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Report Date : |
22.10.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. NOBEL INDUSTRIES |
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Registered Office : |
Menara Karya Bld, 29th Floor Jl. H.R. Rasuna Said Blok X-5, Kav. 1-2 Jakarta 12950 |
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Country : |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
1985 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in integrated spinning and carpet rug industry |
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No. of Employees : |
620 |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
Source
: CIA
P.T. NOBEL INDUSTRIES
Head Office
Menara Karya Bld, 29th Floor
Jl. H.R. Rasuna
Said Blok X-5, Kav. 1-2
Jakarta 12950
Indonesia
Phones - (62-21) 57944577 (hunting)
Fax. - (62-21) 57944677
Email - sales@nobelcarpets.com
Website - http://www.nobelcarpets.com
Building Area - 32 storey
Office Space - 360 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Soekarno – Hatta No. 817
Phones - (62-22) 7801111 (hunting)
Fax. - (62-22) 7800202
PO Box -
440
Land Area - 24,800 sq. meters
Office Space - 19,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
:
a. 12 March 1984 as P.T. MERAK INTI POLYFIBERS, changed its name on
b. 11 December 1992 as P.T. NOBEL MERAK CARPETS, changed again on
c. 09 October 2002 as P.T. NOBEL CARPETS and changed again on
d. 23 June 2008 as P.T. NOBEL INDUSTRIES
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-10659.HT.01.04.TH.92
Dated 03 December 1992
b. No. C-17279.HT.01.04.TH.2003
Dated 24 July 2003
c. No.
AHU-35263.AH.01.02.Tahun 2008
Dated 23 June 2008
d. No. AHU-AH.01.10-22965
Dated 3 November 2008
e. No. AHU-AH.01.10-42891
Dated 03 December 2012
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government
Department :
The Department of
Finance
NPWP No. 01.531.805.8.429.000
The Capital Investment Coordinating Board
a. No. 79/I/PMDN/1984
Dated 2 October 1984
b. No. 748/III/PMDN/1991
Dated 4 September 1991
c. No. 191/II/PMDN/1991
Dated 4 October 1991
d. No. 42/II/PMDN/1997
Dated 11 March 1997
Related/Affiliated
Company :
A member of the VASTEX PRIMA Group Members
Capital Structure :
Authorized Capital - Rp. 200,000,000,000.-
Issued Capital - Rp. 108,500,000,000.-
Paid up Capital - Rp. 108,500,000,000.-
Shareholders/Owners :
a. P.T. MERAKLON PRIMDONA INDUSTRIES - Rp. 26,465,000,000.- (24.5%)
Address : Jl. Soekarno Hatta No. 817
Bandung, West Java
b. Mr. Jaikishin Chattaram - Rp. 76,931,500,000.- (71.2%)
Address : Jl. Hegarmanah Kulon No. 27
Bandung, West Java
c. Mrs. Anita Jacky Mulani - Rp. 4,303,500,000.- ( 4.0%)
Address : Jl. Jambu No. 31
Gondangdia, Jakarta Pusat
d. Mr. Arumogam Subramaniam - Rp. 300,000,000.- ( 0.3%)
Address : Jl. Pasirjaya V No. 2
Bandung, West Java
Lines of Business:
Integrated Spinning and Carpet Rug Industry
Production Capacity :
Initial Units
a. Polypropylene BCF Filament - 5,250 tons p.a.
b. Polypropylene Staple Fibers - 5,500 tons p.a.
c. Nylon Filament Yarns - 1,750 tons p.a.
d. Nylon BCF Filament Yarns - 1,750 tons p.a.
e. Tufted Carpets (cut & loop pile) - 6,740,000 sq. meters p.a.
f. Rugs Cut Pile - 5,040,000 sq. meters p.a.
Expansion Units
a. BCF Filament Yarns - 1,750 tons p.a.
b. Rugs Cut Pile - 1,866,000 sq. meters p.a.
