|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. REX CANNING |
|
|
|
|
Registered Office : |
Jalan Raya Beji Bangil Km. 4 No. 42 Beji, Bangil Pasuruan, 67154 East
Java |
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|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
28.08.1991 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-03687 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture and Export of Canned Foods |
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|
|
|
No. of Employees : |
700 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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
Name of Company :
P.T. REX CANNING
Address :
Head Office &
Factory
Jalan Raya Beji Bangil Km. 4 No. 42
Beji, Bangil
Pasuruan, 67154
East Java
Indonesia
Phones -
(62-343) 656470-74
Fax - (62-343) 656475-76
E-mail - rexcan@rad.net.id
Land Area - 252,207sq.
meters
Building Space - 15,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
28 August 1991
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-22295.AH.01.02.TH.2009
Dated 20 May 2009
- No. AHU-AH.01.10-03687
Dated 8 February 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.083.284.8-651.000
The President of the Republic of Indonesia
No. B-253/Pres/7/1991
Dated 31 July 1991
The Capital Investment Coordinating Board
- No.
256/I/PMA/1991
Dated
13 August 1991
- No.
611/III/PMA/1998
Dated
7 May 1998
- No.
90/II/PMA/1998
Dated
17 July 1998
Related Companies :
a. CINTA EDAR (M) SDN,
BHD., Malaysia (Investment Holding)
b. REX CANNING CO. SDN,
BHD., Malaysia (Investment Holding)
Capital Structure :
Authorized Capital : US$
3,600,000.-
Issued Capital : US$ 1,800,000.-
Paid up Capital : US$ 1,800,000.-
Shareholders/Owners :
a. REX CANNING CO. SDN, BHD -
US$ 1,620,000.-
Address : 125, Jalan Perindustrian Bukit Minyak 5
14100, Simpang Empat
Pulau Pinang, Malaysia
b. CINTA EDAR (M) SDN, BHD -
US$ 180,000.-
Address : 125, Jalan Perindustrian Bukit
Minyak 5
14100, Simpang Empat
Pulau Pinang, Malaysia
Lines of Business :
Manufacture and Export of Canned Foods
Production Capacity :
a. Canned Seafood - 5,000 tons p.a.
b. Frozen Seafood - 5,000 tons p.a.
c. Canned & Frozen
Vegetables - 4,000 tons p.a.
d. By Products for Feed
Meals - 800 tons p.a.
e. Cookies - 3,000 tons
p.a.*
*) has yet been produced
Total Investment :
a. Equity Capital - US$ 1.8 million
b. Loan Capital - US$ 4.2 million
c. Total Investment - US$ 6.0 million
Started Operation :
June 1992
Brand Name :
Rex Canning
Technical Assistance :
Rex Canning Co. Sdn, Bhd., of Malaysia
Number of Employee :
700 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BALI MAYA MUNCAR
b. P.T. CANNING INDONESIA PRODUCTS
c. P.T. MEDAN TROPICAL CANNING
d. P.T. PROMEX INTI CORPORATION
e. P.T. SURYAJAYA ABADIPERKASA
Business Trend :
Growing
Bankers :
a. P.T. Bank CIMB NIAGA Tbk
Jalan Raya Pasar Besar
Block A/1
Mandaranrejo,
Bugul Kidul
Pasuruan,
East Java
Indonesia
b. CITIBANK
N.A.
Jalan
Jend. Basuki
Rachmat No. 86
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 158.0 billion
2011 – Rp. 165.0 billion
2012 – Rp. 172.0 billion
Net Profit (estimated) :
2010 – Rp. 11.1 billion
2011 – Rp. 13.2 billion
2012 – Rp. 14.1 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Lee Chai Seng
Directors - a. Mr. Lee Soo An
b. Mr. Tan Yak Hock
c. Mrs. Rita Kunti Siswarini
Board of Commissioners :
President Commissioner - Mr. Lee Hee Hong
Commissioners - a. Mr. Tan Hung Meng
b. Mrs. Then Syau Khim
Signatories :
President Director (Mr. Lee Chai Seng) or
one of the Directors (Mr. Lee Soo An, Mr. Tan Yak Hock or Mrs. Rita Kunti
Siswarini) 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
P.T. REX CANNING (P.T. RC) was established in Pasuruan, East Java on 28
August 1991 with the authorized capital of US$ 2,000,000 of which US$ 1,100,000
was issued and fully paid up. The founding shareholders of the company are Mr.
