|
Report Date : |
22.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GLOBAL CHEMINDO
MEGATRADING |
|
|
|
|
Registered Office : |
Jalan
Pulo Kambing Raya Kav. II E No. 8 Kawasan Industri Pulogadung Jakarta Timur,
13920 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
07.11.2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Raw Materials for Pharmaceutical Products |
|
|
|
|
No. of Employees : |
35 |
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 |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 more than 6% annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high oil prices
|
Source
: CIA |
P.T. GLOBAL CHEMINDO MEGATRADING
A
d d r e s s :
Head Office
Jalan
Pulo Kambing Raya Kav. II E No. 8
Kawasan
Industri Pulogadung
Jakarta
Timur, 13920
Indonesia
Phones - (62-21) 46830028 (Hunting)
Fax - (62-21) 46836167
E-mail - edoardus.barlian@enseval.com
Website - http://www.gcm.co.id
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation :
7
November 2007
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-00467.AH.01.01.TH.2008
Dated
4 January 2008
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Trade
TDP
No. 090415127193
Related
Company :
A
Member Company of the KALBE Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued
Capital :
Rp. 550,000,000.-
Paid
up Capital :
Rp. 550,000,000.-
Shareholders/Owners
:
a. P.T. ENSEVAL PUTERA MEGATRADING Tbk - Rp. 544,500,000.-
Address : Jl. Pulo Lentut No. 10
Kawasan Industri Pulogadung
Jakarta Timur
Indonesia
b. P.T. TRI SAPTA JAYA -
Rp. 5,500,000.-
Address :
Jl. Pulo Lentut No. 10
Kawasan Industri Pulogadung
Jakarta Timur
Indonesia
Lines
of Business :
Trading
of Raw Materials for Pharmaceutical Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
October
2008
Brand
Name :
GCM
Technical
Assistance :
None
Number
of Employee :
35
persons
Marketing
Area :
Local - 100%
Main
Customers :
a.
KALBE FARMA Group
b.
Other companies outside groups
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GEMILANGSAKTI
FARMINDO
b. P.T. LAWSIM ZECHA
c. P.T. NOVARTIS
INDONESIA
d. P.T. WARIS
e. Etc.
Business Trend :
Growing
B
a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
b.
CITIBANK N.A.
Landmark
Center
Jalan
Jend. Sudirman No. 1
Jakarta
12910
Indonesia
c.
JP MORGAN CHASE Bank
Chase
Plaza
Jalan
Jend. Sudirman Kav. 21
Jakarta
12920
Indonesia
d.
DEUTSCHE Bank AG
Deutsche
Bank Building
Jalan
Imam Bonjol 80
Jakarta
Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2011
– Rp. 108.0 billion
2012
– Rp. 117.0 billion
2013
– Rp. 123.0 billion
Net
Profit (estimated) :
2011
– Rp. 4.5 billion
2012
– Rp. 5.6 billion
2013
– Rp. 6.3 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Teddy Iman Soewahjo
Director -
Mr. Drs. Bernadus Karmin Winata
Board of Commissioners :
Commissioner - Mr. Vidjongtius
Signatories :
President
Director (Mr. Teddy Iman Soewahjo) or the Director (Mr. Drs. Bernadus Karmin
Winata) 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
P.T. GLOBAL CHEMINDO MEGATRADING (P.T. GCM) was set-up in
Jakarta on November 07, 2007 with an authorized capital of Rp. 2,000,000,000
issued capital of Rp. 550,000,000 entirely paid up. The founding and
shareholders of the company are P.T. ENSEVAL PUTERA MEGATRADING Tbk (99%) and
P.T. TRI SAPTA JAYA (1%). The deed of amendment was made by Mr. George Handojo
Hermawi, SH., a public notary in Jakarta was approved by the Ministry of Law
and Human Right in its Decision Letter No. AHU-00467.AH.01.01.TH.2008, dated
January 04, 2008.
We observe the majority shareholder P.T. ENSEVAL PUTERA
MEGATRADING Tbk., is a public company and a member of the KALBE Group which the
majority shares is controlled by Mr. Franciscus Bing Aryanto AKA Khouw Lip Bing
and his brother Dr. Boenjamin Setiawan AKA Khow Lip Boen. P.T. KALBE FARMA Tbk
is the parent company of the KALBE Group, a large business group in industry
and distribution of pharmaceuticals, cosmetics and consumer products.
