MIRA
INFORM REPORT
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Report Date : |
13th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
NOBEL CARPETS |
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Registered Office : |
Jl. Pintu Air No. 31, Jakarta
Pusat, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
09.10.2002 |
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Com. Reg. No.: |
C-17279.HT.01.04.TH.2003 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Integrated
Spinning and Carpet Rug Industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
1,970,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Name of company
P.T. NOBEL CARPETS
Address
Head Office
Jl. Pintu Air No. 31
Jakarta Pusat
Indonesia
Phones - (62-21) 3511177, 3451177
Fax. -
(62-21) 3843337
Email - nobeljkt@dnet.net.id
Building
Area - 3 storey
Office
Space - 310 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan
Soekarno – Hatta No. 817
Bandung
40613
West
Java
Phones - (62-22) 7801111 (hunting)
Fax. - (62-22) 7800202
Email - nobel@melsa.net.id
Telex - 28180 MERAK IA
PO Box - 440 BANDUNG
Land
Area - 24,800 sq. meters
Office
Space - 19,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 12
March 1984 as P.T. MERAK INTI POLYFIBERS
b. 11
December 1992 as P.T. NOBEL MERAK CARPETS
c. 09
October 2002 as P.T. NOBEL CARPETS
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No. C-17279.HT.01.04.TH.2003
Dated 24 July 2003
Company Status
Private
and Domestic Investment Company
Permit by the Government
Department
The
Capital Investment Coordinating Board
- No. 79/I/PMDN/1984
Dated 2 October 1984
- No. 748/III/PMDN/1991
Dated 4 September 1991
- No. 191/II/PMDN/1991
Dated 4 October 1991
- No. 42/II/PMDN/1997
Dated 11 March 1997
The
Department of Finance
NPWP No.
01.531.805.8.424.000
TDP No. 101115103428
Related
Company :
The
VASTEX PRIMA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
100,000,000,000.-
Issued Capital : Rp. 39,500,000,000.-
Paid up Capital : Rp. 39,500,000,000.-
Shareholder/Owner :
a. P.T.
MERAKLON PRIMDONA INDUSTRIES - Rp.
26,465,000,000.-
Address
: Jl. Soekarno Hatta No. 817
Bandung,
West Java
b. Mr.
Jaikishin Chattaram -
Rp. 11,731,500,000.-
Address
: Jl. Hegarmanah Kulon No. 27
Bandung,
West Java
c. Mrs.
Anita Jacky Mulani -
Rp. 1,303,500,000.-
Address
: Jl. Jambu No. 31
Gondangdia,
Jakarta Pusat
BUSINESS
ACTIVITIES
Lines of Business
Integrated Spinning and Carpet Rug Industry
Production Capacity
Initial Units
a.
Polypropylene BCF Filament -
5,250 tons p.a.
b.
Polypropylene Staple Fibers -
5,500 tons p.a.
c. Nylon
Filament Yarns -
1,750 tons p.a.
d. Nylon
BCF Filament Yarns -
1,750 tons p.a.
e.
Tufted Carpets (cut & loop pile) -
6,740,000 sq. meters p.a.
f. Rugs
Cut Pile -
5,040,000 sq. meters p.a.
Expansion Units
a. BCF
Filament Yarns -
1,750 tons p.a.
b. Rugs
Cut Pile -
1,866,000 sq. meters p.a.
Total Investment
Initial Units
a. Equity Capital - Rp. 39.5
billion
b. Re-invested Profit - Rp. 1.9 billion
c. Loan Capital - Rp. 30.4
billion
d. Total Investment - Rp. 71.8 billion
Expansion Units (Planned)
a. Own Capital - Rp --
b. Loan Capital - Rp. 23.1
billion
c. Total Investment - Rp. 23.1 billion
Started Operation
1 9 8 5
Brand Name
NOBEL CARPETS, CAVALIER
Technical Assistance
None
Number of Employee
492 persons
Marketing Area
Domestic (Local) - 80 %
Export - 20%
Main Customer
a. Office Building
b. Hotels
c. Hospitals
d.
Restaurants
e.
Retail Shops, etc.
Market Situation
Very Competitive
Main Competitors
a.P.T.
Ralindo Dharma Mitra
b. P.T.
Sinar Gading Jaya
c. P.T.
Niti Nusantara
d. etc.
Business Trend
Growing
BANKER,
AUDITOR & LITIGATION
Bankers
a.
P.T.
Bank NIAGA Tbk
Bandung Branch
Jl. Lembong No. 7
Bandung, West Java
Indonesia
b.
P.T.
Bank NEGARA INDONESIA Tbk
Bandung Branch
Jalan Asia Afrika No. 119
Bandung West Java
Indonesia
c. Standard Chartered Bank
Wisma
Standard Chartered Bank
Jl.
Jend. Sudirman Kav. 33A
Jakarta
Selatan
Auditor
Internal
Auditor
Litigation
No
litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated)
2002 – Rp. 102.0 billion
2003 – Rp. 118.0 billion
2004 – Rp. 130.0 billion
2005 – Rp. 145.0 billion
2006 – Rp. 85.0 billion (January- June)
Net Profit (Loss)
2002 –
Rp. 9.0 billion
2003 –
Rp. 9.8 million
2004 –
Rp. 11.0 million
2005 – Rp. 12.5 million
2006 – Rp. 7.2 billion (January – June)
Payment Manner
Average
Financial Comments
Satisfactory
KEY
EXECUTIVES
Board
of Management
President Director - Mr. Jaikishin
Chattaram
Directors - a.
