000,000 (Rp.
71,192,000,000)
Shareholders/Owners
:
a. HINO MOTORS LTD. -
US$ 3,200,000 (40%)
Address :
1-1, Hinodai 3-Chome
Chino-shi, Tokyo
Japan
b. P.T. INDOMOBIL SUKSES INTERNATIONAL Tbk - US$ 3,200,000 (40%)
Address : Wisma Indomobil, 6th
Floor
Jl. MT. Hartyono No. 8
South Jakarta
Indonesia
c. SUMITOMO CORPORATION -
US$ 1,600,000 (20%)
Address : 8-11, Harumi,
1-Chome,
Chuo-ku, Tokyo
Japan
Lines of
Business :
Main Distributor
and Authorized Dealer of Hino Automotive (Truck and Bus)
Production
Capacity :
None
Total
Investment :
a. Owned Capital - US$ 8.0 million
b. Loan Capital - US$ 57.5 million
c. Total Investment - US$ 65.5 million
Started
Operation :
2003
Brand Name :
Hino
Technical
Assistance :
Hino Motors Ltd.
of Japan
Number of
Employee :
257 persons
Marketing Area
:
Local (Domestic) - 100%
Main Customers
:
Corporate and
Individuals
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. TOYOTA
ASTRA MOTORS
b. P.T. KRAMA YUDHA TIGA BERLIAN MOTORS
c. P.T. HARTONO RAYA MOTOR
d. P.T. TEXMACO PERKASA
e. P.T. SHACMAN
TRUCK INDONESIA
f. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MIZUHO INDONESIA
Plaza
BII, Menara 2
Jl. M.H.
thamrin No. 51
Jakarta 10350
Indonesia
b. P.T.
Bank SUMITOMO MITSUI INDONESIA
Summitmas Building II, 9th
Floor
Jl. Jend. Sudirman Kav. 61-62
Jakarta
12190
Indonesia
Auditor :
Purwantono
Suherman & Surya
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 7,143.3 billion (Estimated)
2011 – Rp. 8,117.4 billion
2012 – Rp.
10,915.3 billion
Net Profit
(Loss) :
2010 – Rp. 147.7
billion (Estimated)
2011 – Rp. 167.8
billion
2012 – Rp. 251.2
billion
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfaction
Board of Management :
President Director - Mr. Toshiro Mizutani
Vice President Director -
Mr. Jusak Kertowidjojo
Directors -
a. Mr. Shinji Yamasaki
b. Mr. Nobutaka Otani
c. Mr. Subada Santiko Wardoyo
Board of Commissioners :
President Commissioner -
Dr. Ir. Gunadi Sindhuwinata
Commissioners -
a. Mr. Hiroto Kawai
b. Mr. Masaki Nakajima
Signatories :
President Director (Mr.
Toshiro Mizutani) or Vice President Director (Mr. Jusak Kertowidjojo) or one of
the Directors (Mr. Shinji Yamasaki, Mr. Nobutaka Otani or Mr. subada Santiko
Wardoyo) which must be approved by Board of Commissioners (Dr. Ir. Gunadi
Sindhuwinata, Mr. Hiroto Kawai and Mr. Masaki Nakajima)
Management Capability :
G o o d
Business Morality :
G o o d
P.T.
HINO MOTORS SALES INDONESIA (P.T. HMSI) was established on April 7, 2003 under
the framework of Foreign Investment Law No. 1 year 1967 (amended by Law No. 11
Year 1970 and No. 25 Year 2007) based on notarial Deed No. 13 of DR. A.
Partomuan Pohan, SH., a notary in Jakarta with an authorized capital of US$
8,000,000 (Rp 71,192,000,000) entirely was issued and fully paid up. The
founding shareholders of the company are HINO MOTORS Ltd., of Japan (40%), PT.
INDOMOBIL SUKSES INTERNASIONAL Tbk. of Indonesia (40%) and SUMITOMO CORPORATION
of Japan (20%). The Deed of
establishment has been approved by Minister of Justice and Human Righth through
Decision Letter No. C-08839.HT.01.01.TH.2003 dated April 23, 2003. The Company’s article of association has been
amended for several times, most recently by notarial Deed No. 29 of Dr. Amrul
Partomuan Pohan, SH., dated July 16, 2008 concerning changes of the whole
article of association of the Company’s to conform with Law No. 40 Year 2007
concerning Limited Liability Company. The notarial Deed has been approved by the Minister of Law and Human Rights
of the Republic of Indonesia through Decree No. AHU-46657.AH.01.02.Tahun 2008
dated July 31, 2008.
P.T. HMSI (“the Company”) was established
within the framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM)
in 2003 in the field of trading and main distributor of
Hino automotive (truck and bus).
Pursuant to its notarial Deed, the Company is domiciled in Jl. M.T.
Haryono Kav. 8, Jakarta and is engaged in a four wheeled and over-vehicle
distributorship. The Company is
currently the main dealer of PT. Hino Motors Manufacturing Indonesia (HMMI),
engaged in automotive assembling and the agent of Hino Product of Japan in
Indonesia. P.T. HMMI produces
diesel trucks and buses of various types such as Hino 300 Dutro (truck and
micro bus), Hino 500 Ranger (FG Series 4x2, FL Series 6x2, FM Series 6x4 and
Tractor Head), Hino 700 Series (ZY Series 8x4) and Hino Bus (FB 130, A 215,
R235, R260 and CNG). A part of
automotive engine components is still imported from Japan and then assembled in
Indonesia. The automotive products are
marketed almost in major cities in Indonesia by P.T. HMSI as main dealer and
appointing its dealers in Medan, Pekanbaru, Batam, Padang, Jambi, Palembang,
Bengkulu, Bandar Lampung, Jakarta, Tangerang, Bekasi, Bogor, Cikampek, Bandung,
Semarang, Purwokerto, Solo, Blitar, Yogyakarta, Surabaya, Malang, Sidoarjo,
Denpasar (Bali), Balikpapan, Pontianak, Banjarmasin, Manado, Palu, Makassar,
Sorong, etc. We observed that P.T. HMSI
is classified as a large sized company of its kind in the country of which the
operation has been growing in the last three years.
