|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FSCM MANUFACTURING
INDONESIA |
|
|
|
|
Registered Office : |
Jalan
Pulogadung No. 30, Pulogadung Industrial Estate, Jakarta Timur, 13930 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1987 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-45018 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Motorcycle Chain Manufacturing |
|
|
|
|
No. of Employees |
876 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices
|
Source
: CIA |
Name
of Company :
P.T.
FSCM MANUFACTURING INDONESIA
A d d
r e s s :
Head Office & Plant 1
Jalan
Pulogadung No. 30
Pulogadung
Industrial Estate
Jakarta
Timur, 13930
Indonesia
Phones -
(62-21) 4600163 (Hunting)
Fax - (62-21) 4603688-89
E-mail - fscm@component.astra.co.id
Website - http://www.component.astra.co.id
Land Area - 12,000 sq.
meters
Building Space - 9,600 sq. meters
Region - Industrial
Estate
Status - Rent
Plant II
Jalan
Rawagelam IV No. 4
Pulogadung
Industrial Estate
Jakarta
Timur, 13930
Indonesia
Phones -
(62-21) 4600163 (Hunting)
Fax - (62-21) 4603688
Land Area - 12,000 sq.
meters
Building Space - 9,600 sq. meters
Region - Industrial
Estate
Status - Rent
Plant III
Jalan
Raya Narogong Km. 15
Pangkalan
VI, Cileungsi
Bogor,
16720
West
Java
Indonesia
Phones -
(62-21) 8230760-61
Fax - (62-21) 8230350
Land Area - 15,000 sq.
meters
Building Space - 11600 sq. meters
Region - Industrial
Zone
Status - Owned
Plant IV
Jalan By
Pass Krian Km. 26 No. 8
Desa
Barengkrajan, Kecamatan kran
Sidoarjo,
61262
East
Java
Indonesia
Phones -
(62-31) 8972425 (Hunting)
Fax - (62-31) 8972867
Land Area - 11,655 sq.
meters
Building Space - 9,600 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
a. 8 November 1984 as P.T. FEDERAL SUPERIOR
CHAIN MANUFACTURING
b. 12 October 2008 as P.T. FSCM MANUFACTURING
INDONESIA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-3160.HT.01.01.TH.1985
Dated 25 May 1985
- No. AHU-86274.AH.01.02.TH.2008
Dated 14 November 2008
- No. AHU-AH.01.10-45018
Dated 29 October 2013
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The Department of Finance
NPWP No.
01.062.051.6-007.000
The Capital Investment Coordinating Board
- No. 64/I/PMDN/1985
Dated 7 May 1985
- No.
183/II/PMDN/1991
Dated 27 September 1991
-No.
72/II/PMDN/1995
Dated 9 March 1995
-No.
91/II/PMDN/1997
Dated 21 May 1997
- No. 08/II/PMDN/2003
Dated 28 January 2003
-
No. 21/II/PMDN/2004
Dated 23 March 2004
Related
Company :
A Member
Company of the ASTRA Group
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued
Capital :
Rp. 59,419,500,000.-
Paid up
Capital :
Rp. 59,419,500,000.-
Shareholders/Owners
:
a. P.T. ASTRA OTOPARTS Tbk - Rp.
59,244,500,000.-
Address
: Jl. Raya Pegangsaan Dua Km. 2.2
Kelurahan Kelapa Gading Utara, Kecamatan
Kelapa Gading, Jakarta Utara
Indonesia
b. P.T. SENANTIASA MAKMUR -
Rp. 175,000,000.-
Address :
Jl. Gading Kirana Timur Block A-13 Kav. No. 28
Kelurahan Kelapa Gading Barat, Kecamatan
Kelapa Gadiing, Jakarta Utara
Indonesia
Lines
of Business :
Motorcycle
Chain Manufacturing
Production
Capacity :
a. Motorcycle Chains - 17,700,000 pieces p.a.
b. Cable Control (Clutches control,
brake, spark plug) -
3,000,000 pieces p.a.
c. Oil Filters, Air Filters - 6,300,000 pieces p.a.
Total
Investment :
a. Equity Capital - Rp.
59.4 billion
b. Reinvested Profit - Rp.
36.2 billion
c. Loan Capital - Rp.
