MIRA INFORM REPORT
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Report Date : |
01.06.2011 |
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 : |
23.01.2001 |
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Com. Reg. No.: |
No. AHU-18851.AH.01.02.TH.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Carpet and Rug Manufacturing |
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$ 1,700,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. UNIVERSAL CARPET
AND RUGS
company 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
Website - http://www.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 - 37,500 sq.
meters
Building Space - 15,500 sq. meters
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 Law and
Human Rights
- No. C-03545.HT.01.01.TH.2001
Dated 19 July 2001
- No. AHU-18851.AH.01.02.TH.2011
Dated 14 April 2011
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Department of Industry
and Trade
NPWP No. 01.951.410.8-057.000
The Capital Investment
Coordinating Board
- No. 1196/I/PMA/2000
Dated 26 December 2000
- No. 47/II/PMA/2004
Dated 13 April 2004
- No. 107/III/PMA/2011
Dated 17 February 2011
The Department of Industry
No. 527/T/Industri/2007
Dated 22 June 2007
Related Companies
a. P.T. ALTIA CLASSIC AUTOMOTIVE MANUFACTURING
(Car Mat Manufacturing)
b. P.T. Bank SWADESI Tbk (Banking
Services)
c. P.T. CLASSIC EXPORTINDO JAYA
(Trading and Exporter of Soap, Detergent, Shampoo
Products, and Garment Products)
d. P.T. CLASSIC INTERMARK (Soap
and Detergent Manufacturing)
e. P.T. CLASSIC PRIMA CARPET
INDUSTRIES (Carpet Industry and Investment Holding)
f. P.T. FRONTE CLASSIC INDONESIA
(Carpet and Rugs Manufacturing)
g. U.D. ISTANA DEKORASI (Trading
of Carpet and Textile Design Interior Services)
h. P.T. KOTOBUKIYA INDO CLASSIC
INDUSTRIES (Carpet Manufacturing)
i. C.V. MULTINDO PERKASA
(Importing and Trading of Carpet and Textile)
j. P.T. UNIVERSAL CARPET AND RUGS
(Carpet and Rugs Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
US$ 30,000,000.-
Issued Capital :
US$ 20,000,000.-
Paid up Capital :
US$ 20,000,000.-
Shareholders/Owners
:
a. BRIGHTSIDE INVESTMENT Co. Ltd., - US$ 18,000,000.-
Address : Vanterpool Plaza, 2nd
Floor
Wickhams Cay
I,
British Virgin Islands
b. P.T. CLASSIC PRIMA CARPET INDUSTRIES - US$
2,000,000.-
Address : Jl. Rungkut Industri
II/39
Surabaya, East
Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business
:
Carpet and Rug Manufacturing
Production
Capacity :
a. Woven Rugs - 3,600,000
sq. meters p.a.
b. Wall to wall carpets - 3,600,000 sq. meters
p.a.
c. Carpets - 2,160,000 sq. meters p.a.
d. Carpet Yarns - 2,160,000
sq. meters p.a.
Total
Investment :
a. Equity Capital - US$. 20.0 million
b. Loan Capital - US$. 13.8
million
c. Total Investment -
US$. 33.8 million
Started
Operation :
2001
Brand Name :
UNIVERSAL CARPET
Technical
Assistance :
None
Number of
Employee :
135 persons
Marketing Area
:
Domestic - 35%
Export -
65%
Main Customers
:
a. Carpet Shops and Retail Shops in Indonesia
b. Other customers in Singapore, Malaysia, Germany, Middle East and
others
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. HERCULON CARPET
b. P.T. FLAMBOO INDONESIA
c. P.T. INDONESIA CARPET MANUFACTURERS
d. P.T. KOTOBUKI ABADI
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. ABN AMRO Bank NV.
