|
Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. UNIVERSAL
CARPET AND RUGS |
|
|
|
|
Registered Office : |
Jalan Raya |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
23.01.2001 |
|
|
|
|
Com. Reg. No.: |
No. AHU-18851.AH.01.02.TH.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
line of business
: |
Manufacturing Carpet and Rug |
|
|
|
|
No. of Employees : |
248 persons |
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. UNIVERSAL CARPET AND RUGS
Head Office
Jalan Raya Gaya Motor No. 15, Sunter II
Jakarta 14330
Indonesia
Phone - (62-21)
65834789
Fax - (62-21)
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 - (62-21)
8677777, 8671108
Fax - (62-21) 8671727
Land Area - 37,500 sq.
meters
Building Space - 15,500 sq. meters
Region - Industrial
Zone
Status - Owned
23 January 2001
P.T. (Perseroan Terbatas) or Limited Liability
Company
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.
86/II/PMA/2003
Dated
25 April 2003
- 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)
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
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 - 4,320,000 sq. meters p.a.
d. Carpet
Yarns - 4,320,000 sq.
meters p.a.
Total Investment :
a. Equity
Capital - US$. 20.0 million
b. Loan
Capital - US$. 18.8 million
c. Total
Investment - US$. 38.8 million
Started Operation :
2001
Brand Name :
UNIVERSAL CARPET
Technical Assistance :
None
Number of Employee :
248 persons
Marketing Area :
Domestic -
35%
Export
- 65%
Main Customers :
a. Carpet Shops and Retail Shops in Indonesia
b. Other customers in Singapore, Malaysia,
Germany, Middle East and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. HERCULON CARPET
b. P.T. FLAMBOO INDONESIA
c. P.T. INDONESIA CARPET MANUFACTURERS
d. P.T. KOTOBUKI ABADI
e. Etc.
Business Trend :
Growing
Bankers :
a. ABN AMRO Bank NV.
Jalan
Ir. H. Juanda No. 23-24
Jakarta Pusat
Indonesia
b. P.T. Bank SWADESI
Jalan
H. Samanhudi No. 37
Jakarta Pusat
Indonesia
Auditor :
Internal
Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 121.0 billion
2010 – Rp. 130.0 billion
2011 – Rp. 137.0 billion
2012 – Rp.
72.5 billion (January – June)
Net Profit (estimated) :
2009 – Rp. 10.5 billion
2010 – Rp. 12.0 billion
2011 – Rp. 13.0 billion
2012 – Rp.
7.2 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President
Director - Mr. Jivat Hardasmal Khiani
Director -
Mr. Deepak Rupo Chugani
Board of Commissioners :
President
Commissioner - Mr. Baghwan Ranchand
Bharwani
Commissioner - Mr. Narwani Prakash Kotumal
Signatories :
President Director (Mr. Jivat Hardasmal Khiani) or
Director (Mr. Deepak Rupo Chugani)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be
proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. UNIVERSAL CARPET AND RUGS (P.T. UCAR) was
incorporated in Jakarta on January 23, 2001 with an authorized capital of US$
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$ 38.8
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 2009 amounted to Rp. 121.0 billion rose to Rp. 130.0 billion in 2010
increased to Rp. 137.0 billion in 2011. As from January to June 2012 the sales
turnover has reached at Rp. 72.5 billion with a net profit of Rp. 7.2 billion
and projected to go on rising by at least 6% in 2013. Its estimated the company
has a total networth of at least Rp. 191.0 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
(58), a businessman with experience for some 23 years in carpet industry and
trade. Daily activity, he is assisted by Mr. Deepak Rupo Chugani (40) 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.53.91 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.