Escolar Documentos
Profissional Documentos
Cultura Documentos
LEGAL DUE
DILIGENCE
REPORT
PT DHARMAPALA USAHA
SUKSES [*]
(2015[Issuing Year])
(1)
(2)
Company
Formation
..................................................................................................................
19
BUDIARTO Law Partnership
..............................................................................................
3.
4.
5.
(1)
Deed of Establishment, MOLHR Approval and State Gazette..................21
(2)
Letter of Domicile, Taxpayer Registration and Tax File Numbers..............35
(3)
Certificate of Company Registration.........................................................36
(4)
Register of Shareholder............................................................................36
(5)
Special Register........................................................................................36
GOVERNMENT LICENCES AND FILINGS..................................................................37
3.1 Regulatory Regime for Trading and Industry Companies....................................37
(1)
Ministry of Law and Human Rights...........................................................37
(2)
Department of Trade.................................................................................37
(3)
Ministry of Industry....................................................................................37
3.2 Business Licenses............................................................................................... 37
(1)
Forms of Company...................................................................................37
(2)
PT DUS Business License.......................................................................38
3.3 PT DUS BKPM License......................................................................................38
3.4 Import / Export Activities Licenses.......................................................................41
3.5 Building Construction and Nuisance Permit (Izin Mendirikan Bangunan or IMB
dan Izin Gangguan or HO)................................................................................42
3.6 Environment Licenses.........................................................................................43
(1)
Background............................................................................................... 43
(2)
Environmental Management Attempt (Upaya Pengelolaan Lingkungan)
and Environmental Supervision Attempt (Upaya Pemantauan Lingkungan)
.................................................................................................................. 43
AGREEMENTS............................................................................................................. 43
ASSETS, LIABILITIES AND LABORS..........................................................................43
5.1 Assets................................................................................................................. 43
i
(1)
Land.......................................................................................................... 43
Labors................................................................................................................. 44
(1)
Legal Background.....................................................................................45
(2)
List of Employee.......................................................................................45
(3)
Licenses.................................................................................................... 46
We have received several employment licenses of PT DUS as follows: .............46
(a)
Provident Fund Participation Certificate (Sertifikat Kepersertaan
Jamsostek or Jamsostek).......................................................................46
6. LITIGATION AND DISPUTES.......................................................................................47
Attachment 1: List of Documents Received..........................................................................50
Appendix 1: Statement Letters..............................................................................................52
LEGAL DUE DILIGENCE REPORT........................................................................................ 1
3.1 Purpose of Report................................................................................................. 1
3.2 Scope of Report.................................................................................................... 1
3.3 Assumptions......................................................................................................... 1
EXECUTIVE SUMMARY........................................................................................................ 3
1. DEFINITIONS............................................................................................................... 16
2. CORPORATE STRUCTURE......................................................................................... 19
PT DUS is an Indonesian Foreign Capital Investment Company (PMA) and all of the shares
in its share capital are held and owned by foreign legal entity and Indonesia legal entities [or
Indonesian individual]........................................................................................................... 19
2.1 Legal Background............................................................................................... 19
5.2
(1)
(2)
Company Formation.................................................................................19
Replacement or Appointment of Board Members; Share Transfers; and
Amendment of Articles..............................................................................19
(3)
Company Officers.....................................................................................20
(4)
Articles of Association...............................................................................21
2.2 PT DUS............................................................................................................... 21
3.
4.
5.
(1)
Deed of Establishment, MOLHR Approval and State Gazette..................21
(2)
Letter of Domicile, Taxpayer Registration and Tax File Numbers..............35
(3)
Certificate of Company Registration.........................................................36
(4)
Register of Shareholder............................................................................36
(5)
Special Register........................................................................................36
GOVERNMENT LICENCES AND FILINGS..................................................................37
3.1 Regulatory Regime for Trading and Industry Companies....................................37
(1)
Ministry of Law and Human Rights...........................................................37
(2)
Department of Trade.................................................................................37
(3)
Ministry of Industry....................................................................................37
3.2 Business Licenses............................................................................................... 37
(1)
Forms of Company...................................................................................37
(2)
PT DUS Business License.......................................................................38
3.3 PT DUS BKPM License......................................................................................38
3.4 Import / Export Activities Licenses.......................................................................41
3.5 Environment Licenses.........................................................................................42
(1)
Background............................................................................................... 42
(2)
Environmental Management Attempt (Upaya Pengelolaan Lingkungan)
and Environmental Supervision Attempt (Upaya Pemantauan Lingkungan)
.................................................................................................................. 43
AGREEMENTS............................................................................................................. 43
ASSETS, LIABILITIES AND LABORS..........................................................................43
5.1 Assets................................................................................................................. 43
(1)
Land.......................................................................................................... 43
5.2 Labors................................................................................................................. 44
(1)
Legal Background.....................................................................................44
(2)
