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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. COMETA CAN |
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Formerly Known As : |
P.T. COMETA CAN CORPORATION |
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Registered Office : |
Jalan Telesonic Ujung Km. 8 No. 5 Desa Pasir Jaya, Jatiuwung, Tangerang, 15135 Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
14.08.1969 |
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Com. Reg. No.: |
No. AHU-AH.01.10-24830 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Metal Printing and Can Making |
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No. of Employees : |
600 persons |
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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 : |
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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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. COMETA
CAN
Head Office & Factory
Jalan Telesonic
Ujung Km. 8 No. 5
Desa Pasir Jaya,
Jatiuwung,
Tangerang, 15135
Banten Province
Indonesia
Phones -
(62-21) 590 8080 (Hunting)
Fax - (62-21) 590 8181
Land Area - 13,000 sq.
meters
Building Space - 8,000 sq. meters
Region - Industrial
Zone
Status - Owned
Marketing Office
Kawasan Industri
Pluit Block S No. 1
Jakarta Barat,
14450
Indonesia
Phones -
(62-21) 660 3800, 660 2240
Fax - (62-21) 661 0990
E-mail - ccc@cometa.co.id
Website - http://www.cometa.co.id
Land Area - 2,000 sq.
meters
Building Space - 600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 14 August 1969 as P.T. INDONESIAN LUCKY
TEXTILE INDUSTRIES Ltd. (P.T. INLUTEX)
b. 6 July 1971 as P.T. SHINKO INDONESIA
LITHOGRAPHING Ltd (P.T. SHINKOLITH)
c. 16 January 1973 as P.T. COMETA CONTAINERS
LIMITED
d. 26 May 1980 as P.T. INDONESIA CAN CORPORATION
(P.T. INDOCAN)
e. 15 October 1980 as P.T. COMETA CAN
CORPORATION
f. 27 December 1996 as P.T. COMETA CAN
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. AHU-56080.AH.01.02.TH.2008
Dated 27 August 2008
- No. AHU-AH.01.10-24830
Dated 1 October 2010
Company Status
:
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.002.871.0-415.000
The Capital Investment Coordinating Board
- No. 40/Sekr/Sp.PMDN/1972
Dated 11 January 1972
- No.
70/II/PMDN/1985
Dated 28
September 1985
- No. 25/II/PMDN/1995
Dated 25 January 1995
- No. 120/II/PMDN/2000
Dated 22 November 2000
- No. 155/II/PMDN/2001
Dated 30 July 2001
Related
Companies :
a. P.T. AMINDO (Abrasive Fabricating)
b. P.T. COMETA INTERNATIONAL CO (General
Trading, Importing, Sole Agent and Distribution)
c. P.T. COMETA JAYA CONSULTANT (Engineering,
Design Consulting)
d. P.T. FUSENINDO (Investment Holding)
e. P.T. KANIN PRATAMA KONSULTAN (Design,
Engineering Consulting)
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued Capital : Rp. 70,000,000,000.-
Paid up Capital : Rp. 70,000,000,000.-
Shareholders/Owners
:
a. P.T. FUSENINDO -
Rp. 69,900,000,000.-
Address :
Kawasan Industri Pluit Block S No. 1
Muara Karang,
Jakarta Barat
Indonesia
b. Mr. Henry Rudy Zaini - Rp. 100,000,000.-
Address : Jl. Lombok No. 56
Kelurahan Gondangdia,
Kecamatan Menteng
Jakarta Pusat
Indonesia
Lines of
Business :
Metal Printing
and Can Making
Production
Capacity :
a. Metal Printed Cans - 35,000 tons p.a.
b. Printed Sheets - 11,000 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 70.0 billion
b. Loan Capital - Rp. 20.0 billion
c. Total Investment - Rp. 90.0 billion
Started
Operation :
1974
Brand Name :
Cometa Can
Technical
Assistance :
None
Number of
Employee :
600 persons
Marketing Area
:
Local - 100%
Main Customer
:
Food and
Beverages Processing Industry and others
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. MULTI
MAKMUR INDAH INDUSTRI
b. P.T. PELANGI INDAH CANINDO Tbk
c. P.T. SINAR DJAJA CAN
d. P.T. SAMPOERNA PRINTPACK
e. Etc
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan Muara
Karang No. 93-95
Jakarta Utara
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Muara Karang Block B VIII
No. 116-117
Jakarta
Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 198.0
billion
2010 – Rp. 207.0
billion
2011 – Rp. 215.0
billion
2012 – Rp. 112.0
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 15.8
billion
2010 – Rp. 16.6
billion
2011 – Rp. 17.3
billion
2012 – Rp. 9.4 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Drs. Halim Parta Wijaya
Directors -
a. Mr. James Eric Zaini
b. Mr. Henry Rudy Zaini
Board of Commissioners :
Commissioner -
Mr. Zaini Abidin Noor
Signatories :
President Director (Mr.
Drs. Halim Parta Wijaya) or one of the Directors (Mr. James Eric Zaini or Mr.
