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MIRA INFORM REPORT
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Report No. : |
497184 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. CHUHATSU INDONESIA |
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Formerly Known As : |
PT. TRI SATRIA UTAMA |
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Registered Office : |
Jl. KH. Noer Ali
Kelurahan Cibuntu, Kecamatan Cibitung
Kab. Bekasi 17520 Jawa Barat |
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Country : |
Indonesia |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
28.06.1978 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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No. of Employees : |
460 |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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.
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Source
: CIA |
COMPANY
IDENTIFICATION
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Company Name |
PT. Chuhatsu Indonesia ( Previous Name
: PT. Tri Satria Utama ) |
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Address |
Jl. KH. Noer Ali |
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Telephone |
+622188330010 |
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Fax |
+622188330011 |
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Mobile Phone |
N.A. |
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Email |
accounting@chuhatsu.co.id |
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Web |
www.chuhatsu.co.id |
PROFILE
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Address |
Jl. KH. Noer Ali |
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Office Building |
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Date of Establishment |
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Start Operation |
1978 |
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Legal Status |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization (historical) |
No. Y.A.5/257/15 |
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Government Permit (s) |
Badan Koordinasi Penanaman Modal (BKPM) |
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Significant change |
Formerly named PT. Tri Satria Utama, the Company was established
in Jakarta on June 28, 1978, with the authorized capital of IDR 1,250
million, issued and paid up capital of IDR 609 million. It was initially
owned by PT. Tri Satria (50.99%), PT. National Motors Company (25.00%) and
PT. Tunas Jaya Sentosa (24.01%). On May 9, 1990, the Company’s authorized capital and issued
capital increased to IDR 5,000 million, whereas the paid-up capital increased
to IDR 3,500 million. At that same time, the Company’s shareholder structure
changed, to comprise: PT. Tri Satria (10.48%), Mr. Gunarso Laksmono (00.32%),
PT. Arman Investments Utama (00.32%), Mr. Theodore Permadi Rachmat (0.81%),
Mr. Teddy Thohir (1.1%), Mr. Padmo Sumasto (1.06%), Mr. Lingga Putro Rahardjo
(0.42%), PT. Unitras Pertama (1.71%), PT. Superior Coach (58.78%), Chuo
Spring Company Limited of Japan (20.0%), and Toyota Tsusho Corporation of
Japan (5.0%). Notarial act of the Company has changed several times, such as
on February 19, 1993. Yet the change was only incidental and not affecting to
the Company’s capitalization and shareholder structure. On May 21, 2001, the Company was renamed to: PT.
Chuhatsu Indonesia (the Company). But unfortunately up to the completion
of this report, however, we are unable to obtain act regarding the changing
name of the Company; so that we cannot show you details about the content of
the act. Based on our database, the latest change on notarial act was on
November 7, 2008. As written on the change, the Company’s authorized capital
increased to IDR 7,600 million-entirely issued and fully paid up. Meanwhile,
the Company’s shareholders are Chuo Spring Co. Ltd of Japan (85.066%),
Toyota Tshusho Corporation of Japan (10.000%), PT. Toyota Motor
Manufacturing Indonesia (4.934%), Mr. Gunawan
Kusuma (0.000%). On December 10, 2015, the Company published a notarial
act, yet the change was only incidental and not affecting to the Company’s
capitalization and shareholder structure. On August 2, 2016, the Company published a notarial act with no
change in the capital structure and share ownership. On April 27, 2017, the Company published a notarial act of which
the authorized capital increased to become IDR 9,832,380,000, with
fully issued and paid up capital. Meanwhile, shareholders of the Company
changed to become Chuo Spring Co. Ltd of Japan (88.457%), Toyota
Tshusho Corporation of Japan (7.730%), and PT. Toyota Motor
Manufacturing Indonesia (3.814%). As far as we know, there has been no more change in the
Company’s notarial act as published by the Ministry of Justice. |
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Capitalization |
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SHAREHOLDERS
& MANAGEMENT
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Shareholders |
Total No. of Shareholders: 3 |
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Name of Shareholders |
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Management Board |
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Name |
Mr. Takeshi Matsumoto |
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Position |
President Director |
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Nationality |
Japanese |
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Name |
Mr. Billy Barliansyah |
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Position |
Vice President Director |
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Nationality |
Indonesian |
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Name |
Mr. Satoshi Suzuki |
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Position |
Director |
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Nationality |
Japanese |
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Name |
Mr. Heru Wibowo |
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Position |
Director |
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Nationality |
Indonesian |
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Name |
Mr. Tatsuya Fujii |
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Position |
Director |
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Nationality |
Japanese |
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Supervisory Board |
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Name |
Mr. Hiroyuki Hamaguchi |
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Position |
President Commissioner |
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Nationality |
Japanese |
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Name |
Mr. Yuji Aihara |
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Position |
Commissioner |
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Nationality |
Japanese |
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Management Assessment |
The management is deemed to have sufficient experience and
industry expertise to manage subject properly. |
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Authorized Signatories |
Mr. Takeshi Matsumoto as President Director, Mr. Billy Barliansyah
as Vice President Director, Mr. Heru Wibowo, Mr. Satoshi Suzuki and Mr.
