MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. GOLDENINDO GUCI CHEMICAL |
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Registered Office : |
Mitra Bahari Blok D1-D2,
Jalan
Pakin No. 1, Jakarta Utara
14440 |
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Country : |
Indonesia |
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Date of Incorporation : |
29.09. 1987 |
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Com. Reg. No.: |
C2-18440.HT.01.01.TH.88 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Industrial Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
US$ 350,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. GOLDENINDO GUCI CHEMICAL
A d d r e s s
Head Office
MITRA BAHARI BLOK
D1-D2
Jalan Pakin No. 1
Jakarta Utara
14440
Indonesia
Phones - (62-21) 66692030, 66692040
Fax - (62-21) 66692580, 66692659
Email - goldengs@cbn.net.id
Building Area - 4 storey
Office Space - 280 sq. meters
Region - Commercial
Status - Owned
Representative Offices
a. Jl. Kusnan No. 8, Rt.04/Rw.04
Kesenden, Cirebon
West Java
Phone - (0231) 211 063
b. Desa Cipandung No. 35
Bandung, West Java
Phone - (022) 781 3362
c. Dusun Besuki No. D-137
Kel. Kejapanan, Gempol
Pasuruan, East Java
Phone - (0343) 853 390
Date of Incorporation
29 September 1987
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
a. No. C2-18440.HT.01.01.TH.88
Dated 10 September 1988
b. No. W7-03109.HT.01.04.TH.2006
Dated 29 November 2006
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.319.687.8-041.000
Related Company
Not Available
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners
:
a. Mr. Djohar Tobing -
Rp. 450,000,000.- (90%)
Address : Jl. Taman Kebon Jeruk B.1 No. 50
Jakarta Barat
Indonesia
b. Mr. Tavip -
Rp. 50,000,000.- (10%)
Address : Jl. Walet Indah 6 No. 26
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Import
and Distribution of Industrial Chemicals
Production Capacity
None
Total Investment
None
Started Operation
1988
Brand Name
None
Technical Assistance
None
Number of Employee
35 persons
Marketing Area
Domestic
(Local) - 100%
Main Customer
a. Food and
Beverage Industries in Indonesia
b. Pharmaceutical
Industries in Indonesia
c. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. ISTANA
PALAPA KERTAS
b. P.T. AMES
INDAH INTERNATIONAL
c. P.T. MULYA
ADHI PARAMITA
d. P.T.
INDOKEMIKA JAYATAMA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
NEGARA INDONESIA Tbk
Jalan Kom. Yos Sudarso Kav. 87
Jakarta Utara
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Kom. Yos Sudarso 88
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 21.0
billion
2006 – Rp. 24.5
billion
2007 – Rp. 26.5
billion
Net Profit
(Loss) :
2005 – Rp. 1.0
billion
2006 – Rp. 1.2
billion
2007 – Rp. 1.3
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director -
Mr. Djohar Tobing
Board of
Commissioner :
Commissioner -
Mr. Tavip
Signatories :
Directors (Mr.Djohar Tobing) which must
be approved by Board of Commissioners (Mr. Tavip)
CAPABILITIES
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$ 350,000 on 90
days D/A
OVERALL PERFOMANCE
P.T. GOLDENINDO GUCI CHEMICAL (P.T.
GGC) was set-up in September 1987 with
an authorized capital of Rp. 100,000,000 issued capital of Rp. 30,000,000
wholly paid up. Founders and shareholders are Mr. Djohar Tobing, Mr. Tan Tjo
Lian Jufri Tarigan, Mr. Drs. Djonggi Simanjuntak dan Mr. Iman Basir. They are
Indonesian businessmen of Chinese extraction. The company notary deed has been
changed and in October 2006, the authorized capital was raised to Rp.
2,000,000,000 issued capital of Rp. 500,000,000.- fully paid up. On the same occasion, Mr. Tan Tjo
Lian Jufri Tarigan, Mr. Drs. Djonggi Sumanjuntak and Mr. Iman Basir pulled out
and replaced by Mr. Tavip as new shareholder. The deed of amended was made by Mr.
