|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRIMA UNIVERSAL |
|
|
|
|
Registered Office : |
Jalan Irian
Block E. 20, Kawasan Berikat Nusantara, Cakung, Cilincing, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
16.02.2007 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Plastic Hanger
and Accessories Manufacturing |
|
|
|
|
No. of Employees : |
175 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 460,500 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of
Company :
P.T. PRIMA UNIVERSAL
A d d r e s s
:
Head Office & Factory
Jalan Irian Block
E. 20
Kawasan Berikat
Nusantara
Cakung, Cilincing
Jakarta Utara,
14140
Indonesia
Phones -
(62-21) 4483 6277 (Hunting)
Fax - (62-21) 4483 6065
E-mail - visconti.mkt@gmail.com
Land Area - 5,000 sq.
meters
Building Space - 3,500 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
16 February 2007
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. W7-06663.HT.01.01.TH.2007
Dated 15 June 2007
- No. AHU-34240.AH.01.02.TH.2008
Dated 18 June 2008
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.593.965.3-052.000
The Capital Investment Coordinating Board
No.
039/KBN/31/III/PMA/2008
Dated 25 February
2008
Related
Company :
None
Capital
Structure :
Authorized
Capital : US$
400,000.-
Issued Capital : US$
400,000.-
Paid up Capital : US$ 400,000.-
Shareholders/Owners
:
a. Mr. Yau Kwok Wah -
US$ 220,000.-
Address :
Tin Hung-311 Kinetic Industrial Centre 7
Wang Kwong
Road, Kowlon Bay
Hong Kong
b. Mr. Chiu Kuo Pin -
US$ 180,000.-
Address : Villa Gading Indah Block N/45. RT. 003 RW. 014
Kelurahan
Kelapa Gading Barat, Kecamatan
Kelapa Gading,
Jakarta Utara
Indonesia
Lines of
Business :
Plastic Hanger
and Accessories Manufacturing
Production
Capacity :
a. Plastic Hangers - 300,000 dozens per month
b. Clips -
400,000 dozens per month
Total
Investment :
a. Equity Capital - US$ 400,000.-
b. Loan Capital - US$ 200,000.-
c. Total Investment - US$ 600,000.-
Started
Operation :
June 2007
Brand Name :
Prima Universal
Technical
Assistance :
None
Number of
Employee :
175 persons
Marketing Area
:
Local - 25%
Export - 75%
Main Customer
:
Buyers in USA,
Europe and Garment Manufacturing
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
INDOPROSPER MANDIRI
b. P.T. PRIMA
HANGERINDO
c. P.T. SAMI
SURYA INDAH PLASTIC
d. P.T. TAKANA
YAMALOKA
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank CHINATRUST INDONESIA
Jalan Boulevard Raya Block XC 09 No. 1-2
Kelapa Gading
Jakarta Utara
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Kelapa Gading Boulevard
Block LB 1 No. 15-16
Kelapa Gading
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 30.0
billion
2010 – Rp. 32.0
billion
2011 – Rp. 35.0
billion
Net Profit
(estimated) :
2009 – Rp. 2.5
billion
2010 – Rp. 2.9
billion
2011 – Rp. 3.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Chiu Kuo Pin
Board of Commissioners :
Commissioner -
Mr. Yau Kwok Wah
Signatories :
Director (Mr. Chiu Kuo
Pin) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 460,500 on 90
days D/A
P.T. PRIMA UNIVERSAL
(P.T. PU) was incorporated in Jakarta based on notary deed of Mr. Raden Johanes
Sarwono, SH., No. 27 dated 16 February 2007 with an authorized capital of US$
400,000,000 wholly issued and paid up. The founding shareholders of the company
are Mr. Yau Kit and Mr. Yau Kwok Wah, both are businessmen of People Republic
of China. The company notary act was approved by the Ministry of Law and Human
Rights in its decision letter No. W7-06663.HT.01.01.TH.2007 dated June 15,
2007. The company notary deed has been changed and according to the revision of
notary documents of Mrs. Rosita Siagian, SH., No. 177 dated 27 February 2008,
Mr. Yau Kit withdrew and into the company joined Mr. Chiu Kuo Pin as new
shareholders. With this time the composition of its shareholders has been
changed to become Mr. Yau Kwok Wah (55%) and Mr. Chiu Kuo Pin (45%). The deed
of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-34240.AH.01.02.TH.2008 dated June 18, 2008.
P.T. PU obtained
a Foreign Capital Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with plastic hanger and plastic clips
manufacturing. The plant is located at Jalan Irian Block E. 20, Kawasan Berikat
Nusantara, Cakung, Cilincing, Noth Jakarta standing on 5,000 sq. meters land.
The plant has been operating since June 2007 by produces plastic hangers and
plastic clips for garment manufacturing, boutiques, laundry etc. Some of the
basic raw materials like polypropylene (PP), PET, HDPE to produce of the above
products mostly imported from China and the rest from locals. Mrs. Yaya,
marketing staff of the company explained that some 75% of the products is
exported to their customers in the USA, Europe and locals by uses VISCONTI brand.
Besides, the company is able to produces plastic hangers based on job order and
brand from their customers. She also added that some 25% of the products
supplied to various garment manufacturing in Kawasan Berikat Nusantara,
boutiques, tailor shops, shopping centre, laundry, retailers and others. P.T.
PU customers among others are POJOK BUSANA, MATAHARI, RAMAYANA, P.T. METRO
GARMIN and others. We observe that operation of P.T. PU has been growing and
developing well in the last three years.
Generally, the
demand for plastic hanger and clips for garment manufacturing and others tended
to be fluctuating within the last five years in line with the fluctuating of
Indonesian textile industry in general. The country’s garment industry is
facing serious marketing problem not only in the country but also abroad.
According to the Central Bureau of Statistics (BPS) the Indonesian garments
export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons
(US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to
369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1
million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 rose to 417,600
tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million)
in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010. The Indonesia textile
products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to
1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6
million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons
(US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007
decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons
(US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in
2010.
The domestic
textile producers are pessimism the textile export in 2009 could match the
export numbers in 2008. The blow of the global economic crisis is resulted in
the reduced of demand from the export destination countries like the United
States (U.S.), Japan, and European Union region. The Export Textiles and the
Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent compared to
the last year. In the year 2008 the export value reached 10.8 billion US dollars.
While this year’s the exports expected fall into US$ 9.7 billion. The Chairman
of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the
decline in global purchasing power caused of the demand in the Indonesian
textile products could not be able to grow as tight as 2008. The export volume
and value of the national TPT products in 2002 to 2010 are pictured on the
following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau of
Statistic
Until this time
P.T. PU has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The
management of P.T. PU is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover
of the company in 2009 amounted to Rp. 30.0 billion rose to Rp. 32.0 billion in
2010 increased to Rp. 35.0 billion in 2011 and projected to go on rising by at
least 5% in 2012. The operation in 2011 yielded an estimated net profit of at
least Rp. 3.2 billion and the company has an estimated total net worth of at
least Rp. 5.0 billion. We observe that P.T. PU 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. PU is led by Mr. Chiu Kuo Pin (29) a young foreign businessman and
professional of People Republic of China with experience in plastic hanger and
plastic clip manufacturing. 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. PRIMA UNIVERSAL is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.90 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.98 |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.