List of Employee.......................................................................................44
(3)
Licenses.................................................................................................... 45
We have received several employment licenses of PT DUS as follows: .............45
ii
(a)
Company Formation.................................................................................13
Replacement or Appointment of Board Members; Share Transfers; and
Amendment of Articles..............................................................................13
(3)
Company Officers.....................................................................................14
(4)
Articles of Association...............................................................................15
2.2 PT [*]................................................................................................................... 15
(1)
Deed of Establishment, MOLHR Approval and State Gazette..................15
(2)
Letter of Domicile, Taxpayer Registration and Tax File Numbers..............18
(3)
Certificate of Company Registration.........................................................19
(4)
Register of Shareholder............................................................................20
(5)
Special Register........................................................................................20
3. GOVERNMENT LICENCES AND FILINGS..................................................................20
3.1 Regulatory Regime for Fishery Companies.........................................................20
(1)
Ministry of Law and Human Rights...........................................................20
(2)
Department of Trade.................................................................................20
(3)
Ministry of Marine and Fishery..................................................................21
3.2 Business Licenses............................................................................................... 21
(1)
Forms of Company...................................................................................21
(2)
[*] Business License.................................................................................21
3.3 Licenses and Approvals Issued by Directorate General of Pharmaceutical and
Health Equipment [*]........................................................................................... 22
(1)
Legal Background.....................................................................................22
(2)
Distributor of Medical Equipment License.................................................22
(3)
Utilization of Nuclear Energy License.......................................................22
(4)
Other Documents Relating to the Business Activities...............................22
3.4 Other Licenses.................................................................................................... 22
3.5 Environment Licenses.........................................................................................22
(1)
Background............................................................................................... 22
(2)
Environmental Management Attempt (Upaya Pengelolaan Lingkungan)
and Environmental Supervision Attempt (Upaya Pemantauan Lingkungan)
.................................................................................................................. 23
4. AGREEMENTS............................................................................................................. 23
5. ASSETS, LIABILITIES AND LABORS..........................................................................23
5.1 Assets................................................................................................................. 23
(1)
Land.......................................................................................................... 23
5.2 Labors................................................................................................................. 24
(1)
Legal Background.....................................................................................24
(2)
List of Employee.......................................................................................25
(3)
Licenses.................................................................................................... 25
6. LITIGATION AND DISPUTES.......................................................................................26
Attachment 1: List of Documents Received..........................................................................29
Appendix 1: Statement Letters..............................................................................................31
iii
iv
CONFIDENTIAL
Ref. No. [*]
[*], 2015
PT Dharmapala Usaha Sukses [*]
Attn. Directors
[*]
Dear Sirs,
LEGAL DUE DILIGENCE REPORT
a. Purpose of Report
This legal due diligence report ("Report") has been prepared at the request of PT
Dharmapala Usaha Sukses Indonesia [*] (OLAMD[*]) in relation to the proposed
acquisition of PT [*] ([*][*]).
PT DUS[*] is a limited company established under the laws of the Republic of
Indonesia, and having its registered office in Gandaria 8 Office Building Lt.15 Unit G &
H, Jl. Sultan Iskandar Muda, Kelurahan Kebayoran Lama Utara, Kecamatan
Kebayoran Lama, Kota Administrasi Jakarta Selatan[*].
PT DUS[*] is operating as an importer, exporter, and main distributor (trading) [*]
company and is holding Permanent Trading[*] Business License.
We have been instructed to conduct a due diligence review of certain matters
concerning PT DUS legal compliance[*].
b. Scope of Report
2.1
Budiarto Law Partnership has been instructed by PT DUS[*] to conduct the following
legal due diligence investigations:
(1)
(2)
Licensing, to confirm that PT DUS[*] hold all required material licenses from
the government and those licenses are valid;
(3)
Assets, Liabilities and Labors, to confirm the nature and validity of the
Assets, Labors and Liabilities owned by the PT DUS[*]; and
2.2
The documents which were obtained by us during the course of our legal due diligence
investigations are listed in Attachment 1: List of Documents Received to this Report.
2.3
2.4
This Report is based on the laws of the Republic of Indonesia as of the date of the
Report.
c. Assumptions
3.1
3.2
(1)
that where we have been provided with copies of documents, that copy is an
exact and complete reproduction of, and conforms with, the original of the
document and the original of the document still exists;
(2)
(3)
that all signatories, dates of and any stamp duty or other marking on all
documents provided to us (whether copies or originals) are authentic;
(4)
that where a document was provided to us in draft form, it was executed or will
be executed in the form of that draft;
(5)
(6)
(7)
(8)
all material information and documentation has been provided to us and is true
and complete and not misleading in any way.
This Report is based on the laws of the Republic of Indonesia. Any opinions expressed
with respect to matters which may be subject to or governed by the law of any other
jurisdiction should be verified and confirmed by lawyers competent to advice in those
jurisdictions.
This Report is exclusively addressed to PT DUS[*], and may not be disclosed to any party
outside of PT DUS[*], without the prior written consent of Budiarto Law Partnership.
Sincerely yours,
BUDIARTO LAW PARTNERSHIP
WIDJOJO BUDIARTO
NIA 92.10155
EXECUTIVE SUMMARY
This Report, which summarizes the results of our legal due diligence review in relation to the
Project, should be read in full. However, we believe that the matters set out in this Executive
Summary may be of particular concern or interest to the addressee.
NO
SUMMARY
ISSUE/ANALYSIS
CORPORATE
1.
2.
Note:
The approval of this Deed No. 29/1996
was given together with the approval of
Deed of Establishment.
The announcement of the Deed No.
29/1996 in the State Gazette was
stated
together
with
Deed
of
Establishment in the State Gazette No.
104; Supplement of State Gazette No.
7645 dated December 29, 1998.
Deed No. 127/1996 has been approved
by
MOLHR
No.
C2-9686
HT.01.01.TH.98 on July 27, 1998 and [*]
had been registered with the Company
Registrar on January 31, 2001, with
registration No. 095/BH 09.01/5/2001.
Deed No. 127/1996 had later been
announced in the State Gazette No.
4863, Supplement of State Gazette No.
40 dated 17 Mei 2002.
3.
5.
Register of Shareholder
7.
Special Register
LICENSING
1.
(b)
(c)
(d)
(e)
(f)
eof PT OLAM.-
2008;
2.
(g)
(h)
(i)
(j)
(k)
(l)
(m)
(b)
(c)
(d)
(e)
(f)
3.
(g)
(h)
TDP No.
09.03.1.10.60177
issued on January 7, 2013 valid
until January 15, 2018;
(i)
(b)
(c)
NPWP number
522.001 (Factory)
(d)
Notification
Letter
No.
S1934/WPJ.06/KP.1005/2004
for
Free Income Tax (PPh) issued by
Directorate General of Taxation
dated September 27, 2004
02.062.239.5-
(e)
Notification
Letter
No.
