|
Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GOODYEAR INDONESIA TBK |
|
|
|
|
Formerly Known As : |
P.T. GOODYEAR INDONESIA |
|
|
|
|
Registered Office : |
Jalan Pemuda No. 27 Bogor, 16161 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
26.01.1917 |
|
|
|
|
Com. Reg. No.: |
No. AHU-41493.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Tires Manufacturing |
|
|
|
|
No. of Employees : |
1,070 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.
GOODYEAR INDONESIA Tbk
Head Office & Factory
Jalan Pemuda No.
27
Bogor, 16161
West Java
Indonesia
Phones -
(62-251) 322071 (Hunting), 899 4499, 800 1 222 777
Fax - (62-251) 328088, 311441, 336035
E-mail - cs_indonesia@goodyear.com
Website - http://www.gooyear-indonesia.com
Land Area - 15 hectares
Building Space - 87,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 26 January 1917 as N.V. THE GOODYEAR TIRE AND RUBBER
COMPANY LTD.
b. 25 July 1978 as P.T. GOODYEAR INDONESIA
c. 16 June 1997 as P.T. GOODYEAR INDONESIA Tbk
Legal Form :
P.T. (Perseroan
Terbatas Terbuka) or Public Listed Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. Y.A.5/250/7
Dated 25 July 1978
- No. AHU-41493.AH.01.02.TH.2008
Dated 15 July 2008
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.002.075.8-092.000
The Capital Investment Coordinating Board
- No. 97/VI/PMA/1980
Dated 14
October 1980
- No. 87/II/PMA/91
Dated 7
August 1991
- No. 59/II/PMA/93
Dated 7
June 1993
- No. 79/II/PMA/2007
Dated 15 March 2007
Related
Company :
A Member Company
of the GOODYEAR Group, USA
Capital
Structure :
Authorized
Capital : Rp.
41,000,000,000.-
Issued Capital : Rp.
41,000,000,000.-
Paid up Capital : Rp.
41,000,000,000.-
Shareholders/Owners
:
a. The GOODYEAR Tire & Rubber Company - Rp. 34,850,000,000.-
b. P.T. KALI
BESAR ASRI -
Rp. 3,698,000,000.-
c. Public each below 5% - Rp. 2,452,000,000.-
Lines of
Business :
Tires
Manufacturing
Production
Capacity :
a. Vehicle Tires -
4,368,000 units p.a.
b. Tubes
- 2,371,848 pieces
p.a.
c. Flaps -
573.700 pieces p.a.
d. Bladders -
27,332 pieces p.a.
e. Rubber Thread & Repair Materials -
3,147,372 kgs. p.a.
f. Two Wheel Tires - 114,000 pieces p.a.
g. Four Wheel Tires - 1,435,568 pieces p.a.
h. Truck and Heavy Equipment Tires -
1,993,660 pieces p.a.
Total
Investment :
a. Equity Capital -
Rp. 41.0 billion
b. Reinvested Profit -
Rp. 138.3 billion
c. Loan Capital - Rp. 144.7 billion
d. Total Investment -
Rp. 324.0 billion
Started
Operation :
1935
Brand Name :
Goodyear
Technical
Assistance :
The Goodyear Tire
& Rubber Company, USA
Number of
Employee :
1,070 persons
Marketing Area
:
Export -
35%
Local - 65%
Main Customer
:
Buyers in Europe
Union, Middle East and Asian countries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
BRIGESTONE INDONESIA Tbk
b. P.T. ELANGPERDANA TYRE INDDUSTRY
c. P.T. GAJAH TUNGGAL Tbk
d. P.T. INDUSTRI KARET DELI
e. P.T. MULTISTRADA ARAH SARANA Tbk
f. P.T. SUMI RUBBER INDUSTRIES
Business Trend
:
Fluctuating
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk.
Jalan Kali Besar Barat No. 1 - 2
Jakarta Barat
Indonesia
b. STANDARD
CHARTERED Bank
Menara Standard Chartered Bank
Jalan Prof. Dr. Satrio No. 164
Jakarta Selatan
Indonesia
c. CITIBANK N.A.