Desman, SH, a public notary in Jakarta, was approved by the Ministry of Law and
Human Right in its Decision Letter No. W7-03109.HT.01.04.TH.2006, dated
November 29, 2006.
P.T. GGC started up with operation in 1988 in trading, import and the
distribution of industrial chemicals such as acetic acid, aspartame, caustic
soda flake, citric acid, cyclohexylamine, sodium benzoate, sodium bicarbonate,
sodium chloride, sodium cyclamate, sodium hyposulfite, sodium hypochloride, gum
Arabic, pine oil, soda ash dense, vanilli, sodium methabisulfite, sodium
nitrate, sodium saccharine, sodium sulphate, STPP, sulfamic acid and mono
sodium glutamate which are imported from China, Korea, Japan, Germany, USA,
etc. Beside, P.T. GGC also is trading
of pharmaceutical raw materials such as methyl salicyclate, paracetamol,
menthol crystal, peppermint oil, ascorbic acid and eucalyptus oil are imported
from USA, Germany, Italy, Japan, etc.
Most of its industrials chemical are distributed to various food and
beverage industries such as P.T. INDOFOOD SUKES MAKMUR, P.T. ABC CENTRAL FOOD,
etc., and paper making industries among
others are P.T. ESA KERTAS NUSANTARA, P.T. Pabrik Kertas BASUKI RACHMAT, P.T.
TJIWI KIMIA, P.T. SURYA KERTAS, P.T.PAKERIN, P.T. SUPARMA and others. Most of its pharmaceutical raw material are
distributed to various pharmaceutical industries among others are P.T. KIMIA
FARMA Tbk., P.T. SANBE FARMA, P.T. PHAROS INDONESIA and others. Apart from that the above merchandises are
also sold various plastic goods industry, textile industry, paint industry and
others in Jakarta, West Java and East
Java. We observe that P.T. GGC had been growing within the last five years.
Generally, demand for industrial chemical, pharmaceutical raw materials
and others has kept on rising in the last five years in the country in line
with the activities of paint industry, textile industry, furniture industry and
other industries in the country. The demand is estimated to be increasing by 8%
to 10% per annum in the next three years. The competition is very tight on
account of many similar companies operating in the country. The business
position of P.T. GGC is good for it has established a wide marketing networks
in the country. Besides, the products are well known in the country.
Import Value of Basic Materials
Chemicals for Food and Beverages and
Basic Material for Industry,
2000-2006
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Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry
(Million US$) |
||
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Primary |
Processed |
Primary |
Processed |
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2000 |
1,009.8 |
507.6 |
2,020.3 |
12,421.4 |
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2001 |
797.1 |
503.6 |
2,228.9 |
10,970.2 |
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2002 |
1,096.5 |
441.2 |
1,758.6 |
10,541.7 |
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2003 |
1,127.4 |
531.6 |
1,697.8 |
10,570.8 |
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2004 |
1,456.7 |
568.6 |
2,236.3 |
15,357.8 |
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2005 |
1,325.3 |
830.4 |
2,064.4 |
17,407.0 |
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2006 |
1,352.2 |
909.1 |
2,438.7 |
18,050.7 |
Source : Central
Bureau of Statistic
Until this time P.T. GGC has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. We
observed that total sales turnover of the company in 2005 amounted to Rp. 21.0
billion rose to Rp. 24.5 billion in 2006 increased to Rp. 26.5 billion in 2007
and projected to go on rising by at least 6% in 2008. The operation in 2007 yielded an estimated net profit of at
least Rp. 1.3 billion and the company has an estimated total networth of at
least Rp. 10.0 billion. So far, we did
not heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of P.T. GGC is headed by Mr. Djohar Tobing (64), a
businessman with experience for some 30 years in trading and distribution of
industrial chemicals and pharmaceutical raw materials. The management is also handled by a number
of professional managers in this business, having maintained a wide business
relation with private businessmen at home and abroad as well as with government
authorities. We observed that management’s reputation in said business is
sufficiently fairly good. The company’s litigation record is clean and it has
not registered with the black list of Bank of Indonesia.
We are sure that P.T. GGC is quite feasible for normal business
transaction, but particularly in extending any new loans, an adequate
collateral from the shareholders is highly required due to economic condition
in the country to remain unstable.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)