|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRICOL SURYA |
|
|
|
|
Registered Office : |
Kawasan Industri KIIC Jalan Permata Raya Lot FF-2 Karawang
41361 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.12.2005 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-01407 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Motorcar and Motorcycle Component Manufacturing |
|
|
|
|
No. of Employees : |
145 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 : |
No Complaints |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T. PRICOL
SURYA
Head Office & Factory
Kawasan Industri
KIIC
Jalan Permata
Raya Lot FF-2
Karawang 41361
West Java
Indonesia
Phones -
(62-21) 89119471-73
Fax - (62-21) 89119474
E-mail - anil@pricolsurya.co.id
Land Area - 7,000 sq.
meters
Office Space - 5,800 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
1 December 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-34667 HT.01.01.TH.2005
Dated 28 December 2005
- No. AHU-AH.01.10-01407
Dated 14 January 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.519.815.1-408.001
The Capital Investment Coordinating Board
- No. 1141/I/PMA/2005
Dated 13 October 2005
- No. 110/III/PMA/2007
Dated 26 January 2007
- No. 17/B.1/A.8/2007
Dated 7 January 2007
Related
Company :
PRICOL HOLDINGS
LIMITED, India
Capital
Structure :
Authorized
Capital : US$
2,500,000.-
Issued Capital : US$
2,500,000.-
Paid up Capital : US$
2,500,000.-
Shareholders/Owners
:
a. PRICOL LIMITED -
US$ 2,499,000.-
Address :
1087-A, Avanashi Road
Coimbatore 641 037
India
b. PRICOL HOLDINGS LIMITED - US$ 1,000.-
Address : 1087-A, Avanashi Road
Coimbatore 641
037
India
Lines of
Business :
Motorcar and
Motorcycle Component Manufacturing
Production
Capacity :
a. Instrument Cluster - 2,135,000 pieces p.a.
b. Oil Pumps -
2,000,000 pieces p.a.
c. Fuel Sensors -
2,000,000 pieces p.a.
d. Chain Tensioner - 1,000,000 pieces p.a.
e. Auto Fuel Cook -
600,000 pieces p.a.
Total
Investment :
a. Equity Capital - US$ 2.5 million
b. Loan Capital - US$ 3.5 million
c. Total Investment - US$ 6.0 million
Started
Operation :
11 April 2007
Commercial Operation
Brand Name :
Pricol Surya
Technical Assistance
:
Pricol Limited,
India
Number of
Employee :
145 persons
Marketing Area
:
Local - 90%
Export -
10%
Main Customer
:
Automotive and
Motorcycle Assembling Industry
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ARTIMA INDUSTRY
INDONESIA
b. P.T. CHEMCO HARAPAN NUSANTARA
c. P.T. DHARMA POLIMETAL
d. P.T. SHINDENGAN INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank DANAMON INDONESIA Tbk
Menara Bank Danamon 5th Floor
Jalan Prof. Dr. Satrio Kav. E4 No. 6
Mega Kuningan
Jakarta Selatan, 12950
Indonesia
b. P.T. Bank DBS INDONESIA
Plaza Permata, 8th – 9th
and 12th Floor
Jalan M.H. Thamrin Kav. 57
Jakarta Pusat, 10350
Indonesia
Auditor :
Razikun
Tarkosunaryo (MSI Global Alliance)
Litigation :
No litigation
record in our database
Annual Sales
(as 31 March):
2011 – Rp. 63.5 billion
2012 – Rp. 225.1
billion
2013 – Rp. 179.6
billion
Net Profit
(loss):
2011 – (Rp. 1.9
billion)
2012 – Rp. 8.7
billion
2013 – Rp. 7.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Magge Ramanathan Anil Kumar
Director -
Mr. Krishnan Kutty Udhaya Kumar
Board of Commissioners :
President Commissioner -
Mr. Damotharan Vijay Mohan
Commissioners -
a. Mr. Vikram Mohan
b. Mr. Venkatraman Ramakrishnan
c. Mr. Keiji Nakajima
Signatories :
President Director (Mr. Magge
Ramanathan Anil Kumar) or the Director (Mr. Krishnan Kutty Udhaya Kumar) 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
P.T. PRICOL
SURYA (P.T. PS) was incorporated in Karawang, West Java with an authorized capital
of US$ 1,500,000 wholly issued and paid up. The founding shareholders of the
company are PRICOL LIMITED (99.93%) and PRICOL FINANCE LIMITED (0.07%), both
are private company of India. The company notary deed has been changed a couple
of times. In May 2005, PRICOL FINANCE LIMITED pulled out and replaced by PRICOL
HOLDINGS LIMITED of India as new shareholder. With this time the composition of
its shareholders has been changed to become PRICOL LIMITED (99.99%) and PRICOL
HOLDINGS LIMITED (0.01%). Then in December 2010 the board of directors and the
board of commissioner of the company had been changed (see profile of this
report). The revision of notary documents was made by Mr. Tafieldi Nevawan,
SH., a public notary in Karawang, West Java and was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.10-01407 dated
January 14, 2011. Then according to the latest revision of notary documents of
Mr. Tafieldi Nevawan, SH., No. 315 dated 21 September 2012 the company authorized
capital was increased to US$ 2,500,000 wholly issued and paid up. With this
development the composition of its shareholders has been changed to become
PRICOL LTD., of India (99.96%) and PRICOL HOLDINGS LTD., of India (0.04%).