P.T. GCM is engaged in the field of trading and
distribution of pharmaceutical raw materials for pharmaceutical, food and
beverages, cosmetics & toiletries and veterinary. P.T. GCM divided into 4
categories Pharmaceutical, Food & Beverage Ingredients, Veterinary, and
Cosmetics & Toiletries Business. The Company uses an extensive network and
has collaboration with more than 50 foreign companies. To provide the best
service for more than 1000 customers, they have a warehouse facility with 8,000
pallet capacity, which has already received ISO 9001:2008 certifications from
JAS-ANZ. In the years to come, we are believed to be the leader in the
healthcare raw material market by strengthening our customer and principal
base, along with qualified human resources as our asset. The above merchandise
products are pharmacy additive raw material, chemical, food grade, lactose,
food and drink raw material and OTC. The whole products imported from Germany,
France, Belgium, Switzerland, Spain, United Kingdom, Singapore, Japan, South
Korea, India and China. Besides, the company is also importer of pharmaceutical
raw material of particularly for the need of pharmaceutical industries.
The whole products are supplied to pharmaceutical
industries under the wing of KALBE Group among others P.T. BINTANG TOEDJOE,
P.T. BIFARMA ADILUHUNG, P.T. DANKOS FARMA, P.T. HEXFARM JAYA LABORATORIES, P.T.
FINUSOLPRIMA FARMA, and P.T. SAKA FARMA LABORATORIES. Mr. Edoardus Barlian,
Business Development Manager of P.T. GCM explained some of the products
supplied outside the groups such as P.T. PYRIDAM PHARMA Tbk and others. We
observe the operation of P.T. GCM has been growing in the last two years. The
operations of the Company may be affected by future economic conditions in
Indonesia that may contribute to volatility in currency values and negatively
impact economic growth. Economic improvements and sustained recovery are
dependent upon several factors, such as fiscal, monetary and other measures
being undertaken by the Indonesian government, actions which are beyond the
control of the Company.
Generally, demand for laboratory and medical equipment
and various pharmaceutical products had been growing in the last five years up
to the end 2012 as pictured in sales value of national pharmaceutical products,
import value and export value issued by the Food and Drug Controlling Board
(BPOM). The national pharmaceutical sales, export and import value of products
are estimated to be rising by 6% to 8% in the next year. The competition is
very tight on account many similar companies operating in the country.
The business position of P.T. GCM is a sufficiently
fairly good because the company has captive market namely the state-owned
hospital and private hospital in the country. According the BPOM that national
pharmaceutical sales as shown are as the following table.
National Market Trend
of Drugs, 2001-2012* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 |
P.T. GCM has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The
management of P.T. GCM 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. 108.0 billion rose to Rp. 117.0 billion in 2012
to Rp. 123.0 billion in 2013 and projected to go on rising by at least 6% in
2014. The operation in 2013 has yielded a net profit of at least Rp. 6.3
billion with an estimated total networth of at least Rp. 11.0 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.
However, we observe that parent company P.T. KALBE FARMA
Tbk has involved in dispute with JP MORGAN CHASE Bank. In February 2009 the
company (P.T. KALBE FARMA Tbk) through its legal attorney Hotman Paris &
Partners Law 56/Pdt.G/2009/PN.Jkt.Sel. This lawsuit was made against JP Morgan
Chase Bank, National Association, London and Jakarta Branch and its related
parties regarding to above mentioned claim. The underlying basis of the lawsuit
is the law violation and a breach of certain articles of Bank Indonesia
regulation, for which the Company demanded a compensation of US$120 million.
In March 2009, JP Morgan Chase Bank N.A., London through
its legal attorney, Adnan Kelana Haryanto & Hermanto, has filed a lawsuit
in the Central Jakarta District Court by the case number
89/Pdt.G/2009/PN.Jkt.Pst. This lawsuit was made against the Company to execute
the decision from The High Court of Justice, Queen’s Bench Division, Commercial
Court, Royal Courts of Justice in London. Since this is still an initial stage
of litigation process, management is unable to estimate the outcome of such
lawsuit cases mentioned above.