S.995/WPJ.06/KP.1010/2006 for
Equalization of Income Tax (PPh)
Article 22 Import and PPN Import
issued by Directorate General of
Taxation dated July 11, 2006
No. 01.654.019.7-045.000 issued on
July 31, 1996June 15, 1994 in the name
of [*]; and
Taxpayer
Registration
(Surat
Keterangan Terdaftar or SKT) No.
PEM-00152/WPJ.21/KP.0403/2012[*]
issued on February 20, 2012[*] in the
name of [*].
4.
PEM
95/WPJ.04/KP.1003/2001
issued by Directorate General of
Taxation dated June 14, 2001
(b)
(c)
(d)
(e)
Moving
Letter
No.
PEM924/WPJ.06/KP.0803/2003 issued
by Directorate General of Taxation
dated September 30, 2003
(f)
Notification
Letter
No.
S212/WPJ.05/KP.1103/2003
regarding Tax Invoice dated
October 1, 2003
(g)
Moving
Letter
No.
PEM795/WPJ.06/KP.0903/2004 issued
by Directorate General of Taxation
dated August 26, 2004;
(h)
(i)
(j)
(k)
(b)
(c)
(d)
(e)
(f)
Letter
of
Assignment
for
Machinery
Verification
No.
141/B.3/A.6/2004
issued
by
Investment Coordinating Board
(BKPM) dated June 21, 2005
(g)
(h)
(i)
Letter
of
Limited
Importer
Identification
Number
No.
25/APIT/2008/PMA issued by
Investment Coordinating Board
(BKPM) dated January 18, 2008
(j)
Letter
No.
6475/DAGLU.4.2/XI/2003
for
Import
Goods
issued
by
Department of Industrial and
Trade dated November 21, 2003
with attachment
(b)
(c)
(d)
Letter
No.
2885/DAGLU.42/V/2004 for Extension Letter No.
245/DAGLU.4.2/I/2004 issued by
Department of Industrial and
Trade dated May 28, 2004;
(e)
Letter
No.
2487/DAGLU.4.2/IV/2004 for Port
of Destination Amendment issued
by Department of Industrial and
Trade dated April 28, 2004;
(f)
Letter
No.
4620/DAGLU.4.2/IX/2004
for
Second Extension of Letter No.
245/DAGLU.4.2/I/2004 issued by
Department of Industrial and
10
Letter
No.
6645/DAGLU.4.2/XII/2004
for
Import
Goods
issued
by
Department of Industrial and
Trade dated December 29, 2004
with attachment;
(h)
(i)
(j)
(k)
(l)
(m)
(n)
(o)
(p)
(q)
(r)
(s)
Application
Letter
for
11
Acknowledgement of Importer
Producer for Raw Sugar No.
504/DAGLU/IP/5/2005 dated May
20, 2005;
(u)
(v)
Acknowledgement of Importer
Producer for Raw Sugar No.
927/DAGLU/IP/9/2005
dated
September 29, 2005;
(w)
(x)
(y)
Acknowledgement of Importer
Producer for Raw Sugar No.
495/DAGLU/IP/7/2006 dated July
3, 2006;
(z)
(aa) Application
Letter
for
Recommendation No. 049/DirDUS/IKAHH/XI/06
dated
November 20, 2006 issued by
DUS
(bb) Acknowledgement of Importer
Producer for Raw Sugar No.
32/DAGLU/IP/1/2007
dated
January 11, 2007;
(cc) Application Letter for Importation
of IP Raw Sugar No. 001/DirDUS/Daglu/I/07 dated January 5,
12
2007
(dd) Recommendation Letter for Raw
Sugar Importer Producer No.
1151/IAK/09/2007
issued
by
Directorate General of Chemical
and
Agro
Industry
dated
September 24, 2007
(ee) Acknowledgement of Importer
Producer for Raw Sugar No.
576/DAGLU/IP/11/2007
dated
November 5, 2007;
(ff)
Acknowledgement of Importer
Producer for Raw Sugar No.
04.IP-04.13.0099 dated April 12,
2013;
(jj)
Acknowledgement of Importer
Producer for Raw Sugar No.
04.IP-04.13.0114 dated June 21,
2013;
Acknowledgement of Importer
Producer for Raw Sugar No.
04.IP-04.13.0135
dated
December 13, 2013;
(b)
(c)
(d)
.
8.
9.
Activity
(b)
Principle
License
No.
1145/I/IP/PMA/2014 dated April
14, 2014 issued by Investment
Coordinating Board (BKPM)
(c)
(d)
(a)
OLA
1. SIPI
No.
523.37/48/KPPTSP/2012,
dated March 05, 2012, issued
by
One
Stop
Licenses
Application Service Office of
Nusa Tenggara Timur Province
(Kantor Pelayanan Perizinan
Satu Pintu Provinsi Nusa
Tenggara Timur or KPPTSP);
2.
3. eicense No. 01/T/PRAN/1997
dated 6ary 1
4. BKPM
Approval
No.
583/T/PERDAGANGAN/1999
on
Permanent
Business
License
and
Business
Expansion dated 22 October
1999 valid until April 2029;
5.
on Permanent Business
License and Businsxpauntil July
2034;
6. BKPM
Approval
No.
987/T/INDUSTRI/2006
on
Permanent Business License
and Business Expansion dated
22er 2006ust 2036;
SIPI
No.
523.37/49/KPPTSP/2012,
dated March 05, 2012, issued by
KPPTSP;
No.
523.37/136/KPPTSP/2012,
16
No. 523.37/137/KPPTSP/2012,
dated July 20, 2012, issued by
KPPTSP;
SIPI
No. 523.37/179/KPPTSP/2012,
dated October 16, 2012, issued
by KPPTSP.
10.
11.
12.
