MIRA
INFORM REPORT
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Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. UNIVERSAL CARPET AND RUGS |
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Registered Office : |
Jalan Raya Gaya
Motor No. 15, Sunter II, Jakarta 14330 |
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Country : |
Indonesia |
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Date of Incorporation : |
23 January 2001 |
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Com. Reg. No.: |
No.
C-00437.HT.01.04.TH.2006 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturer of Carpet and Rug |
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$ 1160000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. UNIVERSAL
CARPET AND RUGS
Address
Head Office
Jalan Raya Gaya
Motor No. 15, Sunter II
Jakarta 14330
Indonesia
Phone - (021) 65834789
Fax. -
(021) 65834677
E-mail - universalcarpet@universalcarpet.com
Building Area - 4 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Raya Gunung
Putri No. 285 B
Desa Tlajung Udik, Kecamatan Gunung
Putri
Bogor 16962, West Java
Indonesia
Phones - (021) 8677777, 8671108
Fax - (021)
8671727
Land Area - 3.7 hectares
Building Space - 1.2 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation
23 January 2001
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No
The Ministry of
Justice and Human Rights
No.
C-00437.HT.01.04.TH.2006
Dated 06 January
2006
Company Status
Private National and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Capital
Investment Coordinating Board
a. No. 1196/I/PMA/2000
Dated 26 December 2000
b. No. 47/II/PMA/2004
Dated 13 April 2004
Related Companies
- P.T. CLASSIC PRIMA CARPET INDUSTRIES (Carpet Industry and
Investment Holding)
- BRIGHTSIDE INVESTMENT Co. Ltd., of BVI (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure (in 2006):
Authorized Capital
: Rp.
93,800,000,000.-
Issued Capital : Rp.
32,830,000,000.-
Paid up Capital : Rp.
32,830,000,000.-
Shareholders/Owners :
a. BRIGHTSIDE INVESTMENT Co. Ltd., - Rp. 26,264,000,000.- (80%)
Address : Vanterpool Plaza, 2nd
Floor
Wickhams Cay I,
British Virgin Islands
b. P.T. CLASSIC PRIMA CARPET INDUSTRIES - Rp.
6,566,000,000.- (20%)
Address : Jl. Rungkut Industri II/39
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Carpet and Rug Manufacturing
Production Capacity
Initial Units
a. Woven Rugs -
3,600,000 sq. meters p.a.
b. Wall to wall carpets -
3,600,000 sq. meters p.a.
Expansion Units
a. Carpets -
2,160,000 sq. meters p.a.
b. Carpet Yarns -
2,160,000 sq. meters p.a.
Total Investment :
Initial Units
a. Equity Capital -
US$. 2.5 million
b. Loan Capital - US$. 7.5 million
c. Total
Investment - US$. 10.0 million
Expansion Units
a. Equity Capital -
US$. 0 million
b. Loan Capital - US$. 6.3 million
c. Total
Investment - US$.
6.3 million
Started Operation
2001
Brand Name
UNIVERSAL CARPET
Technical Assistance
None
Number of Employee
135 persons
Marketing Area
Domestic - 35%
Export -
65%
Main Customer
a. Carpet Shops
and Retail Shops in Indonesia
b. Other customers
in Singapore, Malaysia, Germany, Middle East and others
Market Situation
Very Competitive
Main Competitors
a. P.T. HERCULON
CARPET
b. P.T. FLAMBOO
INDONESIA
c. P.T. INDONESIA
CARPET MANUFACTURERS
d. P.T. KOTOBUKI
ABADI
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. ABN AMRO BANK
Jakarta Office
Jalan Ir. H. Juanda No. 23-24
Jakarta Pusat
b. P.T. Bank SWADESI
Jalan H. Samanhudi No. 37
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 50.0
billion
2005 – Rp. 65.0
billion
2006 – Rp. 72.0
billion
2007 – Rp. 86.0
billion
Net Profit
(estimated) :
2004 – Rp. 5.0 billion
2005 – Rp. 6.1 billion
2006 – Rp. 7.0 billion
2007 – Rp. 8.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Jiwat Hardasmal Khiani
Director - Mr. Deepak Rupo Chugani
Board of Commissioners :
President Commissioner - Mr. Baghwan Ranchand Bharwani
Commissioner -
Mr. Narwani Prakash Kotumal
Signatories :
President Director (Mr. Jiwat Hardasmal
Khiani) or Director (Mr. Deepak Rupo Chugani) which must be approved by
president commissioner (Mr. Baghwan Ranchand Bharwani) or commissioner (Mr.
