|
Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BAKRIE TOSANJAYA |
|
|
|
|
Registered Office : |
Jl. Raya Bekasi Km. 27 Pondok Ungu, Bekasi 17132
West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
21.03.1982 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Automotive Components
and General Engineering Casting Industry |
|
|
|
|
No. of Employees : |
760 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, 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 |
P.T. BAKRIE TOSANJAYA
Head Office & Factory
Jl. Raya Bekasi Km. 27
Pondok Ungu, Bekasi 17132
West Java
Indonesia
Phones - (62-21) 8897 6601 (hunting)
Fax - (62-21) 8897 6607
Email - marketing@bakrie-tosanjaya.co.id
Website - http://www.bakrie-tosanjaya.co.id
PO Box - 112/BKS,
Indonesia
Land Area - 51,645 sq.
meters
Building Area - 14,374 sq.
meters
Region - Industrial
Zone
Status -
Owned
Date of Incorporation :
a. 30 August 1974
as P.T. BAKRIE TUBEMAKERS
b. 21 March 1982
as P.T. BAKRIE TOSANJAYA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
Y.A. 5/148/2
Dated 29 April 1975
b. No.
C-08509 HT.01.04.TH.2004
Dated 08 April 2004
c. No.
AHU-84710.AH.01.02.Tahun 2008
Dated 12 November 2008
d. No.
AHU-AH.01.10-36041
Dated 02 September 2013
Company Status
:
Domestic
Investment Company (PMDN)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.001.778.8-407.000
b. The Department of Trade and Industry
TDP No. 102612802940
Dated 21 February 2008
c. The Capital Investment Coordinating Board
- No. 17/V/PMDN/1982
Dated 2 October 1982
- No. 17/II/PMDN/1984
Dated 28 April 1984
- No. 402/III/PMDN/1989
Dated 17 June 1989
- No. 446/II/PMDN/1990
Dated 30 October 1990
- No. 230/II/PMDN/1994
Dated 22 August 1994
Related/Affiliated
Company :
A Member Company
of the BAKRIE Group
Capital
Structure :
Authorized
Capital - Rp.
187,965,548,280.-
Issued Capital - Rp. 46,991,391,220.-
Paid up Capital - Rp. 46,991,391,220.-
Shareholders/Owners
:
a. P.T. BAKRIE & BROTHERS Tbk. - Rp. 46,991,387,070.- (99.99999%)
Address
: Wisma Bakrie
Jl. H.R. Rasuna Said Kav. B-1
Jakarta Selatan
b. Koperasi Karyawan
PT. Bakrie Tosanjaya - Rp. 4,150.- ( 0.00001%)
Address :
Jl. Raya Bekasi Km. 27
Pondok Ungu, Bekasi
West Java
Lines of
Business :
Automotive
Components and General Engineering Casting Industry
Production
Capacity :
a. Automotive Parts and Components - 17,400 tons p.a.
b. Iron & Steel Pipe Fitting and
Valves - 4,900 tons p.a.
c. Brake Drums and Fly Wheels - 10,600 tons p.a.
d. General Casting (Gear Boxes) -
3,480 tons p.a.
Total
Investment :
a.
Owned Capital - Rp. 47.0
billion
b.
Loan Capital - Rp.
25.2 billion
c.
Total Investment - Rp. 72.2
billion
Started
Operation :
July 1976
Brand Name :
Bakrie Tosanjaya
Technical
Assistance :
None
Number of
Employee :
760 persons
Marketing Area
:
Local - 80%
Export - 20%
Main Customers
:
a. PT. Braja Mukti
Cakra (Mitsubishi)
b. PT. Hino Motors
Manufcturing Indonesia (Hino)
c. PT. Isuzu Astra
Motor Indonesia (Isuzu)
d. PT. Astra Multi
Truck Indonesia (Nissan)
e. PT. Mitsubishi
Krama Yudha Motors (Mitsubishi)
f. PT. Astra Daihatsu Motors (Daihatsu)
g. PT. Hyundai
Indonesia Motor (Hyundai)
h. PT. Mesin Isuzu
Indonesia (Isuzu)
i. PT. Komatsu Undercarriage Indonesia (Komatsu
– Heavy Equipmnt)
j. PT. Yanmar Diesel Indonesia (Yanmar – Diesel)
k. PT. Freysssinet
Total Technology (Civil Construction)
l. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Tosama Abadi
b. PT. Sekiso Industries
c. PT. Astra Otoparts Tbk
d. PT. Daikin Indonesia
e. PT. Prima Alloy Steel
f. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jl. Raya Bekasi Km. 21
Bekasi,
West Java
Indonesia
b. P.T. Bank DANAMON Tbk
Landmark Center
Jalan
Jend. Sudirman Kav. 1
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No detrimental
filling was recorded at the local courts
Sales Turnover
(estimated):
2011 – Rp. 590.0
billion
2012 – Rp. 680.0
billion
2013 – Rp. 760.0
billion
Net
Profit (estimated) :
2011 – Rp. 48.0
billion
2012 – Rp. 55.0
billion
2013 – Rp. 61.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Wikarta Soekotjo
Board of Commissioners :
President Commissioner -
Mr. Ir. Gafur Sulistyo Umar
Commissioner -
Mr. Dody Taufiq Wijaya
Signatories :
Director (Mr. Wikarta
Soekotjo) which must be approved by Board of Commissioners
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under guarantee
Proposed
Credit Limit :
C.O.D. To small
amount
Initially named P.T. BAKRIE TUBEMAKERS, it
was established on August 30, 1974 with the authorized capital of US$ 3,600,000
of which US$ 720,000 was issued and fully paid up. The founding shareholders of
the company are TUBEMAKERS Pty. Ltd of Australia and P.T. BAKRIE & BROTHERS
Tbk of Indonesia. The Deed of
establishment has been approved by the Ministry of Justice of the Republic of
Indonesia through its Decree No. Y.A.5/148/2 dated April 29, 1975. The articles
of association of the company have frequently been changed. In 1982, TUBEMAKERS Pty. Ltd withdrew and its
shares were taken over by P.T. BAKRIE & BROTHERS Tbk. Since that time the company has renamed to
P.T. BAKRIE TOSANJAYA and its authorized capital was converted to Rp.
