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Report No. : |
340723 |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ELANGPERDANA TYRE INDUSTRY |
|
|
|
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Registered Office : |
Jalan Elang, Desa Sukahati RT. 02 RW. 03
Cijayanti,Citeureup Bogor, 16810 West Java |
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|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
15.11.1993 |
|
|
|
|
Com. Reg. No.: |
AHU-AH-01.10-46534 |
|
|
|
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Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Car and Truck Tire Manufacturing |
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|
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No. of Employees : |
225 |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC
OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
Company Name
P.T. ELANGPERDANA
TYRE INDUSTRY
Address :
Head Office & Factory
Jalan Elang, Desa Sukahati RT. 02 RW. 03
Cijayanti,Citeureup
Bogor, 16810
West Java
Indonesia
Phones -
(62-21) 8765105, 8765106-08
Fax
- (62-21) 8765111
E-mail - marketing@eptyres.com
Website - http://www.eptyres.com
Land Area -
127,000 sq. meters
Building Space - 50,000 sq. meters
Region -
Industrial Zone
Status -
Owned
Date of
Incorporation :
15 November 1993
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-14917.HT.01.01.TH.94
Dated
3 October 1994
- No.
AHU-85731.AH.01.02.TH.2008
Dated
13 November 2008
- No.
AHU-AH-01.10-46534
Dated
4 November 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.638.611.2-431.000
Related Companies :
A Member Company of the SARI WARNA ASLI Group
(see attachment)
Capital Structure :
Authorized Capital : Rp. 600,000,000,000.-
Issued Capital : Rp. 500,000,000,000.-
Paid up Capital : Rp. 500,000,000,000.-
Shareholders/Owners :
a. CRYSTAL ANGELS INVESTMENTS LIMITED - Rp. 217,500,000,000.-
Address : Akara Building, 24 Castro Street
Vickhams Cay 1
British Virgin Island
b. ROYAL CROWN CORPORATION LIMITED - Rp.
180,000,000,000.-
Address : 801-2, 8/F, Shiu Lam Building,
23 Luard Road Wancai
Hong Kong
c. Mr. Biantoro
Setijo -
Rp. 32,500,000,000.-
Address : Jl. Teuku Nyak Arif
Jakarta Selatan
Indonesia
d. UNITED TYRE COMPANY LIMITED -
Rp. 25,000,000,000.-
Address : 75 Queens Road, Clifton
Bristol, BS8 1 QP
United Kingdom
e. P.T. UTAMA KARYA MEGA -
Rp. 20,000,000,000.-
Address : DBS Bank Tower Ciputra World 1,
28th Floor
Jl. Prof. Dr. Satrio Kav.
3-5
Jakarta Selatan, Indonesia
f. Mr. Cheung Leung Sum -
Rp. 12,500,000,000.-
Address : RM 902 BLKC Westlands Gardens
Gardens Qurry Bay
Hong Kong
g. Mr. Hsu Ruei Hsing -
Rp. 12,500,000,000.-
Address : 4th Floor No. 19 Lane
299
Chengte Road, Taipei
Taiwan
Lines of Business :
Car and Truck Tire Manufacturing
Production Capacity :
Car and Truck Tires - 1,500,000 pieces p.a.
Total Investment :
a.
Equity Capital - Rp.
500.0 billion
b. Loan
Capital - Rp. 138.6 billion
c.
Total Investment - Rp. 638.6
billion
Started Operation :
June 1996
Brand Name :
Elangperdana Tyre Industry
Technical Assistance :
None
Number of Employee :
225 persons
Marketing Area :
Local - 55%
Export
- 45%
Main Customer :
Dealer of Automotive Tires
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRIDGESTONE INDONESIA
b. P.T. GOODYEAR INDONESIA Tbk
c. P.T. GAJAH TUNGGAL Tbk
d. P.T. SUMI RUBBER INDONESIA
Business Trend :
Growing
Bankers :
a.