Henry Rudy Zaini) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Originally named
P.T. INDONESIA LUCKY TEXTILE INDUSTRIES, the company was established in August
1969 with an authorized capital of Rp. 100,000,000 of which Rp. 60,000,000 was
issued and paid up. The company was founded by Mr. Abidin Noor Zaini (an
Indonesian businessman of Chinese extraction) and several other local
businessmen as the original shareholders. In July 1971 the name of the company
was changed to P.T. SHINKO INDONESIA LITHOGRAPHING LTD., and in January 1973
again changed to P.T. COMETA CONTAINERS LTD.
In May 1980 it was renamed P.T. INDONESIA CAN CORPORATION, and in
October 1980 its name was again changed to P.T. COMETA CAN CORPORATION. In
December 1996 the company was renamed P.T. COMETA CAN (P.T. CC) and by the same
time its authorized capital was raised to Rp. 20,000,000,000 issued and paid up
capital to Rp. 17,000,000,000. In April 2001 the authorized capital was
increased to Rp. 30,000,000,000 issued and paid up capital to Rp.
21,200,000,000. The shareholders are Mr. Zaini Abidin Noor and P.T. FUSENINDO,
a national private company. Later in July 2008 the company authorized capital
was raised to Rp. 100,000,000,000 issued capital to Rp. 70,000,000,000 fully
and paid up. With this development the composition of its shareholders has been
changed to become P.T. FUSENINDO (99.86%) and Mr. Henry Rudy Zaini (0.14%).
Then according to the latest revision of notary documents of Mr. Yendra
Wiharja, SH., MH., No. 19 dated 23 June 2010 the board of director and the
board of commissioner reappointed to lead and runs of the company’s operation.
The deed of amendments was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-AH.01.10-24830 dated June 23, 2010.
It seems the
shareholder, P.T. FUSENINDO is a
private company of which
the majority shares
is controlled by
Mr. Zaini Abidin
Noor and children
namely Mrs. Agnes Elies Jean
Zaini, Mr. Laurensius Willy
Zaini, Mr. Henry Rudy
Zaini, Mrs. Pia Anita
Zaini, Mrs. Margrit Rita Zaini, Mr. James Eric Zaini, Mr.
Ivan Munandar Zaini, and Miss Cometa Trisnawaty Zaini.
P.T. COMETA CAN
(P.T. CC) at first intended to do business in the textile industry. But the
plan was later changed, and the company was granted a Domestic Investment (PMDN)
license to operate in metal printing and can manufacturing. The company's
plant, located at Jalan Telesonic, Desa Pasir Jaya, Tangerang, Banten Province.
The company has been in operation since 1974 and its plant has frequently been
expanded. The plant being managed by the company has at present annual
production capacity of 24,000 tons of can packaging and 11,000 tons of printed
sheets. Mr. Henry Rudy Zaini, a director of the company, said that in its
operation, the company produces various types of cans with different diameters
and height ranging from 52 mm to 153 mm and also produce big cans sized 20 kg.
Besides, the company also handles the production of poster, sign board and
printed sheet/lacquered.
He went on to
say that whole company products are locally marketed among chemical industries
including paint industries, soft drink industries, food product industries such
as biscuits, powder milk, candies, margarine, canned food industries like tuna,
sardine, beef and others. The customers of the company include P.T. ICI PAINT
INDONESIA, P.T. PACIFIC PAINT, P.T. MOWILEX, P.T. DANA PAINT, P.T. KHONG GUAN,
P.T. NISSIN BISCUIT, P.T. UNILEVER INDONESIA, P.T. MAYORA INDAH Tbk, P.T.
INDOLAKTO, P.T. CEMANI TOKA, P.T. ARNOTTS INDONESIA, P.T. TRIS DELTA AGROINDO
(Pineapple) and others. P.T. CC 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.
Starting in the
second semester 2008, many markets in various parts of the world experienced
adverse economic condition. This condition was triggered by, amongst others,
the housing and mortgage loans crisis in the United States of America (US) that
spread to securities, structures products and commodity markets. The volatility
in the US markets coupled with the sharp appreciation in the US Dollars and a
series of corporate bankruptcies and takeovers enabled the crisis to spread to
other parts of the world. The impact of the global economic crisis has also
been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease,
commodity prices decreased, securities market declines, interest rate
increased, followed by decreases, tightened liquidity conditions, and increased
credit risks. Up to this time, the Company has not significantly suffered from
the economic crisis. In response to these economic events, during 2010 the
Company have plans as follows: Negotiation
with main customer regarding increasing selling price. Cost reduction in
business trip, pantry needs, technical support cost, etc. Reduction
finishing cost and transportation cost with transferring product to customers. I
In spite of the adverse economic conditions, management believes that the
Company will be able to continue operating as going concern for the foreseeable
future.
Until this time
P.T. CC has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
CC 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. 198.0 billion rose to Rp. 207.0 billion in 2010 increased to
Rp. 215.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at Rp. 112.0 billion with a net profit of Rp. 9.4 billion and projected
to go on rising by at least 6% in 2012.
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. CC is led by Mr. Drs. Halim Parta Wijaya (63) a professional manager
with experience in metal printing and can making. Daily activity he is assisted
by Mr. James Eric Zaini (45), Mr. Henry Rudy Zaini (51) as Directors. 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. COMETA CAN is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.45 |
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1 |
Rs.87.98 |
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Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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 |
|
<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.