|
Report Date : |
21.03.2012 |
|
Tel. No.: |
62218900-850 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GALIC BINA MADA |
|
|
|
|
Formerly Known As : |
C.V. GALIC |
|
|
|
|
Registered Office : |
Desa Sukadanau, Cikarang Barat Bekasi 17520 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1967 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-03034 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Industrial Chemical |
|
|
|
|
No. of Employees : |
55 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 2,200,000 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. GALIC
BINA MADA
Head Office
Jalan Inspeksi Kalimalang RT. 002/RW.001
Desa Sukadanau, Cikarang Barat
Bekasi 17520
West Java
Indonesia
Phones -
(62-21) 8900850 (Hunting)
Fax -
(62-21) 8900849
E-mail - sales@galicbinamada.com
Website - http://www.galicbinamada.com
Building Area - Factory
Office Space - 4,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Branches
a. Jalan Mohammad
Toha No. 353
Bandung 40255
West Java
Indonesia
Phones - (62-22) 5200003, 5202252
Fax -
(62-22) 5200730
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial Building
Status - Rent
b. Jalan Siwalan
No. 130
Kerten, Solo 57143
Central Java
Indonesia
Phones - (62-271) 716004 (Hunting)
Fax -
(62-271) 718767
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial Building
Status - Rent
c. Jalan Kalianak Barat No. 55 PJ
Surabaya 60182
East Java
Indonesia
Phones - (62-31) 7491550 (Hunting)
Fax -
(62-31) 7481440
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation :
a. 1967 as C.V.
GALIC
b. 12 August 1971
as P.T. GALIC BINA MADA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-3409.HT.01.04.TH.98
Dated 8 April 1998
- No. AHU-17835.AH.01.02.TH.2008
Dated 10 April 2008
- No. AHU-AH.01.10-10397
Dated 2 May 2008
- No. AHU-AH.01.10-03034
Dated 05 February 2010
Company Status
:
Private National
Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.309.254.9-431.000
b. The Department of Industry and Trade
SIUP No. 597/0636/09-03/PB/86/3
Related Companies
:
a. P.T. BINA
PLASPAC INDONESIA (Plastic Packaging Manufacturing)
b. P.T. CRODA
INDONESIA (Surfactant Industry)
c. P.T. GALIC
ARTA BAHARI (Semi Refined Carrageenan Industry)
d. P.T. GANI
INVESTA MAKMUR (Investment Holding)
e. P.T. JELLANEKA
MEGA INDUSTRIES (Water Dessert Jelly and Confectioneries Industry)
f. P.T. MULTIKIMIA INTIPELANGI (Cellulosic
Reactive Dyes and Disperse Dyes Industry)
g. P.T. TANSRI
GANI (Plastic Packaging Manufacturing)
Capital
Structure :
Authorized Capital
: Rp.
10,000,000,000.-
Issued Capital : Rp.
10,000,000,000.-
Paid up Capital : Rp.
10,000,000,000.-
Shareholders/Owners
:
a. P.T. GANI INVESTA MAKMUR - Rp. 3,000,000,000.-
Address : Jl. Gajah Mada No. 194
Jakarta Barat
Indonesia
b. Mrs. Eliana
Iskandar -
Rp. 2,100,000,000.-
Address : Jl. Pasir Putih VII No.
12
Jakarta Utara
Indonesia
c. Mr. Antonius
Kuswandi -
Rp. 872,000,000.-
Address : Jl. Cipinang Elok Block
Y No. 26
Jakarta Timur
Indonesia
d. Mr. Tohir Sutanto -
Rp. 842,000,000.-
Address : Jl. Pasir Putih VII
No. 12
Jakarta Utara
Indonesia
e. Mr. Harryanto Surjadiredja - Rp.
209,000,000.-
Address : Jl. Pasir Putih
VII/12
Jakarta Utara
Indonesia
f. Mr.
Krestijanto Pandji -
Rp. 505,000,000.-
Address : Jl. Bhineka 1 No. 35-37
Jakarta Timur
Indonesia
g. Mrs. Heine Santoso Gani - Rp. 509,000,000.-
Address : Jl. Hang Lekir XII
No. 90
Jakarta Selatan
Indonesia
h. Mrs.