(a)
Certificate
of
Good
Manufacturing
Practices
(Sertifikat
Kalayakan
Pengolahan)
No:
717/31/SKP/BK/VII/2012 issued
by
the
Fisheries
Product
Processing
and
Marketing
Directorate General of Ministry of
Maritime and Fisheries on July
17, 2012;
(b)
Certificate
of
Good
Manufacturing
Practices
(Sertifikat
Kalayakan
Pengolahan)
No:
653/53/SKP/BK/VI/2012 issued
by
the
Fisheries
Product
Processing
and
Marketing
Directorate General of Ministry of
Maritime and Fisheries on June
12, 2012;
(c)
Certificate
of
Good
Manufacturing
Practices
(Sertifikat
Kalayakan
Pengolahan)
No:
654/53/SKP/BK/VI/2012 issued
by
the
Fisheries
Product
Processing
and
Marketing
Directorate General of Ministry of
Maritime and Fisheries on June
12, 2012.
(d)
Special Terminal Licenses.
14.
15.
AGREEMENT
Agreement.
ASSETS
Our search on this section is based on
the List of Assets in Maumere [*]
provided by [*] to us.
Based on the List, [*] owns several
assets such as Office Buildings,
Dormitories, Warehouse, Vessels, Cars,
Machineries, Office Stationaries, and
other moveable assets, with the details
as elaborated below:
LABORS
19
Employment.
LITIGATION
Impending Litigation.
20
1.
DEFINITIONS
Unless otherwise defined, all and any words or terms used in this Report shall have the
following meanings:
AMDAL
BANI
BKPM
BLP
Company Law
DT
Deed of
Establishment
GMOS
GR.20/2010
20
Year
2010
GR.27/2012
No.
27
Year
2012
GR.51/2002
means Government
concerning Ships
Regulation
No.
51
Year
2002
GR.61/2009
No.
61
Year
2009
[*]
KTP
MOLHR
NPWP
NPWP Cabang
PM. 37/2007
means Minister of Trade Regulation No. 37/MDAG/PER/9/2007 Year 2007 concerning Implementation of
Companys Registration
PM.13/2012
means
Minister
of
Transportation
Regulation
No.PM.13/2012 concerning Ships Registration and
Nationality
PM.30/2012
Report
SIUP
SKDP
SKDP Cabang
SKT
SPPT PBB
TDP
TDP Cabang
UPL
23
2.
CORPORATE STRUCTURE
Legal Background
Company Formation
The following is a summary of steps required under Company Law and by
the MOLHR for the incorporation of a company in Indonesia. It is
noteworthy that the actions were also common under the predecessors of
the Company Law.
A company obtained its status as legal person under the Company Law
once its deed of incorporation is approved by the MOLHR.
All actions done by its founders on behalf of a company prior to its
establishment shall bind the Company upon the Company obtaining its
24
legal person status if such actions are accepted or taken over by the first
General Meeting of Shareholders (the GMOS). The GMOS must be
convened within 60 days after the company obtaining its legal person
status, attended by all shareholders of [*]. The resolution passed in this
GMOS has to be voted for by all shareholders of [*]. Failing this, the
founders who entered into the contract shall be personally, jointly and
severally liable for the performed actions and all their consequences.
All actions done by all members of board of directors, board of
commissioners and founders of a company on behalf of the company after
the company is established but prior to the company obtaining its legal
status shall automatically bind the company upon the company obtaining
its legal person status.
ii.
(ii)
(iii)
(iv)
(v)
In the case of share transfers, the transferor and transferee will sign Deeds
of Transfer (Akta Pemindahan Hak) either under hand or before a Notary.
iii.
Company Officers
The Company Law, following the Dutch Civil Law tradition, adopts a twotier management structure, comprising:
(i)
(ii)
(ii)
A company must have at least one director and one commissioner. In the
event there is more than one director, one of the directors may be
appointed as President Director, who generally has the authority to bind a
company under agreements with third parties. In the event there is more
than one commissioner, one of the commissioners can be appointed as
President Commissioner.
Each time there is a change to the members of the Board of Directors or
the Board of Commissioners, the following must take place:
(i)
(ii)
(iii)
Articles of Association
Under the Company Law, all Indonesian companies were required to
amend their Articles of Association by mid-August 2008, so as to comply
with standard-form Articles of Association which have been issued by the
Ministry of Law and Human Rights. Failure to amend Articles of Association
could ultimately result in an "interested party" to apply for the relevant
company to be wound-up. Since [*] was established after the Company
Law, therefore the Articles of Association of [*] were already complied with
the Company Law pursuant to Deed of Restatement of Shareholders
Resolution No. 338 dated August 22, 2008.
b.
(1)
PT DUS[*]
Background
(i)
b)
c)
d)
e)
f)
Note:
The approval of this Deed of Establishment was
given together with the approval of Deed No. [*].
Tthe Deed of Establishment has also been
registered with the Company Registrar on June
[*],25, 2001
with registration No. 095/BH
09.01/5/2001951/BH 09.05/VI 2001;
g)
h)
(ii)
Deed
of
Amendment
of
Article
of
AssociationMeeting Resolution No. 29[*] ("Deed
No. 29/2001[*]"), made on May 8, 2001,[*] before
E. Betty Budiyanti Moesigit, S.H., Notary in
Jakarta, [*], then a Notary in [*], concerning:
[the approval of shareholders to accept the resignation of [*] and [*] from [*],
therefore [*] shall be managed by [*] and [*]];
-
c)
d)
,- to be Rp 698,100,000.,-.;
28
f)
c
and issued capital from Rp 698,100,0 Rp 930,800
3496 hasbn approve01.04.Th.99[*] on May 27,1 *] had the Company Registrar on June 28,
1999h regist/BH.09.05/VI/99[
Note:
34/1999 wa 3/1999 No. [ment f N99[*].
We were not provided with the approval of Deed
No. 34/1999 21/2003 in thefrom MOJ State and
douments evng the registraeed No. 21/2003 in
the Company Registrar maintained by Company
Registrar Office.
g)
h)
i)
-
No. 239 ("Deed No. 239/19996"), made on October 16June 25, 19996, before Ny.
