|
Report No. : |
323700 |
|
Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TOYOTA TSUSHO INDONESIA |
|
|
|
|
Formerly Known As : |
P.T. TOYOTA TSUSHO ASTRA EXPORT |
|
|
|
|
Registered Office : |
Mid Plaza 2 Building, 10th Floor, Jl. Jend. Sudirman Kav.
10-11, Jakarta 10220 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
27.08.1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading, export and
import of automotive parts, machinery and electronic, metal products,
chemicals, foodstuffs, consumer product |
|
|
|
|
No. of Employee : |
240 |
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 – 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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
P.T. TOYOTA TSUSHO
INDONESIA
Head
Office
Mid Plaza 2 Building, 10th Floor
Jl. Jend. Sudirman Kav. 10-11
Jakarta 10220
Indonesia
Phones - (62-21) 570 3202 (Hunting)
Fax - (62-21) 570 1723, 570 4713
Website - http://www.toyotatsusho.co.id
Email - arien@toyotatsusho.co.id
Building Area - 32 storey
Office Space - 2,200 sq. meters
Region - Commercial
Status - Rent
a. Graha International Bldg, 6th Floor
Jl. Asia Afrika No. 129
Bandung, West Java
Indonesia
Phones - (62-22) 424
0601(Hunting)
Fax - (62-22) 424 0608
b. Kawasan Industri MM 2100
Jl. Irian Block KK-8, Cikarang
Barat
Cibitung 17520, Bekasi, West
Java
Indonesia
Phones - (62-21) 8998
2801(Hunting)
Fax - (62-21) 8998 2788
b. Intiland Tower, 11th Floor, Suite 5D
Jl. Panglima Sudirman No. 101-103
Surabaya 60271, East Java
Indonesia
Phones - (62-31) 5349
779(Hunting)
Fax - (62-31) 5349 780
a. 27 August 1990 as P.T. TOYOTA TSUSHO ASTRA EXPORT
b. 08 October 1999 as P.T. TOYOTA TSUSHO EXPORT & IMPORT
c. 10 January 2002 as P.T. TOYOTA TSUSHO INDONESIA
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C2-3242.HT.01.01.TH.1991
Dated 23 July 1991
b. No. AHU-27675.AH.01.02.TH.2008
Dated 26 May 2008
c. No. AHU-AH.01.10-13412
Dated 19 August 2009
d. No. AHU-AH.01.10-13412
Dated 19 August 2009
e. No. AHU-11244.AH.01.02.Tahun 2012
Dated 29 February 2012
f. No. AHU-AH.01.10-52989
Dated 06 December 2013
Foreign Investment Company (PMA)
a. The Department
of Finance
NPWP No. 01.069.247.3.056.000
b. The Capital
Investment Coordinating Board
- No. 226/I/PMA/1990
Dated 04 September 1990
- No. 126/II/PMA/1999
Dated 06 July 1999
- No. 318/III/PMA/2006
Dated 16 March 2006
- No. 107/II/PMA/2009
Dated 01 April 2009
- No. 977/III/PMA/2009
Dated 01 April 2009
c. The Department
of Trade
- No. 01/T/PERDAGANGAN/1991
Dated 03 January 1991
- No. 235/T/PERDAGANGAN/2009
Dated 06 March 2009
A Member of the TOYOTA Group of Japan
Capital Structure
:
Authorized Capital - US$.
3,350,000 (Rp. 6,220,950,000.-)
Issued Capital - US$.
3,350,000 (Rp. 6,220,950,000.-)
Paid up Capital - US$.
3,350,000 (Rp. 6,220,950,000.-)
Shareholders/Owners
:
a.
TOYOTA TSUSHO CORPORATION -
US$. 3,349,000 (99.97%)
Address : 7-23 Meieki, 4-Chome,
Nakamura-ku, Nagoya
Japan
b.