53.5 billion
d. Total Investment - Rp. 149.1 billion
Started
Operation :
1987
Brand
Name :
FSCM
Technical
Assistance :
None
Number
of Employee :
876
persons
Marketing
Area :
Local - 100%
Main
Customer :
P.T.
ASTRA OTOPARTS Tbk
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T.
ARYA JATIMULYA
b. P.T.
BINA BUANA INDUSTRY
c. P.T. CREDIT
UP INDUSTRY INDONESIA
d. P.T.
INDONESIA MAGMA CHAIN
e. P.T.
SPANSET AMANDIRA INTERNUSA
Business
Trend :
Growing
B a n
k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan M.H. Thamrin No. 5
Jakarta Pusat
Indonesia
b. P.T. Bank
NEGARA INDONESIA Tbk
Wisma 46-Kota
BNI
Jalan Jend.
Sudirman Kav. 1
Jakarta Pusat
Indonesia
c. CITIBANK NA
Plaza Bapindo – Citibank Tower
Jalan Jend. Sudirman
Kav. 54-55
Jakarta
Selatan
Indonesia
d. The Bank of Tokyo – Mitsubishi UFJ Ltd
Midplaza Building
Jalan Jend. Sudirman Kav. 9-10
Jakarta Pusat
Indonesia
e. The CHARTERED Bank
Wisma Kosgoro
Jalan M.H.
Thamrin No. 53
Jakarta Pusat, Indonesia
e. The JP MORGAN CHASE Bank
Chase Plaza
Jalan Jend.
Sudirman Kav. 21
Jakarta
Selatan, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2011 –
Rp. 562.6 billion
2012 –
Rp. 592.2 billion
2013 –
Rp. 630.0 billion
Net
Profit (estimated) :
2011 –
Rp. 45.0 billion
2012 –
Rp. 48.7 billion
2013 –
Rp. 53.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Djangkep Budhi Santoso
Directors -
a. Mr. Oey Djuana Winda
b. Mrs. Lystiana Ria Dewi
c. Mr. Ginata Asihi
Board of Commissioners :
President Commissioner - Mr. Hamdani Dzulkarnaen Salim
Commissioner -
Mr. Darmawan Widjaja
Signatories :
President
Director (Mr. Djangkep Budhi Santoso) or one of the Directors (Mr. Oey Djuana
Winda, Mrs. Lystiana Ria Dewi or Mr. Ginata Asihi) 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
The correct
name of the Subject is P.T. FSCM MANUFACTURING INDONESIA not P.T. FEDERAL
SUPERIOR CHAIN MANUFACTURING INDONESIA as stated in your order ref. no. 261560
dated 2 April 2014.
P.T. FSCM MANUFACTURING INDONESIA (ex P.T. FEDERAL
SUPERIOR CHAIN MANUFACTURING) was established in November 1984 with an
authorized capital of Rp. 2,500,000,000 issued capital of Rp. 2,250,000,000 of
which Rp. 225,000,000 was paid up. Founders and original shareholders of the
company are P.T. FEDERAL MOTOR, P.T. HASTA TUNGGAL KARYA, P.T. UNI RIMBA
(wholly national private companies) and Mr. Tantyo Adji Pramudio AKA Tantyo
Sudharmono, an indigenous businessman. Its article of association has
frequently been revised. In June 1997 the authorized capital was increased to
Rp. 30,000,000,000 issued capital of Rp. 17,419,500,000 wholly paid up. In
March 2004, the authorized capital was raised to Rp. 100,000,000,000 issued
capital of Rp. 59,419,500,000 entirely paid up. The shareholders are P.T. ASTRA
OTOPARTS Tbk., P.T. HASTA TUNGGAL KARYA and Mr. Sofjan Wanandi AKA Lim Bian
Khoen. Later according to the latest revision of notary deed Mr. Drs. Cherul
Anwar, SH., No. 11 dated 25 September 2013 P.T. HASTA TUNGGAL KARYA and Mr.
Sofjan Wanandi AKA Lim Bian Khoen withdrew and the whole share taken over by
P.T. SENANTIASA MAKMUR as new shareholder. With this time the composition of
its shareholders has been changed to become P.T. ASTRA OTOPARTS Tbk (99.58%)
and P.T. SENANTIASA MAKMUR (0.42%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-45018
dated October 29, 2013.
