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Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. AUTOLIV INDONESIA |
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Registered Office : |
Jl. Selayar II, Block H-11 Kawasan Industri MM2100 Cibitung Industrial
Town Cikarang 17520 Bekasi, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
02.10.1995 |
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Com. Reg. No.: |
No. AHU-AH.01.10-11408 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Automotive Safety Belt Manufacturing |
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No. of Employees |
180 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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. AUTOLIV
INDONESIA
A d d r e s s :
Head Office &
Factory
Jl. Selayar II, Block H-11
Kawasan Industri MM2100
Cibitung Industrial Town
Cikarang 17520
Bekasi, West Java
Phones - (62-21) 460 4245
Fax. - (62-21)
460 4246
Land Area - 11,000 sq.
meters
Building Area - 2,500 sq. meters
Region - Industrial Estate
Status - Rent
Date of
Incorporation :
02 October 1995
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-8586.HT.01.01.TH.96
Dated 26 August
1996
b. No. C-07641.HT.01.04.TH.2001
Dated 06
September 2001
c. No. AHU-12586.AH.01.02.Tahun 2013
Dated 13
March 2013
d. No. AHU-AH.01.10-11408
Dated 28
March 2013
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No.
01.071.251.1-055.000
b. The President of
the Republic of Indonesia
No.
B-242/Pres/05/1995
Dated 19
May 1995
c. The Capital
Investment Coordinating Board
No.
248/I/PMA/1995
Dated 30
May 1995
Related/Affiliated
Company :
A member of the AUTOLIV Group of Sweden
Capital Structure
:
Authorized Capital - US$.
1,000,000.- (Rp. 2,234,000,000.-)
Issued Capital - US$. 1,000,000.-
(Rp. 2,234,000,000.-)
Paid up Capital - US$. 1,000,000.-
(Rp. 2,234,000,000.-)
Shareholders/Owners
a. AUTOLIV AB of Sweden -
US$ 990,000.- (99%)
Address : PO Box 70381, S – 107 24
Stockholm, Sweden
b. Mr. Chang Ket Leong - US$ 10,000.- (
1%)
Address : No. 26, Building In Rancho Santafe
333 Long Jinhui, China
Lines of Business
:
Automotive Safety Belt Manufacturing
Production
Capacity :
Automotive Safety Belts -
500,000 units p.a.
Total Investment :
a. Owned Capital - US$ 1,000,000.-
b. Loan Capital - US$
1,750,000.-
c. Total Investment - US$
2,750,000.-
Started Operation
:
1996
Brand Name :
AUTOLIV INDONESIA
Technical
Assistance :
AUTOLIV AB of Sweden
Number of Employee
:
180 persons
Marketing Area :
Domestic (Local) - 100%
Main Customers :
a. PT. Toyota Motor Manufacturing Indonesia
b. PT. Astra Daihatsu Motor Indonesia
c. PT. Nissan Motor Indonesia
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Takada Automotive Safety Systems Indonesia
b. PT. Sungwoo Indonesia
c. PT. Tokai Rika Safety Indonesia
d. PT. Indosafety Sentosa Industry
e. PT. AMD Indonesia
f. PT. Arita Prima Indonesia
g. Etc.
Business Trend :
Growing
B a n k e r s :
a. ABN AMRO BANK N.V.
Jl. Ir. H. Juandar No. 12
Jakarta Pusat
b. P.T. Bank MANDIRI Tbk
Jl. Kebon Sirih No. 83
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – US$. 11.0 million
2012 – US$. 12.0 million
2013 – US$. 24.0 million
Net Profit (Loss)
:
2011 – US$. 1.0 million
2012 – US$. 1.2 million
2013 – US$. 2.4 million
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Ingram Colin Naughton
Directors - a. Mr. Limson Nainggolan
b. Mr. Chang Ket Leong
Board of Commissioner :
Commissioner - Mr. Lars Axel Sjobring
Signatories :
President Director (Mr. Ingram Colin Naughton)
or one of the Directors (Mr. Limson Nainggolan or Mr. Chang Ket Leong) which
must be approved by board of commissioner (Mr. Lars Axel Sjobring)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit
Limit :
Moderate amount
P.T. AUTOLIV INDONESIA (P.T. AI) was established Jakarta on October 02, 1995
with an authorized capital of US$. 1,000,000.- (Rp. 2,234,000,000.-) entirely
was issued and fully paid up. The founding shareholders of the company are
AUTOLIV AB of Sweden (50%), P.T. BIMANTARA CAKRA NUSA of Indonesia (45%) and
Mr. Djokoleksono Sugiarto (5%). The deed of establishment has been approved by
the Minister of Justice of the Republic of Indonesia through Decision Letter
No. C2-8586.HT.01.01.TH.96 dated August 26, 1996.