Landmark
Centre
Jalan
Jenderal Sudirman Kav. 21
Jakarta Selatan
Indonesia
Auditor :
KAP Tanudiredja, Wibisana & Rekan (PWC)
Litigation :
No litigation
record in our database
Annual
Sales :
2010 – US$ 193.4
million
2011 – US$ 207.3
million
2012 – US$ 203.4
million
2013 – US$ 51.8 million (as per 31 March 2013)
Net Profit :
2010 – US$ 7.4
million
2011 – US$ 2.1
million
2012 – US$ 6.7
million
2013 – US$ 2.4
million (as per 31 March 2013)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Marco H. Vlasman
Directors -
a. Mr. Budiman Husin
b. Mr. Istata Siddharta
Board of Commissioners :
President Commissioner -
Mr. Paul A. Cadena
Commissioners -
a. Mr. Bhra Eka Gunapriya
b. Mr. Brad S. Lakhia
Signatories :
President Director (Mr.
Marco H. Vlasman) or one the Directors (Mr. Budiman Husin or Mr. Istata
Siddharta) 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
Originally named
The GOODYEAR Tire & Rubber Company, the company was founded in 1898 under
the laws of the State of Ohio, USA. The company entered Indonesia only in 1917
and in 1935 built a tires plant in Bogor, West Java. After undergoing several
revisions, the company in 1967 obtained a Foreign Investment (PMA) license,
with all of the company's shares being controlled by The GOODYEAR Tire &
Rubber Company. In 1978 the company's legal status was converted to Perseroan
Terbatas (P.T.) or Limited Liability Company, and its name changed to P.T.
GOODYEAR INDONESIA (P.T. GI). In 1980 P.T. GI released 15% of its shares for
sale to the public. According to the latest notarial act in June 1997 the
authorized capital amounted to Rp 41,000,000,000.-, entirely issued and paid
up. Concurrently the word Tbk. (Terbuka) was added behind the name to comply
with the new law on publicly listed company to become P.T.GOODYEAR INDONESIA
Tbk., (P.T. GI). According to the latest revision of notary documents of Mr.
Haji Syarif Siangan Tanudjaja, SH., No. 22 dated 29 May 2008 the latest
composition of its shareholders has been changed to become The GOODYEAR Tire
& Rubber Company, USA (85%), P.T. KALI BESAR ASRI (9.02%), and Public below
5% (5.98%). The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-41493.AH.01.02.TH.2008 dated July
15, 2008.
We note that the
foreign partner in P.T.GI, i.e. The GOODYEAR Tire & Rubber Company of the
USA, is owner of the entire shares of P.T. GOODYEAR SUMATRA PLANTATION, which
operates in rubber plantation management & rubber processing in North
Sumatra. But in December 2004, The GOODYEAR Tire & Rubber Company of the
USA had sold the whole share to BRISGESTONE Corporation of Japan.
P.T. GI with
also known with trading style GOODYEAR has been in operation since 1935 in
automotive tires & tube manufacturing with its plant located in Bogor, West
Java. The plant has undergone machinery restructuring and capacity expansion
several times. The plant had been absorbed an investment of Rp. 324.0 billion
come from owned capital of Rp. 41.0 billion, reinvested profit of Rp. 138.3
billion and the rest from loans. The plant had been operating since the early
1996 by produced vehicle tires of
4,368,000 pieces, tubes of 2,371,848 pieces, flaps of 573,700 pieces,
bladders of 27,332 pieces, rubber thread & repair materials of 3,147,372
pieces, two wheel tires of 114,000 pieces, four wheel tires of 1,435,568
pieces, truck and heavy equipment tires of 1,993,660 pieces respectively per
annum. About 35% of P.T. GI's production is exported to Singapore, Malaysia,
Philippine, Thailand, Papua Nugini, Germany, Canada, Switzerland, Australia,
Middle East and other countries, with the rest 65% marketed in Indonesia
through 185 retail stores scattered in the country's big cities. Besides, the
vehicle tires also supplied to P.T. TOYOTA MOTOR MANUFACTURING INDONESIA. Some
of raw material purchase from P.T. GOODYEAR SUMATRA PLANTATIONS. We observe
P.T. GI’s business operation has been growing in the last three years.