Total Investment :
Initial Units
a. Equity Capital - Rp. 39.5 billion
b. Re-invested Profit - Rp. 1.9 billion
c. Loan Capital -
Rp. 30.4 billion
d. Total Investment - Rp. 71.8 billion
Expansion Units (Planned)
a. Own Capital - Rp --
b. Loan Capital -
Rp. 23.1 billion
c. Total Investment - Rp. 23.1 billion
Started Operation :
1 9 8 5
Brand Name :
NOBEL CARPETS
Technical Assistance
:
None
Number of Employee :
620 persons
Marketing Area :
Domestic (Local) - 60 %
Export - 40%
Main Customers :
a. Office Building
b. Hotels
c. Hospitals
d. Restaurants
e. Retail Shops,
f. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Classic Prima Carpet Industries
b. P.T. Flamindo Carpetama
c. P.T. Indonesia Carpet Manufacturer
d. P.T. Rainbow Indah Carpet
e. P.T.
Tadmansori Karpet Indah
f. P.T. Universal Carpet & Rugs
g. Etc.
Business Trend :
Growing
B a n k e r s :
P.T. Bank CIMB NIAGA Tbk
Bandung Branch
Jl. Lembong No. 7
Bandung, West Java
Indonesia
P.T. Bank NEGARA INDONESIA Tbk
Bandung Branch
Jalan Asia Afrika No. 119
Bandung West Java
Indonesia
c. Standard Chartered Bank
Wisma Standard Chartered Bank
Jl. Jend. Sudirman Kav. 33A
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 238.0 billion
2010 – Rp. 266.0 billion
2011 – Rp. 290.0 billion
2012 – Rp. 330.0 billion
2013 – Rp. 185.0 billion (January – June)
Net Profit (Loss) :
2009 – Rp. 15.6 billion
2010 – Rp. 17.4 billion
2011 – Rp. 19.0 billion
2012 – Rp. 21.5 billion
2013 – Rp. 12.0 billion (January – June)
Payment Manner :
Almost Promptly
Financial Comments :
Fairly good
Board of Management :
President
Director - Mr. Jaikishin
Chattaram
Director - Mr. Arumogan Subramaniam
Board of Commissioner :
President
Commissioner - Mr. Drs. H. Mustofa, AK
Commissioner - Mrs. Anita Jacky Mulani
Signatories :
President
Director (Mr. Jaikishin Chattaram) or Director (Mr. Arumogan Subramaniam) which
must be approved by the Board of Commissioners (Mr. Drs. H. Mustofa, AK and
Mrs. Anita Jacky Mulani)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below
Average
Credit Recommendation :
Credit can
be proceeded normally
Originally named P.T. MERAK INTI POLYFIBERS, the company was established on March 12, 1984 with an authorized capital of Rp 1,000,000,000.- of which Rp 200,000,000.- was issued and paid up. The company was founded by P.T. MULTIBIS AGUNG PRIMA (a national private company) and Mr. Jaikishin Chattaram (an ethnic-Indian Indonesian businessman) as the original shareholders. The company's notarial act was since revised a number of times. On December 11, 1992 the company's name was changed to P.T. NOBEL MERAK CARPETS, on which occasion the authorized capital was increased to Rp 39,500,000,000.- entirely issued, of which Rp 25,280,000,000.- was paid up. Since then, the company's shareholders have been listed as P.T. MERAKLON PRIMADONA INDUSTRIES, Mr. Jaikishin Chattaram and Mr. Frans Eliezer. Latest on October 09, 2002, the company renamed to P.T. NOBEL CARPETS and concurrently the authorized capital was raised to Rp. 100,000,000,000.- of which Rp. 39,500,000,000.- was issued and fully paid up. Notary deed of the company made by Dr. Wiratni Ahmadi, SH., a public notary in Bandung The notary deed has been approved by the Minister of Law and Human Rights under No. C-14373 HT.01.04.TH.2003, dated June 24, 2003.
