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MIRA INFORM REPORT
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Report No. : |
493229 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. TRIMITRA BATERAI PRAKASA |
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Registered Office : |
Jl.
Semper Timur No. 3, Semper – Cilincing, Jakarta Utara 14130 |
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Country : |
Indonesia |
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Date of Incorporation : |
14.01.1996 |
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Com. Reg. No.: |
AHU-AH.01.03-0102908 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing
of Automotive Battery. |
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No. of Employees : |
980 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Indonesia |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
|
Source
: CIA |
COMPANY
NAME
P.T. TRIMITRA BATERAI PRAKASA
BASIC
SEARCH
Name
of Company :
P.T. TRIMITRA BATERAI
PRAKASA
A
d d r e s s :
Head
Office & Factory
Jl.
Semper Timur No. 3
Semper
– Cilincing
Jakarta
Utara 14130
Indonesia
Phones -
(62-21) 440 3066 (Hunting)
Fax - (62-21) 440 1763
Email - bennybayang@trimitra-baterai.co.id
Website - http://www.trimitra-baterai.co.id
Land Area - 49,500 sq.
meters
Building Area - 28,800 sq.
meters
Region - Industrial
Zone
Status - Owned
Workshops
a. Jl.
MT. Haryono Kav. 1
Pancoran
Jakarta
Selatan
Indonesia
Phones - (62-21) 8303027
b. Komplek Bukit Gading Indah Blok O No. 9
Kelapa Gading
Jakarta Utara
Indonesia
Phones -
(62-21) 45842790
c. Ruko
Boulevard Taman Palem Lestari Blok C No. 33
Cengkareng
Jakarta Baratg
Indonesia
Phones -
(62-21) 55955050
Date of Incorporation :
14
January 1996
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C2-10579.HT.01.01.TH.96
Dated 26 November 1996
b. No.
AHU-56713.AH.01.02.TH.2010
Dated 03 December 2010
c. No.
AHU-AH.01.10-13647
Dated 06 May 2011
d. No.
AHU-AH.01.03-0102908
Dated 05 June 2017
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
a. The Department of Finance
NPWP No. 01.769.964.6-046.000
b. The Investment Coordinating Board
No. 775/I/PMDN/1996
Dated 13 December 1996
Holding
Companies :
a.
GS YUASA INTERNATIONAL Ltd., of Japan (Investment Holding)
b.
PT. YUASA BATTERY INDONESIA (Investment Holding)
Affiliated/Associated
Companies :
a.
PT. SAPTA PANJI MANGGALA (Investment Holding)
b.
PT. PAKARTI YOGA (Investment Holding)
c.
PT. SANTINILUWANSA LESTARI (Investment Holding)
d.
A member of GS YUASA Group of Japan
e.
A member of PAKARTI YOGA Group or GEMALA Group of Indonesia
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 56,400,000,000.-
Issued Capital - Rp. 56,400,000,000.-
Paid up Capital - Rp. 56,400,000,000.-
Shareholders/Owners
:
a. GS YUASA INTERNATIONAL Ltd., - Rp. 18,800,000,000.- (33.33%)
Address : 1, Inobanda-cho, Nishinosho,
Kisshoin, Minami-ku, Kyoto, 601-8520
Japan
b. PT. YUASA BATTERY INDONESIA - Rp. 18,800,000,000.- (33.33%)
Address :
Jl. Kebon Sirih No. 96
Jakarta Pusat
Indonesia
c. PT. SAPTA PANJI MANGGALA -
Rp. 8,813,440,000.- (15.63%)
Address : Kawaan Industri Pulogadung
Jakarta Timur
Indonesia
d. PT. PAKARTI YOGA - Rp.
9,400,000,000.- (16.67%)
Address :
Jl. Kebon Sirih No. 96
Jakarta Pusat
Indonesia
e. PT. SANTINILUWANSA LESTARI -
Rp. 586,560,000.- ( 1.04%)
Address : Jl. Taman Kebon Sirih II/7
Jakarta Pusat
Indonesia
BUSINESS
ACTIVITIES
Lines
of Business :
Automotive
Battery Manufacturing
Production
Capacity :
Automotive Batteries - 4,500,000 units
p.a.
