MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. BRANITA SANDHINI |
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Registered Office : |
Wisma Pondok
Indah II, 6th Floor Suite 601, Jalan Iskandar Muda Kav. V-TA, Pondok
Indah, Jakarta Selatan, 12310 |
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Country : |
Indonesia |
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Date of Incorporation : |
30.07.1991 |
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Com. Reg. No.: |
No. AHU-82924.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Agricultural Chemicals
Products, Hybrid Corns and other |
RATING &
COMMENTS
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MIRAs 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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Maximum Credit Limit : |
US$ 2,130,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T.
BRANITA SANDHINI
Address
Head Office
Wisma Pondok
Indah II, 6th Floor Suite 601
Jalan Iskandar
Muda Kav. V-TA
Pondok Indah
Jakarta Selatan,
12310
Indonesia
Phones - (62-21)
75922929, 75922922 (Hunting)
Fax - (62-21) 75922928
Building Area - 14 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Branch
Jalan Koperasi
Baja No. 6
Dukuh Bakalan RT.
01/01
Leper, Klaten
Central Java
Indonesia
Phones - (62-275) 555585,
552714
Fax - (62-275) 551342
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
30 July 1991
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-82924.AH.01.02.TH.2008
Dated 6 November
2008
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.554.517.1-056.000
Related Companies
a. P.T. MONAGRO
KIMIA (Agrochemical Manufacturing)
b. P.T. SEMINIS
VEGETABLE SEEDS INDONESIA (Seed Biotechnology, Hybrid Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp. 72,000,000,000.-
Issued Capital : Rp.
72,000,000,000.-
Paid up Capital : Rp.
72,000,000,000.-
Shareholders/Owners
:
a. OLYMPIA
INDUSTRIES, INC -
Rp. 71,875,000,000.-
Address : USA
b. MONSANTO
SINGAPORE COMPANY Pte., Ltd. - Rp. 125,000,000.-
Address : Singapore
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Distribution of Agricultural Chemicals Products, Hybrid Corns and others
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 72.0
billion
Started
Operation :
1992
Brand Name :
BS
Technical
Assistance :
Monsanto of the
USA
Number of
Employee :
37 persons
Marketing Area
:
Local - 100%
Main Customers
:
Farmers and
plantation companies
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. PERTANI
b. P.T. SANG
HYANG SERI
c. P.T. BISI
INTERNATIONAL
d. P.T. PIONEER
HYBRIDA
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. Bank of
AMERICA
Wisma Antara
Jalan Merdeka Selatan
Jakarta Pusat
Indonesia
b. STANDARD
CHARTERED Bank
Wisma Standard Chartered Bank
Jalan Jend. Sudirman Kav. 33 A
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
P.T. BRANITA
SANDHINI and P.T. MONAGRO KIMIA was involved as defendant in controversial
cases (bribery and levies) with Department Pertanian authorities of US$ 29,500
and US$ 373,990
In connection of
BT cotton transgenic in South Sulawesi.
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 Rp. 203.5
billion
2006 Rp. 214.5
billion
2007 Rp. 225.0
billion
2008 Rp. 115.0
billion (January-June)
Net Profit
(estimated) :
2005 Rp. 12.2
billion
2006 Rp. 12.9
billion
2007 Rp. 13.5
billion
2008 Rp. 6.9 billion (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Rahman Kurniawan
Directors -
a. Mr. Gyanendra Shukla
b. Mr. Willybrodus Pandik
c. Mr. Adi Gunawan
Board of Commissioners :
Commissioner -
Mrs. Christina Maria Wagner
Signatories :
President Director (Mr. Rahman
Kurniawan) or one of the Directors (Mr. Gyanendra Shukla, Mr. Willybrodus
Pandik and Mr. Adi Gunawan) which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount
periodical review
Maximum Credit Limit :
US$ 2,130,000 on
90 days D/A
OVERALL PERFOMANCE
P.T. BRANITA SANDHINI (P.T. BS) was established in Jakarta on July 30,
1991 with an authorized capital of Rp. 500,000,000 issued and paid up capital
of Rp. 100,000,000. The founding and shareholders of the company originally
were Mrs. Brigitta Imam Rahayoe, SH and Mrs. Rita Tyastuti Taufik, both are
indigenous businesswomen. The company notarial deed has been changed. In July
2008, the whole shares had been taken over by OLYMPIA INDUSTRIES., INC., of the
USA and MONSANTO SINGAPORE COMPANY Pte., Ltd., of Singapore. On the same
occasion the authorized capital was raised to Rp. 72,000,000,000 wholly issued
and paid up. Concurrently the company status was changed to Foreign Investment
(PMA) company facility. The deed of amendment was made by Mr. Bonardo Nasution,
SH., was approved by the Ministry of Law and Human Right in its Decision Letter
No. AHU-82924.01.02.TH.2008, dated November 6, 2008.