P.T. Bank DANAMON INDONESIA Tbk
Jalan
Krekot Jaya Block B-1 No. 90
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2012 – Rp. 428.0 billion
2013 – Rp. 440.0 billion
2014 – Rp. 472.0 billion
Net Profit (estimated) :
2012 – Rp. 29.9 billion
2013 – Rp. 32.0 billion
2014 – Rp. 35.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
President
Director - Mr. Biantoro Setijo
Directors - Miss.
Esther Elisa
Board of
Commissioners :
President
Commissioner - Mr. Iki Wibowo
Widjojo
Commissioner - Mr. Ferry Susilo
Signatories
:
President
Director (Mr. Biantoro Setijo) or the Director (Miss. Ester Elisa) which must
be approved by Board of Commissioner
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
P.T. ELANGPERDANA
TYRE INDUSTRY (P.T. ETI) was established in Jakarta in 1993 with the authorized
capital of Rp. 10,000,000,000 of which Rp. 5,000,000,000 was issued and fully
paid up. The founding shareholders of P.T. ETI are the late Mr. Hindoro Budiono
Halim, an Indonesian businessman of Chinese extraction died on 15 June 1998 and
P.T. KESEJAHTERAAN BANTENG MANUNGGAL, private company dealing with general
trading and investment holding. The company notary deed had been changed a
couple of times. In May 1994, the authorized capital of the company was raised
to Rp. 59,407,750,000 of which Rp. 5,900,750,000 was issued and fully paid up
and concurrently into the company entered new shareholders namely P.T.
BUDIKARSA PRATAMA and P.T. ELANGPARAMA SAKTI both are private companies dealing
with investment holding. In early 1996, the authorized capital of P.T. ETI was
increased again to Rp. 150,000,000,000 of which Rp. 100,000,000,000 was issued
and fully paid up and concurrently P.T. ELANGPARANA SAKTI withdrew and into the
company entered a new shareholder P.T. PURIPRATAMA PERKASA.
In
October 2003, whole shareholders withdrew and replaced by P.T. ALPINDO KARYA
SEJATI, a private company, Mr. Biantoro Setijo, and Mrs. Mira Nathania Halim,
both are Indonesian of Chinese extraction. In September 2008, the authorized
capital of the company was increased to Rp. 600,000,000,000 of which Rp.
500,000,000,000 was issued and fully paid up and concurrently the shareholders
of the company were Mr. Biantoro Setijo, Mrs. Mira Nathania Halim, both of
Indonesia, ROYAL CROWN CORP.LTD of Hong Kong, UNITED TYRE CORP.LTD of the UK,
CRYSTAL ANGELS INVESTMENTS LTD of British Virgin Island, Mr. Fang Chao Yuan,
Mr. Hsu Ruei Hsing, both of Taiwan. On the same occasion the company status was
converted into Foreign Investment (PMA) facility. The latest according to
revision of notary deed Mrs. Saniwati Suganda, SH., no. 09 dated 4 October 2013
Mrs. Mira Nathania Halim, Mr. Fang Chau Yuan pulled out and into the company
entered by P.T. UTAMA KARYA MEGA and Mr. Cheung Leung Sum as new shareholders.
With this time the composition of its shareholders has been changed to become
CRYSTAL ANGELS INVESTMENTS LIMITED (43.5%), ROYAL CROWN CORPORATION LIMITED
(36.0%), Mr. Biantoro Setijo (6.5%), UNITED TYRE COMPANY LIMITED (5.0%), P.T.
UTAMA KARYA MEGA (4.0%), Mr. Hsu Ruei-Hsing (2.5%) and Mr. Cheung Leung Sum
(2.5%). The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-46534 dated November 4, 2013.
We
observe Mr. Biantoro Setijo is a son of Mr. Bambang Setijo, the founder, prime
mover and the majority business stakes owner of the SARI WARNA Group, a large
sized company group in Solo, Central Java dealing with integrated textile
industry.
P.T. ETI
obtained a Foreign Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with motor vehicle tire casing industry. Its
plant is located in Sukahati Village, Citeureup District, Bogor Regency, West
Java on a land of 12.7 hectares having been in commercial operation since June
1996 being still in one site with sister company P.T. ELANGPERDANA PRIMA NIAGA
DAN INDUSTRI (Tire Tube Industry). According to its license issued by the
Capital Investment Coordinating Board (BKPM), the company has annual production
capacity of 1.5 million units of tire casings of cars and trucks. The
investment having been absorbed by the development of the plant amounted to Rp.
