|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DOW AGROSCIENCES INDONESIA |
|
|
|
|
Formerly Known as: |
P.T.
PACIFIC CHEMICALS INDONESIA |
|
|
|
|
Registered Office : |
Wisma GKBI, 20th Floor Suite 2001, Jalan Jend. Sudirman Kav. 28, Jakarta Pusat, 10210 |
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|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
|
Date of Incorporation : |
26.06.1973 |
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|
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|
Com. Reg. No.: |
No.
AHU-AH.01.10-27498 |
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|
|
|
Legal Form : |
Limited
Liability Company |
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|
|
|
Line of Business : |
Pesticides
Manufacturing |
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|
|
|
No. of Employees : |
48 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
P.T. DOW AGROSCIENCES INDONESIA
Head Office
Wisma GKBI, 20th Floor Suite 2001
Jalan Jend. Sudirman Kav. 28
Jakarta Pusat, 10210
Indonesia
Phones -
(62-21) 5742020 (Hunting)
Fax - (62-21) 5742121
E-mail - info@dowagro.com
Building Area - 28 storey
Office Space - 100 sq. meters
Region - Commercial
Status -
Rent
Factory
Jalan Tanjung Morawa Km. 9.5
Medan, 20150
North
Sumatra
Indonesia
Phones -
(62-61) 7867060 (Hunting)
Fax - (62-61) 7864202
Land Area - 20,000 sq.
meters
Building Space - 12,000 sq. meters
Region - Industrial
Zone
Status - Owned
a. 26 June 1973 as P.T. PACIFIC CHEMICALS
INDONESIA
b. 8 November 2001 as P.T. DOW AGROSCIENCES
INDONESIA
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. Y.A.5/107/18
Dated 30 March 1974
- No. AHU-83563.AH.01.02.2008
Dated 10 November 2008
- No. AHU-26422.AH.01.02.TH.2010
Dated 25 May 2010
- No. AHU-AH.01.10-27498
Dated 26 July 2012
Foreign Investment (PMA) Company
The Department of Finance
NPWP
No. 01.001.714.3-052.000
The President of the Republic of
Indonesia
No.
B-56/Pres/5/1973
Dated
22 May 1973
The Capital Investment Coordinating
Board
- No. 44/III/PMA/1979
Dated 24 December 1979
- No. 52/III/PMA/1984
Dated 29 October 1984
- No. 18/II/PMA/1985
Dated 25 May 1985
- No. 166/III/PMA/1986
Dated 7 July 1986
- No. 108/III/PMA/1987
Dated 4 May 1987
- No. 630/III/PMA/1993
Dated 26 October 1993
- No. 16/A.5/1998
Dated 2 January 1998
- No. 329/II/PMA/2001
Dated 14 December 2001
- No. 556/III/PMA/2002
Dated 10 June 2002
- No. 253/III/PMA/2003
Dated 13 March 2003
a. P.T. DOW CHEMICALS INDONESIA (Industrial
Chemical Processing)
b. P.T. LUHUR GUNA SEJAHTERA (Investment
Holding)
Capital
Structure :
Authorized
Capital : US$
1,930,230.-
Issued
Capital :
US$ 1,930,230.-
Paid
up Capital :
US$ 1,930,230.-
Shareholders/Owners
:
a.
DOW AGROSCIENCES B.V. -
US$ 1,833,715.-
Address : HH Dowweg
5
4542 NM, The Netherlands
b.
P.T. LUHUR GUNA SEJAHTERA -
US$ 96,515.-
Address :
Menara Imperium 30th Floor
Jl. Rasuna Said Kav. 1
Kuningan, Setibudi
Jakarta Selatan
Indonesia
Lines
of Business :
Pesticides
Manufacturing
Production
Capacity :
a. Dowpon M -
2,300 tons p.a.
b. Garlon 480 EC - 200 tons p.a.
c. Tordon 101 - 300 tons p.a.
d. DMA 6 - 800 tons p.a.
e. Dusrban - 4,540 kilo
liters p.a.
f. Chlorpyrifos - 700
tons p.a.
g. Trading Export of Pesticides - US$ 14,000,000
h. Import of Pesticides - US$ 3,000,000
Total
Investment :
a. Equity Capital - US$ 1,939,230.-
b. Loan Capital -
US$ 6,050,000.-
c. Total Investment - US$ 7,989,230.-
Started
Operation :
1975
Brand
Name :
Dow
Agrosciences Indonesia
Technical
Assistance :
Dow
Agrosciences B.V., Netherlands
Number
of Employee :
48
persons
Marketing
Area :
Export -
68.42%
Local - 31.58%
Main
Customer :
Buyers
in Asian countries
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. DUPONT AGRICULTURAL PRODUCTS INDONESIA
b. P.T. GOAUTAMA CAHAYA ASIAN
c. P.T. PETROKIMIA KAYAKU
d. P.T. SYGENTA INDONESIA
e.