We observe that P.T. BS is affiliated with P.T. MONAGRO KIMIA engaged in
the field of agrochemical manufacturing and P.T. SEMINIS VEGETABLE SEEDS INDONESIA
engaged in the field of seed biotechnology, hybrid manufacturing.
P.T. BS started with operation in 1992 in trading and distribution of
agrochemical products, hybrid corns, hybrid chili and others. It was appointed
as a distributor for P.T. MONAGRO KIMIA products. Around 70% of its
merchandising goods is manufactured by P.T. MONAGRO KIMIA, meanwhile the rest
30% is imported from Australia. P.T. BSs merchandising goods are including
isopropylame salt of glyphasate, herbicide formulation and others. Besides,
P.T. BS is also distributed hybrid corns, hybrid chili and other hybrids
products produced by P.T. SEMINIS VEGETABLE SEEDS INDONESIA. The above products
are sold to various agricultural chemicals distributor shops, cooperative units
and other through out the country. P.T. SEMINIS VEGETABLE SEEDS INDONESIA has
transferred all assets to P.T. BRANITA SANDHINI, pursuant to an assets sale and
purchase agreement dated 1 April 2008.
The transfer of assets has been approved by the shareholders of P.T.
SEMINIS VEGETABLE SEEDS INDONESIA pursuant to a Shareholders Resolution in Liew
of an Extraordinary General Meeting of Shareholders dated 17 March 2008. P.T.
BS is a biotechnology global company who has 2 manufacturing site in Tangerang
and Mojokerto. One of the top herbicide company, now operating the site of seed
manufacturing and making investment for 8 hectares of automated seed
manufacturing site. We observe the operation of P.T. BS has been growing in the
last three years.
Generally, demand for pesticides, fungicides, herbicides, insecticides
has tended to decline in the last five years being caused by several causes
including the sluggish public purchasing power in line with high Rupiah
depreciation against US$ in 2001 causing pesticides counterfeiting. The
declining pesticides sales are also caused by the lack of expansion of
plantation areas. There are few expansion of plantation areas having been
realized from expansion of agricultural companies or new investment. There is
indication that the declining plantation areas are shown in the declining
investment interest on plantation sectors and the low realization of the
development projects by plantation companies obtaining license. The decreasing
investment on plantation sector is also caused by the declining prices of the
agricultural commodities in international markets. However, since end 2001 the
prices of agricultural commodities in international markets have started
increasing.
Until this time P.T. BS 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 2005 amounted to Rp.
203.5 billion rose to Rp. 214.5 billion in 2006 increased to Rp. 225.0 billion
in 2007. The total sales turnover as from January to June 2008 amounted to Rp.
115.0 billion with a net profit of Rp. 6.9 billion and projected to go on
rising by at least 4% in 2009. The company has an estimated total networth of
at least Rp. 80.0 billion. We observe that P.T. BS 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 management of P.T. BS is led by Mr. Rahman Kurniawan (40) a
professional manager with experienced in trading and distribution agrochemical
products, hybrid corn, hybrid chili and others. But the primemover of the
company is Mr. Gyanendra Shukla (48) a professional manager from the MONSANTO
of the USA. He is also registered as president director of P.T. MONAGRO KIMIA.
The management is handled by experienced staff in this business, having
maintained a wide business relation with private businessmen at home and abroad
as well as with government sectors. P.T. BRANITA SANDHINI and P.T. MONAGRO
KIMIA was involved as defendant in controversial cases (bribery and levies)
with Department Pertanian authorities of US$ 29,500 and US$ 373,990 in
connection of BT cotton transgenic in South Sulawesi.
P.T. BRANITA SANDHINI is sufficiently 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SCs 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%)