|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GALIC BINA MADA |
|
|
|
|
Formerly Known as: |
C.V. GALIC |
|
|
|
|
Registered Office : |
Jalan Inspeksi Kalimalang RT. 002/RW.001, Desa Sukadanau, Cikarang Barat Bekasi 17520, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishments: |
1967 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-13594 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Trading,
Import and Distribution of Industrial Chemical |
|
|
|
|
No. of Employees : |
55 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
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
a.
1967 as C.V. GALIC
b.
12 August 1971 as P.T. GALIC BINA MADA
P.T.
(Perseroan Terbatas) or Limited Liability Company
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
- No. AHU-AH.01.10-13594
Dated 19 April 2012
Private
National Company
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
a.
P.T. BINA PLASPAC INDONESIA (Plastic Packaging Manufacturing)
b.
P.T. GALIC ARTA BAHARI (Semi Refined Carragenan Industry)
c.
P.T. GANI INVESTA MAKMUR (Investment Holding)
d.
P.T. JELLANEKA MEGA INDUSTRIES (Water Dessert Jelly and Confectioneries
Industry)
e. P.T. MULTIKIMIA INTIPELANGI (Cellulosic
Reactive Dyes and Disperse Dyes Industry)
f.
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
Bankers
:
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) :
2010
– Rp. 145.0 billion
2011
– Rp. 150.0 billion
2012
– Rp. 154.0 billion
Net
Profit (estimated) :
2010
– Rp. 8.5 billion
2011
– Rp. 9.2 billion
2012
– Rp. 10.1 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Shilvy Natalia Lao Tambuwun
Director -
Mrs. Monita Saduawan Kongoasa
Board of Commissioners :
President Commissioner - Mr. Thomas Mintarja Gani
Commissioners - a. Mrs. Catharina Butet
Surdjadiredja
b. Mr. Antonius Kuswandi
c. Mr. Urip Hidayat
Signatories :
President
Director (Mrs. Shilvy Natalia Lao Tambuwun) or the Director (Mrs. Monita
Saduawan Kongoasa) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
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. Then according to the latest revision of notary documents of Mrs. Tjoa Karina Juwita, SH., No. 66 dated 17 March 2012 the company board of director and the board of commissioner had been changed (see profile of this report). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-13594 dated April 19, 2012.
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. 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).
Products:
Ř Paint and Coating
-
Titanium
Dioxide
-
Nitrocellulose
-
Pigment
& Dyes
-
Resin
-
Additives
-
General
Chemicals
Ř Food and Cosmetics
-
Hydrocolloids
-
Food
Colours
-
Cosmetic
Colours
-
Flavours
-
Thickeners
-
Oleoresin
-
General
Chemicals
Ř Paper and Leathers
-
Paper
Dyes
-
Leather
Dyes
-
Leather
Retanning
-
Leather
Finishing
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. 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,
2004-2011
|
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 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409.0 |
|
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 2010 amounted to Rp. 145.0 billion increases to Rp. 150.0 billion in 2011 rose again to Rp. 154.0 billion in 2012 and projected to go on rising by at least 5% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 10.1 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 Mrs. Shilvy Natalia Lao Tambuwun (41) a professional manager of with experience in trading, import and distribution of industrial chemicals. Daily operation he is assisted by Mrs. Monita Saduawan Kongoasa (64) as a director. But we believed that the prime-mover of the company is Mr. Thomas Mintardja Gani (75), a businessman with more than 42 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.54.44 |
|
UK Pound |
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.