638.6 billion coming from own capital of Rp. 500.0 billion and the rest from
loans.
In
November 1995, P.T. ETI signed an agreement with VREDESTEIN BANDEN B.V. of the
Netherlands to construct the plant. The signing of the agreement is a new
cooperation after the signing of an agreement to build inner tube plant being
managed by its sister company P.T. ELANGPERDANA PRIMA NIAGA DAN INDUSTRI. In
February 1996, P.T. ETI gained a syndication loan of US$ 72.0 million from
three banks of Japan and 3 foreign financial institutions led by P.T. PANIN
OVERSEAS FINANCE. In October 2004, P.T. ETI obtained a certificate of ISO
9001-2000 for the acknowledgement of quality management system.
P.T. ETI
product ranges is from High Performance Passenger Car Radial tyre, Light Truck
Radial Tyre as well as Light Truck to Truck and Buses Conventional Tyres. The
product is all certified with ECE, DOT, In Metro, SASO, GCC and of course our
own standard SNI. That's the reason why we are able to get more share in
domestic market and more market internationally. Some 55% of the production of
the company is locally marketed using ACCELERA, FORCEUM, ACCELERA SNOW TYRE,
and EPCO Series brands. Meanwhile the rest is exported to over 50 countries
around the world. The company is also supplied the products to P.T. KIA
INDONESIA (imported and authorized distributor KIA in Indonesia). The company
is classified as a medium sized company in the country dealing with car and
truck tyre industry of which the operation has been running smoothly and
gradually growing. We believed that the company will be growing under the new
owner and management.
In
general, the demand for automotive tires, inner tubes, flaps and including
vulcanize tires for motorcar, truck and heavy duty is in line with the progress
achieved by Indonesian automotive manufacturing and heavy duty industries. We
observe that automotive assembling and heavy duty assembling industries have
kept on increasing in the last five years. However, the competition is very
tight because automotive tires imported from the People Republic of Chinese are
sold for cheaper compared with local made. P.T. ETI's business position is
still quite good for it has established extensive marketing networks in Jakarta
and surroundings. The development of automotive tires industry in the country
can be seen under table below.
Production
and Export of National Tires, 2005 – 2013
|
Year |
Production (units) |
Export ( units) |
|
2005 |
36,000,000 |
28,000,000 |
|
2006 |
38,000,000 |
32,000,000 |
|
2007 |
41,900,000 |
26,500,000 |
|
2008 |
42,840,000 |
29,900,000 |
|
2009 |
39,187,000 |
27,940,000 |
|
2010 |
50,000,000 |
35,100,000 |
|
2011 |
51,200,000 |
35,200,000 |
|
2012 |
52,000,000 |
35,900,000 |
|
2013 |
54,080,000 |
37,336,000 |
Source: Processed from Indonesian Tires
Producers Association (APBI)
Until this
time P.T. ETI has not been registered with Indonesian Stock Exchange, so that
they had not obliged to announce their financial statement. The management of
P.T. ETI is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
2012 amounted to Rp. 428.0 billion increased to Rp. 440.0 billion in 2013 rose
to Rp. 472.0 billion in 2014 and projected to go on rising by at least 4% in
2015.
The
operation in 2014 yielded an estimated net profit of at least Rp. 35.0 billion
and the company has an estimated total networth of at least Rp. 550.0 billion.
We observe that P.T. ETI is supported by foreign partner with has financially
strong and sound behind it.
The
management of P.T. ETI is led by Mr. Biantoro Setijo (47) a businessman with
wide experience in trading and industry of motor vehicle tires. He replaced the
position of Mr. Haji Mohammad Yasin (81) since October 2003 in which the
majority shares of the company are taken over by the SARI WARNA Group. Mr.
