|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MULTINDO VELVET INDUSTRIES |
|
|
|
|
Registered Office : |
Kawasan Industi Wahyu Sejahtera Blok E 1-2, Jl. Raya
Narogong Km. 27, Kec. Klapa Nunggal, Desa Kembang Kuning, Bogor 16820, West
Java |
|
|
|
|
Country : |
Indonesia |
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|
|
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Date of Incorporation : |
20.02.2008 |
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|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-27779 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
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Line of Business : |
Velvet, Player Mat and Rug Manufacturing |
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|
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No. of Employees : |
120 employees |
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 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in
2010 and 2011, respectively. The government made economic advances under the
first administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, and historically low rates of inflation. Fitch and Moody's
upgraded Indonesia's credit rating to investment grade in December 2011.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among regions. The government in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. MULTINDO VELVET INDUSTRIES
Head Office & Factory
Kawasan Industi Wahyu Sejahtera Blok E 1-2
Jl. Raya Narogong Km. 27, Kec. Klapa Nunggal
Desa Kembang Kuning
Bogor 16820, West Java
Indonesia
Phones -
(62-21) 8248 2888 (hunting)
Fax - (62-21) 8249 4774
Land Area - 2.5 hectares
Building Area - 1.0 hectares
Region - Industrial
Estate
Status - Rent
20 February 2008
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
AHU-20992.AH.01.01.Tahun 2008
Dated 25 April 2008
b. No.
AHU-29123.AH.01.02.Tahun 2012
Dated 30 May 2012
c. No.
AHU-AH.01.10-27779
Dated 27 July 2012
Domestic
Investment Company (PMDN)
The Department
of Finance
NPWP No.
02.747.686.0-436.000
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. P.T. UNIVERSAL CARPET AND RUGS
(Carpet and Rugs Manufacturing)
h. U.D. ISTANA DEKORASI (Trading
of Carpet and Textile Design Interior Services)
i. P.T. KOTOBUKIYA INDO CLASSIC
INDUSTRIES (Carpet Manufacturing)
j. C.V. MULTINDO PERKASA
(Importing and Trading of Carpet and Textile)
Capital
Structure :
Authorized Capital - Rp. 60,000,000,000.-
Issued Capital - Rp. 15,000,000,000.-
Paid up Capital - Rp. 15,000,000,000.-
Shareholders/Owners
:
a. Mr. Jivat
Hardasmal Khiani - Rp.
3,750,000,000.-
Address : Jl. Bubutan No. 25
Surabaya, East
Java
Indonesia
b. Mr. Prakash
Hardasmal Khiani - Rp. 3,750,000,000.-
Address : Jl. Bubutan No. 25
Surabaya, East
Java
Indonesia
c. Mr. Kishore Kumar Bhagwandas - Rp. 1,500,000,000.-
Address : Jl. Cempaka BNo. 2, Kota Bambu
Utara
Jakarta Barat
Indonesia
d. Mr. Dilip
Rupo Chugani - Rp.
4,500,000,000.-
Address : Jl. Kuta Raya No. 6,
Kelapa Gading
Jakarta Utara
Indonesia
e. Mr. Narwani
Prakash Kotumal - Rp.
1,500,000,000.-
Address : Jl. Rungkut Industri
2/39
Surabaya, East
Java
Indonesia
Lines of Business
:
Velvet, Player Mat and Rug Manufacturing
Production
Capacity :
a. Velvet/Carpets -
2,000,000 sq. meters p.a.
b. Player Mats -
1,600,000 sq. meters p.a.
c. Rugs -
1,200,000 sq. meters p.a.
Total
Investment :
a. Equity Capital -
Rp. 15.0 million
b. Loan Capital -
Rp. 30.0 million
c. Total Investment -
Rp. 45.0 million
Started
Operation :
2001
Brand Name :
MULTINDO VELVET
Technical
Assistance :
None
Number of
Employee :
120 persons
Marketing Area
:
Domestic - 40%
Export -
60%
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. NOBEL INDAH CARPET INDUSTRIES
b. P.T. INDONESIA CARPET MANUFACTURING
c. P.T. HERCULON CARPET
d. P.T. RAINBOW INDAH CARPETS
e. P.T. MULTI WARNA
f. P.T. FLAMBOO INDONESIA
g. P.T. KOTOBUKI ABADI
h. Etc.
Business Trend
:
Growing
Bankers :
a. ABN AMRO Bank NV.