Yulius Usman and Mr. Danny Wijaya, both are Indonesian businessmen of Chinese
extraction and REX CANNING CO.SDN., BHD of Malaysia. The articles of
association of the company have frequently been revised. In January 1998, the
authorized capital of the company was raised to US$ 3,600,000 of which US$
1,800,000 was issued and fully paid up and concurrently Mr. Yulius Usman and
Mr. Danny Wijaya withdrew and into the company entered new shareholders REXCAN
IMPORT & EXPORT PTE., LTD of Singapore and Mr. Lee Chai Seng of Malaysia.
In June 2006, the shareholders of the company were REX CANNING CO.SDN.BHD (90%)
and CINTA EDAR (M) SDN.BHD, (10%) both of Malaysia. Then according to the
latest revision of notary documents of Mr. Mochmad Zainal Arifin, SH., No. 09
dated 5 September 2012 the company board of director and board of commissioner
had been changed. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-03687 dated February
8, 2013.
P.T. RC obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with frozen and canned
food and vegetable products by managing a plant located at Jalan Raya
Beji-Bagil Km. 4, Pasuruan, East Java on a land of 252,207 square meters having
been in commercial operation since 1992. The plant has frequently been expanded
to increase its annual production capacity. According to its license, the plant
has annual production capacity of 5,000 tons of canned seafood, 5,000 tons
frozen seafood, 4,000 tons of canned/frozen vegetables and 800 tons of feed
meals. The development of the plant has absorbed an investment of US$ 3.6 million
entirely coming from own capital. A staff of the company said that the main
business activities are dealing with seafood and vegetable canning such as
shrimps, shells, snails, crabs and others. It was further explained that P.T.
RC has produced no frozen vegetable and seafood products anymore and focused on
canned seafood products. The products of the company are entirely exported to
several European countries, the USA and Japan under brands requested by its
buyers. P.T. RC is classified as a medium sized company of its kind in the
country of which the operation has been running smoothly and growing.
In overall views we find the demand for frozen fish, fish meal, fish oil
and feather meals had been rising by 5% to 6% per year in the last five years,
in line with the growth of animal feed industry in the country. The Indonesian
water particularly in Indonesian Economic Zone is still dominated by foreign
fishing boats who catching fish illegally. The prolonged economic crisis caused
the procurement of fishing boats to impede. The absent of banking support
caused Indonesian businessmen to find difficulty to add their fishing boats.
The Indonesian fisheries products export including shrimp, tuna and others has
yet to make any progress in 2008. The protective law on export of Indonesian
fisheries products imposed by developed countries including the United States
and the European countries through embargo and or very strict security check
(must be carried-out through Singapore) will adversely Indonesian 2005's
fisheries business.
Beside that the steep hike of fuel prices has also made domestic
fisheries industry to bottom. The export volume and value of the national fish
fresh/frozen and shrimps frozen products in 2005 to 2011 are pictured on the following
table.
|
Year |
Fish Fresh
(Frozen) |
Shrimps Frozen |
||
|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
|
|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
|
2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
|
2010 |
584.6 |
825.4 |
114.0 |
861.9 |
|
2011 |
595.0 |
647.9 |
119.8 |
756.2 |
Source: Central Bureau of Statistic (BPS)
Until this time P.T. RC has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of the company is very reclusive towards outsiders and rejected
to disclose its financial condition. We observed that total sales turnover of
the company in 2010 amounted to Rp. 158.0 billion rose to Rp. 165.0 billion in
2011 increased to Rp. 172.0 billion in 2012 and projected to go on rising by at
least 6% in 2013. The operation in 2012 yielded an estimated net profit of at
least Rp. 14.1 billion and the company has an estimated total networth of at
least Rp. 35.0 billion. We observe that P.T. RC 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. RC is led by Mr. Lee Chai Seng (70) a
professional manager of Malaysia with 22 years experience in manufacture and
exporter of canned food. In his daily activities, he is assisted by Mr. Lee Soo
An (45), Mr. Tan Yak Hock (50) and Mrs. Rita Kunti Siswarini (45) respective as
director. 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. REX CANNING is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
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.