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Report No. : |
310101 |
|
Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FEDERAL
INTERNATIONAL FINANCE |
|
|
|
|
Registered Office : |
Menara FIF, 3rd – 9th Floor, Jalan T.B. Simatupang No. 15, Cilandak, Lebak Bulus, Jakarta Selatan 12440 |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.10.1991 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-45780 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Consumer
Financing, Factoring and Leasing Services |
|
|
|
|
No. of Employees : |
15,429 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
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 |
BASIC
SEARCH
|
Name
of Company :
P.T.
FEDERAL INTERNATIONAL FINANCE
A
d d r e s s :
Head
Office
Menara
FIF, 3rd – 9th Floor
Jalan
T.B. Simatupang No. 15
Cilandak,
Lebak Bulus
Jakarta
Selatan 12440
Indonesia
Phones - (62-21) 769 8899 (Hunting)
Fax - (62-21) 7590 5599
Building Area - 10 storey
Office Area - 1,460 sq.
meters
Region - Commercial
Status - Owned
Date of Incorporation :
a.
01 May 1989 as P.T. MITRAPUSAKA ARTHA
b.
26 June 1989 as P.T. MITRAPUSAKA ARTHA FINANCE
c.
21 October 1991 as P.T. FEDERAL INTERNATIONAL FINANCE
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C2-6728.HT.01.01.Th.89
Dated 27 July 1989
b. No.
C2-6464.HT.01.04.Th.91
Dated 7 November 1991
c. No.
AHU-06300.AH.01.02.Tahun 2010
Dated 05 February 2010
d. No.
AHU-AH.01.10-45780
Dated 27 December 2012
Company
Status :
National
Private Company
Permits
by the Government Department :
The Department of Finance
a. NPWP No. 01.331.465.3-091.000 (Tax Number
License)
b. No. 1151/KMK.013/1989 and No.
1004/KMK.013/1990 (Business Permit)
Related/Affiliated
Company :
A
Member Company of the ASTRA Group (see attachment)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - Rp. 300,000,000,000.-
Issued Capital - Rp. 280,000,000,000.-
Paid up Capital - Rp. 280,000,000,000.-
Shareholders/Owners
:
a. P.T. ASTRA INTERNATIONAL TBK. - Rp. 279,999,900,000.- (99.99996%)
b. P.T. ARYA KHARISMA -
Rp. 100,000.- ( 0.00004%)
BUSINESS
ACTIVITIES
|
Lines
of Business :
Consumer
Financing, Factoring and Leasing Services
Production
Capacity :
None
Total
Assets :
As of 31 December
2014 – Rp. 25,377,251 million
Started
Operation :
October
1989
Brand
Name :
a. FIF (financing for Honda motorcycle)
b. SPEKTRA (financing for electronic household
appliances)
Technical
Assistance :
None
Number
of Employee :
15,429 persons
Marketing Area :
Local - 100%
Main Customers:
Honda Motorcycle
Dealers and Distributors in the country
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SUMMIT OTO
FINANCE
b. P.T. ADIRA
DINAMIKA MULTI FINANCE Tbk
c. P.T. WAHANA OTTOMITRA MULTIARTHA (Wom Finance)
d. P.T. BUSSAN AUTO FINANCE (BAF)
e. P.T. MANDIRI TUNAS FINANCE
f. P.T. PARA MULTI
FINANCE
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
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
Auditor :
KAP Tanudiredja, Wibisana & Rekan (PWC)
Litigation
:
No
detrimental filling was recorded at the local court.
FINANCIAL
FIGURE
|
Total
Income/Revenues:
2011
– Rp. 4,983.3 billion
2012
– Rp. 5,492.8 billion
2013
– Rp. 5,558.6 billion
2014
– Rp. 6,339.3 billion
Net
Profit :
2011
– Rp.1,078.8 billion
2012
– Rp. 1,125.1 billion
2013
– Rp. 1,205.2 billion
2014
– Rp. 1,307.1 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Suhartono
Directors -
a. Mr. R. Nunu Soetjahja Noegroho
b. Mr. David Iskandar
c. Mr. Rusdimin Adikarta
d. Mr. Djap Tet Fa
e. Mr. Hendry Christian Wong
Board of Commissioners :
President Commissioner - Mr. Gunawan Geniusahardja
Vice President Commissioner - Mr. Prijono Sugiarto
Commissioners - a. Mr. Simon Collier Dixon
b. Mr. Johannes Loman
c. Mr. Witarsa Halim
Signatories :
President
Director (Mr. Suhartono) or one of the Directors (Mr. R. Nunu Soetjahja
Noegroho, Mr. David Iskandar, Mr. Rusdimin Adikarta, Mr. Djap Tet Fa or Mr. Hendry
Christion Wong) which must be approved by Board of Commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
BACKGROUND/HISTORY
|
Originally named P.T. MITRAPUSAKA ARTHA, the
company was established in Jakarta based on Notarial Deed No. 1 dated 1 May
1989 was made by Notary Rukmasanti Harjasatya, SH., with an authorized capital
of Rp. 10,000,000,000.- of which Rp. 2,000,000,000.- issued and paid up. The
founding shareholders of the company are P.T. MITRA PINASTHIKA MUSTIKA (50%),
P.T. TRIASMITRA SENASATRIA (30%), P.T. BANK PERKEMBANGAN ASIA (15%) and P.T.