Rukmasanti Hardjasatya hen a Na, c
The approval regarding the change of PT OLAM.
iation of PT ccordnT O
39/199bved y MO [*] and [*] ha been registewith Comegistrration No. [*];
:
the announcement of Deed No. [*] was stated together with the Deed of Establishment in
the State Gazette No. [*], Supplement of State Gazette No.[*] dated [*].
j)
-
No. 23 ("Deed No. 23/1999"), made on June 25, 1999, before Ny. Ruksai
rdsaythen a NtCentralJ
The approval of the amendment of the artcle of association of PT OLAM in
accordance with the change of
29
l)
-
Minutes "Deed No. 26/2000"), made on April 27, 2000, before Ny. Ruasti tn
aNotary i tra
PT OLAM.
[*], with registration No. [*];
of Deed No. [*] was stated together with the Deed of Establishment in the State Gazette
No. [*], Supplement of State Gazette No.[*] dated [*].
m)
1999"), made on June 25, 1999, before Ny. Rukmasanti Hardjasatya S.H., then a N
No. [*] on [*] an
of Deed No. [*]
o)
p)
q)
and issued capital from Rp 1,628,900,
Deed No. 18/2007 has been approved by MOJ No.
C-05564 HT.01.04-TH.2007 C-25587HT.01.0on
receipt No. CUM.HT.01.10-5398 dated December
07, 2007.
Note :
We were not provided with The evidence of
company registration at Company Registration
Office Jakarta pursuant to deed no. 18 /2007[*]
had
the announcement of Deed No. [*] was stated
together with the Deed of Establishment in the
State Gazette No. [*], Supplement of State
Gazette No.[*] dated [*].
r)
s)
accounting year.
t
Note:
We were not provided with the Announcement on
state gazette and supplement to the state gazette
for deed No. 12/2012 and The evidence of
company registration at Company Registration
Office Jakarta pursuant to deed No. 12/2012.
amendment thereof.th
17/2004", mad16D3, before Ny. Rukmasanti Hardjasatya
S.H., then a Notary in Ceerning:
regarding the change of composition of Board of Directors
of PT OLAM.
43 has been[*] abeen registe
Deed N"e on Nver 14, 2005masanti then a Notary
inCentral J
regarding thef composif Directors of
No. 15 han notfedata changes No. has been
notified by MOLHR No. C-UM.02.0d [*] had been
regired with the ogistra ih
Statemened No. 1/2006"January Ny. kmani Ha
The approval regarding the change of composition of
Board of Directors of PT OLAM.
No. 16 ohen nofied by MOLHR No. CUM.02.01.604 onJ3, 2006, [*] beehe Company
Registra
Statemen"Deed No. 04/2008"), made Jy 28,bhoya
RatmMKn, thnNot
regarding the change of composition of Board of Directors
of PT OLAM.
No. 008 h notifidta changes has been notiHUAH.01.10.18640 on July 25, [*]
u)
33
v)
w)
x)
y)
z)
Corporate Structure
The main features of PT[*] D as set out in the documents referred
to in section 2.2 (1) above may be summarized as follows.
(i)
Status of Incorporation
PT DUS [[*] became a separate legal entity on the receipt
of MOLHR MOJ approval on November 29, 1996[*]].
(ii)
Shareholders
a)
b)
Shares
Amount (Rp)
6,435
149,742,450.-
99
Sunny G
Verghese
65
1,512,550.-
Shares
Amount
(Rp)
Olam International
Ltd
Sunny G
Verghese
29,935
696,587,450.-
99.78
65
1,512,550.-
0.22
Shares
Amount (Rp)
Olam
International
Ltd
Sunny G
Verghese
39,935
929,287,450.-
99.
84
65
1,512,550.-
0.1
6
Shares
Amount (Rp)
Olam
69,935
1,627,358,450
99.
36
International
Ltd
Sunny G
Verghese
e)
f)
(iv)
65
.,-
1,512,550.-
0.1
Shares
Amount (Rp)
Olam
International
Ltd
Sunny G
Verghese
109,93
5
2,558,158745
0.,-
99.
94
65
1,512,550.-
0.0
6
Shares
Amount (Rp)
Olam
International
Ltd
Sunny G
Verghese
Eko
Purnomowidi
109,70
0
2,552,719,000
.-
99.
72
150
3,490,500.-
150
3,490,500.-
0.1
4
0.1
4
Company Officers
a)
b)
Position
Name
Director
Ashok C Hegde
July 19,
1996
Commissioner
Jagdish A Parihar
July 19,
1996
Position
Name
President
Director
Ashok C Hegde
Appointm
ent
Effective
Date
March 2,
1999
37
Director
Commissioner
c)
Srinivasan V
Padmanabhan
Arsh Deep S B
Sandeep K Jain
Darshan Raiyani
Munish Minocha
Anup Kumar
Jagdish A Parihar
March 2,
1999
March 2,
1999
Position
Name
President
Director
Ashok C Hegde
June 25,
1999
Director
Sandeep S Daga
Sankarasubban
Parameswaran
Sandeep K Jain
Darshan Raiyani
Munish Minocha
Murali V Chalam
Jagdish A Parihar
June 25,
1999
Commissioner
June 25,
1999
Note:
We were not provided with the MOLHR notification
receipt of the Deed No. 23/1999.
d)
e)
38
f)
as as follows:
t
g)
Position
Name
President
Director
Ashok C Hegde
November
12, 1999
Director
Sandeep S Daga
Sankarasubban
Parameswaran
Sandeep K Jain
Darshan Raiyani
Murali V Chalam
Anup Kumar
Jagdish A Parihar
November
12, 1999
Commissioner
November
12, 1999
Note:
We were not provided with the MOLHR notification
of the Deed No. 12/1999.
h)
Name
Appointm
ent
Effective
39
Date
President
Director
Rajeev Raina
April 27,
2000
Director
Sandeep S Daga
Sankarasubban
Parameswaran
Sandeep K Jain
Darshan Raiyani
Murali V Chalam
Anup Kumar
Jagdish A Parihar
April 27,
2000
Commissioner
April 27,
2000
Note:
We were not provided with the MOLHR notification
of the Deed No. 26/2000.