Etc.
Business
Trend :
Growing
Bankers :
a. CITIBANK N.A.
Citibank Tower Plaza
Bapindo
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan
Indonesia
b. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend.
Sudirman Kav. 29-31
Jakarta
Selatan
Indonesia
Auditor
:
Oesman
Bing Satrio & Rekan (Deloitte)
Litigation
:
No
litigation record in our database
Annual
Sales :
2010
– Rp. 1,139.3 billion
2011
– Rp. 1,156.7 billion
2012
– Rp. 1,210.0 billion (estimated)
Net
Profit :
2010
– Rp. 119.0 billion
2011
– Rp. 225.2 billion
2012
– Rp. 232.0 billion (estimated)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Hideki Horito
Directors -
a. Mrs. Fenny Wangsaputri
b. Mr. Prasanta Kumar Patra
c. Mrs. Renita Nge
Board of Commissioners :
Commissioner - Mr. Eddy Setiawan
Signatories :
President
Director (Mr. Hideki Horito) or one of the Directors (Mrs. Fenny Wangsaputri,
Mr. Prasanta Kumar Patra or Mrs. Renita Nge) which must be approved by Board of
Commissioner.
Management Capability :
Good
Business Morality :
Good
Initially named P.T. PACIFIC CHEMICALS INDONESIA, it was established in Jakarta on 26 June 1973 with the authorized capital of US$ 1,074,000 entirely issued and paid up. The founding shareholders of the company are DOW CHEMICALS N.V of the Netherlands and Mrs. Dian Paramita Tamzil of Indonesia. The articles of association of the company have frequently been revised. In May 1985, the authorized capital was raised to US$ 6,033,715 of which US$ 4,200,000 was issued and fully paid up and concurrently the shareholders of the company were THE DOW CHEMICALS COMPANY of the USA and P.T. MUTUAL INTERNATIONAL FINANCEC ORPORATION of Indonesia. In November 2001, the company renamed to P.T. DOW AGROSCIENCES INDONESIA (P.T. DAI).
On the same occasion the whole share had been controlled by DOW AGROSCIENCES B.V., of Netherlands and P.T. REMAJA BANGUN KENCANA CHEMICAL of Indonesia. Concurrently the company authorized capital was reduced to US$ 1,883,715 entirely issued and paid up. In June 2002, whole shareholders of P.T. DAI withdrew and replaced by DOW AGROSCIENCES B.V. of the Netherlands and DOW TECHNOLOGY GmbH of Germany. In March 2003, P.T. DOW CHEMICAL INDONESIA of Indonesia entered into the company as a new shareholder replacing DOW TECHNOLOGY of Germany. After that in July 2008 the company authorized capital was increased to US$ 1,930,230 wholly issued and paid up. On the same occasion the whole shares had been controlled by DOW AGROSCIENCES B.V., of Netherlands (95%) and P.T. LUHUR GUNA SEJAHTERA (5%). Then according to the latest revision of notary documents of Mr. Mala Mukti, SH., No. 138 dated 20 July 2012 the company board of director and the board of commissioner had been changed (see profile of this report). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-27498 dated July 26, 2012.
P.T. DAI is obtained Foreign Investment (PMA) facility to deal with manufacturing and trading of pesticides. The plant is located at jalan Tanjung Morawa Km. 9.4, Medan, North Sumatera standing on a land of 20,000 sq. meters. The plant has been operating since 1975 by produces of pesticides with various types such as Dowpon M, Garlon 480 EC, Tordon 101, DMA 6, Dusrban, and Chlorpyrifos. Besides, some of the pesticides is also exported and then is also imported from DOW AGEOSCIENCES Group. The plant has frequently been expanded to increase the annual production capacity. The pesticides being produced by P.T. DAI include insecticides, meticides, herbicides, fungicides and others being marketed using brands of GAVEL, INDAR, PROAXIS, NURELLED, TRACER, DMA, MAMBA, CLIPPER, GARLON, TORDON and others. Besides, the company is also dealing with import – export trading of pesticide products, hand sprayers and others. The company is also in cooperation with P.T.BINGEI AGUNG to market agricultural equipment products. Some 68.42% of the products exported to China, Malaysia, Taiwan, Thailand and others Asian countries. The operation of P.T. DAI has been running smoothly in the last five years in line with the steadily increasing production and export of the national agricultural products.