Total
Investment :
a. Equity Capital - Rp. 56.4 billion
b. Loan Capital - Rp. 86.8 billion
c. Total Investment - Rp. 143.2 billion
Started
Operation :
November
1996.
Brand
Name :
G-FORCE
and MASSIVE
Technical
Assistance :
GS YUASA INTERNATIONAL Ltd., of Japan
Number
of Employee :
980
persons
Marketing
Area :
a. Local -
32%
b. Export - 68%
Main
Customers :
a.
Automotive and Motorcycle Industries
b.
Overseas buyer in Europe, Asia, Australia, New Zealand, Africa and USA
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Yuasa Battery Indonesia
b.
PT. GS Battery Indonesia
c.
PT. Nipress Tbk.
d.
PT. Indobatt Industri Permai
e.
PT. Best Energy System
f. Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r s :
a.
The Bank of Tokyo-Mitsubishi UFJ Ltd
MidPlaza Building
Jl. Jend. Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
b.
P.T. Bank NEGARA INDONESIA Tbk
Plaza 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2013 – Rp. 1,405.0 billion
2014 – Rp. 1,576.0 billion
2015 – Rp. 1,760.0 billion
2016 – Rp. 1,971.0 billion
2017 – Rp. 2,207.0 billion
Net
Profit (estimated) :
2013 – Rp. 77.0 billion
2014 – Rp. 86.0 billion
2015 – Rp. 98.0 billion
2016 – Rp. 110.0 billion
2017 – Rp. 124.0 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Emmanuel Lestarto Wanandi
Vice President Director - Mr. Shigeto Yuasa
Directors -
a. Mr. Hideki Wakiya
b. Mr. Ir. Johannes Benny Bajang
Board of Commissioners :
President Commissioner - Mr. Akio Furukawa
Commissioners - a. Mr. Lukito Wanandi
b. Mr. Aryoso Wijoyo Sugiarso
c. Mr. Shinsuke Uehara
Signatories :
President
Director (Mr. Emmanuel Lestarto Wanandi) or Vice President Director (Mr.
Shigeto Yuasa) or one of the Directors (Mr. Hideki Wakiya or Mr. Ir. Johannes
Benny Bajang) which must be approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
P.T. TRIMITRA BATERAI
PRAKASA (P.T. TBP) was established on January 14, 1996 with an authorized capital
of Rp 500,000,000 of which Rp. 250,000,000 was issued and fuly paid up. The founding shareholders of P.T. TBP are PT.
Sapta Panji Manggala (87.5%), PT. Trikirana Investindo Prima (7.5%) and PT.
Santini Luwansa Lestari (5.0%). The Deed of establisment was approved by the Minister of Justice of the Republic
Indonesia by virtue of Decision Letter No. C2-10579.HT.01.01.TH.96 dated
November 26, 1996. The company’s Articles of Association has subsequently been
revamped for several times. In 1994, the authorized capital was increased to
Rp. 50,000,000,000.- issued capital to
Rp. 25,600,000,000.- wholly paid-up. In
November 1996, the whole assets and business activities of P.T. GEMALA BATTERY
were shifted to its sister company P.T. TBP.
Concurrently, P.T. TBP's authorized capital was raised to Rp.
37,600,000,000.- wholly was issued and paid-up.
As of September 2008, the shareholders of P.T. TBP are PT. YUASA BATTERY
INDONESIA (50%), PT. SAPTA PANJI MANGGALA (23.44%), PT.PAKARTI YOGA (25%) and
PT. SANTINILUWANSA LESTARI (1.56%).
In April 29, 2011, the authorized
capital was raised to Rp. 56,400,000,000.- entirely was issued and paid
up. Since the times, the shareholders of
the company are GS YUASA INTERNATIONAL Ltd., of Japan (33.33%), PT. YUASA BATTERY
INDONESIA (33.33%), PT. SAPTA PANJI MANGGALA (15.63%), PT. PAKARTI YOGA
(16.67%) and PT. SANTINILUWANSA LESTARI (1.04%). The amendment to Deed was
approved by the Minister of Law and Human Rights through its Decision Letter
No. AHU-AH.01.10-13647 dated May 6, 2011.