Narwani Prakash Kotumal).
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed
Credit Limit
Moderate amount
Maximum Credit Limit
US$ 1,160,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. UNIVERSAL CARPET AND RUGS (P.T. UCAR) was
incorporated in January 2001 with an authorized capital of US$ 10,000,000.-,
issued and paid up capital of US$ 2,500,000.- The founding shareholders are
P.T. CLASSIC PRIMA CARPET INDUSTRIES of Indonesia (20%) and BRIGHTSIDE
INVESTMENT COMPANY Ltd., of British Virgin Islands (80%). In April 2006, the
authorized capital of the company was raised to Rp. 93,800,000,000.- issued and
paid up capital of Rp. 32,830,000,000.-
The deed of
amendment was made by Drs. Wijanto Suwongso, SH., a public notary in Jakarta
under Company Registration Number C-10073.HT.01.04.TH.2006, dated April 07,
2006.
The local partner namely P.T. CLASSIC PRIMA CARPET INDUSTRIES (P.T.
CPCI) is a private company in carpet industry of which the majority business
stakes is controlled by Mrs. Devakabai Chugani AKA Bhagwan Cugani and her
family. P.T. CPCI is in affiliation
with other companies, such as, P.T. Bank SWADESI (banking), U.D. ISTANA DEKORASI (trading of carpet and textile, design
interior), C.V. MULTINDO PERKASA (importing and trading of carpet and textile),
etc.
P.T. UCAR is a Foreign Capital Investment
Company (PMA) dealing with carpet and rugs industry. Its plant is located at
Jalan Raya Gunung Putri No.285 B, Desa Tlajung Udik, Gunung Putri District,
Bogor, West Java, on a land of some 3.7 hectares. The plant was licensed to
produce woven rugs of 3,600,000 meters and wall carpet of 3,600,000 sq. meters
per year respectively operating since mid-2001. In April 2004, the company
obtained a expansion license by increasing its annual production capacity to
2,160,000 square meters of carpets and 2,160,00 kg of yarns with an investment
of Rp. 6.3 billion. Mrs. Sri, a staff of the company, said that some 65% of the
company products is exported to Singapore, Malaysia, Germany, Middle East and
others and the rest of 35% is locally marketed using Madeena and Sultana
brands. P.T. UCAR is classified as a
medium sized company of its kind in the country of which the operation has been
growing in the last three years.
Generally outlook we find the demand for carpet products had been rising
until mid-1997 in line with the growth of property sector like housing,
hotelry, apartment, office building, etc. Since then the demand dropped down
until the end 1999 as the impact of economic crisis occurred in the country in
1997. It is estimated the demand will keep fluctuating within the coming
two-three years. Competition is very tight due to a large number of similar
companies operating in the country as well as many similar imported products
being offered in domestic market.
Business position of P.T. UCAR is favorable for it has maintained a wide
marketing networks at home and overseas.
The management of P.T. UCAR is very reclusive towards outsiders and
rejected to disclose its financial condition but we estimated that sales
turnover of the company in 2004 amounted to Rp 50.0. billion increased
respectively to Rp. 65.0 billion in 2005 to Rp. 72.0 billion in 2006 to Rp 86.0
billion in 2007 and projected it will be higher by 8% in 2008. It is estimated that P.T. UCAR’s operation
has in 2007 yielded a total net profit of Rp 8.2 billion with a total networth
of Rp 65.0 billion. The payment habit
of the company has been running smoothly ranging from 1 to 3 months. We did not
hear that the company having been black listed by Bank Indonesia (Central Bank)
and registered in the court for detrimental cases.
The management of P.T. UCAR is headed by Mr. Jivat Hardasmal Khiani
(54), a businessman with experience for some 20 years in carpet industry and
trade. Daily, he is assisted by Mr.
Deepak Rupo Chugani as director and a number of other professionals also with
experience and expertise in the business.
The management has maintained a wide relation with private businessmen
at home and abroad as well as with government authorities. So far, we did not hear that the company's
management having been involved in the business malpractices.
P.T. UCAR is appraised quite feasible for business transaction, but
considering unstable economic condition in the country, we recommend to treat
prudently in dealing with any new loans 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. |
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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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%)