i)
Position
Name
President
Director
Rajeev Raina
March 14,
2001
Director
Sankarasubban
Parameswaran
Sandeep K Jain
Darshan Raiyani
Murali V Chalam
Anup Kumar
Jagdish A Parihar
March 14,
2001
Commissioner
j)
Appointm
ent
Effective
Date
March 14,
2001
Position
Name
President
Director
Murali V. Chalam
April 16,
2003
Director
Niraj M Ghai
Anup Kumar
Praveen Singhavi
April 16,
2003
40
Commissioner
Jagdish A Parihar
April 16,
2003
Note:
We were not provided with the Indonesian
language version of Deed No. 18/2003 as well as
notification from MOLHR regarding data change
thereof.
k)
Position
Name
President
Director
Murali V. Chalam
December
21, 2004
Director
Praveen Singhavi
Vikram Aditya
Watal
Anup Kumar
Jagdish A Parihar
December
21, 2004
Commissioner
December
21, 2004
Note:
We were not provided with the Indonesian
language version of Deed No. 17/2004 as well as
notification from MOJ regarding data change
thereof.
l)
Position
Name
President
Director
Darshan Raiyani
November
14, 2005
Director
Praveen Singhavi
Anup Kumar
Vikram Aditya
Watal
Jagdish A Parihar
November
14, 2005
Commissioner
November
14, 2005
41
Position
Name
President
Director
Darshan B
Raiyani
January 4,
2006
Director
Praveen Singhavi
Sunil Kumar
Agarwal
Vikram Aditya
Watal
Virender Kumar
Verma
Jagdish A Parihar
January 4,
2006
Commissioner
January 4,
2006
Position
Name
President
Director
Darshan B
Raiyani
July 3,
2008
Director
Ajay
Badrinarayan
Shastry
Sunil Kumar
Agarwal
Vikram Aditya
Watal
Sumanta Kumar
De
Amit Verma
July 3,
2008
42
Commissioner
Jagdish A
Parihar
July 3,
2008
Position
Name
President
Director
Ajay
Badrinarayan
Shastry
Sunil Kumar
Agarwal
Sumanta Kumar
De
Amit Verma
Jagdish A
Parihar
Director
Commissioner
p)
Appointme
nt
Effective
Date
September
12, 2008
September
12, 2008
September
12, 2008
q)
Position
Name
President
Director
Sunil Kumar
Agarwal
Appointm
ent
Effective
Date
June 3,
2010
43
Director
Commissioner
Sumanta Kumar
De
Amit Verma
Jagdish A
Parihar
June 3,
2010
June 3,
2010
Position
Name
President
Director
Devashish
Chaubey
January
25, 2013
Director
Gopalarathanam
Srinivasakumar
Sumanta Kumar
De
Amit Verma
Jagdish A
Parihar
January
25, 2013
Commissioner
January
25, 2013
Position
Name
President
Director
Prakash Chand
Jhanwer
November
25, 2013
Director
Gopalarathanam
Srinivasakumar
Amit Verma
Saurabh Rajinder
Suri
November
25, 2013
44
Commissioner
Krishnan Sridhar
November
25, 2013
(i)
[Agricultural activities:
Undertake the business in general fishery including the procurement of fishery equipment
and materials, fish depository, fish handling, fish-processing, fish distribution and
marketing.
(ii)
Industrial activities:
Undergo the business in general industry, including the
cold storage industry and ice factory industry.
(iii)
Trading activities:
Undertake the general trading business including local and
inter-island importing, exporting, and acting as an agent,
commission agent, supplier, wholesale distributor, dealer
or distributor of any kinds of commodities, including the
trade of fish products, and the procurement and dealer of
accessories, lubricants, fuel, water and ice.as importer and
main distributor, as well as undertake export trading
business of agricultural/plantation products, including
activities of drying, cleansing, selection, and classification
of the quality of agricultural products.
(iv)
Industrial activities:
Undergo the business in food industry, in the form of
gambier processing and drying of fruits and vegetables.
(v)
Services activities:
Undertake the general service business including consultation service in fishery,
procurement and training of sailorman for the domestic and foreign fishing ships.
(vi)
Construction activities:
Undertake the construction business as contractor, supervisor of the construction of
building, bridge, irrigation, electricity installation, water, gas, and telecommunication, and
supplying the construction materials]
Note:
45
:
:
:
:
Note :
This Letter of Domicile was valid until January [*].has expired since
April 15, 2015 We wre not provided with a letter of doimicil of PT
OlamDUSt has been extended.
(b)
: Taxpayer Registration
: June 24, 2011 [*]
: PEM-00150/WPJ.06/KP.1203/2011 [*]
: Other Sugar Industry [*]
: Value Added Tax (PPN) [*]
Note :
We were not provided with the Sugar Factory Taxpayer
Registration, and the newest Taxpayer Registration..
- Tax File Number (DUS) :
Type
Date of issue
Number
: [*]
: September 30, 2003 [*]
: 02.062.239.5-073.000[*]
46
Issuing authority
: December 8, 2004
: 02.062.239.5-522.001
:Directorate General of Taxation of
Minister of Finance [*]
: PT DUS ) [*]
: [PEM-00151/WPJ.06/KP.1203/2011 *]
: Other Sugar Industry [*]
: Value Added Tax (PPN)
iv.
Register of Shareholder
The Company Law requires the Board of Directors to maintain a Register
of Shareholders (Daftar Pemegang Saham), setting out, amongst other
things:
(i)
(ii)
(iii)
the name and the address of any individual or legal body which
holds rights under a pledge of the shares and the date of obtaining
such rights of pledge; and
(iv)
(ii)
Note:
We were not provided with the Register of Shareholder of [*].
47
v.