The most recently by Notary Deed of Yulianto, SH., No. 11 dated May 30,
2017, concerning the change in composition of the Company’s board of Directors
and Commissioners. This 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.01.03-0102908 dated June
05, 2017.
.
P.T. TBP is the continuation of P.T. GEMALA
BATTERY dealing with motorcar battery manufacturing whose plant located at Jl.
Semper Timur No. 3, Semper-Cilincing, North Jakarta standing on 49,500 sq.
meters land with building wide of 28,800 sq. meters. The plant started with operation as from 1990
with a total production capacity of 1,000,000.- units per year. In 2004, the
plant expanded for producing 2,000,000 units of automotive battery per annum.
In 2006, its production capacity was raised by 3,500,000 units and rose again
to 4,200,000 units per annum in 2007 and 4,500,000 units per annum at
present. The Company produces many types of batteries that consistently meet
International Standards in different countries, such Deutsche Institute fur
Normung (DIN), Japanese Industrial Standards (JIS), British Battery
Manufacturers Society (BBMS) and Australia Standards. Its production is
marketed under G-FORCE brand and MASSIVE brands under technology of GS YUASA
INTERNATIONAL Ltd., of Japan.
In August 1997, P.T. TBP was granted an ISO
9001 certificate and product certificate (GS-MARKING) from TUV-RHEINLAND
(Germany). Some 68% of the company
products are exported to Europe (43.85%), Asia (45.20%), Australia & New
Zealand (7.64%), Africa (1.78%) and USA (1.54%). For local markets, P.T. TBP
appoints P.T. SANTINILUWANSA ABADI as the sole distributor of its products.
Besides, P.T. TBP also distributes its products to a number of car assembling
industries including P.T. GENERAL MOTOR INDONESIA (OPEL), P.T. DIAMLER CHRYSLER
INDONESIA (MERCEDES BENZ), P.T. GARUDA MATARAM MOTOR (AUDI and CARAVELLE), P.T.
HYUNDAI INDONESIA (HYUNDAI) and P.T. VOLVO INDONESIA (VOLVO).
We note that the demand for automotive and motorcycle components and part,
tires and batteries has kept on rising by at least 6% to 8% per year in the
last five years in line with the growth and development of the automotive and
motorcycle industry 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 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 to 1,013 thousand units in 2015 and to 1,061 thousand in 2016. The growth
of car and motorcycle sales in Indonesia in 2008 to 2016 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 |
1,229 |
7,744 |
|
2014 |
1,208 |
7,867 |
|
2015 |
1,013 |
6,480 |
|
2016 |
1,061 |
5,931 |
The company is neither public listed nor bond issued company.
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. TBP’s management is very reclusive
to outsider and rejecting to disclose its financial condition but we estimated
the total sales turnover in 2015 amounted to Rp. 1,760.0 billion increased to
Rp. 1,971.0 billion in 2016 and rose again to Rp. 2,207.0 billion in 2017. The operation in 2017 yielded a net profit at
least Rp. 124.0 billion and the company has a total net worth of Rp. 520.0
billion. P.T. TBP is supported by a financially strong and healthy foreign
partner. So far, we have never heard of the company having been black listed by
the Central Bank (Bank Indonesia). Besides, the company usually pays its debts
punctually to suppliers.
The management of the company has been led by Mr. Emmanuel Lestarto
Wanandi AKA Wandi Wanandi (50) as President Director and CEO of the Company. He
is daily assisted by Mr. Shigeto Yuasa (49) as Vice President Director, Mr.
Hideki Wakiya (45) and Mr. Ir. Johannes Benny Bajang (56), both as Directors
respectively. The management has broad experience in automotive component
industry including batteries. Besides, the company management is handled by a
number of experienced professional managers of its sister company GS YUASA
INTERNATIONAL Ltd., of Japan having wide relation with private businessmen of
home and overseas as well as with the government sectors. So far, we have never yet come across reports
on involvement of P.T. TBP's management in any fraudulent dealings. We are convinced that P.T. TBP is quite good
for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
|
IDR |
1 |
INR 0.0047 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.