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Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CARGILL INDONESIA |
|
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Registered Office : |
Wisma 46-Kota BNI 28th Floor Suite 2801 Jalan Jend. Sudirman Kav. 1 Jakarta
Pusat, 10220 |
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Country : |
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|
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Date of Incorporation : |
03.10.1973 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-27477 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Animal Feed Milling |
|
|
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No. of Employees : |
471 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 10,000,000 |
|
Status : |
Moderate |
|
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T.
CARGILL INDONESIA
Head Office
Wisma 46-Kota BNI
28th Floor Suite 2801
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat, 10220
Indonesia
Phones -
(62-21) 574 6868 (Hunting)
Fax - (62-21) 574 5757
Building Area - 32storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Cocoa Processing Factory
Jalan Kima 9 Kav.
L 7 B Daya
Makassar, 90241
South Sulawesi
Phone - (62-411)
514361
Fax - (62-411) 514370
Cattle Feed Factories
a. Jalan Raya Telajug Udik
Gunung Putri, Bogor 16962
West Java
Phones -
(62-21) 8672521, 8672263, 8672856
Fax
- (62-21) 8672533
b. Jalan Raya
Balongwatu, Desa Cangring Malang
Kecamatan Beji, Pasuruan, 67154
East Java
Phones -
(62-343) 656034-35, 656604
Fax -
(62-343) 656036, 657214
c. Kawasan
Industri Modern Cikande
Jalan Raya
Jakarta Serang Km. 68
Cikande, Serang 42156
Banten Province
Phones -
(62-254) 400417 (Hunting), 404038
Fax -
(62-254) 400603
d. Jalan Walisongo No. 395 A Km. 9,6
Kel. Tugurejo, Kec. Tugu
Semarang
Central Java
Phones -
(62-24) 8664212 (Hunting), 8665138
Fax -
(62-24) 8664211
e. Jalan Medan
Tanjung Morawa Km. 13.5
Desa
Limau Manis, Deli Serdang, 20362
North Sumatera
Phones -
(62-61) 7941333 (Hunting), 7946467, 7946468
Fax -
(62-61) 7946465, 7941236
f. Jalan Kapasa
Raya No. 22
KP. Bina, Kec.
Tamalanrea
Makassar,
90244
South Sulawesi
Phones -
(62-411) 510140, 514365, 513183
Fax -
(62-411) 510138
Grain & Vegetable Oil Factories
a. Jalan Hang
Jebat No. 2
Medan
North Sumatera
Phones -
(62-61) 4562722 (Hunting)
Fax
- (62-61) 4562533
b. Jalan Trans
Sulawesi
Kel.
Kawangkoan Bawah Lingk. 10
Kec. Tombasian, Amurang, 95354
North Sulawesi
Phones -
(62-430) 22688
Fax
- (62-430) 22677
Date of Incorporation :
3 October 1973
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-25884.HT.01.04.TH.2003
Dated 30 October 2003
- No. AHU-49939.AH.01.02.TH.2009
Dated 15 October 2009
- No. AHU-AH.01.10-27477
Dated 24 August 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.002.071.7-057.000
The President of the Republic of Indonesia
No.
B-79/Pres/9/1972
Dated 12
September 1972
The Capital Investment Coordinating Board
- No. 26/II/PMA/1983
Dated 5 September 1983
- No. 37/II/PMA/1983
Dated 28 November 1983
- No. 25/II/PMA/1986
Dated 2 October 1986
- No. 20/II/PMA/1988
Dated 9
June 1988
- No. 64/II/PMA/1991
Dated 24
May 1991
- No. 11/II/PMA/1992
Dated 17
February 1992
- No. 217/II/PMA/1994
Dated 28
November 1994
- No. 80/II/PMA/1996
Dated 11
April 1996
- No. 109/II/PMA/1998
Dated 18
August 1998
- No. 103/II/PMA/1999
Dated 11
June 1999
- No. 141/II/PMA/2000
Dated 5 July 2000
- No. 1611/III/PMA/2001
Dated 3
December 2001
- No. 203/III/PMA/2003
Dated 28
February 2003
- No. 177/II/PMA/2004
Dated 15
October 2004
- No. 328/II/PMA/2005
Dated 10
November 2005
Related
Companies :
a. P.T. BUMI TAPIOKA JAYA (Tapioca Starch
Manufacturing)
b. P.T. CARGILL FOODS INDONESIA (General Trading
and Management Trust)
c. P.T. CARGILL LESTARI AGROSENTRA (Oil Palm
Plantation and Palm Oil Refinery)
d. P.T. HARAPAN SAWIT LESTARI (Oil Palm
Plantation and Palm Oil Refinery)
e. P.T. HINDOLI (Oil Palm Plantation and Palm
Oil Refinery)
f. P.T. SARITANAM PRATAMA (Tapioca Starch
Manufacturing)
g. P.T. SORINI TOWA BERLIAN CORPORATION (Liquid
and Powder Sorbitol Manufacturing)
Capital
Structure :
Authorized
Capital : US$
4,100,000.-
Issued Capital : US$
4,100,000.-
Paid up Capital : US$
4,100,000.-
Shareholders/Owners
:
a. CARGILL INCORPORATED - US$ 3,895,000.-
Address :
15407 McGinty Road West
Minetonka,
Minnesota
USA
b. CARGILL ASIA PACIFIC LTD, LLC - US$ 205,000.-
Address : 15615 McGinty Road
West
Minetonka,
Minnesota
USA
Lines of
Business :
a. Animal Feed Milling
b. Hybrid Corn Seed Farming and General Trading
Agricultural Products
c. Grain and Vegetable Oils
d. Investment holding by controls 0.01% shares
of P.T. CARGILL FOODS INDONESIA
Production
Capacity :
a. Hybrid Corn Seeds -
9,000 tons p.a.