The articles of association of the company have been revised. In January 2000, P.T. BIMANTARA CITRA and Mr. Djokolesono
Sugiarto withdrew and all their shares were taken over by AUTOLIV AB of Sweden
and Mr. Limson Nainggolan (an indigenous businessman). The amendment to Deed was approved by the
Ministry of Justice through its Decision Letter No. C-07641.HT.01.04.TH.2001
dated September 6, 2001.
Later according to the latest amendment of notarial Deed No. 3 dated
March 7, 2013 was made by Notary Yayuk Sri Wahyuningsih, SH., Mr. Limson
Nainggolan pulled out and the whole shares are sold to Mr. Chang Ket Leong, a
Chinese businessman. The latest deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-11408 dated March 28, 2013.
AUTOLIV AB is a Swedish-American company with headquarters in Stockholm, Sweden, that in 1997 sprung from
the merger of the Swedish company Autoliv
AB and Morton Automotive Safety Products, Inc., a
division of the American firm Morton International. Autoliv develops and manufactures automotive
safety systems for all major automotive manufacturers in the world. Together
with its joint ventures Autoliv has over 80 facilities with 48,000 employees in
29 countries. In addition, the company has 17 development and engineering
centers in nine countries around the world, including 20 test tracks, more than
any other automotive safety supplier. The company's shares are listed on the
New York Stock Exchange and its Swedish Depository Receipts on the OMX
Stockholm Stock
Exchange.
P.T. AI obtained a Foreign Capital Investment
(PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to
deal with automotive seat belt manufacturing having been in operation since
1996. Initially, the company is managing a plant located at Jalan Pulo Buaran V
Block JJ-4, No. 8, Pulogadung Industrial Estate, East Jakarta. According to its
license, the plant has annual production capacity of 500,000 units of
automotive seat belts. In December 2012,
the company has opened a new seatbelt plant on Jl. Selayar II Block H-11,
Kawasan Industri MM2100, Cibitung Industrial Estate, West Java. The new plant has a floor space of nearly
2,500 sq. meters on a land plot of 11,000 sq. meters. The plant replace the
company’s existing Indonesian plant and serve Toyota, Daihatsu and Nissan,
Autoliv’s main customers in Indonesia.
We observe that P.T. AI is classified as a medium sized company of its
kind in the country of which the operation has been growing in the last three
years.
In general, the demand for automotive and automotive component (seat
belt) is in line with the progress achieved by Indonesian automotive
manufacturing industry. We observe that motorcar and motorcycles assembling
industries have kept on increasing in the last five years. However, the
competition is very tight because motorcar and motorcycles assembled in the
People’s Republic of China and South Korea are sold for cheaper compared with
Japanese ones.
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. The total
of car sales in 2010 rose again to 765 thousand units to 894 thousand units in
2011 to 1,116 thousand units in 2012 and rose again to 1,226 thousand units in
2013. The growth of car and motorcycle
sales in Indonesia in 2007 to 2013 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 |
8,034 |
|
2012 |
1,116 |
7,141 |
|
2013 |
1,226 |
7,771 |
Source: GAIKINDO and the Indonesian
Motorcycle Manufacturer Association (AISMI)
Until this time P.T. AI has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. Therefore, the company has no obligation
to publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. P.T. AI’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover of the company in
2011 amounted to US$. 11.0 million increased to US$. 12.0 million in 2012 and
rose again to US$. 24.0 million in 2013.
The operation in 2013 yielded a net profit at least US$. 2.4 million and
the company has a total net worth of US$.9.5 million. It is projected that total sales turnover of
the company will increase at least 10% in 2014. We observe that P.T. AI is supported by
financially 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 management is handled by Mr. Ingram Colin Naughton (47) of England
as President Director, with 15 years experience in automotive safety belt
manufacturing. In daily activities, he
is assisted by two directors namely Mr. Limson Nainggolan (55) of Inndonesia
and Mr. Chang Ket Leong (50) of China.
The management has good reputation in this business, having maintained a
wide business relation among private businessmen at home and abroad as well as
among government sectors. So far, we did not hear that the company has been
involved in business malpractices.
P.T. AUTOLIV INDONESIA is appraised to be good for business
transaction. However, in view of the
political situation in the country is warming we recommend to treat prudently
in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.30 |
|
UK Pound |
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.