Generally, demand for pesticides, fungicides, herbicides, insecticides has kept on increasing in the last five years being inline with the growth and development of agro industries and plantation industries in the country. There are lots expansion plantation areas having been realized from expansion of agricultural companies or new investment. There is indication that the increased plantation areas are shown in the growth and development investment interest on plantation sectors and more realized of the development projects by plantation companies obtaining license. The increasing investment on plantation sector is also good impact to the agricultural commodities in international markets. Besides, the prices of agricultural commodities in international markets have started increasing.
According to financial statement of P.T. DAI which ended as per 31 December 2010 amounted at Rp. 1,139.3 billion with a net profit of Rp. 119.0 billion increased to Rp. 1,156.7 billion with a net profit of Rp. 225.2 billion in 2011. We estimated the sales turnover was amounted at Rp. 1,210.0 billion with a net profit of Rp. 232.0 billion in 2012 and estimated to go on rising by at least 5% in 2013. We observe that P.T. DAI 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 financial highlights as per 31 December 2010 and 2011 are attached below.
(In Million Rupiah)
|
Descriptions |
31 December |
|
|
|
2011 |
2010 |
||
|
A.
ASSETS |
|
|
|
|
a.
Current Assets |
|
|
|
|
- Cash and cash
equivalent |
18,102 |
31,865 |
|
|
- Trade account
receivable |
|
|
|
|
* Related parties |
247,066 |
154,428 |
|
|
* Third parties |
95,514 |
143,523 |
|
|
- Other account
receivable |
|
|
|
|
* Related parties |
602 |
17,960 |
|
|
* Third parties |
717 |
549 |
|
|
- Inventories |
276,283 |
229,482 |
|
|
- Notes receivable |
201,492 |
- |
|
|
- Prepaid tax |
37,799 |
35,013 |
|
|
- Prepaid expenses |
1,254 |
1,735 |
|
|
Total Current Assets |
878,829 |
614,556 |
|
|
a. Non Current Assets |
|
|
|
|
- Fixed Assets |
18,067 |
20,317 |
|
|
- Prepaid taxes |
18,703 |
18,703 |
|
|
- Refundable deposits |
960 |
943 |
|
|
- Deferred tax assets-net |
955 |
2,868 |
|
|
Total non current assets |
38,686 |
42,832 |
|
|
Total Assets |
917,515 |
657,388 |
|
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
a. Current Liabilities |
|
|
|
|
- Trade account payable |
|
|
|
|
* Related parties |
83,708 |
107,375 |
|
|
* Third parties |
28,331 |
22,560 |
|
|
- Other accounts payable |
|
|
|
|
* Related parties |
17,229 |
19,351 |
|
|
* Third parties |
2,233 |
493 |
|
|
- Notes payable |
- |
24,804 |
|
|
- Accrued expenses |
19,068 |
17,872 |
|
|
- Tax payable |
18,966 |
3,303 |
|
|
- Other current
liabilities |
745 |
659 |
|
|
Total non current
liabilities |
170,281 |
196,418 |
|
|
b. Non Current Liabilities |
|
|
|
|
- Provision for Employee
Benefit |
2,229 |
7,717 |
|
|
- Total Non Current
Liability |
- |
- |
|
|
- Total Liability |
- |
- |
|
|
c. Stockholders Equity |
|
|
|
|
- Share Capital |
801 |
801 |
|
|
- Additional paid capital |
93 |
93 |
|
|
- Difference arising from restructuring
transact |
66,520 |
- |
|
|
- Retained earnings |
677,591 |
452,359 |
|
|
- Total Equity |
745,005 |
453,253 |
|
|
-
Total Liability & Equity |
917,515 |
657,388 |
|
|
|
|
|
|
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales – net
|
1,156,722 |
1,139,293 |
|
|
b. Cost of goods sold |
806,264 |
853,071 |
|
|
c. Gross profit |
350,458 |
286,222 |
|
|
d. Income before tax |
302,086 |
161,276 |
|
|
e. Tax expenses |
(76,854) |
(42,293) |
|
|
f. Net Profit |
225,232 |
118,981 |
|
Notes: Ended 31 December 2011 and 2010 Audited by KAP Oesman Bing Satrio
& Rekan
The management of P.T. DAI is led by Mr. Hideki Horito
(46) a professional manager of Japan with experience in pesticides
manufacturing and trading. He graduated from Osaka University in Master
Chemistry in 1986-1992. Daily activity he is assisted by Mrs. Fenny Wangsaputri
(49), Mr. Prasanta Kumar Patra (44) and Mrs. Renita Nge (41) as Directors. 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. DOW AGROSCIENCES INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.70 |
|
Euro |
1 |
Rs.71.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.