However up to writing of this report, the amendments has not been approved by
Ministry of law and Human Rights.
P.T. PS obtained
a Foreign Capital Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with automotive and motorcycle components and
parts manufacturing. Its plant is located on KIIC Industrial Park, Jalan
Permata Raya Lot FF-2, Karawang, West Java on a land of 7,000 square meters.
The plant has been commenced in operation since April 2007 producing and
selling motorcar and motorcycle component and parts for two and four wheel
motor vehicles. The plant annually produces 2,135,000 pieces of instrument
cluster, 2,000,000 pieces of oil pumps, 2,000,000 pieces of fuel sensors,
1,000,000 of chain tensioner, and 600,000 pieces of auto fuel cock respectively
per annum for two and four-wheel motor vehicles. The development of the plant
is estimated to have absorbed an investment of US$ 6.0 million coming from own
capital of US$ 2.5 million and the rest from loans. The supporting materials for
producing automotive components and parts are still imported from India.
Most 90% of the
products of the company are locally marketed especially to P.T. ASTRA HONDA
MOTOR, P.T. BAJAJ AUTO INDONESIA, P.T. TVS MOTOR INDONESIA, P.T. KAWASAKI MOTOR
INDONESIA, P.T. INDOMOBIL SUZUKI INTERNATIONAL, P.T. YAMAHA MOTOR MANUFACTURING
INDONESIA, P.T. HONDA PROSPECT MOTOR, P.T. DHARMAWAN METAL MEKANIKAL, P.T.
DENSO SALES INDONESIA, P.T. SPACE INDONESIA, P.T. DAE HWA INDONESIA, P.T.
SUZUKI INDOMOBIL MOTOR, P.T. LEOCO INDONESIA,P.T. HONORIS INDUSTRY, P.T.
INDONESIA HANSIN ELECTRIC, P.T. KATOLEC INDONESIA, P.T. SBP INDONESIA, etc.
Besides, some 10% of the products exported to SUZUKI PHILIPPINE INCORPORATED,
VIETNAM SUZUKI MOTOR CO., LTD., DENSO CORPORATION JAPAN, TATA MOTORS THAILAND
LTD., THAILAND SUSZUKI MOTOR CO., LTD., SHINKO ASIA MALAYSIA and others. The
operation of P.T. PS has been growing in the last three years.
Generally,
demand for motorcar, 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 & motorcar purchasing with installment system. With a
little Down Payment (DP), the public can obtain the motorcar and motorcycles.
The competition is very tight on account of many motorcycles and motorcar
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%. The development of motorcycle
production in the country in detail is as illustrated in the following table:
Indonesia’s Production
and Wholesales of Motorcycle, 2005-2012 (July)
|
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 |
7,395,390 |
7,398,644 |
|
2011 |
8,006,293 |
8,043,535 |
|
2012 (July) |
4,311,019 |
4,328,642 |
Source: AISI
The total sales turnover of P.T.
PS as per 31 March 2011 amounted to Rp. 63.5 billion with a total loss of Rp.
1.9 billion, increased to Rp. 225.1 billion with a net profit of Rp. 8.7
billion in 2012 and dropt to Rp. 179.6 billion with a net profit of Rp. 7.8
billion in 2013. It is projected that total sales turnover of the company will
increase at least 6% in 2014. We observe that P.T. PS is supported by foreign
partners with has financially fairly 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. The condense
financial statement is shown.
(In million Rp)
|
Descriptions |
31 March |
||
|
2013 |
2012 |
2011 |
|
|
A. ASSETS |
|
|
|
|
a. Current Assets |
69,254 |
67,491 |
50,846 |
|
b. Non Current Assets |
41,282 |
40,191 |
42,677 |
|
c. Other Assets |
39 |
530 |
818 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
110,536 |
107,683 |
93,523 |
|
B. LIABILITIES
&STOCKHOLDERS EQUITY |
|
|
|
|
a. Current Liabilities |
78,789 |
94,935 |
83,439 |
|
b. Non Current Liabilities |
6,424 |
4,690 |
10,714 |
|
c. Stockholders Equity : -
Paid Up Capital -
Retained Earnings Total Stock holders
Equity |
25,275 1,070 25,323 |
15,165 (6,695) 8,058 |
15,165 (15,382) (629) |
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales Net |
179,614 |
225,064 |
63,475 |
|
b. Operating Profit |
8,412 |
15,118 |
(1,472) |
|
c. Net Profit (loss) |
7,765 |
8,687 |
(1,951) |
Notes: 31 March 2013, 2012 and 2011 Audited by
Razikun Tarkosunaryo (MSI Global Alliance)
The management of
P.T. PS is led by Mr. Magge Ramanathan Anil Kumar (49) a professional manager
with experience in automotive and motorcycle component manufacturing. In daily
activity he is assisted by Mr. Krishnan Kutty Udhaya Kumar (62) as director.
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. PRICOL SURYA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.