|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CARGILL
INDONESIA |
|
|
|
|
Registered Office : |
Wisma 46-Kota BNI 28th Floor Suite 2801 Jalan Jend. Sudirman Kav. 1 Jakarta Pusat, 10220 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
03.10.1973 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-27477 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
471 persons |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source
: CIA |
Name of Company :
P.T. CARGILL INDONESIA
Address :
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
Bankers :
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) :
2010 – Rp. 2,212.0 billion
2011 – Rp. 2,356.0 billion
2012 – Rp. 2,608.0 billion
Net Profit (estimated) :
2010 – Rp. 154.8 billion
2011 – Rp. 175.0 billion
2012 – Rp. 182.6 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
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.
In 2008, P.T. Gerbang Cahaya Utama and P.T. Cargill Indonesia together
supplied 74.66 percent of total soybean in the country, while the rest was
being controlled by P.T. Alam Agri Adiperkasa (10 percent), P.T. Cita Bhakti
Mulia (4 percent) and others (11 percent). P.T. Gerbang Cahaya Utama held about
48 percent of the share while Cargill 27 percent in 2008, according to the
KPPU. That year, imported soybean from the United States reached US$600 per
ton, while the selling price by importers was Rp 6,250 per kilogram (66 US
cents).
The Business Competition Supervisory Commissioner (KPPU) investigation
in 2008 concluded that both firms did not hold a monopoly, as the fluctuation
of soybean prices and volumes did not follow a regular pattern. The nation’s
soybean import policy also did not hamper other players to enter the market.
Recently, the retail price of imported soybean has reached Rp. 8,000 per
kilogram, 60 percent higher than regular prices, which is usually around Rp.
5,000 per kilogram. That compares to locally sourced soybean, which sells at
about Rp. 9,000 per kilogram.
The government has reiterated that the price increase is caused by the
long drought in the US the key source of Indonesian soybean imports. KPPU
spokesman Ahmad Junaidi said that his team would supervise the movement of
prices in the domestic soybean market, particularly in the consumer bases of
imported soybean, with 78 percent focused on five provinces - West Java,
Central Java, Yogyakarta, East Java and Bali. P.T. CI is one of the biggest
importers of soybean in Indonesia. During the sales P.T. CI is done through 40
major distributors throughout Indonesia. The whole products imported from the
USA. In 2011 the company imports of 220,000 tons of soybean. P.T. CI has
obtained quota to imports of 240,000 tons soybean per annum. However the
realization just as much of 173,000 tons in 2012 due to declined soybean
production in the USA. In addition P.T. CI said the lack of supply of soybeans
in the country of USA, the high world price of soybean import volume makes the
target is not reached. We observe that P.T. CARGILL INDONESIA operation has
been growing and developing well in the last three years.
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 had 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 2010 amounted to Rp. 2,212.0 billion rose to Rp. 2,356.0 billion in
2011 increased to Rp. 2,606.0 billion in 2012 and projected to go on rising by
at least 5% in 2013. The operation in 2012 yielded an estimated net profit of
at least Rp. 182.6 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 (44), a
professional manager of graduate from Trisakti University majoring in economic.
Daily activity she is assisted by Mr. Syed Munirul Hasan (60) 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.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.