Mr. Arumogan Subramaniam
b. Mr. Irwan Sutjiadi
Board
of Commissioner
Commissioner - Mrs. Anita
Jacky Mulani
Signatories
President
Director (Mr. Jaikishin Chattaram) or one of the Directors (Mr. Arumogan
Subramaniam or Mr. Irwan Sutjiadi) which must be approved by the Board of
Commissioners (Mrs. Anita Jacky Mulani)
CAPABILITIES
Management
Capability
Good
Business
Morality
Good
Credit
Risk
Below Average
Credit
Recommendation
Credit can be
proceeded normally
Proposed Credit Limit
Moderate amount (Good for US$ 150,000.- on the 90 days D/A
terms of payment)
Maximum
Credit Limit
US$
1,970,000.- on the 90 days D/A terms of payments
OVERALL
PERFOMANCE
Originally named P.T. MERAK INTI POLYFIBERS, the company was established
on March 12, 1984 with an authorized
capital of Rp 1,000,000,000.- of which Rp 200,000,000.- was issued and paid up. The company was
founded by P.T. MULTIBIS AGUNG PRIMA (a national private company) and Mr.
Jaikishin Chattaram (an ethnic-Indian
Indonesian businessman) as the
original shareholders. The company's notarial act was since revised a
number of times. On December 11, 1992 the company's name was changed to P.T.
NOBEL MERAK CARPETS, on which occasion the authorized capital was increased
to Rp 39,500,000,000.- entirely issued, of which Rp 25,280,000,000.- was
paid up. Since then, the company's shareholders have been listed as P.T. MERAKLON
PRIMADONA INDUSTRIES, Mr. Jaikishin
Chattaram and Mr.
Frans Eliezer. Latest on October 09, 2002, the company
renamed to P.T. NOBEL CARPETS (P.T. NC) and concurrently the authorized capital
was raised to Rp. 100,000,000,000.- of which Rp. 39,500,000,000.- was issued
and fully paid up. Notary deed of the
company made by Dr. Wiratni Ahmadi, SH., a public notary in Bandung. P.T. NC
obtained its registration number of the Department of Justice of the Republic
of Indonesia on July 24, 2003 under number C2-18279.HT.01.04.TH.2003. P.T. NC is a member of the VASTEX PRIMA
group, a developing business group mainly engaged in carpet rug industry.
The company was engaged in
polypropylene BCF filament and
staple fiber manufacturing
with its plant located at
Jalan Gede Bage, Ujung Berung, Bandung, West Java. The first
commercial production had been starting in 1985 with a production capacity of
1,750 tons polypropylene BCF filament per
year, absorbing an investment
of Rp 5.0 billion. P.T. NC had in the
end 1991 developed into integrated spinning and carpet &
rug industry, and at the end 1992 it
took over the whole activities of its sister company P.T.
MERAKLON PRIMADONA INDUSTRIES engaged in carpet and rug manufacturing
industry. The company’s production is
largely marketed in the country, with
the rest exported to several countries,
including Japan, Europe and the Middle East.
In December 1994 P.T. NC made a product diversification producing new
type of carpet made of DuPont Antron fibre type 6.6 with CAVALIER brand. Such carpet had previously been imported
from the USA. Mrs. Lely, a staff pointed out such carpet has already been
commonly used by a number of office buildings and hotels including Bapindo
Tower, Sahid Sheraton Hotel, Mercury Hotel,
Dusit Hotel, etc.
Generally
outlook we find the demand for carpet rug had been rising by 19% to 12% per
year until mid-1997, in line with the growth of hotel industries, office
building, condominium, apartment and many other property projects development.
It is projected the demand will only be higher by 4% to 6% per year within the
coming three years because economic condition remains unstable. Competition is
very tight due to a large number of similar local and imported products are
marketed locally. The product of P.T.
NOBEL MERAK CARPETS has been widely known in the country and it is supported by
a wide marketing network at home.
The company is neither public listed
nor bond issued company. Therefore, the company has no obligation to publish
financial statements publicly. We have checked to Department of Trade and Industry
and found that no financial statement has been reported. The management is very
reclusive and rejected to disclose its financial condition. But we estimate the
total sales turnover of P.T. NC in 2003 amounted to Rp 118.0 billion increased to Rp. 130.0 billion in 2004 and rose again
to Rp. 145.0 billion in 2005 and
projected it will be higher by 12% in 2006. The operation has yielded a net
profit of Rp. 12.5 billion in 2005 and the company has a total networth of
about Rp 65.0 billion.
Its payment to suppliers is running
punctually. We did not hear that the company has been black listed by Bank
Indonesia Central Bank. Originally P.T. NC was also listed as bad debtors of
P.T. PPA (ex.IBRA), but as from the first quarter of 2003 they had not more been
registered as bad debtors.
P.T. NC’s management is headed by Mr. Jaikishin Chattaram (53) with more
than 20 years experience in trading and industry of textile. In his daily
activities, he is assisted by two directors namely Mr. Arumogam Subramaniam (69)
and Mr. Irwan Sutjiadi (59). The management handled by professional managers
having wire relation with overseas and national private businessmen as well as
with the government sectors. As far as
business is concerned the management of P.T. NC has never involved in any
fraudulent dealings being settled in the court.
We appraise P.T. NOBEL CARPETS to be
very good for normal business transaction.
However, considering unstable economic condition in the country, we
recommend to treat prudently in extending loan to the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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