According
to the Indonesia Car Manufacturers Association (GAIKINDO) explained that the
total of car sales in 2007 amounted to 434 thousand units increased to 608
thousand units in 2008 and declined to 486 thousand units in 2009. But the total of car sales in 2010 rose again
to 765 thousand units and to 894 thousand units in 2011. The growth of car and
motorcycle sales in Indonesia in 2000 to 2011 is pictured on the following
table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,013 |
Source: GAIKINDO and the
Indonesian Motorcycle Manufacturer Association (AISMI)
The
company is neither public listed nor bond issued company. Therefore, the
company has no obligation to publish financial statement publicly. According to statement of income (source:
Department of Trade), the total income/ revenue of P.T. HMSI per 31 March 2011
amounted to Rp 8,117.4 billion with a net profit of Rp 167.8 billion increased
to Rp 10,915.3 billion with a net profit of Rp 251.2 billion in 2012. Up to present, we have yet to gain the
statement of income of P.T. HMSI per 31 March 2013. The company’s balance sheets and statement of
income in fiscal 2011 and 2012 are attached.
So far we did not hear that the P.T. RS has been black listed by Bank
Indonesia (Central Bank) or having detrimental cases being settled in local
district court.
The
company’s management is headed by Mr. Toshiro Mizutani (56) as president
director, a professional manager of Japan with about 20 years of experience in
trading and distribution of automotive.
In his daily activities, he is assisted by Mr. Jusak Kertowidjojo of
Indonesia as Vice President Director and three directors namely Mr. Shinji Yamasaki,
Mr. Nobutaka Otani, both of Japan and Mr. Subada Santiko Wardoyo of
Indonesia. The management has good
reputation in trading of automotive and wide relation with private businessmen
of home and overseas as well as with the government sectors. So far we did not
hear that the management of P.T. HMSI has involved in any detrimental cases
being settled in the court 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. HMSI is sufficiently fairly good for
business transaction.
Per 31 March 2011
and 2012
(In million of Rupiah)
|
DESCRIPTION |
31 March |
|
|
2012 |
2011 |
|
|
ASSETS |
|
|
|
a. Current Assets |
|
|
|
- Cash and cash equivalents |
82,890.5 |
204,089.5 |
|
- Trade receivables |
2,241,539.0 |
1,323,070.0 |
|
- Advances and other
receivables |
6,887.1 |
5,714.0 |
|
- Inventories, net |
197,165.8 |
175,050.9 |
|
- Prepaid taxes |
11,149.7 |
11,149.7 |
|
- Prepaid expenses |
6,768.4 |
4,579.8 |
|
Total Current Assets |
2,546,400.5 |
1,723,653.9 |
|
b. Non-Current Assets |
|
|
|
- Fixed assets, net |
17,670.3 |
18,600.1 |
|
- Advances and other
receivables |
3,720.5 |
4,127.2 |
|
- Intangible assets |
2,165.8 |
2,230.9 |
|
- Refundable deposit |
1,963.5 |
1,626.2 |
|
- Deferred tax assets |
2,050.7 |
1,479.5 |
|
Total Non Current Assets |
37,570.9 |
28,064.0 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
2,583,971.4 |
1,751,717.9 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS EQUITY |
|
|
|
a. Current Liabilities |
|
|
|
- Trade payables |
1,339,666.0 |
1,115,749.0 |
|
- Bank loans |
512,100.0 |
-- |
|
- Accrued expenses |
5,997.1 |
6,549.1 |
|
- Taxes payables |
19,207.2 |
12,515.9 |
|
- Other payables |
118,411.5 |
154,501.2 |
|
Total Current Liabilities |
1,995,381.8 |
1,289,315.1 |
|
b. Non-Current Liabilities |
|
|
|
- Provision for employee
service entitlements benefits |
3,039.3 |
2,174.9 |
|
- Other non-current
liabilities |
-- |
-- |
|
Total Non-Current Liabilities |
3,039.3 |
2,174.9 |
|
c. Shareholders’ Equity |
|
|
|
- Share capital |
71,192.0 |
71,192.0 |
|
- Capital paid in excess of
Rupiah par value |
56.0 |
56.0 |
|
- Retained Earnings |
514,302.3 |
388,979.9 |
|
Total Shareholders’ Equity |
585,550.3 |
460,227.9 |
|
|
|
|
|
INCOME STATEMENT |
|
|
|
- Net Sales /
Revenues |
10,915,293.4 |
8,117,390.9 |
|
- Cost of Sales |
(10,362,359.6) |
(7,700,343.0) |
|
- Gross Profit |
552,933.8 |
417,047.9 |
|
- Operating Expenses |
(168,648.3) |
(140,674.1) |
|
- Operating Profit |
384,285.5 |
276,373.8 |
|
- Other Income (expenses) |
(45,936.1) |
(50,211.3) |
|
- Profit Before Income Tax |
338,349.4 |
226,162.5 |
|
- Income Tax Expense |
(87,161.2) |
(58,341.5) |
|
- Net Profit
(Loss) |
251,188.2 |
167,821.0 |
Notes: Audited by Purwantono Suherman & Surya
(Registered Public Accountants)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 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.