Karolina Lestiadi -
Rp. 400,000,000.-
Address : Jl. Hang Lekir VII No. 90C
Jakarta Selatan
Indonesia
i. Mrs. Erawati Sukma Gani - Rp. 509,000,000.-
Address : Jl. Hang Lekir VII No.
90B
Jakarta Selatan
Indonesia
j. Mr. Setiawan Mardjuki - Rp. 409,000,000.-
Address : Jl. Logam Block E.3
Jakarta Selatan
Indonesia
k. Mr. Thomas
Mintarja Gani -
Rp. 509,000,000.-
Address : Jl. Hang Lekir VII No.
90C
Jakarta Selatan
Indonesia
l. Mr. Tjahjadi Rahardja - Rp. 136,000,000.-
Address : Jl. Puri Kencana L 7 No. 3
Jakarta Barat
Indonesia
Lines of
Business :
a. Trading,
Import and Distribution of Industrial Chemical
b. Investment
Holding
Agent for :
a. BIOCATALYSTS Specialty and Industrial Enzymes
for Foods and Textiles of the UK
b. ELLIS & EVERARD Colors for Foods,
Cosmetics and Personal Care of the UK
c. ICI EXPLOSIVES Nitrcelluloses of the UK
d. MYEONG SHIN Carrageenan Jelly Powder of Korea
e. ZENECA BIOCIDES Preservation for Aqueous
Solutions of the UK
f. STAUFFER CHEMICAL Chemicals Intermediates of
Switzerland
g. SODA INDUSTRIALE Fat Liqour for Leather Industry of Italy
h. LAMBERTI Thickener for Textiles of Italy
i. KERR-McGEE Titanium Diocide of the USA
j. Etc.
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 10.0
billion
Started
Operation :
1967
Brand Name :
Galic Bina Mada
Technical
Assistance :
None
Number of
Employee :
55 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. P.T. ARGO
PANTES
b. P.T. ICI PAINT
INDONESIA
c. P.T. INDAH
KIAT PULP AND PAPER Tbk
d. P.T. SUGIARTA
e. P.T. TEXMACO TAMAN SYNTHETICS
f. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DOW
CHEMICAL INDONESIA
b. P.T.
INDOKEMIKA JAYATAMA
c. P.T. MAKMUR
JAYA KHARISMA
d. P.T. MULYA ADHY PARAMITA
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. Bank P.T. PAN INDONESIA Tbk
Panin Centre
Jalan Jend. Sudirman 1
Jakarta Selatan
Indonesia
b. STANDARD
CHARTERED Bank Jakarta Branch
Menara
Standard Chartered
Jalan
Prof. DR. Satrio No. 164
Jakarta
Selatan
Indonesia
c. ABN-AMRO Bank
N.V.
Jalan
Ir. H. Juanda No. 23-24
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 132.0
billion
2010 – Rp. 145.0
billion
2011 – Rp. 150.0
billion
Net Profit
(estimated) :
2009 – Rp. 7.9
billion
2010 – Rp. 8.5
billion
2011 – Rp. 9.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director
- DR. Ishak Setiaputra
Director -
Mrs. Shilvy Natalia Lao Tambuwun
Board of Commissioners :
President Commissioner -
Mr. Thomas Mintarja Gani
Commissioners -
a. Mrs. Catharina Butet Surdjadiredja
b. Mr. Antonius Kuswandi
Signatories :
President Director (DR.
Ishak Setiaputra) or the Director (Mrs. Shilvy Natalia Lao Tambuwun) which must
be approved by Board of Commissioner
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 2,200,000 on
90 days D/A
The company was
established in 1967, originally under name of C.V. GALIC with the legal status
of C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The
founding owners are Mr. Thomas Mintardja Gani and his younger brother Mr. Gan
Kiong Pin AKA Lim Tjong Pin. They are Indonesian businessmen of Chinese
extraction. In August 1971 the company’s legal status was converted to P.T.
(Perseroan Terbatas) or Limited Liability Company and the company renamed P.T.
GALIC BINA MADA (P.T. GBM). According to the company’s notarial act, the
company started with an authorized capital of Rp. 500,000,000 of which Rp.
250,000,000 was issued and paid up. The founding shareholders are Mr. Thomas
Mintardja Gani, Mr. Tan Hong Wan and Mr. Antonius Kuswandi. They are all Indonesian businessmen of Chinese
extraction. The company's notary act has frequently been revised. In June 1993
the authorized capital was raised to Rp. 10,000,000,000 issued and paid up
capital to Rp. 2,000,000,000.