GRHA PARAMASUKA (5%). On June 26, 1989
the company renamed to P.T. MITRAPUSAKA ARTHA FINANCE and the issued capital
was raised to Rp. 3,000,000,000.- Since
then, the shareholders of the company are P.T. FEDERAL MOTOR (50%), P.T.
TRIASMITRA SENASATRIA (30.00%), P.T. BANK PERKEMBANGAN ASIA (15%) and P.T. GRHA
PARAMASUKA (5%). The Deed of
establishment and amendment was approved by the Minister of Justice of the
Republic of Indonesia through its Decree No. C2-6728.HT.01.01.Th.89 dated 27
July 1989.
The Company’s article of association has
been amended for several times. On October 21, 1991 the company’s name was
changed again to P.T. FEDERAL INTERNATIONAL FINANCE (P.T. FIF). The amendment to Deed was approved by the
Minister of Justice of the Republic of Indonesia through its Decree No.
C2-6464.HT.01.04.Th.91 dated 7 November 1991.
The most recently by notarial deed of Linda Herawati, SH., No. 57 dated
26 November 2012 the authorized capital was raised to Rp. 300,000,000,000.- of
which Rp. 280,000,000,000.- was issued and fully paid up. The latest shareholders of the company are
P.T. ASTRA INTERNATIONAL Tbk. (99.99996%) and P.T. ARYA KHARISMA
(0.00004%). The
amendment to notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-45780 dated
27 December 2012.
P.T. ASTRA INTERNATIONAL Tbk., is the parent company of the ASTRA Group, the largest sized company group in the country focusing its business on trading and distribution of automotive and motorcycle.
P.T.FIF has been operation since October 1989 dealing with consumer financing, factoring and leasing services. It is primarily involved in financing Honda motorcycles. The company offers financing service for new and used motorcycles, as well as for multipurpose products, such as electronics, home appliances, furniture, gadget, lifestyle products, and other appliances. It operates through a network of 169 branch offices and 390 point of services, located in Banjarmasin, Balikpapan, Banda Aceh, Batam, bengkulu, Bukit Tinggi, Bandung, Bekasi, Bogor, Cirebon, Denpasar, Depok, Duri, Gorontalo, Gresik, Jambi, Jember, Karawang, Kediri, Kendari, Kudus, Lampung, magelang, Purwokerto, Samarinda, Semarang, Serang, and others. The operation of the company is backup by holding company P.T. ASTRA HONDA MOTOR (member of ASTRA group), the largest-sized company in motorcycle assembling and trading in the country.
The operation of
the company has been growing in the last five years. This condition can be seen
from total consumer financing by the company in 2011 amounted to Rp. 4,537.2
billion increased to Rp. 5,068.6 billion in 2012 to Rp. 5,192.8 billion in 2013
and rose again to Rp 5,988.6 billion in 2014.
We observe that P.T. FIF is classified as a large-sized company of its
kind in the country.
According to the financial report audited by
public accountant (Tanudiredja, Wibisana & Rekan) the total income/revenues
of PT. FIF in 2011 amounted to Rp 4,983.3 billion with a net profit of Rp
1,078.8 billion increased to Rp 5,492.8 billion with a net profit of Rp 1,125.1
billion in 2012 to Rp 5,558.6 billion
with a net profit of Rp 1,205.2 billion in 2013 and rose again to Rp
6,339.3 billion with a net profit of Rp 1,307.1 billion in 2014. Financial Statement of P.T. FIF as of 31
December 2012, 2013 and 2014 are attached.
P.T. FIF 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 of P.T. FIF is headed by Mr.