In general, the
demand for automotive tires, inner tubes, flaps and including vulcanize tires
for motorcar, truck and heavy duty is in line with the progress achieved by
Indonesian automotive manufacturing and heavy duty industries. We observe that
automotive assembling and heavy duty assembling industries have kept on increasing
in the last five years. However, the competition is very tight because
automotive tires imported from the People Republic of Chinese are sold for
cheaper compared with local made. P.T. GI's business position is still quite
good for it has established extensive marketing networks in Jakarta and
surroundings. The development of automotive tires industry in the country can
be seen under table below.
Production and Export of National Tires, 2005 – 2012*
|
Year |
Production (units) |
Export ( units) |
|
2005 |
36,000,000 |
28,000,000 |
|
2006 |
38,000,000 |
32,000,000 |
|
2007 |
41,900,000 |
26,500,000 |
|
2008 |
42,840,000 |
29,900,000 |
|
2009 |
39,187,000 |
27,940,000 |
|
2010 |
50,000,000 |
35,100,000 |
|
2011 |
51,200,000 |
35,200,000 |
|
2012* |
52,000,000 |
35,900,000 |
Source: Processed from Indonesian Tires Producers Association (APBI)
*) Projected
According to the
financial statement of P.T. GI having been audited by public accountant, sales turnover
of the company in 2010 amounted to US$ 193.4 million with a net loss of US$ 7.4
million increasing to US$ 207.3 million with a net profit of US$ 2.1 million in
2011 and decreased to US$ 203.4 million with a net profit of US$ 6.7 million in
2012. As per 31 March 2013 the sales turnover has reached at US$ 51.8 million
with a net profit of US$ 2.4 million. It is projected to go on rising by at
least 6% in 2014. Based on information obtained from some customers, the
payment habit of the company is smooth ranging from 1 to 3 months. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia).
The management
of P.T. GI is led by Mr. Marco H. Vlasman (54) a professional manager with
experience in tires manufacturing. Mr. Marco H. Vlasman serves as President
Director of PT Goodyear Indonesia Tbk since November 14, 2011. In 1990, he was
with ABB Asea Brown Boveri in Hong Kong. His career started as Financial
Analyst and become the Treasurer of the company. He has worked with Perfetti
Van Melle. He has been posted in Hong Kong, China, Indonesia and Vietnam. Mr.
Vlasman earned his undergraduate degree in Business and Commercial Economics
from the School for Management and Economics in Holland. He supplemented his academic
credentials with certificate programs in Organizational Science, Operational
Management, Economical Order and Markets, Statistics and Marketing.
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. GOODYEAR INDONESIA Tbk is sufficiently fairly
good for business transaction.
Attachment:
P.T. GOODYEAR
INDONESIA Tbk
FINANCIAL
STATEMENTS
Per 31 December
2010, 2011, 2012 and 31 March 2013
(In US$)
|
DECCRIPTION |
31 March 2013 |
31 December |
||
|
2012 |
2011 |
2010 |
||
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
|
|
|
|
|
- Cash and Cash
Equivalent |
9,358,476 |
8,723,245 |
12,720,231 |
12,513,738 |
|
- Trade Receivable |
|
|
|
|
|
* Third parties |
2,378,574 |
2,561,381 |
2,007,457 |
1,445,218 |
|
* Related
parties |
14,850,539 |
12,348,065 |
11,962,407 |
15,618,222 |
|
- Other Receivable |
|
|
|
|
|
* Third parties |
471,856 |
509,217 |
1,381,767 |
383,290 |
|
* Related
parties |
1,728,818 |
277,033 |
205,798 |
1,577,991 |
|
- Inventories |
22,384,363 |
25,501,127 |
25,606,417 |
23,630,848 |
|
- Prepaid Taxes |
