|
Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CARGILL TRADING |
|
|
|
|
Registered Office : |
Wisma 46-Kota BNI 28th Floor |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
18.07.2012 |
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|
|
|
Legal Form : |
Foreign Investment (PMA) Company |
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|
|
|
Line of Business : |
Trading, Export Import and
Distribution of Agricultural Products. |
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|
|
|
No of Employees : |
21 |
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 : |
Slow but correct |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
P.T. CARGILL TRADING 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
E-mail - marketing@cargill.co.id
Website - http://www.cargill.co.id
Building Area - 32storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
18 July 2012
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
- No.
AHU-43554.AH.01.01.TH.2012
Dated 10 August 2012
- No.
AHU-AH.01.10-03327
Dated 5 February 2013
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
Not Available
The Capital Investment Coordinating Board
No.
1590/1/PPM/I/PMA/2012
Dated 28 June
2012
a. P.T. BUMI TAPIOKA JAYA (Tapioca Starch
Manufacturing)
b. P.T. CARGILL FOODS INDONESIA (General Trading
and Management Trust)
c. P.T. CARGILL INDONESIA (Animal Feed Milling,
Grain and Vegetable Oils)
d. P.T. CARGILL LESTARI AGROSENTRA (Oil Palm
Plantation and Palm Oil Refinery)
e. P.T. HARAPAN SAWIT LESTARI (Oil Palm
Plantation and Palm Oil Refinery)
f. P.T. HINDOLI (Oil Palm Plantation and Palm
Oil Refinery)
g. P.T. INDO SAWIT KEKAL (Oil Palm Plantation
and Palm Oil Refinery)
h. P.T. SARITANAM PRATAMA (Tapioca Starch Manufacturing)
i. P.T. SORINI AGRO ASIA CORPORINDO Tbk (Liquid
and Powder Sorbitol Manufacturing)
j. P.T. VIC INDONESIA SEMESTA (Investment
Holding)
Capital
Structure :
Authorized
Capital : US$
15,000,000.-
Issued Capital : US$ 5,000,000.-
Paid up Capital : US$ 5,000,000.-
Shareholders/Owners
:
a. CARGILL INTERNATIONAL LUXEMBURG 6 S.a.r.l - US$ 4,950,000.-
Address :
11-13, Boulevard De La Foire,
L-1528,
Luxembourg
b. P.T. CARGILL INDONESIA - US$ 50,000.-
Address : Wisma 46-Kota BNI 28th
Floor Suite 2801
Jl. Jend.
Sudirman Kav. 1
Jakarta Pusat
Indonesia
Lines of Business :
Trading, Export Import and Distribution
of Agricultural Products
Production Capacity :
None
Total Investment :
None
Started Operation :
August 2012
Brand Name :
Cargill Trading Indonesia
Technical Assistance :
Cargill International Luxembourg
Number of Employee :
21 persons
Marketing Area :
Local - 100%
Main Customer :
Trader and Distribution, Animal Feed
Mills
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CITRA NATA PRAMANA
b. P.T. MARKAINDO SELARAS
c. P.T. PIONER HINBRIDA INDONESIA
d. P.T. SRIJAYA INTERNASIONAL
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) :
2012 – Rp. 35.0
billion (August – December)
2013 – Rp. 146.0
billion
Net Profit
(estimated) :
2012 – None
2013 – Rp. 10.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jean Louis Guillou
Directors -
a. Mr. Chetan Dhingra
b. Mr. Lindung Samosir
Board of Commissioners :
President Commissioner -
Mr. Deepak Gupta
Commissioners -
Mr. Kamran Qamar
Signatories :
President Director (Mr. Jean
Louis Guillou) or one of the Directors (Mr. Chetan Dhingra or Mr. Lindung
Samosir) 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$ 1,500,000 on
90 days D/A
P.T. CARGILL TRADING INDONESIA (P.T. CTI) was established in Jakarta based
on notary deed Mrs. Etty Roswitha Moelia, SH., no 13 dated 18 July 2012 with
the authorized capital of US$ 15,000,000 issued capital of US$ 5,000,000
entirely paid up. The founding and shareholders of the company are CARGILL
INTERNATIONAL LUXEMBOURG 6 S.a.r.l., of Luxembourg (99%) and P.T. CARGILL
INDONESIA (1%). The company notary deed had been changed and according to the
revision of notary deed Mrs. Etty Roswitha Moelia, SH., no. 5 dated 12 December
2012 the company board of director and the board of commissioner had been
restructured to lead and runs of the company’s operation. The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-03327 dated February 5, 2013.
P.T. CTI has obtained Foreign Investment (PMA) company facility to deal
with trading, export import of agricultural products. The company import of
agricultural products such as soybean, corn, wheat, soybean meal/pellet,
rapeseed meal, corn gluten meal, wheat flour, DDGS (Distillers Dried Grains
with Solubles), canola meal/pellet, canola oil, de oiled rice brand, empyreal
75 (corn protein concentrate), sunflower meal, sunflower oil, cotton seed meal,
tapioca starch, corn starch, potato starch. P.T. CTI provides customized animal
productivity solutions to commercial producers across the Americas, Europe, and
Asia. Rather than focusing on standardized nutrition products, creates
customized ingredient blends and management programs to fit each situation. To
run a successful business, livestock farmers must manage a multitude of factors
that impact the development, growth, health and productivity of their animals.
Many aspects of an animal’s performance and productivity are greatly influenced
by nutrition. As the animal’s lifecycle progresses, nutritional needs may
change, and production goals also drive nutrition requirements. The whole
products imported from the USA, Latin America and other countries. Then the
whole products supplied to Indonesian markets, food and beverages, animal feed
mills P.T. CARGILL INDONESIA which operating in animal feed mills.
Besides, the company also exported of crude olein, refine bleach
deodorize palm olein, refine bleach deodorize palm kernel olein, crude stearin,
crude palm kernel oil, crude kernel olein, crude kernel stearine, crude non oil
(CNO), palm kernel. The whole products exported to various countries such as
USA, Latin America and other countries. Previously the imports of soybean is
handled by parent company P.T. CARGILL INDONESIA, however since August 2012 the
soybean, corn and soybean meals and others had been taken over by P.T. CTI.
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. CTI is one of the biggest
importers of soybean in Indonesia. During the sales P.T. CTI is done through 40
major distributors throughout Indonesia. The whole products imported from the
USA. P.T. CTI 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. CTI 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.
Generally, demand for soybean, corn has kept on increasing in the last
five years having close relation with the increasing growth of food processing
and animal feed mills in the country as customers. 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 soybean, corn and
others will be rising in the future at least 5% per annum. The business
position of P.T. CTI is appraised to be favorable for having established wide
marketing networks within and outside the country.
Until this time P.T. CTI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. CTI is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in the first year operation August to December 2012 amounted to Rp.
35.0 billion rose to Rp. 146.0 billion in 2013 and projected to go on rising by
at least 6% in 2014. The operation in 2013 has yielded an estimated net profit
of at least Rp. 10.2 billion and the company has an estimated total networth of
at least Rp. 55.0 billion. We observe that P.T. CTI 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 of P.T. CTI is led by Mr. Jean Louis Guillou (46) a
professional manager of the USA with experience in trading, export import and
distribution of soybean, corn, soybean mills and others. Daily activity he is
assisted by Mr. Chetan Dhingra (38) and Mr. Lindung Samosir (46) 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. CARGILL TRADING
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
|
1 |
Rs.100.15 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.