In May 1999 Mr.
Tan Hong Wan passed away and his shares entirely went over to his heirs. In
October 1997 whole its authorized capital of Rp. 10,000,000,000 has been fully
issued and paid-up. Concurrently all shareholders pulled out and changed by a
number shareholders namely P.T. GANI INVESTA MAKMUR, P.T. PANCAPERSADA
INVESTINDO, P.T. MAGNALIA INDAH PERSADA, P.T. DHARMA SETYANUGRAHA INVESTA, P.T.
DIANTI MITRA INVESTA, P.T. SOTAN JAYA, P.T. SRIPANJI JAYA, P.T. SUBUR LAHAN
KOMALA, P.T. PANCA RAHARDJA INVESTA, P.T. DWITUNGGAL ABADI SENTOSA, P.T.
PACIFIC CONTINENTAL INVESTINDO and P.T. SUMBER SADA ABADI, all private national
company.
In April 2008,
the whole shareholders pulled out and the latest shareholders are P.T. GANI
INVESTA MAKMUR, Mrs. Heine Santoso Gani, Mr. Piet Surjadiredja, Mr. Setiawan
Mardjuki, Mr. Tjahjadi Rahardja, Mr. Krestijanto Pandji, Mrs. Karolina
Lestiadi, Mr. Tohir Sutanto, Mrs. Sri Herlinawaty Gani, Mr. Antonius Kuswandi,
Mrs. Erawati Sukma Gani and Mr. Thomas Mintarja Gani. The latest in December
2009, Mr. Piet Surjadiredja and Mrs. Sri Herlinawaty Gani pulled out and
replaced by Mrs. Eleiana Iiskandar and Mr. Harryanto Surjadiredja as new
shareholders. For further the latest composition shareholders is attached under
profile of this report. The deed of amendment was approved by the Ministry of
Law and Human Right in its Decision Letter No. AHU-AH.01.10-03034 dated
February 05, 2010. No changes have been effected in term of its shareholding
composition and capital structures to date.
We observe the
majority shareholder namely P.T. GANI INVESTA MAKMUR is a private national
company dealing with investment holding and majority business stakes is
controlled by Mr. Thomas Mintardja Gani and his family members. They also
founder and majority business stakes owners of P.T. BINA PLASPAC INDONESIA
engaged in plastic packaging manufacturing, P.T. CRODA INDONESIA in surfactant
industry, P.T. GALIC ARTA BAHARI in semi refined carragenan industry, P.T.
JELLANEKA MEGA INDUSTRIES in water dessert jelly and confectioneries industry,
P.T. MULTIKIMIA INTIPELANGI in cellulosic reactive dyes and disperse dyes industry,
P.T. TANSRI GANI in plastic packaging manufacturing.
P.T. GBM has
been operating since 1967 in the trading, import and distribution of industrial
chemicals. The merchandising good products are food color (colours, thickeners,
carrageenan, additives); coating (pigments, resin, thickeners, additives);
leather (beam house products, degreasing agent, auxiliaries agent, fat liquor);
paper (chloramines & chlora dyes, additives); households (surfactants for
cleaners, acid cleaners, alkaline cleaners); cosmetics (colours, shade
illustration, organic pigment); pharmaceutical (colours, thickeners/stabilizer)
and ceramics (fritz for wall tile and floor tiles).
The company is
an agent for BIOCATALYSTS Speciality and Industrial for Foods and Textiles,
ELLIS & EVERARD Coulors for Foods, Cosmetics and Personal Care, ICI
EXPLOSIVES Nitrcelluloses, ZENECA BIOCIDES Preservation for Aqueous Solutions
of the UK (the four imported from the UK), MYEONG SHIN Carrageenan Jelly Powder
of Korea, STAUFFER CHEMICAL Chemical Intermediates of Switzerland, SODA INDUSTRIALE Fat Liqour for
Leather Industry of Italy, LAMBERTI Thickener for Textiles of Italy, KERR-McGEE
Titanium Diocide of the USA and
etc. The products are sold to
textile industries P.T. TEXMACO TAMAN SYNTHETICS, P.T. ARGO PANTES, to paper
industry P.T. INDAH KIAT PULP & PAPER Tbk., to imitation leather industry
P.T. SUGIARTA, to paint industry P.T. ICI PAINT INDONESIA, P.T. INDO PRIMA
FOODS, P.T. TRIDINAMIKA MAKMUR, P.T. DAYA POLA UNGGUL, P.T. KILAP COBRA, P.T.
ABDI KWALITA LARAS PEMBANGUNAN, P.T. WILSON MITRA PERKASA, C.V. CITRA PANGAN
MANDIRI, P.T. ADITYADASA CIPTAMANUNGGAL, etc.
Besides, P.T.
GBM is also dealing with investment holding by controlling 40% of P.T. BINA
PLASPAC INDONESIA dealing with plastic packaging manufacturing having been in
commercial operation since 2002 and 20% shares of P.T. CRODA INDONESIA dealing
with surfactant industry. We observe the operation of P.T. GBM 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. GBM business position in this case is not too badly because it has built
regular customers and extensive marketing network all across the country.
Imports of Raw Materials and Auxiliary Goods, 2004-2010
|
Year |
Food and Beverages Mainly for Industry
(Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
|
|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
|
|
2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
|
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
Source: Central Bureau of Statistic (BPS)
Until this time
P.T. GBM has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
GBM is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2009
amounted to Rp. 132.0 billion increases to Rp. 145.0 billion in 2010 rose again
to Rp. 150.0 billion in 2011 and projected to go on rising by at least 5% in
2012. The operation in 2011 yielded an estimated net profit of at least Rp. 9.2
billion and the company has an estimated total net worth of at least Rp. 60.0
billion. So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
On December 29, 2010,
P.T. GBM announced in one local newspaper, that the company had uncollectible
receivable from some company debtors in book period (January 1, to December 31,
2007). P.T. GBM has conducted all maximum collection efforts and measures required to recover or payment of the receivables, but until recently the
receivables may not be collected from the debtors by the Company. The company’s
uncollectible receivables as mentioned above are as follows:
|
No. |
Name of Debtor |
Address |
NPWP No. |
Total Debt (Rp) |
|
1. |
PT. Oilgreen Indohici |
Jl. Kamal Raya No. 11, Jakarta
Barat |
01.691.582.9-034.000 |
715,710,940.10 |
|
2. |
PT. Multi Cocoa |
Jl.
Raya Gado Bangkong
No.66A Bandung Barat |
02.002.224.0-421.000 |
23,180,131.20 |
|
3. |
PT. Wisma Sandang Jaya Textile
Mill |
Jl.
Raya Ujung Berung Km. 14,5, Bandung |
01.118.567.5-429.000 |
43,568,402.00 |
|
4. |
PT. Melvin International
Synthetics |
Jl. Raya Nanjung No. 192, Bandung |
01.494.598.4-421.000 |
42,485,702.50 |
|
5. |
CV. Bahari Food Makmur Abadi |
Jl. Paguyuban No. 50, RT.008,
RW.019, Cimahi, Bandung |
02.238.033.1-421.000 |
13,624,212.00 |
|
|
T O T A L |
838,569,387.80 |
||
This announcement was
made to meet the Decree of Minister of Finance No. 105/PMK.03/2009 dated June
10, 2009 on the receivables, which apparently are not recoverable, which can be
deducted from Gross Income in conjunction with Regulation of Minister of
Finance No. 57/PMK.03/2010 dated March 9, 2010 on the Amendment to the Minister
of Finance Regulation No. 105/PMK.03/2009 dated June 10, 2009, on Receivables
Apparently Uncollectible Deducted from Gross Income.
The management
of P.T. GBM is led by DR. Ishak Setiaputra (67) a professional manager of with
experience in trading, import and distribution of industrial chemicals. Daily
operation he is assisted by Mrs. Shilvy Natalia Lao Tambuwun (45) as a
director. But we believed that the prime-mover of the company is Mr. Thomas
Mintardja Gani (74), a businessman with more than 41 years experience in
trading and distribution of industrial chemical products. The company's
management is handled by professional staff in the above business. They have
wide relations with private businessmen within and outside the country. So far,
we did not hear that the management of the company being filed to the district
court for detrimental cases or involved in any business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. GALIC BINA MADA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.25 |
|
|
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.66.52 |
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.