b. Animal Feeds -
450,000 tons p.a.
c. Cocoa Beans - 30,000 tons p.a.
d. Fish Milling - 24,000 tons p.a.
e. Coconut Oil -
100,000 tons p.a.
f. Palm Kernel Oil (PKO) - 20,000 tons p.a.
g. Copra Expeller - 60,000 tons p.a.
h. Distribution and Exporting Services - US$ 15.0 million
Total
Investment :
a. Equity Capital - US$
4.1 million
b. Reinvested Profit - US$
6.5 million
c. Loan Capital - US$ 47.8 million
d. Total Investment - US$ 58.4 million
Started
Operation :
1975
Brand Name :
Cargill Indonesia
Technical
Assistance :
Cargill Inc., of
the USA
Number of
Employee :
471 persons
Marketing Area
:
Export -
100% Grain, Vegetable Oil and Agriculture Products
Local - 100% Animal Feed
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CENTRAL
PROTEINAPRIMA
b. P.T. GOLD COIN
INDONESIA
c. P.T. JAPFA
COMFEED INDONESIA Tbk
d. P.T. WELLGRO
FEEDMILL INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. CITIBANK
N.A.
Bapindo Plaza Tower Citibank
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan, 12190
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha Bank Niaga
Jalan Jend. Sudirman
Kav. 58
Jakarta
Selatan, 12920
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp.
2,185.0 billion
2010 – Rp.
2,212.0 billion
2011 – Rp.
2,256.0 billion
Net Profit
(estimated) :
2009 – Rp. 152.9
billion
2010 – Rp. 154.8
billion
2011 – Rp. 169.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mrs. Lucy Tjahjadi
Director -
Mr. Akkarit Boontawee
Board of Commissioners :
President Commissioner -
Mr. Jeral Sylvester Dsouza
Commissioner -
Mr. Syed Munirul Hasan
Signatories :
President Director (Mrs.
Lucy Tjahjadi) or the Director (Mr. Akkarit Boontawee) 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
Maximum Credit Limit :
US$ 10,000,000 on
90 days D/A
P.T. CARGILL
INDONESIA (P.T. CI) was established in 1973 with an authorized capital of US$
300,000 issued and paid up capital of US$ 60,000. Previous founding
shareholders were Mr. Hans Oloan Handoko and Mrs. Onny Ondra Siregar Handoko,
and a foreign partner CARGILL INCORPORATED of the USA. The company notarial act
has frequently been revised. In June 1976 both local partners pulled out and
replaced by Mr. Harry Angkasa Tabaluyan. In January 1994 the authorized capital
was raised to US$ 4,100,000 entirely issued and paid up and concurrently Mr.
Hary Angkasa Tabaluyan was replaced by P.T. Bank PDFCI. Then in July 2000, P.T.
Bank PDFCI pulled-out and replaced by CARGILL ASIA PACIFIC LTD, LLC., of the
USA. With this time the composition of its shareholders has been changed to
become CARGILL INCORPORATED (95%) and CARGILL ASIA PACIFIC LTD. LLC., (5%).
Then according to the latest revision of notary documents of Mrs. Amelia Kasih,
SH., M.Kn., No. 7 dated 11 August 2011 the board of directors and the board of
commissioners has been changed. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-27477
dated August 24, 2011.
We see that
CARGILL INCORPORATED of the USA is also majority business stakes owner of P.T.
HARAPAN SAWIT LESTARI, P.T. HINDOLI, P.T. CARGILL LESTARI AGROSENTOSA are
engaged in palm oil plantation and palm oil refinery and other companies.