The management of P.T. GMC is led by Mr. Teddy Iman
Soewahjo (67) a professional manager with experience in trading, and
distribution of raw material for pharmaceutical products. But the primemover is
Mr. Vidjongtius (50) as commissioner. 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. GLOBAL CHEMINDO MEGATRADING is sufficiently fairly good for business
transaction.
List of the KALBE FARMA Group Members
1.
ACCASIA, P.T. (Supermarket Management)
2.
AKURAT, P.T. (Distributor of Pharmaceutical)
3.
ARNOTT's INDONESIA, P.T. (Food and Snack
Processing Industry)
4.
ARYA
MITRA, P.T. (Investment Holding)
5.
AVESTA
CONTINENTAL PACK, P.T. International Packaging (Aluminum Foils & Plastic
Packaging, Investment Holding)
6.
BADRA
ARTA, P.T. (Investment Holding)
7.
BINA
HUSADA LESTARI, P.T. (Multidisciplinary Hospital and Health Care Development
System)
8.
BAXTER
KALBE, P.T. (Pharmaceutical Industry)
9.
BINA
ARTA CHARISMA, P.T. (Trading)
10.
BIFARMA
ADI LUHUNG, P.T. (Pharmaceutical Industry)
11.
BINTANG
DIPONGGO, P.T. (Real Estate Development)
12.
BINTANG
TOEDJOE, P.T. (Pharmaceutical Manufacturing and Investment Holding)
13.
BUDI
BHAKTI AGUNG, P.T. (Importer and Supplier)
14.
BURGER
KING, (Restaurant Management)
15.
CEDEF
INDO, P.T. (Cosmetic Industry)
16.
CEMPAKA
BELICOSINDO INDAH, P.T. (Cosmetic Industry)
17.
CEMPAKA
SETA, P.T. (Investment Holding)
18.
CHARISMA
INDAH GAYA, P.T. (Cosmetic Sole Agent and Distributor)
19.
COSWAYTAMA
INDOMAS, P.T. (Trading and Distributor)
20.
DANKOS
FARMA, P.T. (Pharmaceutical Manufacturing)
21.
DIPTANALA
BAHANA, P.T. (Investment Holding)
22.
ENSEVAL
MEDIKA PRIMA, P.T. (Distribution of Medical Instruments)
23.
ESENVAL
PUTRA MEGATRADING Tbk, P.T. (Trading and Distributor and Investment
Holding)
24.
ERBAPHARMA
INTERNATIONAL, P.T. (Pharmaceutical Industry and Raw Material)
25.
ERKA
PRIMASTA, Inc., P.T. (Cosmetic Manufacturing)
26.
ESTRELLA
LABORATORIES, P.T. (Pharmaceutical Glass and Plastic Manufacturing)
27.
FINUSOLPRIMA
FARMA, P.T. (Pharmaceutical Manufacturing)
28.
FOTOMATIC
JAYA INDUSTRIES, P.T. (Photographic Printing)
29.
FRITACO
LEATHER INDONESIA, P.T. (Leather Goods Manufacturing)
30.
GIRI
SOLE PRIMA, P.T. (Investment Holding and Trading)
31.
GIZANDA
SANA ABADI, P.T. (Trading and Food Processing)
32.
GLASSANTO,
P.T. (Investment Holding and Trading)
33.
GLOBAL
CHEMINDO MEGATRADING, P.T. (Trading of Raw Material for Pharmaceutical
Products)
34.
GRIYAINSANI
CAKRASEDAYA, P.T. (Investment Holding)
35.
HELIOS
ARYA PUTRA, P.T. (Investment Holding)
36.
HEXPHARM
JAYA LABORATORIES, P.T. (Pharmaceutical Industry)
37.
HYUNDAI
INTI DEVELOPMENT, P.T. (Industrial Estate Management)
38.
INDOGRAVURE,
P.T. (Packaging Industry)
39.
INA
NARROISSA ABADI, P.T. (Investment Holding)
40.
INNOGENE
KALBIOTECH PTE., LTD., Singapore (Pharmaceutical)
41.
INFODATA,
P.T. (Computer Sole Agent and Distribution)
42.
INFUSOL
UTAMA, P.T. (Pharmaceutical Manufacturing)
43.
INTER
DELTA Tbk, P.T. (Trading)
44.