Mr. Hiroki Nakayama -
US$. 1,000 ( 0.03%)
Address : 1-1421-3, Kurosawadai,
Midori-Ku, Nagoya, Aichi
Japan
Lines of Business
:
Trading, Export and Import of Automotive
Parts, Machinery and Electronic, Metal Products,
Chemicals, Foodstuffs, Consumer Product
Production
Capacity :
None
Total Investment :
a. Equity Capital -
US$. 3.35 million
b. Loan Capital -
US$. 0.00 million
c. Total Investment - US$.
3.35 million
Started Operation
:
1 9 9 0
Brand Name :
TOYOTA TSUSHO INDONESIA
Technical
Assistance :
TOYOTA TSUSHO Corporation of Japan
Number of Employee
:
240 persons
Marketing Area :
Domestic
- 80%
Export
- 20%
Main Customers :
a. P.T. TOYOTA ASTRA MOTOR
b. The ASTRA Group Members
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. MARUBENI INDONESIA
b. P.T. MITSUI INDONESIA
c. P.T. SOJIZT INDONESIA
d. P.T. ITOCHU INDONESIA
e. Etc.
Business Trend :
Growing
Banker :
The Bank of Tokyo-Mitsubishi JFP Ltd
MidPlaza Building
Jalan Jend. Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 1,580.0 billion
2011 – Rp. 1,730.0 billion
2012 – Rp. 1,910.0 billion
2013 – Rp. 2,098.0 billion
2014 – Rp. 2,175.0 billion
Net Profit
(estimated) :
2010 – Rp. 110.0 billion
2011 – Rp. 120.0 billion
2012 – Rp. 132.0 billion
2013 – Rp. 148.0 billion
2014 – Rp. 152.0 billion
Payment Manner :
Average
Financial Comments
:
Fairly strong
Board of Management :
President Director - Mr. Hiroki Nakayama
Director s -
a. Mr. Shota Mesaki
b. Mr. Katsuhito Miyajima
c. Mr. Masahito Kito
Board of Commissioners :
President Commissioner -
Mr. Jun Nakayama
Commissioner - Mr. Jun Eyama
Signatories :
President Director (Mr. Hiroki
Nakayama) or one of the Directors (Mr.
Shota Mesaki, Mr. Katsuhito Miyajima, Mr. Masahito Kito) which must be approved by board of
commissioners (Mr. Jun Nakayama and Mr. Jun Eyama)
Management Capability :
Good
Business Morality :
Good
Originally named P.T. TOYOTA TSUSHO ASTRA
EXPORT it was established in August 1990 with the authorized capital of US $
1,000,000.- issued capital of US $
300,000.- wholly paid-up. Founders and original shareholders are TOYOTA TSUSHO
CORPORATION of Japan and P.T. ASTRA EXPORT COMPANY. The Articles of Association was made by BRA
Mahyastoeti Notonagoro, SH, a public notaries in Jakarta and it was approved by
the Ministry of Law and Human Right in its Decision Letter No. C2-3242
HT.01.01.TH.91 dated 23 July 1991. Its Articles of Association has subsequently
been changed for a couple of times. In
October 1999, the authorized capital was decreased to US $ 350,000.- entirely
issued and paid-up. On the same occasion, one of its shareholders namely P.T.
ASTRA EXPORT COMPANY was replaced with Mr. Yoshikatsu Tokoro. In January 2002,
the company renamed to P.T. TOYOTA TSUSHO INDONESIA (P.T. TTI).
In April 2006, TOMEN Corporation merged into TOYOTA TSUSHO Corporation with TOYOTA TSUSHO Corporation as the surviving company. Since that time, the activities of both companies in Indonesia namely P.T. TTI and P.T. TOMEN INDONESIA have also been merged with P.T. TTI as the surviving company. According to the notary deed of P.T. TTI in March 2007, the authorized capital of the company was increased to US$. 3,350,000 (Rp. 6,220,950,000) entirely was issued and fully paid up. The shareholders of the company are TOYOTA TSUSHO Corporation (99.97%) and Mr. Norio Sato (0.03%), both of Japan. In June 2009, Mr. Norio Sato pulled out and the whole share is sold to Mr. Jun Eyama. The amendment Articles of Association was made by Mr. Adrian Djuaini, SH., a public notary in Jakarta under Company Registration Number AHU-AH.01.10-12018 dated 3 August 2009 and No. AHU-AH.01.10-13412 dated 19 August 2009.