Jalan Ir. H. Juanda No. 23-24
Jakarta Pusat
Indonesia
b. P.T. Bank SWADESI
Jalan H. Samanhudi No. 37
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 115.0 billion
2009 – Rp. 121.0 billion
2010 – Rp. 130.0 billion
Net Profit
(estimated) :
2008 – Rp. 9.2 billion
2009 – Rp. 10.5 billion
2010 – Rp. 12.0 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Jivat Hardasmal Khiani
Director -
Mr. Deepak Rupo Chugani
Board of Commissioners :
President Commissioner - Mr. Baghwan Ranchand
Bharwani
Commissioner -
Mr. Narwani Prakash Kotumal
Signatories :
President Director (Mr. Jivat Hardasmal
Khiani) or Director (Mr. Deepak Rupo Chugani) which must be approved by
president commissioner (Mr. Baghwan Ranchand Bharwani) or commissioner (Mr.
Narwani Prakash Kotumal)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 1,700,000 on the 90 days of payments
OVERALL PERFORMANCE
P.T. UNIVERSAL CARPET AND RUGS (P.T. UCAR) was incorporated in Jakarta on January 23, 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%). The company notary deed had been changed and in April 2006, the issued capital of the company was raised to US$ 3,500,000 entirely paid up. Then in June 2010 the authorized capital was increased to US$ 20,000,000 issued capital to US$ 15,000,000 fully and paid up. The latest in March 2011 the authorized capital was raised again into US$ 30,000,000 issued capital to US$ 20,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become BRIGHTSIDE INVESTMENT COMPANY LTD, (90%) and P.T. CLASSIC PRIMA CARPET INDUSTRIES (10%). The deed of amendment was made by Mrs. Djurnawati Zainal Amin, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-18851.AH.01.02.TH.2011 dated April 14, 2011.
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 37,500 sq. meters. A track traversed from a humble beginning of 30,000 sq. meters space in 2001 to the current 85,000 sq. meters reflects volumes about the dynamic nature of Universal's path. The plant was licensed to produce woven rugs of and wall carpet, carpets and yarns with an investment of US$ 33.8 million. With constant expansions and up gradations a regular feature P.T. UCAR in stills confidence in the mind of all associates.
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 has now shaped itself to be a robust company with loyal and satisfied customers spanning in countries from USA to Australia, Ecuador to Japan, South Africa to Sweden. With 30 countries on their exports map, we have successfully rooted ourselves as reputed suppliers with reliability for on time delivery & flexibility. From 2 to 30 countries over 10 years, for future P.T. UCAR is concentrating to introduce new and innovative products in the medium and higher market strata in addition to project carpets in broadlooms. At P.T. UCAR follow the principle of long term relations with their customers and they ensure to remain mutually loyal to each other. P.T. UCAR would look forward to expand its markets and would be embarking on an aggressive market strategy to access new lands. 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 we find the local demand for carpet had been rising by 6% to 7% per year within the last five years in line with the rapid growth of hotels, luxury houses, office buildings, apartments and other sectors in that period. But since the global economic crisis and tight money policy being imposed by Bank Indonesia in October 2008 the demand had been fluctuating. However since the early 2009 the demand has been increasing due to the amelioration economic condition in the country. It is estimated the demand will rise again in line with a slight amelioration of economic condition, stability of political and security in the country. Competition is very tight due to a large number of similar companies operating in the country, such as, P.T. NOBEL INDAH CARPET INDUSTRIES, P.T. INDONESIA CARPET MANUFCTURING, P.T. HERCULON CARPET, P.T. RAINBOW INDAH CARPETS, P.T. MULTI WARNA, etc. Business position of P.T. UCAR is not so critical for it has maintained a wide business at home and overseas.
Until this time P.T. UCAR has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. UCAR is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2008 amounted to Rp. 115.0 billion
rose to Rp. 121.0 billion in 2009 increased to Rp. 130.0 billion in 2010 and
projected to go on rising by at least 6% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 12.0 billion and the company has an
estimated total networth of at least Rp. 190.0 billion. We observe that P.T.
UCAR is supported by foreign partner with has financially strong and sound
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia). The company usually pays its debts
punctually to suppliers.
The management of P.T. UCAR is headed by Mr. Jivat Hardasmal Khiani
(57), a businessman with experience for some 22 years in carpet industry and trade.
Daily activity, he is assisted by Mr. Deepak Rupo Chugani (39) as director and
a number of other professionals also with experience and expertise in the
business. The company's management is
handled by professional staff in the above business. They have wide relations
with private businessmen within and outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. UNIVERSAL
CARPET AND RUGS is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
UK Pound |
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.