INTERTRADISA,
P.T. (Trading)
45.
JAKARTA
METROPOLITAN INDUSTRIAL ESTATE, P.T. (Industrial Estate Management)
46.
KAGEO
IGAR JAYA Tbk, P.T. (Graphics Printing and Manufacturing of Composite Cans)
47.
KALBE
FARMA Tbk, P.T. (Pharmaceutical Manufacturing and Investment Holding)
48.
KALBE
INTERNATIONAL PTE., LTD., Singapore (Wholesale of Medical and
Pharmaceutical
Products)
49.
KALBE
MORINAGA INDONESIA, P.T. (Health Food Manufacturing)
50.
KALBE
VISION PTE., LTD., Singapore (Development, Production, Marketing and
Distribution
of Eye Health Products)
51.
KALFARI
AGUNG ABADI, P.T. (Trading and Investment Holding)
52.
KANI
MUKTI ABADI, P.T. (Real Estate Development)
53.
KAPSUKA,
P.T. (Investment Holding)
54.
KASTUBI
NUSANTARA, P.T. (Pharmaceutical Distribution and Investment Holding)
55.
KENTANIX
SUPRA INTERNATIONAL, P.T. (Real Estate Development)
56.
LADANG
IRA PANEN, P.T. (Investment Holding)
57.
LIPPO
CITY, P.T. (Industrial Estate and New Town Development)
58.
LUCASTA
MURNI CEMERLANG, P.T. (Investment Holding)
59.
MANTILI
AGUNG PERKASA, P.T. (Distributor of Pharmaceutical)
60.
MAWAR
SEJATI, P.T. (Cosmetic Manufacturing)
61.
MILLENIA
DHARMA INSANI, P.T. (Sales of Pharmaceutical and Medical Equipment)
62.
MITRABANGUN
GRIYA, P.T. (Office Block Rental Management)
63.
MITRA
BURSA MEDIA, P.T. (Publishing)
64.
MULTI
MEDINO MADYATAMA, P.T. (General Trading and Supplier)
65.
MUSTIKA
NUSANTARA ABADI, P.T. (Horticultural Farming)
66.
PHARMA
METRIC LABS, P.T. (Trading)
67.
PRIMMER
INFUSOL INDONESIA, P.T. (Parenteral Nutrition Industry)
68.
PRISMA
AGUNG REALTY, P.T. (Real Estate Development)
69.
PROGRAMA
REKA PIRANTI, P.T. (Computer Software Distribution & Services)
70.
PROTEINDO
KARYA SEHAT, P.T. (Hospital Management)
71.
PUNCAK
GUNUNG MAS, P.T. (High Fructosa Syrup Processing)
72.
PUTRA
ALVITA PRATAMA, P.T. (Real Estate Development)
73.
RENALMED
TARA UTAMA, P.T. (Distribution of Medical Instruments)
74.
SAKA
FARMA LABORATORIES, P.T. (Pharmaceutical Manufacturing)
75.
SANTA
SEHA SANADI, P.T. (Investment Holding)
76.
SAPTA
TENICHI APTA, P.T. (Supermarket Management)
77.
SAPTA
PUSAKA NUSANTARA, P.T. (Mechanical & Electrical Contracting)
78.
SEVEN
ELEVEN (Restaurant Management)
79.
SHANG
YANG COTTAGE, P.T. (Cottage and Restaurant Management)
80.
SHANG
HYANG PERKASA, P.T. (Health Foods Manufacturing)
81.
TAIWANESE
GREAT JAKARTA INDUSTRIAL, P.T. (Industrial Estate Management)
82.
TATAMULIA
NUSANTARA INDAH, P.T. (General Contracting)
83.
TATAS
MULIA, P.T. (Baby Food and Snack Processing and Distribution)
84.
TESENA
INOVINDO, P.T. (Hospital Equipment Manufacturing)
85.
TIARA
PERMATA SARI, P.T. (Trading and Distribution of Cosmetic and Medicine Herbs
Products)
86.
TIRTA
SEGARA BIRU, P.T. (Hotel and Restaurant Management)
87.
TRI
SAPTA JAYA, P.T. (Distributor)
88.
WIJAYA
KUSUMA HEALTH CENTRE, (Laboratory and Health Centre Management)
89.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.17 |
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.