The most recently by notarial deed number 44
dated November 29, 2013 was made by notary Adrian Djuaini, SH., Mr. Jun Eyama
pulled out and the whole shares are sold to Mr. Hiroki Nakayama as new
shareholder. Concurrently, the company
board of directors and board of commissioner had been changed. The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-52989
dated December 6, 2013.
P.T. TTI has been
in operation as from 1990 in Import, Export and Main Supplier for Automotive
Parts, Machinery, Electronics Component, Textile, Chemical, Food and other
trading supporting services. P.T. TTI
is the importer of TOYOTA ASTRA Group’s automotive parts in Indonesia. In its
activity, P.T. TTI has used-up a total investment of US$. 1.05 million
originating from own capital of US$. 1.0 million while the rest is loan. P.T.
TTI obtained an importing facility services for automotive spare parts worth
US$. 56.0 million. To support its distribution, P.T. TTI appointed several
sub-distributors in several Indonesian major cities.
Since P.T. TTI and
P.T. TOMEN INDONESIA were merged in April 2006, the activities of the merge
company are not only dealing with trading, export and import of automotive
parts but also with machinery and electronics, metal products, energy and
chemicals, foodstuffs, consumer products and others. The business position of P.T. TTI is favorable
being supported by TOYOTA ASTRA Group, the largest company group in automotive
assembling the country. We
observed that P.T. TTI is classified as a large-sized company of its kind in
the country of which the operation has been growing in the last three years.
Generally, local demand for automotives, machinery, electronics, metal
products, energy and chemicals, foodstuffs, consumer products and others has
been increasing by 5% to 6% per annum in the last five years in line with
amelioration of the economic condition in the country.
Along with line macro-economic conditions that have not improved in 2014, the vehicle sales decreased by 1.8% from 1,230,000 vehicles in 2013 to 1,208,000 vehicles in 2014. This is due to the weak global economic growth high inflation, rising interest rates, weak commodity prices and the depreciation of the Rupiah throughout 2014. In 2014, Indonesia’s economic growth reached 5.02%. This is below the government’s expectation in the beginning of the year that was 6.00% and lower than the economic growth in 2013, which was 5.78%.
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 to 1,230 thousand units in 2013 and dropped to 1,208 thousand units in 2014. The growth of car and motorcycle sales in Indonesia in 2008 to 2014 is pictured on the following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
|
2013 |
1,230 |
7,744 |
|
2014 |
1,208 |
7,867 |
Until this time P.T. TTI has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the
company in 2012 amounted to Rp. 1,910.0 billion increased to Rp. 2,098.0
billion in 2013 and rose again to Rp. 2,175.0 billion in 2014. It is projected that total sales turnover of
the company will increase at least 4% in 2015.
P.T. TTI’s operation in 2014 yielded a net profit of about Rp. 152.0
billion with a total asset Rp. 860.0 billion.
We observe that P.T. TTI 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.
Since November 2013, P.T. TTI’s management
is led by Mr. Hiroki Nakayama (51) replaces Mr. Jun Eyama (54) as President
Director. He is a professional manager
with more than 21 years experience working for
TOYOTA TSUSHO CORP., of Japan. He
has a good reputation in trading and importing of automotive parts and
components. In his day-to-day
activities, he is assisted by three directors namely Mr. Shota Mesaki (48), Mr.
Katsuhito Miyajima (48) and Mr. Masahito Kito (53). The management is also backed by expert staff
and professionals having wide relation with home and overseas private businessmen
as well as with the government sectors.
So far, we did not hear that the Company’s management has been involved
in business malpractices or detrimental cased being settled in local district
court.
P.T. TOYOTA TSUSHO INDONESIA is
appraised to be good for business transaction.
However,
in view of the economic condition in the country is still unstable, we
recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.95 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.