MIRA
INFORM REPORT
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Report Date : |
17th June 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T. DALZON
CHEMICALS INDONESIA |
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Registered
Office : |
Ruko
Cempaka Mas Block K No. 22 Sumur Batu, Jakarta Pusat, 10640, Indonesia |
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Country : |
Indonesia |
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Financials : |
2005 |
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Date of
Incorporation : |
26 March 2003 |
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Com. Reg. No.: |
C-08630 HT.01.01.TH.2003 |
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Legal Form : |
Limited Liability Company |
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Line of
Business : |
Engaged in the business of trading, import and
distribution of pesticides formulation |
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 : |
Usually Correct |
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Litigation : |
Clear |
Name of Company
P.T. DALZON CHEMICALS INDONESIA
A d d r e s s
Head
Office
Ruko
Cempaka Mas Block K No. 22
Sumur
Batu
Jakarta
Pusat, 10640
Indonesia
Phone -
(62-21) 42900075 (Hunting)
Fax. - (62-21) 42900355
Building Area -
Office
Office Space -
150 sq. meters
Region -
Commercial
Status -
Rent
Pesticides Formulation Factory (Planned)
Desa
Bangkungreang
Cikarang
West
Java
Indonesia
Date of Incorporation
26 March 2003
Legal Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-08630 HT.01.01.TH.2003
Dated
22 April 2003
Company Status
Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.273.500.5-027.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued
Capital :
Rp. 500,000,000.-
Paid
up Capital :
Rp. 500,000,000.-
Shareholders/Owners :
a. Mr. Daryanto Wijaya - Rp. 250,000,000.-
Address : Cempaka Putih Tengah 26-B / 77
RT. 017/ RW. 004, Kelurahan
Cempaka Putih, Kecamatan
Cempaka Putih Timur
Jakarta Pusat, Indonesia
b. Mr. Paras Wijaya - Rp. 250,000,000.-
Address : Cempaka Putih Tengah 26-B / 77
RT. 017/ RW. 004, Kelurahan
Cempaka Putih, Kecamatan
Cempaka Putih Timur
Jakarta Pusat, Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
a. Trading,
Import and Distribution of Pesticides Formulation
b. Pesticides
Formulation Industry (Planned)
Production
Capacity :
None
Total Investment
:
a.
Equity Capital -
Rp. 0.5 billion
b. Loan
Capital -
Rp. 0.5 billion
c.
Total Investment - Rp. 1.0 billion
Started Operation :
June
2003
Brand Name :
None
Technical Assistance :
None
Number of Employee :
17
persons
Marketing Area :
Domestic - 100 %
Main Customer :
State
Owned Plantation and private plantation
Market Situation :
Very
Competitive
Main Competitors :
a.
P.T. DUPONT AGRICULTURAL PRODUCTS INDONESIA
b.
P.T. SYNGENTA INDONESIA
c.
P.T. FAJARPURNAMA PRATAMA INTI
d.
P.T. DOW AGRO SCIENCES INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Jalan Suprapto
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan
Suprapto No. 30 F
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 –
Rp. 3.0 billion (June-December)
2004 –
Rp. 7.0 billion
2005 –
Rp. 8.5 billion
Net Profit (Loss)
:
2003 – Rp. 0.3 billion
2004 – Rp. 0.5 billion
2005 –
Rp. 0.7 billion
Payment Manner :
Above
average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Daryanto Wijaya
General Manager - Mr. Djoni Dilon
Board of Commissioners :
Commissioner - Mr. Paras Wijaya
Signatories :
Director (Mr. Daryanto Wijaya) which must be approved by Supervisory
Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Above average
Credit Recommendation :
Credit should be extended under
guarantee
Proposed Credit Limit :
C.O.D. To small amount
Maximum Credit Limit :
US$ 100,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. DALZON CHEMICALS INDONESIA (P.T. DCI) was established in
Jakarta on 26 March 2003 with an authorized capital of Rp. 1,000,000,000.-
issued capital of Rp. 500,000,000.- entirely paid up. The founding shareholders
are Mr. Daryanto Wijaya and his son Mr. Paras Wijaya, an Indonesian business
family of Chinese extraction. The deed of amendment was made by Mrs. Marina
Soewarna, SH., a public notary in Jakarta under Company Registration Number
C-08630 HT.01.01.TH. 2003, dated April 22, 2003.
P.T. DCI has been in operation since June 2003 in trading,
import and distribution of pesticides formulation. The agricultural formulation
products such as herbicides, insecticides, fungicides are imported from China
and India. All the company's production is marketed in the country to farmers
in East Java, Central Java, West Java, state owned enterprises plantation,
private plantation companies, the government an other parties with Ahmarin
500SC, Lanidor 200 SL, Danvil 50 SC, Damazab 80 WP, Magnaphop 66T, Best Up 480
AS, Dafat 75 WP, Daquat 276 AS, Dalopir 380 EC and Basma 200 EC brands. Mr.
Daryanto Wijaya, director of the company disclosed that thw whole product has
been registered at Department of Agricultural (DEPTAN/Departemen Pertanian). He
went on to say that the whole products are also sold through shop selling agricultural
chemical materials. The economic crisis and the steep Rupiah depreciation to
the hard foreign currencies have adversely affected the company's business for
having pushed up highly the prices of imported basic materials resulting in
much increased operation cost. Mr. Daryanto Wijaya also explained that the
company will be produce of agricultural formulation products in Cikarang, West
Java and the plant now under still preparation stage. We observe that P.T. DCI
operation has been growing steadily in the last three years.
We find that the demand for pesticides, fungicides, herbicides and
insecticides has tended to decline in the last five years due to several
factors like the weakening of the community's buying capacity in line with the
low Rupiah exchange rate in 2001 resulting in the production of fake
pesticides. Low pesticide sales have been not only to reduce buying power, but
also to a minimum of planting area expansion. As a result of the prolonged
economic crisis only a very small agricultural expansion area has been
realized, both of existing areas and in the form of new investments. As a clear
indicator of the dwindling planting area expansion has been the sharp fall in
new investments in the plantation sector and the poor realization of development
projects by licensed plantation companies. The low investment animo in
development of the plantation sector is also believed to have been due to the
low and not stimulating export prices of plantation commodities lately. We
consider P.T. DCI to be in a quite favorable position for having already got
hold of a steady clientele in the country and abroad.
Until this time P.T. DCI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in the first operation as
from June to December 2003 amounted to Rp. 3.0 billion increased to Rp. 7.0
billion in 2004 and to Rp. 8.5 billion in 2005. The operation in 2005 yielded
an estimated net profit at least Rp. 0.7 billion and the company has an
estimated total networth at Rp. 1.0 billion. It is projected that total sales
turnover of the company will be higher by at least 8% in 2006. We observe that
P.T. DCI 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). The company disclosed that the company usually pays its debts
punctually to suppliers.
The company is led out by Mr. Daryanto Wijaya (55), a businessman who
experienced for more than 7 years in the field of trading, import and
distribution of agricultural formulation products. We observed that
management’s reputation in said business is fairly good. The company has had
wide relation in the realm of the private businessmen inside and outside the
country. Their relation with the government is fairly good. So far, we have
never heard that the company’s management involved in a dirty business practice
or detrimental cases that settled in the country. The company’s litigation
record is clean and it has not registered with the black list of Bank of
Indonesia.
PT. DALZON CHEMICALS INDONESIA is fairly good for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a loan to the company.
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 |
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26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |