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Report Date : |
28.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GRAND MULTI
CHEMICALS |
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Registered Office : |
Wisma Bumiputera, 8th Floor, Jalan Jend. Sudirman Kav. 75, |
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Country : |
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Date of Incorporation : |
06.04.1977 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
General Trading, Import, Distribution and Supplying of Industrial
Chemicals |
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No. of Employees : |
65 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
P.T. GRAND MULTI CHEMICALS
Head
Office
Wisma Bumiputera, 8th Floor
Jalan Jend. Sudirman Kav. 75
Jakarta Pusat, 12910
Indonesia
Phones -
(62-21) 5224502 (Hunting)
Fax - (62-21) 5713006
E-mail - contact@ptgmc.com
Building Area - 22 storey
Office Space - 150 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
6 April 1977
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-2708.HT.01.04.TH.97
Dated 15 April 1997
b. No. AHU-77226.AH.01.02.Tahun 2008
Dated 23 October
2008
Company Status :
Private National Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.312.174.4-062.000
Related Company :
A Member Company of the SUKABUMI Group (attachment)
Capital Structure :
Authorized Capital - Rp. 600,000,000.-
Issued Capital - Rp.
600,000,000.-
Paid up Capital - Rp.
600,000,000.-
Shareholders/Owners :
a. P.T. SUKABUMI
INTERNUSA -
Rp. 594,000,000.-
Address: Wisma Bumiputera, 10th Floor
Jl. Jend. Sudirman Kav. 75
Jakarta Selatan
b. Mr. Imam
Sudirman -
Rp. 6,000,000.-
Address: Jl. Permata Hijau Blok J I No. 16
Kebayoran Lama
Jakarta Selatan
Lines of Business :
General Trading, Import, Distribution and Supplying of Industrial
Chemicals
Production Capacity :
None
Total Investment :
None
Started Operation :
1977
Brand Name :
GMC
Technical Assistance :
None
Number of Employee :
65 persons
Marketing Area :
Local - 100%
Main Customers :
a. Food Chemical Industries
b. Textile Industries
c. Pharmaceutical Industries
d. Cosmetic Industries, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRATACHEM
b. P.T. DWI EKA MURNI
c. P.T. CHEMINDO EKATAMA
d. P.T. KIMIA SARI JAYA SENTOSA
e. P.T. CBA CHEMICAL INDUSTRY
f. P.T. INDO
KEMIKA JAYATAMA
g. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank PERMATA Tbk
Jalan Jend. Sudirman
Kav. 27
Jakarta
Pusat
Indonesia
b. P.T. Bank BUMIPUTERA Tbk
Wisma Bumiputra, 5th
Floor
Jalan Jend. Sudirman Kav. 75
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2008 – Rp. 70.0 billion
2009 – Rp. 74.8 billion
2010 – Rp. 81.0 billion
2011 – Rp. 87.5 billion
Net Profit (estimated) :
2008 – Rp. 3.6 billion
2009 – Rp. 3.8 billion
2010 – Rp. 4.0 billion
2011 – Rp. 4.3 billion
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Imam Sudirman
Board of Commissioners :
Commissioner - Mr. Surya Sudirman
Signatories :
Director (Mr. Imam Sudirman) 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
Originally the company named C.V. PACIFIC, it was established in 1977
under the legal status of a C.V. (Commanditaire Vennootschap) or partnership
with sleeping partners of unlimited liability.
The founders of the company are Mr. Sutantyo Jonathan AKA Tan Oen Ho and
Mr. Andiharto Djunaedi AKA Tjioe Ang Hun., both of them are Indonesian
businessmen of Chinese origin. Its Articles of association has been frequently
amended. In 1977, its legal status converted to a P.T. (Perseroan Terbatas) or
limited liability company and it renamed to P.T. GRAND MULTI CHEMICALS (P.T.
GMC). Initially, P.T. GMC had an authorized capital of Rp. 100,000,000 with an
issued capital of Rp. 20,000,000 entirely was paid up. Initially the entire of
the shares were controlled by Mr. Surya Sudirman a Chinese origin Indonesian
businessman.
In 1985 the authorized capital was raised to Rp. 500,000,000 with an
issued capital to Rp. 250,000,000 entirely paid up, and the shares are wholly
controlled by Mr. Jamin Sudirman, the son of Mr. Surya Sudirman. In June 1992, the authorized capital was raised
again to Rp. 600,000,000 issued and paid up capital to Rp. 300,000,000. By the
same time came in new shareholders namely Mr. Surya Sudirman, Mrs. Indrawati
Sudirman, Mr. Imam Sudirman and Mr. Christanto Tirtasaputra, all Chinese
origins Indonesian business family. In December 1996 when its issued capital
was raised to Rp. 600,000,000 fully paid-up and concurrently the shareholders
are P.T. SUKABUMI INTERNUSA (99%) and P.T. SURYA SATRESNA (1%), both are
private companies.
The latest, in October 2008 P.T. SURYA SATRESNA pulled out and whole
shares sold to Mr. Imam Sudirman. The notary deed of amendment was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-77226.AH.01.02.Tahun 2008 dated 23 October 2008. No changes have been effected in term of its
shareholding composition and capital structures to date.
We observe the shareholders of P.T. GMC namely P.T. SUKABUMI INTERNUSA
is a private company, which the shares are controlled by Mr. Surya Sudirman and
his wife Mrs. Indrawati Sudirman and his sons Mr. Imam Sudirman and Mr. Jamin
Sudirman. P.T. SUKABUMI INTERNUSA is
holding company of the SUKABUMI Group is headed by Mr. Surya Sudirman and his
family members. The group is engaged in
many business activities mainly in general trading, agency, distribution,
imports and supplies of industrial chemicals.
P.T. GMC has been operating since 1977 in general trading, imports and
distribution of industrial chemicals and also Freon gas for air
conditioner. The company sells industrial
chemicals including food chemicals, dyestuff, textile chemicals, textile
auxiliary materials and other chemicals. The products sold by the company are
imported from various countries, P.T.
GMC imports, distributes and supplies the chemicals to several industrial
sectors including textile, pharmaceutical, cosmetic, tooth-paste, paint, animal
feed, woodworking, tanning, foam, refrigerant/air conditioning industries, and
so forth. Mrs. Yolanda, a marketing
staff of P.T. GMC said that some 60% of the products are imported from Japan,
China, Taiwan and the other 40% from the UK, Germany, the USA and other
countries, and the products (Freon) are sold to several air conditioning
industries like P.T. Panasonic Gobel and P.T. Sanyo Industries Indonesia and P.T.
Lippo Melco Industries. The company also sells other chemicals to P.T. Pupuk
Sriwijaya in Palembang and P.T. Petrokimia Gresik in Surabaya. The products are
also sold to many industrial sectors in Jakarta, Bandung, Semarang, Surabaya,
Medan, Palembang, Lampung, Banjarmasin and other major cities in
Indonesia. We observe the operation of
P.T. GMC has been growing slowly in the last three years as the impact of
global economic slowdown.
The domestic demand for various types of chemical products had been
rising by 8% to 10% on the average per annum in the last five years in line
with the rapid growth of various industrial sectors including paint industry,
plastic, ink, textile, rubber, printing and others in the above period of times
as the consumers. But, later dwindled as the global economic slowdown since
October 2008, followed by tight money policy imposed by Indonesian Central Bank
(Bank Indonesia) and also heated by political issue in the country. The demand
growth started to awake in June 2009 in line with the amelioration of economic
condition in the country. Market
competition is very tough on account of large number of other similar companies
operating in the country. P.T. GMC business position in this case is not too
badly because it has built regular customers and extensive marketing network
all across the country.
Until this time P.T. GMC 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 2009 amounted to Rp.
74.8 billion increased to Rp. 81.0 billion in 2010 rose again to Rp. 87.5
billion in 2011 and projected to go on rising by at least 6% in 2012. 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. 22.0 billion.
Besides, the company has a punctual payment habit within 1 to 2 months. So far,
we did not heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of P.T. GMC is headed by Mr. Imam Sudirman (57), but the
prime-mover is obviously Mr. Surya Sudirman (83), a businessman with experience
for some 47 years in industrial chemical trading. The management is also
handled by a number of professionals with experience and expertise in the
business. They have already maintained a wide business relation among private
companies at home and abroad as well as among government sectors. So far, we
did not hear that the company’s management involved in a dirty business
practice or detrimental cases that settled in the country. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. GRAND MULTI
CHEMICALS is appraised quite feasible for normal business transactions.
Attachment:
List of the
SUKABUMI Group Members
1. ARINDO PACIFIC CHEMICALS,
P.T. (Textile Chemical and Dye Stuff Formulation)
2. EKA WARNA KIMIA, P.T.
(Trading, Supplies and Distributor of Building Material,
Chemical and Plastic
Granular)
3. GRAND MULTI CHEMICALS, P.T.
(Industrial Chemical Trading, Sole Agent, Supplier
and Distributor)
4. POLY UNION CHEMICALS, P.T.
(General Trading Sole Agent and Distributor)
5. SUKABUMI INTERNUSA, P.T.
(Investment Holding)
6. SUKABUMI TRADING COMPANY,
P.T. (Industrial Chemical Trading, Sole Agent,
Supplier and Distributor)
7. SURYA TEGALSARI, P.T. (Chick
Farming)
8. SURYA SATRESNA, P.T.
(Investment Holding)
9. STORK SCREEN INDONESIA, P.T.
(Rotary Screen Industry)
10. GUAN-SHOCK TRADING Corp. Pte, Ltd. (Import - Export)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.