The shareholder namely P.T. ASTRA OTOPARTS Tbk., is
a company engaged in automotive component trading and distribution, a member of
the ASTRA Group, the largest business group in assembling industry and
distribution of motorcars and motorcycles in the country.
P.T. FSCM is the biggest producer of motorcycle
drive chain and in Indonesia by manages four unit factory located in Pulogadung
(two plant) and in Cileungsi, Bogor. The plant has frequently been expanded to
produce motorcycle chains and using Federal Chain brand. P.T. FSCM had been
operating since 1987 in motorcycle chain industry. The plant has been absorbed
an estimated investment of Rp. 140.7 billion coming from own capital of Rp.
51.0 billion , reinvested profit of Rp. 36.2 billion and the remainder from
loan. P.T. FSCM gets technical assistance from DAIDO KOGYO CO.LTD., of Japan
which has a high reputation in motorcycle chain industry. The products are entirely sold to local motorcycle assembling
industries, such as, P.T. ASTRA HONDA MOTOR (the ASTRA Group), P.T. YAMAHA
INDONESIA MOTOR MANUFACTURING, P.T. INDOMOBIL SUZUKI INTERNATIONAL, P.T.
KAWASAKI MOTOR INDONESIA, as well as to distributors of motorcycle component.
In
March 2004, P.T. FSCM obtained a license to increase the production capacity of
motorcycle chains and controlling cables (clutches, controllers, brakes and
spark plugs), filters of oil, diesel fuel, gasoline and fuel filters by taking
over whole motorcycle machinery of P.T. NGORO JAYA SAKTI in Sidoarjo, East
Java. The plant is located at Jalan By Pass Krian Km. 26 No. 8, Krian,
Sidoarjo, East Java on a land of 11,655 square meters having been in operation
since end 2004 by producing 3,000,000 pcs of controlling cables (clutches,
controllers, brakes and sparkplugs), 6,300,000 pcs of oil filters annually.
Meanwhile, the company expands and increases the annual production capacity of
the motorcycle chains in Pulogadung, Jakarta. The expanded plant is estimated
to have absorbed an investment of Rp. 64.5 billion entirely coming from loans.
The operation of P.T. FSCM has been growing in the last five years.
In general, the demand for
motorcycle and component has been growing in the last several years in line
with the progress achieved by Indonesian motorcycle manufacturing industry. We
observe that motorcycles assembling industries have kept on increasing in the
last several years. However, the competition is very tight because motorcycles
assembled in the People Republic of Chinese and South Korea is sold for cheaper
compared with Japanese ones. Besides that, the competition is very tight
because there is lot of motorcycle imports products marketed in the country.
The development of motorcycle industry in the country can be seen from the
Indonesian growth of motorcycle production as follow:
Indonesia’s
Production and Wholesales of Motorcycle, 2005-2013
|
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 |
7,079,721 |
7,064,457 |
|
2013 |
7,780,295 |
7,743,879 |
Source: AISI
Until
this time P.T. FSCM has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management of P.T. FSCM is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2011 amounted to Rp. 562.6 billion
rose to Rp. 592.2 billion in 2012 increased to Rp. 630.0 billion in 2013 and
projected to go on rising by at least 6% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 53.5 billion and the company has an
estimated total networth of at least Rp. 185.0 billion. 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
management of P.T. FSCM is led by Mr. Djangkep Budhi Santoso (54) a
professional manager with experience in motorcycle chain manufacturing. Mr.
Djangkep Budhi Santoso has been Director of PT Astra Otoparts Tbk since May 3,
2007. He also serves as President Director of PT Nusa Keihin Indonesia, PT
Federal Izumi Manufacturing, PT FSCM Manufacturing Indonesia and PT Indokarlo
Perkasa. His previous positions include President Director of PT Astra Nippon
Gasket Indonesia from 2007 to 2009, Vice President Director of PT Federal
Nittan Industries from 2007 to 2009, President Director of PT Menara Terus
Makmur from 2000 to 2003, Vice President Director of PT FSCM Manufacturing
Indonesia from 2000 to 2003, and Director of PT Aisin Indonesia from 1993 to
2000. He is a graduate of Trisakti University majoring in Electrical
Engineering and earned his Master of Management degree from Sekolah Tinggi Ilmu
Ekonomi (STIE), Gunung Sewu, Jakarta.
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. FSCM MANUFACTURING INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.