Suhartono (58) as president director, a professional manager with more than 20
years of experience in multi financing services. He graduated from Diponegoro University in
Semarang (Central Java) majoring in Law in 1982. He joined with ASTRA Group since 1983 and
appointed as President Director of P.T. FIF since 2007. In its daily operation he is assisted by five
directors namely Mr. R. Nunu Soetjahja Noegroho (53), Mr. David Iskandar (51),
Mr. Rusdimin Adikarta (54), Mr. Djap Tet Fa (39) and Mr. Hendry Christian Wong
(45). The company’s management is also
assisted by a number of experienced professional managers in this business,
having maintained a wide business relation among private businessmen at home
and abroad as well as among government authorities. So far, we did not hear
that the management of the company being filed to the district court for
detrimental cases or involved in business malpractices. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia.
P.T. FEDERAL INTERNATIONAL FINANCE is
sufficiently fairly good for business transaction. However, in view of the
economic is still unstable and slowdown, so we recommend to treat prudently in
extending a loan to the company.
Attachment:
P.T. FEDERAL
INTERNATIONAL FINANCE
STATEMENTS OF
FINANCIAL POSITION
As of 31 December
2014, 2013 and 2002
(Expressed in
million Rupiah)
|
DESCRIPTION |
31 December |
||
|
|
2014 |
2013 |
2002 |
|
A. Assets |
|
|
|
|
- Cash and cash equivalent |
|
|
|
|
* Third parties |
280,170 |
297,530 |
786,648 |
|
* Related parties |
156,932 |
277,518 |
170,837 |
|
- Consumer payment receivables |
23,266,710 |
18,831,995 |
17,194,558 |
|
- Other receivable |
|
|
|
|
* Third parties |
67,863 |
56,650 |
72,979 |
|
* Related parties |
39,402 |
5,023 |
14,192 |
|
- Prepaid expenses |
|
|
|
|
* Third parties |
119,350 |
181,727 |
78,510 |
|
* Related parties |
2,098 |
2,003 |
19,750 |
|
- Derivative assets |
927,044 |
1,362,426 |
326,203 |
|
- Deferred tax assets |
233,707 |
259,521 |
219,370 |
|
- Fixed assets – net of accumulated depreciation |
283,975 |
247,205 |
245,979 |
|
Total Assets = Total Liabilities &
Equity |
25,377,251 |
21,521,598 |
19,129,026 |
|
B. Liabilities |
|
|
|
|
- Vehicle dealer debt |
|
|
|
|
* Third parties |
438,003 |
375,744 |
240,031 |
|
* Related parties |
24,455 |
19,586 |
20,785 |
|
- Other payables |
|
|
|
|
* Third parties |
48,890 |
87,077 |
71,826 |
|
* Related parties |
199 |
1,495 |
-- |
|
- Insurance premium debt – related parties |
551,193 |
513,412 |
110,087 |
|
- Accrual |
|
|
|
|
* Third parties |
404,156 |
835,158 |
476,903 |
|
* Related parties |
2,656 |
2,427 |
2,251 |
|
- Tax debt |
108,382 |
154,048 |
109,671 |
|
- Derivative liabilities |
14,636 |
-- |
-- |
|
- Loan |
14,158,681 |
6,928,709 |
6,266,650 |
|
- Securities issued |
|
|
|
|
* Bond |
4,869,403 |
7,891,403 |
7,365,282 |
|
* Private Shogun Bond |
-- |
243,519 |
385,217 |
|
- Post-employment benefit obligations |
169,432 |
127,616 |
120,093 |
|
Total Liabilities |
20,790,086 |
17,180,065 |
15,168,794 |
|
C.
Equity |
|
|
|
|
- Issued and paid up capital |
280,000 |
280,000 |
280,000 |
- Cash flow Hedging |
(126,658) |
5,750 |
(108,281) |
|
- Retained earnings |
4,433,823 |
4,055,783 |
3,788,513 |
|
Total Equity |
4,587,165 |
4,341,533 |
3,960,232 |
|
|
|
|
|
|
C.
INCOME STATEMENT |
|
|
|
|
a. Net Income/Revenues |
6,339,346 |
5,558,640 |
5,492,834 |
|
b. Total operating expenses |
(4,585,534) |
(3,946,754) |
(3,979,392) |
|
g. Profit Before Income Tax |
1,753,812 |
1,611,886 |
1,513,442 |
|
h. Income Tax expense |
(446,702) |
(406,673) |
(338,326) |
|
i. Net income or Profit for the
year |
1,307,110 |
1,205,213 |
1,125,116 |
Remarks: Audited by
Tanudiredja, Wibisana & Rekan ( a member firm of PwC Global Network)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.