Biantoro Setijo serves as a Commissioner of P.T. Indo Acidatama Tbk since May
31, 2007. He graduated from Waseda University (Tokyo) major in Mathematics.
Some of the positions he once held by, among others, he has been as a Deputy
General Manager of P.T. Tritone (1992-1997) and from 1997 to 2000 as Vice
President Director at the same company, as a Managing Director of PT.
Multistrada (2001-2003). He also serves as President Director of P.T.
Elangperdana Tyre Industry since 2003.
In his
daily activities, he is assisted by Mrs. Esther Elisa (51) as the director. 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. ELANGPERDANA TYRE
INDUSTRY is sufficiently fairly good for business cooperation.
List
of the SARI WARNA ASLI Group Members
1.
ALLADINTEX ABADI, P.T. (Textile
Manufacturing)
2.
BINTANG MANUNGGAL, P.T. Bank
(Banking)
3.
CELEBESMINAHASA SURYAADIRA, P.T.
(Animal Feed Industry)
4. DASAR RUKUN, P.T. (Spinning Mills)
5. DHARMA KOLIBA, P.T. Cipanas (Real Estate)
6.
ELANGPERDANA TYRE INDUSTRY, P.T.
(Car and Truck Tire Industry)
7.
HANIN NUSAMULYA, P.T. (Garment
Manufacturing)
8.
INDO ACIDATAMA CHEMICAL INDUSTRY,
P.T. (Alcohol & Spiritus Distillation)
9.
INDOCITMAS LESTARI MANDIRI, P.T.
(Distribution of Alcohol and Spiritus)
10.
INTITRAS BUSANAPRANA
INTERNATIONAL, P.T. (Garment Manufacturing)
11. KAMALTEX, P.T. (Spinning Mills)
12.
MEGA RUBBER FACTORY, P.T.
Semarang (Tyre Manufacturing)
13.
MEGA SAFE TYRE INDUSTRY, P.T.
(Tyre and Rubber Industry)
14.
METROPOLITAN SYNTHETIC CHEMICALS
INDUSTRIES, P.T. (Integrated Textile Industry)
15. NIRMALA AGUNG, P.T. Sukabumi (Plantation)
16.
PABRIK SEPATU FAMOUS, P.T.
(Sports Shoe Manufacturing)
17.
PAN BROTHERS Tbk., P.T. (Garment
Manufacturing)
18.
PANCA PRIMA EKABROTHERS, P.T.
19.
RUKUN JAYA, C.V. (Trading)
20.
SAMA MANDIRI, P.T. (Industrial
Chemical Processing)
21.
SARI WARNA ABADI, P.T.
(Industrial Chemical Processing)
22.
SARI WARNA ASLI TEXTILE INDUSTRY,
P.T. (Integrated Textile Industry)
23.
SARI WARNA FINTEX, P.T. (Textile
Dyed Chemical Manufacturing)
24.
SINAR PALEM ABADI, P.T. (Trading
and Supplier)
25.
SUMBER RUKUN JAYA PRIMA, P.T.
(General Trading and Distributor)
26.
TASINDO TASSA INDUSTRIES, P.T.
(Rubber Glove Manufacturing)
27.
TATA RUBBERINDO INDUSTRIES, P.T.
(Rubber Glove Manufacturing)
28.
THE FAST CHANNEL INDONESIA
ELECTRONICS, P.T. (Computer Components Manufacturing)
29.
TOPTONE ELECTRONIC INDUSTRIES,
P.T. (Electronic Component Manufacturing)
30.
TOYO ASAHI BICYCLE INDUSTRIES,
P.T. (Bicycle Manufacturing)
31.
TRINUSA OPTIMA GARMENT INDUSTRY,
P.T. (Garment Industry)
32.
TRISTATE GENERAL CORPORATION,
P.T. (Trading and Supplier)
33.
TRISTATE TEXTILE LTD., P.T.
(Spinning Mills)
34.
TUBANTIA KUDUS SPINNING MILLS,
P.T. (Integrated Textile Industry)
35.
WIDJAJA & CO., C.V. Surabaya
(General Trading and Distributor)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.44 |
|
UK Pound |
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.