Public offering The company's offering of shares to the public in accordance with the rules in the Capital Markets Act. In any business, there are always risks as well as the company's business activities.
PUBLIC OFFERING
The Memorandum of Association was approved by the Ministry of Justice of the Republic of Indonesia in its Decree No. The increase was related to the stock dividends, which changed the par value of the share capital of the Company from Rp1,000 (one thousand) Rupiah) per share to Rp100 (one hundred Rupiah) per share.
PLAN ON USE OF THE PROCEEDS FROM PUBLIC OFFERING
STATEMENT OF LIABILITIES
The balance of trade payables - related parties of the Company and its subsidiaries amounted to Rp5,547 million as of December 31, 2006. The balance of accrued costs of the Company and its subsidiaries amounted to Rp12,049 million as of December 31, 2006.
MANAGEMENT DISCUSSION AND ANALYSIS
General
Financial
This increase was primarily due to an increase in net sales in 2006 compared to 2005. The increase in selling expenses was primarily due to an increase in wages, salaries and wages.
BUSINESS RISKS
The extreme change in the climate may affect the failure to meet expected standard seed production which may affect the Company's performance. The extreme change in the climate can reduce their income and purchasing power, which can ultimately have a negative impact on the company's performance.
MATERIAL EVENTS SINCE THE DATE OF THE INDEPENDENT AUDITORS’
RESTRUCTURING (ACQUISITION) OF SUBSIDIARIES
At the date of acquisition by the Company, the number of issued and fully paid shares was MSI shares. At the date of acquisition by the Company, the number of issued and fully paid shares of TSP was shares.
COMPANY INFORMATION
Brief History of the Company
This amendment has been received and registered by the Ministry of Justice and Human Rights of the Republic of Indonesia under No. C2. In accordance with notarial deed No. Fulgensius Jimmy Hardjo Lukito Tjhe, S.H., M.H., M.M., notary public in Jakarta, which was based on the minutes of the Extraordinary General Meeting of Shareholders held on October 2, 2006, the shareholders agreed to a number of articles to be amended in the articles of association.
Development of the Company’s Shareholding Structure
Gde Ngurah Rai, S.H., notary public in Jakarta, based on the shareholders' minutes. 98 dated October 18, 1989, witnessed by Gde Kertayasa, S.H., notary public in Jakarta, based on the shareholders' minutes.
Management and Supervision of the Company
5 dated March 2, 2007, witnessed by Siti Pertiwi Henny Singgih, S.H., notary in Jakarta, reported to the Ministry of Justice of the Republic of Indonesia and received under no. This deed was reported to the Ministry of Justice of the Republic of Indonesia Indonesia under no. The relationship of the company's board of directors and supervisory directors with the subsidiaries and affiliated companies.
Human Resources
Based on the Company's Articles of Association, the member of the Board of Directors will receive remuneration, including facilities and other benefits of superannuation allowance in amounts to be determined in the shareholder meeting and this authorization may be given to the Board of Commissioners. On 31 December 2006, the Company employed 195 (one hundred and ninety-five) employees with various educational backgrounds and expertise. On 31 December 2006, the subsidiaries employed 279 (two hundred and seventy nine) employees with educational background and expertise.
Brief Description of Institutional Shareholders
CP Agriculture Limited ("CPA") was incorporated under the laws of the Republic of Seychelles under the original corporate name of Aspen Vista Holding Limited based on Certificate of Incorporation No. The latest Articles of Association are based on the Memorandum of Articles of Association of CP Agriculture Limited dated 14 December 2006. Midsummer Corporation (“Midsummer”) was incorporated under the laws of the Republic of Seychelles pursuant to Certificate of Incorporation No.
Relationship of Ownership
Company’s Organizational Structure
Legal Proceedings Involving the Company and Subsidiaries
The members of the Boards of Commissioners and Directors of the Company are not involved in any legal proceedings, with the exception of Mr. of First Class, South Kalimantan.
Related Parties Transactions
Significant Agreements with Third Parties
Significant Agreements with Related Parties
Distributor Agreement Company and TSP Company named TSP This agreement is valid (August 1, 2006) as the sole distributor in Indonesia for an indefinite period. Lease Agreement Company and Company and TSP Lease This Agreement is (January 22, 2007) PT Charoen office building and warehouse, renewable annually.
Information on Subsidiaries
The change was related to Article 2 of the Articles of Association on the purpose and objectives of TSP. These changes have been approved by the Ministry of Justice and Human Rights of the Republic of Indonesia based on decision letter No. W7. 6 dated December 29, 2006, witnessed by Rachmad Umar, S.H., notary public in Jakarta, reported and recorded at the Ministry of Justice and Human Rights of the Republic of Indonesia under no.
