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Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. DALZON CHEMICALS |
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Registered Office : |
Ruko Cempaka Mas Block K No. 22 Sumur Batu Jakarta Pusat, 10640 |
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Country : |
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Date of Incorporation : |
26.03.2003 |
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Com. Reg. No.: |
No. AHU-AH.01.10-06828 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Pesticides Formulation |
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No. of Employees : |
120 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 900,000 |
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Status : |
Good |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
P.T. DALZON CHEMICALS
INDONESIA
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 - 3 storey
Office Space - 150 sq. meters
Region - Commercial
Status - Rent
Desa Bangkong
Reang
Cikarang, Bekasi
17520
West Java
Indonesia
Phone -
(62-21) 89836290-1
Fax. - (62-21) 89836292
Land Area - 15,200 sq.
meters
Building - 8,900 sq meters
Region - Industrial Zone
Status - Rent
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
a. No. C-08630
HT.01.01.TH.2003
Dated 22 April 2003
b. No. AHU-89128.AH.01.02.Tahun 2008
Dated 21 November 2008
c. No.
AHU-AH.01.10-06828
Dated 22 March 2010
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.273.500.5-027.000
None
Capital Structure :
Authorized Capital
- Rp. 10,000,000,000.-
Issued Capital - Rp. 3,500,000,000.-
Paid up Capital - Rp. 3,500,000,000.-
Shareholders/Owners :
a. Mr. Daryanto
Wijaya -
Rp. 1,750,000,000.-
Address : Cempaka Putih Tengah XVII F21
Jakarta Pusat
Indonesia
b. Mr. Nirmala
Wijaya -
Rp. 1,750,000,000.-
Address : Cempaka Putih Tengah 26-B /77
Jakarta Pusat
Indonesia
Lines of Business
:
a. Trading, Import and Distribution of
Pesticides Formulation
b. Pesticides Formulation Industry
Production
Capacity :
On the order basis
Total Investment :
a. Equity Capital - Rp. 3.5 billion
b. Loan Capital - Rp. 2.5 billion
c. Total
Investment - Rp. 6.0 billion
Started Operation :
June 2003
Brand Name :
Dalzon Chemicals
Technical Assistance :
None
Number of Employee :
120 persons
Marketing Area :
Domestic - 100
%
Main Customer :
State Owned
Plantation and private plantation
Market Situation :
Very Competitive
Main Competitors :
a. PT. Petrokimia
Gresik
b. PT. Dupont
Agricultural Products
c. PT. Fajarpurnama Pratama Inti
d. PT. Dow Agro Sciences Indonesia
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank DANAMON INDONESIA Tbk
Rukan ITC Cempaka Mas Blok B No. 7
Jl. Letjen Suprapto, Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Suprapto No. 30 F
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
The company has involved in a
dispute with International Biesterfeld GmbH of Germany in the case of a
purchase agreement of pesticide chemicals.
South Jakarta District Court ruled that the case was won by PT. DCI and
Biesterfeld GmbH parties are required to pay compensation to PT. DCI of Rp.
4.25 billion in June 2011.
Annual Sales (estimated) :
2009 – Rp. 53.0
billion
2010 – Rp. 60.0
billion
2011 – Rp. 66.5
billion
Net Profit (Loss)
:
2009 – Rp. 3.4 billion
2010 – Rp. 3.9 billion
2011 – Rp. 4.3
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
Director
- Mr. Daryanto Wijaya
Board of
Commissioners :
Commissioner - Mr. Nirmala Wijaya
Signatories
:
Director (Mr.
Daryanto Wijaya) which must be approved by board of commissioner (Mr. Nrimala
Wijaya)
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
Maximum Credit
Limit :
US$ 900,000.- on the 90 days of payments
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. The
company notary deed had been changed and based on notary deed of Ms. Titik Irawati Sugianto, SH.,
No. 90 dated 23 February 2010, Mr. Paras Wijaya pulled out and the whole shares
are sold to Mr. Nirmala Wijaya.
Concurrently the authorized capital was raised to Rp. 10,000,000,000.-
of which Rp. 3,500,000,000.- was issued and fully paid up. Since the time, the
shareholders of the company are Mr. Daryanto Wijaya (50%) and Mr. Nirmala
Wijaya (50%). The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-89128 AH.01.02.Tahun 2008 dated November 21, 2008 and No.
AHU-AH.01.10-06828 dated March 22, 2010.
No changes have been effected in term of its shareholding composition
and capital structures to date.
P.T. DCI has been in operation since
June 2003 in trading, import and distribution of pesticides formulation. The
pesticide 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. At the end of
2004, P.T. DCI expand its business by producing Pesticide products consists of
Insecticides (Alcove, Basma, Vertig, Predict, Jupiter, Dafat, Lanidor and
Hypolax brand), herbicides (Best Up, Topex, Bang, Haitek, Delopir, Almarin,
Dironex, Pointer, Maxitol and Benson brand) and fungicides (Damazeb, Danvil and
Medulla brand). Mr. Daryanto Wijaya, director of the
company disclosed that the 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. We
observed that P.T. DCI is classified as a small sized company of its kind in
the country of which the operation has been growing in the last three years.
We have noticed that the
demand for pesticide products had increased some 10% to 11% per annum in the
last five years in line with the growth of plantation and agricultural sector
industries, forestry and others. In the
coming years, the growth rate of demand is estimated at about 6% to 7% per
annum. The present market situation for agricultural products is very
competitive for a large number of similar companies operating in the country.
Meanwhile, competition is quite heavy in the export import of agricultural
products with many companies now doing business in this field in Indonesia. We
consider P.T. DCI to be in a quite favorable position for having already got
hold of a steady clientele in the country.
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. The management of P.T.
DCI is very reclusive towards outsiders and rejected to disclose its financial
condition. We estimated that total sales turnover of the company in 2009
amounted to Rp. 53.0 billion increased to Rp. 60.0 billion in 2010 rose again
to Rp. 66.5 billion in 2011. The operation in 2011 yielded an estimated net
profit of at least Rp. 4.3 billion and the company has an estimated total
networth of at least Rp. 35.0 billion.
So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
The company is
led out by Mr. Daryanto Wijaya (61), a businessman who experienced for more
than 13 years in the field of trading, import and distribution of pesticide
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 has not registered with the black list of Bank of Indonesia. PT. DALZON CHEMICALS INDONESIA is fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.30 |
|
|
1 |
Rs.81.36 |
|
Euro |
1 |
Rs.67.97 |
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.