Tatsuya Fujii as Directors of the Company which must be approved by
shareholders meeting. |
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Affiliate (s) / Associate (s) |
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KEY
DATA ON OPERATIONS
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Registered Activities |
SIC Code 29 : Manufacture of motor vehicles, trailers and
semi-trailers |
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Employee |
Per 31 March 2017 |
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Business Category |
SIC Code 29.3 : Manufacture of parts and accessories for motor
vehicles |
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Line of Business |
SIC Code 29.32 : Manufacture of other parts and accessories for motor
vehicles |
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Product & Capacity |
N.A. |
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Status of Investment |
Foreign-invested Company |
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Sales Territory |
Local |
70% |
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International |
30% |
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Main Items Imported |
Machinery |
Japan |
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Main Items Exported |
Automotive Components and Parts |
USA |
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Major Customers |
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Major Supplier |
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Terms of Payment |
Purchase Payment |
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Activity Comment |
PT. Chuhatsu Indonesia (the Company) is a
foreign invested company that started the operation in 1978 and engaged in
automotive components and parts manufacture industry. The Company’s head
office, factory and registered address are located in a commercial area,
precisely at Jl. KH. Noer Ali, Kelurahan Cibuntu, Kecamatan
Cibitung, Kab. Bekasi 17520, Jawa Barat - Indonesia. We believe this location
is leased for a long-term period. In addition, the company also has a second
factory located in Kawasan Industri Surya Cipta Karawang. For additional information, in the legal document, the Company
has an address located at Jl. Inspeksi Tarum Barat, Kelurahan Cibuntu,
Kecamatan Cibitung, Bekasi, 17520, Jawa Barat, Indonesia, meanwhile,
according to our source, the Company's address at Jl. Inspeksi Tarum Barat
has been changed name to Jl. KH. Noer Ali. The Company is a member of Japan-based Chuo Spring Group. The
group is not only operating in Indonesia and Japan, but also in the USA,
Germany, Turkey, Taiwan, Thailand, India, and China. Meanwhile, the Company is also a subsidiary of Chuo Spring Co.
Ltd. of Japan which is a Japan-based company principally involved in the
manufacture and sale of springs, control cables and automobile supplies. The
Company also subsidiary of Toyota Tsusho Corporation of Japan and PT. Toyota
Motor Manufacturing Indonesia is part of Toyota Group. Moreover, Toyota Tsusho
Corporation of Japan has a worldwide presence through its many subsidiaries
and operating divisions, including over 150 offices, and 900 subsidiaries and
affiliates around the world. According to our source, types of automotive components produced
by the Company are, among other: Leaf Spring, Coil Spring, and Stabilizer.
These products are absorbed by local and overseas automotive industry. Moreover, customers of the Company mainly come from members of
its group, from local and overseas. While 70% of the Company's customer
is for local market. Some of the customers are: PT. Toyota Motor
Manufacturing Indonesia, PT. Astra Honda Motor Indonesia, PT. Astra
Internasional Tbk, Central Spring Inc of USA, Chuo Thai Cable Co. Ltd. of
Thailand, Toyota Tshusho Corporation of Japan, etc. Some of raw materials and supporting materials used for
producing the products are obtained from abroad, such as from Toyota Tshusho
Corporation of Japan, PT. Incore Systems Solutions, Chuo Spring Co. Ltd of
Japan, PT. Tenang Jaya Sejahtera, Taiwan Chuhatsu Factory Company of Taiwan,
etc. In comparison, so far the raw materials and supporting materials used
for producing the products as much as 65% is met by overseas market and the
rest is able to be fulfilled by domestic market. For its transaction, the Company uses Telegraphic Transfer (T.T)
with Credit Term 1-30 days, 31-60 days, more than 60 days. As for
transactions with overseas suppliers, the Company uses Telegraphic Transfer
(T.T) with Credit Term 1-30 days, 31-60 days, more than 60 days. As for
transactions with customers, the Company uses Telegraphic Transfer (T.T) with
Credit Term 1-30 days, 31-60 days, more than 60 days. So far, the Company did not experience any significant
problems. Based on the annual report per March 31, 2017, it is known that
the Company's cash flow is in a healthy condition where cash flow from
operating activities is positive while investment and funding activities are
negative. This may be an indication that the circulation of money in the
Company's business activities is derived from the main business lines run by
the Company, not from funding or investment activities. Our source said that in 2017, the Company conducted a local
market expansion strategy to attract more customers from the automotive
industry. This is done in order to boost the sales performance of the
Company. In the early 2018, the Company's operational performance is
still quite stable. For additional information, regarding the credit risk management
information, the Company's credit risk is primarily attributable to its
cash in banks, time deposits, trade and other receivable. The Company places
its bank balances with credit worthy financial institutions. Trade and other
receivables are entered with respected and credit worthy third parties and