Operational Activities
The company is one of the major plant and vegetable seed producers known for its research and development facilities. The company also has a research and biotechnology laboratory located in Desa Sumber Agung, Kecamatan Ploso-Klaten, Kabupaten Kediri. For subsequent years, the increase in research and development expenses was in line with the Company's operating growth.
Production Process
Accordingly, the Company pays royalty fees from sales of various breeder seeds developed by Monsanto. The Company has several cooperative agreements with farmers for corn or vegetable seed production, where the Company sells breeder seed to be planted by the farmers. Fertilizer products sold to the Company by its subsidiary, TSP, are mostly finished products imported from China.
Quality Monitoring and Controlling
In the pesticide production process, quality inspection and control are implemented from the receipt of raw materials, formulation and packaging stages. Quality inspection and control system is implemented in pesticide production to produce high quality pesticides to protect and support plant growth.
Marketing and Distribution
Through its research and development facilities, the Company continuously produces and markets new seeds, i.e. Recently, the Company has been able to sell several varieties of horticultural seeds to China, Malaysia and Philippines. Sales from fresh fruit and fruit shops were stopped at the end of 2006 as the Company wants to focus on the seed development business.
Market Competition
The Company sells its products to customers on credit with credit terms ranging from 1 month to 2 months.
Business Prospects and Strategy
From the company's point of view, demand for paddy seeds will increase in line with the government's program to increase production of the nation's staples. The production process and product quality will be continuously improved in line with the company's growth. The company aims to develop the marketing area when introducing the products to the market.
Analysis of Impact on the Environment
Insurance
FINANCIAL HIGHLIGHTS
EQUITY
The related amendments to the articles of association based on the above-mentioned resolutions have been approved by the Ministry of Justice and Human Rights of the Republic of Indonesia in decision letter No. The related amendments to the articles of association based on the above-mentioned shareholder resolution have been adopted by the Ministry of Justice and Human Rights of the Republic of Indonesia in decision letter no. These changes were registered by the Ministry of Justice and Human Rights of the Republic of Indonesia in decision letter no.
DIVIDEND POLICY
TAXATION
Dividends received or earned by domestic taxpayers, excluding those meeting the above requirements and permanent establishments of foreign taxpayers, are subject to income tax in accordance with Article 23, Law No. The dividends paid by the Company are deducted from income tax, Article 23 at 15% (fifteen percent) of the gross amount in accordance with Article 23 of the Income Tax Act. The deduction of income tax under Article 23 is creditable against the current income tax payable by domestic taxpayers and permanent establishments.
UNDERWRITERS OF THE SHARE OFFERING
Estimates of the consolidated financial projections for the year ending 31 December 2007 are made based on the historical financial information that is in accordance with generally accepted accounting principles in Indonesia and the Company's plan for the future. All the calculations and assumptions used in the preparation of the financial projection for 2007 by the Company have been made on a fair and consistent basis by the board of directors and have been approved by the commissioners. The directors and commissioners assume full responsibility for this projection, which forms the basis for the determination of the share price.
CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONALS
The administrator and the Securities Administration Agency reserve the right to reject any order for the subscription of shares that does not comply with the requirements for subscription, in accordance with the applicable regulations. In the case of oversubscription of shares, the Securities Management Agency will allocate shares according to the allocation formula determined by the allocation manager, print allocation certificate forms (CAL) and prepare an allocation report. The Securities Management Agency is also responsible for issuing collective share coupons (SKS), if necessary, and for preparing the report on the initial public offering in accordance with applicable regulations.
LEGAL OPINION
100.00 (one hundred rupees); (iii) Restatement of Appointment of Independent Commissioner and Unaffiliated Director; and (iv) changes to the company's statutes in accordance with Act no. In connection with the IPO, the company's statute was amended in accordance with BAPEPAM Regulation no. In accordance with Article 3 of the company's statutes, as contained in the document on the transformation of the company's general meeting resolutions no.
CONSOLIDATED FINANCIAL STATEMENTS WITH INDEPENDENT
The company and its subsidiaries create an adjustment to the value of doubtful receivables based on an examination of the balance of each receivable at the end of the year. Based on his reports, the fair value of the property, plant and equipment (excluding construction in progress) of the company and subsidiaries as of December 31, 2006 was Rp. 137.9 billion. The tax on the profit of the company and its subsidiaries is as follows: FORMERLY PT BENIHINTI SUBURINTANI) AND BRANCHES.
The nature of relationships and transactions of the Company and Subsidiaries with related parties are as follows: The management of the Company and Subsidiaries is responsible for the preparation of these consolidated financial statements which were completed on 1 May 2007.
ARTICLES OF ASSOCIATION
SHARE SUBSCRIPTION REQUIREMENTS
DISTRIBUTION OF PROSPECTUS AND SHARE SUBSCRIPTION