|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FUJI TECHNICA INDONESIA |
|
|
|
|
Registered Office : |
Karawang
International Industrial City Lot A-7, Jalan Toll
Jakarta Cikampek Km. 47, Teluk Jamber Timur, Cikampek, Karawang 41461, West Java |
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|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
20.06.1995 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-40175 |
|
|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer of Dies, Checking Fixtures,
Jigs and Stamping Parts for Automotive |
|
|
|
|
No. of Employees : |
392 |
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 |
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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 – 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. FUJI TECHNICA INDONESIA
Head Office &
Factory
Karawang
International Industrial City Lot A-7
Jalan Toll Jakarta Cikampek Km. 47
Teluk Jamber Timur, Cikampek
Karawang 41461
West
Java
Indonesia
Phones -
(62-21) 890-2550 (Hunting), 890-2549, 890-2551
Fax - (62-21) 890-2552
E-mail - marketing@fujitechnica.co.id
Building Area - 1 storey
Office Space - 230 sq. meters
Region - Commercial
Building
Status - Rent
20
June 1995
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-15.690.HT.01.01.TH.95
Dated 1 December 1995
- No. AHU-78278.AH.01.02.TH.2008
Dated 24 October 2008
- No. AHU-AH.01.10-40175
Dated 12 November 2012
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP
No. 01.071.093.7-055.000
The President of
the Republic of Indonesia
No.
B-70/Pres/2/1995
Dated
7 February 1995
The Capital Investment Coordinating Board
- No. 106/I/PMA/1995
Dated 17 February 1995
- No. 1313/III/PMA/1999
Dated 4
October 1999
- No. 189/II/PMA/2005
Dated 14
July 2005
A
Member Company of the ASTRA Group
Capital
Structure :
Authorized
Capital : US$
12,500,000.-
Issued
Capital :
US$ 6,735,000.-
Paid
up Capital :
US$ 6,735,000.-
Shareholders/Owners
:
a.
P.T. ASTRA INTERNATIONAL Tbk -
US$ 4,016,000.-
Address : Jl. Gaya
Motor Raya No. 8
Kelurahan Sunter II, Kecamatan Tanjung
Priok, Jakarta Utara
Indonesia
b.
FUJI TECHNICA & MIYAZU INC. -
US$ 2,719,000.-
Address :
20-Matoba Shimizu - Cho
Sunto-Gun, Shizuoka-Ken
Japan
Lines
of Business :
Manufacturer
of Dies, Checking Fixtures, Jigs and Stamping Parts for Automotive
Production
Capacity :
a.
Dies - 1.000 tons p.a.
b.
Tools (Jig & Fixtures) - 400 tons p.a.
c.
Stamping Parts for Body Vehicle - 12.000 tons p.a.
d. Sub assembly of body parts for automotive - 70,000 units p.a.
Total
Investment :
a.
Equity Capital -
US$ 6.7 million
b.
Loan Capital -
US$ 24.6 million
c.
Total Investment -
US$ 31.3 million
Started
Operation :
September
1996
Brand
Name :
Fuji
Technica Indonesia
Technical
Assistance :
Fuji
Technica & Miyazu Inc., Japan
Number
of Employee :
392
persons
Marketing
Area :
Local - 100%
Main
Customer :
Automotive
Assembling Industries
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ALPHA AUSTENITE
b.
P.T. INDOMATSUMOTO PRESS & DIES INDUSTRIES
c. P.T. SEBASTIAN JAYA METAL
d. P.T. SUBUR DDJAJA TEGUH
e.
P.T. TOYO DIES INDONESIA
Business
Trend :
Growing
Bankers
:
a.
P.T. Bank PERMATA Tbk.
Jalan Gaya Motor 1/10
Jakarta Utara
Indonesia
b.
P.T. Bank DANAMON INDONESIA Tbk
Komplek Ruko
Karawang Plaza No. 6
Jalan Raya Tuparev,
Karawang 41312
West Java
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI-46
Jalan Jend.
