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Report Date : |
23.07.2014 |
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, |
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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.01.10-08100 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Engaged in Trading, Import and Distribution of Pesticides Formulation such as Herbicides, Insecticides & Fungicides Engaged in 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) |
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No of Employees : |
128 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source : CIA |
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
Pesticides
Formulation Factory
Jl. Raya Tega Gede,
Bangkongreang, Wangunharja
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
26 March 2003
P.T. (Perseroan Terbatas) or Limited Liability Company
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
d. No. AHU-AH.01.10-08100
Dated 04 March 2014
National Private Company
The Department of
Finance
NPWP No. 02.273.500.5-027.000
Related Company :
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.- (50%)
Address : Cempaka
Putih Tengah XVII F21
Jakarta Pusat
Indonesia
b. Mr. Nirmala
Wijaya - Rp. 700,000,000.- (20%)
Address : Cempaka
Putih Tengah 26-B /77
Jakarta Pusat
Indonesia
b. Mrs. Jaanya Wijaya Bhojwani -
Rp. 1,050,000,000.- (30%)
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
:
128 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
Bankers :
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
2012 – Rp. 72.0 billion
2013 – Rp. 78.0 billion
Net Profit (Loss)
:
2009 – Rp. 3.4 billion
2010 – Rp. 3.9 billion
2011 – Rp. 4.8 billion
2012 – Rp. 5.7 billion
2013 – Rp. 6.2 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 :
Good
Business Morality
:
Good
P.T. DALZON CHEMICALS INDONESIA (P.T. DCI) was established in Jakarta on March 26, 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 establishment was approved by the Minister of Law and Human Rights through its Decision Letter No. C-08630 HT.01.01.TH. 2003, dated April 22, 2003. The articles of association of the company have frequently been revised. In 2010 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.
Most recently by notary deed of Yulita Harastiarti, SH.,
dated January 2, 2014 Mr. Nirmala Wijaya sells 30% stakes in P.T. DCI to Mrs. Jaanya Wijaya Bhojwani. Since then, shareholders of P.T. DCI are Mr. Daryanto Wijaya (50%), Mr. Nirmala Wijaya (20%) and Mrs. Jaanya Wijaya Bhojwani (30%). The
amendment to Deed approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-AH.01.10-08100 dated March 4,
2014.
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
medium-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. We have checked to Department of Trade and Industry and found that no financial statement has been reported. 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).
In October 2010, P.T. DCI 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.
Until this time PT. DCI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. DCI’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated that total sales turnover of the company in 2011 amounted to Rp. 66.5 billion increased to Rp. 72.0 billion in 2012 and rose again to Rp. 78.0 billion in 2013. The operation in 2013 yielded an estimated net profit of at least Rp. 6.2 billion. It is estimated the company has an estimated total assets at least Rp. 50.0 billion. It is projected that total sales turnover of the company will increase at least 6% in 2014. So far we have never heard that the company registered with the black list of Bank of Indonesia (Central Bank).
The company’s management is led out by Mr. Daryanto Wijaya (63) as Director, a businessman who experienced for more than 15 years in the field of trading, import and distribution of pesticide products. In daily activities, he is assisted by his younger brother Mr. Nirmala Wijaya (62) as Commissioner. 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 the business malpractices or detrimental cases that settled in the country. The company has not registered with the black list of Bank of Indonesia.
P.T. DCI is sufficiently fairly good for
business transaction. However, in view of the political situation in the
country is warming we recommend to
treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
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UK Pound |
1 |
Rs.102.86 |
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Euro |
1 |
Rs.81.44 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.