Jalan
Ir. H. Juanda No. 23-24
Jakarta
Pusat
Indonesia
b. P.T. Bank SWADESI
Jalan
Raya Bogor Km. 22
Ps.
Rebo, Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 55.0 billion
2010 – Rp. 78.0 billion
2011 – Rp. 92.5 billion
Net Profit
(estimated) :
2009 – Rp. 4.6 billion
2010 – Rp. 6.5 billion
2011 – Rp. 8.0 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Prakash Handasmal Khiani
Directors - a. Mr. Jacky Prakash
Khiani
b. Mr. Narwani Prakash Kotumal
Board of Commissioners :
President Commissioner - Mr. Jivat Hardasmal Khiani
Commissioners -
a. Mr. Kishore Kumar Bhagwandas
b. Mr. Dilip Rupo Chugani
Signatories :
President Director (Mr. Prakash
Handasmal Khiani) or one of the Directors (Mr. Jacky Prakash Khiani and Mr.
Narwani Prakash Kotumal) which must be approved by president commissioner (Mr.
Jivat Hardasmal Khiani) or commissioners (Mr. Kishore Kumar Bhagwandas and Mr.
Dilip Rupo Chugani)
Management Capability :
Good
Business Morality :
Good
P.T. MULTINDO VELVET INDUSTRIES (P.T. MVI) was incorporated in Jakarta on February 20, 2008 with an authorized capital of Rp. 60,000,000,000.- of which Rp. 15,000,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Jivat Hardasmal Khiani (40%), Mr. Prakash Hardasmal Khiani (40%) and Mr. Kishore Kumar Bhagwandas (20%), all three are Indonesian businessmen of Indian descent. The Articles of Association was made by Drs. Wijanto Suwongso, SH., a notary in Jakarta and it has been approved by the Minister of Law and Human Rights through Decision Letter No. AHU-20992.AH.01.01.Tahun 2008 dated April 25, 2008.
The company notary deed had been changed and based on notary deed of Ms. Djurnawati Zainal Amin, SH., No. 4 dated 26 March 2012, Mr. Dilip Rupo Chugani and Mr. Narwani Prakash Kotumal entered into the company as new shareholders. Since the time, the shareholders of the company are Mr. Jivat Hadasmal Khiani (25%), Mr. Prakash Hardasmal Khiani (25%), Mr. Kishore Kumar Bhagwandas (10%), Mr. Dilip Rupo Chugani (30%) and Mr. Narwani Prakash Kotumal (10%). The amendment to Articles of Association has been approved by the Minister of Law and Human Rights through Decision Letter No. AHU-29123.AH.01.02.Tahun 2012 dated May 30, 2012 and No. AHU-AH.01.10-27779 dated July 27, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. MVI is a Domestic Capital Investment Company (PMDN) dealing with Velvet, Prayer Mat and Rugs industry. Its plant is located at Kawasan Industri Wahyu Sejahtera Blok E 1-2, Jl. Raya Narogong Km. 27, Kec. Klapa Nunggal, Desa Kembang Kuning, Bogor, West Java, on a land of some 2.5 hectares. The plant has annual production capacity of 2.0 million square meters of velvets/carpets, 1.6 square meters of player mats and 1.2 square meters of rugs per annum. The plant has absorbed an investment of Rp. 45.0 billion come from owned capital of Rp. 15.0 billion and the rest is loans. The plant has been in operation since October 2008 and their product lines include Prayer mats (Sajadah – Spiegel Quality) and velvet carpets and rugs of various sizes. Mrs. Sriyati, an administrative staff of the company explained that some 40% of the products are marketed locally and the rest of some 60% is exported to Singapore, Malaysia, India, Middle East, Europe and others. P.T. MVI 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 velvet-carpet, rugs and prayer mats 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. MVI is not so critical for it has maintained a wide business at home and overseas.
Until this time P.T. MVI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MVI 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. 55.0 billion increased to Rp. 78.0 billion in 2010 rose again to Rp. 92.5 billion in 2011 and projected to go on rising by at least 12% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 8.0 billion and the company has an estimated total networth of at least Rp. 55.0 billion. We observe that P.T. MVI is supported by businessmen 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. MVI is headed by Mr. Prakash
Handasmal Khiani (60), a businessman with experience for some 39 years in
carpet industry and trade. Daily
activity, he is assisted by Mr. Jacky Prakash Khiani AKA Jacky Khiani (33) and
Mr. Narwani Prakash Kotumal (55), both are as directors 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. MULTINDO VELVET INDUSTRIES is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
UK Pound |
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.