Sudirman Kav. 1
Jakarta 10220
Indonesia
d. The Bank of TOKYO – MITSUBISHI UFJ Ltd.
Midplaza Building
Jalan Jend. Sudirman Kav. 10-11
Jakarta 10220, Indonesia
Auditor
:
Lucal
Oeswandi (PricewaterhouseCoopers)
Litigation
:
No
litigation record in our database
Annual
Sales :
2010
– Rp. 110.4 billion
2011
– Rp. 194.5 billion
2012
– Rp. 212.0 billion (estimated)
Net
Profit :
2010
– Rp. 28.2 billion
2011
– Rp. 43.1 billion
2012
– Rp. 46.6 billion (estimated)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jacob Amir Oeswandi
Vice President Director - Mr. Takuya Saigo
Directors -
a. Mrs. Susanti Susanto
b. Mr. Tomohiro Tsuchiya
c. Mr. Pongky Prabowo
Board of Commissioners :
President Commissioner - Mr. Henry Eric Wirawan
Vice President Commissioner - Mr. Shunichi Wakuda
Commissioners - a. Mr. Bambang Trisulo
b. Mr. Johannus Nangoi
c. Mr. Hideki Nishikaze
Signatories :
President
Director (Mr. Jacob Amir Oeswandi) or Vice President Director (Mr. Takuya
Saigo) or one of the Directors (Mrs. Susanti Susanto, Mr. Tomohiro Tsuchiya or
Mr. Pongky Prabowo) which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. FUJI TECHNICA INDONESIA (P.T. FTI) was established in June 1995 in Jakarta with an authorized capital of US$ 12,000,000 issued and paid up capital of US$ 6,000,000. The founding and shareholders are FUJI TECHNICA Inc., ITOCHU Corporation, SOJITZ Corporation, all of Japan as foreign partners, and P.T. ASTRA INTERNATIONAL Tbk as local partner. The notarial act has been changed a couple of times. Lastly, in October 1999 the issued and paid up capital was raised to US$ 6,735,000. Then according to the latest revision of notary documents of Mr. Petrus Suandi Halim, SH., No. 31 dated 12 October 2012 ITOCHU CORPORATION and SOJITZ CORPORATION of Japan pulled out and the whole shares sold to P.T. ASTRA INTERNATIONAL Tbk. On the same occasion the company authorized capital was raised to US$ 12,500,000 issued capital US$ 6,735,000 of which paid up. With this development the composition of its shareholders has been changed to become P.T. ASTRA INTERNATIONAL Tbk (59.63%) and FUJI TECHNICA & MIYAZU INC., Japan (40.37%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-40175 dated November 12, 2012.
P.T. ASTRA INTERNATIONAL Tbk is likely to be the majority shareholder, a national private company in automotive assembling industry in Indonesia. It seems that local partner P.T. ASTRA INTERNATIONAL Tbk., is a publicly listed national private company, parent company of the ASTRA Group, the largest group in assembling industry and distribution of motorcars, motorcycles and heavy equipment in Indonesia.
P.T. FTI is a Foreign Investment (PMA) Company engaged in manufacturer of dies, checking fixtures, jigs and stamping parts for automotive with its plant located at Karawang International Industry City Lot A-7, Jalan Raya Jakarta-Cikampek Km, 47, Karawang, West Java, on land of some 60,000 sq. meters. The plant had been trial operating in May 1996 and officially opened on 11 September 1996. It produces 1,000 tons of dies, 400 tons of tools (jig & fixture), 12,000 tons of stamping parts for body car and 70,000 units of sub assembly of body parts for automotive, per year.