4,863,391,225 entirely issued and paid up. In August 2007, the authorized
capital was raised to Rp. 187,965,548,280 of which Rp. 46,991,391,220 was
issued and fully paid up. The shareholder of the company is still P.T. BAKRIE
& BROTHERS Tbk. No changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. BAKRIE & BROTHERS Tbk is the parent
company of the BAKRIE Group, a large sized company group in the country led by
Mr. Aburizal Bakrie. However, since Mr. Aburizal Bakrie was appointed as the
Coordinating Minister of Economic Affair in the unity cabinet in October 2005,
he has been replaced by his younger brother Mr. Nirwan Darmawan Bakrie.
P.T. BT obtained a Domestic Capital
Investment (PMDN) facility issued by the Capital Investment Coordinating Board
(BKPM) to deal with iron and steel casting for automotive components and
general engineering casting. Its plant is located at Jalan Raya Bekasi Km 27,
Pondok Ungu, Bekasi, West Java on a land of 51,645 square meters with a
building width of 14,374 square meters. The plant has been in operation since
July 1976. From its installed capacity, P.T. BT produces 2,250 tons of
automotive components on the average per month consisting of brake drums, fly
wheels, disk brakes, manifolds, pressure plates, hubs, differential cases,
brackets and others. The automotive
components above are used by Mitsubishi, Hino, Isuzu, Nissan, Mitsubishi,
Daihatsu, Hyundai, etc.
In June 2004, P.T. BT expanded its third
casting plant with an investment of Rp. 55 billion. This new plant is equipped
with machine shops for products with OEM (original equipment manufacturer)
quality. The molding machinery being used is Disamatic 2013 KM4A made in
Denmark with production capacity up to 300 moulds per hour. The addition of new
plant increases the production capacity of P.T. BT to 50,600 tons of metal
melting per annum and P.T. BT is at present controlling 30% of the market
shares of all OEM based automotive component industries in the country. P.T. BT also provides heavy equipment
components and iron casting products for international markets.
Some 80% of the products are locally
marketed to PT. Braja Mukti Carka, Hino Motors Manufacturing, PT. Isuzu Astra
Motor Indonesia, PT. Astra Multi Truck Indonesia, PT. Mitsubishi Krama Yudha
Motors, PT. Astra Daihatsu Motors, PT. Hyundai Indonesia Motor, PT. Mesin Isuzu
Indonesia, PT. Komatsu Undercarriage Indonesia, PT. Yanmar Diesel Indonesia,
PT. Freyssinet Total Technology and others.
The rest of 20% is exported to Malaysia, Bahrain, Japan and Italy.
Besides, P.T. BT is also dealing with
investment holding by controlling 50% shares of P.T. BRAJA MUKTI CAKRA, 58%
shares of P.T. ANEKA BANUSAKTI and 90.9% shares of P.T. BINA USAHA MANDIRI
MIZUSAWA, third dealing with automotive component manufacturing. The operation
of third companies has been running smoothly and growing.
The local demand for automotive components
and parts has been growing in the last five years in line with the demand and need
of passenger and commercial car in the country.
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 and to 894 thousand units in 2011 and to 1,116 thousand
units in 2012. The growth of car and
motorcycle sales in Indonesia in 2007 to 2012 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 |
Source: GAIKINDO and
the Indonesian Motorcycle Manufacturer Association (AISMI)
Until this time P.T. BT has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of P.T. BT 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. 590.0 billion
increased to Rp. 680.0 billion in 2012 to
Rp. 760.0 billion in 2013 and
projected it will be increase by at least 8% in 2014. The operation in 2013 yielded an estimated
net profit of Rp. 61.0 billion and the company has an estimated total asset of
at least Rp. 620.0 million. 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 company's management is headed by Mr.
Wikarta Soekotjo (62) as director, a professional manager with more than 25
years experience in automotive component and part manufacturing. In daily
activities, he is assisted by a number of professionals in the above business.
The management is evaluated quite creative and dynamic. They have close relations with private
businessmen within and outside the country.
So far, we did not hear that the company’s management involved in a
dirty business practice or detrimental cases that settled in the country. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
P.T. BAKRIE TOSANJAYA is sufficiently fairly
good for business transaction. However, in view of the economic slowdown and
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.61.10 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.84.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.