related parties company. The Company's exposure and its counterparties are
continuously monitored and the aggregate value of transactions concluded is
spread amongst approved counterparties. In addition, the Company is part of Indonesian Automotive Parts
and Components Industries Association. |
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Litigation |
Based on the information obtained from the State Court Case
Tracking System Bekasi - West Java, the Company was involved in a tort
case sued by Mr. Tulus Widodo with the case number 322/PDT.G/2012/PN.BKS on
September 21, 2012. But until this report is completed we do not know the
rest of the case. |
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Factory Address |
Kawasan Industri Surya Cipta Karawang |
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Registered and Factory Address |
Jl. KH. Noer Ali |
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BANKING
INFORMATION
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Banker (s) |
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Insurance |
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BUSINESS
PROSPECTS
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Business Prospects |
Automotive industry in 2018 is predicted to improve. Its position
is even become the backbone of the government in realizing the industry
growth target of 5.67% along with the electronics industry, pharmaceutical
chemicals, and food and beverage sectors. Nevertheless, automotive industry
players still need government support in terms of regulation that can drive
growth and increase the car market. Based on data from the Association of Indonesia Automotive
Industries (GAIKINDO), car sales in 2017 was expected to range from 1.05
million to 1.06 million. Previously, sales in 2016 showed 4.5% increased from
2015. In 2018, the government targets car sales to reach 1.1 million-1.2
million units. Another prediction says that Indonesia is expected to emerge as
the largest automotive market in ASEAN in 2019 with the amount of 2.3 million
vehicles. This is supported by sustained economic growth, a larger
middle-class income, increased investment in the automotive sector,
automotive and regulations that support the market growth. Until 2020, the
national automotive market growth is predicted to reach 6.8%. The predicted improvement of automotive sector will definitely
have positive impacts for the automotive supporting sector, including for the
Company. |
FINANCIAL
STATEMENT
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Sales Turn Over |
2014 - IDR 497,560,000,000 (Estimated) |
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Total Assets |
2016 - IDR 583,487,529,240 ( Annual Report of the Company per
March 31 ) |
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Other Financial Data |
The Company's financial ratio
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CREDITWORTHINESS
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Management Capability |
Good |
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Business Morality |
Adequate |
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Payment Manner |
Slow but Correct |
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Financial Condition |
Satisfactory |
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Operating Trend |
Fluctuated |
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Conclusive remarks |
Based on the information shown above,
we learned that the Company has been engaged in automotive part and
accessories industry since 1978. Moreover, customers of the Company are PT.
Toyota Motor Manufacturing Indonesia, PT. Astra Honda Motor Indonesia, PT.
Astra Internasional Tbk, Central Spring Inc of USA, Chuo Thai Cable Co. Ltd.
of Thailand, Toyota Tshusho Corporation of Japan, etc. Meanwhile suppliers of
the Company are Toyota Tshusho Corporation of Japan, PT. Incore Systems
Solutions, Chuo Spring Co. Ltd of Japan, PT. Tenang Jaya Sejahtera, Taiwan
Chuhatsu Factory Company of Taiwan, etc. Based on the financial ratio
calculated above, it reveals that the Company’s liquidity ratio is high,
indicating that the Company has good capability to pay the short-term loans
by using its current assets. Meanwhile, the Company is able to pay its
long-term liabilities using assets, not with equity. On the other hand, the
Company's cash flow characteristics also serve as an indicator of healthy
financial condition. Overall, with such considerations, the Company is
considered to have a healthy financial condition. As we learned, the impact of
the slowing economy resulted in the decrease performance of the automotive
industry. This is negatively affecting the Company as the automotive
components industry. However, in 2017 the Company conduct a local market
expansion strategy to attract more customers from the automotive
industry. Meanwhile, financially, the Company did not experience payment
problems significantly, so the Company is able to manage the risk of debts
well. Based on the above information,
regarding also Indonesian automotive industry in 2018 is predicted to be more
successful. This could be an opportunity for the Company to develop its
business in the future, supported with their 40 years of experiences and good
relationships has managed with both suppliers and customers. Based on
the various considerations, we classify the Company’s credit
rating at 'Medium Risk'. For security reason, we advise
those wishing to cooperate with or grant loans to this Company to keep asking
for adequate collateral from shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.87 |
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|
1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
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.