The plant has absorbed an estimated investment of US$ 31.3 million, came from owned capital of US$ 6.7 million and the rest from loans. The products are largely supplied to P.T. ASTRA INTERNATIONAL Tbk (the ASTRA Group). Besides, it also receives orders from other automotive components producers like P.T. INDOMOBIL SUZUKI INTERNATIONAL (the INDOMOBIL Group), P.T. MITSUBISHI KRAMAYUDHA MOTOR, P.T. INTI PANTJA PRESS INDUSTRI, P.T. TOYOTA ASTRA MOTOR, P.T. GERMAN MOTOR MANUFACTURINGP.T. ASTRA NISSAN DIESEL INDONESIA, for cars and P.T. ASTRA HONDA MOTOR for two-wheel vehicles, etc. On 17 December 1999, P.T. FTI won QS 9000 & ISO 9001 for the successful accreditation of the quality management system from SGS Quality Assured Certification. The operation of P.T. FTI has been growing and developing well in the last five years.
Generally, demand for motorcar and components and spare parts 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 motorcar is the role
of financial and banking institutions seriously backing up the motorcar
purchasing with installment system. With a little Down Payment (DP), the public
can obtain the motorcar. The competition is very tight on account of many
motorcar producers operating in the country including Chinese motorcar offered
with cheaper prices. However, Japanese motorcar still dominate the local
motorcar markets like TOYOTA, HONDA, NISSAN, DAIHATSU, SUZUKI, NISSAN,
MITSUBISHI, ISUZU, MAZDA, and others. The development of motorcycle production
in the country in detail is as illustrated in the following table:
Indonesia’s Domestic Auto Production, Export and Domestic
Wholesales of Motorcar
2005-2012
|
Year |
Production
(GAIKINDO) (Units) |
Wholesales
(Units) |
|
2005 |
500,710 |
534,000 |
|
2006 |
296,008 |
319,000 |
|
2007 |
411,638 |
433,000 |
|
2008 |
600,628 |
604,000 |
|
2009 |
464,816 |
483,000 |
|
2010 |
702,508 |
764,710 |
|
2011 |
837,948 |
894,164 |
|
2012 |
1,065,557 |
1,116,230 |
Source: GAIKINDO
According to financial statement P.T. FTI which audited
by Lucas Amir Oeswandi public accountant that sales turnover of the company in
2010 amounting to Rp. 110.4 billion with a net profit of Rp. 28.2 billion
increased to Rp. 194.5 billion with a net profit of Rp. 43.1 billion in 2011.
We estimated the sales revenue of the company in 2012 amounted to Rp. 212.0
billion with a net profit of Rp. 46.6 billion and projected to go on rising by
at least 6% in 2013. We observe that
P.T. FTI 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 condense financial highlight is attached below.
(In million Rp)
|
Descriptions |
31 December |
|
|
2011 |
2010 |
|
|
A.
ASSETS |
|
|
|
a.
Current Assets |
138,580 |
118,818 |
|
b. Non
Current Assets |
108,150 |
73,768 |
|
c.
Other Assets |
- |
- |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
246,730 |
192,586 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
a.
Current Liabilities |
55,393 |
25,361 |
|
b. Non
Current Liabilities |
35,108 |
54,132 |
|
c.
Stockholders Equity : - Paid Up Capital - Foreign Exchange difference - Deficit Total Stock holders
Equity |
14,878 3,694 137,657 156,229 |
14,878 3,694 94,521 113,093 |
|
C. INCOME STATEMENT |
|
|
|
a.
Sales Net |
194,515 |
119,382 |
|
b.
Gross Profits |
68,632 |
51,002 |
|
c. Net Profit |
43,136 |
28,161 |
Notes: Ended 31 December 2011 and
2010 Audited by KAP Lucas Amir Oeswandi
P.T. FTI's management is led by Mr. Jacob Amir Oeswandi
(58), a professional manager of ASTRA Group with has wide experience in the
field of dies manufacturing, checking fixtures, jigs and stamping parts for
automotive. The management is handled by experienced professional managers in
the above business having wide relation with home and overseas private
businessmen as well as with the government sector. 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. FUJI TECHNICA INDONESIA is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.