Special Register
The Company Law requires the Board of Directors to maintain a Special
Register" (Daftar Khusus) containing information on the shareholdings of
the members of the Board of Directors and Board of Commissioners and
their families in both the company and any other companies (this
disclosure requirement is aimed at preventing conflict of interest).
Note:
We were not provided with Special Register of PT DUS [*].
3.
3.1
(2)
DepartmentDepartment of Trade
The DepartmentDepartment has authority for registration of all companies
and trading matters of general Indonesian companies. Please refer to
Section One above.
(3)
3.2
Business Licenses
(1)
Forms of Company
Indonesian law recognizes:
(a)
(b)
100% Indonesian-owned;
(ii)
100% Indonesian-owned;
48
(c)
(ii)
(iii)
(ii)
(iii)
(b)
(b)
Note:
[*] is classified as a General Indonesian Company and therefore subject to
the MOLHR company regulatory regimes and not qualified to take
advantage of any taxation facilities offered by BKPM.
ii.
Note:
This Trading Business License issued by Department of Industry and Trade
BKPM is eqent tOLAM is not obligated twestupdated Trading Business
License
3.3
49
We have reviewed copies of the following BKPM licenses and related approvals in
respect of PT DUS[*]:
(1)
Authority
: BKPM
Number
: 1145/1/IP/PMA/2014
Date of Issue : April 14, 20145
Content
: Foreign Investment Principle License regarding Deed [*]
of transfer of shares
Details of Investment Capital :
Capital
(i)
Authorized Capital
(ii)
Issued Capital
(iii)
Paid up Capital
Share Ownership
(i)
(ii)
Indonesia Ownership (0 %)
: Rp 92.800.000.000
Note :
We were not provided with Letter of Foreign Investment Approval of PT
DUS from BKPM
(a)
285/1/IP-P
October 3, 2014
(2)
(b)
Authority
Number
Date of Issue
October 2026
Content
: BKPM
: 583/T/INDUSTRI/2005
: July 7, 2005
Authority
Number
Date of Issue
Content
: BKPM
: 322/T/INDUSTRI/2009
: April 2, 2009
: expansion of import, export, distribution trade
serviceIndustrial Business License
July 2034
Content
Note:
: expansio
Authority
Number
Date of Issue
Content
: BKPM
: 94/I/PMDN/2001
: July 4, 2001
: approval letter for domestic investment
101/B.3/A.7/2003
: clarification letter for BKPM approval
(b)
Authority
Number
Date of Issue
Content
: BKPM
: 75/II/PMDN/2001
: December 11, 2001
: approval letter
for expansion of domestic
investment
(c)
Authority
Number
Date of Issue
Content
: BKPM
: 101/B.3/A.7/2003
: July 25, 2003
: clarification letter for BKPM approval
(d)
Authority
Number
Date of Issue
Content
: BKPM
: 120/B.3/A.7/2003
: October 27, 2003
: approval letter for change of office address
(e)
Authority
Number
Date of Issue
Content
: BKPM
: 297/B.2/A.6/2003
: October 20, 2003
: approval letter for amendment of project location
(f)
Authority
Number
Date of Issue
Content
: BKPM
: 73/III/PMDN/2004
: June 22, 2004
: approval letter for extension of project completion
(g)
Authority
Number
Date of Issue
Content
: BKPM
: 224/Pabean/2004
: August 2, 2004
: approval letter for import duty facility
(h)
Authority
Number
Date of Issue
Content
: BKPM
: 244/Pabean/2005
: July 21, 2005
: approval letter for import duty facility
(i)
Authority
Number
Date of Issue
Content
: BKPM
: 242/Pabean/2006
: July 26, 2006
: approval letter for import duty facility
(j)
Authority
Number
Date of Issue
Content
: BKPM
: 48/A.6/2007
: April 5, 2007
: approval letter for extension of import duty facility
51
(k)
(4)
Authority
Number
Date of Issue
Content
: BKPM
: 326/Pabean/2007
: October 26, 2007
: approval letter for extension of import duty facility
Authority
Number
Date of Issue
Content
: BKPM
: 236/V/PMA/2007
: December 3, 2007
: approval letter for change status from PMDN into
PMA
(b)
Authority
Number
Date of Issue
Content
: BKPM
: 371/B.3/A.9/2008
: August 19, 2008
: approval letter for change of office address from
(c)
Authority
Number
Date of Issue
Content
: BKPM
: 142/I/III/PMA/INDUSTRI/2011
: July 13, 2011
: approval letter for change of office address
163/III/PMA/1999
Date of Isy 1999change of shareholders842/III/PMA/1998
Date of Is
:
Content
Note:
(5)
l
3.4
(1)
Legal Background
[*]
(2)
:
:
:
:
:
[*]
[*]
[*]
[*].
[*]
52
Pursuant to article 13(1) PM.30/2012, IUP is valid as long as the company performs fishery
business activities.
Utilization of Nuclear Energy License
[*]
Other Documents Relating to the Business Activities
[*]
3.5
Note :
We were not provided with LKPM of PT DUS
Legal Background
According to Article 2 of Minister of Trade Regulation No. 45/MDAG/PER/9/2009 entitled Importer Identification Number (API) as
amended by Minister of Trade Regulation No. 20/M-DAG/PER/7/2011(API
Regulation), imports can only be done by importers who have API. PT
DBMS as a company who perform its business with import activities
therefore shall hold API license.
Regulation regarding API provision is regulated on Minister of Trade
Regulation No. 27/M-DAG/PER/5/2012 entitled Provisions of Importer
Identification Number as amended by Minister of Trade Regulation No.
84/M-DAG/PER/12/2012.
Furthermore, importer who performs import activities on particular goods as
specified by Director General of Foreign Trade, Ministry of Trade, must hold
Special Importer Identity Number as stipulated on Minister of Trade No.
141/MPP/Kep/3/2002 entitled Special Importer Identity Number (NPIK) as
amended by Minister of Trade Regulation No. 07/MDAG/PER/3/2008
(NPIK Regulation).