P.T. CI is a
Foreign Investment (PMA) corporation engaged in animal-feed milling, poultry
breeding and hybrid corn seedling having been operating since 1975. It manages
6 plant units each located at Jalan Raya Telajung Udik, Gunung Putri, Bogor,
West Java, of 15,000 sq. meters; Jalan Raya Jakarta – Serang Km. 6.8, Kawasan
Industri Modern Cikande, Serang, Banten Province on 12,000 sq. meters; Jalan
Raya Balongwatu, Desa Cangkring Malang, Pasuruan, East Java, of 15,000 sq.
meters; Jalan Walisongo No. 395 A Km. 9.6, Semarang, Central Java on 15,000 sq.
meters; Jalan Medan – Tanjung Morawa Km. 13.5, Deli Serdang, North Sumatera on
16,000 sq. meters and Jalan Kapasa, Makasar, South Sulawesi, of 20,000 sq.
meters. The plants have frequently been expanded to increase production
capacity. The plant produces hybrid corn seeds of 9,000 tons, animal feeds of
450,000 tons, Cocoa beans of 30,000 tons and fish milling of 24,000 tons
respectively per year. The above plant has absorbed an investment of US$ 42.4
million coming from owned capital of US$ 4.1 million, reinvested profit of US$
6.5 million and the rest is loan.
Over the years
we enjoyed substantial growth, and today P.T. CI expansive operations comprise
the origination, processing, handling, shipping and marketing of a wide range
of agricultural and food products and related services. The products of
animal-feed, poultry and hybrid corn seeds are marketed 100% locally, while the
cocoa beans is exported to Australia, Hong Kong, Malaysia, Japan, the USA and
other countries. In November 2005, P.T. CI obtained an expanding license for
increasing the annual production capacity in coconut oil refinery (processing)
industry. The expanded plant is located in South Minahasa Regency, Manado,
North Sulawesi on a land of 34,000 sq. meters with annual production of 100,000
tons of coconut oil, 20,000 tons of palm kernel oil (PKO) and 60,000 tons of
copra expeller with an investment of US$ 16.0 million entirely from loans. The
expanded plant has been in operation in the end of 2008.
Since August
2003 and 2008, the bird influenza (avian influenza) diseases have attacked
several chicken breeders in several regions in Indonesia. The disease has
largely caused the poultry to die so the chicken raisers have suffered from a
loss and even stopped their business.
Besides, the
consumption of the chicken products has been declining because there is the
consumers’ worry that most people fear for the bad effect when consuming
chicken. The contagious bird influenza disease in the country has brought bad
impact to the performance of the national animal feed industries. The prices of
day-old chick (DOC) have also been significantly decreasing. The decline in DOC
prices is influenced by the over supply of DOC. However, the growth of poultry
business has been increasing as evidence from the increasing DOC prices,
commercial chickens and animal feed. It seems that P.T. CI belongs to a large
company and the operation has been running and growing slowly.
Generally,
demand for hybrid corn seed has kept on increasing in the last five years
having close relation with the increasing growth of agricultural sectors
especially corn corps in the last five years. Besides, the corn import has also
been going up. However, the increasing local corn products are not followed by
the demand for corns by animal feed industries. This condition is caused by the
difficulties especially the contagious bird influenza disease faced by animal
feed industries causing thousands of poultry to die in several regions in the
country. This case will also cause the public absorption power level in
consuming poultry products to decline. This difficult situation has made many
animal feed industries to suffer from a loss especially animal feed industry.
However, animal feed production is still holding out. Besides that the
competition is very tight due to a large number of similar companies operating
in the country. It’s projected the demand for animal feed, fish meal, fish oil
and feather meals will be rising in the future at least 5% per annum. The
business position of P.T. CI is appraised to be favorable for having
established wide marketing networks within and outside the country.
Until this time
P.T. CI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
CI 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. 2,185.0 billion rose to Rp. 2,212.0 billion in 2010 increased
to Rp. 2,256.0 billion in 2011 and projected to go on rising by at least 5% in
2012. The operation in 2011 yielded an estimated net profit of at least Rp.
169.2 billion and the company has an estimated total net worth of at least Rp.
275.0 billion. We observe that P.T. CI 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
is headed by Mrs. Lucy Tjahjadi Tan Ho Liat (43), a professional manager of
graduate from Trisakti University majoring in economic. Daily activity she is
assisted by Mr. Syed Munirul Hasan (59) as Director, a professional manager of
CARGILL INC., of the USA. He is assisted by a number of experienced
professional managers in this business. The company is sponsored by a
financially quite strong shareholders and the management has maintained a wide
business relation among private businessmen at home and abroad. So far, we did
not hear that of the management of the company being filed to the district
court for detrimental cases or involved in business malpractices. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. We are convinced P.T. CARGILL INDONESIA is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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.