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Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
C.V. GADING MAS |
|
|
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Registered Office : |
Jalan Raya Mulyosari PFF No. 76 T,
Kalisari, Mulyorejo, Surabaya, 60112 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
August 1996 |
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Legal Form : |
Partnership with Sleeping Partners |
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Line of Business : |
Trader, Supplier and Distributor of Chemicals and
Laboratory Equipment |
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|
|
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No of Employees : |
13 persons |
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 : |
Satisfactory |
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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, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
BASIC
SEARCH
|
Name of Company :
C.V. GADING MAS
Address :
Head Office
Jalan Raya Mulyosari PFF No. 76 T
Kalisari, Mulyorejo
Surabaya, 60112
East Java
Indonesia
Phones - (62-31) 5937 537, 5949 272
Fax - (62-31) 5928 680
E-mail - gad-mas@indo.net.id
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
:
August 1996
Legal Form :
C.V. (Commanditaire Vennootschap) or
Partnership with Sleeping Partners
Company Reg. No. :
Not Required
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.558.953.4-631.000
Related Company :
P.T. GIAN GLOBAL CHEMINDO (Trading and
Distribution of Chemicals)
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Owned Capital : Rp. 500 million
Owners :
a. Mr. Yulianto Gomez
(Active Partner)
b. Mrs. Tjatur
Minarti (Silent Partner)
BUSINESS
ACTIVITIES
|
Lines of Business :
Trading, Supply and Distribution of Chemicals
and Laboratory Equipment
Production Capacity :
None
Total Investment :
None
Started Operation :
1996
Brand Name :
Gading Mas
Technical Assistance :
None
Number of Employee :
13 persons
Marketing Area :
Local -
100%
Main Customer :
Education Institution and Industrial
Market Situation :
Very Competitive
Main Competitors :
a. P.T. HADE SEJATI PRATAMA
b. C.V. HOKI KIMIA UTAMA
c. P.T. INDONESIA LOKAMANDIRI
d. P.T. INSAN DUNIA MANDIRI
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Bankers :
a. P.T.
Bank CENTRAL ASIA Tbk
Jalan
Raya Mulyosari
Surabaya,
East Java
Indonesia
b. P.T.
Bank MANDIRI Tbk
Jalan
Raya Mulyosari No. 360 D
Surabaya,
East Java
Indonesia
c. P.T.
Bank DANAMON INDONESIA Tbk
Jalan
Raya Mulyosari
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales (estimated) :
2011 – Rp. 8.2 billion
2012 – Rp. 8.8 billion
2013 – Rp. 9.5 billion
Net Profit (estimated) :
2011 – Rp. 492 million
2012 – Rp. 528 million
2013 – Rp. 570 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of
Management :
Director - Mr. Yulianto Gomez
Board of
Commissioners :
Commissioner - Mrs. Tjatur
Minarti
Signatories
:
Director
(Mr. Yulianto Gomez) is only the authorized person to sign the loan on behalf
of the company.
CAPABILITIES
|
Management
Capability :
Satisfactory
Business
Morality :
Good
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
OVERALL
PERFORMANCE
|
C.V. GADING MAS (C.V. GM) was set-up in Surabaya, East Java
in August 1996 with the legal status of Commanditaire Vennootschap (C.V.) or
partnership with sleeping partner. Founder and owners of the company are Mr.
Yulianto Gomez and his wife Mrs. Tjatur Minarti, both are Indonesian business
family of Chinese extraction. Being as a Commanditaire Vennootschap status
company, the amount of its authorized capital was not mentioned at the time of
its establishment. We estimate the company has own capital of about Rp. 500
million and it will be rising in line with the progress of its business
operation.
C.V. GM is a private company started to be operating
since 1996 engaged in the field of trading, supply and distribution of chemical
and laboratory equipment. In its operation the company sells of caustic soda,
calcium carbonate, lime, sulfur, phosphates, flocculant, soda, surfactant,
fondant/slurry, enzyme detectronase, enzyme amylase, biocides, etc. The company
also sells laboratory scientific equipment and chemicals such as laboratory
glassware & plastic ware and others. Mrs. Wati, marketing and secretary of
the company explained the laboratory scientific equipment and chemicals
imported from the Germany, USA, Australia, Japan, Taiwan and China. Besides,
some of the chemical for sugar industries like caustic soda, calcium carbonate,
sulfur, phosphates and other obtained from locals and the rest imported from
China and Taiwan. Mrs. Wati also explained the whole laboratory scientific
equipment and chemicals supplied to Brawijaya University, Airlangga University,
Institute Technology Surabaya, government institution (Dinas Perindustrian dan
Perdagangan Provinsi Jatim) and others. Meanwhile the merchandise products is
also supplied to sugar industries among others P.T. Perkebunan Nusantara IX,
P.T. Perkebunan Nusantara X, P.T. Perkebunan Nusantara XI, P.T. Rajawali
Nusantara Indonesia (P.T. PG Rajawali I, P.T. PG Rajawali II, P.T. PG Candi
Baru, P.T. Madu Baru); monosodium glumate processing such
as P.T. Cheil Jedang Indonesia and P.T. Sasa Inti, food processing P.T. Nestle
Indonesia and others. We observe the operation of C.V. GM is classified a small
size company of its kinds with operation has been growing in the last three
years.
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
textile chemical 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. C.V. GM 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, 2007-2012
|
Year |
Food
and Beverages Mainly for Industry (Million US$) |
Raw
Materials for Industry (Million
US$) |
||
|
Primary |
Processed |
Primary |
Processed |
|
|
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 |
53.409.6 |
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
Until this time C.V. GM has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of the company is
very reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2011 amounted to Rp.
8.2 billion rose to Rp. 8.8 billion in 2012 increased to Rp. 9.5 billion in
2013 and projected to go on rising by at least 5% in 2014. The operation in
2013 yielded an estimated net profit of at least Rp. 570 million and the
company has an estimated total networth of at least Rp.19.0 billion. So far, we
did not heard that the company having been black listed by the Central Bank
(Bank Indonesia). The company usually pays its debts punctually to
suppliers.
The management of C.V. GM is led by Mr. Yulianto Gomez
(60) a businessman with experience in trading, import and distribution of
laboratory scientific equipment and chemicals. 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. C.V. GADING MAS is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.11 |
|
|
1 |
Rs. 102.70 |
|
Euro |
1 |
Rs. 84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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.