|
|
|
|
|
* Corporate
income tax |
4,024,678 |
4,024,678 |
3,535,640 |
1,448,503 |
|
* Others |
7,093,752 |
7,171,320 |
7,329,907 |
1,406,394 |
|
- Prepaid expenses |
348,111 |
447,773 |
88,215 |
93,536 |
|
- Advances |
300,295 |
594,237 |
590,913 |
69,395 |
|
Total Current
Assets |
62,939,462 |
62,158,076 |
65,428,752 |
58,187,135 |
|
b. Non Current Assets |
|
|
|
|
|
- Deferred tax
assets |
2,940,402 |
2,879,160 |
2,222,139 |
2,770,177 |
|
- Fixed assets |
56,544,248 |
57,448,404 |
61,719,888 |
65,215,676 |
|
- Deferred charges |
534,823 |
558,000 |
604,098 |
675,879 |
|
- Other non current assets |
884,076 |
871,691 |
827,433 |
836,218 |
|
Total Non Current
Assets |
60,903,549 |
61,757,255 |
65,373,558 |
69,497,950 |
|
TOTAL ASSETS = LIABILITIES
STOCKHOLDERS’ EQUITY |
123,843,011 |
123,915,331 |
130,802,310 |
127,685,085 |
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current Liabilities |
|
|
|
|
|
- Trade payable |
|
|
|
|
|
* Third parties |
27,831,284 |
21,628,981 |
17,299,008 |
22,075,637 |
|
* Related
parties |
1,382,783 |
3,224,346 |
7,517,601 |
960,765 |
|
- Advances |
|
|
|
|
|
* Third parties |
928,336 |
75,965 |
1,139,065 |
616,881 |
|
* Related
parties |
18,016,662 |
19,286,497 |
27,316,315 |
22,842,946 |
|
- Other payable |
|
|
|
|
|
* Third parties |
4,958,399 |
5,873,715 |
5,849,163 |
3,679,251 |
|
* Related
parties |
4,926,984 |
8,912,333 |
6,688,211 |
5,379,656 |
|
- Accrued Expenses |
4,054,631 |
3,920,844 |
2,580,536 |
3,283,014 |
|
- Income tax
payable |
|
|
|
|
|
* Corporate |
227,823 |
144,692 |
12,329 |
68,504 |
|
* Others |
232,622 |
146,932 |
190,298 |
126,633 |
|
- Dividend payables |
106,481 |
91,216 |
87,410 |
88,205 |
|
- Long term loan –
due within one year |
3,750,000 |
5,625,000 |
7,500,000 |
7,500,000 |
|
- Provision to
products warranties |
179,953 |
198,039 |
154,622 |
98,429 |
|
- Employee benefit
obligations |
311,563 |
336,032 |
333,247 |
611,840 |
|
Total Current
Liabilities |
66,907,521 |
69,464,592 |
76,667,805 |
67,331,781 |
|
b. Non Current Liabilities |
|
|
|
|
|
- Long-term due with one year |
- |
- |
5,625,000 |
13,125,000 |
|
- Asset retirement
obligations |
310,229 |
304,529 |
- |
- |
|
- Employee benefit obligations |
1,515,236 |
1,415,918 |
1,333,910 |
1,004,444 |
|
- Total Non Current
Liabilities |
1,825,465 |
1,720,447 |
6,958,910 |
14,129,444 |
|
Total Liabilities |
68,732,986 |
71,185,039 |
83,626,715 |
81,461,205 |
|
c. Minority interest |
- |
- |
- |
- |
|
d. Stockholders Equity |
|
|
|
|
|
- Share Capital |
78,378,525 |
78,378,525 |
78,378,525 |
78,378,525 |
|
- Retained Earnings |
51,239,588 |
48,859,855 |
43,305,158 |
42,353,443 |
|
Total Shareholder
Equity |
55,110,025 |
52,730,292 |
47,175,595 |
46,223,880 |
|
DECCRIPTION |
|
|
|
|
|
C. INCOME STATEMENTS |
|
|
|
|
|
a. Sales – Net
|
51,773,772 |
203,402,375 |
207,310,260 |
193,371,346 |
|
b. Cost of Goods Sold |
(44,409,970) |
(180,408,287) |
(193,290,214) |
(174,150,448) |
|
c. Gross Profit |
7,363,802 |
22,994,088 |
14,020,046 |
19,220,898 |
|
d. Operating Expenses |
(4,237,673) |
(13,400,265) |
(11,234,704) |
(9,512,965) |
|
e. Profit Before Income Tax |
3,141,192 |
9,100,459 |
3,130,124 |
8,620,427 |
|
f. Income Tax |
(761,459) |
(2,426,462) |
(973,660) |
(1,204,559) |
|
g. Net Profit |
2,379,733 |
6,673,997 |
2,156,464 |
7,415,868 |
Notes: 31 December 2010, 2011, & 2012 audited
by Tanudiredja, Wibisana & Rekan (Price WaterhouseCoopers)
31 March 2013 Un Audited
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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.