In addition, Minister of Finance Regulation No. 63/PMK.04/2011 entitled
Customs Registration has clearly stipulated that to be able to fulfill customs
obligations, PT DUS as an importer and exporter (user) is obliged to
perform Registration Customs Services to the Directorate General of
Customs and Excise resulting to the issuance of Customs Identity Number.
(2)
: PT Dharmapala Usa
: 10 September 2012
: 090500712-B
: BKPM, Ministry of Trade
: Sugar Industry
53
(b)
(ii)
(iii)
PT Ola one
27 September 21
1.09.05.5
: 4 October 16
(c)
: PT DUS
: October 11, 2012
: 01.011339
: Directorate General of Customs and
Excise, Minister of Finance
: PT DUS
: March 10, 2014
Number
Type of goods
Issuing authority
: 04.IP-04.14.0004
: Raw Sugar
: Directorate General of Foreign Trade,
Minister of Trade
Note :
This acknowledgement letter has expired since June 30, 2014 and
we were not provided with the newesed acknowledgement letter
54
(a)
Importir Terdaftar or )
(b)
3.6
We have reviewed copies of the following Building Construction and Nuisance Permit and
related approvals in respect of PT DUS :
(a)
Building Construction Permit (Izin Mendirikan Bangunan or IMB)
The details of PT DUSs IMB are as follows :
Name
: PT DUS
Date of issue
: January 2004
Number
: 503/002/35/Tahun 2004/Cp.
Issuing authority
: Public Works Service Office Cilacap
Contents
: IMB for Sugar Factory in Cilacap
(b)
Nuisance Permit (Izin Gangguan or HO) :
The details of PT DUSs HO are as follows :
Name
: PT DUS
Date of issue
: January 27, 2004
Number
: 503/011/I/27/2004
Issuing authority
: Cilacap Local Government
Contents
: Nuisance Permit for Sugar Factory in Cilacap
Note :
The nuisance permit has expired since 2009, we were not provided with the newest
nuisance permit of PT DUSs sugar factory in Cilacap
Environment Licenses
3.7
(1)
Background
In conformity with Law No. 32 Year 2009 (Law No. 32/2009) concerning
Environment Protection and Management and the new Government
Regulation No. 27 Year 2012 on Environmental License (GR.27/2012)
which is effective as of February 23, 2012, in performing its business
activities, [*] shall obtain Approval of Environmental Management Attempt
(Upaya Pengelolaan Lingkungan or UKL) and Environmental Supervision
Attempt (Upaya Pemantauan Lingkungan or UPL) and Environmental
License (Izin Lingkungan) at the project site approved by the local
authority. However, it is also stated in the GR 27/2012 that every
environmental document approved prior to the enactment of the regulation
remains valid and shall serve as Environmental License.
ii.
Environmental
Management
Attempt
(Upaya
Pengelolaan
Lingkungan) and Environmental Supervision Attempt (Upaya
Pemantauan Lingkungan)
Note:
55
AGREEMENTS
[*]
5.
5.1
Assets
i.
Land
(a)
Background
Indonesian law distinguishes between:
(i)
(ii)
(iii)
Right of Ownership
A Right of Ownership is similar to the "freehold concept of
title under the common law system and is considered to be
the "strongest" form of ownership under Indonesian law. A
Right of Ownership may be held by Indonesian nationals
only.
(iv)
Right of Exploitation
A Right of Exploitation gives a right to exploit the land. The
grant is usually for an initial period of 60 years and may be
renewed for a further period of 35 years. A Right of
Exploitation may be held by Indonesian citizens or
Indonesian companies engaged agriculture, fishery or
cattle breading.
(v)
Right to Build
A Right of Building gives a right to construct and own
buildings on land. Tile is usually granted for an initial period
of 50 years and may be renewed for a further period of 30
years.
(vi)
Right of Use
A Right of Use gives a right to use land owned by another
party for the purpose described in the relevant grant.
(vii)
Right of Lease
56
Right to Build
[*] has a Right to Build over a piece of land, with the following
details:
Rights to Build Certificate
Issuance Date
Valid Until
Land Measure
Survey Certificate
No./Date
Land Location
Issuer
5.2
:
:
:
:
:
[*]
:
:
Labors
(1) Legal Background
Law No 13 Year 2003 concerning Employment (Law No.13/2003) defines
2 (two) kinds of employment contract which are:
(a)
(b)
No.
Name
Division
No.
Name
57
Branch Manager
1.
Human
Resources
1.
Finance
1.
2.
3.
Field Division
3.
4.
5.
Workshop
Division
4.
Production Head
1.
Quality Control
1.
2.
1.
2.
3.
4.
5.
Cold Storage
Division
3.
4.
Processing
1.
2.
1.
2.
3.
4.
1.
2.
Logistic and
Legal
Division
3.
4.
5.
1.
2.
Compression
Division
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
1.
2.
3.
4.
5.
Driver
1.
2.
3.
4.
5.
6.
7.
Security
1.
2.
3.
4.
5.
Canteen and
Dormitory
1.
(2) Licenses
We have received several employment licenses of PT DUS as follows:
(a)
: Ola
: Mar
:
:
Note:
We were not provided with any mandatory documents in employment such as
Manpower Report Obligation (Wajib Lapor Tenaga Kerja/WLTK), Provident Fund
58
(ii)
(iii)
6.
any civil or criminal proceedings in the District Court of [*] Jakarta since [*]
up to [*] pursuant to Statement Letter No. [*] issued by the Registrar of
District Court of [*] Jakarta on [*];
59
B.
C.
D.
any tax proceedings in the Tax Court up to [*] pursuant to Statement Letter
No. [*] issued by the Tax Court Secretary on [*];
E.
F.
60
Corporate Documents
2.
Licensing
3.
4.
Labors
61
Name of Documents
62
52.
53.
63
64
65