On June 23, 2008, the company renamed again to P.T. NOBEL INDUSTRIES (P.T. NI) and concurrently the authorized capital was raised to Rp. 200,000,000,000.- of which Rp. 69,500,000,000.- was issued and fully paid up. Latest on November 9, 2012, the issued capital was raised from Rp 69,500,000,000.- to Rp 108,000,000,000.- and fully paid up. The latest shareholders of the company are P.T. MERAKLON PRIMADONA INDUSTRIES (24.5%), Mr. Jaikishin Chattaram (71.2%), Mrs. Anita Jacky Mulani (4.0%) and Mr. Arumogam Subramaniam (0.3%). The Deed of amendment has been approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-AH.01.10-42891, dated 3 December 2012.
P.T. NI and P.T. MERAKLON PRIMADONA INDUSTRIES are the member of the VASTEX PRIMA Group, a medium-sized company group in the country dealing with integrated textile industry especially in carpets and rugs manufacturing and trading.
P.T. NI (previously named PT. Merak Inti Polyfibers) was engaged in polypropylene BCF filament and staple fiber manufacturing with its plant located at Jalan Gede Bage, Ujung Berung, Bandung, West Java on a land of 24.8 hekctares. The first commercial production had been starting in 1985 with a production capacity of 1,750 tons polypropylene BCF filament per year, absorbing an investment of Rp 5.0 billion. P.T. NI had in the end 1991 developed into integrated spinning and carpet & rug industry, and at the end 1992 it took over the whole activities of its sister company P.T. MERAKLON PRIMADONA INDUSTRIES engaged in carpet and rug manufacturing industry since in 1977 with trade mark NOBEL CARPETS.
At present, P.T.NI has a product range of more than 300 items carpet and rug made from wool, nylon and olefin in following main categories of tufted a woven: Axminster, Wilton, Sisal Look, Level Cut Loop and Chromojet Printing in wool and nylon. The company’s production is largely marketed in the country (60%), with the rest (40%) exported to over 20 countries, including Japan, Malaysia, Thailand, Australia, Middle East Countries and others. In Indonesia, NOBEL CARPETS has already been commonly used by a number office buildings and hotel including Bapindo Tower Office Building, Sahid Sheraton Hotel, Mercury Hotel, Dusit Hotel, etc. P.T. NI is currently one of the leading major players delivering the industry’s highest production quality standards in Indonesia. The ISO 9002 accreditation in 1998 has further confirmed NOBEL CARPETS commitment to Quality Assurance. We appraise that P.T. NI is classified as a large sized company of its kind in the county of which the operation has been growing in the last five years.
Generally outlook we find the demand for carpet and rug had been increasing by 8% to 10% per year in the last five years, in line with the growth of hotels, apartment, condominium, real estate and many other property projects development. It is projected the demand will only be higher by 4% to 5% per year within the coming three years because economic condition remains unstable. Competition is very tight due to a large number of similar local and imported products are marketed locally. We consider P.T. NI (Nobel Carpet) to be in a quite favorable position for having already got hold of a steady clientele in the country and and it is supported by a wide marketing network at home and overseas.
Until this time P.T. NI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. Therefore, the company has no obligation to publish financial statement publicly. P.T. MJN’s management is very reclusive to outsider and rejecting to disclose its financial condition. We observed that total sales turnover of the company in 2010 is Rp. 266.0 billion increased to Rp. 290.0 billion in 2011 and rose again to Rp. 330.0 billion in 2012. The operation in 2012 yielded an estimated net profit at least Rp. 21.5 billion and the company has an estimated total networth at Rp. 180.0 billion. It is forecasted that total sales turnover of the company will increase at least 10% in 2013. We observe that P.T. MJN is supported by financially fairly strong behind it. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Mrs. Ina, the export import staff of the company disclosed that the company usually pays its debts punctually to suppliers.
The Company’s management is headed by Mr. Jaikishin Chattaram (60) as President Director, with more than 29 years experience in trading and industry of textile products. In his daily activities, he is assisted by Mr. Arumogam Subramaniam (73) as Director. The management handled by professional managers having wire relation with overseas and national private businessmen as well as with the government sectors. As far as business is concerned the management of P.T. NC has never involved in any fraudulent dealings being settled in the court.
P.T. NOBEL INDUSTRIES is appraised to be good for business transaction. However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
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|
1 |
Rs.99.41 |
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Euro |
1 |
Rs.84.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
-- |
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.