Friday, January 22, 2010

Serasi Auto Raya issues IDR400 billion MTN

PT Serasi Autoraya plas to issues IDR400 billion medium term notes (MTN). PT Pemeringkat Efek Indonesia has assigned rating for Serasi Autoraya and its proposed MTN at idA with a stable outlook.
The ratings reflect the company’s favorable fleet profile, strong market position in car rental business, sustainable revenue stream from rental business and relatively strong cash flow protection. However, the ratings are constrained by the company’s customer concentration risk and high dependence on external funding to support the business growth.
Serasi Autoraya is Indonesia’s biggest car and motorcycle rental company. The company also engages in used car trading, taxi and shipping businesses. The company has 17,385 units of cars and 3,199 units of motorcycles for rental service, 2 vessels for shipping service and 337 taxi units.
The company is supported by 28 branches, 33 outlets and 526 workshops throughout Indonesia. The current shareholders are PT Astra International Tbk, or the Group (99.9995% shares ownership) and PT Arya Kharisma (0.0005%).

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